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S•••••• C•••••• I••••••••• C•••
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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $50.1Mon 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••••••••• → - $26.8Mnewly 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.
- 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.
- 28 → 33loans 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.
Every headline figure, and the identifiersCIK 1551901 · file 814-00971ShowHide
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
0%
90% debt by fair value
Quarters on the tape
17
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 quartersShow fewer
| 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
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
Largest facilities held, with co-lenders
- V••••••• B••••• L•• term loan1 BDC hold it · matures Dec 20, 2028 · possible sponsor P•••••••• C•••••• P•••••••$23.1M 84c
- A••••••• B•••••• E••••••••• term loan1 BDC hold it · matures Nov 30, 2026$21.8M 53c
- E••••• L••• S••••••••• L•• term loan1 BDC hold it · matures Jun 30, 2028$17.4M 97c
- A••••• A••••••••• L•• term loan1 BDC hold it · matures May 7, 2028 · possible sponsor F••• P••••• C•••••• L••$16.7M 99c
- P•• term loan1 BDC hold it · matures Jun 30, 2027$15.7M 99c
- M•• E••••••••• L•• term loan1 BDC hold it · matures May 19, 2028$15.1M 99c
- C•••••• P••••••• I••••••••• L•• term loan4 BDCs hold it · matures Feb 7, 2027$14.6M 100c
- I••••••••• L•• term loan1 BDC hold it · matures Jul 30, 2027 · possible sponsor T•• C•••••••• G••••• L••$14.5M 100c
- U••• E••••••••• L•• term loan1 BDC hold it · matures Dec 22, 2026$14.2M 99c
- A•• G•••• O••• term loan1 BDC hold it · matures Dec 31, 2027$13.6M 98c
- J••• W••••••• L•• term loan1 BDC hold it · matures Dec 31, 2026$13.6M 24c
- C••••• I•• term loan1 BDC hold it · matures Sep 1, 2026$13.2M 100c
Schedule of investments at Jun 30, 2026
403 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M••••••• A••••••••• L•• | term loan lien unstated | $3.6M | $3.6M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 7, 2031 |
| J••• W••••••• L••• P••••••• | revolver lien unstated | $1.7M | $3.5M 200c | 5.00% | Dec 31, 2026 |
| J••• W••••••• L•• | revolver lien unstated | Not disclosed | $3.5M | ||
| A••• L•••• S••••••••• L•• S• A• I••••••••• L•• | equity equity | $1,000 | $3.4M 1038c | ||
| A••••••• B•••••• E••••••••• L•• | term loan lien unstated | $16.8M | $3.4M 20c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+950 bp | Nov 30, 2026 |
| R•••••••• O•••• L•• | term loan lien unstated | $5.3M | $3.1M 59c | 12.50% | Feb 7, 2028 |
| S•••••• T••••••• L•• | term loan lien unstated | $3.0M | $3.0M 100c | 10.00% PIK 10.00% | Mar 21, 2030 |
| C•••• I••••••••• I••• | term loan lien unstated | $2.9M | $2.9M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Dec 31, 2027 |
| A••• P••••••• A••• L•• A••• A•• P•••••• L•• | preferred equity equity | Not disclosed | $2.9M 661c | ||
| F••••••••• B••••• L•• | term loan lien unstated | $2.9M | $2.9M 101c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+525 bp | Mar 12, 2029 |
| W•••••••• R•••••••• H•••••••• L•• | preferred equity equity | Not disclosed | $2.9M 100c | ||
| C••••• I••• | delayed draw term loan lien unstated | $2.8M | $2.8M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Sep 1, 2026 |
| E••••• L•• | delayed draw term loan lien unstated | Not disclosed | $2.7M 93c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp PIK 9.84% | Dec 19, 2029 |
| F••••••• H•••••••• L•• | delayed draw term loan lien unstated | $2.6M | $2.6M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Apr 1, 2029 |
| A••••••• B•••••• E••••••••• L•• S•••• P••••••• | term loan lien unstated | $875,000 | $2.6M 300c | S+950 bp | Nov 30, 2026 |
| W•• H•••••••• L•• | term loan lien unstated | $2.7M | $2.6M 100c | 5.50% | Apr 11, 2030 |
| P••••••• D•••••• S•••••••• I••••••••• D•••••• H•••••••• I••• | equity equity | Not disclosed | $2.6M | ||
| M••••••••• G••••• L•• | term loan lien unstated | $2.5M | $2.5M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| M••••••••• G••••• L•• | delayed draw term loan lien unstated | $2.4M | $2.4M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| T••••••••• O••• A••••••••• L•• | term loan lien unstated | $2.4M | $2.4M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp | Mar 1, 2028 |
| A••••••• B•••••• E••••••••• L•• S•••• P••••••• | term loan lien unstated | $795,882 | $2.4M 246c | S+950 bp | Nov 30, 2026 |
| I•••••••• M•••• B••••• L•• | term loan lien unstated | $2.4M | $2.4M 98c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp | May 1, 2028 |
| A••••••••• A••••••••• H••••••• I•• L••• | equity equity | Not disclosed | $2.4M | ||
| V••••••• B••••• L•• | delayed draw term loan lien unstated | $2.9M | $2.0M 751c | 13.50% | May 27, 2026 |
| M••••••••• G••••• L•• | term loan lien unstated | $2.0M | $2.0M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| A••••••••• L•• | revolver lien unstated | $2.0M | $2.0M 100c | S+650 bp PIK 15.00% | Nov 6, 2028 |
| B••• a•• A•• A••••••••• L•• | term loan lien unstated | Not disclosed | $2.0M 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Aug 16, 2030 |
| V••••••• B••••• L•• | revolver lien unstated | $2.8M | $2.0M 71c | 13.50% | May 27, 2026 |
| V••••••• B••••• L•• | term loan lien unstated | $1.9M | $1.9M 100c | 13.50% | May 27, 2026 |
| A••• P••••••• A•• L• L• C• | term loan lien unstated | Not disclosed | $1.8M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+475 bp | Dec 31, 2030 |
| P•• S••••••• | term loan lien unstated | $1.8M | $1.8M 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 |
| N••••••••• M••••••• H••••••• C••••••••• I•• I••• | revolver lien unstated | $1.8M | $1.8M 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Dec 31, 2026 |
| T••••••••• A••••••••• H••••••• L•• | term loan lien unstated | $1.8M | $1.8M 102c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp | May 31, 2029 |
| B••• a•• A•• A••••••••• L•• | delayed draw term loan lien unstated | $1.7M | $1.7M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Aug 16, 2030 |
| E•••••• A•••••••• L•• | revolver lien unstated | Not disclosed | $1.7M 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.79% | Jul 15, 2026 |
| C••• V••••• I••• C• T•••• L•• U•••• | unstated lien unstated | Not disclosed | $1.7M 182c | ||
| C•••••• P••••••• I••••••••• L•• | term loan lien unstated | $1.6M | $1.6M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Feb 7, 2027 |
| J••• W••••••• L•• | term loan lien unstated | Not disclosed | $1.6M | ||
| I•• H•••••••• L•• | preferred equity equity | Not disclosed | $1.6M | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.6M | $1.6M 98c | 15.00% | Sep 30, 2026 |
| I••••••••• L••• C••••• C••••••••• H••••••• | equity equity | Not disclosed | $1.6M 531c | ||
| M••••• E••••••••• G•••• I••••••••• H•••••••• I•• | delayed draw term loan lien unstated | $1.6M | $1.6M 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+625 bp | Aug 3, 2029 |
| T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L•• | equity equity | Not disclosed | $1.5M 160c | ||
| A••••••• B•••••• E••••••••• L•• S•••• P••••••• | term loan lien unstated | $500,000 | $1.5M 300c | S+950 bp | Nov 30, 2026 |
| G• H••• I••••••••• L••• H• G• A••••••••• L• | equity equity | Not disclosed | $1.5M 265c | ||
| G• H••• I••••••••• L•• | revolver first lien | $1.5M | $1.5M 98c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+650 bp | Nov 30, 2028 |
| 2• L•• | term loan lien unstated | $1.4M | $1.4M 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp | Jun 5, 2028 |
| I•••••••• M•••• B••••• L•• | delayed draw term loan lien unstated | $1.4M | $1.4M 98c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp | May 1, 2028 |
| W•• H•••••••• L•• | delayed draw term loan lien unstated | $1.3M | $1.3M 100c | 5.50% | Apr 11, 2030 |
| V••••••• B••••• L•• | term loan lien unstated | $1.3M | $1.3M 100c | 13.50% | May 27, 2026 |
| V••••••• B••••• L•• | term loan lien unstated | $1.3M | $1.3M 100c | 13.50% | May 27, 2026 |
| 2• L•• I•••••••• L• | equity equity | Not disclosed | $1.2M 690c | ||
| B• P••••••• P•••••• L••• | equity equity | $879,060 | $1.2M 124c | ||
| J••• W••••••• L•• | term loan lien unstated | $10.0M | $1.2M 12c | 4.09% | Dec 31, 2026 |
| T•• L••••••• H•••••••• L•• | equity equity | Not disclosed | $1.2M 625c | ||
| C•••••••• I••••••••• I• I••• G•••• C•••••••• L• | equity equity | $626,690 | $1.2M 185c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.2M | $1.1M 98c | 15.00% | Sep 3, 2026 |
| F••••••• H•••••••• L•• | revolver lien unstated | $1.1M | $1.1M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp | Apr 1, 2029 |
| M•• M••••••••• L••• M•• P•••••• L•• | equity equity | Not disclosed | $1.1M 180c | ||
| I•••••• B••••• L••• I•••••• H••••••• | preferred equity equity | Not disclosed | $1.1M 139c | ||
| B•••• M••••••••• C••••••• L•• B•• B••• W•••• H•••••••• L•• | equity equity | Not disclosed | $1.1M 146c | ||
| V••••••• B••••• L•• | term loan lien unstated | $1.5M | $1.1M 356c | 13.50% | May 27, 2026 |
| E•••••• A•••••••• L•• | revolver lien unstated | $1.1M | $1.1M 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.79% | Jul 15, 2026 |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.1M | $1.1M 98c | 15.00% | Sep 3, 2026 |
| O•••••• I••••••••• S•••••••• L••• S•••••••• T•••• | equity equity | Not disclosed | $1.0M 172c | ||
| E•••• C••• O••• L•• R••••••• E•••• C••• C••••••••• L• | equity equity | Not disclosed | $1.0M 114c | ||
| G•••••• C••• | revolver lien unstated | $1.0M | $1.0M 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp | Mar 12, 2029 |
| D•• E••••••••• L•• D•• U••••••• H••••••• L• | equity equity | Not disclosed | $1.0M 249c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $1.0M | $1.0M 98c | 15.00% | Sep 3, 2026 |
| E••••••••• A••••••••• I••• K•• H••••••• L• | equity equity | Not disclosed | $1.0M 115c | Feb 8, 2024 | |
| C•••••• 3•• A••••••••• L•• | delayed draw term loan lien unstated | $1.1M | $1.0M 96c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp PIK 1.50% | Aug 2, 2028 |
| N••••• L•• N• G•••• H•••••• C••••••• L•• | equity equity | Not disclosed | $991,063 125c | May 5, 2026 | |
| A••• L•••• S••••••••• L••• S• A• I••••••••• | equity equity | $239 | $985,826 223c | ||
| M••••••••• G••••• L•• | term loan lien unstated | $990,000 | $985,050 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp | Dec 30, 2027 |
| E••••• L••• S••••••••• L•• | term loan lien unstated | $991,990 | $962,230 97c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp PIK 1.00% | Dec 31, 2027 |
| P•• S•••••••• I••••••••• D••• | term loan lien unstated | $961,897 | $952,278 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 |
| C••••• H•••••••• L•• S• C• H••••••• L•• | equity equity | Not disclosed | $943,488 109c | ||
| M•••••• B••••••••• T••••••• L•• | delayed draw term loan lien unstated | $899,333 | $899,333 101c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp | Jun 6, 2030 |
| T•••• 2•• L••• T•••• 2• B••••••• I••• | equity equity | Not disclosed | $881,346 156c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $899,683 | $877,191 98c | 15.00% | Sep 3, 2026 |
| W•• H•••••••• L•• | delayed draw term loan lien unstated | $882,574 | $873,748 100c | 5.50% | Apr 11, 2030 |
| B••• a•• A••••••••• L•• B••••• P••••••• H••••••• L•• | preferred equity equity | $722,411 | $842,339 117c | ||
| M•• E••••••••• L•• M••••• S•• H••••••• | equity equity | Not disclosed | $836,623 90c | ||
| S•••• S•••••• H•••••• L••• C••••••• T•••• H•••••••• L• | equity equity | Not disclosed | $832,517 121c | ||
| I••••••••• B••• C•••••• L•• | term loan lien unstated | $1.1M | $826,682 73c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp PIK 11.29% | Mar 31, 2029 |
| G•••••• C••• T•••• M•••• T•••• L• | equity equity | Not disclosed | $823,096 142c | ||
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | $816,517 | $796,104 97c | 15.00% | Sep 30, 2026 |
| E•••••• A•••••••• L•• | revolver lien unstated | $791,975 | $791,975 100c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+800 bp PIK 11.79% | Jul 15, 2026 |
| T•• H••••••••• G••••• I••• | term loan lien unstated | $789,960 | $789,960 101c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp | Aug 7, 2028 |
| N••••••••• M••••••• H••••••• C••••••••• I•• I••• N•••••• H•••• H•••••••• L••• | equity equity | Not disclosed | $782,715 550c | ||
| M•••••••• L••• S• M•• H••••• L•• | equity equity | Not disclosed | $781,090 153c | ||
| P•••••• S•••••• H•••••••• L••• P•• U••••••• H•••••••• L• | equity equity | Not disclosed | $773,576 155c | ||
| T•• H••••••••• G••••• I••• B• H•• H•••••••• L••• | equity equity | Not disclosed | $753,014 111c | ||
| V•••• B••••• L••• V•••• H••••• L•• V••••• | equity equity | Not disclosed | $727,000 169c | ||
| N•••••• M•••••• A••••••••• I•••• N•••••• M•••••• P•••••• L• | preferred equity equity | Not disclosed | $720,740 97c | ||
| S•••••• T••••••• L•• | preferred equity equity | Not disclosed | $698,954 42c | ||
| I••••••••• B••• C•••••• L•• | revolver lien unstated | $957,447 | $694,149 72c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+750 bp PIK 11.29% | Mar 31, 2029 |
| A•••••• I•••• G•••• T•••• H•••••••• L•• | equity equity | $16,598 | $691,729 | ||
| U••••• C••••••• H•••••••• L••• U••••• C••••••• L•• | equity equity | $7,500 | $685,206 91c | ||
| e•••• C••••••••• L•• e•••• H•••••• L•• | preferred equity equity | $481,521 | $679,090 141c |
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