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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 Jun 30, 2024

210 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B••••••••• T••••••••• I••	term loan first lien	$86.8M	$85.3M 100c	SOFR+525 bp	May 14, 2029
P•••••• K• B••••••• I••	term loan first lien	$75.3M	$75.8M 102c	SOFR+500 bp	Dec 10, 2027
E••••• T••••••••• L••	term loan first lien	$71.6M	$71.6M 102c	SOFR+550 bp	Oct 2, 2028
A•••••••• G•••• L••	term loan first lien	$68.8M	$68.1M 100c	SOFR+575 bp	Aug 31, 2029
G••••• B•••••••• L••	term loan first lien	$64.0M	$63.9M 101c	SOFR+525 bp	Sep 29, 2028
A•••••••• S••••••••• I•••	term loan first lien	$63.7M	$62.8M 98c	SOFR+525 bp	Mar 15, 2030
I• I••••••••• H•••••••• L••	term loan first lien	$63.2M	$62.7M 101c	SOFR+600 bp	Sep 22, 2028
M•• D••••• S••••••••• L••	term loan first lien	$54.7M	$55.0M 101c	SOFR+600 bp	Feb 13, 2031
K••••• A•••••• S••••••• H••••••• A• I•••	term loan second lien	$50.0M	$50.3M 102c	SOFR+600 bp	Sep 22, 2031
M••• C•••••• I• L••	term loan first lien	$49.9M	$49.9M 102c	SOFR+600 bp	Sep 2, 2030
G••••• H••• H••••• C•••	term loan first lien	$50.0M	$49.6M 100c	SOFR+600 bp	Apr 26, 2029
T•• T•• H•••••• I••	term loan first lien	$47.0M	$47.0M 101c	SOFR+600 bp	Mar 26, 2026
D••••••• C•••••••••	term loan first lien	$45.6M	$45.2M 100c	SOFR+500 bp	Aug 6, 2030
P••••• 2••• I••	term loan first lien	$44.7M	$43.7M 99c	SOFR+750 bp	Jul 12, 2028
M•• P•••••••• I••	term loan first lien	$44.0M	$43.3M 101c	SOFR+775 bp	May 23, 2028
F••••••••• R••• P•••••••• C••••	term loan first lien	$42.0M	$41.5M 102c	SOFR+525 bp	Oct 29, 2030
A•••••• H•••••••• L••	term loan first lien	$39.1M	$38.8M 101c	SOFR+575 bp	Oct 5, 2028
G• A••••••••• I••	term loan first lien	$36.6M	$36.4M 100c	SOFR+525 bp	May 25, 2028
B•••••• B••••• I••	term loan first lien	$36.5M	$35.6M 100c	SOFR+575 bp	Mar 8, 2030
R•• A••••••••• I••	delayed draw term loan first lien	$32.5M	$32.0M 98c	SOFR+550 bp	Nov 1, 2029
C•••••• R•••••••• M••••• L••	term loan first lien	$31.5M	$31.3M 101c	SOFR+525 bp	Jul 2, 2029
I•••••• A••••••••• L••	term loan first lien	$28.2M	$28.2M 101c	SOFR+500 bp	Nov 16, 2027
B••••• P••••• H••••••• L••	term loan first lien	$28.3M	$28.2M 101c	SOFR+550 bp	Dec 29, 2028
E••••••• I•••••••• I••	term loan first lien	$28.5M	$27.1M 100c	SOFR+600 bp	Jun 28, 2029
T•••••• P••••••• H••••••• L••	term loan first lien	$26.9M	$26.9M 101c	SOFR+550 bp	Dec 21, 2028
S••••••• H•••••••• I••	term loan first lien	$26.4M	$26.4M 101c	SOFR+550 bp	Oct 1, 2027
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$25.8M	$25.5M 99c	SOFR+550 bp	Oct 4, 2027
H••••• S•••••••• I••	term loan first lien	$25.2M	$24.8M 100c	SOFR+600 bp	Sep 19, 2030
T•••• H••• I••••••••• L••	term loan first lien	$24.6M	$24.1M 100c	SOFR+600 bp	May 31, 2030
S••••••• S••••• H••••••••• S•••••••• L••	term loan first lien	$23.9M	$24.0M 101c	SOFR+500 bp	Jan 2, 2029
W•••••••• I•••••••• N••••••• L••	term loan first lien	$24.2M	$23.9M 100c	SOFR+500 bp	May 28, 2030
A•••••••• P••••••• L••	term loan first lien	$22.9M	$22.7M 101c	SOFR+600 bp	Aug 29, 2029
E•••••• L••	term loan first lien	$28.2M	$22.5M 81c	SOFR+750 bp	Sep 14, 2027
M••••	term loan first lien	$24.3M	$22.2M 92c	SOFR+650 bp	Jul 29, 2026
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$21.9M	$21.6M 100c	SOFR+550 bp	Oct 4, 2027
T••••••• I••••••••• L••	term loan first lien	$21.1M	$20.7M 100c	SOFR+550 bp	Mar 13, 2028
A••••••• I••	term loan first lien	$20.7M	$20.6M 101c	SOFR+575 bp	Jun 21, 2029
C••••••••• B•••• I•••	term loan first lien	$20.8M	$20.5M 100c	SOFR+525 bp	Apr 2, 2031
E•••••• F•••••••• E•••••• C••••• L••••••	term loan second lien	$20.0M	$20.1M 101c	SOFR+525 bp	Oct 6, 2028
M••••••• A••••••••• I•••	term loan first lien	$20.4M	$20.0M 100c	SOFR+500 bp	May 10, 2030
O••••••••• B••••••• L••	term loan second lien	$20.0M	$19.9M 100c	SOFR+525 bp	Jul 2, 2032
L•••• I•••	term loan first lien	$19.7M	$19.6M 100c	SOFR+500 bp	Feb 28, 2028
F••••••••• R••• P•••••••• C•••	delayed draw term loan first lien	$19.6M	$19.4M 101c	SOFR+525 bp	Oct 27, 2028
W••• U•• T•••• H•••••••• L••	term loan second lien	$20.0M	$18.6M 95c	SOFR+700 bp	Jul 26, 2029
B•••••• B••••• I•••	term loan first lien	$18.3M	$18.4M 103c	SOFR+650 bp	Jun 21, 2029
R•• A••••••••• I••	delayed draw term loan first lien	$18.3M	$18.2M 100c	SOFR+600 bp	Nov 1, 2029
P•••• B•••••••• L••	term loan first lien	$17.8M	$17.5M 100c	SOFR+575 bp	Nov 15, 2030
B•••• T•••• A••••••• G••••• L•••	term loan first lien	$17.4M	$17.2M 100c	SOFR+500 bp	Jun 3, 2031
F•••••••• S••••••• I••••••••• H•••••••• I••	term loan second lien	$21.5M	$17.1M 81c	SOFR+675 bp	Jun 16, 2031
C••••••••• L••	term loan first lien	$17.1M	$17.1M 102c	SOFR+450 bp	Oct 7, 2030
M••••••• B••••• P••••••••• L••	term loan first lien	$17.3M	$17.0M 99c	SOFR+550 bp	Dec 28, 2028
O•••• A•••••• S••••••••• I••	term loan second lien	$16.6M	$16.5M 100c	SOFR+850 bp	Sep 24, 2028
O•• C••• C•••••••••	term loan first lien	$16.5M	$15.7M 100c	SOFR+550 bp	Apr 22, 2027
M••••••• T••••••••• I••••••••• H•••••••• I••	term loan second lien	$17.5M	$15.6M 90c	SOFR+650 bp	Jul 30, 2029
G••••••••• H•••••••• L••	term loan first lien	$15.6M	$15.4M 100c	SOFR+575 bp	Jan 17, 2031
W••••••• M••••••• L••	term loan first lien	$15.7M	$15.2M 100c	SOFR+575 bp	Aug 25, 2028
A•••••• H•••••••• L••	term loan first lien	$14.9M	$14.7M 102c	SOFR+550 bp	Dec 17, 2029
F•••••• M••••••• H••••••• L••	notes unsecured or subordinated	$15.0M	$14.6M 97c	9.13%	May 15, 2031
A••••• A••••••••• L••	term loan first lien	$14.7M	$14.5M 100c	SOFR+625 bp	Oct 5, 2029
G••••• B•••••••• L••	term loan first lien	$13.9M	$13.9M 102c	SOFR+575 bp	Sep 29, 2028
B•• U••• P•••	term loan first lien	$13.4M	$13.5M 102c	SOFR+600 bp	Aug 31, 2038
P•••••• K• B••••••• I•••	notes unsecured or subordinated	$13.8M	$12.7M 97c	8.00%	Dec 8, 2028
A•••••• H•••••••• L••	term loan first lien	$12.8M	$12.7M 101c	SOFR+575 bp	Oct 5, 2028
S••••••••• I••	term loan first lien	$13.4M	$12.6M 96c	SOFR+575 bp	Jun 19, 2028
C••• H••••• H••••••• C•••	term loan first lien	$14.1M	$12.5M 89c	SOFR+575 bp	Jun 15, 2027
T••••• I••••••••• H•••••••• L••	notes unsecured or subordinated	$12.5M	$12.3M 101c	15.00%	May 26, 2033
M•• P•••••••• I••	delayed draw term loan first lien	$12.4M	$12.2M 100c	SOFR+775 bp	May 23, 2028
T•• I••••••••• H•••••••• L••	term loan first lien	$12.2M	$12.1M 100c	SOFR+575 bp	Nov 27, 2026
H••••• P•••••••• I••	term loan second lien	$12.5M	$11.8M 96c	SOFR+850 bp	Apr 8, 2030
H••••••• S••••••• S•••••••• L••	term loan first lien	$11.7M	$11.6M 100c	SOFR+500 bp	Jun 16, 2031
G••••• B•••••••• L••	equity equity	$11.4M	$11.3M 101c	14.00%
B••••• P••••• H••••••• L••	delayed draw term loan first lien	$11.3M	$11.2M 100c	SOFR+550 bp	Dec 29, 2028
B••••• P••••• H••••••• L••	delayed draw term loan first lien	$11.1M	$11.1M 102c	SOFR+550 bp	Dec 29, 2028
S••••••• A• B••••• L••	term loan first lien	$10.7M	$10.6M 100c	SOFR+550 bp	Mar 2, 2028
S••••• S•••••• L••••••	term loan first lien	$10.5M	$10.4M 100c	SOFR+500 bp	Oct 29, 2028
G• P•••••• H•••••••• I•••	equity equity	$10.6M	$10.2M 98c	12.50%	Jun 6, 2022
O•••• P••••••• L••	term loan second lien	$10.0M	$10.1M 102c	SOFR+500 bp	May 31, 2032
G•••••••• C••••••••• I••	term loan first lien	$10.3M	$10.0M 99c	SOFR+525 bp	May 18, 2029
V••••• S••••••••• I••	term loan second lien	$10.0M	$9.5M 95c	SOFR+725 bp	Apr 23, 2029
N••• H•••••• L••	term loan first lien	$9.2M	$9.1M 100c	SOFR+600 bp	Nov 11, 2030
M••••••• 1• L••	term loan second lien	$9.0M	$8.6M 96c	SOFR+675 bp	May 18, 2029
H••••••••• H•••••••• I••	term loan second lien	$10.0M	$8.4M 84c	SOFR+675 bp	Nov 19, 2027
D••••••• C•••••••••	term loan first lien	$7.8M	$7.8M 104c	SOFR+500 bp	Aug 6, 2030
T•• I••••••••• H•••••••• L••	delayed draw term loan first lien	$7.8M	$7.7M 99c	SOFR+575 bp	Nov 27, 2026
D•••• B••••• I••	term loan second lien	$8.3M	$7.4M 91c	SOFR+700 bp	Feb 19, 2029
L••••••••• I•••	term loan first lien	$7.3M	$7.1M 100c	SOFR+575 bp	Mar 27, 2031
A••••••• F•••• B••	term loan first lien	$6.9M	$6.8M 101c	SOFR+475 bp	Feb 18, 2031
E•••••• I••	term loan second lien	$6.8M	$6.6M 99c	SOFR+800 bp	May 28, 2029
E•••••••• S••••••• G•••• P•• H•••••• L••	notes unsecured or subordinated	$6.4M	$6.2M 100c	13.75%	Apr 7, 2031
F••••••••• R••• P•••••••• C••••	delayed draw term loan first lien	$5.7M	$5.6M 99c	SOFR+525 bp	Oct 29, 2030
R•• T••••• I••	equity equity	$5.6M	$5.5M 101c	13.25%
P•• P•••••• I•••	delayed draw term loan first lien	$5.5M	$5.4M 101c	SOFR+550 bp	Dec 29, 2028
S••••••• S••••• H••••••••• S•••••••• L••	delayed draw term loan first lien	$5.4M	$5.4M 101c	SOFR+500 bp	Jan 2, 2029
N•••••• B•••• U• I••	term loan second lien	$5.4M	$5.3M 101c	SOFR+975 bp	Oct 11, 2029
C••••• B••••• L••	term loan first lien	$5.2M	$5.1M 100c	SOFR+525 bp	Feb 18, 2028
I• I••••••••• H•••••••• L••	term loan first lien	$4.9M	$4.8M 100c	SOFR+600 bp	Sep 22, 2028
G••••• H••• H••••• C•••	warrants equity	$3.6M	$4.7M 131c		Aug 19, 2022
F••••••••• R••• P•••••••• C••••	term loan first lien	$4.6M	$4.5M 99c	SOFR+525 bp	Oct 29, 2030
I•• H••• A•••• M••••••••• L•••	notes unsecured or subordinated	$4.3M	$4.3M 101c	9.00%	Jun 29, 2028
C••••• B•••••• A••••••• L••	term loan first lien	$4.3M	$4.3M 100c	SOFR+550 bp	Jun 30, 2028

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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