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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
J••• W••••••• L••revolver lien unstatedNot disclosed$236,250
A•••• O••• L••• I••••• C••••••••• L•equity equity$77,778$228,190
598c
E••••• L••• S••••••••• L•• S• E•• H••••••• L••equity equityNot disclosed$227,350
20c
C•••••• 3•• I••••••••• L••equity equityNot disclosed$222,957
74c
C•••••• 3•• A••••••••• L•• C•••••• 3•• I••••••••• L••equity equityNot disclosed$222,957
74c
F••••••••• B••••• L••• F••••••••• H••••••• L••preferred equity equityNot disclosed$218,894
115c
M•••••• L•••• H••••••• I•• B• P••••••• G•••••••• C••••••••• L• C•••• 1• I••••••••unstated lien unstatedNot disclosed$214,870
54c
M•••••• L•••• H•••••••unstated lien unstatedNot disclosed$214,870
54c
M•••••• L•••• H•••••••unstated lien unstatedNot disclosed$214,870
54c
C• A••• H••••••• L••equity equity$100,000$197,987
198c
C• A••• H••••••• L••equity equityNot disclosed$197,987
198c
A••••••• R••••••••• L•• A••••• H•••••••• L••equity equityNot disclosed$193,132
142c
A••••••• R••••••••• L••• A••••• H•••••••equity equity$141$193,132
142c
W•• H•••••••• L••• B•••• L•••••••• I•••••••••equity equityNot disclosed$192,289
107c
W•• H•••••••• L•• B•••• L•••••••• I••••••••• L••equity equityNot disclosed$192,289
107c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••equity equityNot disclosed$184,176
64c
C••••• I••• S••••••• H•••••••• L••equity equityNot disclosed$181,659
82c
V••••••• B••••• L••term loan lien unstated$166,160$157,852
95c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+850 bp
PIK 7.50%
May 27, 2026
A••• A••••••••• L••• A••• H•••••••• L•equity equity$14,246$142,460
100c
X••••••• I•••revolver lien unstated$140,000$140,000
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpJun 25, 2026
X••••••• I••revolver lien unstated$140,000$140,000
100c
//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+650 bpJun 25, 2026
C••••••••• L•• C••••••••• H•••••••• I•••preferred equity equityNot disclosed$137,569
26c
E••••• N••••••• L••revolver lien unstated$133,333$133,333
100c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+650 bpMay 22, 2028
W•• H•••••••• L••revolver lien unstated$133,870$131,862
99c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bpApr 11, 2030
W•• H•••••••• L••revolver lien unstated$133,870$131,862
99c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+550 bpApr 11, 2030
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••equity equityNot disclosed$127,378
77c
T••••••• L••• H••••••••• P•••••• L•preferred equity equityNot disclosed$127,187
141c
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••equity equityNot disclosed$125,618
32c
M•••••••• H••••••• L••revolver lien unstated$106,498$114,623
99c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+700 bpMay 30, 2029
M•••••••• H••••••• L••revolver lien unstated$106,498$114,623
99c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+700 bpMay 30, 2029
U•••• A••••••••• I•••• U•••• H•••••••• L••preferred equity equityNot disclosed$109,998
100c
U•••• A••••••••• I••• U•••• H•••••••• L••preferred equity equityNot disclosed$109,998
100c
M•••••••• H••••••• L••delayed draw term loan lien unstated$106,248$106,165
99c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+700 bpMay 30, 2029
M•••••••• H••••••• L••term loan lien unstated$106,248$105,186
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+700 bpMay 24, 2027
M•••••••• H••••••• L••term loan lien unstated$106,248$105,186
100c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+700 bpMay 30, 2029
B••• A•• A••••••••• L••revolver lien unstatedNot disclosed$104,145
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+525 bpAug 16, 2030
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•equity equityNot disclosed$100,282
100c
N•••••• L••delayed draw term loan lien unstated$100,000$100,000
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpOct 12, 2027
N•••••• L••delayed draw term loan lien unstated$100,000$100,000
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bpOct 12, 2027
A••••••• R••••••••• L••• D•••••• D•••term loan lien unstated$99,250$99,250
101c
//stelluscapital.com/20241231#Three Month Term Secured Overnight Financing Rate+625 bpMar 31, 2028
A••••••• R••••••••• L••delayed draw term loan lien unstated$99,250$99,250
101c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bpMar 31, 2028
A••••••• R••••••••• L••delayed draw term loan lien unstated$99,250$99,250
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpMar 31, 2028
E••••• N••••••• L••delayed draw term loan lien unstated$99,150$99,150
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpMay 22, 2028
A••• P••••••• A••• L••delayed draw term loan lien unstated$99,000$99,000
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+575 bpDec 31, 2030
H• W•••••••• H•••••••• L••revolver lien unstated$97,994$96,034
98c
12.00%
PIK 4.00%
Dec 17, 2026
A•••• O••• L••term loan lien unstatedNot disclosed$94,638
101c
//stelluscapital.com/20251231#Six Month Term Secured Overnight Financing Rate+525 bpJul 1, 2029
T••••• D••••••••• I•••term loan lien unstated$92,610$89,369
97c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bpDec 31, 2026
T••••• D••••••••• I•••term loan lien unstated$92,610$89,369
97c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+6 bpDec 31, 2026
M•••••••• C••••• A••••••••• I••term loan lien unstated$88,553$88,553
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bpSep 2, 2027
E• R••• E••••• S•••••••• L••term loan lien unstated$650,943$87,877
13c
15.00%Sep 3, 2026
E• R••• E••••• S•••••••• L••term loan lien unstated$650,943$87,877
13c
15.00%Sep 3, 2026
C••••• H•••••••• L••revolver lien unstated$86,211$85,780
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpDec 31, 2028
C•••••• 3•• A••••••••• L••revolver lien unstated$86,000$83,420
97c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpAug 2, 2028
I•••••• B••••• L••delayed draw term loan lien unstated$81,458$81,458
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+575 bpAug 15, 2028
C•••••• P••••••• I••••••••• L••revolver lien unstated$81,667$80,850
99c
//stelluscapital.com/20251231#One Month Secured Overnight Financing Rate+700 bpFeb 7, 2027
E••••• L••• S•••••••• L••term loan lien unstated$100,211$80,169
80c
//stelluscapital.com/20250331#Three Month London Interbank Offered Rate+575 bp
PIK 15.00%
Jun 30, 2026
E••••• L••• S•••••••• L••term loan lien unstated$100,211$80,169
80c
S+575 bp
PIK 15.00%
Jun 30, 2026
I•••••• B••••• L••revolver lien unstated$80,000$80,000
100c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+575 bpAug 15, 2028
I••••• H••• S••••••• L••revolver lien unstated$82,500$79,613
97c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpApr 28, 2028
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••equity equity$81,251$78,390
100c
R•• A••••••• B•••••••• L••• R•• P••••••• A•••••••••equity equity$81,251$78,390
100c
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••equity equityNot disclosed$78,390
100c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••equity equityNot disclosed$71,365
113c
A••••• A••••••••• L•• A••••• H•••••••• I••• S••••• A•equity equityNot disclosed$68,620
88c
F•••••••• C•••••••••revolver lien unstated$66,667$66,667
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpApr 29, 2028
A•••• O••• L••• O•••• C••••••••• L•equity equity$22,222$65,196
308c
E• R••• E••••• S•••••••• L••revolver lien unstated$63,597$63,597
100c
15.00%Sep 3, 2026
S•••••• M•••• C••••••• L••delayed draw term loan lien unstated$99,116$60,956
62c
Prime+8 bpFeb 7, 2028
N•••••• L••• G•••• N••••• B•••••• L••preferred equity equityNot disclosed$56,585
391c
N•••••• L•• G•••• N••••• B•••••• L••preferred equity equityNot disclosed$56,585
391c
L•••• L•••••• I•••revolver lien unstated$58,443$55,229
95c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bp
PIK 1.00%
Nov 9, 2027
F•••••••• C•••••••••delayed draw term loan lien unstated$53,213$53,213
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpApr 29, 2028
U••••• C••••••• H•••••••• L••• U••••• C•••••••equity equityNot disclosed$53,090
137c
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••equity equityNot disclosed$53,090
137c
S•••••• M•••• C••••••• L••revolver lien unstated$83,533$51,373
62c
Prime+8 bpFeb 7, 2028
E•••••• A•••••••• L••term loan lien unstated$65,807$49,355
75c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bp
PIK 15.00%
Dec 31, 2026
H•••••••• B••••••• S••••••• L••delayed draw term loan lien unstated$49,125$49,125
101c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bpAug 26, 2027
S•••••• M•••• C••••••• L••revolver lien unstated$45,000$45,000
100c
Prime+8 bpFeb 7, 2028
S•••••• M•••• C•••••• L••revolver lien unstated$45,000$45,000
100c
Prime+750 bpFeb 7, 2028
M•• E••••••••• L••revolver lien unstated$37,500$37,313
100c
//stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+648 bpMay 19, 2026
M•• E••••••••• L••revolver lien unstated$37,500$37,313
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+648 bpMay 19, 2026
M•••••• B••••••••• T•••••• L••revolver lien unstated$36,136$35,775
99c
//stelluscapital.com/20250930#One Month Secured Overnight Financing Rate+500 bpJun 6, 2030
M•••••• B••••••••• T••••••• L••revolver lien unstated$36,136$35,775
99c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+500 bpJun 6, 2030
M•••••• B••••••••• T•••••• L••revolver lien unstated$36,136$35,775
99c
//stelluscapital.com/20250331#One Month Secured Overnight Financing Rate+500 bpJun 6, 2030
T••••••••• O••• A••••••••• L••revolver lien unstated$33,333$33,333
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+6 bpMar 1, 2028
N•••••• L••revolver lien unstated$33,333$33,333
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpOct 12, 2027
T••••••••• O••• A••••••••• L••revolver lien unstated$33,333$33,333
100c
//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bpMar 2, 2026
E• R••• E••••• S•••••••• L••term loan lien unstated$230,678$31,142
14c
15.00%Sep 3, 2026
C••••••• C••• L•• C••••••• C••• H••••••• I•••preferred equity equityNot disclosed$29,376
26c
C•••••• P••••••• S•••••• S•••••••• L••revolver lien unstated$28,333$28,191
99c
//stelluscapital.com/20251231#Three Month London Interbank Offered Rate+650 bpNov 22, 2027
i••••• I••••••••• S•••••• I•••••••••revolver lien unstated$28,000$27,580
99c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+525 bpDec 17, 2030
R•• A••••••• B•••••••• L••revolver lien unstated$26,114$26,114
100c
//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bpAug 2, 2027
A•• H•••••••• L••equity equityNot disclosed$25,745
7c
I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L••equity equityNot disclosed$23,001
61c
S•••••• T••••••• L••revolver lien unstatedNot disclosed$20,865
T•••• E•••••••• A••••••••• L•••••revolver lien unstated$39,000$20,865
54c
//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+9 bpDec 28, 2027
S•••••• M•••• C••••••• L••revolver lien unstated$20,223$20,223
100c
Prime+8 bpFeb 7, 2028
S•••••• M•••• C•••••• L••revolver lien unstated$20,223$20,223
100c
Prime+750 bpFeb 7, 2028
S•••••• M•••• C•••••• L••revolver lien unstated$20,000$20,000
100c
Prime+750 bpFeb 7, 2028
S•••••• M•••• C••••••• L••revolver lien unstated$20,000$20,000
100c
Prime+8 bpFeb 7, 2028
Page 4 of 5PreviousNext
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)