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S•••• P•••• C••••• C•••

Business development companymanaged by S•••• P•••• C••••• A•••••• L••Non-traded· GREENWICH, CT

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 2026-06-30 · 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 (370)Quarter by quarter Sponsors

As of 2026-06-30 · 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 → 13
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
150 → 159
borrowers
Added a net 9 borrowers in the quarter to Jun 30, 2026, to 159.
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 1825384 · file 814-01375Show

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

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 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$2.7B	129	100c	519 bp
Mar 31, 2025	$2.6B	123	100c	532 bp
Dec 31, 2024	$3.9B	116	100c	541 bp
Sep 30, 2024	$2.5B	102	100c	557 bp
Jun 30, 2024	$2.3B	91	99c	571 bp
Mar 31, 2024	$2.1B	82	100c	587 bp
Dec 31, 2023	$2.2B	82	99c	601 bp
Sep 30, 2023	$1.9B	73	99c	604 bp
Jun 30, 2023	$1.9B	72	98c	603 bp
Mar 31, 2023	$1.8B	69	99c	594 bp
Dec 31, 2022	$1.8B	68	98c	590 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A•••••••• S••••••••• I•• first lien term loan
6 BDCs hold it · matures Mar 15, 2030
$65.4M 97c
W•••• S••••• R•••••• A••••••••• L•• first lien term loan
6 BDCs hold it · matures Sep 16, 2032
$59.3M 100c
A•••••••• H•••••••• L•• first lien term loan
16 BDCs hold it · matures Aug 31, 2029 · possible sponsor G•••••• C••••••
$55.5M 100c
M•• D••••• S••••••••• L•• first lien term loan
3 BDCs hold it · matures Feb 13, 2031
$53.6M 102c
D••••••• C••••••••• first lien term loan
22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••
$53.4M 99c
P•• P•••••• I•• first lien term loan
1 BDC hold it · matures Aug 18, 2032
$53.4M 98c
I• I••••••••• H•••••••• L•• first lien term loan
30 BDCs hold it · matures Dec 1, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••
$46.4M 101c
O••• B•••••••• L•• first lien term loan
6 BDCs hold it · matures May 8, 2030
$45.2M 99c
C••••••••• L•• first lien term loan
12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••
$43.5M 101c
T••••• I••••••••• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Oct 2, 2028
$43.1M 100c
R•• N••• P••••••••• L•• first lien term loan
5 BDCs hold it · matures Mar 19, 2032
$40.7M 100c
B••••••••• T••••••••• I•• first lien term loan
12 BDCs hold it · matures May 14, 2029
$39.2M 101c

Schedule of investments at Mar 31, 2024

186 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
R•• A••••••••• I••	term loan first lien	$3.0M	$2.9M 99c	SOFR+550 bp	Nov 1, 2029
A•••••• H•••••••• L••	term loan first lien	$2.9M	$2.9M 100c	SOFR+550 bp	Dec 17, 2029
F•••••• M••••••• C•••	notes unsecured or subordinated	$2.3M	$2.6M 112c	12.25%	Oct 1, 2030
G••••••• S•••••••• L••	revolver first lien	$2.5M	$2.5M 100c	SOFR+600 bp	Apr 27, 2027
A•••••••• P••••••• L••	delayed draw term loan first lien	$2.5M	$2.5M 100c	SOFR+600 bp	Aug 29, 2029
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$2.5M	$2.4M 101c	SOFR+550 bp	Oct 4, 2027
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$2.4M	$2.4M 100c	SOFR+550 bp	Oct 4, 2027
A•••••••• P••••••• L••	delayed draw term loan first lien	$2.4M	$2.4M 103c	SOFR+625 bp	Aug 29, 2029
K••• A••••••••• I••	term loan 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 99c	SOFR+550 bp	Nov 1, 2029
D••••••• C•••••••••	revolver first lien	$2.2M	$2.2M 98c	SOFR+625 bp	Aug 4, 2025
G•••••••• C••••••••• I••	delayed draw term loan first lien	$2.2M	$2.0M 95c	SOFR+525 bp	May 18, 2029
M••••	revolver first lien	$2.1M	$2.0M 102c	SOFR+650 bp	Jul 29, 2026
A•••••••• P••••••• L••	delayed draw term loan first lien	$2.0M	$2.0M 102c	SOFR+625 bp	Aug 29, 2029
A•••••••• P••••••• L••	term loan first lien	$2.0M	$2.0M 103c	SOFR+625 bp	Aug 29, 2029
M••••••• B••••• P••••••••• L••	delayed draw term loan first lien	$1.7M	$1.7M 98c	SOFR+550 bp	Dec 29, 2028
B•••••• B••••• I•••	delayed draw term loan first lien	$1.7M	$1.7M 103c	SOFR+650 bp	Jun 21, 2029
R•• A••••••••• I••	term loan first lien	$1.5M	$1.5M 99c	SOFR+550 bp	Nov 1, 2029
A••••••••	revolver first lien	$1.5M	$1.5M 100c	SOFR+575 bp	Mar 15, 2030
P•••• B•••••••• L••	revolver first lien	$1.5M	$1.5M 101c	SOFR+575 bp	Nov 15, 2029
B•••••• B••••• I••	revolver first lien	$1.5M	$1.4M 100c	SOFR+575 bp	Mar 8, 2030
R••••••• I••••••••• M•••••••	equity equity	$48,483	$1.4M 112c
M••• C•••••• I• L••	revolver first lien	$1.3M	$1.3M 114c	SOFR+600 bp	Sep 3, 2029
G••••• H••• H••••• C•••	warrants equity	$2,917	$1.3M 4395969c		Aug 19, 2022
A•••••••• P••••••• L••	revolver first lien	$1.0M	$1.0M 103c	SOFR+600 bp	Aug 29, 2029
S••••• S•••••• L••••••	revolver first lien	$855,446	$855,446 101c	SOFR+550 bp	Oct 29, 2026
A•••••• G•••• H•••••••• I••	notes unsecured or subordinated	$825,629	$853,755 106c	10.75%	Aug 1, 2027
G••••• B•••••••• L••	revolver first lien	$825,016	$818,049 104c	SOFR+525 bp	Oct 2, 2028
S••••••• H•••••••• I••	revolver first lien	$469,880	$469,880 107c	SOFR+550 bp	Oct 1, 2027
A••• I••••••••• H•••••••• L••	term loan first lien	$406,522	$398,391 100c	SOFR+550 bp	May 23, 2029
A•••••• H•••••••• L••	revolver first lien	$278,534	$256,924 106c	SOFR+550 bp	Dec 17, 2029
W••••••• M••••••• L••	revolver first lien	$319,231	$238,785 88c	SOFR+575 bp	Aug 25, 2028
C••• H••••• H••••••• C•••	delayed draw term loan first lien	$237,641	$207,909 88c	SOFR+575 bp	Jun 15, 2027
M••••••• B••••• P••••••••• L••	revolver first lien	$169,492	$123,394 78c	SOFR+550 bp	Dec 30, 2027
S••••••••• I••	revolver first lien	$191,218	$119,393 67c	SOFR+400 bp	Jun 18, 2026
S••••••••• I••	delayed draw term loan first lien	$104,639	$97,564 94c	SOFR+575 bp	Jun 19, 2028
G••••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	$81,900 -29c	SOFR+575 bp	Apr 26, 2024
G••••• H••• H••••• C•••	revolver first lien	Not disclosed	$31,250	SOFR+650 bp	Dec 12, 2029
P•••••• K• B••••••• I••	revolver first lien	Not disclosed	$13,909 -15c	SOFR+600 bp	Dec 10, 2027
G••••• B•••••••• L••	revolver first lien	Not disclosed	-$1,712 17c	SOFR+525 bp	Oct 2, 2028
A•••••••• R••••••••• M•••••••••	revolver first lien	Not disclosed	-$4,269 103c	SOFR+625 bp	Oct 5, 2029
N•••••• F•••• I•••••••••	revolver first lien	Not disclosed	-$4,425 40c	SOFR+600 bp	May 8, 2029
G• A••••••••• I••	revolver first lien	Not disclosed	-$5,400 101c	SOFR+500 bp	Mar 27, 2034
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$7,200 535c	SOFR+550 bp	Oct 4, 2027
K••• A••••••••• I••	revolver first lien	Not disclosed	-$7,923 101c	SOFR+625 bp	Dec 12, 2029
A••••••• F•••• B••	delayed draw term loan first lien	Not disclosed	-$9,488 202c	SOFR+475 bp	Feb 28, 2025
A••••••• I••	revolver first lien	Not disclosed	-$12,059 55c	SOFR+650 bp	Jun 21, 2028
N•••••• H•••••••••	revolver first lien	Not disclosed	-$12,895 103c	SOFR+600 bp	Nov 9, 2029
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$16,346 63c	SOFR+550 bp	Oct 4, 2027
B•••••• B••••• I•••	revolver first lien	Not disclosed	-$16,352 29c	SOFR+650 bp	Jun 21, 2029
H••••• S•••••••• I••	revolver first lien	Not disclosed	-$17,147 105c	SOFR+600 bp	Sep 19, 2029
P•• P•••••• I•••	revolver first lien	Not disclosed	-$18,900 102c	SOFR+550 bp	Dec 30, 2027
G• A••••••••• I••	delayed draw term loan first lien	Not disclosed	-$21,600 201c	SOFR+500 bp	Mar 26, 2026
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$21,600	SOFR+550 bp	Oct 4, 2027
G••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$21,930 103c	SOFR+350 bp	Jan 17, 2031
M•• D••••• S••••••••• L••	revolver first lien	Not disclosed	-$22,441 102c	SOFR+600 bp	Feb 13, 2031
C•••••• R•••••••• M••••• L••	revolver first lien	Not disclosed	-$22,688 73c	SOFR+575 bp	Jul 1, 2028
G••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$23,140 181c	SOFR+350 bp	Jan 19, 2026
N•••••• H•••••••••	delayed draw term loan first lien	Not disclosed	-$34,358 204c	SOFR+600 bp	Nov 10, 2025
I• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$36,416 62c	SOFR+600 bp	Sep 22, 2027
G•••••••• C••••••••• I••	revolver first lien	Not disclosed	-$52,614 255c	SOFR+525 bp	May 18, 2027
C••••••••• L••	revolver first lien	Not disclosed	-$54,857 103c	SOFR+600 bp	Oct 7, 2030
A•••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$65,363 101c	SOFR+550 bp	Mar 19, 2026
M•• D••••• S••••••••• L••	delayed draw term loan first lien	Not disclosed	-$67,323	SOFR+600 bp	Feb 15, 2027
A•••••••• R••••••••• M•••••••••	delayed draw term loan first lien	Not disclosed	-$70,860 206c	SOFR+625 bp	Oct 5, 2029
T••••••• I••••••••• L••	revolver first lien	Not disclosed	-$73,477 159c	SOFR+575 bp	Mar 13, 2028
G••••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	-$77,531 200c	SOFR+575 bp	Feb 9, 2026
C••••• B•••••• A••••••• L••	delayed draw term loan first lien	Not disclosed	-$81,563 161c	SOFR+575 bp	Jun 30, 2028
A•••••••• G•••• L••	revolver first lien	Not disclosed	-$88,582 114c	SOFR+575 bp	Aug 31, 2028
A••••••••	delayed draw term loan first lien	Not disclosed	-$89,063	SOFR+575 bp	Mar 16, 2026
W••••••• M••••••• L••	delayed draw term loan first lien	Not disclosed	-$91,938 242c	SOFR+575 bp	Aug 25, 2025
O•• D•••••• B••••••• L••	delayed draw term loan first lien	Not disclosed	-$95,760 71c	SOFR+600 bp	Sep 16, 2024
M•• D••••• S••••••••• L••	delayed draw term loan first lien	Not disclosed	-$110,690 -7301c	SOFR+600 bp	Feb 13, 2026
C••••• B••••• L••	delayed draw term loan first lien	Not disclosed	-$116,700 101c	SOFR+525 bp	Mar 20, 2026
R•• A••••••••• I••	delayed draw term loan first lien	Not disclosed	-$117,970 51c	SOFR+600 bp	Nov 1, 2029
P•••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	-$132,000 162c	SOFR+575 bp	Nov 15, 2030
B••••••••• T••••••••• I••	revolver first lien	Not disclosed	-$212,123 210c	SOFR+525 bp	May 15, 2028
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$286,054 201c	SOFR+550 bp	Feb 2, 2026
A••••••••	delayed draw term loan first lien	Not disclosed	-$346,467 101c	SOFR+575 bp	Mar 15, 2030
E•••••• L••	revolver first lien	Not disclosed	-$429,648 1291c	SOFR+750 bp	Sep 14, 2027
M••• C•••••• I• L••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	SOFR+600 bp	Sep 1, 2025
S••••••• S••••• H••••••••• S•••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+550 bp	Dec 29, 2026
T•• T•• H•••••• I••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+600 bp	Mar 26, 2026
T•••••• P••••••• H••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+550 bp	Jun 21, 2025
B••••• P••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+550 bp	Dec 29, 2027
I•••••• A••••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	Nov 16, 2027

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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