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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 Jun 30, 2025
356 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M••••••••• G••••• L•• | delayed draw term loan lien unstated | $486,592 | $479,293 99c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+625 bp | Dec 30, 2027 |
| R•••• A•• N••••••• L•• C••••••• C•••••••• B• L• | equity equity | Not disclosed | $471,663 66c | ||
| M•••••••• L••• S• M•• H••••• L•• | equity equity | Not disclosed | $448,370 88c | ||
| F••••••• H•••••••• L••• G•• J••• H••••••• | equity equity | Not disclosed | $430,573 141c | ||
| W•• H•••••••• L•• | term loan lien unstated | $426,885 | $426,885 102c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+550 bp | Apr 11, 2030 |
| G•••••• C••• | revolver lien unstated | $422,283 | $422,283 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+650 bp | Mar 12, 2029 |
| M•••••• B••••••••• T••••••• L••• B• I•••••••• | equity equity | Not disclosed | $419,575 99c | ||
| A•••••• I••• | delayed draw term loan lien unstated | $402,006 | $397,986 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+600 bp | Aug 8, 2028 |
| T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L•• | equity equity | Not disclosed | $390,381 150c | ||
| C•••••• B••••• L•• C•••••• H••••••• P••••••••• | equity equity | Not disclosed | $388,156 118c | ||
| J••• W••••••• L•• | term loan lien unstated | $1.8M | $381,132 21c | 5.00% | Dec 31, 2026 |
| A•••••• I••• G•••• T•••• H•••••••• L•• | equity equity | Not disclosed | $379,817 187c | ||
| E••••• L•• G•••• E•••• C•••••••• L•• | equity equity | Not disclosed | $377,535 100c | Apr 29, 2028 | |
| S•••• S•••••• H•••••• L••• C••••••• T•••• H•••••••• L• | equity equity | Not disclosed | $377,437 100c | ||
| N•••••• L••• N••••• H••••••• | equity equity | Not disclosed | $352,770 113c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.9M | $348,212 19c | 15.00% | Sep 3, 2026 |
| P•• S•••••••• I••• P•• S••••••• P••••• L•• | equity equity | Not disclosed | $347,199 3474c | ||
| P••• D•••• B•••• L••• P••• D•••• P••••• L•• | equity equity | Not disclosed | $341,293 105c | ||
| H• W•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $331,427 | $324,798 98c | 12.00% PIK 4.00% | Dec 17, 2026 |
| L•••••••• I••••••••• I•• L•• G•••• V•••••• C••••••• | equity equity | Not disclosed | $318,724 81c | ||
| H••• A•••••••• I••• S• S•••••• H••••••• L• | equity equity | Not disclosed | $314,817 106c | ||
| U••• E••••••••• | equity equity | Not disclosed | $307,248 23c | ||
| A•••• O••• L••• I••••• C••••••••• L• | equity equity | Not disclosed | $302,630 794c | ||
| C•••• I••••••••• I••• C•••• H•••••••• L• | equity equity | Not disclosed | $277,046 208c | ||
| M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L•• | preferred equity equity | Not disclosed | $262,110 69c | ||
| I••••• H••• S••••••• L•• | term loan lien unstated | $265,217 | $255,934 98c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 28, 2028 |
| G•• B••••• L•• G•• G•••• H•••••••• L••• | equity equity | Not disclosed | $240,595 100c | ||
| C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I••• | equity equity | Not disclosed | $240,422 84c | ||
| N•••••• H•••• H•••••••• L••• | equity equity | Not disclosed | $239,225 | ||
| W•• H•••••••• L•• B•••• L•••••••• I••••••••• L•• | equity equity | Not disclosed | $235,218 130c | ||
| R•• A••••••• B•••••••• L••• R•• A••••••• A••••••••• | equity equity | Not disclosed | $233,255 141c | ||
| S••• I••••••••• L••• F••••••• H••••••• | preferred equity equity | Not disclosed | $232,701 66c | ||
| E••••• L••• S••••••••• L•• S• E•• H••••••• L•• | equity equity | Not disclosed | $219,624 20c | ||
| M•••••• B••••••••• T••••••• L•• | revolver lien unstated | $216,815 | $215,731 100c | //stelluscapital.com/20250630#One Month Term Secured Overnight Financing Rate+500 bp | Jun 6, 2030 |
| A••••••• R••••••••• L•• A••••• H•••••••• L•• | equity equity | Not disclosed | $213,564 165c | ||
| F••••••••• B••••• L••• F••••••••• H••••••• L•• | preferred equity equity | Not disclosed | $194,761 102c | ||
| A••• A••••••••• L•• A••• H•••••••• L• | equity equity | Not disclosed | $179,124 126c | ||
| S••••••••• L••• C•••• S•••••••• B•••••• | equity equity | Not disclosed | $178,393 105c | ||
| M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L• | equity equity | Not disclosed | $162,060 162c | ||
| V••••••• B••••• L•• | term loan lien unstated | $173,295 | $157,698 91c | 12.75% PIK 8.50% | May 27, 2026 |
| E••••••••• R••••••• L••• E•• P••••• H•••••••• L•• | equity equity | Not disclosed | $155,910 96c | ||
| C••••• I••• S••••••• H•••••••• L•• | equity equity | Not disclosed | $151,366 69c | ||
| M•••••• L•••• H••••••• | unstated lien unstated | Not disclosed | $150,263 38c | ||
| C• A••• H••••••• L•• | equity equity | Not disclosed | $150,245 170c | ||
| C•••••• 3•• I••••••••• L•• | equity equity | Not disclosed | $146,839 49c | ||
| C••••••••• L•• C••••••••• H•••••••• I••• | preferred equity equity | Not disclosed | $142,544 27c | ||
| U•••• A••••••••• I••• U•••• H•••••••• L•• | preferred equity equity | Not disclosed | $141,670 129c | ||
| H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L•• | equity equity | Not disclosed | $134,115 8c | ||
| X••••••• I••• | revolver lien unstated | $130,000 | $130,000 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+650 bp | Jun 25, 2026 |
| T••••••• L••• H••••••••• P•••••• L• | preferred equity equity | Not disclosed | $123,311 137c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $650,943 | $120,424 18c | 15.00% | Sep 3, 2026 |
| E••••• N••••••• L•• | revolver lien unstated | $116,667 | $116,667 100c | //stelluscapital.com/20250630#One Month Secured Overnight Financing Rate+650 bp | May 22, 2028 |
| M•••••••• H••••••• L•• | revolver lien unstated | $106,498 | $114,623 99c | //stelluscapital.com/20250630#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 | $105,998 | $105,666 99c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+625 bp | May 30, 2029 |
| I••••••••• C••••••••• A••••••••• L•• I••••••••• C••••••••• H•••••••• L• | equity equity | Not disclosed | $105,113 100c | ||
| M•••••••• H••••••• L•• | term loan lien unstated | $105,748 | $104,691 99c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+625 bp | May 30, 2029 |
| N•••••• L•• | delayed draw term loan lien unstated | $100,000 | $100,000 101c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+625 bp | Oct 12, 2027 |
| I•••••• B••••• L•• | revolver lien unstated | $100,000 | $99,500 100c | //stelluscapital.com/20250630#One Month Term Secured Overnight Financing Rate+575 bp | Aug 15, 2028 |
| E••••••••• A••••••••• I••• | revolver lien unstated | $100,000 | $99,000 99c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+675 bp | Jan 24, 2028 |
| A••••••• R••••••••• L••• D•••••• D••• | term loan lien unstated | $98,750 | $98,750 101c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 31, 2028 |
| E••••• N••••••• L•• | delayed draw term loan lien unstated | $98,655 | $98,655 100c | //stelluscapital.com/20250630#One Month Secured Overnight Financing Rate+650 bp | May 22, 2028 |
| A••• P••••••• A••• L•• | delayed draw term loan lien unstated | $98,500 | $98,500 101c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 31, 2030 |
| H• W•••••••• H•••••••• L•• | revolver lien unstated | $99,975 | $97,976 98c | 12.00% PIK 4.00% | Dec 17, 2026 |
| A•••• O••• L•• | term loan lien unstated | $94,638 | $94,638 101c | //stelluscapital.com/20250630#Six Month Term Secured Overnight Financing Rate+525 bp | Jul 1, 2029 |
| A••••••• B•••••• E••••••••• L•• | term loan lien unstated | $2.6M | $91,267 16c | //stelluscapital.com/20250630#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $45,000 | $90,000 200c | 12.50% | Feb 7, 2028 |
| T••••• D••••••••• I••• | term loan lien unstated | $92,122 | $88,898 97c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+600 bp | Dec 31, 2026 |
| M•••••••• C••••• A••••••••• I••• | term loan lien unstated | $88,553 | $88,553 101c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+550 bp | Sep 2, 2027 |
| A•••• O••• L••• O•••• C••••••••• L• | equity equity | Not disclosed | $86,465 409c | ||
| R•• A••••••• B•••••••• L•• | revolver lien unstated | $85,831 | $85,831 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+550 bp | Aug 2, 2027 |
| C••••• H•••••••• L•• | revolver lien unstated | $86,299 | $84,573 98c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+650 bp PIK 0.25% | Dec 31, 2028 |
| E••••• L••• S••••••••• L•• S• E•• H••••••• L•• | term loan lien unstated | $100,211 | $84,177 84c | S+675 bp PIK 15.00% | Jun 30, 2026 |
| I•••••• B••••• L•• | delayed draw term loan lien unstated | $81,042 | $80,637 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+575 bp | Aug 15, 2028 |
| I••••• H••• S••••••• L•• | revolver lien unstated | $82,500 | $79,613 97c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+650 bp | Apr 28, 2028 |
| L•••• L•••••• I••• | revolver lien unstated | $83,865 | $79,252 94c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+750 bp PIK 1.00% | Nov 9, 2027 |
| C•••••• B••••• L•• C•••••• H••••••• P••••••••• | equity equity | Not disclosed | $71,649 114c | ||
| A•• G•••• O•••• L••• P••••••• | revolver lien unstated | Not disclosed | $70,610 200c | 5.00% | Dec 31, 2027 |
| C•••••• P••••••• I••••••••• L•• | revolver lien unstated | $70,000 | $70,000 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+700 bp | Feb 7, 2027 |
| E•• F•••••• H•••••••• L•• | equity equity | Not disclosed | $69,979 | May 22, 2028 | |
| M•••••••• C••••• A••••••••• I••• | revolver lien unstated | $66,667 | $66,667 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+550 bp | Sep 2, 2027 |
| 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 |
| U••••• C••••••• H•••••••• L•• U••••• C•••••••• L•• | equity equity | Not disclosed | $61,571 117c | ||
| S•••••• M•••• C••••••• L•• | delayed draw term loan lien unstated | $98,473 | $60,069 61c | 12.50% | Feb 7, 2028 |
| C•••••• 3•• A••••••••• L•• | revolver lien unstated | $60,583 | $58,160 96c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+650 bp | Aug 2, 2028 |
| E••••• L••• E••••• H•••••••• L•• | equity equity | Not disclosed | $57,044 101c | ||
| A••••••• B•••••• E••••••••• L•• | revolver lien unstated | $1.6M | $54,545 16c | //stelluscapital.com/20250630#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| S•••••• M•••• C••••••• L•• | revolver lien unstated | $83,115 | $50,700 61c | 12.50% | Feb 7, 2028 |
| E•••••• A•••••••• L•• | term loan lien unstated | $58,532 | $49,752 85c | S+800 bp PIK 4.31% | Jan 31, 2026 |
| W•• H•••••••• L•• | revolver lien unstated | $49,445 | $49,445 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+550 bp | Apr 11, 2030 |
| H•••••••• B••••••• S••••••• L•• | delayed draw term loan lien unstated | $48,875 | $48,875 101c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+625 bp | Aug 26, 2027 |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $230,678 | $42,675 18c | 15.00% | Sep 3, 2026 |
| 2• L•• | revolver lien unstated | $42,500 | $42,288 100c | //stelluscapital.com/20250630#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 5, 2028 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $20,223 | $40,446 200c | 12.50% | Feb 7, 2028 |
| i••••• I••••••••• S•••••• I••••••••• | revolver lien unstated | $41,000 | $40,385 99c | //stelluscapital.com/20250630#One Month Term Secured Overnight Financing Rate+525 bp | Dec 17, 2030 |
| S•••••• M•••• C••••••• L••• P••••••• | revolver lien unstated | $20,000 | $40,000 200c | 12.50% | Feb 7, 2028 |
| R•• A••••••• B•••••••• L••• R•• A••••••• A••••••••• | equity equity | Not disclosed | $39,195 50c | ||
| I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L•• | equity equity | Not disclosed | $38,732 102c | ||
| M•••••••• H••••••• L•• | equity equity | Not disclosed | $37,046 233c |
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