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S••••• P•••• S•••••••• L•••••• F•••
Business development companymanaged by S••••• P•••• S•••••••• C••••• F••• M••••••••• L••Non-traded· GREENWICH, CT
A non-traded business development company, managed by S••••• P•••• S•••••••• C••••• F••• M••••••••• L••, holding $1.1B across 110 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
- $1.1B
- Borrowers
- 110
- Mark on cost
- 96.9¢
- First lien
- 94%
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
- 12 below 80¢$70.8M principal
12 positions across 9 borrowers marked below 80¢ on cost, $70.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $979M → $1.2Bfair value, 4 quarters
Its portfolio grew 23% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1646614 · file 814-01169ShowHide
Fair value
$1.1B
as of Jun 30, 2026
Principal held
$1.3B
debt pieces, the filer's figure
Cost
$1.2B
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
214
110 borrowers
First lien
94%
98% debt by fair value
Quarters on the tape
15
since Dec 31, 2021
Facilities held
181
19 sponsors financed
Portfolio through time
Fair value by quarter end$1.2B as of Jun 30, 2026
Dec 31, 2021$100M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.2B | 110 | 97c | 22 | 631 bp |
| Mar 31, 2026 | $1.2B | 109 | 98c | 22 | 627 bp |
| Dec 31, 2025 | $1.9B | 185 | 98c | 0 | 621 bp |
| Sep 30, 2025 | $1.1B | 116 | 99c | 0 | 623 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $979M | 109 | 99c | 0 | 617 bp |
| Mar 31, 2025 | $4.7B | 103 | 98c | 0 | 675 bp |
| Dec 31, 2024 | $5.2B | 105 | 98c | 0 | 676 bp |
| Sep 30, 2024 | $4.7B | 105 | 99c | 12 | 667 bp |
| Jun 30, 2024 | $4.8B | 107 | 99c | 12 | 689 bp |
| Mar 31, 2024 | $4.8B | 98 | 99c | 11 | 697 bp |
| Dec 31, 2023 | $5.1B | 102 | 99c | 12 | 720 bp |
| Sep 30, 2023 | $6.3B | 13 | 99c | 8 | 740 bp |
| Jun 30, 2023 | $6.1B | 10 | 98c | 7 | 730 bp |
| Dec 31, 2022 | $7.3B | 72 | 97c | 6 | 697 bp |
| Dec 31, 2021 | $100M | 4 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- P•••••• P•••• B••••••• L•• first lien term loan1 BDC hold it · matures Aug 29, 2030 · possible sponsor A•••• H••••••• L••$28.0M 106c
- H••• P••••• H••••••• L•• first lien term loan1 BDC hold it · matures Jun 1, 2032$22.7M 100c
- 1•••••• B• L•• first lien term loan3 BDCs hold it · matures Oct 8, 2030$22.4M 97c
- P•••••• I••••••••• I•• first lien term loan2 BDCs hold it · matures May 30, 2029$21.9M 99c
- I•••••• I•• first lien term loan2 BDCs hold it · matures Nov 5, 2026 · possible sponsor E•• C••••••• L••$21.5M 70c
- C••••• G••••••• I•• first lien term loan1 BDC hold it · matures Mar 31, 2029 · possible sponsor H••••• C••••••• L••$21.2M 86c
- P•••• • P•••••••• I••••••••• H•••••• C••• first lien term loan1 BDC hold it · matures Jun 30, 2029$20.5M 99c
- J•••••• I••••••••• I•• L•• first lien term loan2 BDCs hold it · matures Dec 16, 2030$20.5M 102c
- V•••••• S•••••••• C•••••••• I•• first lien term loan2 BDCs hold it · matures Aug 29, 2029 · possible sponsor H••••• C••••••• L••$20.3M 97c
- L•• A••••••••• L•• first lien term loan1 BDC hold it · matures Jul 23, 2027$20.2M 88c
- G•••••• C•••••• • E••••••••• L•• first lien term loan1 BDC hold it · matures Dec 18, 2030$20.1M 99c
- A••••••• H••••••• I•• first lien term loan1 BDC hold it · matures Jun 30, 2027 · possible sponsor G•••••• A••••••• I• L•••••$19.9M 117c
Schedule of investments at Dec 31, 2025
322 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| W••••••• T••••• L•• S••••••• & S••••••s R••• S+5.75%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $1.5M | -$12,961 54c | //fasb.org/+575 bp | Sep 20, 2029 |
| M•••••• B•••• L•• T••••••••• R••• S+5.75%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $2.0M | -$13,263 65c | //fasb.org/+575 bp | May 31, 2029 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• M•••••• B•••• L•• T••••••••• R••• S+5.75%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $2.0M | -$13,263 65c | //fasb.org/+575 bp | May 31, 2029 |
| M••• B•••• L•• C••••••• P••••••• R••• S+5.25%, 0.75% F•••• (1.00% on unfunded) | delayed draw term loan first lien | $3.4M | -$14,132 101c | //fasb.org/+525 bp | Dec 22, 2031 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• M••• B•••• L•• C••••••• P••••••• R••• S+5.25%, 0.75% F•••• (1.00% on unfunded) | delayed draw term loan first lien | $3.4M | -$14,132 101c | //fasb.org/+525 bp | Dec 22, 2031 |
| C••••••• B•••• I•• S••••••• & S••••••s R••• S+6.75%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $989,736 | -$14,430 86c | //fasb.org/+675 bp | Nov 8, 2030 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• C••••••• B•••• I•• S••••••• & S••••••s R••• S+6.75%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $989,736 | -$14,430 86c | //fasb.org/+675 bp | Nov 8, 2030 |
| N••••• M•••• C••••••••• P••••••••• S••••••s R••• S+6.25%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $767,956 | -$16,127 154c | //fasb.org/+625 bp | May 31, 2029 |
| S•• H••••••• L• I••••••••• P••••••• & S••••••s R••• S+5.00%, 1.00% F•••• (1.00% on unfunded) | delayed draw term loan first lien | $1.4M | -$16,785 378c | //fasb.org/+500 bp | Mar 27, 2028 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• M••••• U• H••••••• S••••••• & S••••••s R••• S+6.00%, 1.00% F•••• (0.25% on unfunded) | revolver first lien | $995,726 | -$27,880 182c | //fasb.org/+600 bp | May 17, 2030 |
| M••••• U• H••••••• S••••••• & S••••••s R••• S+6.00%, 1.00% F•••• (0.25% on unfunded) | revolver first lien | $995,726 | -$27,880 182c | //fasb.org/+600 bp | May 17, 2030 |
| V•••••• S•••••••• C•••••••• I•• S•••••••• C•••••••• R••• S+6.75%, 1.00% F•••• (0.50% on unfunded) | revolver first lien | $1.7M | -$42,418 109c | //fasb.org/+675 bp | Feb 28, 2029 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• L•• A••••••••• L•• d•••• L••••••••• A••••• C••••• H••••••••• P•••••••• & S••••••s R••• S+11.15%, 3.00% F•••• (0.50% on unfunded) | revolver first lien | $500,000 | -$46,746 | //fasb.org/+1115 bp | Jul 23, 2027 |
| L•• A••••••••• L•• d•••• L••••••••• A••••• C••••• H••••••••• P•••••••• & S••••••s R••• S+11.15%, 3.00% F•••• (0.50% on unfunded) | revolver first lien | $500,000 | -$46,746 | //fasb.org/+1115 bp | Jul 23, 2027 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• H••••• C••••••• I•• H••••••••• T••••••••• R••• S+6.50%, 1.00% F•••• (2.50% on unfunded) | delayed draw term loan first lien | $5.0M | -$100,908 94c | //fasb.org/+650 bp | Jul 16, 2029 |
| H••••• C••••••• I•• H••••••••• T••••••••• R••• S+6.50%, 1.00% F•••• (2.50% on unfunded) | delayed draw term loan first lien | $5.0M | -$100,908 94c | //fasb.org/+650 bp | Jul 16, 2029 |
| T•••• T••••••••• I•• O••••••• S••••••s R••• S+5.85%, 1.00% F•••• (1.50% on unfunded) | delayed draw term loan first lien | $6.0M | -$107,868 214c | //fasb.org/+585 bp | Jan 11, 2030 |
| 3••• L••••••••• L•••• U••••• S••••• o• A•••••• L•• H••••••• I•• F••• & B••••••• R••• S+5.50%, (5.50% on unfunded) | delayed draw term loan first lien | $2.4M | -$111,440 210c | //fasb.org/+550 bp | Feb 24, 2032 |
| L•• H••••••• I•• F••• & B••••••• R••• S+5.50%, (5.50% on unfunded) | delayed draw term loan first lien | $2.4M | -$111,440 210c | //fasb.org/+550 bp | Feb 24, 2032 |
| C•••• H••••••• L•• S••••••• & S••••••s R••• S+5.25%, 0.75% F•••• (1.50% on unfunded) | delayed draw term loan first lien | Not disclosed | Not disclosed | //fasb.org/+525 bp | Feb 27, 2030 |
| 1•••••• B• L•• H••••••••• E•••••••• & S••••••• R••• 10.00% | term loan first lien | Not disclosed | Not disclosed | S+625 bp | Apr 15, 2032 |
| B••••• H••••• C•• I•• •••••••• H••••••••• E•••••••• & S••••••• R••• 4.88% | term loan first lien | Not disclosed | Not disclosed | Jun 1, 2028 |
Page 4 of 4Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2018 to 2022reported
- Filings listed
- 13reported10-Q and 10-K since 2022
- Former names
- S••••• P•••• S•••••••• C••••• F•••, L.P.reported
- Latest schedule
- 0001193125-26-337440reported