DFX Intelligence

The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.

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, 2025

386 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$523,329 75c
I••••• H••• S••••••• L••	term loan lien unstated	$530,438	$519,829 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
T•• M••••••••• A••••••• L•• B• M• B••••••• I•••	equity equity	Not disclosed	$515,556 100c
F••••••• H•••••••• L••	revolver lien unstated	$514,030	$514,030 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
E••••• L••• E••••• H•••••••• L••	equity equity	$314	$509,173 57c
W•• H•••••••• L••	delayed draw term loan lien unstated	$511,484	$508,927 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
e•••• C••••••••• L•• e•••• H•••••• L••	preferred equity equity	$473,485	$498,613 105c
M•••••••• L••• S• M•• H••••• L••	equity equity	Not disclosed	$492,228 97c
C•••••••• B••••• I••• C•••••••• H•••••••• L•••	equity equity	Not disclosed	$478,613 103c
N•••••• H•••• H•••••••• L•••	equity equity	$142	$458,907 323c
S•••• B•••••••• I••••• L••	revolver lien unstated	$443,820	$443,820 100c	6.00%	Jul 7, 2026
W•• H•••••••• L••	term loan lien unstated	$425,817	$423,688 101c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
G•••••• C•••	revolver lien unstated	$422,283	$422,283 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Mar 12, 2029
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	$710,600	$415,704 59c
S•••• S•••••• H•••••• L•• C••••••• T•••• H•••••••• L•	equity equity	$3,774	$415,446 110c
D•• E••••••••• L•• D•• U••••••• H••••••• L•	equity equity	Not disclosed	$412,252 100c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$411,638 125c
M•••••• B••••••••• T••••••• L••• B• I••••••••	equity equity	Not disclosed	$403,679 95c
A•••••• I•••	delayed draw term loan lien unstated	$400,985	$398,980 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 8, 2028
F••••••• H•••••••• L••• G•• J••• H•••••••	equity equity	$2,985	$394,430 129c
T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L••	equity equity	Not disclosed	$390,381 150c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$376,376 132c
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	Not disclosed	$374,206 96c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	$377,535	$371,512 98c		Apr 29, 2028
P••• D•••• B•••• L••• P••• D•••• P••••• L••	equity equity	$325,765	$341,792 105c
N•••••• L••• N••••• H•••••••	equity equity	$184	$341,302 109c
P•• S•••••••• I••• P•• S••••••• P••••• L••	equity equity	$471,211	$317,081 3172c
A•••••• I••• G•••• T•••• H•••••••• L••	equity equity	$271,401	$307,896 152c
A•••• O••• L••• I••••• C••••••••• L•	equity equity	$77,778	$288,702 757c
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	$1.3M	$285,594 25c
W•• H•••••••• L•• B•••• L•••••••• I••••••••• L••	equity equity	Not disclosed	$283,203 157c
S••• I••••••••• L••• F••••••• H•••••••	preferred equity equity	$852	$281,309 80c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$281,049 211c
H••• A•••••••• I••• S• S•••••• H••••••• L•	equity equity	$298	$274,780 92c
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$330,617	$274,412 83c	12.00%	Dec 17, 2026
C••••••• S••••••• A•••••••• L••• C••••••• S••••••• H••••••• L••	equity equity	Not disclosed	$268,889 100c
I••••• H••• S••••••• L••	term loan lien unstated	Not disclosed	$259,252 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$252,971 67c
G•• B••••• L•• G•• G•••• H•••••••• L•••	equity equity	Not disclosed	$246,256 102c
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	$104,425	$234,764 142c
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	$141	$230,449 178c
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$216,815	$215,731 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
S••••••••• L•• C••• S•••••••• B••••••• L••	equity equity	Not disclosed	$193,724 114c
N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$182,867
D•• S•••••• R•••••••• L•• P•••••• P••••• L••	equity equity	Not disclosed	$180,000 100c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.9M	$178,811 9c	15.00%	Sep 3, 2026
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	Not disclosed	$169,201 169c
C• A••• H••••••• L••	equity equity	$100,000	$167,828 190c
A••• A••••••••• L•• A••• H•••••••• L•	equity equity	$14,246	$167,804 118c
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$167,494 32c
F••••••••• B••••• L••• F••••••••• H••••••• L••	preferred equity equity	$284	$166,619 88c
V••••••• B••••• L••	term loan lien unstated	$177,127	$163,842 93c	13.25% PIK 9.00%	May 27, 2026
U••• E•••••••••	equity equity	Not disclosed	$161,766 12c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$161,651 73c
M•••••• B••••••••• T••••••• L••	delayed draw term loan lien unstated	$158,602	$157,809 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
E••••••••• R••••••• L••• E•• P••••• H•••••••• L••	equity equity	$163,109	$150,200 92c
U•••• A••••••••• I••• U•••• H•••••••• L••	preferred equity equity	Not disclosed	$144,257 131c
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$144,543	$143,820 99c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
T••••••• L••	revolver lien unstated	$144,222	$143,501 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+675 bp	Nov 30, 2028
M•••••• B••••••••• T••••••• L••	delayed draw term loan lien unstated	$144,184	$143,463 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
M•••••• L•••• H•••••••	unstated lien unstated	Not disclosed	$137,667 35c
W•• H•••••••• L••	revolver lien unstated	$137,346	$136,659 99c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
W•• H•••••••• L••	revolver lien unstated	$137,346	$136,659 99c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
W•• H•••••••• L••	revolver lien unstated	$137,346	$136,659 99c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
T••••••• L••• H••••••••• P•••••• L•	preferred equity equity	Not disclosed	$133,543 148c
E••••• N••••••• L••	revolver lien unstated	$116,667	$116,667 100c	//stelluscapital.com/20250930#One Month Secured Overnight Financing Rate+650 bp	May 22, 2028
C••••••• C••• L•• C••••••• C••• H••••••• I•••	preferred equity equity	Not disclosed	$111,409 100c
M•••••••• H••••••• L••	delayed draw term loan lien unstated	$105,748	$105,666 99c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
M•••••••• H••••••• L••	term loan lien unstated	$105,498	$104,443 99c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
C••••• H•••••••• L••	revolver lien unstated	$101,578	$100,562 99c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp PIK 0.25%	Dec 31, 2028
N•••••• L••	delayed draw term loan lien unstated	Not disclosed	$100,000 101c	//stelluscapital.com/20250930#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/20250930#One Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
A••••••• R••••••••• L•• D•••• D•••	term loan lien unstated	$98,500	$98,500 101c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 31, 2028
E••••• N••••••• L••	delayed draw term loan lien unstated	$98,400	$98,400 100c	//stelluscapital.com/20250930#One Month Secured Overnight Financing Rate+650 bp	May 22, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$98,250	$98,250 101c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Dec 31, 2030
A•••• O••• L••	term loan lien unstated	$94,638	$94,638 101c	//stelluscapital.com/20250930#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
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$88,553	$88,553 101c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$86,180 29c
R•• A••••••• B•••••••• L••	revolver lien unstated	$85,982	$85,982 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Aug 2, 2027
I••••••••• C••••••••• A••••••••• L••• I••••••••• C••••••••• H•••••••• L•	equity equity	Not disclosed	$83,678 80c
H• W•••••••• H•••••••• L••	revolver lien unstated	$99,975	$82,979 83c	12.00%	Dec 17, 2026
E••••• L••• S••••••••• L•• S• E• H••••••• L••	term loan lien unstated	Not disclosed	$82,674 82c	S+675 bp PIK 15.00%	Jun 30, 2028
N•••••• M•••••• A••••••••• I•••	revolver lien unstated	$83,333	$82,500 99c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+525 bp	Oct 31, 2029
A•••• O••• L••• O•••• C••••••••• L•	equity equity	$22,222	$82,485 390c
I••••• H••• S••••••• L••	revolver lien unstated	$82,500	$80,850 98c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
I•••••• B••••• L••	delayed draw term loan lien unstated	$80,833	$80,429 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
T••••• D••••••••• I•••	term loan lien unstated	$82,861	$79,961 97c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
L•••• L•••••• I•••	revolver lien unstated	$83,865	$76,091 90c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+750 bp PIK 11.95%	Nov 9, 2027
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$75,984 121c
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$72,272	$71,911 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
A•• G•••• O•••• L••• P•••••••	revolver lien unstated	Not disclosed	$70,610 200c	5.00%	Dec 31, 2027
E• R••• E••••• S•••••••• L••	revolver lien unstated	$63,597	$63,597 100c	15.00%	Sep 3, 2026
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$63,589 109c
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	Not disclosed	$63,515 65c	12.50%	Feb 7, 2028
S•••••• M•••• C••••••• L••• P•••••••	revolver lien unstated	$31,000	$62,000 200c	12.50%	Feb 7, 2028
E• R••• E••••• S•••••••• L••	term loan lien unstated	$650,943	$61,840 10c	15.00%	Sep 3, 2026
M•••••••• H••••••• L••	revolver lien unstated	$53,249	$57,452 99c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	May 24, 2027
M•••••••• H••••••• L••	revolver lien unstated	$53,249	$57,171 99c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	May 24, 2027
X••••••• I•••	revolver lien unstated	$55,000	$55,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026

Page 3 of 4Previous Next

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