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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $421M
Borrowers: 87
Mark on cost: 100.0¢
First lien: 2%

Schedule of investments (337)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

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
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 →
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 →
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 →
$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

93% debt by fair value

Quarters on the tape

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$421M	87	100c	15	560 bp
Mar 31, 2026	$405M	80	99c	7	571 bp
Dec 31, 2025	$541M	83	100c	6	573 bp
Sep 30, 2025	$376M	78	100c	10	585 bp

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$340M	72	100c	12	593 bp
Mar 31, 2025	$335M	69	100c	10	616 bp
Dec 31, 2024	$575M	66	100c	15	604 bp
Sep 30, 2024	$257M	58	100c	13	618 bp
Jun 30, 2024	$254M	55	100c	8	658 bp
Mar 31, 2024	$216M	47	100c	8	669 bp
Dec 31, 2023	$410M	46	100c	12	667 bp
Sep 30, 2023	$212M	41	101c	3	634 bp
Jun 30, 2023	$188M	38	100c	0	628 bp
Mar 31, 2023	$165M	35	100c	0	614 bp
Dec 31, 2022	$188M	30	100c	0	612 bp
Sep 30, 2022	$127M	27	99c	0	606 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Full timeline · 20 events

PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C•••••• P••••••• S•••••• S•••••••• L•• term loan
2 BDCs hold it · matures Nov 22, 2027 · possible sponsor Q•• C••••••• L•••
$9.2M 101c
P•••• P•••• G•••• A••••••••• I•• term loan
2 BDCs hold it · matures Dec 18, 2030
$9.0M 101c
A•• R•••••••• I•• term loan
2 BDCs hold it · matures Jun 22, 2029
$8.3M 99c
A•••• O••• L•• first lien term loan
1 BDC hold it · matures Jul 1, 2029
$8.2M 101c
M•••••••• C••••• A••••••••• I•• term loan
2 BDCs hold it · matures Sep 2, 2027 · possible sponsor E•••••••• C••••••• L•
$8.1M 100c
V••••••••• P••••••••• L•• term loan
2 BDCs hold it · matures Apr 3, 2031 · possible sponsor I•••••••• E••••• L•
$7.8M 100c
A••• P••••••• A••• L•• delayed draw term loan
2 BDCs hold it · matures Dec 31, 2030
$7.8M 100c
G•••••• C••• term loan
2 BDCs hold it · matures Mar 12, 2029
$7.5M 102c
D•• E••••••••• L•• term loan
2 BDCs hold it · matures Sep 22, 2030
$7.3M 102c
S•••••• H••••• P••••••• M••• L•• term loan
2 BDCs hold it · matures Mar 6, 2031
$7.3M 100c
C••••••• S••••••• A•••••••• L•• term loan
2 BDCs hold it · matures Sep 19, 2030
$7.2M 99c
I••••••• T•••• G•••• S••••••••• I•• term loan
2 BDCs hold it · matures Feb 28, 2030 · possible sponsor K•••••••• C•••••• M••••••••• L•••
$7.0M 101c

Schedule of investments at Mar 31, 2025

261 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$1.1M 779c
2• L•• I•••••••• L• C•••• A• U••••	unstated lien unstated	Not disclosed	$1.1M 724c
E••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	SOFR+625 bp	Mar 16, 2027
C••••• H•••••••• L••	revolver lien unstated	$1.1M	$1.1M 98c	SOFR+650 bp	Dec 31, 2028
F••••••• H•••••••• L••	delayed draw term loan lien unstated	$1.1M	$1.1M 100c	SOFR+650 bp	Apr 1, 2029
T••••••• L••	term loan lien unstated	$1.1M	$1.0M 100c	SOFR+675 bp	Nov 30, 2028
M••••••••• G••••• L••	term loan lien unstated	$1.1M	$1.0M 100c	SOFR+625 bp	Dec 30, 2027
E••••• N••••••• L••	term loan lien unstated	$1.0M	$1.0M 102c	SOFR+650 bp	May 22, 2028
G•••• I••••••••• I•• I•••	delayed draw term loan lien unstated	$984,491	$974,646 100c	SOFR+600 bp	Aug 8, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$967,200	$967,200 100c	SOFR+525 bp	Dec 31, 2030
2• L••	revolver lien unstated	$968,508	$963,665 99c	SOFR+500 bp	Jun 5, 2028
C••••• H•••••••• L••	term loan lien unstated	$969,979	$950,579 99c	SOFR+650 bp	Dec 31, 2028
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	$909,952	$909,952 101c	SOFR+625 bp	Aug 26, 2027
L••••• S••••••••• L••	term loan lien unstated	$913,938	$909,368 101c	SOFR+625 bp	Dec 1, 2027
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$892,515 260c
P•••• M•••• H•••••••• L••	term loan lien unstated	$904,224	$890,661 100c	SOFR+625 bp	Aug 31, 2027
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	$1.6M	$881,297 54c	Prime+750 bp	Feb 7, 2028
H•••••••• B••••••• S••••••• L••	term loan lien unstated	$876,518	$876,518 101c	SOFR+625 bp	Aug 26, 2027
T••••••••• A••••••••• H••••••• L•• T••••••••• H••••• L••	equity equity	Not disclosed	$872,755 204c
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$809,901	$809,901 101c	SOFR+525 bp	Dec 31, 2030
M•••••••• L••	term loan lien unstated	$808,800	$800,712 101c	SOFR+575 bp	Dec 21, 2028
C•••••• B••••• L••	term loan lien unstated	$797,055	$797,055 102c	SOFR+500 bp	Mar 15, 2029
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$787,721	$783,782 99c	SOFR+700 bp	Feb 7, 2027
C• A••• H••••••• L••	equity equity	Not disclosed	$776,781 177c
I•••••• B•••• L••	revolver lien unstated	$777,989	$774,099 99c	SOFR+575 bp	Aug 15, 2028
M••••• E••••••••• G•••• I••••••••• H•••••••• I•••	term loan lien unstated	$778,822	$771,034 101c	SOFR+625 bp	Aug 3, 2029
W•• H•••••••• L••	term loan lien unstated	$785,865	$770,148 100c	SOFR+550 bp	Apr 11, 2030
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$767,596 158c
M••••• E••••••••• G•••• I••••••••• H•••••••• I•••	delayed draw term loan lien unstated	$774,981	$767,231 100c	SOFR+625 bp	Aug 3, 2029
F•••••••• C•••••••••	term loan lien unstated	$750,331	$750,331 101c	SOFR+650 bp	Apr 29, 2028
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$712,042 131c
T•• H••••••••• G••••• I•••	term loan lien unstated	$695,831	$695,831 102c	SOFR+650 bp	Aug 7, 2028
A•••• O••• L••	term loan first lien	$694,216	$694,216 102c	SOFR+575 bp	Jul 1, 2029
2• L••	term loan lien unstated	$691,006	$687,551 101c	SOFR+500 bp	Jun 5, 2028
T••••••• L••	term loan lien unstated	$677,652	$670,875 100c	SOFR+675 bp	Nov 30, 2028
M••••••••• G••••• L••	term loan lien unstated	$678,598	$668,419 100c	SOFR+625 bp	Dec 30, 2027
I•••••• B••••• L••	delayed draw term loan lien unstated	$649,188	$645,942 100c	SOFR+575 bp	Aug 15, 2028
C•••••• 3•• A••••••••• L••	delayed draw term loan lien unstated	$661,106	$641,273 98c	SOFR+650 bp	Aug 2, 2028
G•••• I••••••••• I•• I•••	delayed draw term loan lien unstated	$629,429	$623,135 100c	SOFR+600 bp	Aug 8, 2028
A••• P••••••• A••• L••• A••• A•• P•••••	preferred equity equity	Not disclosed	$620,948 407c
B•• B••••• I••• B• P••••••• P•••••• L•••	equity equity	Not disclosed	$614,708 139c
M••••••••• G••••• L••	term loan lien unstated	$622,119	$612,787 100c	SOFR+625 bp	Dec 30, 2027
L••••• S••••••••• L••	term loan lien unstated	$608,744	$605,700 101c	SOFR+625 bp	Dec 1, 2027
R•• A••••••• B•••••••• L••	revolver lien unstated	$584,505	$584,505 100c	SOFR+650 bp	Aug 2, 2027
I••••• H••• S••••••• L••	revolver lien unstated	$607,105	$582,821 96c	SOFR+650 bp	Apr 28, 2028
S•••••• M•••• C••••••• L••	revolver lien unstated	$290,964	$581,928 200c	Prime+750 bp	Feb 7, 2028
O•••••• I••••••••• S•••••••• L••• S•••••••• T••••	equity equity	Not disclosed	$572,877 171c
i••••• I••••••••• S•••••• I•••••••••	revolver lien unstated	$575,371	$563,864 98c	SOFR+525 bp	Dec 17, 2030
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$575,200	$552,192 98c	SOFR+750 bp PIK 11.84%	Dec 30, 2028
F••••••• H•••••••• L••	term loan lien unstated	$559,491	$551,099 101c	SOFR+650 bp	Apr 1, 2029
T••••••• L••	revolver lien unstated	$527,869	$522,590 99c	SOFR+675 bp	Nov 30, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$517,805	$517,805 101c	SOFR+525 bp	Dec 31, 2030
A••• P••••••• A••• L••	term loan lien unstated	$514,993	$514,993 101c	SOFR+525 bp	Dec 31, 2030
M•••••••• L••	term loan lien unstated	$517,102	$511,931 101c	SOFR+575 bp	Dec 21, 2028
M••••••••• G••••• L••	term loan lien unstated	$507,992	$500,372 100c	SOFR+625 bp	Dec 30, 2027
M••••••••• A••••••••• I•••• M••••••••• I••••••••• L•	equity equity	Not disclosed	$497,256 160c
G•••••• C•••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$483,886 122c
E••••• L••• E••••• H•••••••• L••	equity equity	Not disclosed	$480,705 96c
F•••••••• C•••••••••	term loan lien unstated	$479,720	$479,720 101c	SOFR+650 bp	Apr 29, 2028
M•••••• B••••••••• T••••••• L••	delayed draw term loan lien unstated	$471,173	$466,461 100c	SOFR+500 bp	Jun 6, 2030
2• L••	term loan lien unstated	$467,910	$465,570 101c	SOFR+500 bp	Jun 5, 2028
F••••••••• B••••• L••	term loan lien unstated	$467,513	$458,163 100c	SOFR+550 bp	Mar 12, 2029
A•••• O••• L••	term loan first lien	$443,843	$443,843 102c	SOFR+575 bp	Jul 1, 2029
B•••• M••••••••• C••••••• L••• B•• B••• W•••• H••••••• L••	equity equity	Not disclosed	$442,412 134c
C•••••• P••••••• S•••••• S•••••••• L• L• C• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$438,783 81c
P•••••• S•••••• H•••••••• L•• P•• U••••••• H••••••• L•	equity equity	Not disclosed	$430,662 100c
T•••• 2•• L•• T•••• 2• B••••••• I•••	equity equity	Not disclosed	$417,503 111c
N•••••• M•••••• A••••••••• I••• N•••••• M•••••• P•••••• L•	preferred equity equity	Not disclosed	$412,942 97c
S•••••• M•••• C••••••• L••	revolver lien unstated	$200,442	$400,884 200c	Prime+750 bp	Feb 7, 2028
M•• M••••••••• L••• M•• P•••••• L••	equity equity	Not disclosed	$396,943 107c
M••••••••• G••••• L••	term loan lien unstated	$397,748	$391,782 100c	SOFR+625 bp	Dec 30, 2027
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$390,325	$388,373 100c	SOFR+700 bp	Feb 7, 2027
L••••• S••••••••• L••	term loan lien unstated	$389,197	$387,251 101c	SOFR+625 bp	Dec 1, 2027
E••••• N•••••• L••	delayed draw term loan lien unstated	$367,466	$367,466 100c	SOFR+650 bp	May 22, 2028
T•• H••••••••• G••••• I•••	term loan lien unstated	$364,422	$364,422 102c	SOFR+650 bp	Aug 7, 2028
E••••• N••••••• L••	revolver lien unstated	$353,198	$353,198 100c	SOFR+650 bp	May 22, 2028
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$367,751	$353,041 98c	SOFR+750 bp PIK 11.84%	Dec 30, 2028
A••••••••• L••• A••••••••• H•••••••• L••	equity equity	Not disclosed	$346,536 79c
M•••••• B••••••••• T••••••• L•• B• I••••••••• L••	equity equity	Not disclosed	$335,002 101c
I••••••• T•••• G•••• S••••••••• I••• I•• P•••••• L••	equity equity	Not disclosed	$330,747 100c
A••• P••••••• A••• L••	term loan lien unstated	$329,258	$329,258 101c	SOFR+525 bp	Dec 31, 2030
B••• a••• A••••••••• L••• B••••• P••••••• H••••••	preferred equity equity	Not disclosed	$328,023 104c
W•• H•••••••• L••	delayed draw term loan lien unstated	$334,420	$327,732 99c	SOFR+550 bp	Apr 11, 2030
A•••• O••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$325,634 402c
M••••••••• G••••• L••	term loan lien unstated	$324,782	$319,910 100c	SOFR+625 bp	Dec 30, 2027
F•••••••• C•••••••••	delayed draw term loan lien unstated	$319,429	$319,429 100c	SOFR+650 bp	Apr 29, 2028
R•••• A•• N••••••• L••• C••••••• C•••••••• B• L•	equity equity	Not disclosed	$314,813 99c
M•••••• B••••••••• T••••••• L••	revolver lien unstated	$309,162	$306,070 99c	SOFR+500 bp	Jun 6, 2030
M••••••••• A••••••••• I•••	revolver lien unstated	$307,294	$304,221 99c	//stelluscapital.com/20250331#Three Month Base Rate+450 bp	Sep 2, 2027
P•••••• S•••••• H•••••••• L••	revolver lien unstated	$306,849	$301,685 98c	SOFR+525 bp	Jan 10, 2030
W•• H•••••••• L••	term loan lien unstated	$305,614	$299,502 100c	SOFR+550 bp	Apr 11, 2030
L••••• S••••••••• L••	delayed draw term loan lien unstated	$295,518	$294,040 100c	SOFR+625 bp	Dec 1, 2027
A••••••• R••••••••• L••	delayed draw term loan lien unstated	$291,159	$291,159 101c	SOFR+625 bp	Mar 31, 2028
S•••••• M•••• C••••••• L••	revolver lien unstated	$537,411	$290,202 54c	Prime+750 bp	Feb 7, 2028
E•••• C••••••••• L••	preferred equity equity	Not disclosed	$281,093 105c
P••• D•••• B•••• L•• P••• D•••• P••••• L••	equity equity	Not disclosed	$277,974 100c
C••••• H•••••••• L•• S••• C• H••••••• L••	equity equity	Not disclosed	$277,245 81c
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$271,737	$270,378 100c	SOFR+700 bp	Feb 7, 2027
H•••••••• B••••••• S••••••• L•• A••• H•• H•••••••• L•	equity equity	Not disclosed	$267,279 222c
C•••••••• B••••• I•••• C•••••••• H•••••••• L•••	equity equity	Not disclosed	$266,568 93c

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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