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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.

Fair value
$973M
Borrowers
124
Mark on cost
96.3¢
First lien
0%
Schedule of investments (403)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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••••••••• →
  2. $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•• →
  3. 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
  4. 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 →
  5. 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
0%
90% debt by fair value
Quarters on the tape
17
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$973M12496c33608 bp
Mar 31, 2026$998M12395c28609 bp
Dec 31, 2025$1.4B13198c39608 bp
Sep 30, 2025$1.0B12698c34615 bp
All 17 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$991M12396c32623 bp
Mar 31, 2025$991M12097c27622 bp
Dec 31, 2024$1.4B12598c33627 bp
Sep 30, 2024$909M11597c24726 bp
Jun 30, 2024$900M10998c22720 bp
Mar 31, 2024$876M10598c21694 bp
Dec 31, 2023$923M10498c20712 bp
Sep 30, 2023$708M9097c6666 bp
Jun 30, 2023$867M10296c15669 bp
Mar 31, 2023$877M9697c14665 bp
Dec 31, 2022$850M9397c11667 bp
Sep 30, 2022Not disclosed97n/a5667 bp
Dec 31, 2021$772M8096c5677 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2024
470 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E• R••• E••••• S•••••••• L••term loan lien unstatedNot disclosed$5.7M
I••••• H••• S••••••• L••term loan lien unstated$5.8M$5.6M
98c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpApr 28, 2028
2• L••term loan lien unstated$5.4M$5.4M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+500 bpJun 5, 2028
S•••••• T••••••• L••term loan lien unstatedNot disclosed$5.3MMar 21, 2030
T•••• E•••••••• A••••••••• L•••••term loan lien unstated$9.9M$5.3M
54c
S+9 bpDec 28, 2027
T••••••••• A••••••••• H••••••• L••term loan lien unstatedNot disclosed$5.3M
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bpMay 31, 2029
T••••••••• A••••••••• H••••••• L••term loan lien unstated$5.3M$5.3M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+6 bpMay 31, 2029
H••• A•••••••• I••term loan lien unstated$5.3M$5.2M
100c
//stelluscapital.com/20251231#Six Month Term Secured Overnight Financing Rate+575 bpNov 15, 2029
I••••••••• B••• C•••••• L••term loan lien unstated$5.3M$5.2M
97c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+750 bpMar 31, 2029
P•• M• A••••••••• H•••••••equity equity$825,020$5.1M
4269c
P•• M• A••••••••• H•••••••• L•••equity equityNot disclosed$5.1M
4269c
Jul 1, 2024
N••••••••• M••••••• H••••••• C••••••••• I•• I•••term loan lien unstated$5.1M$5.1M
99c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+675 bpAug 30, 2025
N••••••••• M••••••• H••••••• C••••••••• I•• I•••term loan lien unstated$5.1M$5.1M
99c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+675 bpDec 31, 2026
N•••••• L••term loan lien unstated$5.0M$5.0M
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bpOct 12, 2027
N•••••• L••term loan lien unstated$5.0M$5.0M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpOct 12, 2027
M•••••••• L••term loan lien unstated$5.0M$4.9M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+575 bpDec 21, 2028
C•••••• P••••••• S•••••• S•••••••• L••term loan lien unstated$4.9M$4.9M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpNov 22, 2027
H• G• A••••••••• L•equity equityNot disclosed$4.9M
862c
I••••••••• B••• C•••••• L••term loan lien unstated$4.9M$4.8M
97c
//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+750 bpDec 31, 2026
I••••••••• B••• C•••••• L••term loan lien unstated$4.9M$4.8M
97c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+750 bpMar 31, 2029
V••••••• B••••• L••delayed draw term loan lien unstated$5.0M$4.7M
95c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+850 bp
PIK 7.50%
May 27, 2026
C•••••• B••••• L••term loan lien unstated$4.5M$4.5M
102c
//stelluscapital.com/20251231#One Month Secured Overnight Financing Rate+500 bpMar 15, 2029
G•••••• L•• O•••• L••term loan lien unstated$4.5M$4.4M
98c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+900 bpApr 30, 2027
M••••• E••••••••• G•••• I••••••••• H•••••••• I•••term loan lien unstated$4.4M$4.4M
101c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+625 bpAug 3, 2029
M••••• E••••••••• G•••• I••••••••• H•••••••• I••term loan lien unstated$4.4M$4.4M
101c
//stelluscapital.com/20250930#One Month Secured Overnight Financing Rate+625 bpAug 3, 2029
T••••••• L••term loan lien unstated$4.3M$4.3M
101c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+7 bpNov 30, 2028
M•••••• F••••••• L••term loan lien unstated$4.3M$4.3M
100c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+575 bpApr 3, 2028
M•••••• F••••••• L••term loan lien unstated$4.3M$4.3M
100c
//stelluscapital.com/20250331#One Month Term Secured Overnight Financing Rate+575 bpApr 3, 2028
M••••••••• G••••• L••term loan lien unstated$4.3M$4.2M
100c
//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
M••••••••• G••••• L••term loan lien unstated$4.3M$4.2M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
M••••••••• G••••• L••term loan lien unstated$4.3M$4.2M
100c
//stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
F••••••••• B••••• L••term loan lien unstated$4.3M$4.2M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+525 bpMar 12, 2029
M•••••••• L••delayed draw term loan lien unstated$3.9M$3.9M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+575 bpDec 21, 2028
M•••••••• L••delayed draw term loan lien unstated$3.9M$3.9M
100c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+575 bpDec 21, 2028
2••••term loan lien unstated$3.9M$3.8M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+500 bpJun 5, 2028
A••• L•••• S••••••••• L•• S• A• I••••••••• L••equity equity$1,000$3.8M
910c
I•• H•••••••• L••preferred equity equityNot disclosed$3.6M
M•••••• L•••• H•••••••• I••term loan lien unstated$3.6M$3.5M
99c
//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+700 bpDec 30, 2028
M•••••• L••••• I•••term loan lien unstated$3.6M$3.5M
99c
//stelluscapital.com/20250930#One Month Secured Overnight Financing Rate+700 bpDec 30, 2028
M•••••• L•••• H•••••••• I•••term loan lien unstated$3.6M$3.5M
99c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+700 bpDec 30, 2028
S•••••• M•••• C••••••• L••term loan lien unstated$5.4M$3.3M
62c
Prime+8 bpFeb 7, 2028
A••••••••• A••••••••• L••term loan lien unstatedNot disclosed$3.3M
95c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+650 bpNov 6, 2028
C•••• I••••••••• I•••term loan lien unstated$3.2M$3.2M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bpDec 31, 2027
C•••• I••••••••• I•••term loan lien unstated$3.2M$3.2M
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bpDec 31, 2027
C••••• I•••delayed draw term loan lien unstated$2.9M$2.9M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bpSep 1, 2026
J••• W••••••• L••term loan lien unstated$13.6M$2.9M
21c
12.00%Dec 31, 2026
J••• W••••••• L••term loan lien unstatedNot disclosed$2.9M
A••• L•••• S••••••••• L••term loan lien unstatedNot disclosed$2.8M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bpMay 9, 2028
A••••••••• A••••••••• H••••••• I•• L•••equity equityNot disclosed$2.8M
A••••••••• L••• A••••••••• I••••••••• H•••••preferred equity equity$16,037$2.8M
76c
E••••• L••delayed draw term loan lien unstated$2.8M$2.7M
99c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+500 bpDec 19, 2029
W•• H•••••••• L••term loan lien unstated$2.7M$2.7M
100c
//stelluscapital.com/20251231#Six Month Term Secured Overnight Financing Rate+550 bpApr 11, 2030
W•• H•••••••• L••term loan lien unstated$2.7M$2.7M
100c
//stelluscapital.com/20241231#Six Month Term Secured Overnight Financing Rate+550 bpApr 11, 2030
M••••••••• G••••• L••term loan lien unstated$2.5M$2.5M
100c
//stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
M••••••••• G••••• L••term loan lien unstated$2.5M$2.5M
100c
//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
M••••••••• G••••• L••term loan lien unstated$2.5M$2.5M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
V••••••• B••••• L••revolver lien unstated$2.6M$2.5M
95c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+850 bp
PIK 7.50%
May 27, 2026
I•••••••• M•••• B••••• L••term loan lien unstated$2.4M$2.4M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+550 bpMay 1, 2028
T••••••••• O••• A••••••••• L••term loan lien unstated$2.4M$2.4M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+6 bpMar 2, 2026
T••••••••• O••• A••••••••• L••term loan lien unstated$2.4M$2.4M
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bpMar 2, 2026
C••• P••••••• L••term loan lien unstated$2.3M$2.3M
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+525 bpSep 3, 2026
C••• P••••••• L••term loan lien unstated$2.3M$2.3M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+525 bpSep 3, 2026
X••••••• I•••delayed draw term loan lien unstated$2.2M$2.2M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpJun 25, 2026
G• H••• I••••••••• L••revolver lien unstated$2.2M$2.2M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpNov 30, 2028
P••••••• D•••••• S•••••••• I•••• P••••••• D•••••• H•••••••equity equity$5,000$2.1M
P••••••• D•••••• S•••••••• I••• P••••••• D•••••• H•••••••• I•••equity equityNot disclosed$2.1MJan 31, 2029
P••••••• D•••••• S•••••••• I••••••••• D•••••• H•••••••• I•••equity equity$5,000$2.1M
M••••••••• G••••• L••term loan lien unstated$2.1M$2.0M
100c
//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
M••••••••• G••••• L••term loan lien unstated$2.1M$2.0M
100c
//stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
M••••••••• G••••• L••term loan lien unstated$2.1M$2.0M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpDec 30, 2027
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••equity equityNot disclosed$2.0M
208c
T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L••equity equityNot disclosed$2.0M
208c
A••• P••••••• A•• L• L• C•term loan lien unstated$1.9M$1.9M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+575 bpDec 31, 2030
P••
S•••••••
term loan lien unstated$1.8M$1.8M
100c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bpJun 30, 2027
P•• S•••••••• I•••term loan lien unstated$1.8M$1.8M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bpJun 30, 2027
C••• V••••• I••• C• T•••• L•• U••••unstated lien unstatedNot disclosed$1.8M
197c
N••••••••• M••••••• H••••••• C••••••••• I•• I•••revolver lien unstated$1.8M$1.7M
99c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+675 bpDec 31, 2026
M••••• E••••••••• G•••• I••••••••• H•••••••• I••delayed draw term loan lien unstated$1.7M$1.7M
100c
//stelluscapital.com/20250930#One Month Secured Overnight Financing Rate+625 bpAug 3, 2029
M••••• E••••••••• G•••• I••••••••• H•••••••• I•••delayed draw term loan lien unstated$1.7M$1.7M
100c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+625 bpAug 3, 2029
F••••••• H•••••••• L••• D•••••• D•••term loan lien unstated$1.7M$1.7M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpApr 1, 2029
C•••••• P••••••• I••••••••• L••term loan lien unstated$1.7M$1.7M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+700 bpFeb 7, 2027
A••• P••••••• A••• L•• A••• A•• P•••••• L••preferred equity equityNot disclosed$1.6M
360c
E• R••• E••••• S•••••••• L••term loan lien unstated$1.5M$1.5M
100c
15.00%Sep 3, 2026
I•••••••• M•••• B••••• L••delayed draw term loan lien unstated$1.5M$1.5M
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+550 bpMay 1, 2028
I••••••••• L••• C••••• C••••••••• H•••••••equity equityNot disclosed$1.5M
181c
B• P••••••• P•••••• L•••equity equityNot disclosed$1.4M
147c
2••••term loan lien unstated$1.4M$1.4M
102c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+500 bpJun 5, 2028
E••••••••• A••••••••• I••• K•• H••••••• L•equity equityNot disclosed$1.4M
158c
Feb 8, 2024
E•••••• A•••••••• L••revolver lien unstated$1.4M$1.4M
95c
//stelluscapital.com/20250331#One Month Term Secured Overnight Financing Rate+600 bp
PIK 2.00%
Jun 30, 2025
E•••••• A•••••••• L••revolver lien unstated$1.4M$1.4M
95c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+600 bp
PIK 2.00%
Jul 15, 2026
G•••• I••••••••• I•• I•••term loan lien unstated$1.3M$1.3M
101c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+600 bpAug 8, 2028
X••••••• I••• P••• T••••• L••equity equityNot disclosed$1.2M
118c
L••••• S••••••••• L••delayed draw term loan lien unstated$1.2M$1.2M
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpDec 1, 2027
L••••• S••••••••• L••delayed draw term loan lien unstated$1.2M$1.2M
100c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bpDec 1, 2027
E•• B••••• I••• E•• G•••• H•••••••• L•••equity equityNot disclosed$1.1M
249c
Jun 30, 2025
I••••••••• B••• C•••••• L••term loan lien unstated$1.1M$1.1M
97c
//stelluscapital.com/20241231#One Month Secured Overnight Financing Rate+750 bpDec 31, 2026
I••••••••• B••• C•••••• L••term loan lien unstated$1.1M$1.1M
97c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+750 bpMar 31, 2028
I••••••••• B••• C•••••• L••revolver lien unstated$1.1M$1.0M
97c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+750 bpMar 31, 2029
C•••••• 3•• A••••••••• L••delayed draw term loan lien unstated$1.0M$1.0M
98c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpAug 2, 2028
I•••••• B••••• L•• I•••••• H•••••••• L••preferred equity equityNot disclosed$1.0M
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
Capital chain

S•••••• C•••••• I••••••••• C••• sits on 155 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

1,413 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)