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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 Jun 30, 2024
210 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| R•• A••••••••• I•• | term loan first lien | $4.1M | $4.0M 99c | SOFR+550 bp | Nov 1, 2029 |
| B•••••• B••••• I••• | delayed draw term loan first lien | $3.9M | $3.9M 103c | SOFR+650 bp | Jun 21, 2029 |
| A•• U••••••• H•••••••• L••• | equity equity | $3.8M | $3.8M 100c | ||
| T•• F••• I• I•••••••• ••••••••• L•• | equity equity | $3.7M | $3.7M 100c | ||
| A••• I••••••••• H•••••••• L•• | term loan first lien | $3.7M | $3.7M 103c | SOFR+625 bp | May 23, 2029 |
| M••• C•••••• I• L•• | revolver first lien | $3.0M | $3.0M 105c | SOFR+600 bp | Sep 3, 2029 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $3.0M | $3.0M 102c | SOFR+625 bp | Aug 29, 2029 |
| I•••••• A••••••••• L•• | equity equity | $2.0M | $2.9M 146c | ||
| R•• A••••••••• I•• | term loan first lien | $3.0M | $2.9M 99c | SOFR+550 bp | Nov 1, 2029 |
| T••••• I••••••••• H•••••••• L•• | delayed draw term loan first lien | $3.1M | $2.9M 97c | SOFR+550 bp | Oct 4, 2027 |
| A•••••• H•••••••• L•• | term loan first lien | $2.9M | $2.8M 100c | SOFR+550 bp | Dec 17, 2029 |
| E•••••••• S••••••• G•••• P•• H•••••• L•• | notes unsecured or subordinated | $2.6M | $2.5M 100c | 13.75% | Apr 7, 2031 |
| F•••••• M••••••• C••• | notes unsecured or subordinated | $2.3M | $2.5M 110c | 12.25% | Oct 1, 2030 |
| A•••••••• P••••••• L•• | delayed draw term loan first lien | $2.5M | $2.5M 101c | SOFR+600 bp | Aug 29, 2029 |
| T••••• I••••••••• H•••••••• L•• | delayed draw term loan first lien | $2.4M | $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 |
| K••• A••••••••• I•• | term loan first lien | $2.4M | $2.4M 101c | 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 |
| R•• A••••••••• I•• | delayed draw term loan first lien | $2.2M | $2.2M 103c | SOFR+550 bp | Nov 1, 2029 |
| G•••••••• C••••••••• I•• | delayed draw term loan first lien | $2.2M | $2.1M 98c | SOFR+525 bp | May 18, 2029 |
| 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 102c | SOFR+625 bp | Aug 29, 2029 |
| P•• P••••• I••• | term loan first lien | $1.9M | $1.9M 99c | SOFR+525 bp | Dec 29, 2028 |
| M•••• | revolver first lien | $2.1M | $1.8M 91c | SOFR+650 bp | Jul 29, 2026 |
| M••••••• B••••• P••••••••• L•• | delayed draw term loan first lien | $1.7M | $1.7M 99c | SOFR+550 bp | Dec 29, 2028 |
| R•• A••••••••• I•• | term loan first lien | $1.5M | $1.5M 99c | SOFR+550 bp | Nov 1, 2029 |
| B•••••• B••••• I•• | revolver first lien | $1.5M | $1.4M 100c | SOFR+575 bp | Mar 8, 2030 |
| A•••••••• S••••••••• I••• | revolver first lien | $1.5M | $1.4M 96c | SOFR+525 bp | Mar 15, 2030 |
| P•••• B•••••••• L•• | revolver first lien | $1.4M | $1.3M 101c | SOFR+575 bp | Nov 15, 2029 |
| R••••••• I••••••••• M••••••• | equity equity | $48,483 | $1.2M 101c | ||
| A•••••••• P••••••• L•• | revolver first lien | $1.0M | $1.0M 103c | SOFR+625 bp | Aug 29, 2029 |
| S••••• R• H•••••••• I••• | equity equity | $1,667 | $954,658 5615635c | Sep 19, 2022 | |
| A•••••• G•••• H•••••••• I•• | notes unsecured or subordinated | $825,629 | $847,153 105c | 10.75% | Aug 1, 2027 |
| G••••• B•••••••• L•• | revolver first lien | $700,779 | $694,221 104c | SOFR+525 bp | Oct 2, 2028 |
| N•• M••••••• G••••••• I• I••••• R•••• F••••• I•• L••• | delayed draw term loan unsecured or subordinated | $500,000 | $500,000 100c | SOFR+840 bp | Apr 3, 2037 |
| M•• D••••• S••••••••• L•• | revolver first lien | $493,705 | $493,705 104c | SOFR+500 bp | Feb 13, 2031 |
| H••••••• S••••••• S•••••••• L•• | delayed draw term loan first lien | $535,849 | $492,311 96c | SOFR+500 bp | Jun 15, 2026 |
| S••••••• H•••••••• I•• | revolver first lien | $433,735 | $433,735 106c | SOFR+550 bp | Oct 1, 2027 |
| A••• I••••••••• H•••••••• L•• | term loan first lien | $405,505 | $397,760 100c | SOFR+550 bp | May 23, 2029 |
| S••••••••• I•• | revolver first lien | $403,683 | $340,623 87c | SOFR+400 bp | Jun 18, 2026 |
| A•••••• H•••••••• L•• | revolver first lien | $335,371 | $334,481 104c | SOFR+550 bp | Dec 17, 2029 |
| A••••• A••••••••• L••• | delayed draw term loan first lien | $334,330 | $265,452 89c | SOFR+625 bp | Oct 5, 2029 |
| G• A••••••••• I•• | delayed draw term loan first lien | $230,112 | $217,153 99c | SOFR+525 bp | May 22, 2028 |
| C••• H••••• H••••••• C••• | delayed draw term loan first lien | $237,150 | $208,974 88c | SOFR+575 bp | Jun 15, 2027 |
| P•• P•••••• I••• | revolver first lien | $197,433 | $187,433 104c | SOFR+525 bp | Dec 30, 2027 |
| G• A••••••••• I•• | revolver first lien | $144,000 | $140,760 101c | SOFR+525 bp | May 22, 2028 |
| S••••••••• I•• | delayed draw term loan first lien | $104,373 | $98,178 95c | SOFR+575 bp | Jun 19, 2028 |
| K••• A••••••••• I•• | revolver first lien | $82,188 | $76,270 102c | SOFR+625 bp | Dec 12, 2029 |
| M•• D••••• S••••••••• L•• | delayed draw term loan first lien | Not disclosed | $59,665 | SOFR+600 bp | Feb 13, 2026 |
| W••••••• M••••••• L•• | revolver first lien | $127,692 | $53,280 66c | SOFR+575 bp | Aug 25, 2028 |
| P•••••• K• B••••••• I•• | revolver first lien | Not disclosed | $51,773 -58c | SOFR+500 bp | Dec 10, 2027 |
| M•• D••••• S••••••••• L•• | delayed draw term loan first lien | Not disclosed | $35,799 | SOFR+600 bp | Feb 15, 2027 |
| G••••••••• H•••••••• L•• | revolver first lien | $35,088 | $14,254 98c | SOFR+425 bp | Jan 17, 2031 |
| B•••••• B••••• I••• | revolver first lien | Not disclosed | $9,375 -17c | SOFR+650 bp | Jun 21, 2029 |
| G••••• B•••••••• L•• | revolver first lien | Not disclosed | -$1,611 17c | SOFR+525 bp | Oct 2, 2028 |
| A••••••• F•••• B•• | delayed draw term loan first lien | Not disclosed | -$1,771 39c | SOFR+475 bp | Feb 28, 2025 |
| A•••••••• H••••••• L•• | delayed draw term loan first lien | Not disclosed | -$1,812 | SOFR+575 bp | Oct 20, 2025 |
| A••••• A••••••••• L•• | revolver first lien | Not disclosed | -$4,149 105c | SOFR+625 bp | Oct 5, 2029 |
| A••••••• I•• | revolver first lien | Not disclosed | -$4,483 22c | SOFR+575 bp | Jun 21, 2028 |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$6,200 461c | SOFR+550 bp | Oct 4, 2027 |
| N••• H•••••• L•• | revolver first lien | Not disclosed | -$12,531 105c | SOFR+600 bp | Nov 9, 2029 |
| C•••••• R•••••••• M••••• L•• | revolver first lien | Not disclosed | -$12,776 43c | SOFR+525 bp | Jul 1, 2028 |
| S••••••• A• B••••• L•• | revolver first lien | Not disclosed | -$13,021 103c | SOFR+550 bp | Mar 2, 2028 |
| S••••••• A• B••••• L•• | delayed draw term loan first lien | Not disclosed | -$13,021 209c | SOFR+550 bp | Apr 30, 2026 |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$14,076 55c | SOFR+550 bp | Oct 4, 2027 |
| B••••• P••••• H••••••• L•• | revolver first lien | Not disclosed | -$15,000 43c | SOFR+550 bp | Dec 29, 2027 |
| H••••• S•••••••• I•• | revolver first lien | Not disclosed | -$16,667 107c | SOFR+600 bp | Sep 19, 2029 |
| H••••••• S••••••• S•••••••• L•• | revolver first lien | Not disclosed | -$16,745 | SOFR+500 bp | Jun 16, 2031 |
| T••••• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$18,600 | SOFR+550 bp | Oct 4, 2027 |
| M••••••• B••••• P••••••••• L•• | revolver first lien | Not disclosed | -$23,295 236c | SOFR+550 bp | Dec 30, 2027 |
| G••••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$24,066 195c | SOFR+575 bp | Jan 19, 2026 |
| D••••••• C••••••••• | delayed draw term loan first lien | Not disclosed | -$30,105 100c | SOFR+500 bp | Apr 30, 2026 |
| N••• H•••••• L•• | delayed draw term loan first lien | Not disclosed | -$33,387 206c | SOFR+600 bp | Nov 10, 2025 |
| I• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$34,899 64c | SOFR+600 bp | Sep 22, 2027 |
| M••••••• A••••••••• I•• | unstated lien unstated | Not disclosed | -$40,814 101c | SOFR+500 bp | May 10, 2030 |
| G•••••••• C••••••••• I•• | revolver first lien | Not disclosed | -$42,478 216c | SOFR+525 bp | May 18, 2027 |
| D••••••• C••••••••• | revolver first lien | Not disclosed | -$43,775 75c | SOFR+500 bp | Aug 6, 2030 |
| F••••••••• R••• P•••••••• C•••• | revolver first lien | Not disclosed | -$44,072 22c | SOFR+525 bp | Oct 29, 2029 |
| C••••••••• B•••• I••• | revolver first lien | Not disclosed | -$45,860 104c | SOFR+525 bp | Apr 2, 2031 |
| B•••• T•••• A••••••• G••••• L••• | delayed draw term loan first lien | Not disclosed | -$52,289 202c | SOFR+500 bp | Jun 3, 2026 |
| S••••••• S••••• H••••••••• S•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$52,500 103c | SOFR+500 bp | Apr 28, 2026 |
| T••••••• I••••••••• L•• | revolver first lien | Not disclosed | -$53,789 124c | SOFR+550 bp | Mar 13, 2028 |
| P•• P••••• I••• | delayed draw term loan first lien | Not disclosed | -$56,250 | SOFR+525 bp | Jun 26, 2026 |
| B•••• T•••• A••••••• G••••• L••• | revolver first lien | Not disclosed | -$57,518 101c | SOFR+500 bp | Jun 3, 2030 |
| M••••••• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | -$68,023 202c | SOFR+500 bp | May 12, 2025 |
| M••••••• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | -$68,023 202c | SOFR+500 bp | May 11, 2026 |
| A•••••••• G•••• L•• | revolver first lien | Not disclosed | -$68,910 94c | SOFR+575 bp | Aug 31, 2028 |
| G••••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$74,334 203c | SOFR+575 bp | Feb 9, 2026 |
| L••••••••• I••• | delayed draw term loan first lien | Not disclosed | -$75,000 171c | SOFR+575 bp | Mar 27, 2025 |
| T•••• H••• I••••••••• L•• | revolver first lien | $3.8M | -$76,744 101c | SOFR+600 bp | May 31, 2030 |
| W••••••• M••••••• L•• | delayed draw term loan first lien | Not disclosed | -$85,043 237c | SOFR+575 bp | Aug 25, 2025 |
| A•••••••• S••••••••• I••• | delayed draw term loan first lien | $355,371 | -$91,644 -27c | SOFR+525 bp | Mar 15, 2030 |
| T•••• H••• I••••••••• L•• | delayed draw term loan first lien | $4.6M | -$92,093 203c | SOFR+600 bp | Jun 2, 2026 |
| A•••••••• H••••••• L•• | delayed draw term loan first lien | Not disclosed | -$92,474 92c | SOFR+575 bp | Aug 31, 2029 |
| F••••••••• R••• P•••••••• C•••• | delayed draw term loan first lien | Not disclosed | -$95,625 203c | SOFR+525 bp | May 22, 2026 |
| C••••• B•••••• A••••••• L•• | delayed draw term loan first lien | Not disclosed | -$101,250 212c | SOFR+550 bp | Oct 11, 2024 |
| C••••••••• B•••• I••• | delayed draw term loan first lien | Not disclosed | -$122,293 207c | SOFR+525 bp | Apr 2, 2026 |
| A•••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$126,368 203c | SOFR+550 bp | Mar 19, 2026 |
| P•••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$129,250 164c | SOFR+575 bp | Nov 15, 2030 |
| B••••••••• T••••••••• I•• | revolver first lien | Not disclosed | -$134,050 141c | SOFR+525 bp | May 15, 2028 |
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