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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 Dec 31, 2024

386 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C•••••• R•••••••• M••••• L••	revolver first lien	$0	$0 0c	SOFR+475 bp	Jul 1, 2028
T•••••• P••••••• H•••••••• L••	delayed draw term loan first lien	$0	$0 0c	SOFR+550 bp	Jun 21, 2025
K••• A••••••••• I••	revolver first lien	Not disclosed	-$1,000 100c	SOFR+475 bp	Dec 12, 2029
A•••••••• R••••••••• M•••••••••	revolver first lien	$0	-$1,000	SOFR+500 bp	Oct 5, 2029
G••••• H••• H••••• C•••	revolver first lien	Not disclosed	-$1,000 100c	SOFR+475 bp	Dec 12, 2029
N•••••• H•••••••••	revolver first lien	Not disclosed	-$2,000 18c	SOFR+575 bp	Nov 9, 2029
H••••• S•••••••• I••	revolver first lien	Not disclosed	-$3,000 21c	SOFR+600 bp	Sep 19, 2029
N•••• B••••• I•••	revolver first lien	Not disclosed	-$4,000 133c	SOFR+475 bp	Oct 29, 2027
S••••••• A• B••••• L••	revolver first lien	Not disclosed	-$6,000 50c	SOFR+525 bp	Mar 2, 2028
K••• A••••••••• I•••	delayed draw term loan first lien	$0	-$7,000 6c	SOFR+575 bp	Sep 25, 2026
N•••••• H•••••••••	delayed draw term loan first lien	Not disclosed	-$7,000 47c	SOFR+575 bp	Nov 10, 2025
V•••• C••• B•••• L••	revolver first lien	Not disclosed	-$8,000 100c	SOFR+450 bp	Jul 30, 2031
V•••• C••• B•••• L••	revolver first lien	$0	-$8,000 100c	SOFR+450 bp	Jul 30, 2031
P•• P••••• I•••	revolver first lien	$0	-$9,000 60c	SOFR+475 bp	Dec 30, 2027
E•••••• B••••• I•••	revolver first lien	Not disclosed	-$10,000 100c	SOFR+475 bp	Sep 8, 2031
C•••••• G••••• L••	revolver first lien	Not disclosed	-$12,000 100c	SOFR+450 bp	Sep 17, 2031
C•••••• G••••• L••	revolver first lien	Not disclosed	-$12,000 100c	SOFR+450 bp	Sep 17, 2031
T•• I••••••••• H•••••••• L••	revolver first lien	$0	-$13,000 100c	SOFR+550 bp	Dec 31, 2028
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$13,000 54c	SOFR+500 bp	Oct 4, 2027
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$13,000 54c	SOFR+500 bp	Oct 4, 2027
T•• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$13,000 100c	SOFR+550 bp	Dec 31, 2028
M••••••• A••••••••• I••	unstated lien unstated	Not disclosed	-$17,000 46c	SOFR+500 bp	May 10, 2030
M••••••• A••••••••• I•••	revolver first lien	Not disclosed	-$17,000 46c	SOFR+500 bp	May 10, 2030
E•••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$20,000 200c	SOFR+475 bp	Sep 7, 2026
M••••••• B••••• H•••••••• L••	revolver first lien	$0	-$20,000 250c	SOFR+550 bp	Dec 30, 2027
I• I••••••••• H•••••••• L••	revolver first lien	$0	-$22,000 43c	SOFR+500 bp	Sep 22, 2028
I• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$22,000 43c	SOFR+500 bp	Sep 22, 2028
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$23,000 383c	SOFR+500 bp	Oct 4, 2027
T••••• I••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$23,000 383c	SOFR+500 bp	Oct 4, 2027
C•••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$24,000 200c	SOFR+450 bp	Sep 17, 2026
C•••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$24,000 200c	SOFR+450 bp	Sep 17, 2026
A••••• B••••••• C•••••• T•••••• L••	revolver first lien	Not disclosed	-$26,000 60c	SOFR+525 bp	Jul 2, 2031
G••••••• R••••••••• P••••••• B•••••• L••	revolver first lien	Not disclosed	-$26,000 104c	SOFR+475 bp	Nov 3, 2031
A••••• B••••••• C•••••• T•••••• L••	revolver first lien	Not disclosed	-$26,000 60c	SOFR+525 bp	Jul 2, 2031
H••• I••••••••• I•• L••	delayed draw term loan first lien	Not disclosed	-$27,000 193c	SOFR+450 bp	Nov 16, 2026
M••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$28,000 90c	SOFR+500 bp	May 11, 2026
M••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$28,000 90c	SOFR+500 bp	May 11, 2026
M••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$28,000 90c	SOFR+500 bp	May 11, 2026
D••••••• C•••••••••	delayed draw term loan first lien	Not disclosed	-$29,000 104c	SOFR+500 bp	Apr 30, 2026
A•••••••• H••••••• L••	revolver first lien	$0	-$30,000 47c	SOFR+500 bp	Aug 31, 2028
P•••• B•••••••• L••	revolver first lien	$0	-$31,000 61c	SOFR+575 bp	Nov 15, 2029
o•••••• F•••••••• S••••••• L••	revolver first lien	Not disclosed	-$34,000 103c	SOFR+500 bp	Oct 7, 2031
A•••••••• P••••••• L••	revolver first lien	$0	-$36,000 150c	SOFR+525 bp	Nov 17, 2031
B•••• T•••• A••••••• G••••• L•••	delayed draw term loan first lien	$0	-$40,000 174c	SOFR+475 bp	Jun 3, 2026
T••••••• I••••••••• L•••••	revolver first lien	Not disclosed	-$41,000 111c	SOFR+575 bp	Mar 13, 2028
F••••••••• R••• P•••••••• C••••	revolver first lien	$0	-$41,000 21c	SOFR+525 bp	Oct 29, 2029
D••••••• C•••••••••	revolver first lien	Not disclosed	-$42,000 76c	SOFR+500 bp	Aug 6, 2030
C••••••••• B•••• I•••	revolver first lien	Not disclosed	-$43,000 105c	SOFR+525 bp	Apr 2, 2031
C••••••••• B•••• I•••	revolver first lien	Not disclosed	-$43,000 105c	SOFR+525 bp	Apr 2, 2031
o•••••• F•••••••• S••••••• L••	delayed draw term loan first lien	Not disclosed	-$47,000 204c	SOFR+500 bp	Oct 7, 2026
P•• P••••• I•••	delayed draw term loan first lien	$0	-$52,000 217c	SOFR+475 bp	Jun 26, 2026
B•••• T•••• A••••••• G••••• L•••	revolver first lien	$0	-$54,000 102c	SOFR+475 bp	Jun 3, 2030
A•••••••• P••••••• L••	delayed draw term loan first lien	$0	-$55,000 204c	SOFR+525 bp	Nov 16, 2026
T•• A••••••••• L••	delayed draw term loan first lien	$0	-$58,000 200c	SOFR+475 bp	Oct 31, 2026
B•••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$63,000 217c	SOFR+525 bp	Jan 26, 2026
B•••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$63,000 217c	SOFR+525 bp	Jan 26, 2026
B•••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$63,000 217c	SOFR+525 bp	Jan 26, 2026
W••••••• M••••••• L••	revolver first lien	Not disclosed	-$67,000 163c	SOFR+575 bp	Aug 25, 2028
W••••••• M••••••• L••	revolver first lien	Not disclosed	-$67,000 163c	SOFR+575 bp	Aug 25, 2028
A•••••••• S••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$72,000 800c	SOFR+525 bp	Mar 16, 2026
T•••• H••• I••••••••• L••	revolver first lien	Not disclosed	-$73,000 106c	SOFR+575 bp	May 31, 2030
B••••••••• T••••••••• I•••	revolver first lien	$0	-$74,000 89c	SOFR+525 bp	May 15, 2028
W••••••• M••••••• L••	delayed draw term loan first lien	Not disclosed	-$77,000 241c	SOFR+575 bp	Aug 25, 2025
T•••• H••• I••••••••• L••	delayed draw term loan first lien	Not disclosed	-$87,000 207c	SOFR+575 bp	Jun 2, 2026
C••••• B•••• L•••	delayed draw term loan first lien	Not disclosed	-$92,000 90c	SOFR+500 bp	Mar 20, 2026
C••••• B••••• L••	delayed draw term loan first lien	Not disclosed	-$92,000 90c	SOFR+500 bp	Mar 20, 2026
A•••••••• S••••••••• I•••	revolver first lien	Not disclosed	-$97,000	SOFR+525 bp	Mar 15, 2030
C••••••••• B•••• I•••	delayed draw term loan first lien	Not disclosed	-$114,000 207c	SOFR+525 bp	Apr 2, 2026
A•••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$119,000 209c	SOFR+550 bp	Mar 19, 2026
E•••••• L••	revolver first lien	$0	-$288,000 1029c	SOFR+750 bp	Sep 14, 2027
S•• C• I•• L••	equity equity	Not disclosed	Not disclosed
G• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	May 25, 2028
M•• D••••• S••••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+550 bp	Feb 13, 2031
S••••••• S••••• H••••••••• S•••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+475 bp	Dec 29, 2026
G• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	May 25, 2028
A••••••• I••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	Jun 21, 2028
A•••••• I•••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	Jun 21, 2028
G••••••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	Jan 17, 2031
M••• C•••••• I• L••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	SOFR+500 bp	Sep 1, 2025
S••••••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+550 bp	Oct 1, 2027
B••••• P••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+475 bp	Dec 29, 2027
T•••••• P••••••• H••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	SOFR+550 bp	Jun 21, 2025
C••••••••• L••	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+450 bp	Oct 7, 2030
M•• D••••• S••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	SOFR+550 bp	Feb 13, 2031
n•••••••••	unstated lien unstated	$14.3M	Not disclosed n/a
L••••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	SOFR+575 bp	Mar 27, 2025

Page 4 of 4Previous

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