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S•••••• C•••••• I••••••••• C•••
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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $50.1Mon 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••••••••• → - $26.8Mnewly 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.
- 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.
- 28 → 33loans 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.
Every headline figure, and the identifiersCIK 1551901 · file 814-00971ShowHide
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
| 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 quartersShow fewer
| 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
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
Largest facilities held, with co-lenders
- V••••••• B••••• L•• term loan1 BDC hold it · matures Dec 20, 2028 · possible sponsor P•••••••• C•••••• P•••••••$23.1M 84c
- A••••••• B•••••• E••••••••• term loan1 BDC hold it · matures Nov 30, 2026$21.8M 53c
- E••••• L••• S••••••••• L•• term loan1 BDC hold it · matures Jun 30, 2028$17.4M 97c
- A••••• A••••••••• L•• term loan1 BDC hold it · matures May 7, 2028 · possible sponsor F••• P••••• C•••••• L••$16.7M 99c
- P•• term loan1 BDC hold it · matures Jun 30, 2027$15.7M 99c
- M•• E••••••••• L•• term loan1 BDC hold it · matures May 19, 2028$15.1M 99c
- C•••••• P••••••• I••••••••• L•• term loan4 BDCs hold it · matures Feb 7, 2027$14.6M 100c
- I••••••••• L•• term loan1 BDC hold it · matures Jul 30, 2027 · possible sponsor T•• C•••••••• G••••• L••$14.5M 100c
- U••• E••••••••• L•• term loan1 BDC hold it · matures Dec 22, 2026$14.2M 99c
- A•• G•••• O••• term loan1 BDC hold it · matures Dec 31, 2027$13.6M 98c
- J••• W••••••• L•• term loan1 BDC hold it · matures Dec 31, 2026$13.6M 24c
- C••••• I•• term loan1 BDC hold it · matures Sep 1, 2026$13.2M 100c
Schedule of investments at Mar 31, 2025
346 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| B••• A•• A••••••••• L••• B• a•• A• P••••••• H•••••• | preferred equity equity | Not disclosed | $436,897 104c | ||
| C•••••••• B••••• I••• C•••••••• H•••••••• L••• | equity equity | Not disclosed | $434,981 93c | ||
| M•••••• B••••••••• T••••••• L••• B• I•••••••• | equity equity | Not disclosed | $430,788 101c | ||
| T•• H••••••••• G••••• I••• B• H•• H•••••••• L••• | equity equity | Not disclosed | $421,291 97c | ||
| C•••••• B••••• L•• C•••••• H••••••• P••••••••• | equity equity | Not disclosed | $401,057 120c | ||
| G•••• I••••••••• I•• I••• | delayed draw term loan lien unstated | $403,026 | $398,996 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+600 bp | Aug 8, 2028 |
| M•••••• B••••••••• T••••••• L•• | revolver lien unstated | $397,495 | $393,520 99c | //stelluscapital.com/20250331#One Month Secured Overnight Financing Rate+500 bp | Jun 6, 2030 |
| T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L•• | equity equity | Not disclosed | $390,381 150c | ||
| N••••••• F•••••••• A••••••••• I••• N••••••• H••••••• I••• | warrants equity | Not disclosed | $389,361 | ||
| E••••• L•• G•••• E•••• C•••••••• L•• | equity equity | Not disclosed | $376,573 100c | Apr 29, 2028 | |
| I••••••• T•••• G•••• S••••••••• I••• I•• P•••••• L•• | equity equity | Not disclosed | $352,915 100c | ||
| N•••••• L••• N••••• H••••••• | equity equity | Not disclosed | $350,757 112c | ||
| P•• S•••••••• I••• P•• S••••••• P••••• L•• | equity equity | Not disclosed | $350,617 3508c | ||
| G•••• I••••••••• I•• I••• G•••• T•••• H•••••••• L•• | equity equity | Not disclosed | $346,391 171c | Apr 2, 2025 | |
| P••• D•••• B•••• L••• P••• D•••• P••••• L•• | equity equity | Not disclosed | $325,765 100c | ||
| H• W•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $328,109 | $321,547 98c | 12.00% PIK 4.00% | Dec 17, 2026 |
| H••• A•••••••• I••• S• S•••••• H••••••• L• | equity equity | $298 | $311,681 105c | ||
| A•••• O••• L••• I••••• C••••••••• L• | equity equity | Not disclosed | $297,220 779c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.9M | $291,745 15c | 15.00% | Sep 3, 2026 |
| A••••••• B•••••• E••••••••• L•• | revolver lien unstated | $1.6M | $280,518 83c | //stelluscapital.com/20250331#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L•• | preferred equity equity | Not disclosed | $279,018 73c | ||
| L•••••••• I••••••••• I•• L•• G•••• V•••••• C••••••• | equity equity | Not disclosed | $273,026 70c | ||
| E••••• L••• S••••••••• L•• S• E•• H••••••• L•• | equity equity | Not disclosed | $259,460 23c | ||
| I••••• H••• S••••••• L•• | term loan lien unstated | $265,137 | $254,532 98c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 28, 2028 |
| C•••• I••••••••• I••• C•••• H•••••••• L• | equity equity | Not disclosed | $249,497 188c | ||
| S••• I••••••••• L••• F••••••• H••••••• | preferred equity equity | Not disclosed | $233,020 66c | ||
| C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I••• | equity equity | Not disclosed | $230,124 81c | ||
| A••••••• R••••••••• L•• A••••• H•••••••• L•• | equity equity | Not disclosed | $219,793 162c | ||
| R•• A••••••• B•••••••• L••• R•• A••••••• A••••••••• | equity equity | Not disclosed | $213,242 129c | ||
| B••• A•• A••••••••• L•• | revolver lien unstated | $209,335 | $208,288 99c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+500 bp | Aug 16, 2030 |
| C•••••• 3•• I••••••••• L•• | equity equity | Not disclosed | $203,452 68c | ||
| I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L•• | equity equity | Not disclosed | $202,169 16c | ||
| W•• H•••••••• L•• B•••• L•••••••• I••••••••• L•• | equity equity | Not disclosed | $190,939 106c | ||
| M•••••• L•••• H••••••• | unstated lien unstated | Not disclosed | $188,208 48c | ||
| C••••••••• L•• C••••••••• H•••••••• I••• | preferred equity equity | Not disclosed | $184,786 35c | ||
| F••••••••• B••••• L••• F••••••••• H••••••• L•• | preferred equity equity | Not disclosed | $183,461 96c | ||
| S••••••••• L••• C•••• S•••••••• B•••••• | equity equity | Not disclosed | $170,362 100c | ||
| E••••• N••••••• L•• | revolver lien unstated | $166,667 | $166,667 100c | //stelluscapital.com/20250331#One Month Secured Overnight Financing Rate+650 bp | May 22, 2028 |
| E••••••••• R••••••• L••• E•• P••••• H•••••••• L•• | equity equity | Not disclosed | $163,109 100c | ||
| V••••••• B••••• L•• | term loan lien unstated | $169,292 | $162,520 96c | 12.75% PIK 8.50% | May 27, 2026 |
| M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L• | equity equity | Not disclosed | $159,642 160c | ||
| C• A••• H••••••• L•• | equity equity | Not disclosed | $156,304 177c | ||
| C••••• I••• S••••••• H•••••••• L•• | equity equity | Not disclosed | $153,219 69c | ||
| A••• A••••••••• L••• A••• H•••••••• L• | equity equity | Not disclosed | $152,156 107c | ||
| H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L•• | equity equity | Not disclosed | $135,186 8c | ||
| U•••• A••••••••• I••• U•••• H•••••••• L•• | preferred equity equity | Not disclosed | $120,523 110c | ||
| T••••••• L••• H••••••••• P•••••• L• | preferred equity equity | Not disclosed | $119,219 132c | ||
| X••••••• I••• | revolver lien unstated | $115,000 | $115,000 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Jun 25, 2026 |
| M•••••••• H••••••• L•• | revolver lien unstated | $106,498 | $114,623 99c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | May 30, 2029 |
| C••••••• C••• L•• C••••••• C••• H••••••• I••• | preferred equity equity | Not disclosed | $111,409 100c | ||
| M•••••••• H••••••• L•• | delayed draw term loan lien unstated | $106,248 | $105,915 99c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | May 30, 2029 |
| M•••••••• H••••••• L•• | term loan lien unstated | $106,248 | $105,186 99c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | May 30, 2029 |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $650,943 | $100,896 15c | 15.00% | Sep 3, 2026 |
| N•••••• L•• | delayed draw term loan lien unstated | $100,000 | $100,000 101c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | Oct 12, 2027 |
| C•••••• P••••••• I••••••••• L•• | revolver lien unstated | $100,000 | $99,500 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+700 bp | Feb 7, 2027 |
| A••••••• R••••••••• L••• D•••••• D••• | term loan lien unstated | $99,000 | $99,000 101c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 31, 2028 |
| E••••• N••••••• L•• | delayed draw term loan lien unstated | $98,902 | $98,902 100c | //stelluscapital.com/20250331#One Month Secured Overnight Financing Rate+650 bp | May 22, 2028 |
| A••• P••••••• A••• L•• | delayed draw term loan lien unstated | $98,750 | $98,750 101c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+525 bp | Dec 31, 2030 |
| H• W•••••••• H•••••••• L•• | revolver lien unstated | $98,974 | $96,995 98c | 12.00% PIK 4.00% | Dec 17, 2026 |
| A•••• O••• L•• | term loan lien unstated | $94,638 | $94,638 101c | //stelluscapital.com/20250331#Six Month Term Secured Overnight Financing Rate+525 bp | Jul 1, 2029 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $45,000 | $90,000 200c | 12.50% | Feb 7, 2028 |
| E••••• L••• S•••••••• L•• | term loan lien unstated | Not disclosed | $89,689 90c | S+675 bp PIK 15.00% | Jun 30, 2026 |
| F•••••••• C••••••••• | revolver lien unstated | $89,333 | $89,333 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 29, 2028 |
| T••••• D••••••••• I••• | term loan lien unstated | $92,366 | $89,133 97c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+600 bp | Dec 31, 2026 |
| M•••••••• C••••• A••••••••• I•• | term loan lien unstated | $88,553 | $87,667 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+550 bp | Sep 2, 2027 |
| R•• A••••••• B•••••••• L•• | revolver lien unstated | $85,543 | $85,543 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Aug 2, 2027 |
| A•••• O••• L••• O•••• C••••••••• L• | equity equity | Not disclosed | $84,919 402c | ||
| C••••• H•••••••• L•• | revolver lien unstated | $86,245 | $84,520 98c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp PIK 0.25% | Dec 31, 2028 |
| I•••••• B••••• L•• | revolver lien unstated | $82,000 | $81,590 100c | //stelluscapital.com/20250331#One Month Term Secured Overnight Financing Rate+575 bp | Aug 15, 2028 |
| I•••••• B••••• L•• | delayed draw term loan lien unstated | $81,250 | $80,844 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+575 bp | Aug 15, 2028 |
| I••••• H••• S••••••• L•• | revolver lien unstated | $82,500 | $79,200 96c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 28, 2028 |
| R•• A••••••• B•••••••• L••• R•• A••••••• A••••••••• | equity equity | Not disclosed | $78,390 100c | ||
| L•••• L•••••• I••• | revolver lien unstated | $83,654 | $77,798 93c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+750 bp PIK 1.00% | Nov 9, 2027 |
| C•••••• 3•• A••••••••• L•• | revolver lien unstated | $80,167 | $77,762 97c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Aug 2, 2028 |
| C•••••• B••••• L•• C•••••• H••••••• P••••••••• | equity equity | Not disclosed | $74,030 118c | ||
| E• R••• E••••• S•••••••• L•• | revolver lien unstated | $63,597 | $63,597 100c | 15.00% | Sep 3, 2026 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $31,000 | $62,000 200c | 12.50% | Feb 7, 2028 |
| S•••••• M•••• C••••••• L•• | delayed draw term loan lien unstated | $98,473 | $53,175 54c | 12.50% | Feb 7, 2028 |
| F•••••••• C••••••••• | delayed draw term loan lien unstated | $53,078 | $53,078 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 29, 2028 |
| h• G• A••••••••• L• | revolver lien unstated | $52,000 | $51,740 100c | //stelluscapital.com/20250331#One Month Term Secured Overnight Financing Rate+675 bp | Jan 24, 2028 |
| A•• G•••• O•••• L••• P••••••• | revolver lien unstated | $24,887 | $49,774 200c | 5.00% | Dec 31, 2027 |
| H•••••••• B••••••• S••••••• L•• | delayed draw term loan lien unstated | $49,000 | $49,000 101c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | Aug 26, 2027 |
| U••••• C••••••• H•••••••• L•• U••••• C•••••••• L•• | equity equity | Not disclosed | $46,663 121c | ||
| N•••••• M•••••• A••••••••• I••• | revolver lien unstated | $46,667 | $45,734 98c | Prime+425 bp | Oct 31, 2029 |
| S•••••• M•••• C••••••• L•• | revolver lien unstated | $83,115 | $44,882 54c | 12.50% | Feb 7, 2028 |
| 2• L•• | revolver lien unstated | $42,500 | $42,288 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 5, 2028 |
| i••••• I••••••••• S•••••• I••••••••• | revolver lien unstated | $42,000 | $41,160 98c | //stelluscapital.com/20250331#One Month Term Secured Overnight Financing Rate+525 bp | Dec 17, 2030 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $20,223 | $40,446 200c | 12.50% | Feb 7, 2028 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $20,000 | $40,000 200c | 12.50% | Feb 7, 2028 |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $230,678 | $35,755 15c | 15.00% | Sep 3, 2026 |
| T••••••••• O••• A••••••••• L•• | revolver lien unstated | $33,333 | $33,333 100c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 2, 2026 |
| C•••••• P••••••• S•••••• S•••••••• L•• | revolver lien unstated | $28,333 | $28,191 99c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+650 bp | Nov 22, 2027 |
| M•••••••• H••••••• L•• | equity equity | Not disclosed | $22,261 335c | ||
| N•••••• L••• G•••• N••••• B•••••• L•• | preferred equity equity | Not disclosed | $21,616 149c | ||
| I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L•• | equity equity | Not disclosed | $20,934 55c | ||
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $10,000 | $20,000 200c | 12.50% | Feb 7, 2028 |
| M•••••••• C••••• A••••••••• I•• | revolver lien unstated | $20,000 | $19,800 99c | Prime+450 bp | Sep 2, 2027 |
| M•••••••• H••••••• L•• S••••••• A••••••••• S•• r••• C••••••••• | notes lien unstated | $13,223 | $14,160 99c | 7.80% PIK 7.80% | Dec 21, 2025 |
| P•••••• S•••••• H•••••••• L•• | revolver lien unstated | $13,333 | $13,109 98c | //stelluscapital.com/20250331#Three Month Term Secured Overnight Financing Rate+525 bp | Jan 10, 2030 |
| A•• H•••••••• L•• | equity equity | Not disclosed | $12,651 3c |
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