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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.

Fair value
$3.0B
Schedule of investments, 10-Q and 10-K
Borrowers
159
Schedule of investments, 10-Q and 10-K
Mark on cost
99.1¢
Schedule of investments, 10-Q and 10-K
First lien
88%
Schedule of investments, 10-Q and 10-K
Schedule of investments (370)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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
  2. 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 →
  3. 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
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.0B15999c13502 bp
Mar 31, 2026$2.9B15099c11503 bp
Dec 31, 2025$3.0B140100c12507 bp
Sep 30, 2025$2.7B136100c0513 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.7B129100c0519 bp
Mar 31, 2025$2.6B123100c0532 bp
Dec 31, 2024$3.9B116100c0541 bp
Sep 30, 2024$2.5B102100c0557 bp
Jun 30, 2024$2.3B9199c0571 bp
Mar 31, 2024$2.1B82100c0587 bp
Dec 31, 2023$2.2B8299c0601 bp
Sep 30, 2023$1.9B7399c0604 bp
Jun 30, 2023$1.9B7298c0603 bp
Mar 31, 2023$1.8B6999c0594 bp
Dec 31, 2022$1.8B6898c0590 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Sep 30, 2025
313 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M••••••• A••••••••• I•••revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpMay 10, 2030
S••••••• S••••• H••••••••• S•••••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpDec 29, 2026
I•••••• A••••••••• I•••revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpNov 16, 2027
H••••• S•••••••• I••revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpSep 19, 2029
C•••••• R•••••••• M••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+450 bpJul 1, 2028
S•• C• I•• L••equity equityNot disclosedNot disclosed
B••••••••• T••••••••• I•••revolver first lienNot disclosedNot disclosed
n/a
SOFR+450 bpMay 15, 2028
B••••• P••••• H••••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpDec 29, 2027
A•••••• I•••revolver first lienNot disclosedNot disclosedSOFR+450 bpJun 21, 2028
M••••••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
n/a
SOFR+500 bpMay 11, 2026
M•• D••••• S••••••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+550 bpFeb 13, 2031
M••• C•••••• I• L••delayed draw term loan first lienNot disclosedNot disclosedSOFR+450 bpSep 3, 2027
P••••••• B••••• I•••revolver first lienNot disclosedNot disclosedSOFR+475 bpOct 29, 2027
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