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
S•••••• M•••• C••••••• L••	revolver lien unstated	$83,115	$53,609 64c	12.50%	Feb 7, 2028
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$53,333	$53,333 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+675 bp	Feb 7, 2027
E•••••• A•••••••• L••	term loan lien unstated	$59,179	$53,261 90c	S+800 bp PIK 4.31%	Jan 31, 2026
W•• H•••••••• L••	revolver lien unstated	$49,445	$49,198 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	Not disclosed	$48,875 101c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	Aug 26, 2027
M••••••• A••••••••• L••	delayed draw term loan lien unstated	$45,547	$45,092 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+500 bp	Jun 7, 2031
2• L••	revolver lien unstated	$42,500	$42,288 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+500 bp	Jun 5, 2028
I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L••	equity equity	$38	$41,701 110c
S•••••• M•••• C••••••• L••• P•••••••	revolver lien unstated	Not disclosed	$40,446 200c	12.50%	Feb 7, 2028
S•••••• M•••• C••••••• L••• P•••••••	revolver lien unstated	Not disclosed	$40,000 200c	12.50%	Feb 7, 2028
X••••••• I•••	revolver lien unstated	$40,000	$40,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026
R•• A••••••• B•••••••• L••• R•• P••••••• A•••••••••	equity equity	$81,251	$39,195 50c
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$36,136	$35,955 99c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
C•••••• 3•• A••••••••• L••	preferred equity equity	Not disclosed	$34,555 125c
T••••••••• O••• A••••••••• L••	revolver lien unstated	$33,333	$33,333 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 2, 2026
M•••••••• H••••••• L••	equity equity	Not disclosed	$32,062 202c
X••••••• I•••	revolver lien unstated	$30,000	$30,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+650 bp	Jun 25, 2026
E••••• L••• E••••• H•••••••• L••	equity equity	$28	$29,780 53c
A•• H•••••••• L••	equity equity	$375,000	$26,037 7c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$230,678	$21,914 9c	15.00%	Sep 3, 2026
N•••••• L•• G•••• N••••• B•••••• L••	preferred equity equity	$14	$21,616 149c
M•••••••• C••••• A••••••••• I••	revolver lien unstated	$20,000	$20,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
M•••••••• C••••• A••••••••• I••	revolver lien unstated	$20,000	$20,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
S•••••• M•••• C••••••• L••• P•••••••	revolver lien unstated	$10,000	$20,000 200c	12.50%	Feb 7, 2028
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$20,000	$20,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+675 bp	Feb 7, 2027
M•••••••• H••••••• L••	equity equity	Not disclosed	$15,750 237c
A••• P••••••• A•• L••	revolver lien unstated	$15,000	$15,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Dec 31, 2030
M•••••••• H••••••• L•• S••••••• A••••••••• S•• r••• C•••••••••	notes lien unstated	$12,560	$14,607 104c	8.00% PIK 7.76%	Dec 21, 2025
M•••••••• C••••• A••••••••• I••	revolver lien unstated	$13,333	$13,333 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
T••••• D••••••••• I•••	revolver lien unstated	$13,043	$12,586 96c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
M•••••••• H••••••• L•• S••••••• A••••••••• S•• r••• C•••••••••	notes lien unstated	$8,977	$10,441 110c	8.00% PIK 8.00%	Mar 31, 2026
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$10,000	$10,000 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+675 bp	Feb 7, 2027
C••••• I•••	revolver lien unstated	$9,000	$8,955 100c	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+600 bp	Sep 1, 2026
T••••• D••••••••• I•••	term loan lien unstated	$9,016	$8,700 97c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••	equity equity	Not disclosed	$7,693 69c
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$6,667	$6,667 100c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+675 bp	Feb 7, 2027
C•••••• 3•• A••••••••• L••	revolver lien unstated	$5,000	$4,700 94c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+850 bp	Aug 2, 2028
P•• S•••••••• I•••	revolver lien unstated	$439	$437 102c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50%	Jun 30, 2027
C•••••• 3•• I••••••••• L••	revolver lien unstated	$301	$283 94c	//stelluscapital.com/20250930#Three Month Term Secured Overnight Financing Rate+850 bp	Aug 2, 2028
A••••• A••••••••• L•• A••••• H•••••••• I••• S••••• A•	equity equity	Not disclosed	$0 0c
A••••••• B•••••• E••••••••• L••	term loan lien unstated	$16.8M	Not disclosed n/a	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+950 bp	Nov 30, 2026
I••••• H••• S••••••• L••• I••••• H••••••• G•••••• L••	equity equity	$375	Not disclosed n/a
S•••••• T••••••• L••• S•••••• U••••••• H•••••••	equity equity	Not disclosed	Not disclosed n/a
N•••••• H•••• H•••••••• L•••	equity equity	$123	Not disclosed n/a
A•• G•••• T••••• L••	equity equity	Not disclosed	Not disclosed n/a
S••• I••••••••• L••• F••••••• H•••••••	equity equity	$804	Not disclosed
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P•••••••••	unstated lien unstated	Not disclosed	Not disclosed n/a
W••••• H••••••• L•	equity equity	Not disclosed	Not disclosed n/a
A••••••• B•••••• E••••••••• L••	term loan lien unstated	$2.6M	Not disclosed n/a	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+950 bp	Nov 30, 2026
I••••••••• B••• C•••••• L•• W•••••• P••••• H•••••• L••	equity equity	Not disclosed	Not disclosed n/a
J••• W•••••• U••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
E•••••• A•••••••• L•• S• E• H••••••• L••	term loan lien unstated	$73,467	Not disclosed n/a	S+800 bp PIK 15.00%	Dec 31, 2026
A••••••• B•••••• E••••••••• L••	revolver lien unstated	$1.6M	Not disclosed n/a	//stelluscapital.com/20250930#One Month Term Secured Overnight Financing Rate+950 bp	Nov 30, 2026
J••• W••••••• L••	equity equity	Not disclosed	Not disclosed
V••••••• B••••• L•• V••••••• H•••••••• L•• C•••••••••	term loan lien unstated	$117,483	Not disclosed n/a	10.00% PIK 10.00%	Dec 20, 2028
A•• G•••• T••••• L••	equity equity	Not disclosed	Not disclosed
A••••••••• L••• A••••••••• I••••••••• H•••••	preferred equity equity	Not disclosed	Not disclosed
E•••••• A•••••••• L•• S• E• H••••••• L••	equity equity	Not disclosed	Not disclosed n/a
W••••• H••••••• L•	equity equity	Not disclosed	Not disclosed n/a
C••••••••• L•• C••••••••• H•••••••• I•••	equity equity	Not disclosed	Not disclosed n/a
N•••••• H•••• H•••••••• L•••	equity equity	$57	Not disclosed
D•• H•••••• C••••••	equity equity	Not disclosed	Not disclosed n/a
A•• G•••• T••••• L••	equity equity	Not disclosed	Not disclosed n/a
C••••••• C••• L•• C••••••• C••• H••••••• I•••	equity equity	Not disclosed	Not disclosed n/a
V••••••• B••••• L•• V••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed n/a		Dec 20, 2028
A••••••• B•••••• E••••••••• L•• G• A•• H••••••• P••••••••• L•••	preferred equity equity	Not disclosed	Not disclosed n/a
F••••••••• B••••• L••• F••••••••• H••••••• L••	equity equity	Not disclosed	Not disclosed
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	Not disclosed	Not disclosed n/a
L•••• L••••••• I••• S• L• H••••••• L••	equity equity	Not disclosed	Not disclosed n/a
A••••••••• L••• A••••••••• I••••••••• H•••••	equity equity	Not disclosed	Not disclosed
A•• G•••• T••••• L••	equity equity	Not disclosed	Not disclosed n/a
J••• W••••••• L••	preferred equity equity	Not disclosed	Not disclosed
D•• H•••••• C••••••• L••	equity equity	Not disclosed	Not disclosed n/a
N•••••• H•••• H•••••••• L•••	equity equity	$123	Not disclosed n/a
E• R••• E••••• S•••••••• L••• E• H•••••	equity equity	Not disclosed	Not disclosed n/a
E• R••• E••••• S•••••••• L•• E• H•••••• L••	preferred equity equity	Not disclosed	Not disclosed n/a
H• W•••••••• H•••••••• L•• H• W•••••••• P•••••• L••	equity equity	Not disclosed	Not disclosed n/a
A•• G•••• T••••• L••	equity equity	Not disclosed	Not disclosed n/a

Page 4 of 4Previous

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