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S••••• C••••• I••••••••• L••
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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $599M
- Borrowers
- 111
- Mark on cost
- 99.9¢
- First lien
- 100%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 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 - 15 → 19loans 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.
- $422M → $599Mfair 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.
Every headline figure, and the identifiersCIK 1959568 · file 814-01685ShowHide
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
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $599M | 111 | 100c | 19 | 482 bp |
| Mar 31, 2026 | $591M | 108 | 100c | 15 | 482 bp |
| Dec 31, 2025 | $739M | 125 | 100c | 16 | 485 bp |
| Sep 30, 2025 | $491M | 92 | 100c | 8 | 491 bp |
All 11 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $422M | 75 | 101c | 5 | 496 bp |
| Mar 31, 2025 | $1.4B | 62 | 101c | 4 | 499 bp |
| Dec 31, 2024 | $1.3B | 52 | 101c | 6 | 503 bp |
| Sep 30, 2024 | $1.0B | 45 | 100c | 4 | 523 bp |
| Jun 30, 2024 | $463M | 31 | 101c | 5 | 555 bp |
| Mar 31, 2024 | $352M | 25 | 101c | 0 | 551 bp |
| Dec 31, 2023 | $597M | 23 | 101c | 0 | 575 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- B•••••••• P••••••••• I•• first lien term loan10 BDCs hold it · matures Dec 19, 2030 · possible sponsor C•• E••••• P••••••• I• L••$11.1M 101c
- A• C•••••• A••••••••• C••••••••• first lien revolver8 BDCs hold it · matures Aug 7, 2031$10.6M 100c
- S• A••••••••• I•• first lien term loan4 BDCs hold it · matures Apr 3, 2030$10.4M 100c
- C••••••••• M••••• L•• first lien term loan12 BDCs hold it · matures Feb 28, 2033 · possible sponsor T• A•••••••••$10.1M 100c
- A•••••• H•••••••• I•• first lien term loan8 BDCs hold it · matures Sep 15, 2031$10.0M 100c
- B•••• P••••• H•••••••• I•• first lien term loan7 BDCs hold it · matures Nov 29, 2030 · possible sponsor V•••• E••••• P••••••• M••••••••• L••$9.8M 100c
- D•••••••• D••••• H••••••• L•• first lien term loan24 BDCs hold it · matures Sep 13, 2032$9.7M 100c
- P••••• C••• C••••••• L•• first lien term loan25 BDCs hold it · matures Nov 15, 2030$9.5M 88c
- C•••••••• C•••••• H•••••• C••••••••• first lien term loan4 BDCs hold it · matures Jun 16, 2033$9.5M 100c
- S••••••• H••••••• C••••••••• first lien term loan11 BDCs hold it · matures May 14, 2031$9.4M 100c
- A•• P••••••••• L•• first lien term loan8 BDCs hold it · matures Apr 1, 2033$9.3M 100c
- S••••••• S••••••• B••••• I•• first lien term loan6 BDCs hold it · matures Sep 30, 2031 · F•••••••• P•••••••$9.1M 99c
Schedule of investments at Mar 31, 2026
470 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S••••••• S••••••• B••••• I••• | revolver first lien | Not disclosed | -$2,000 | S+500 bp | |
| N•••••• C••••••••• | delayed draw term loan first lien | Not disclosed | -$2,000 | S+450 bp | |
| T••••••• L•• | delayed draw term loan first lien | Not disclosed | -$2,000 | S+425 bp | |
| W••••• G••••• L•• D••••••••• C••••••• S••••••s | delayed draw term loan first lien | $0 | -$2,000 67c | SOFR+475 bp | Sep 3, 2032 |
| D••••••• P••••••••• I••• H••••• C••• T••••••••• | revolver first lien | $0 | -$2,000 100c | SOFR+475 bp | Dec 16, 2031 |
| B•••• P••••• H•••••••• I••• | revolver first lien | Not disclosed | -$2,000 | S+425 bp | |
| A••••• P•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$2,000 | S+475 bp | |
| A•••••• H•••••••• I•• | delayed draw term loan first lien | Not disclosed | -$2,000 | S+450 bp | |
| D••••••• P••••••••• I••• | revolver first lien | Not disclosed | -$2,000 | S+475 bp | |
| C••••••• S•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+450 bp | |
| K•••• I••••••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+425 bp | |
| E•••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+450 bp | |
| C••••• S•••••••• A••••••••• I••• H••••• C••• P•••••••• & S••••••s | delayed draw term loan first lien | $0 | -$4,000 200c | SOFR+500 bp | Aug 7, 2031 |
| K•••• I••••••••• H•••••••• I••• I•••••••• | delayed draw term loan first lien | $0 | -$4,000 133c | SOFR+425 bp | Aug 30, 2032 |
| A• C•••••• A••••••••• C••••••••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+525 bp | |
| Z••••••• H••••• I•• L• Air F•••••• & L•••••••• | delayed draw term loan first lien | $0 | -$4,000 133c | SOFR+475 bp | Aug 2, 2032 |
| C••••••• H••• I••••••••• H••••••••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+550 bp | |
| B•••••••• P••••••••• I••• T•••••• Companies & D••••••••• | delayed draw term loan first lien | $0 | -$4,000 33c | SOFR+575 bp | Dec 19, 2030 |
| E•••••• H•••••••• I••• S••••••• | delayed draw term loan first lien | $0 | -$4,000 200c | SOFR+450 bp | Dec 20, 2032 |
| Z••••••• H••••• I•• L• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+475 bp | |
| C••••••• S•••••••• I••• S••••••• | delayed draw term loan first lien | $0 | -$4,000 200c | SOFR+450 bp | Nov 17, 2031 |
| C••••••• H••• I••••••••• H••••••••• H•••••, R••••••••• & L•••••• | delayed draw term loan first lien | $0 | -$4,000 133c | SOFR+550 bp | Jul 29, 2031 |
| B•••••••• P••••••••• I••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+575 bp | |
| C••••• S•••••••• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | -$4,000 | S+500 bp | |
| F••••• P••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$6,000 | S+500 bp | |
| L•••• P•••••• I••• S••••••• | delayed draw term loan first lien | $0 | -$6,000 200c | SOFR+450 bp | Sep 27, 2032 |
| F••••• P••••• H•••••••• I••• P•••••••••, B••••••••• & L••• S••••••• | delayed draw term loan first lien | $0 | -$6,000 | SOFR+500 bp | Nov 6, 2031 |
| C•••• R•••• a•• I••••• C••••••• L•• | delayed draw term loan first lien | Not disclosed | -$6,000 | S+425 bp | |
| L•••• P•••••• I••• | delayed draw term loan first lien | Not disclosed | -$6,000 | S+450 bp | |
| F••••• U• B••••• I••• M•••• | delayed draw term loan first lien | $0 | -$7,000 | SOFR+550 bp | Dec 11, 2031 |
| V•••••• P••••••••• L•• IT S••••••s | delayed draw term loan first lien | $0 | -$7,000 140c | SOFR+450 bp | Dec 23, 2032 |
| V•••••• P••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$7,000 | S+450 bp | |
| F••••• U• B••••• I••• | delayed draw term loan first lien | Not disclosed | -$7,000 | S+550 bp | |
| S••••• B••••••• I•• | delayed draw term loan first lien | Not disclosed | -$7,000 | S+600 bp | |
| Z••••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$7,000 | S+450 bp | |
| S••••• B••••••• I•• IT S••••••s | delayed draw term loan first lien | $0 | -$7,000 175c | SOFR+600 bp | Nov 10, 2028 |
| H•• O••••••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$8,000 | S+450 bp | |
| P••• C••••••••• C••••••••• S••••••s & S••••••• | delayed draw term loan first lien | $0 | -$8,000 200c | SOFR+450 bp | Dec 20, 2032 |
| P••• C••••••••• | delayed draw term loan first lien | Not disclosed | -$8,000 | S+450 bp | |
| C•••••••• C•••••• H•••••• C••••••••• P••••••••• S••••••s | delayed draw term loan first lien | $0 | -$8,000 | SOFR+475 bp | Nov 16, 2029 |
| H•• O••••••••• H•••••••• I••• I•••••••• | delayed draw term loan first lien | $0 | -$8,000 | SOFR+450 bp | Jun 11, 2031 |
| C•••••••• C•••••• H•••••• C••••••••• | delayed draw term loan first lien | Not disclosed | -$8,000 | S+475 bp | |
| P••••• C••• C••••••• L•• | revolver first lien | Not disclosed | -$9,000 | S+600 bp | |
| P••••••••• U••• L•• H••••• C••• E•••••••• & S••••••• | delayed draw term loan first lien | $0 | -$10,000 250c | SOFR+475 bp | Mar 13, 2029 |
| K••• B••••• L•• H••••• C••• T••••••••• | delayed draw term loan first lien | $0 | -$10,000 500c | SOFR+450 bp | Jul 23, 2031 |
| K••• B••••• L•• | delayed draw term loan first lien | Not disclosed | -$10,000 | S+450 bp | |
| P•••• A••••••••• B••••• I••• C••••••••• S••••••s & S••••••• | delayed draw term loan first lien | $0 | -$10,000 200c | SOFR+450 bp | Dec 31, 2032 |
| P••••••••• U••• L•• | delayed draw term loan first lien | Not disclosed | -$10,000 | S+475 bp | |
| P•••• A••••••••• B••••• I••• | delayed draw term loan first lien | Not disclosed | -$10,000 | S+450 bp | |
| C••••••• S•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$15,000 | S+450 bp | |
| C••••••• S•••••••• I••• S••••••• | delayed draw term loan first lien | $0 | -$15,000 214c | SOFR+450 bp | Nov 17, 2031 |
| S•••••• F•••••• O•• L•••••• | delayed draw term loan first lien | Not disclosed | -$15,000 | S+475 bp | |
| S•••••• F•••••• O•• L•••••• L••• S••••••• T•••• & S••••••s | delayed draw term loan first lien | $0 | -$15,000 188c | SOFR+475 bp | Oct 16, 2031 |
| H••••••• B••••••• L•• | delayed draw term loan first lien | Not disclosed | -$16,000 | S+475 bp | |
| H••••••• B••••••• L•• C••••••••• S••••••s & S••••••• | delayed draw term loan first lien | $0 | -$16,000 200c | SOFR+475 bp | Dec 15, 2028 |
| A••• M••••• L•• | delayed draw term loan first lien | Not disclosed | -$16,000 | S+525 bp | |
| A••• M••••• L•• Financial S••••••s | delayed draw term loan first lien | $0 | -$16,000 200c | SOFR+525 bp | Mar 24, 2032 |
| H••••••• B••••••• L•• C••••••••• S••••••s & S••••••• | delayed draw term loan first lien | $0 | -$16,000 200c | SOFR+475 bp | Dec 15, 2028 |
| H••••••• B••••••• L•• | delayed draw term loan first lien | Not disclosed | -$16,000 | S+475 bp | |
| S••••••• B•••••• L•• | delayed draw term loan first lien | Not disclosed | -$20,000 | S+500 bp | |
| P•• I••••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$21,000 | S+525 bp | |
| V••••••• R••••• B•••••• L•• S••••••• | delayed draw term loan first lien | $0 | -$23,000 230c | SOFR+525 bp | May 6, 2032 |
| V••••••• R••••• B•••••• L•• | delayed draw term loan first lien | Not disclosed | -$23,000 | S+525 bp | |
| G••••• B••••••• L•• | delayed draw term loan first lien | Not disclosed | -$26,000 | S+450 bp | |
| G••••• B••••••• L•• I•••••••• | delayed draw term loan first lien | $0 | -$26,000 200c | SOFR+450 bp | Sep 29, 2028 |
| A••• S•••••• P•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$26,000 | ||
| V•••••• E••••••• S••••••• I••• | delayed draw term loan first lien | Not disclosed | -$56,000 | S+500 bp | |
| G• A••••••••• I••• S••••••• | delayed draw term loan first lien | $0 | -$61,000 871c | SOFR+525 bp | May 25, 2028 |
| G• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | -$61,000 | S+525 bp | |
| C••••••••• T•••• U••••••• | unstated lien unstated | Not disclosed | -$496,000 |
Page 5 of 5Previous
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