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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 Jun 30, 2025

265 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
I••••••• T•••• G•••• S••••••••• I•••	term loan lien unstated	$7.1M	$7.0M 100c	SOFR+550 bp	Feb 28, 2030
T•••• 2•• L••	term loan lien unstated	$6.6M	$6.5M 101c	SOFR+500 bp	Dec 30, 2030
S••••••••• L••	term loan lien unstated	$6.0M	$5.9M 100c	SOFR+525 bp	Jan 27, 2031
H• W•••••••• H••••••• L••	term loan lien unstated	$6.0M	$5.9M 98c	12.00% PIK 4.00%	Dec 17, 2026
C•••••• P••••••• S•••••• S•••••••• L• L• C•	term loan lien unstated	$5.7M	$5.7M 101c	SOFR+650 bp	Nov 22, 2027
P•••••• S•••••• H•••••••• L••	term loan lien unstated	$5.3M	$5.2M 100c	SOFR+525 bp	Jan 10, 2030
M•••••••• C••••• A••••••••• I••	term loan lien unstated	Not disclosed	$5.1M 101c	SOFR+550 bp	Sep 2, 2027
A•• R•••••••• I•••	term loan lien unstated	$5.1M	$5.0M 100c	SOFR+750 bp	Jun 22, 2029
O•••••• I••••••••• S•••••••• L••	term loan lien unstated	$4.7M	$4.7M 101c	SOFR+600 bp	Nov 16, 2027
G•••••• C••••	term loan lien unstated	$4.6M	$4.6M 103c	SOFR+650 bp	Mar 12, 2029
A•••• O••• L••	term loan first lien	$4.3M	$4.3M 101c	SOFR+525 bp	Jul 1, 2029
M•••••••• H•••••• L••	term loan lien unstated	$4.0M	$4.0M 99c	SOFR+625 bp	May 30, 2029
I•••••• B•••• L••	term loan lien unstated	$4.0M	$4.0M 100c	SOFR+575 bp	Aug 15, 2028
P••• D•••• B•••• L••	term loan lien unstated	$3.9M	$3.9M 100c	SOFR+525 bp	Jan 16, 2031
M•• M••••••••• L••	term loan lien unstated	$3.9M	$3.8M 100c	SOFR+500 bp	Nov 15, 2029
A•••••• I•••	term loan lien unstated	$3.8M	$3.8M 101c	SOFR+600 bp	Aug 8, 2028
E•••• C••••••••• L••	term loan lien unstated	$3.7M	$3.6M 101c	SOFR+650 bp	Dec 7, 2028
C•••••• P••••••• S•••••• S•••••••• L••	term loan lien unstated	$3.6M	$3.6M 101c	SOFR+650 bp	Nov 22, 2027
N•••••• M•••••• A••••••••• I•••	term loan lien unstated	$3.6M	$3.6M 100c	SOFR+525 bp	Oct 31, 2029
A••• A••••••••• L••	term loan lien unstated	$3.6M	$3.6M 100c	SOFR+450 bp	Dec 4, 2029
A•••••• I•••	term loan lien unstated	$3.6M	$3.5M 101c	SOFR+600 bp	Aug 8, 2028
S••• I••••••••• L••	term loan lien unstated	$3.5M	$3.4M 100c	SOFR+550 bp	Jun 13, 2029
C•••••• 3•• A••••••••• L••	term loan lien unstated	$3.5M	$3.4M 98c	SOFR+650 bp	Aug 2, 2028
A••••••••• L•• T••• A• L•••	unstated lien unstated	$3.4M	$3.4M 101c	SOFR+600 bp	Dec 12, 2028
i••••• I••••••••• S•••••• I•••••••••	term loan lien unstated	$3.4M	$3.3M 100c	SOFR+525 bp	Dec 17, 2030
E••••• L••	term loan lien unstated	$3.4M	$3.3M 99c	SOFR+550 bp	Dec 19, 2029
T••••• D••••••••• I•••	term loan lien unstated	$3.4M	$3.3M 97c	SOFR+600 bp	Dec 31, 2026
M••••••••• A••••••••• I•••	term loan lien unstated	$3.2M	$3.2M 101c	SOFR+550 bp	Sep 2, 2027
E••••••••• R•••••••• L••	term loan lien unstated	$3.3M	$3.2M 100c	SOFR+525 bp	Jan 15, 2030
A•• R•••••••• I•••	term loan lien unstated	$3.3M	$3.2M 100c	SOFR+750 bp	Jun 22, 2029
M•••••• B••••••••• T••••••• L••	term loan lien unstated	$3.2M	$3.2M 101c	SOFR+500 bp	Jun 6, 2030
L•••••••• I••••••••• I•• L••	term loan lien unstated	$3.2M	$3.1M 100c	SOFR+650 bp	Jun 5, 2028
I••••••••• C••••••••• A••••••••• L••	term loan lien unstated	$3.1M	$3.0M 100c	SOFR+525 bp	Jun 3, 2030
C•••••••• B••••• I•••	term loan lien unstated	$3.1M	$3.0M 100c	SOFR+525 bp	Dec 20, 2030
T••••••••• A••••••••• H••••••• L••	term loan lien unstated	$3.0M	$3.0M 102c	SOFR+525 bp	May 31, 2029
G•••••• C••••	term loan lien unstated	$3.0M	$3.0M 103c	SOFR+650 bp	Mar 12, 2029
M•••••••• L••	delayed draw term loan lien unstated	$3.0M	$3.0M 101c	SOFR+600 bp	Dec 21, 2028
R•• A••••••• B•••••••• L••	term loan lien unstated	$2.9M	$2.9M 101c	SOFR+550 bp	Aug 2, 2027
T•• H••••••••• G••••• I•••	term loan lien unstated	$2.9M	$2.9M 102c	SOFR+650 bp	Aug 7, 2028
C•••••••• I••••••••• I• I•••	term loan lien unstated	$2.8M	$2.8M 101c	SOFR+575 bp	Jun 30, 2028
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$2.8M	$2.8M 100c	SOFR+700 bp	Feb 7, 2027
E•••• L••	term loan lien unstated	$2.8M	$2.8M 101c	SOFR+625 bp	Mar 16, 2027
A•••• O••• L••	term loan first lien	$2.8M	$2.8M 101c	SOFR+525 bp	Jul 1, 2029
I••••• H••• S••••••• L••	term loan lien unstated	$2.6M	$2.5M 98c	SOFR+650 bp	Apr 28, 2028
A••• P••••••• A•• L••	delayed draw term loan lien unstated	$2.5M	$2.5M 100c	SOFR+550 bp	Dec 31, 2030
C••••• H•••••••• L••	term loan lien unstated	$2.5M	$2.4M 99c	SOFR+650 bp PIK 0.25%	Dec 31, 2028
M•••••••• H•••••• L••	term loan lien unstated	$2.4M	$2.4M 99c	SOFR+625 bp	May 30, 2029
R•••• A•• N••••••• L••	term loan lien unstated	$2.4M	$2.4M 101c	SOFR+450 bp	Jan 31, 2029
A•••••• I•••	term loan lien unstated	$2.4M	$2.4M 101c	SOFR+600 bp	Aug 8, 2028
M•••••••• H•••••• L• L• C•	delayed draw term loan lien unstated	$2.4M	$2.4M 99c	SOFR+625 bp	May 24, 2027
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	$2.3M	$2.3M 101c	SOFR+625 bp	Aug 26, 2027
N•••••• M•••••• A••••••••• I•••	term loan lien unstated	$2.3M	$2.3M 100c	SOFR+525 bp	Oct 31, 2029
H• W•••••••• H•••••••• L••	term loan lien unstated	$2.3M	$2.3M 98c	12.00% PIK 4.00%	Jul 2, 2029
H•••••••• B••••••• S••••••• L••	term loan lien unstated	$2.2M	$2.2M 101c	SOFR+625 bp	Aug 26, 2027
A••••••• R•••••••••	term loan lien unstated	$2.2M	$2.2M 102c	SOFR+625 bp	Mar 31, 2028
M•••••• L•••• H•••••••• I••	term loan lien unstated	$2.3M	$2.2M 97c	SOFR+700 bp	Dec 30, 2028
S••• I••••••••• L••	term loan lien unstated	$2.2M	$2.2M 100c	SOFR+550 bp	Jun 13, 2029
S•••• S•••••• H•••••• L••	term loan lien unstated	$2.2M	$2.2M 100c	SOFR+600 bp	Jun 6, 2030
C•••••• 3•• A••••••••• L••	term loan lien unstated	$2.3M	$2.2M 98c	SOFR+650 bp	Aug 2, 2028
A••••••••• L••	term loan lien unstated	$2.2M	$2.2M 101c	SOFR+600 bp	Dec 12, 2028
E••••• N••••••	term loan lien unstated	$2.1M	$2.1M 102c	SOFR+650 bp	May 22, 2028
H••• A•••••••• I•••	term loan lien unstated	$2.1M	$2.1M 100c	SOFR+575 bp	Nov 15, 2029
T••••• D••••••••• I•••	term loan lien unstated	$2.2M	$2.1M 97c	SOFR+600 bp	Dec 31, 2026
M••••••• A••••••••• L••	term loan lien unstated	$2.1M	$2.1M 100c	SOFR+500 bp	Jun 7, 2031
B••• a••• A••••••••• L••	term loan lien unstated	$2.1M	$2.1M 102c	SOFR+500 bp	Aug 16, 2030
M•••••• B••••••••• T••••••• L••	term loan lien unstated	$2.0M	$2.0M 101c	SOFR+500 bp	Jun 6, 2030
L•••••••• I••••••••• I•• L••	term loan lien unstated	Not disclosed	$2.0M 100c	SOFR+650 bp	Jun 5, 2028
M•••••• F••••••• L••	term loan lien unstated	$1.9M	$1.9M 100c	SOFR+575 bp	Apr 3, 2028
E••••• L••	delayed draw term loan lien unstated	$1.9M	$1.9M 98c	SOFR+550 bp	Dec 19, 2029
F••••••• H•••••••• L••	term loan lien unstated	$1.9M	$1.9M 102c	SOFR+675 bp	Apr 1, 2029
T•• H••••••••• G••••• I•••	term loan lien unstated	$1.8M	$1.8M 102c	SOFR+650 bp	Aug 7, 2028
M•••••• F••••••• L••	term loan lien unstated	$1.8M	$1.8M 101c	SOFR+575 bp	Apr 3, 2028
O•••••• I••••••••• S•••••••• L••	term loan lien unstated	$1.8M	$1.8M 101c	SOFR+600 bp	Nov 16, 2027
C•••••••• I••••••••• I• I•••	term loan lien unstated	$1.8M	$1.8M 101c	SOFR+575 bp	Jun 30, 2028
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$1.8M	$1.8M 100c	SOFR+700 bp	Feb 7, 2027
2• L••	term loan lien unstated	$1.8M	$1.8M 101c	SOFR+500 bp	Jun 5, 2028
2• L••	term loan lien unstated	$1.7M	$1.7M 101c	SOFR+500 bp	Jun 5, 2028
C•••••• 3•• A••••••••• L••	revolver lien unstated	$1.8M	$1.7M 96c	SOFR+650 bp	Aug 2, 2028
G•• B••••• L••	term loan lien unstated	$1.7M	$1.7M 100c	SOFR+500 bp	Apr 30, 2031
I•••••• B••••• L••	delayed draw term loan lien unstated	$1.7M	$1.7M 100c	SOFR+575 bp	Aug 15, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$1.6M	$1.6M 100c	SOFR+550 bp	Dec 31, 2030
R•••• A•• N••••••• L••	term loan lien unstated	$1.5M	$1.5M 101c	SOFR+450 bp	Jan 31, 2029
I•••••• B••••• L••	term loan lien unstated	$1.6M	$1.5M 100c	SOFR+575 bp	Aug 15, 2028
U•••• A••••••••• I•••	term loan lien unstated	$1.6M	$1.5M 100c	SOFR+500 bp	Dec 9, 2030
A••• P••••••• A•• L••	delayed draw term loan lien unstated	$1.5M	$1.5M 100c	SOFR+550 bp	Dec 31, 2030
S•••••• M•••• C•••••• L••	term loan lien unstated	$2.4M	$1.5M 62c	12.50%	Feb 7, 2028
M•••••••• H•••••• L• L• C•	revolver lien unstated	$1.3M	$1.4M 99c	SOFR+625 bp	May 24, 2027
M•••••••• H•••••• L• L• C•	delayed draw term loan lien unstated	$1.4M	$1.4M 99c	SOFR+625 bp	May 24, 2027
A••••••• R•••••••••	term loan lien unstated	$1.4M	$1.4M 102c	SOFR+625 bp	Mar 31, 2028
L••••• S••••••••• L••	term loan lien unstated	$1.4M	$1.4M 101c	SOFR+625 bp	Dec 1, 2027
E•••• C••••••••• L••	term loan lien unstated	$1.4M	$1.4M 101c	SOFR+650 bp	Dec 7, 2028
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$1.5M	$1.4M 97c	SOFR+700 bp	Dec 30, 2028
T••••••••• A••••••••• H••••••• L••	term loan lien unstated	$1.4M	$1.4M 102c	SOFR+525 bp	May 31, 2029
P•••• M•••• H•••••••• L••	term loan lien unstated	$1.4M	$1.4M 98c	SOFR+625 bp	Aug 31, 2027
B••• a••• A••••••••• L••	term loan lien unstated	$1.3M	$1.3M 102c	SOFR+500 bp	Aug 16, 2030
C•••••• B••••• L••	term loan lien unstated	$1.2M	$1.2M 102c	SOFR+500 bp	Mar 15, 2029
H• W•••••••• H•••••••• L••	revolver lien unstated	$1.2M	$1.2M 98c	12.00% PIK 4.00%	Dec 17, 2026
F••••••• H•••••••• L••	term loan lien unstated	$1.2M	$1.2M 102c	SOFR+675 bp	Apr 1, 2029
T••••••••• A••••••••• H••••••• L••	term loan lien unstated	$1.2M	$1.2M 102c	SOFR+525 bp	May 31, 2029
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	term loan lien unstated	$1.2M	$1.2M 100c	SOFR+625 bp	Aug 3, 2029

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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