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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
M•••••• F••••••• L••	term loan lien unstated	$1.2M	$1.2M 101c	SOFR+575 bp	Apr 3, 2028
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$1.2M 794c
R•• A••••••• B•••••••• L••	term loan lien unstated	$1.1M	$1.1M 101c	SOFR+550 bp	Aug 2, 2027
F••••••••• B••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	SOFR+525 bp	Mar 12, 2029
2• L•• I•••••••• L• C•••• A• U••••	unstated lien unstated	Not disclosed	$1.1M 725c
E••••• L••	term loan lien unstated	$1.1M	$1.1M 101c	SOFR+6 bp	Mar 16, 2027
C••••• H•••••••• L••	revolver lien unstated	$1.1M	$1.1M 98c	SOFR+650 bp PIK 0.25%	Dec 31, 2028
F••••••• H•••••••• L••	delayed draw term loan lien unstated	$1.1M	$1.1M 101c	SOFR+675 bp	Apr 1, 2029
T••••••• L••	term loan lien unstated	$1.1M	$1.1M 101c	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
M••••••••• A••••••••• I•••	revolver lien unstated	$1.0M	$1.0M 100c	Prime+450 bp	Sep 2, 2027
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$1.0M 570c
T••••••••• A••••••••• H••••••• L•• T••••••••• H••••• L••	equity equity	$442,295	$1.0M 238c
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	$1.6M	$995,539 61c	12.50%	Feb 7, 2028
A•••••• I•••	delayed draw term loan lien unstated	$981,999	$972,179 100c	SOFR+600 bp	Aug 8, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$964,763	$964,763 100c	SOFR+550 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	$968,106	$948,744 99c	SOFR+650 bp PIK 0.25%	Dec 31, 2028
I•••••• B•••• L••	revolver lien unstated	$948,767	$944,023 99c	SOFR+575 bp	Aug 15, 2028
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	$907,631	$907,631 101c	SOFR+625 bp	Aug 26, 2027
L••••• S••••••••• L••	term loan lien unstated	$911,600	$907,042 101c	SOFR+625 bp	Dec 1, 2027
P•••• M•••• H•••••••• L••	term loan lien unstated	$901,855	$879,309 98c	SOFR+625 bp	Aug 31, 2027
H•••••••• B••••••• S••••••• L••	term loan lien unstated	$874,270	$874,270 101c	SOFR+625 bp	Aug 26, 2027
R•• A••••••• B•••••••• L••	revolver lien unstated	$868,998	$868,998 100c	SOFR+550 bp	Aug 2, 2027
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$838,324 173c
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$807,850	$807,850 101c	SOFR+550 bp	Dec 31, 2030
M•••••••• L••	term loan lien unstated	$806,753	$806,753 102c	SOFR+600 bp	Dec 21, 2028
C•••••• B••••• L••	term loan lien unstated	$797,055	$797,055 102c	SOFR+500 bp	Mar 15, 2029
W•• H•••••••• L••	term loan lien unstated	$783,885	$783,885 102c	SOFR+550 bp	Apr 11, 2030
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	delayed draw term loan lien unstated	$773,024	$761,429 99c	SOFR+625 bp	Aug 3, 2029
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	term loan lien unstated	$762,661	$751,221 100c	SOFR+625 bp	Aug 3, 2029
C• A••• H••••••• L••	equity equity	Not disclosed	$746,670 170c
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$725,763 134c
M•••••• B••••••••• T••••••• L••	delayed draw term loan lien unstated	$706,512	$702,979 100c	SOFR+500 bp	Jun 6, 2030
T•• H••••••••• G••••• I•••	term loan lien unstated	$694,091	$694,091 102c	SOFR+650 bp	Aug 7, 2028
A•••• O••• L••	term loan first lien	$692,459	$692,459 102c	SOFR+575 bp	Jul 1, 2029
2• L••	term loan lien unstated	$689,252	$685,806 101c	SOFR+500 bp	Jun 5, 2028
T••••••• L••	term loan lien unstated	$675,936	$672,556 101c	SOFR+675 bp	Nov 30, 2028
M••••••••• G••••• L••	term loan lien unstated	$676,875	$666,722 100c	SOFR+625 bp	Dec 30, 2027
I•••••• B••••• L••	delayed draw term loan lien unstated	$647,523	$644,285 100c	SOFR+575 bp	Aug 15, 2028
C•••••• 3•• A••••••••• L••	delayed draw term loan lien unstated	$661,106	$634,662 97c	SOFR+650 bp	Aug 2, 2028
A•••••• I•••	delayed draw term loan lien unstated	$627,835	$621,557 100c	SOFR+600 bp	Aug 8, 2028
M••••••••• G••••• L••	term loan lien unstated	$620,528	$611,220 100c	SOFR+625 bp	Dec 30, 2027
L••••• S••••••••• L••	term loan lien unstated	$607,211	$604,175 101c	SOFR+625 bp	Dec 1, 2027
I••••• H••• S••••••• L••	revolver lien unstated	$607,105	$585,856 96c	SOFR+650 bp	Apr 28, 2028
T••••••• L••	revolver lien unstated	$586,521	$583,588 99c	SOFR+675 bp	Nov 30, 2028
A••• P••••••• A••• L••• A••• A•• P•••••	preferred equity equity	Not disclosed	$583,584 382c
S•••••• M•••• C••••••• L••	revolver lien unstated	$290,964	$581,928 200c	12.50%	Feb 7, 2028
B•• B••••• I••• B• P••••••• P•••••• L•••	equity equity	Not disclosed	$570,431 129c
F••••••• H•••••••• L••	term loan lien unstated	$558,093	$558,093 102c	SOFR+675 bp	Apr 1, 2029
i••••• I••••••••• S•••••• I•••••••••	revolver lien unstated	$561,671	$553,246 99c	SOFR+525 bp	Dec 17, 2030
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$551,405	$551,405 100c	SOFR+700 bp	Feb 7, 2027
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$577,147	$551,175 97c	SOFR+750 bp PIK 11.84%	Dec 30, 2028
O•••••• I••••••••• S•••••••• L•• S•••••••• T••••• L••	equity equity	Not disclosed	$546,387 163c
G•••••• C•••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$543,691 137c
W•• H•••••••• L••	delayed draw term loan lien unstated	$542,116	$542,116 101c	SOFR+550 bp	Apr 11, 2030
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$516,494	$516,494 101c	SOFR+550 bp	Dec 31, 2030
M•••••••• L••	term loan lien unstated	$515,793	$515,793 102c	SOFR+600 bp	Dec 21, 2028
A••• P••••••• A••• L••	term loan lien unstated	$513,689	$513,689 101c	SOFR+550 bp	Dec 31, 2030
M••••••••• A••••••••• I•••• M••••••••• I••••••••• L•	equity equity	$311,482	$504,788 162c
M••••••••• G••••• L••	term loan lien unstated	Not disclosed	$499,109 100c	SOFR+625 bp	Dec 30, 2027
T•••• 2•• L•• T•••• 2• B••••••• I•••	equity equity	$376	$483,489 128c
I••••••• T•••• G•••• S••••••••• I••• I•• P•••••• L••	equity equity	Not disclosed	$479,922 145c
P•••••• S•••••• H•••••••• L•• P•• U••••••• H••••••• L•	equity equity	Not disclosed	$479,426 111c
2• L••	term loan lien unstated	$466,722	$464,388 101c	SOFR+500 bp	Jun 5, 2028
C•••••• P••••••• S•••••• S•••••••• L• L• C• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$458,420 84c
M•• M••••••••• L••• M•• P•••••• L••	equity equity	Not disclosed	$450,145 122c
B•••• M••••••••• C••••••• L••• B•• B••• W•••• H••••••• L••	equity equity	Not disclosed	$443,202 134c
A•••• O••• L••	term loan first lien	$442,719	$442,719 102c	SOFR+575 bp	Jul 1, 2029
F••••••••• B••••• L••	term loan lien unstated	$440,842	$434,229 100c	SOFR+525 bp	Mar 12, 2029
H•••••••• B••••••• S••••••• L•• A••• H•• H•••••••• L•	equity equity	Not disclosed	$430,960 403c
N•••••• M•••••• A••••••••• I••• N•••••• M•••••• P•••••• L•	preferred equity equity	Not disclosed	$425,648 100c
S•••••• M•••• C••••••• L••	revolver lien unstated	$200,442	$400,884 200c	12.50%	Feb 7, 2028
M••••••••• G••••• L••	term loan lien unstated	$396,731	$390,780 100c	SOFR+625 bp	Dec 30, 2027
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$389,319	$389,319 100c	SOFR+700 bp	Feb 7, 2027
L••••• S••••••••• L••	term loan lien unstated	$388,217	$386,276 101c	SOFR+625 bp	Dec 1, 2027
T•• H••••••••• G••••• I•••• B• H•• H•••••••• L•••	equity equity	$413,052	$383,609 93c
B••• a••• A••••••••• L••• B••••• P••••••• H••••••	preferred equity equity	Not disclosed	$369,205 68c
E••••• N•••••• L••	delayed draw term loan lien unstated	$366,548	$366,548 100c	SOFR+650 bp	May 22, 2028
T•• H••••••••• G••••• I•••	term loan lien unstated	$363,506	$363,506 102c	SOFR+650 bp	Aug 7, 2028
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$368,996	$352,391 97c	SOFR+750 bp PIK 11.84%	Dec 30, 2028
E••••• L••• E••••• H•••••••• L••	equity equity	Not disclosed	$352,142 70c
A••••••••• L••• A••••••••• H•••••••• L••	equity equity	Not disclosed	$336,944 77c
A•••• O••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$331,561 409c
A••• P••••••• A••• L••	term loan lien unstated	$328,424	$328,424 101c	SOFR+550 bp	Dec 31, 2030
S•••••• M•••• C••••••• L••	revolver lien unstated	$537,411	$327,821 61c	12.50%	Feb 7, 2028
M•••••• B••••••••• T••••••• L••• B• I••••••••	equity equity	Not disclosed	$326,282 99c
G•••••• C••••	revolver lien unstated	$324,070	$324,070 100c	SOFR+650 bp	Mar 12, 2029
M••••••••• G••••• L••	term loan lien unstated	$323,962	$319,103 100c	SOFR+625 bp	Dec 30, 2027
C•••••••• B••••• I•••• C•••••••• H•••••••• L•••	equity equity	Not disclosed	$313,102 110c
W•• H•••••••• L••	term loan lien unstated	$304,844	$304,844 102c	SOFR+550 bp	Apr 11, 2030
L••••• S••••••••• L••	delayed draw term loan lien unstated	$294,774	$293,300 100c	SOFR+625 bp	Dec 1, 2027
P••• D•••• B•••• L•• P••• D•••• P••••• L••	equity equity	Not disclosed	$291,224 105c
A••••••• R••••••••• L••	delayed draw term loan lien unstated	$290,424	$290,424 101c	SOFR+625 bp	Mar 31, 2028
E•••• C••••••••• L••	preferred equity equity	Not disclosed	$281,093 105c
A•••••• I••• G•••• T•••• H••••••• L••	equity equity	Not disclosed	$272,213 187c
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$271,034	$271,034 100c	SOFR+700 bp	Feb 7, 2027
C••••• H•••••••• L•• S••• C• H••••••• L••	equity equity	Not disclosed	$262,260 76c
S•••••• M•••• C••••••• L••	revolver lien unstated	$130,760	$261,520 200c	12.50%	Feb 7, 2028

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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