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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 Dec 31, 2025
346 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M••••••• A••••••••• I•••revolver first lienNot disclosed-$20,000
67c
SOFR+500 bpMay 10, 2030
A•••••••• P••••••• L••revolver first lienNot disclosed-$22,000
88c
SOFR+500 bpNov 17, 2031
B•••• T•••• A••••••• G••••• L•••delayed draw term loan first lienNot disclosed-$22,000
183c
SOFR+425 bpJun 3, 2027
A••••• B••••••• C•••••• T•••••• L••revolver first lien$0-$23,000
64c
SOFR+525 bpJul 2, 2031
C••••••••• B••••• I••revolver first lien$0-$24,000
56c
SOFR+450 bpApr 2, 2031
C••••••••• B•••• I•••revolver first lienNot disclosed-$24,000
56c
SOFR+450 bpApr 2, 2031
D••••••• C•••••••••delayed draw term loan first lienNot disclosed-$25,000
109c
SOFR+500 bpApr 30, 2026
P•••• B•••••••• L••revolver first lienNot disclosed-$27,000
63c
SOFR+575 bpNov 15, 2029
A•••••• H•••••••• L••delayed draw term loan first lien$0-$30,000
67c
SOFR+550 bpMar 19, 2026
T••••••• I••••••••• L•••••revolver first lienNot disclosed-$31,000
107c
SOFR+500 bpMar 13, 2028
F•••••••• O••••••••• L••revolver first lienNot disclosed-$32,000
103c
SOFR+525 bpAug 8, 2031
R•• N••• P••••••••• L••revolver first lien$0-$33,000
52c
SOFR+500 bpMar 19, 2032
S••• P••••••••• I••delayed draw term loan first lienNot disclosed-$35,000
106c
SOFR+475 bpSep 22, 2027
B••••••••• B••••• L••delayed draw term loan first lienNot disclosed-$35,000
206c
SOFR+450 bpOct 15, 2027
W•••• S••••• R•••••• A••••••••• L••delayed draw term loan first lienNot disclosed-$36,000
103c
SOFR+475 bpSep 16, 2027
W•••• S••••• R•••••• A••••••••• L••revolver first lienNot disclosed-$37,000
51c
SOFR+475 bpSep 16, 2032
A•••• A••••••• G••••• L••revolver first lienNot disclosed-$41,000
117c
SOFR+475 bpAug 1, 2031
M••• H•••••••• L••revolver first lien$0-$44,000
102c
SOFR+475 bpJul 21, 2032
R•• N••• P••••••••• L••delayed draw term loan first lien$0-$47,000
102c
SOFR+500 bpMar 19, 2027
W••••••••• G•••• T••••••••• L••revolver first lienNot disclosed-$47,000
102c
SOFR+475 bpNov 3, 2032
H•••••••• B••••• I•••revolver first lien$0-$55,000
102c
SOFR+450 bpSep 29, 2032
P•• P••••• I•••delayed draw term loan first lienNot disclosed-$65,000SOFR+450 bpAug 18, 2028
E•••••• B•••• L••revolver first lienNot disclosed-$68,000
100c
SOFR+525 bpSep 9, 2031
F•••••••• O••••••••• L••delayed draw term loan first lienNot disclosed-$87,000
202c
SOFR+525 bpAug 8, 2027
M••• H•••••••• L••delayed draw term loan first lien$0-$94,000
204c
SOFR+475 bpJul 21, 2027
H•••••••• B••••• I•••delayed draw term loan first lien$0-$111,000
202c
SOFR+450 bpSep 29, 2027
R•••••• P••••••••• I••delayed draw term loan first lienNot disclosed-$120,000
211c
SOFR+475 bpMar 3, 2027
C••••• P••••••• E••••• H•••••• L••delayed draw term loan first lienNot disclosed-$121,000
202c
SOFR+450 bpDec 20, 2027
C••••• P••••••• E••••• H•••••• L••delayed draw term loan first lienNot disclosed-$121,000
202c
SOFR+450 bpDec 20, 2027
W••••••••• G•••• T••••••••• L••delayed draw term loan first lienNot disclosed-$152,000
205c
SOFR+475 bpNov 3, 2027
F••• T•••••• H••••••• L••revolver first lienNot disclosed-$173,000
103c
SOFR+500 bpOct 29, 2031
K••• A••••••••• I•••delayed draw term loan first lienNot disclosed-$202,000
104c
SOFR+500 bpSep 30, 2027
M••• C•••••• I• L••delayed draw term loan first lienNot disclosedNot disclosedSOFR+450 bpSep 3, 2027
B•••• T•••• A••••••• G••••• L•••revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpJun 3, 2030
A•••••• I•••revolver first lienNot disclosedNot disclosedSOFR+450 bpJun 21, 2028
H••••• S•••••••• I••revolver first lienNot disclosedNot disclosed
n/a
SOFR+500 bpSep 19, 2029
P••••••• B••••• I•••revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpOct 29, 2027
G••••••••• H••••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+425 bpJan 17, 2031
H•••••• B••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+575 bpAug 25, 2028
S•• C• I•• L••equity equityNot disclosedNot disclosed
F•••••• S••••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+450 bpAug 16, 2032
B•••••• B••••• I•••revolver first lienNot disclosedNot disclosed
n/a
SOFR+550 bpMar 8, 2030
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+450 bpDec 29, 2027
M••• C•••••• I• L••revolver first lienNot disclosedNot disclosedSOFR+450 bpSep 4, 2029
C•••••• R•••••••• M••••• L••revolver first lienNot disclosedNot disclosed
n/a
SOFR+450 bpJul 1, 2028
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