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S••••• C•••••• H••••••• L••

Business development companymanaged by G•••••• S•••• A•••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by G•••••• S•••• A•••• M••••••••• L••, holding $261M across 16 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: $261M
Borrowers: 16
Mark on cost: 93.7¢
First lien: 82%

Schedule of investments (39)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$136M
on non-accrual, 4 borrowers
4 borrowers on non-accrual, $136M principal; the largest is W•••••••• L•• ($66.4M).
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 W•••••••• L•• →
$10.5M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $10.5M principal: M•••••• S••••••• S•••••••• I•• ($10.5M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open M•••••• S••••••• S•••••••• I•• →
98.7¢ → 93.7¢
book mark on cost
Marked its book down from 98.7¢ to 93.7¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
5 below 80¢
$31M principal
5 positions across 3 borrowers marked below 80¢ on cost, $31M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$459M → $298M
fair value, 4 quarters
Its portfolio shrank 35% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1674760 · file 814-01215Show

Fair value

$261M

as of Jun 30, 2026

Principal held

$346M

debt pieces, the filer's figure

Cost

$303M

94c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

16 borrowers

First lien

82%

98% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

5 sponsors financed

Portfolio through time

Fair value by quarter end$298M as of Jun 30, 2026

Dec 31, 2021$264M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$298M	16	94c	13	727 bp
Mar 31, 2026	$451M	18	99c	12	718 bp
Dec 31, 2025	$472M	20	101c	10	678 bp
Sep 30, 2025	$465M	21	100c	11	700 bp

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$459M	25	100c	8	691 bp
Mar 31, 2025	$3.2B	29	91c	13	675 bp
Dec 31, 2024	$3.5B	37	91c	18	694 bp
Sep 30, 2024	$1.8B	16	79c	10	869 bp
Jun 30, 2024	$2.4B	18	84c	11	889 bp
Mar 31, 2024	$2.9B	20	93c	14	814 bp
Dec 31, 2023	$4.5B	21	94c	17	899 bp
Sep 30, 2023	$2.2B	23	93c	12	768 bp
Jun 30, 2023	$129M	26	n/a	13	753 bp
Mar 31, 2023	$132M	26	n/a	13	742 bp
Dec 31, 2022	$2.0B	27	90c	13	748 bp
Dec 31, 2021	$264M	3	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 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
Maturity extended (observed)Jun 30, 2026
••• Locked

Full timeline · 20 events

Placed on non-accrualMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked
Marked down (one lender)Sep 30, 2025
••• Locked
PIK interest appearsSep 30, 2025
••• Locked
Spread increasedSep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
Lender left a facilityJun 30, 2025
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

W•••••••• L•• unsecured or subordinated subordinated debt
1 BDC hold it · matures Apr 1, 2028
$54.9M n/a
C•••• I••••••••• I•• second lien term loan
2 BDCs hold it · matures Nov 12, 2029 · possible sponsor C•••• S••••• C••••••
$34.2M 101c
E•• C••••••••• I•• first lien term loan
1 BDC hold it · matures Jun 30, 2027
$32.4M 89c
K•• B•••••• L•• first lien term loan
3 BDCs hold it · matures May 26, 2027
$31.2M 98c
S•••••••• I•• first lien term loan
2 BDCs hold it · matures Jul 30, 2027 · possible sponsor A••••••••
$28.0M 96c
S••••••••• M•••• M•••• L•• first lien term loan
7 BDCs hold it · matures May 31, 2030
$27.1M 77c
K••••••• P••••••••• L•• first lien term loan
3 BDCs hold it · matures May 7, 2027
$24.0M 99c
K• T••••• I••• L•• first lien term loan
4 BDCs hold it · matures May 2, 2029 · possible sponsor S••••••• C•••••• A•••••••• L••
$20.5M 100c
O•••••• T••••• L•• first lien term loan
3 BDCs hold it · matures Sep 4, 2028
$16.9M 100c
H•• H••••••••• I•• first lien term loan
1 BDC hold it · matures Dec 6, 2028 · possible sponsor K•• C•••••• P•••••••
$15.3M 99c
V•• C••••••••• L•• first lien term loan
13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••
$15.2M 100c
K•••••• L•• first lien term loan
4 BDCs hold it · matures May 23, 2030
$12.5M 99c

Schedule of investments at Jun 30, 2024

62 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
I••••••••• a•• I••••••••• i• A••••••••• M•••• M••••• F••• •	unstated lien unstated	Not disclosed	$405M 85c
T•••• I••••••••• • 9•••••	unstated lien unstated	Not disclosed	$333M 82c
D••• I••••••••• • 8•••••	unstated lien unstated	Not disclosed	$326M 83c
U••••• S••••• • 8•••••	unstated lien unstated	Not disclosed	$313M 82c
1•• L••••••••• S•••••• D••• • 6•••••	term loan first lien	Not disclosed	$221M 83c
N••••••••• A••••••••• I•••••••••	unstated lien unstated	Not disclosed	$75.3M
G•••••• S•••• F•••••••• S••••• G••••••••• F•••	unstated lien unstated	Not disclosed	$71.9M
I••••••••• i• A••••••••• M•••• M••••• F••• U••••• S••••• G••	unstated lien unstated	Not disclosed	$71.9M 100c
U••••• S••••• • 1•••••	unstated lien unstated	Not disclosed	$71.9M 100c
I••••••••• i• A••••••••• M•••• M••••• F••• • 1•••••	unstated lien unstated	Not disclosed	$71.9M 100c
1•• L••••••••• U••••••••• • 1•••••	term loan first lien	Not disclosed	$52.0M 97c
X••••• C••••••••• IT Services	term loan first lien	$40.9M	$40.7M 100c	S+725 bp	Jul 31, 2025
A••••• S•••••••• P•••••••• I••• ••• Z•• I•••• C••••••••	term loan first lien	$34.7M	$34.0M 98c	S+400 bp	Oct 2, 2028
L•••••• T••••••••• I••• I••••••••• M•••• & Services	term loan first lien	$64.8M	$32.4M 51c	S+900 bp PIK 4.50%	Jan 3, 2025
2•• L••••••••• S•••••• D••• • 8••••	term loan second lien	Not disclosed	$31.8M 81c
D••••• I••• Financial Services	term loan first lien	$30.6M	$29.3M 97c	S+640 bp	Jun 1, 2026
P•••••• H••• M•••• L•• E•••••••••	term loan first lien	$28.4M	$25.6M 90c	S+750 bp PIK 0.75%	Dec 31, 2024
D••••• I••• Financial Services	term loan first lien	$23.7M	$22.7M 97c	S+640 bp	Jun 1, 2026
H•••••••• I••••••••• L•• ••• B•••••• A••••••••• L••• H•••••••• P•••••••	term loan first lien	$24.9M	$19.9M 81c	S+875 bp	Sep 21, 2026
R••••• A••••••••• C•••• ••• R••••• F••••• F••• P•••••••	term loan second lien	$20.0M	$19.9M 100c	S+900 bp	Nov 15, 2024
V•••• M•••••• H•••••••• I••• H••••• C••• E•••••••• & S•••••••	term loan first lien	$18.7M	$18.6M 100c	S+625 bp	Jul 2, 2025
S•••• I••• ••• S•••• S•••••• I••••••••• M•••• & Services	term loan first lien	$21.2M	$18.0M 84c	S+925 bp PIK 3.50%	Jun 15, 2026
C•••••••• Y••• L•• D••••••••• C••••••• Services	term loan first lien	$17.2M	$15.1M 88c	S+600 bp PIK 1.25%	May 14, 2025
V•• C••••••••• L•• ••• V•••• R•••••• C••••••• C••••••••• Services & S•••••••	term loan first lien	$15.1M	$14.9M 100c	S+550 bp	Jun 29, 2027
1•• L••••••••• U••••••••• • 3••••	term loan first lien	Not disclosed	$13.3M 98c
C••••• • 3••••	unstated lien unstated	Not disclosed	$13.3M 98c
U•••••••• D••• •••••	subordinated debt unsecured or subordinated	Not disclosed	$8.0M 41c
R••••• A••••••••• C•••• ••• R••••• F••••• F••• P•••••••	subordinated debt unsecured or subordinated	$8.2M	$8.0M 98c	S+1425 bp	Dec 21, 2024
W•••••••• L•• B••••••••	term loan second lien	$6.5M	$7.0M 103c	S+1200 bp	Apr 3, 2027
E••••• S••••••••• • 1••••	unstated lien unstated	Not disclosed	$6.7M 55c
U••••• S••••• • 1••••	unstated lien unstated	Not disclosed	$6.7M 55c
D••••• I••• Financial Services	term loan first lien	$5.8M	$5.6M 97c	S+700 bp	Jun 1, 2026
D••••• I••• Financial Services	term loan first lien	$4.5M	$4.4M 99c	S+800 bp	Jun 1, 2026
E••• H•••••••• I•••	unstated lien unstated	Not disclosed	$3.4M
E••• H•••••••• I••• Capital M••••••	equity equity	Not disclosed	$3.4M 100c
C••••• S•••• • 0••••	equity equity	Not disclosed	$3.4M 73c
D••••• I••• Financial Services	term loan first lien	$3.4M	$3.3M 99c	S+800 bp	Jun 1, 2026
P•••••••• S•••• • 0••••	preferred equity equity	Not disclosed	$3.3M 51c
R••••• A••••••••• C•••• ••• R••••• F••••• F••• P•••••••	preferred equity equity	Not disclosed	$3.3M 218c
W•••••••• L•• B••••••••	term loan second lien	$1.9M	$3.0M 286c	S+1200 bp	Apr 3, 2027
C•••• I••••••••• I••• ••• S•••••• H•••••••• B••••••• P•••••••	term loan second lien	$12.8M	$1.9M 17c	S+1000 bp PIK 10.00%	Nov 11, 2025
S•••• I••• ••• S•••• S•••••• I••••••••• M•••• & Services	term loan first lien	$1.5M	$1.3M 85c	S+925 bp PIK 3.50%	Jun 15, 2026
S•••• I••• ••• S•••• S•••••• I••••••••• M•••• & Services	term loan first lien	$774,000	$658,000 84c	S+925 bp PIK 3.50%	Jun 15, 2026
R••••• A••••••••• C•••• ••• R••••• F••••• F••• P•••••••	warrants equity	Not disclosed	$96,000 92c
W••••••• • 0••••	warrants equity	Not disclosed	$96,000 7c
V•• C••••••••• L•• ••• V•••• R•••••• C••••••• C••••••••• Services & S•••••••	term loan first lien	$443,000	-$4,000 133c	S+550 bp	Jun 29, 2027
X••••• C••••••••• IT Services	term loan first lien	$2.6M	-$13,000 93c	S+725 bp	Jul 31, 2025
C•••••••• Y••• L•• D••••••••• C••••••• Services	term loan first lien	$1.1M	-$128,000 4267c	S+600 bp PIK 1.25%	May 14, 2025
C•••• I••••••••• I••• ••• S•••••• H•••••••• B••••••• P•••••••	term loan second lien	$16.4M	Not disclosed	S+1000 bp	May 11, 2026
C•••••• F•••• H•••••• C•••••• I••• F••• P•••••••	equity equity	Not disclosed	Not disclosed n/a
1•• L••••••••• U••••••••• • 3••••	term loan first lien	Not disclosed	Not disclosed
K••• H••••••• I••• ••• S•••••• H•••••••• B••••••• P•••••••	warrants equity	Not disclosed	Not disclosed n/a
K••• H••••••• I••• ••• S•••••• H•••••••• B••••••• P•••••••	warrants equity	Not disclosed	Not disclosed n/a
W•••••••• I••• B••••••••	subordinated debt unsecured or subordinated	$9.0M	Not disclosed	S+1500 bp PIK 15.00%	Apr 3, 2027
W•••••••• L•• B••••••••	preferred equity equity	Not disclosed	Not disclosed n/a
1•• L••••••••• S•••••• D••• • 6•••••	term loan first lien	Not disclosed	Not disclosed
W•••••••• I••• B••••••••	subordinated debt unsecured or subordinated	$5.2M	Not disclosed n/a	S+1500 bp PIK 15.00%	Apr 3, 2027
W•••••••• I••• B••••••••	subordinated debt unsecured or subordinated	$6.8M	Not disclosed n/a	S+1500 bp PIK 15.00%	Apr 3, 2027
K••• H••••••• I••• ••• S•••••• H•••••••• B••••••• P•••••••	warrants equity	Not disclosed	Not disclosed n/a
C••••••••• I••••••• L•• ••• T•••• R•••••••• A•••••••••	unstated lien unstated	Not disclosed	Not disclosed
U•••••••• D••• • 2••••	subordinated debt unsecured or subordinated	Not disclosed	Not disclosed
W•••••••• L•• B••••••••	preferred equity equity	Not disclosed	Not disclosed n/a

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2020 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: G•••••• S•••• Private Middle Market Credit LLCreported
Latest schedule: 0001193125-26-344601reported