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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 Jun 30, 2026

403 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••••••••• O••• A••••••••• L••	delayed draw term loan lien unstated	$669,832	$669,832 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 1, 2028
D•• S•••••• R•••••••• L••	delayed draw term loan lien unstated	$666,667	$666,667 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Aug 22, 2031
A••••• A••••••••• L••	revolver lien unstated	$649,510	$643,015 99c	//stelluscapital.com/20260630#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
M•••••• B••••••••• T•••••• L••	revolver lien unstated	$614,310	$614,310 100c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+500 bp	Jun 6, 2030
I••••••• T•••• G•••• S••••••••• I••• I•• P•••••• L••	equity equity	Not disclosed	$587,029 166c
T•• M••••••••• A••••••• L••• B• M• B••••••• I•••	equity equity	Not disclosed	$585,925 114c
A••••••••• L••• A••••••••• H•••••••• L••	equity equity	Not disclosed	$575,713 79c
F••••••• H•••••••• L••	delayed draw term loan lien unstated	$564,938	$564,938 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
M•••••• B••••••••• T••••••• L•• B• I••••••••• L••	equity equity	Not disclosed	$558,374 130c
F••••••• H•••••••• L••• G•• J••• H•••••••	equity equity	Not disclosed	$526,401 151c
A••••••• B•••••• E••••••••• L••	term loan lien unstated	$2.6M	$521,527 92c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+950 bp	Nov 30, 2026
I••••• H••• S••••••• L••	term loan lien unstated	$526,391	$518,495 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+850 bp	Apr 28, 2028
P•••••• G•••• H••••••• L••	equity equity	Not disclosed	$508,031 113c
P•••• P•••• G•••• A••••••••• I••• B•• P•••• O••••••••• P•••••• L••	equity equity	Not disclosed	$505,478 138c
E•••• C••• O••• L••	delayed draw term loan lien unstated	$512,500	$504,813 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Jul 31, 2030
V••••••• B••••• L••	term loan lien unstated	$502,566	$502,566 100c	13.50%	May 27, 2026
T•• H••••••••• G••••• I•••	term loan lien unstated	$496,250	$496,250 102c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Aug 7, 2028
A••••• A••••••••• L•• A••••• H•••••••• I•••	preferred equity equity	Not disclosed	$493,166 63c
e•••• C••••••••• L••	revolver lien unstated	Not disclosed	$487,013 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 7, 2028
S••••• C•••••••• H••••••• L••• S••••• P••••• L••	equity equity	Not disclosed	$461,298 93c
U••• E••••••••• L••	equity equity	Not disclosed	$439,833 33c
R•••• A•• N••••••• L•• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$439,595 62c
J••• W••••••• L••	term loan lien unstated	$3.6M	$436,821 12c	5.00%	Dec 31, 2026
W•• H•••••••• L••	term loan lien unstated	$422,616	$418,390 100c	5.50%	Apr 11, 2030
D•• S•••••• R•••••••• L•• P•••••• P••••• L••	equity equity	Not disclosed	$404,145 225c
V••••••• B••••• L••	term loan lien unstated	$556,930	$398,205 83c	13.50%	May 27, 2026
C•••••••• B••••• I••• C•••••••• H••••••• L•••	equity equity	$466	$376,233 81c
A•••••• I•••• G•••• T•••• H•••••••• L••	equity equity	Not disclosed	$362,196 186c
C•••••• P••••••• S•••••• S•••••••• L•• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$355,593 124c
V••••••• B••••• L••	term loan lien unstated	$352,052	$352,052 100c	13.50%	May 27, 2026
e•••• C••••••••• L••	revolver lien unstated	Not disclosed	$350,649 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+650 bp	Dec 7, 2028
N••••• L••• N••••• H•••••••	equity equity	Not disclosed	$343,565 110c
V••••••• B••••• L••	term loan lien unstated	$337,697	$337,697 103c	13.50%	May 27, 2026
A•••• O••• L••• I••••• C••••••••• L•	equity equity	$77,778	$331,708 870c
P••• D•••• B•••• L••• P••• D•••• P••••• L••	equity equity	Not disclosed	$329,141 101c
C•••••• B••••• L•• C•••••• H••••••• P•••••••••	equity equity	Not disclosed	$327,174 135c
O• R•• L••• T••• B••••• H•••••••• L••	equity equity	Not disclosed	$324,324 100c
A••••••• R••••••••• L••• A••••• H•••••••	equity equity	$141	$323,389 256c
N••••••••• M••••••• H••••••• C••••••••• I•• I••• N•••••• H•••• H•••••••• L•••	equity equity	Not disclosed	$311,900
A••••••• B•••••• E••••••••• L••	revolver lien unstated	$1.6M	$311,687 92c	//stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+950 bp	Nov 30, 2026
T••••••••• O••• A••••••••• L•• T••••••••• H•••••••• L••	equity equity	Not disclosed	$311,072 120c
M••••• E••••••••• G•••• I••••••••• H•••••••• I••• M••••• E••••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$309,301 81c
S••• I••••••••• L••• F••••••• H•••••••	preferred equity equity	Not disclosed	$305,764 87c
P••• U•••• H••••• L••• X•••••• T••••• L••	equity equity	Not disclosed	$298,039 121c
R•• A••••••• B•••••••• L••• R•• A••••••• A•••••••••	equity equity	Not disclosed	$284,315 177c
C•••• I••••••••• I••• C•••• H•••••••• L•	equity equity	Not disclosed	$280,074 211c
N•••••• M•••••• A••••••••• I•••	revolver lien unstated	$266,667	$264,000 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp	Oct 31, 2029
M•••••••• L••	revolver lien unstated	$259,215	$259,215 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Dec 21, 2028
I••••• H••• S••••••• L••	term loan lien unstated	$262,519	$258,581 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+850 bp	Apr 28, 2028
L•••••••• I••••••••• I•• L•• G•••• V•••••• C•••••••	equity equity	Not disclosed	$258,297 66c
M••••••• A••••••••• L••	delayed draw term loan lien unstated	$255,523	$254,245 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Jun 7, 2031
W•• H•••••••• L•• B•••• L•••••••• I••••••••• L••	equity equity	Not disclosed	$250,463 139c
F•••• S•••••• I•••••••• I••••••••• H•••••••• L•••	equity equity	Not disclosed	$240,152 90c
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$120,000	$240,000 200c	12.50%	Feb 7, 2028
P•• S•••••••• I••• P•• S••••••• P••••• L••	equity equity	Not disclosed	$227,439 2276c
C••••••••• L•• C••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	$224,804 43c
T••••••• L••• H•• T•••••• P••••• L•	preferred equity equity	Not disclosed	$223,492 248c
A••• A••••••••• L••• A••• H•••••••• L•	equity equity	$14,246	$219,049 154c
W•• H•••••••• L••	revolver lien unstated	$214,260	$212,117 99c	5.50%	Apr 11, 2030
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	Not disclosed	$208,383 208c
S•••••• C••••••••• L•••••• S• S•••••• H••••••• L•	equity equity	Not disclosed	$201,135 68c
F••••••••• B••••• L••• F••••••••• H••••••• L••	preferred equity equity	Not disclosed	$200,397 105c
V••••••••• P••••••••• L••	term loan lien unstated	$200,000	$196,636 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp	Apr 3, 2031
S•••••• A••••••••• C•• L•• S•••••• H•••••• L••	equity equity	Not disclosed	$186,807 100c
E••••• L••• S••••••••• L•• S• E•• H••••••• L••	equity equity	Not disclosed	$182,059 16c
G•• B••••• L•• G•• G•••• H•••••••• L•••	equity equity	Not disclosed	$181,917 76c
S•••••• H••••• P••••••• M••• L•• S•••••• H••••• P••••••• H•••••••• L••	equity equity	Not disclosed	$181,909 133c
S••••••••• L••• C••• S•••••••• B••••••	equity equity	Not disclosed	$179,921 106c
C• A••• H••••••• L••	equity equity	Not disclosed	$162,138 209c
C••••• I••• S••••••• H•••••••• L••	equity equity	Not disclosed	$150,926 68c
A••••••• B•••••• E•••••••••	term loan lien unstated	$129,530	$129,530 100c	//stelluscapital.com/20260630#Six Month Term Secured Overnight Financing Rate+950 bp	Sep 30, 2026
A••••• A••••••••• L••	revolver lien unstated	$129,902	$128,603 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	May 7, 2028
E••••••••• R•••••••• L••• E•• P••••• H•••••••	equity equity	$163,109	$118,625 74c
A•• G•••• O•••• L•• A•• G•••• T••••• L••	equity equity	Not disclosed	$116,613 71c
M•••••••• H••••••• L••	revolver lien unstated	$108,113	$115,186 98c	9.00% PIK 6.00%	May 30, 2029
C••••••• C••• L•• C••••••• C••• H••••••• I•••	preferred equity equity	Not disclosed	$111,409 100c
I•••••••• M•••• B••••• L•• T•••• A••• I•••••••• M••••• L•	equity equity	Not disclosed	$111,285 43c
C••••••• S••••••• A•••••••• L•• C••••••• S••••••• H••••••• L••	equity equity	Not disclosed	$111,074 41c
W•• H•••••••• L••	revolver lien unstated	$109,877	$108,778 99c	5.50%	Apr 11, 2030
M•••••••• H••••••• L••	term loan lien unstated	$106,590	$104,458 98c	9.00% PIK 6.00%	May 30, 2029
F••••••• H•••••••• L••	term loan lien unstated	$103,201	$103,201 102c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+675 bp	Apr 1, 2029
E••••• L••• S••••••••• L•• S• E• H••••••• L••	term loan lien unstated	$115,243	$103,142 89c	S+675 bp PIK 15.00%	Jun 30, 2028
N•••••• L••	delayed draw term loan lien unstated	$100,000	$100,000 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp	Oct 12, 2027
V•••• B••••• L••	delayed draw term loan lien unstated	$100,000	$99,500 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+475 bp	Dec 23, 2031
A••••••• R••••••••• L••	delayed draw term loan lien unstated	$97,750	$97,750 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp	Mar 31, 2028
A•• H•••••••• L••	equity equity	$375,000	$97,278 26c
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$97,500	$97,013 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+475 bp	Dec 31, 2030
A•••• O••• L••• O•••• C••••••••• L•	equity equity	$22,222	$94,773 448c
A•••• O••• L••	term loan lien unstated	Not disclosed	$94,638 101c	//stelluscapital.com/20260630#Six Month Term Secured Overnight Financing Rate+525 bp	Jul 1, 2029
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$45,000	$90,000 200c	12.50%	Feb 7, 2028
M•••••••• C••••• A••••••••• I••	term loan lien unstated	$86,331	$86,331 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp	Sep 2, 2027
L•••• L•••••• I•••	revolver lien unstated	$91,508	$82,815 91c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 bp	Nov 9, 2027
I••••• H••• S••••••• L••	revolver lien unstated	$82,500	$81,263 99c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+850 bp	Apr 28, 2028
I•••••• B••••• L••	delayed draw term loan lien unstated	$80,208	$80,208 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+575 bp	Aug 15, 2028
M•••••••• H••••••• L••	delayed draw term loan lien unstated	$73,066	$72,272 98c	9.00% PIK 6.00%	May 30, 2029
T••••••••• O••• A••••••••• L••	revolver lien unstated	$66,667	$66,667 100c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+625 bp	Mar 1, 2028
M•••••• L•••• H•••••••	unstated lien unstated	Not disclosed	$66,310 16c
C•••••• 3•• A••••••••• L•• C•••••• 3•• I••••••••• L••	equity equity	Not disclosed	$65,734 22c
R•••••••• O•••• L••• P•••••••	revolver lien unstated	$32,500	$65,000 200c	12.50%	Feb 7, 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