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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.

Fair value
$131M
Schedule of investments, 10-Q and 10-K
Borrowers
17
Schedule of investments, 10-Q and 10-K
Mark on cost
93.9¢
Schedule of investments, 10-Q and 10-K
First lien
55%
Schedule of investments, 10-Q and 10-K
Schedule of investments (19)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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 →
  2. 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
  3. $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 →
  4. 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
19
17 borrowers
First lien
55%
81% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
19
1 sponsors financed
Portfolio through time
Fair value by quarter end$131M as of Jun 30, 2026
Dec 31, 2022$2.5B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$131M1794c1588 bp
Mar 31, 2026$179M2297c2613 bp
Dec 31, 2025$189M2298c0607 bp
Sep 30, 2025$235M2799c0598 bp
All 14 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$267M2899c0595 bp
Mar 31, 2025$1.2B31100c0594 bp
Dec 31, 2024$1.7B36100c1588 bp
Sep 30, 2024$1.1B38101c1592 bp
Jun 30, 2024$1.4B43101c0600 bp
Mar 31, 2024$1.4B44101c0595 bp
Dec 31, 2023$1.8B49101c0602 bp
Sep 30, 2023$1.0B53100c0600 bp
Jun 16, 2023$14.4M2n/a0n/a
Dec 31, 2022$2.5B59101c0601 bp
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, 2025
24 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
B•••••• H••••• S•••••••• I•••
H••••• C••• P•••••••• & Services
term loan first lien$15.5M$14.8M
95c
SOFR+500 bpJun 30, 2027
P•••••• M••••••••• L••
H••••• C••• P•••••••• & Services
unstated lien unstated$14.8M$14.8M
100c
SOFR+500 bpAug 31, 2027
i••••• I•••
S•••••••
term loan first lien$14.6M$14.6M
101c
SOFR+575 bpAug 31, 2028
R••• C••••
L••• S••••••• T•••• & Services
term loan first lien$16.0M$14.4M
91c
SOFR+675 bpAug 31, 2029
H•••• I••••••• I•••
P••••••••• Services
term loan first lien$13.6M$13.7M
100c
SOFR+625 bpJul 31, 2027
A•••••• B••••••••• I•••
P•••••••••
term loan first lien$12.3M$13.5M
105c
SOFR+595 bpAug 31, 2029
A•• L•••••• I•• L••
Financial Services
unstated lien unstated$12.7M$12.7M
100c
SOFR+705 bpAug 31, 2028
C• S•• H••••••• C•••• ••••••••
A•••••••••)
unstated lien unstated$12.3M$12.3M
101c
SOFR+525 bpJun 30, 2028
T••••• D••••••••• I•••
T•••••• Companies & D•••••••••
term loan first lien$11.7M$11.5M
98c
SOFR+600 bpDec 31, 2026
V••••••• H•••••••• L•• •••••••••
H••••• C••• E•••••••• & S•••••••
preferred equity equityNot disclosed$11.2M
103c
S•••••• T•••• B••••••• L••
B•••••••• R•••••
equity equityNot disclosed$10.6M
47c
S••••• G•••• H•••••••• L••
H••••• C••• E•••••••• & S•••••••
term loan first lien$7.4M$7.4M
101c
SOFR+550 bpJun 30, 2028
T••• M••••••••• L••
H••••• C••• P•••••••• & Services
term loan first lien$7.9M$6.7M
85c
SOFR+700 bpFeb 28, 2027
A••••••• I•••
P•••••••••
term loan first lien$6.0M$6.1M
99c
SOFR+795 bpJul 31, 2028
T••••••••• I••••••• L••
G••••• T•••••••••
term loan first lien$6.1M$5.5M
90c
SOFR+550 bpJun 30, 2027
V••••••••• I•••
H••••• C••• E•••••••• & S•••••••
term loan first lien$4.8M$5.0M
100c
SOFR+600 bpSep 30, 2027
A•• S•••• A• P••••• L•••••
T•••••• Companies & D•••••••••
unstated lien unstated$5.0M$5.0M
100c
SOFR+650 bpSep 30, 2026
A•• S•••• A• P••••• L••
T•••••• Companies & D•••••••••
unstated lien unstated$5.0M$5.0M
100c
SOFR+650 bpSep 30, 2026
S••••••• O••••••••• P••••••• M••••••••• L••
H••••• C••• P•••••••• & Services
term loan first lien$4.4M$4.4M
100c
SOFR+525 bpJul 31, 2026
V••••••• H•••••••• L••
H••••• C••• E•••••••• & S•••••••
equity equityNot disclosed$224,000
191c
S••••••••• H•••••••• I••
H••••• C••• E•••••••• & S•••••••
equity equityNot disclosed$22,000
96c
M••••••••• I•••
H••••• C••• E•••••••• & S•••••••
warrants equityNot disclosed$10,000
83c
C••••••••• T••••••••• I•••
P•••••••••
warrants equityNot disclosed$4,000
15c
A••••••• H•••••••• I•••
P•••••••••
equity equityNot disclosed$2,000
12c
Page 1 of 1
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