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S•••••• P•••••• C••••• B••

Business development companymanaged by S•••••• P•••••• B•• A••••••• L••Non-traded· HOUSTON, TX

A non-traded business development company, managed by S•••••• P•••••• B•• A••••••• L••, holding $421M across 87 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$421M
Schedule of investments, 10-Q and 10-K
Borrowers
87
Schedule of investments, 10-Q and 10-K
Mark on cost
100.0¢
Schedule of investments, 10-Q and 10-K
First lien
2%
Schedule of investments, 10-Q and 10-K
Schedule of investments (337)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 3 below 80¢
    $4.56M principal

    3 positions across 1 borrower marked below 80¢ on cost, $4.56M 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. 7 → 15
    loans paying in kind

    Loans paying in kind rose from 7 to 15 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. 98.9¢ → 100.0¢
    book mark on cost

    Marked its book up from 98.9¢ to 100.0¢ on the dollar in the quarter to Jun 30, 2026.

    Q2 2026 · The whole portfolio was marked up.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  4. 80 → 87
    borrowers

    Added a net 7 borrowers in the quarter to Jun 30, 2026, to 87.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  5. $340M → $421M
    fair value, 4 quarters

    Its portfolio grew 24% at fair value over the last four quarters.

    Q2 2026 · A fast-growing book is deploying new capital.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1901037 · file 814-01475Show
Fair value
$421M
as of Jun 30, 2026
Principal held
$384M
debt pieces, the filer's figure
Cost
$410M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
337
87 borrowers
First lien
2%
93% debt by fair value
Quarters on the tape
16
since Sep 30, 2022
Facilities held
195
20 sponsors financed
Portfolio through time
Fair value by quarter end$421M as of Jun 30, 2026
Sep 30, 2022$127M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$421M87100c15560 bp
Mar 31, 2026$405M8099c7571 bp
Dec 31, 2025$541M83100c6573 bp
Sep 30, 2025$376M78100c10585 bp
All 16 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$340M72100c12593 bp
Mar 31, 2025$335M69100c10616 bp
Dec 31, 2024$575M66100c15604 bp
Sep 30, 2024$257M58100c13618 bp
Jun 30, 2024$254M55100c8658 bp
Mar 31, 2024$216M47100c8669 bp
Dec 31, 2023$410M46100c12667 bp
Sep 30, 2023$212M41101c3634 bp
Jun 30, 2023$188M38100c0628 bp
Mar 31, 2023$165M35100c0614 bp
Dec 31, 2022$188M30100c0612 bp
Sep 30, 2022$127M2799c0606 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, 2024
428 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
H• W•••••••• H•••••••• L••delayed draw term loan lien unstated$55,454$54,345
98c
12.00%
PIK 4.00%
Dec 17, 2026
H• W•••••••• H•••••••• L••delayed draw term loan lien unstated$55,454$54,345
98c
12.00%
PIK 4.00%
Dec 17, 2026
W•• H•••••••• L••revolver lien unstated$54,442$53,625
98c
SOFR+550 bpApr 11, 2030
T••••••• L•• H••••••••• P•••••• L•preferred equity equityNot disclosed$51,724
141c
T••••••• L••• H••••••••• P•••••• L•preferred equity equityNot disclosed$51,724
141c
C•••••• B••••• L••• C•••••• H••••••• P•••••••••equity equityNot disclosed$38,691
113c
C•••••• B••••• L••equity equityNot disclosed$38,691
113c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r••• C•••••••••notes lien unstated$35,907$37,015
95c
8.00%
PIK 8.00%
Mar 31, 2026
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r•••equity equityNot disclosed$36,156
110c
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r••• C•••••••••notes lien unstated$34,111$35,165
92c
8.00%
PIK 8.00%
Mar 31, 2026
M•••••• B••••••••• T••••••• L••revolver lien unstated$28,106$27,825
99c
SOFR+500 bpJun 6, 2030
M•••••• B••••••••• T••••••• L••revolver lien unstated$28,106$27,825
99c
SOFR+500 bpJun 6, 2030
M•••••••• H••••••• L••• S••••••• A••••••••• S•• r••• C•••••••••notes lien unstated$17,687$18,233
96c
8.00%
PIK 8.00%
Mar 31, 2026
I••••• H••• S••••••• L•• I••••• H••••••• G•••••• L••equity equityNot disclosed$13,014
61c
F••••••••• B••••• L•• F•• C•••••• H••••••• L••equity equityNot disclosedNot disclosed
F••••••• H•••••••• L••delayed draw term loan lien unstated$683,893Not disclosed
n/a
SOFR+650 bpApr 1, 2029
S••• I••••••••• L•• F••••••• H•••••••• L••equity equityNot disclosedNot disclosed
I••••• H••• S••••••• L•• I••••• H••••••• G•••••• L••equity equityNot disclosedNot disclosed
n/a
F••••••••• B••••• L••• F••••••••• H••••••• L••equity equityNot disclosedNot disclosed
S••• I••••••••• L••• F••••••• H•••••••equity equityNot disclosedNot disclosed
Page 5 of 5Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2026 to 2026reported
Filings listed
18reported10-Q and 10-K since 2022
Latest schedule
0001104659-26-094771reported