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S•••••• C•••••• I••••••••• C•••

Business development companymanaged by S•••••• C•••••• M••••••••• L••Listed: SCM· HOUSTON, TX

A business development company traded as SCM, managed by S•••••• C•••••• M••••••••• L••, holding $973M across 124 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $973M
Borrowers: 124
Mark on cost: 96.3¢
First lien: 0%

Schedule of investments (403)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$50.1M
on non-accrual, 3 borrowers
3 borrowers on non-accrual, $50.1M principal; the largest is A••••••• B•••••• E••••••••• ($23.3M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen A••••••• B•••••• E••••••••• →
$26.8M
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $26.8M principal: J••• W••••••• L•• ($15.3M), E• R••• E••••• S•••••••• L•• ($11.5M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open J••• W••••••• L•• →
13 below 80¢
$71.4M principal
13 positions across 5 borrowers marked below 80¢ on cost, $71.4M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
94.9¢ → 96.3¢
book mark on cost
Marked its book up from 94.9¢ to 96.3¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
28 → 33
loans paying in kind
Loans paying in kind rose from 28 to 33 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1551901 · file 814-00971Show

Fair value

$973M

as of Jun 30, 2026

Principal held

$872M

debt pieces, the filer's figure

Cost

$978M

96c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

403

124 borrowers

First lien

90% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

290

28 sponsors financed

Portfolio through time

Fair value by quarter end$973M as of Jun 30, 2026

Dec 31, 2021$772M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$973M	124	96c	33	608 bp
Mar 31, 2026	$998M	123	95c	28	609 bp
Dec 31, 2025	$1.4B	131	98c	39	608 bp
Sep 30, 2025	$1.0B	126	98c	34	615 bp

All 17 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$991M	123	96c	32	623 bp
Mar 31, 2025	$991M	120	97c	27	622 bp
Dec 31, 2024	$1.4B	125	98c	33	627 bp
Sep 30, 2024	$909M	115	97c	24	726 bp
Jun 30, 2024	$900M	109	98c	22	720 bp
Mar 31, 2024	$876M	105	98c	21	694 bp
Dec 31, 2023	$923M	104	98c	20	712 bp
Sep 30, 2023	$708M	90	97c	6	666 bp
Jun 30, 2023	$867M	102	96c	15	669 bp
Mar 31, 2023	$877M	96	97c	14	665 bp
Dec 31, 2022	$850M	93	97c	11	667 bp
Sep 30, 2022	Not disclosed	97	n/a	5	667 bp
Dec 31, 2021	$772M	80	96c	5	677 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V••••••• B••••• L•• term loan
1 BDC hold it · matures Dec 20, 2028 · possible sponsor P•••••••• C•••••• P•••••••
$23.1M 84c
A••••••• B•••••• E••••••••• term loan
1 BDC hold it · matures Nov 30, 2026
$21.8M 53c
E••••• L••• S••••••••• L•• term loan
1 BDC hold it · matures Jun 30, 2028
$17.4M 97c
A••••• A••••••••• L•• term loan
1 BDC hold it · matures May 7, 2028 · possible sponsor F••• P••••• C•••••• L••
$16.7M 99c
P•• term loan
1 BDC hold it · matures Jun 30, 2027
$15.7M 99c
M•• E••••••••• L•• term loan
1 BDC hold it · matures May 19, 2028
$15.1M 99c
C•••••• P••••••• I••••••••• L•• term loan
4 BDCs hold it · matures Feb 7, 2027
$14.6M 100c
I••••••••• L•• term loan
1 BDC hold it · matures Jul 30, 2027 · possible sponsor T•• C•••••••• G••••• L••
$14.5M 100c
U••• E••••••••• L•• term loan
1 BDC hold it · matures Dec 22, 2026
$14.2M 99c
A•• G•••• O••• term loan
1 BDC hold it · matures Dec 31, 2027
$13.6M 98c
J••• W••••••• L•• term loan
1 BDC hold it · matures Dec 31, 2026
$13.6M 24c
C••••• I•• term loan
1 BDC hold it · matures Sep 1, 2026
$13.2M 100c

Schedule of investments at Jun 30, 2024

292 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
W•• H•••••••• L••	revolver lien unstated	Not disclosed	$131,270 98c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
M•••••••• H••••••• L••	revolver lien unstated	Not disclosed	$110,903 99c	S+1400 bp PIK 4.00%	May 30, 2029
N•••••• L•• G•••• N••••• B•••••• L••	preferred equity equity	$14	$109,448 756c
M•••••••• H••••••• L••	delayed draw term loan lien unstated	$103,041	$102,961 99c	S+1400 bp PIK 4.00%	May 30, 2029
M•••••••• H••••••• L••	term loan lien unstated	$103,041	$102,011 100c	S+1400 bp PIK 4.00%	May 30, 2029
N•••••• L••	delayed draw term loan lien unstated	$100,000	$100,000 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Oct 12, 2027
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$99,500	$99,500 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 31, 2030
A••••••• R••••••••• L••• D•••••• D•••	term loan lien unstated	$99,750	$99,251 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 31, 2028
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	$100,000	$97,294 97c
A•• G•••• O•••• L••	revolver lien unstated	$100,000	$95,000 95c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+670 bp	Dec 31, 2027
A•••• O••• L••	term loan lien unstated	$94,638	$94,638 102c	//stelluscapital.com/20240630#Six Month Secured Overnight Financing Rate+525 bp	Jul 1, 2029
H• W•••••••• H•••••••• L••	revolver lien unstated	$96,000	$94,560 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Dec 17, 2026
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$94,109	$93,638 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Sep 2, 2027
T••••• D••••••••• I•••	term loan lien unstated	$93,099	$90,772 98c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
T••••••• L••• H••••••••• P•••••• L•	preferred equity equity	Not disclosed	$90,139 100c
E••••• N••••••• L••	revolver lien unstated	$83,333	$82,916 99c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+650 bp	May 22, 2028
C••••• H•••••••• L••	revolver lien unstated	$85,000	$82,875 98c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Dec 31, 2028
I•••••• B••••• L••	delayed draw term loan lien unstated	$81,875	$81,875 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	Not disclosed	$78,390 100c
I••••• H••• S••••••• L••	revolver lien unstated	$82,500	$77,550 94c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
S•••••• M•••• C••••••• L••	revolver lien unstated	Not disclosed	$75,531 74c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+750 bp PIK 5.00%	Feb 7, 2028
I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L••	equity equity	Not disclosed	$74,079 195c
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$75,000	$73,875 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+700 bp	Feb 7, 2027
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	Not disclosed	$71,958 75c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+750 bp PIK 5.00%	Feb 7, 2028
E••••• L••• S••••••••• L••	term loan lien unstated	Not disclosed	$71,711 79c	S+675 bp PIK 15.00%	Jun 30, 2026
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$70,049 111c
E• R••• E••••• S•••••••• L••	revolver lien unstated	$63,597	$63,597 100c	S+1500 bp	Sep 3, 2026
A•••• O••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$63,218 284c
I•••••• B••••• L••	revolver lien unstated	Not disclosed	$60,000 100c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+575 bp	Aug 15, 2028
E••••• N••••••• L••	delayed draw term loan lien unstated	$59,550	$59,252 99c	//stelluscapital.com/20240630#One Month Secured Overnight Financing Rate+650 bp	May 22, 2028
A••••• A••••••••• L•• A••••• H•••••••• I••• S••••• A•	equity equity	Not disclosed	$57,785 74c
F•••••••• C•••••••••	delayed draw term loan lien unstated	$53,481	$53,481 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 29, 2028
C•••••• P••••••• S•••••• S•••••••• L••	revolver lien unstated	$53,333	$52,800 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 22, 2027
E• R••• E••••• S•••••••• L••	term loan lien unstated	$650,943	$52,075 8c	S+1500 bp	Sep 3, 2026
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	Not disclosed	$49,375 101c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Aug 26, 2027
R•• A••••••• B•••••••• L••	revolver lien unstated	Not disclosed	$48,972 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 2, 2027
M•••••••• C••••• A••••••••• I••	revolver lien unstated	$46,667	$46,434 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+600 bp	Sep 2, 2027
E•••••• A•••••••• L••	term loan lien unstated	$61,112	$45,834 75c	S+1500 bp PIK 15.00%	Jan 31, 2026
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	$375,000	$42,646 11c
C•••••• 3•• A••••••••• L••	revolver lien unstated	$43,500	$42,195 97c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 2, 2028
C••••••• C••• L•• C••••••• C••• H••••••• I•••	preferred equity equity	Not disclosed	$41,461 37c
A•• H•••••••• L••	equity equity	Not disclosed	$41,243 11c
U••••• C••••••• H•••••••• L••• U••••• C•••••••	equity equity	Not disclosed	$40,943 106c
N•••••• L••	revolver lien unstated	$33,333	$33,333 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Oct 12, 2027
T••••••••• O••• A••••••••• L••	revolver lien unstated	Not disclosed	$33,166 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 1, 2028
L•••• L•••••• I•••	revolver lien unstated	$33,333	$31,833 95c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 9, 2027
F•••••••• C•••••••••	revolver lien unstated	$31,333	$31,333 100c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 29, 2028
M•• E••••••••• L••	revolver lien unstated	Not disclosed	$24,750 99c	//stelluscapital.com/20240630#Three Month Term Secured Overnight Financing Rate+648 bp	May 19, 2026
E• R••• E••••• S•••••••• L••	term loan lien unstated	$230,678	$18,454 8c	S+1500 bp	Sep 3, 2026
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$15,179 1c
M•••••••• H••••••• L•• S••••••• A••••••••• S•• r••• C•••••••••	notes lien unstated	$12,241	$12,985 98c	S+800 bp PIK 8.00%	Mar 31, 2026
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$12,070 108c
M•••••••• H••••••• L•• S••••••• A••••••••• S•• r••• C•••••••••	notes lien unstated	$5,532	$5,868 99c	S+800 bp PIK 8.00%	Dec 21, 2025
C••••••••• L•• C••••••••• H•••••••• I•••	equity equity	Not disclosed	$2 40c
V••••••• B••••• L••• V••••••• H•••••••	term loan lien unstated	Not disclosed	Not disclosed n/a	S+1000 bp PIK 10.00%	Dec 20, 2028
E• R••• E••••• S•••••••• L••• E• H•••••	equity equity	Not disclosed	Not disclosed n/a
K•••••••• I••• K••••••• G•••• H•••••••	preferred equity equity	$4.0M	Not disclosed n/a
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P•••••••••	unstated lien unstated	Not disclosed	Not disclosed n/a
C••••••• C••• L•• C••••••• C••• H••••••• I•••	equity equity	Not disclosed	Not disclosed n/a
E•••••• A•••••••• L•• S• E• H••••••• L••	equity equity	Not disclosed	Not disclosed n/a
F••••••••• B••••• L••• F••••••••• H••••••• L••	equity equity	Not disclosed	Not disclosed
N••••••• F••••••••• L•• N••••••• H•••••••• I•••	warrants equity	$54,966	Not disclosed		Nov 15, 2025
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	Not disclosed	S+1500 bp	Sep 3, 2026
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	Not disclosed	S+1500 bp	Sep 3, 2026
W••••• H••••••• L•	equity equity	Not disclosed	Not disclosed n/a
E• R••• E••••• S•••••••• L•• E• H•••••• L••	preferred equity equity	Not disclosed	Not disclosed n/a
A••••••••• L••• A••••••••• I••••••••• H•••••	preferred equity equity	Not disclosed	Not disclosed
E•• F•••••• H•••••••• L••	preferred equity equity	Not disclosed	Not disclosed		May 22, 2028
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	Not disclosed n/a
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	Not disclosed	S+1500 bp	Sep 3, 2026
V••••••• B••••• L•• V••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed n/a		Dec 20, 2028
E• R••• E••••• S•••••••• L••	term loan lien unstated	Not disclosed	Not disclosed	S+1500 bp	Sep 3, 2026
K•••••••• I•••	term loan lien unstated	$1.6M	Not disclosed n/a	Prime+650 bp	Jun 30, 2024
I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L••	equity equity	Not disclosed	Not disclosed n/a
T•••• E•••••••• A••••••••• L••••• T•••• E•••••••• H•••••••• L•••••	equity equity	Not disclosed	Not disclosed n/a
D•• H•••••• C••••••• L••	equity equity	Not disclosed	Not disclosed n/a
W••••• H••••••• L•	equity equity	Not disclosed	Not disclosed n/a
D•• H•••••• C••••••	equity equity	Not disclosed	Not disclosed n/a
J••• W••••••• L•• J••• W•••••• H•••••••• I•••	preferred equity equity	$1,133	Not disclosed n/a
S••• I••••••••• L••• F••••••• H•••••••	equity equity	Not disclosed	Not disclosed
A••••••••• L••• A••••••••• I••••••••• H•••••	equity equity	Not disclosed	Not disclosed
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	Not disclosed n/a
A•• G•••• O•••• L•• P•••• A••••••••• L••	equity equity	Not disclosed	Not disclosed n/a
A•• G•••• O••• L• L• C• P•••• A••••••••• L• L• C•	equity equity	Not disclosed	Not disclosed n/a

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2013 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001104659-26-093435reported