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S••••• C••••• I••••••••• L••

Business development companymanaged by J•••••••• C••••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by J•••••••• C••••• M••••••••• L••, holding $599M across 111 borrowers at Jun 30, 2026.

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

Fair value
$599M
Schedule of investments, 10-Q and 10-K
Borrowers
111
Schedule of investments, 10-Q and 10-K
Mark on cost
99.9¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (458)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 2 below 80¢
    $50K principal

    2 positions across 2 borrowers marked below 80¢ on cost, $50K 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. 15 → 19
    loans paying in kind

    Loans paying in kind rose from 15 to 19 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. $422M → $599M
    fair value, 4 quarters

    Its portfolio grew 42% 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 1959568 · file 814-01685Show
Fair value
$599M
as of Jun 30, 2026
Principal held
$605M
debt pieces, the filer's figure
Cost
$604M
100c on cost, debt pieces
Unfunded
$175M
commitments not yet drawn
Positions
458
111 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
11
since Dec 31, 2023
Facilities held
259
21 sponsors financed
Portfolio through time
Fair value by quarter end$599M as of Jun 30, 2026
Dec 31, 2023$597M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$599M111100c19482 bp
Mar 31, 2026$591M108100c15482 bp
Dec 31, 2025$739M125100c16485 bp
Sep 30, 2025$491M92100c8491 bp
All 11 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$422M75101c5496 bp
Mar 31, 2025$1.4B62101c4499 bp
Dec 31, 2024$1.3B52101c6503 bp
Sep 30, 2024$1.0B45100c4523 bp
Jun 30, 2024$463M31101c5555 bp
Mar 31, 2024$352M25101c0551 bp
Dec 31, 2023$597M23101c0575 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
311 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
P•• I••••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
T•• H••••• C••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
I•••••••• M•••••••• A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
S• A••••••••• I•••
I••••••••
revolver first lienNot disclosedNot disclosed
n/a
SOFR+475 bpApr 3, 2030
T•• G• A••••••• M••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
V•••• C••• B••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
T•• H••••• C••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
B•••• P••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
V••••• M•••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
V••••• M•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
A•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
Page 4 of 4Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2024 to 2026reported
Filings listed
12reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-345215reported