DFX Intelligence
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S•••• P•••• C••••• C•••
A non-traded business development company, managed by S•••• P•••• C••••• A•••••• L••, holding $3.0B across 159 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
- $3.0B
- Borrowers
- 159
- Mark on cost
- 99.1¢
- First lien
- 88%
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
- 6 below 80¢$34.6M principal
6 positions across 6 borrowers marked below 80¢ on cost, $34.6M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 11 → 13loans paying in kind
Loans paying in kind rose from 11 to 13 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
- 150 → 159borrowers
Added a net 9 borrowers in the quarter to Jun 30, 2026, to 159.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1825384 · file 814-01375ShowHide
Fair value
$3.0B
as of Jun 30, 2026
Principal held
$3.0B
debt pieces, the filer's figure
Cost
$3.0B
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
370
159 borrowers
First lien
88%
99% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
308
24 sponsors financed
Portfolio through time
Fair value by quarter end$3.0B as of Jun 30, 2026
Dec 31, 2022$1.8B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $3.0B | 159 | 99c | 13 | 502 bp |
| Mar 31, 2026 | $2.9B | 150 | 99c | 11 | 503 bp |
| Dec 31, 2025 | $3.0B | 140 | 100c | 12 | 507 bp |
| Sep 30, 2025 | $2.7B | 136 | 100c | 0 | 513 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $2.7B | 129 | 100c | 0 | 519 bp |
| Mar 31, 2025 | $2.6B | 123 | 100c | 0 | 532 bp |
| Dec 31, 2024 | $3.9B | 116 | 100c | 0 | 541 bp |
| Sep 30, 2024 | $2.5B | 102 | 100c | 0 | 557 bp |
| Jun 30, 2024 | $2.3B | 91 | 99c | 0 | 571 bp |
| Mar 31, 2024 | $2.1B | 82 | 100c | 0 | 587 bp |
| Dec 31, 2023 | $2.2B | 82 | 99c | 0 | 601 bp |
| Sep 30, 2023 | $1.9B | 73 | 99c | 0 | 604 bp |
| Jun 30, 2023 | $1.9B | 72 | 98c | 0 | 603 bp |
| Mar 31, 2023 | $1.8B | 69 | 99c | 0 | 594 bp |
| Dec 31, 2022 | $1.8B | 68 | 98c | 0 | 590 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- A•••••••• S••••••••• I•• first lien term loan6 BDCs hold it · matures Mar 15, 2030$65.4M 97c
- W•••• S••••• R•••••• A••••••••• L•• first lien term loan6 BDCs hold it · matures Sep 16, 2032$59.3M 100c
- A•••••••• H•••••••• L•• first lien term loan16 BDCs hold it · matures Aug 31, 2029 · possible sponsor G•••••• C••••••$55.5M 100c
- M•• D••••• S••••••••• L•• first lien term loan3 BDCs hold it · matures Feb 13, 2031$53.6M 102c
- D••••••• C••••••••• first lien term loan22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••$53.4M 99c
- P•• P•••••• I•• first lien term loan1 BDC hold it · matures Aug 18, 2032$53.4M 98c
- I• I••••••••• H•••••••• L•• first lien term loan30 BDCs hold it · matures Dec 1, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••$46.4M 101c
- O••• B•••••••• L•• first lien term loan6 BDCs hold it · matures May 8, 2030$45.2M 99c
- C••••••••• L•• first lien term loan12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••$43.5M 101c
- T••••• I••••••••• H•••••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Oct 2, 2028$43.1M 100c
- R•• N••• P••••••••• L•• first lien term loan5 BDCs hold it · matures Mar 19, 2032$40.7M 100c
- B••••••••• T••••••••• I•• first lien term loan12 BDCs hold it · matures May 14, 2029$39.2M 101c
Schedule of investments at Mar 31, 2023
139 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| N•• C••• | notes unsecured or subordinated | $830,000 | $801,971 97c | 7.50% | Oct 1, 2030 |
| S••••• S•••••• L•••••• | revolver first lien | $1.2M | $747,252 95c | LIBOR+550 bp | Oct 29, 2026 |
| R••••••• I••••••••• M•••••••• I•• | term loan second lien | $846,853 | $745,570 88c | LIBOR+800 bp | Apr 30, 2025 |
| G•••••••• C••••••••• I•• | delayed draw term loan first lien | $681,285 | $564,370 88c | SOFR+525 bp | May 18, 2024 |
| T••••••• I••••••••• L•• | revolver first lien | $580,357 | $521,295 100c | SOFR+550 bp | Mar 13, 2028 |
| A•••••••• P••••••• L•• | revolver first lien | $508,503 | $464,976 100c | SOFR+625 bp | Aug 29, 2029 |
| M••••••• B••••• P••••••••• L•• | delayed draw term loan first lien | $713,348 | $449,581 66c | LIBOR+550 bp | Dec 29, 2028 |
| M••••••• B••••• P••••••••• L•• | revolver first lien | $423,729 | $344,599 84c | LIBOR+550 bp | Dec 30, 2027 |
| W••••••• M••••••• L•• | revolver first lien | $351,154 | $289,031 99c | SOFR+575 bp | Aug 25, 2028 |
| G•••••••• C••••••••• I•• | revolver first lien | $292,545 | $249,746 93c | SOFR+525 bp | May 18, 2027 |
| C••• H••••• H••••••• C••• | delayed draw term loan first lien | $239,608 | $206,974 99c | SOFR+575 bp | Jun 15, 2027 |
| P•••••• K• B••••••• I•• | revolver first lien | Not disclosed | $2,318 -2c | LIBOR+600 bp | Dec 10, 2027 |
| G••••• H••• H••••• C••• | warrants equity | Not disclosed | $29 100c | Aug 19, 2022 | |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$4,850 360c | LIBOR+625 bp | Oct 4, 2027 |
| G••••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$9,924 89c | LIBOR+525 bp | Sep 29, 2028 |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$14,550 | SOFR+625 bp | Oct 4, 2027 |
| A••••••• I•• | revolver first lien | Not disclosed | -$31,229 116c | SOFR+650 bp | Jun 21, 2028 |
| S••••••••• I•• | delayed draw term loan first lien | $105,701 | -$35,741 -40c | LIBOR+575 bp | Jun 19, 2028 |
| S••••• R• H•••••••• I•• | revolver first lien | Not disclosed | -$39,486 103c | SOFR+650 bp | Sep 13, 2028 |
| I• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$42,486 56c | LIBOR+600 bp | Sep 22, 2027 |
| C••• H•••••••• L•• | revolver first lien | Not disclosed | -$47,111 100c | SOFR+650 bp | Dec 17, 2027 |
| T•• T•• H•••••• I•• | revolver first lien | Not disclosed | -$55,835 196c | SOFR+600 bp | Mar 26, 2026 |
| A•••••• G••••• I•• | delayed draw term loan first lien | Not disclosed | -$57,323 340c | LIBOR+600 bp | Dec 3, 2027 |
| C•••••• R•••••••• M••••• L•• | revolver first lien | Not disclosed | -$58,594 152c | SOFR+263 bp | Jul 1, 2028 |
| A•••••• G••••• I•• | revolver first lien | Not disclosed | -$62,547 206c | LIBOR+600 bp | Dec 3, 2025 |
| G••••••• S••••••• L•• | revolver first lien | Not disclosed | -$62,750 369c | LIBOR+550 bp | Apr 27, 2027 |
| W••••••• M••••••• L•• | delayed draw term loan first lien | Not disclosed | -$70,997 153c | SOFR+575 bp | Aug 25, 2025 |
| A•••••••• G•••• L•• | revolver first lien | Not disclosed | -$100,182 105c | SOFR+575 bp | Aug 31, 2028 |
| E•••••• L•• | revolver first lien | Not disclosed | -$104,385 195c | LIBOR+625 bp | Sep 14, 2027 |
| S••••• S•••••• L•••••• | delayed draw term loan first lien | Not disclosed | -$112,067 470c | LIBOR+550 bp | Oct 15, 2028 |
| S••••••••• I•• | revolver first lien | Not disclosed | -$117,918 573c | LIBOR+400 bp | Jun 18, 2026 |
| B••••••••• T••••••••• I•• | revolver first lien | Not disclosed | -$128,894 103c | SOFR+550 bp | May 15, 2028 |
| B••••• P••••• H••••••• L•• | revolver first lien | Not disclosed | -$141,028 297c | SOFR+525 bp | Dec 29, 2027 |
| T•••••• P••••••• H••••••• L•• | delayed draw term loan first lien | Not disclosed | -$148,936 269c | SOFR+575 bp | Dec 21, 2028 |
| I•••••• A••••••••• L•• | revolver first lien | Not disclosed | -$166,439 311c | LIBOR+550 bp | Nov 16, 2027 |
| I•••••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$231,165 925c | LIBOR+550 bp | Nov 16, 2027 |
| E••••••• I•••••••• I•• | delayed draw term loan first lien | Not disclosed | -$275,669 99c | SOFR+575 bp | Jun 28, 2024 |
| G••••••• S••••••• L•• | delayed draw term loan first lien | Not disclosed | -$276,100 329c | LIBOR+550 bp | Apr 1, 2027 |
| F••••••••• R••• P•••••••• C••• | delayed draw term loan first lien | Not disclosed | -$544,091 214c | SOFR+675 bp | Oct 27, 2028 |
Page 2 of 2Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2021 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- S•••• P•••• Capital Credit LLCreported
- Latest schedule
- 0001193125-26-352549reported