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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 Sep 30, 2024

305 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••••••••• O••• A••••••••• L••	term loan lien unstated	$2.4M	$2.4M 101c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 2, 2026
G• H••• I••••••••• L••	revolver lien unstated	$2.4M	$2.4M 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2028
V••••••• B••••• L••	revolver lien unstated	$2.5M	$2.4M 94c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+850 bp PIK 7.50%	May 27, 2026
A••• L•••• S••••••••• L•• S• A• I••••••••• L••	equity equity	Not disclosed	$2.2M 531c
X••••••• I•••	delayed draw term loan lien unstated	$2.2M	$2.2M 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026
M••••••••• G••••• L••	term loan lien unstated	$2.1M	$2.0M 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 30, 2027
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$2.0M 208c
A••• P••••••• A•• L• L• C•	term loan lien unstated	$1.9M	$1.9M 102c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 31, 2030
P•• S•••••••• I•••	term loan lien unstated	$1.8M	$1.8M 99c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 30, 2027
P••••••• D•••••• S•••••••• I••• P••••••• D•••••• H•••••••• I•••	equity equity	Not disclosed	$1.8M		Jan 31, 2029
C••• V••••• I••• C• T•••• L•• U••••	unstated lien unstated	Not disclosed	$1.8M 195c
N••••••••• M••••••• H••••••• C••••••••• I•• I•••	revolver lien unstated	$1.8M	$1.8M 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+675 bp	Dec 31, 2026
H••••• M•••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.7M 162c
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	delayed draw term loan lien unstated	$1.7M	$1.7M 100c	//stelluscapital.com/20240930#One Month Secured Overnight Financing Rate+625 bp	Aug 3, 2029
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$1.7M	$1.7M 99c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+700 bp	Feb 7, 2027
A••••••••• A••••••••• L••	revolver lien unstated	$1.7M	$1.6M 95c	S+1500 bp	Nov 6, 2028
A••• P••••••• A••• L•• A••• A•• P•••••• L••	preferred equity equity	Not disclosed	$1.5M 342c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.5M	$1.5M 100c	S+1500 bp	Sep 3, 2026
I•••••••• M•••• B••••• L••	delayed draw term loan lien unstated	$1.5M	$1.5M 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+550 bp	May 1, 2028
2••••	term loan lien unstated	$1.4M	$1.4M 102c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 5, 2028
E••••••••• A••••••••• I••• K•• H••••••• L•	equity equity	Not disclosed	$1.4M 161c		Feb 8, 2024
E•••••• A•••••••• L••	revolver lien unstated	$1.4M	$1.4M 97c	//stelluscapital.com/20240930#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jun 30, 2025
I••••••••• L••• C••••• C••••••••• H•••••••	equity equity	Not disclosed	$1.3M 165c
B• P••••••• P•••••• L•••	equity equity	Not disclosed	$1.3M 129c
L••••• S•••••••• L•• D•••• D•••	term loan lien unstated	$1.2M	$1.2M 100c	//stelluscapital.com/20240930#One Month Secured Overnight Financing Rate+625 bp	Dec 1, 2027
X••••••• I••• P••• T••••• L••	equity equity	Not disclosed	$1.2M 112c
I••••••••• O••••••• N••••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$1.1M 98c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 31, 2026
I••••••••• B••• C•••••• L••	revolver lien unstated	$1.1M	$1.0M 97c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Mar 31, 2029
U••• E•••••••••	equity equity	Not disclosed	$1.0M 76c
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$988,550 126c
A••• L•••• S••••••••• L••• S• A• I•••••••••	equity equity	Not disclosed	$985,826 200c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$957,568 158c
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$952,992 221c		Jun 30, 2025
P•• S•••••••• I•••	delayed draw term loan lien unstated	$960,000	$950,400 99c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 31, 2027
E••••• L••• S•••••••• L••	term loan lien unstated	$991,910	$942,315 95c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00%	Mar 16, 2027
I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L••	equity equity	Not disclosed	$931,806 72c
E•• F•••••• H•••••••• L••	equity equity	Not disclosed	$910,393		May 22, 2028
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$887,500 142c
B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L••	equity equity	Not disclosed	$811,046 109c
T•• H••••••••• G•••• I••	term loan lien unstated	$804,031	$800,011 102c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 7, 2028
T•• L••••••• H•••••••• L••	equity equity	Not disclosed	$798,989 155c
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$790,814 105c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$782,543 110c
G•••••• C••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$753,729 146c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$716,313 340c
M•••••••• L••• S• M•• H••••• L••	equity equity	Not disclosed	$710,825 140c
M•• E••••••••• L•• M••••• S•• H•••••••	equity equity	Not disclosed	$702,603 75c
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	$681,855	$681,855 101c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 2, 2026
A••••••••• H•••••••• L••	equity equity	Not disclosed	$655,496 90c
E•••••• A•••••••• L••	revolver lien unstated	$674,390	$654,158 97c	//stelluscapital.com/20240930#One Month Secured Overnight Financing Rate+800 bp PIK 2.00%	Jul 15, 2026
2• L•• I•••••••• L•	equity equity	Not disclosed	$651,055 110c
C••••• H•••••••• L•• S• C• H••••••• L••	equity equity	Not disclosed	$650,834 88c
H•••••••• B••••••• S••••••• L••• A••• H•• H•••••••• L•	equity equity	Not disclosed	$648,163 295c
T••••••••• A••••••••• H••••••• L••• T••••••••• H••••• L••	equity equity	Not disclosed	$631,665 113c
F•••••••• C••••••••• S• F• H•••••••• L•••	equity equity	Not disclosed	$613,556 169c
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$582,809 83c
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	$575,938 72c		May 5, 2026
P•• S•••••••• I•••	revolver lien unstated	$571,195	$565,483 99c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 30, 2027
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$556,774 223c
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$556,487 84c
I••••••••• O••••••• N••••••• L••	revolver lien unstated	$553,517	$553,517 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 24, 2025
H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L••	equity equity	Not disclosed	$545,316 33c
A••••• A••••••••• L••	revolver lien unstated	$519,608	$519,608 100c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+600 bp	May 7, 2026
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$519,400 200c
P•••••• P••••••• H•••••••• L•• P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$517,898 105c
I••••• H••• S••••••• L••	term loan lien unstated	$534,321	$510,277 98c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
e•••• C••••••••• L•• e•••• H•••••• L••	preferred equity equity	Not disclosed	$475,600 100c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$472,090 214c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$472,090 214c
M•••••• B••••••••• T••••••• L•• B• I••••••••• L••	equity equity	Not disclosed	$449,928 106c
B••• A•• A••••••••• P••••••• H•••••• L••	unstated lien unstated	Not disclosed	$418,671 100c
G•••• I••••••••• I•• I•••	delayed draw term loan lien unstated	$405,067	$396,966 99c	//stelluscapital.com/20240930#One Month Secured Overnight Financing Rate+675 bp	Aug 8, 2028
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$377,584 113c
M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$374,709 99c
P•• S••••••• P•••••• L••	equity equity	Not disclosed	$361,691 3619c		Aug 31, 2027
I•••••••• H•••••• L•• L••••• P•••••• I•••	equity equity	Not disclosed	$352,054
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$347,212 139c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	Not disclosed	$343,682 91c		Apr 29, 2028
F••••••• H•••••••• L••	revolver lien unstated	$342,687	$334,120 98c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 1, 2029
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.9M	$319,978 17c	S+1500 bp	Sep 3, 2026
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$321,573	$315,142 99c	S+1200 bp PIK 4.00%	Dec 17, 2026
S••• I••••••••• L••• F••••••• H•••••••	preferred equity equity	Not disclosed	$311,896 89c
F••••••• H•••••••• L••• G•• J••• H•••••••	equity equity	Not disclosed	$305,218 107c
T•• H••••••••• G••••• I••• B• H•• H•••••••• L•••	equity equity	Not disclosed	$301,409 69c
G•••• I••••••••• I•• I••• G•••• T•••• H•••••••• L••	equity equity	Not disclosed	$282,558 112c		Apr 2, 2025
M•••••• L•••• H•••••••	unstated lien unstated	Not disclosed	$273,814 69c
T••••••• L••	revolver lien unstated	$267,841	$263,823 98c	//stelluscapital.com/20240930#One Month Secured Overnight Financing Rate+675 bp	Nov 30, 2028
I••••• H••• S••••••• L••	term loan lien unstated	$266,486	$254,494 97c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
J••• W••••••• L••	revolver lien unstated	$1.1M	$253,125 23c	S+500 bp	Dec 31, 2026
N•••••• L••• N••••• H•••••••	equity equity	Not disclosed	$242,269 77c
F••••••••• B••••• L••• F••••••••• H••••••• L••	preferred equity equity	Not disclosed	$227,482 119c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$219,442 77c
B••• A•• A••••••••• L••	revolver lien unstated	$209,335	$205,708 98c	//stelluscapital.com/20240930#Three Month Term Secured Overnight Financing Rate+525 bp	Aug 16, 2030
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$204,429 477c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$190,572 86c
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P••••••••• L•••	preferred equity equity	Not disclosed	$190,402 122c
C• A••• H••••••• L••	equity equity	Not disclosed	$185,382 185c
C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$178,737 71c
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	Not disclosed	$174,387 128c

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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