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S•• P•••••• C••••• I••••• B•• L••

Business development companymanaged by S•• C•••••• P•••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by S•• C•••••• P•••••••• L••, holding $131M across 17 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: $131M
Borrowers: 17
Mark on cost: 93.9¢
First lien: 55%

Schedule of investments (19)Quarter by quarter Sponsors

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

What matters now

97.2¢ → 93.9¢
book mark on cost
Marked its book down from 97.2¢ to 93.9¢ 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 →
1 below 80¢
$17.6M principal
1 position across 1 borrower marked below 80¢ on cost, $17.6M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$267M → $131M
fair value, 4 quarters
Its portfolio shrank 51% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →
22 → 17
borrowers
Lost a net 5 borrowers in the quarter to Jun 30, 2026, to 17.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1743415 · file 814-01294Show

Fair value

$131M

as of Jun 30, 2026

Principal held

$113M

debt pieces, the filer's figure

Cost

$152M

94c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

17 borrowers

First lien

55%

81% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

1 sponsors financed

Portfolio through time

Fair value by quarter end$131M as of Jun 30, 2026

Dec 31, 2022$2.5B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$131M	17	94c	1	588 bp
Mar 31, 2026	$179M	22	97c	2	613 bp
Dec 31, 2025	$189M	22	98c	0	607 bp
Sep 30, 2025	$235M	27	99c	0	598 bp

All 14 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$267M	28	99c	0	595 bp
Mar 31, 2025	$1.2B	31	100c	0	594 bp
Dec 31, 2024	$1.7B	36	100c	1	588 bp
Sep 30, 2024	$1.1B	38	101c	1	592 bp
Jun 30, 2024	$1.4B	43	101c	0	600 bp
Mar 31, 2024	$1.4B	44	101c	0	595 bp
Dec 31, 2023	$1.8B	49	101c	0	602 bp
Sep 30, 2023	$1.0B	53	100c	0	600 bp
Jun 16, 2023	$14.4M	2	n/a	0	n/a
Dec 31, 2022	$2.5B	59	101c	0	601 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Mar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked
Maturity extended (observed)Sep 30, 2025
••• Locked
Lender left a facilityMar 31, 2025
••• Locked
Spread increasedMar 31, 2025
••• Locked
Lender left a facilityDec 31, 2024
••• Locked
Lender left a facilityDec 31, 2024
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

R••• C••• first lien term loan
3 BDCs hold it · matures Aug 31, 2029
$17.6M 72c
B•••••• H••••• S•••••••• I•• first lien term loan
4 BDCs hold it · matures Jun 30, 2027
$15.5M 95c
P••••••• M••••••••• L•• other
2 BDCs hold it · matures Aug 31, 2027
$14.7M 100c
i••••• I•• first lien term loan
27 BDCs hold it · matures Aug 31, 2028
$14.6M 93c
A•••••• B••••••••• I•• first lien term loan
3 BDCs hold it · matures Aug 31, 2029
$12.3M 105c
C• S•• H••••••• C•••• •••••••• other
1 BDC hold it · matures Jun 30, 2028
$12.2M 101c
S••••• G•••• H•••••••• L•• first lien term loan
6 BDCs hold it · matures Jun 30, 2028
$7.4M 101c
T••• M••••••••• L•• first lien term loan
2 BDCs hold it · matures Feb 28, 2027
$6.3M 86c
A•• S•••• A• P••••• L•• other
1 BDC hold it · matures Sep 30, 2026
$4.9M 95c
V••••••••• I•• first lien term loan
3 BDCs hold it · matures Sep 30, 2027
$4.8M 99c
I•••••• B••••••• C••••••••• other
5 BDCs hold it · matures Jan 31, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••
$2.4M 101c
V••••••• H•••••••• L•• preferred equity
3 BDCs hold it
Not disclosed 102c

Schedule of investments at Sep 30, 2025

29 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••• M••••••••• L•• H••••• C••• P•••••••• & Services	unstated lien unstated	$14.8M	$14.8M 101c	SOFR+500 bp	Aug 31, 2027
B•••••• H••••• S•••••••• I••• H••••• C••• P•••••••• & Services	term loan first lien	$15.5M	$14.7M 95c	SOFR+500 bp	Jun 30, 2027
i••••• I••• S•••••••	term loan first lien	$14.6M	$14.6M 101c	SOFR+575 bp	Aug 31, 2028
R••• C•••• L••• S••••••• T•••• & Services	term loan first lien	$15.8M	$14.3M 91c	SOFR+675 bp	Aug 31, 2029
H•••• I••••••• I••• P••••••••• Services	term loan first lien	$13.6M	$13.6M 100c	SOFR+625 bp	Jul 31, 2027
A•••••• B••••••••• I••• P•••••••••	term loan first lien	$12.3M	$13.4M 104c	SOFR+595 bp	Aug 31, 2029
C••••••••• I••• B•••••••••	term loan first lien	$12.1M	$12.8M 104c	SOFR+620 bp	Jan 31, 2028
A•• L•••••• I•• L•• Financial Services	unstated lien unstated	$12.7M	$12.7M 101c	SOFR+705 bp	Aug 31, 2028
C• S•• H••••••• C•••• •••••••• A•••••••••)	unstated lien unstated	$12.3M	$12.3M 101c	SOFR+525 bp	Jun 30, 2028
H••• S••••• B••••• I••• I••••••••	term loan first lien	$11.8M	$11.8M 101c	SOFR+525 bp	Apr 30, 2028
T••••• D••••••••• I••• T•••••• Companies & D•••••••••	term loan first lien	$11.8M	$11.5M 98c	SOFR+600 bp	Dec 31, 2026
V••••••• H•••••••• L•• ••••••••• H••••• C••• E•••••••• & S•••••••	preferred equity equity	Not disclosed	$10.9M 103c
S•••••• T•••• B••••••• L•• B•••••••• R•••••	equity equity	Not disclosed	$10.6M 47c
F•••••••• •••• I••••••••• H•••••• L•• H••••• C••• P•••••••• & Services	term loan first lien	$10.1M	$10.1M 102c	SOFR+650 bp	Jan 31, 2029
E••••••• P•••••••• C••••••• L•• Capital M••••••	term loan first lien	$8.9M	$8.9M 101c	SOFR+650 bp	Jun 30, 2026
S••••• G•••• H•••••••• L•• H••••• C••• E•••••••• & S•••••••	term loan first lien	$7.5M	$7.5M 101c	SOFR+550 bp	Jun 30, 2028
T••• M••••••••• L•• H••••• C••• P•••••••• & Services	term loan first lien	$7.9M	$7.1M 90c	SOFR+700 bp	Feb 28, 2027
A••••••• I••• P•••••••••	term loan first lien	$6.0M	$6.1M 99c	SOFR+795 bp	Jul 31, 2028
T••••••••• I••••••• L•• G••••• T•••••••••	term loan first lien	$6.1M	$5.5M 90c	SOFR+550 bp	Jun 30, 2027
N•••• I••••••••• I••• L•• ••••••• P••••••••• Services	term loan first lien	$5.3M	$5.3M 101c	SOFR+475 bp	Dec 31, 2027
V••••••••• I••• H••••• C••• E•••••••• & S•••••••	term loan first lien	$4.8M	$5.0M 100c	SOFR+600 bp	Sep 30, 2027
A•• S•••• A• P••••• L•• T•••••• Companies & D•••••••••	unstated lien unstated	$5.0M	$5.0M 100c	SOFR+650 bp	Sep 30, 2026
S••••••• O••••••••• P••••••• M••••••••• L•• H••••• C••• P•••••••• & Services	term loan first lien	$4.4M	$4.4M 100c	SOFR+550 bp	Jul 31, 2026
M••••••••• I••• H••••• C••• E•••••••• & S•••••••	term loan first lien	$1.4M	$1.5M 104c	SOFR+550 bp	Dec 31, 2027
V••••••• H•••••••• L•• H••••• C••• E•••••••• & S•••••••	equity equity	Not disclosed	$224,000 191c
S••••••••• H•••••••• I•• H••••• C••• E•••••••• & S•••••••	equity equity	Not disclosed	$35,000 152c
M••••••••• I••• H••••• C••• E•••••••• & S•••••••	warrants equity	Not disclosed	$9,000 75c
C••••••••• T••••••••• I••• P•••••••••	warrants equity	Not disclosed	$5,000 19c
A••••••• H•••••••• I••• P•••••••••	equity equity	Not disclosed	$4,000 24c

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2019 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-332724reported