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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.

Fair value
$261M
Schedule of investments, 10-Q and 10-K
Borrowers
16
Schedule of investments, 10-Q and 10-K
Mark on cost
93.7¢
Schedule of investments, 10-Q and 10-K
First lien
82%
Schedule of investments, 10-Q and 10-K
Schedule of investments (39)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. $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•• →
  3. 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 →
  4. 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
  5. $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
39
16 borrowers
First lien
82%
98% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
21
5 sponsors financed
Portfolio through time
Fair value by quarter end$298M as of Jun 30, 2026
Dec 31, 2021$264M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$298M1694c13727 bp
Mar 31, 2026$451M1899c12718 bp
Dec 31, 2025$472M20101c10678 bp
Sep 30, 2025$465M21100c11700 bp
All 16 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$459M25100c8691 bp
Mar 31, 2025$3.2B2991c13675 bp
Dec 31, 2024$3.5B3791c18694 bp
Sep 30, 2024$1.8B1679c10869 bp
Jun 30, 2024$2.4B1884c11889 bp
Mar 31, 2024$2.9B2093c14814 bp
Dec 31, 2023$4.5B2194c17899 bp
Sep 30, 2023$2.2B2393c12768 bp
Jun 30, 2023$129M26n/a13753 bp
Mar 31, 2023$132M26n/a13742 bp
Dec 31, 2022$2.0B2790c13748 bp
Dec 31, 2021$264M3n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2024
119 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
W•••••••• I•••
B••••••••
subordinated debt unsecured or subordinated$12.3MNot disclosed
n/a
SOFR+1500 bp
PIK 15.00%
Apr 3, 2027
C•••••• F•••• H•••••• C•••••• I•••
F••• P•••••••
equity equityNot disclosedNot disclosed
n/a
W••••••• • 0•••warrants equityNot disclosedNot disclosed
n/a
s• U••••• S•••••warrants equityNot disclosedNot disclosed
n/a
s• U••••• S•••••warrants equityNot disclosedNot disclosed
n/a
U•••••••• D••• • 0•••subordinated debt unsecured or subordinatedNot disclosedNot disclosed
W•••••••• I•••
B••••••••
subordinated debt unsecured or subordinated$21.3MNot disclosedSOFR+1500 bp
PIK 15.00%
Apr 3, 2027
s• U••••• S•••••preferred equity equityNot disclosedNot disclosed
n/a
W••••••• • 0••••warrants equityNot disclosedNot disclosed
U•••••••• D••• • 0••••subordinated debt unsecured or subordinatedNot disclosedNot disclosed
n/a
s• U••••• S•••••warrants equityNot disclosedNot disclosed
n/a
P•••••••• S•••• • 0••••preferred equity equityNot disclosedNot disclosed
C••••••••• I••••••• L•• ••• T•••• R•••••••• A•••••••••unstated lien unstatedNot disclosedNot disclosed
K••• H••••••• I••• ••• S•••••• H••••••••
B••••••• P•••••••
warrants equityNot disclosedNot disclosed
n/a
W•••••••• L••
B••••••••
preferred equity equityNot disclosedNot disclosed
n/a
C•••• I••••••••• I••• ••• S•••••• H••••••••
B••••••• P•••••••
term loan second lien$16.4MNot disclosedS+1000 bpNov 11, 2027
K••• H••••••• I••• ••• S•••••• H••••••••
B••••••• P•••••••
warrants equityNot disclosedNot disclosed
n/a
K•• B•••••• L••
H•••••, R••••••••• & L••••••
term loan first lienNot disclosedNot disclosed
n/a
S+550 bpMay 26, 2027
W•••••••• I•••
B••••••••
subordinated debt unsecured or subordinated$7.5MNot disclosed
n/a
SOFR+1500 bp
PIK 15.00%
Apr 3, 2027
Page 2 of 2Previous
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