DFX Intelligence

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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
T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L••	equity equity	Not disclosed	$365,808 141c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$352,910 50c
P••• D•••• B•••• L••• P••• D•••• P••••• L••	equity equity	Not disclosed	$340,885 105c
N••••• L••• N••••• H•••••••	equity equity	Not disclosed	$340,673 109c
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	Not disclosed	$339,006 87c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	Not disclosed	$328,204 87c		Apr 29, 2028
E••••• L••• G•••• E•••• C•••••••	equity equity	Not disclosed	$328,204 87c
S••• I••••••••• L••• F••••••• H•••••••	preferred equity equity	Not disclosed	$323,546 92c
V••••••• B••••• L••	term loan lien unstated	$471,156	$313,319 67c	13.50%	May 27, 2026
S•••• S•••••• H•••••• L••	delayed draw term loan lien unstated	$313,185	$311,619 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Jun 6, 2030
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$311,230 816c
P•• S•••••••• I••• P•• S••••••• P••••• L••	equity equity	Not disclosed	$289,993 2901c
P•• S•••••••• I•••••• S••••••• P•••••• L••	equity equity	Not disclosed	$289,993 2901c
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$289,087	$287,642 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	Not disclosed	$277,592 168c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$268,648 202c
F•••• S•••••• I•••••••• I••••••••• H•••••••• L•••	equity equity	Not disclosed	$267,728 100c
I••••• H••• S••••••• L••	term loan lien unstated	$263,868	$258,591 99c	//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
I••••• H••• S••••••• L••	term loan lien unstated	$263,868	$258,591 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
M••••••• A••••••••• L••	delayed draw term loan lien unstated	$256,807	$254,239 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Jun 7, 2031
C••••••• S••••••• A•••••••• L•• C••••••• S••••••• H••••••• L••	equity equity	Not disclosed	$253,825 94c
C••••••• S••••••• A•••••••• L••• C••••••• S••••••• H••••••• L••	equity equity	Not disclosed	$253,825 94c
M••••• E••••••••• G•••• I••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$246,772 65c
P••• U•••• H••••• L••• X•••••• T••••• L••	equity equity	Not disclosed	$246,667 100c
W•• H•••••••• L•• B•••• L•••••••• I••••••••• L••	equity equity	Not disclosed	$245,968 136c
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$120,000	$240,000 200c	12.50%	Feb 7, 2028
G•• B••••• L•• G•• G•••• H•••••••• L•••	equity equity	Not disclosed	$233,513 97c
G•• B••••• L••• G•• G•••• H•••••••• L•••	equity equity	$241	$233,513 97c
H••• A•••••••• I••• S• S•••••• H••••••• L•	equity equity	Not disclosed	$226,274 76c
A••••••• R••••••••• L••• A••••• H•••••••	equity equity	Not disclosed	$224,577 174c
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	$141	$224,577 174c
H• W•••••••• H•••••••	delayed draw term loan lien unstated	$329,632	$219,205 67c	12.00%	Dec 17, 2026
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$329,632	$219,205 67c	12.00%	Dec 17, 2026
N••••••••• M••••••• H••••••• C••••••••• I•• I••• N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$217,884
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$216,815	$215,731 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$208,826 19c
S••••••••• L••• C••• S•••••••• B••••••	equity equity	Not disclosed	$203,173 119c
U••• E•••••••••	equity equity	Not disclosed	$200,084 15c
U••• E••••••••• L••	equity equity	Not disclosed	$200,084 15c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$177,046 80c
G• H••• I••••••••• L••	revolver lien unstated	Not disclosed	$176,768 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver lien unstated	$176,768	$176,768 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver first lien	$176,768	$176,768 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver lien unstated	Not disclosed	$176,768 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver first lien	$176,768	$176,768 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver first lien	$176,768	$176,768 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
A••• A••••••••• L••• A••• H•••••••• L•	equity equity	Not disclosed	$176,331 124c
F••••••••• B••••• L••• F••••••••• H••••••• L••	preferred equity equity	Not disclosed	$176,211 93c
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	Not disclosed	$171,068 171c
D•• S•••••• R•••••••• L••• P•••••• P••••• L••	equity equity	Not disclosed	$169,710 94c
D•• S•••••• R•••••••• L•• P•••••• P••••• L••	equity equity	Not disclosed	$169,710 94c
E••••• N••••••• L••	revolver lien unstated	$166,667	$166,667 100c	//stelluscapital.com/20251231#One Month Secured Overnight Financing Rate+650 bp	May 22, 2028
E••••• N••••••• L••	revolver lien unstated	$166,667	$166,667 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+650 bp	May 22, 2028
T••••••• L••• H•• T•••••• P••••• L•	preferred equity equity	Not disclosed	$162,373 180c
T••••••• L••• H••••••••• P•••••• L•	preferred equity equity	Not disclosed	$162,373 180c
U•••• A••••••••• I••• U•••• H•••••••• L••	preferred equity equity	Not disclosed	$156,484 142c
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$151,068 29c
C• A••• H••••••• L••	equity equity	Not disclosed	$150,931 171c
C• A••• H••••••• L••	equity equity	Not disclosed	$150,931 171c
T••••••• L••	revolver lien unstated	$144,222	$143,501 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+675 bp	Nov 30, 2028
E••••••••• R•••••••• L••• E•• P••••• H•••••••	equity equity	Not disclosed	$140,928 86c
V••••••• B••••• L••	term loan lien unstated	$177,127	$117,789 67c	13.50%	May 27, 2026
M•••••••• H••••••• L••	revolver lien unstated	$106,498	$114,044 98c	//stelluscapital.com/20260630#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	$105,248	$104,635 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
M•••••••• H••••••• L••	term loan lien unstated	$105,248	$103,669 99c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
M•••••••• H••••••• L••	term loan lien unstated	$105,248	$103,669 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp	May 24, 2027
F••••••• H•••••••• L••	term loan lien unstated	$103,720	$103,201 101c	//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
F••••••• H•••••••• L••	term loan lien unstated	$103,720	$103,201 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
N•••••• L••	delayed draw term loan lien unstated	$100,000	$100,000 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Oct 12, 2027
N•••••• L••	delayed draw term loan lien unstated	$100,000	$100,000 101c	//stelluscapital.com/20251231#Three Month Term Secured Overnight Financing Rate+600 bp	Oct 12, 2027
E••••• L••• S••••••••• L•• S• E• H••••••• L••	term loan lien unstated	$115,243	$99,685 86c	S+675 bp PIK 15.00%	Jun 30, 2028
A••••••• R••••••••• L••	delayed draw term loan lien unstated	Not disclosed	$98,250 101c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+500 bp	Mar 31, 2028
A••••••• R••••••••• L••	delayed draw term loan lien unstated	$98,250	$98,250 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Mar 31, 2028
E••••• N••••••• L••	delayed draw term loan lien unstated	$98,150	$98,150 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+650 bp	May 22, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$98,000	$98,000 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Dec 31, 2030
A•••• O••• L••	term loan lien unstated	$94,638	$94,638 101c	//stelluscapital.com/20260630#Six Month Term Secured Overnight Financing Rate+525 bp	Jul 1, 2029
I••••••••• C••••••••• A••••••••• L••• L•	equity equity	Not disclosed	$93,640 89c
I••••••••• C••••••••• A••••••••• L••• I••••••••• C••••••••• H•••••••• L•	equity equity	Not disclosed	$93,640 89c
C•••••• 3•• A••••••••• L•• C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$92,336 31c
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$45,000	$90,000 200c	12.50%	Feb 7, 2028
A•••• O••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$88,922 421c
G• H••• I••••••••• L••	revolver lien unstated	$88,384	$88,384 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver first lien	$88,384	$88,384 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver lien unstated	$88,384	$88,384 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
G• H••• I••••••••• L••	revolver first lien	$88,384	$88,384 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$86,331	$86,331 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
I••••• H••• S••••••• L••	revolver lien unstated	$82,500	$80,850 98c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Apr 28, 2028
I•••••• B••••• L••	delayed draw term loan lien unstated	$80,625	$80,625 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
I•••••• B••••• L••	revolver lien unstated	$80,000	$80,000 100c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
I•••••• B••••• L••	revolver lien unstated	$80,000	$80,000 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
T••••• D••••••••• I•••	term loan lien unstated	$82,617	$79,725 97c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
T••••• D•••••••••	term loan lien unstated	$82,617	$79,725 97c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
L•••• L•••••• I•••	revolver lien unstated	$88,989	$79,645 89c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 bp PIK 11.55%	Nov 9, 2027
R•• A••••••• B•••••••• L••	revolver lien unstated	$73,915	$73,915 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Aug 2, 2027
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$72,272	$71,911 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
i••••• I••••••••• S•••••• I•••••••••	revolver lien unstated	$72,000	$71,280 99c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+525 bp	Dec 17, 2030
M•••••••• H••••••• L••	equity equity	Not disclosed	$68,931 184c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$68,499 109c
H• W•••••••• H•••••••• L••	revolver lien unstated	$99,975	$66,483 66c	12.00%	Dec 17, 2026

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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