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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 Dec 31, 2023
200 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| I•• H••• A•••• M••••••••• L••• | notes unsecured or subordinated | $4.3M | $4.3M 100c | 9.00% | Jun 29, 2028 |
| C••••• B•••••• A••••••• L•• | term loan first lien | $4.4M | $4.3M 100c | SOFR+575 bp | Jun 30, 2028 |
| G••••••• S••••••• L•• | term loan first lien | $4.1M | $4.0M 99c | SOFR+550 bp | Apr 27, 2027 |
| G••••••• S•••••••• L•• | term loan first lien | $4.1M | $4.0M 99c | SOFR+550 bp | Jun 16, 2031 |
| R•• A••••••••• I•• | term loan first lien | $4.1M | $4.0M 98c | SOFR+550 bp | Nov 1, 2029 |
| M••••••••• T•••• C••• L•• | term loan first lien | $3.9M | $3.9M 102c | SOFR+475 bp | Mar 27, 2026 |
| M•• D••••• S••••••••• L•• | delayed draw term loan first lien | $3.9M | $3.8M 99c | SOFR+600 bp | Jan 29, 2027 |
| T•• F••• I• I•••••••• ••••••••• L•• | equity equity | $3.7M | $3.7M 100c | ||
| A••• I••••••••• H•••••••• L•• | term loan first lien | $3.7M | $3.6M 100c | SOFR+625 bp | May 23, 2029 |
| R••••••• I••••••••• M•••••••• I••• | term loan first lien | $3.4M | $3.4M 100c | SOFR+650 bp | Apr 30, 2027 |
| R••••••• I••••••••• M•••••••• I•• | revolver first lien | $3.4M | $3.4M 100c | SOFR+650 bp | Apr 30, 2027 |
| B••••• P••••• H••••••• L•• | delayed draw term loan first lien | $3.2M | $3.2M 101c | SOFR+550 bp | Dec 29, 2028 |
| R•• A••••••••• I•• | delayed draw term loan first lien | $3.0M | $3.0M 99c | SOFR+600 bp | Nov 1, 2029 |
| R•• A••••••••• I•• | term loan first lien | $3.0M | $2.9M 98c | SOFR+550 bp | Nov 1, 2029 |
| I•••••• A••••••••• L•• | equity equity | $2.0M | $2.6M 132c | ||
| I•••••• A••••••••• L•• | equity equity | $2.0M | $2.6M 132c | Nov 16, 2021 | |
| D••••••• C••••••••• | revolver first lien | $2.7M | $2.6M 98c | SOFR+625 bp | Aug 4, 2025 |
| F•••••• M••••••• C••• | notes unsecured or subordinated | $2.3M | $2.6M 111c | 12.25% | Oct 1, 2030 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $2.5M | $2.5M 99c | SOFR+600 bp | Aug 29, 2029 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $2.5M | $2.5M 99c | SOFR+600 bp | Aug 29, 2029 |
| T••••• I••••••••• H•••••••• L•• | delayed draw term loan first lien | $2.5M | $2.4M 102c | SOFR+575 bp | Oct 4, 2027 |
| T••••• I••••••••• H•••••••• L•• | delayed draw term loan first lien | $2.5M | $2.4M 100c | SOFR+575 bp | Oct 4, 2027 |
| K••• A••••••••• I•• | revolver first lien | $2.4M | $2.4M 100c | SOFR+625 bp | Dec 12, 2029 |
| R•• A••••••••• I•• | delayed draw term loan first lien | $2.3M | $2.3M 98c | SOFR+550 bp | Nov 1, 2029 |
| G•••••••• C••••••••• I•• | delayed draw term loan first lien | $2.2M | $2.0M 95c | SOFR+525 bp | May 18, 2029 |
| A•••••••• P••••••• L•• | term loan first lien | $2.0M | $2.0M 102c | SOFR+625 bp | Aug 29, 2029 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $2.0M | $2.0M 102c | SOFR+625 bp | Aug 29, 2029 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $2.0M | $2.0M 102c | SOFR+625 bp | Aug 29, 2029 |
| B•••••• B••••• I••• | delayed draw term loan first lien | $1.7M | $1.7M 103c | SOFR+650 bp | Jun 21, 2029 |
| M••••••• B••••• P••••••••• L•• | delayed draw term loan first lien | $1.8M | $1.7M 97c | SOFR+550 bp | Dec 29, 2028 |
| R•• A••••••••• I•• | term loan first lien | $1.6M | $1.5M 98c | SOFR+550 bp | Nov 1, 2029 |
| M••• C•••••• I• L•• | revolver first lien | $1.3M | $1.2M 107c | SOFR+625 bp | Sep 3, 2029 |
| R••••••• I••••••••• M••••••• | equity equity | $48,000 | $1.2M 100c | ||
| G••••••• S•••••••• L•• | term loan first lien | $1.3M | $1.2M 98c | SOFR+500 bp | Apr 27, 2027 |
| G••••••• S•••••••• L•• | revolver first lien | $1.3M | $1.2M 98c | //fasb.org/us-gaap/2023#Base Rate+500 bp | Apr 27, 2027 |
| G••••• H••• H••••• C••• | warrants equity | $2,917 | $1.1M 3689652c | Aug 19, 2022 | |
| R•• A••••••••• I•• | delayed draw term loan first lien | $1.3M | $1.0M 108c | SOFR+600 bp | Nov 1, 2029 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $976,000 | $964,000 108c | SOFR+625 bp | Aug 29, 2029 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $976,327 | $963,817 108c | SOFR+625 bp | Aug 29, 2029 |
| M••••••• B••••• P••••••••• L•• | revolver first lien | $904,000 | $843,000 94c | SOFR+550 bp | Dec 30, 2027 |
| M••••••• B••••• P••••••••• L•• | revolver first lien | $903,955 | $842,924 94c | SOFR+550 bp | Dec 30, 2027 |
| A•••••• G•••• H•••••••• I•• | notes unsecured or subordinated | $826,000 | $836,000 104c | 10.75% | Aug 1, 2027 |
| S••••• S•••••• L•••••• | delayed draw term loan first lien | $729,000 | $728,000 101c | SOFR+550 bp | Oct 15, 2028 |
| S••••• S•••••• L•••••• | revolver first lien | $728,713 | $727,642 101c | SOFR+550 bp | Oct 29, 2026 |
| M•••• | revolver first lien | $685,000 | $662,000 106c | SOFR+650 bp | Jul 29, 2026 |
| S••••••• H•••••••• I•• | revolver first lien | $542,169 | $542,169 106c | SOFR+550 bp | Oct 1, 2027 |
| S••••••• H•••••••• I•• | revolver first lien | $542,000 | $542,000 106c | SOFR+550 bp | Oct 1, 2027 |
| C••• H•••••••• L•• | revolver first lien | $528,000 | $500,000 102c | SOFR+650 bp | Dec 17, 2027 |
| G••••••••• H•••••••• L•• | revolver first lien | $504,000 | $473,000 98c | SOFR+650 bp | Jan 29, 2027 |
| C••• H••••• H••••••• C••• | delayed draw term loan first lien | $238,000 | $205,000 86c | SOFR+575 bp | Jun 15, 2027 |
| S••••••••• I•• | delayed draw term loan first lien | $105,000 | $96,000 92c | SOFR+575 bp | Jun 19, 2028 |
| K••• A••••••••• I•• | term loan first lien | $99,000 | $90,000 100c | SOFR+625 bp | Dec 12, 2029 |
| S••••••••• I•• | revolver first lien | $149,000 | $61,000 46c | SOFR+400 bp | Jun 18, 2026 |
| P•••••• K• B••••••• I•• | revolver first lien | Not disclosed | $14,000 -14c | SOFR+600 bp | Dec 10, 2027 |
| A•••••••• R••••••••• M••••••••• | revolver first lien | Not disclosed | -$4,000 100c | SOFR+625 bp | Oct 5, 2029 |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | $1.5M | -$4,000 400c | SOFR+575 bp | Oct 4, 2027 |
| A••••• A••••••••• L•• | revolver first lien | Not disclosed | -$4,478 104c | SOFR+625 bp | Oct 5, 2029 |
| N•••••• F•••• I••••••••• | revolver first lien | Not disclosed | -$8,000 67c | SOFR+625 bp | May 8, 2029 |
| A•••••••• P••••••• L•• | revolver first lien | Not disclosed | -$8,000 22c | SOFR+600 bp | Aug 29, 2029 |
| N•••••• B•••• U• I•• | revolver first lien | Not disclosed | -$8,325 71c | SOFR+625 bp | May 8, 2029 |
| N••• H•••••• L•• | revolver first lien | Not disclosed | -$13,000 100c | SOFR+600 bp | Nov 9, 2029 |
| A••••••• I•• | revolver first lien | Not disclosed | -$13,000 57c | SOFR+650 bp | Jun 21, 2028 |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | $1.5M | -$13,000 | SOFR+575 bp | Oct 4, 2027 |
| N•••••• H••••••••• | revolver first lien | Not disclosed | -$13,340 102c | SOFR+600 bp | Nov 9, 2029 |
| B•••••• B••••• I••• | revolver first lien | Not disclosed | -$17,000 28c | SOFR+650 bp | Jun 21, 2029 |
| H••••• S•••••••• I•• | revolver first lien | Not disclosed | -$18,000 106c | SOFR+600 bp | Sep 19, 2029 |
| T•• T•• H•••••• I•• | revolver first lien | Not disclosed | -$19,000 86c | SOFR+600 bp | Mar 26, 2026 |
| P•• P•••••• I••• | revolver first lien | Not disclosed | -$20,000 100c | SOFR+575 bp | Dec 30, 2027 |
| C•••••• R•••••••• M••••• L•• | revolver first lien | Not disclosed | -$22,000 67c | SOFR+525 bp | Jul 1, 2028 |
| A•••••••• | delayed draw term loan first lien | Not disclosed | -$29,990 95c | SOFR+738 bp | Aug 13, 2029 |
| A•••••••• | delayed draw term loan first lien | Not disclosed | -$30,000 94c | SOFR+738 bp | Aug 13, 2024 |
| N•••••• H••••••••• | delayed draw term loan first lien | Not disclosed | -$35,543 204c | SOFR+600 bp | Nov 10, 2025 |
| N••• H•••••• L•• | delayed draw term loan first lien | Not disclosed | -$36,000 212c | SOFR+600 bp | Nov 10, 2025 |
| I• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$38,000 60c | SOFR+600 bp | Sep 22, 2027 |
| G•••••••• C••••••••• I•• | revolver first lien | Not disclosed | -$55,000 250c | SOFR+525 bp | May 18, 2027 |
| W••••••• M••••••• L•• | revolver first lien | Not disclosed | -$55,000 106c | SOFR+575 bp | Aug 25, 2028 |
| C••••••••• L•• | revolver first lien | Not disclosed | -$57,000 104c | SOFR+600 bp | Oct 7, 2030 |
| T••••••• I••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$60,000 122c | SOFR+575 bp | Mar 13, 2028 |
| W••••••• M••••••• L•• | delayed draw term loan first lien | Not disclosed | -$63,000 158c | SOFR+575 bp | Aug 25, 2025 |
| M••• C•••••• I• L•• | delayed draw term loan first lien | Not disclosed | -$68,000 119c | SOFR+625 bp | Sep 1, 2025 |
| G••••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$69,000 37c | SOFR+575 bp | Sep 29, 2028 |
| P•••• B•••••••• L•• | revolver first lien | Not disclosed | -$69,000 103c | SOFR+575 bp | Nov 15, 2029 |
| A•••••••• R••••••••• M••••••••• | delayed draw term loan first lien | Not disclosed | -$74,000 206c | SOFR+625 bp | Oct 5, 2029 |
| A••••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$74,329 207c | SOFR+625 bp | Oct 6, 2025 |
| S••••••• S••••• H••••••••• S•••••••• L•• | revolver first lien | Not disclosed | -$75,000 242c | SOFR+575 bp | Dec 29, 2026 |
| G••••• B•••••••• L•• | revolver first lien | Not disclosed | -$90,982 276c | SOFR+525 bp | Oct 2, 2028 |
| A•••••••• G•••• L•• | revolver first lien | Not disclosed | -$91,000 111c | SOFR+575 bp | Aug 31, 2028 |
| G••••• B•••••••• L•• | revolver first lien | Not disclosed | -$91,000 276c | SOFR+525 bp | Oct 2, 2028 |
| O•• D•••••• B••••••• L•• | delayed draw term loan first lien | Not disclosed | -$103,000 72c | SOFR+600 bp | Sep 16, 2024 |
| C••••• B•••••• A••••••• L•• | delayed draw term loan first lien | Not disclosed | -$113,000 209c | SOFR+575 bp | Jun 30, 2028 |
| P•••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$172,000 202c | SOFR+575 bp | Nov 15, 2030 |
| P•• P•••••• I••• | delayed draw term loan first lien | Not disclosed | -$180,000 200c | SOFR+575 bp | Dec 29, 2028 |
| B••••••••• T••••••••• I•• | revolver first lien | Not disclosed | -$259,000 242c | SOFR+525 bp | May 15, 2028 |
| E•••••• L•• | revolver first lien | Not disclosed | -$606,000 1347c | SOFR+625 bp | Sep 14, 2027 |
| I•••••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | SOFR+525 bp | Nov 16, 2027 |
| I•••••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | SOFR+525 bp | Nov 16, 2027 |
| T•••••• P••••••• H••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed n/a | SOFR+550 bp | Jun 21, 2025 |
| G••••• H••• H••••• C••• | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp | Dec 12, 2029 |
| I•••••• A••••••••• L•• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+525 bp | Nov 16, 2027 |
| B••••• P••••• H••••••• L•• | revolver first lien | Not disclosed | Not disclosed n/a | SOFR+550 bp | Dec 29, 2027 |
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