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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 appearsJun 30, 2026
••• Locked
PIK interest increasedJun 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 Mar 31, 2026

402 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••• S•••••• H•••••••• L••• P•• U••••••• H•••••••• L•	equity equity	Not disclosed	$648,873 130c
A••••• A••••••••• L••	revolver lien unstated	$649,510	$646,262 99c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp	May 7, 2028
V••••••• B••••• L••	term loan lien unstated	$628,201	$628,201 100c	13.50%	May 27, 2026
N••••••••• M••••••• H••••••• C••••••••• I•• I••• N•••••• H•••• H•••••••• L•••	equity equity	$142	$623,904 439c
M•••••• B••••••••• T•••••• L••	revolver lien unstated	$614,310	$611,238 99c	//stelluscapital.com/20260331#One Month Secured Overnight Financing Rate+500 bp	Jun 6, 2030
F••••••• H•••••••• L••	revolver lien unstated	$609,221	$606,175 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
M•••••• B••••••••• T••••••• L••• B• I••••••••	equity equity	$4,343	$590,501 137c
A••••••••• H•••••••• L••	equity equity	Not disclosed	$585,505 80c
T•• M••••••••• A••••••• L••• B• M• B••••••• I•••	equity equity	Not disclosed	$579,428 112c
F••••••• H•••••••• L••	delayed draw term loan lien unstated	$566,354	$563,522 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
I••••••• T•••• G•••• S••••••••• I••• I•• P•••••• L••	equity equity	Not disclosed	$563,339 160c
I••••• H••• S••••••• L••	term loan lien unstated	$527,740	$519,824 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+850 bp	Apr 28, 2028
E• R••• E••••• S•••••••• L••	term loan lien unstated	$5.7M	$516,109 9c	15.00%	Sep 3, 2026
F••••••• H•••••••• L••• G•• J••• H•••••••	equity equity	Not disclosed	$509,000 146c
S••••• C•••••••• H••••••• L••• S••••• P••••• L••	equity equity	Not disclosed	$498,641 100c
T•• H••••••••• G••••• I••	term loan lien unstated	$497,500	$497,500 102c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Aug 7, 2028
P•••• P•••• G•••• A••••••••• I••• B•• P•••• O••••••••• P•••••• L••	equity equity	Not disclosed	$495,555 135c
F••••••• H•••••••• L••	revolver lien unstated	$494,992	$492,517 99c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
T••••••• L••	revolver lien unstated	$473,873	$471,504 100c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+675 bp	Nov 30, 2028
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
G• H••• I••••••••• L••	revolver first lien	$441,919	$439,709 99c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2028
S•••••• T••••••• L••	preferred equity equity	Not disclosed	$437,976 26c
G•••••• C•••	revolver lien unstated	$422,283	$422,283 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+650 bp	Mar 12, 2029
W•• H•••••••• L••	term loan lien unstated	$423,683	$417,328 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
S•••• B•••••••• I••••• L•• S•• H••••••• I••••••••• L••	equity equity	$66,573	$411,089 62c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$389,789 136c
V•••• B••••• L••• V•••• H••••• L•• V•••••	equity equity	Not disclosed	$386,382 90c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$369,090 112c
C•••••••• B••••• I••• C•••••••• H••••••• L•••	equity equity	Not disclosed	$367,569 79c
S••• I••••••••• L••• F••••••• H•••••••	preferred equity equity	Not disclosed	$365,864 104c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$333,829 47c
N••••• L••• N••••• H•••••••	equity equity	Not disclosed	$333,639 107c
T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L••	equity equity	Not disclosed	$329,123 126c
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$322,593 846c
P••• D•••• B•••• L••• P••• D•••• P••••• L••	equity equity	Not disclosed	$320,219 98c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$297,723 224c
V••••••• B••••• L••	term loan lien unstated	$471,156	$296,828 63c	13.50%	May 27, 2026
F•••• S•••••• I•••••••• I••••••••• H•••••••• L•••	equity equity	Not disclosed	$292,465 109c
U••• E•••••••••	equity equity	Not disclosed	$276,274 20c
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	Not disclosed	$271,691 165c
I••••• H••• S••••••• L••	term loan lien unstated	$263,193	$259,245 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+850 bp	Apr 28, 2028
P••• U•••• H••••• L••• X•••••• T••••• L••	equity equity	Not disclosed	$257,410 104c
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	Not disclosed	$255,289 65c
A••••••• R••••••••• L•• A••••• H•••••••• L••	equity equity	Not disclosed	$255,101 202c
P•• S•••••••• I•••••• S••••••• P•••••• L••	equity equity	Not disclosed	$255,043 2552c
M••••••• A••••••••• L••	delayed draw term loan lien unstated	$256,165	$253,603 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+500 bp	Jun 7, 2031
N••••••••• M••••••• H••••••• C••••••••• I•• I••• N•••••• H•••• H•••••••• L•••	equity equity	$49	$248,616
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$120,000	$240,000 200c	12.50%	Feb 7, 2028
W•• H•••••••• L••	revolver lien unstated	$241,729	$238,103 98c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+550 bp	Apr 11, 2030
M••••• E••••••••• G•••• I••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$237,839 63c
A••••••• B•••••• E••••••••• L••	term loan lien unstated	$2.6M	$234,687 42c	//stelluscapital.com/20260331#One Month Secured Overnight Financing Rate+950 bp	Nov 30, 2026
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$233,340 92c
C•••••• B••••• L••	delayed draw term loan lien unstated	Not disclosed	$226,141 101c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+500 bp	Mar 15, 2029
W•• H•••••••• L•• B•••• L•••••••• I••••••••• L••	equity equity	Not disclosed	$225,927 125c
D•• S•••••• R•••••••• L•• P•••••• P••••• L••	equity equity	Not disclosed	$220,615 123c
C••••••• S••••••• A•••••••• L•• C••••••• S••••••• H••••••• L••	equity equity	Not disclosed	$220,359 82c
G•• B••••• L••• G•• G•••• H•••••••• L•••	equity equity	Not disclosed	$210,727 88c
S•••••• C••••••••• L••••••• S• S•••••• H••••••• L•	equity equity	Not disclosed	$208,221 70c
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	$100,000	$201,375 201c
A••• A••••••••• L••• A••• H•••••••• L•	equity equity	Not disclosed	$201,204 141c
H• W•••••••• H•••••••• L••	delayed draw term loan lien unstated	$329,632	$191,187 58c	12.00%	Dec 17, 2026
S••••••••• L••• C••• S•••••••• B••••••	equity equity	Not disclosed	$186,321 109c
T••••••• L••• H••••••••• P•••••• L•	preferred equity equity	Not disclosed	$182,132 202c
G• H••• I••••••••• L••	revolver first lien	$176,768	$175,884 99c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+650 bp	Nov 30, 2026
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$169,759 15c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$169,636 77c
C• A••• H••••••• L••	equity equity	Not disclosed	$168,595 217c
E••••• N••••••• L••	revolver lien unstated	$166,667	$166,667 100c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+650 bp	May 22, 2028
N•••••• M•••••• A••••••••• I•••	revolver lien unstated	$166,667	$165,000 99c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+525 bp	Oct 31, 2029
C•••••• B••••• L••	delayed draw term loan lien unstated	$150,761	$150,761 101c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+500 bp	Mar 15, 2029
F••••••••• B••••• L••• F••••••••• H••••••• L••	preferred equity equity	Not disclosed	$150,112 79c
T••••••• L••	revolver lien unstated	$144,222	$143,501 100c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+675 bp	Nov 30, 2028
A••••••• B•••••• E••••••••• L••	revolver lien unstated	$1.6M	$140,259 42c	//stelluscapital.com/20260331#One Month Secured Overnight Financing Rate+950 bp	Nov 30, 2026
S•••••• H••••• P••••••• M••• L••• S•••••• H••••• P••••••• H•••••••	equity equity	Not disclosed	$136,634 100c
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$135,234 26c
E••••• L•• G•••• E•••• C•••••••• L••	equity equity	Not disclosed	$134,603 36c		Apr 29, 2028
A••••• A••••••••• L••	revolver lien unstated	$129,902	$129,252 99c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp	May 7, 2028
E••••••••• R•••••••• L••• E•• P••••• H•••••••	equity equity	Not disclosed	$123,316 77c
M•••••••• H••••••• L••	revolver lien unstated	Not disclosed	$113,465 98c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
V••••••• B••••• L••	term loan lien unstated	$177,127	$111,590 63c	13.50%	May 27, 2026
C••••••• C••• L•• C••••••• C••• H••••••• I•••	preferred equity equity	Not disclosed	$111,409 100c
M•••••••• H••••••• L••	delayed draw term loan lien unstated	Not disclosed	$103,856 98c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
F••••••• H•••••••• L••	term loan lien unstated	$103,461	$102,944 101c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
M•••••••• H••••••• L••	term loan lien unstated	Not disclosed	$102,898 98c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+625 bp	May 30, 2029
N•••••• L••	delayed draw term loan lien unstated	$100,000	$100,000 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp	Oct 12, 2027
A••••••• R••••••••• L••	delayed draw term loan lien unstated	$98,000	$98,000 101c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+500 bp	Mar 31, 2028
E••••• N••••••• L••	delayed draw term loan lien unstated	$97,900	$97,900 100c	//stelluscapital.com/20260331#One Month Term Secured Overnight Financing Rate+650 bp	May 22, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$97,750	$97,750 100c	//stelluscapital.com/20260331#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/20260331#Six Month Term Secured Overnight Financing Rate+525 bp	Jul 1, 2029
A•••• O••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$92,168 436c
I••••••••• C••••••••• A••••••••• L••• I••••••••• C••••••••• H•••••••• L•	equity equity	$1,051	$90,896 86c
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$45,000	$90,000 200c	12.50%	Feb 7, 2028
U•••• A••••••••• I••• U•••• H•••••••• L••	preferred equity equity	Not disclosed	$88,178 80c
2• L••	revolver lien unstated	$87,500	$87,500 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+500 bp	Jun 5, 2028
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$86,331	$86,331 101c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
L•••• L•••••• I•••	revolver lien unstated	Not disclosed	$81,900 90c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+750 bp PIK 11.35%	Nov 9, 2027
I••••• H••• S••••••• L••	revolver lien unstated	$82,500	$81,263 99c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+850 bp	Apr 28, 2028
T••••• D••••••••• I•••	term loan lien unstated	$84,275	$80,904 96c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp	Dec 31, 2026
E••••• L••• S••••••••• L•• S• E• H••••••• L••	term loan lien unstated	$115,243	$80,670 70c	S+675 bp PIK 15.00%	Jun 30, 2028
I•••••• B••••• L••	delayed draw term loan lien unstated	$80,417	$80,417 100c	//stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028

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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