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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.

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 Dec 31, 2025

518 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
W•• H•••••••• L••	delayed draw term loan lien unstated	$1.3M	$1.3M 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
I••••••••• B••• C•••••• L••	revolver lien unstated	$1.5M	$1.3M 88c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp	Mar 31, 2029
A•••••• I••	term loan lien unstated	$1.3M	$1.3M 102c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+600 bp	Aug 8, 2028
A•••••• I•••	term loan lien unstated	$1.3M	$1.3M 102c	//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+600 bp	Aug 8, 2028
2• L•• I•••••••• L•	equity equity	Not disclosed	$1.2M 690c
L••••• S••••••••• L••	delayed draw term loan lien unstated	$1.2M	$1.2M 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp	Dec 1, 2027
L••••• S••••••••• L••	delayed draw term loan lien unstated	$1.2M	$1.2M 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+525 bp	Dec 1, 2027
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.5M	$1.2M 77c	15.00%	Sep 3, 2026
B• P••••••• P•••••• L•••	equity equity	Not disclosed	$1.1M 116c
B• P••••••• P•••••• L•••	equity equity	Not disclosed	$1.1M 116c
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$1.1M 181c
E• R••• E••••• S•••••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	15.00%	Sep 3, 2026
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.1M 139c
I•••••• B••••• L••• I•••••• H•••••••	preferred equity equity	Not disclosed	$1.1M 139c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$1.1M 178c
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$1.1M 178c
E•••• C••• O••• L••• R••••••• E•••• C••• C••••••••• L•	equity equity	Not disclosed	$1.1M 115c
E•••• C••• O••• L•• R••••••• E•••• C••• C••••••••• L•	equity equity	Not disclosed	$1.1M 115c
N••••• L•• N• G•••• H•••••• C••••••• L••	equity equity	Not disclosed	$1.0M 130c		May 5, 2026
N••••• L••• N• G•••• H•••••• C••••••	equity equity	Not disclosed	$1.0M 130c
E•••••• A•••••••• L••	revolver lien unstated	$1.0M	$1.0M 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.87%	Jul 15, 2026
B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L••	equity equity	Not disclosed	$1.0M 134c
C•••••• 3•• A••••••••• L••	delayed draw term loan lien unstated	$1.0M	$991,625 96c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp PIK 1.50%	Aug 2, 2028
M•• M••••••••• L•• M•• P•••••• L••	equity equity	Not disclosed	$986,162 152c
M•• M••••••••• L••• M•• P•••••• L••	equity equity	Not disclosed	$986,162 152c
A••• L•••• S••••••••• L••• S• A• I•••••••••	equity equity	Not disclosed	$985,826 204c
M••••••••• G••••• L••	term loan lien unstated	$995,000	$985,050 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp	Dec 30, 2027
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$961,720 88c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp PIK 3.37%	Mar 31, 2029
I••••••••• B••• C•••••• L••	term loan lien unstated	$1.1M	$961,720 88c	//stelluscapital.com/20251231#One Month Term Secured Overnight Financing Rate+750 bp PIK 3.37%	Mar 31, 2028
E••••• L••• S••••••••• L••	term loan lien unstated	$992,002	$952,322 96c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00%	Dec 31, 2027
P•• S•••••••• I•••	delayed draw term loan lien unstated	$955,424	$950,647 100c	//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50%	Aug 31, 2027
P•• S•••••••• I••••••••• D•••	term loan lien unstated	$955,424	$950,647 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50%	Jun 30, 2027
P•• S•••••••• I••	delayed draw term loan lien unstated	$955,424	$950,647 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50%	Jun 30, 2027
E••••••••• A••••••••• I••• K•• H••••••• L•	equity equity	Not disclosed	$940,212 108c		Feb 8, 2024
C••• P••••••• L•• C••• V••• 8•• B••••••	equity equity	Not disclosed	$900,363 360c
M•••••• B••••••••• T••••••• L••	delayed draw term loan lien unstated	$903,847	$899,328 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
S•••••• T••••••• L••	preferred equity equity	Not disclosed	$882,600 53c
T••••••• L••	revolver lien unstated	$885,936	$881,506 99c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+675 bp	Nov 30, 2028
W•• H•••••••• L••	delayed draw term loan lien unstated	$884,786	$880,362 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
J••• W••••••• L••	term loan lien unstated	$3.5M	$878,723 25c	5.00%	Dec 31, 2026
S•••• S•••••• H•••••• L••• C••••••• T•••• H•••••••• L•	equity equity	Not disclosed	$866,935 176c
M•• E••••••••• L•• M••••• S•• H•••••••	equity equity	Not disclosed	$850,956 91c
B••• a••• A••••••••• L•• B••••• P••••••• H••••••• L••	preferred equity equity	Not disclosed	$837,967 116c
B••• a•• A••••••••• L•• B••••• P••••••• H••••••• L••	preferred equity equity	Not disclosed	$837,967 116c
B••• a••• A••••••••• L••• B••••• P••••••• H••••••	preferred equity equity	Not disclosed	$837,967 116c
M•••••• L••••• I•••	term loan lien unstated	$906,930	$829,841 93c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp PIK 11.22%	Dec 30, 2028
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$906,930	$829,841 93c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+750 bp PIK 11.22%	Dec 30, 2028
G•••••• C••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$801,170 138c
G•••••• C•••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$801,170 138c
P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$799,295 177c
P•••••• G•••• H••••••• L••••••• A• U••••	unstated lien unstated	Not disclosed	$799,295 177c
T•• H••••••••• G••••• I••	term loan lien unstated	$793,981	$793,981 101c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 7, 2028
T•• H••••••••• G••••• I•••	term loan lien unstated	$793,981	$793,981 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 7, 2028
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$783,313 101c
T•••• 2•• L••• T•••• 2• B••••••• I•••	equity equity	Not disclosed	$770,506 136c
C••••• H•••••••• L•• S• C• H••••••• L••	equity equity	Not disclosed	$756,722 87c
E•••••• A•••••••• L••	revolver lien unstated	$746,513	$746,513 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.87%	Jul 15, 2026
T•• H••••••••• G••••• I••• B• H•• H•••••••• L•••	equity equity	Not disclosed	$697,242 103c
T•• H••••••••• G••••• I••• B• H•• H•••••••• L•••	equity equity	Not disclosed	$697,242 103c
N•••••• M•••••• A••••••••• I•••• N•••••• M•••••• P•••••• L•	preferred equity equity	Not disclosed	$690,496 93c
N•••••• M•••••• A••••••••• I••• N•••••• M•••••• P•••••• L•	preferred equity equity	Not disclosed	$690,496 93c
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	$673,267	$673,267 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 1, 2028
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	$673,267	$673,267 100c	//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 2, 2026
T•• M••••••••• A••••••• L••• B• M• B••••••• I•••	equity equity	Not disclosed	$656,334 127c
U••••• C••••••• H•••••••• L•• U••••• C•••••••• L••	equity equity	Not disclosed	$639,521 85c
U••••• C••••••• H•••••••• L••• U••••• C••••••• L••	equity equity	Not disclosed	$639,521 85c
V••••••• B••••• L••	term loan lien unstated	$942,301	$626,630 66c	13.50%	May 27, 2026
V••••••• B••••• L••	term loan lien unstated	$942,301	$626,630 66c	13.50%	May 27, 2026
P•••••• S•••••• H•••••••• L••• P•• U••••••• H•••••••• L•	equity equity	Not disclosed	$610,672 123c
I••••••• T•••• G•••• S••••••••• I••• I•• P•••••• L••	equity equity	Not disclosed	$588,521 167c
A••••••••• L••• A••••••••• H•••••••• L••	equity equity	Not disclosed	$567,340 78c
A••••••••• H•••••••• L••	equity equity	Not disclosed	$567,340 78c
M•••••••• L••• S• M•• H••••• L••	equity equity	Not disclosed	$560,167 110c
N••••••••• M••••••• H••••••• C••••••••• I•• I••• N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$546,782 385c
D•• E••••••••• L•• D•• U••••••• H••••••• L•	equity equity	Not disclosed	$538,122 131c
D•• E••••••••• L••• D•• U••••••• H••••••• L•	equity equity	Not disclosed	$538,122 131c
M•••••• B••••••••• T••••••• L••• B• I••••••••	equity equity	Not disclosed	$525,713 124c
I••••• H••• S••••••• L••	term loan lien unstated	$529,089	$518,507 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
F••••••• H•••••••• L••	revolver lien unstated	$514,030	$511,460 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
T•• H••••••••• G••••• I•••	term loan lien unstated	$498,750	$498,750 102c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 7, 2028
T•• H••••••••• G••••• I••	term loan lien unstated	$498,750	$498,750 102c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 7, 2028
e•••• C••••••••• L•• e•••• H•••••• L••	preferred equity equity	Not disclosed	$498,613 105c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	$460,943	$475,679 229c
W•• H•••••••• L••	revolver lien unstated	$461,483	$459,176 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
S•••• B•••••••• I••••• L••• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$458,148 69c
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	Not disclosed	$458,148 69c
S•••• B•••••••• I••••• L••	revolver lien unstated	$443,820	$443,820 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp	Jul 7, 2026
S•••• B•••••••• I••••• L••	revolver lien unstated	$443,820	$443,820 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Jul 7, 2026
V•••• B••••• L••• V•••• H••••• L•• V•••••	equity equity	Not disclosed	$430,556 100c
W•• H•••••••• L••	term loan lien unstated	$424,750	$422,626 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
G•••••• C•••	revolver lien unstated	$422,283	$422,283 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Mar 12, 2029
F••••••• H•••••••• L••• G•• J••• H•••••••	equity equity	Not disclosed	$421,889 138c
A•••••• I••	delayed draw term loan lien unstated	$399,965	$399,965 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 8, 2028
A•••••• I•••	delayed draw term loan lien unstated	$399,965	$399,965 101c	//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 8, 2028
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$376,673 132c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$371,091 113c
C•••••••• B••••• C•••••••• H••••••• L••	equity equity	Not disclosed	$367,446 79c
P•••• P•••• G•••• A••••••••• I••• B•• P•••• O••••••••• P•••••• L••	equity equity	Not disclosed	$366,868 100c
A•••••• I•••• G•••• T•••• H•••••••• L••	equity equity	Not disclosed	$365,976 181c
T••••••••• O••• A••••••••• L••• T••••••••• H•••••••	equity equity	Not disclosed	$365,808 141c

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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