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S•••• P•••• C••••• I••••• F•••

Business development companymanaged by S•••• P•••• C••••• I••••• A•••••• L••Non-traded· GREENWICH, CT

A non-traded business development company, managed by S•••• P•••• C••••• I••••• A•••••• L••, holding $790M across 114 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: $790M
Borrowers: 114
Mark on cost: 99.2¢
First lien: 89%

Schedule of investments (315)Quarter by quarter Sponsors

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

What matters now

1 below 80¢
$5.09M principal
1 position across 1 borrower marked below 80¢ on cost, $5.09M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
103 → 114
borrowers
Added a net 11 borrowers in the quarter to Jun 30, 2026, to 114.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$348M → $790M
fair value, 4 quarters
Its portfolio grew 127% 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 2031283 · file 814-01783Show

Fair value

$790M

as of Jun 30, 2026

Principal held

$799M

debt pieces, the filer's figure

Cost

$793M

99c on cost, debt pieces

Unfunded

$233M

commitments not yet drawn

Positions

315

114 borrowers

First lien

89%

99% debt by fair value

Quarters on the tape

since Dec 31, 2024

Facilities held

225

17 sponsors financed

Portfolio through time

Fair value by quarter end$790M as of Jun 30, 2026

Dec 31, 2024$0 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$790M	114	99c	9	490 bp
Mar 31, 2026	$718M	103	99c	8	490 bp
Dec 31, 2025	$600M	106	100c	11	493 bp
Sep 30, 2025	$433M	81	100c	0	497 bp

All 8 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$348M	67	100c	500 bp
Mar 31, 2025	$268M	52	100c	510 bp
Jan 21, 2025	$0	1	n/a	n/a
Dec 31, 2024	$0	55	n/a	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

W•••• S••••• R•••••• A••••••••• L•• first lien term loan
6 BDCs hold it · matures Sep 16, 2032
$22.3M 100c
B•••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Mar 8, 2030
$21.5M 100c
T••••• I••••••••• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Oct 2, 2028
$18.0M 100c
A•••••••• P••••••• L•• first lien term loan
10 BDCs hold it · matures Nov 17, 2031
$16.3M 100c
S••••••• B•••••••• I••• L•• first lien term loan
3 BDCs hold it · matures May 27, 2033
$15.6M 100c
F••••• I•• first lien term loan
12 BDCs hold it · matures Mar 31, 2033
$14.8M 100c
M••••••• A••••••••• I•• first lien term loan
14 BDCs hold it · matures Jun 3, 2030 · possible sponsor P•••••••• C•••••• P•••••••
$13.9M 100c
P••••• C••••••••• unsecured or subordinated notes
2 BDCs hold it · matures Oct 28, 2030
$13.8M 96c
F••• T•••••• H••••••• L•• first lien term loan
3 BDCs hold it · matures Oct 29, 2031
$13.6M 100c
C••••••••• L•• first lien term loan
12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••
$13.3M 100c
A•••• A••••••• G••••• L•• first lien delayed draw term loan
12 BDCs hold it · matures Aug 1, 2031
$13.2M 99c
A••••• I••••••••• H•••••••• L•• first lien delayed draw term loan
4 BDCs hold it · matures May 28, 2027
$13.1M 100c

Schedule of investments at Mar 31, 2026

293 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
R•••••• P••••••••• I•••	revolver first lien	$0	-$18,877 106c	S+475 bp	Mar 3, 2031
W••••••••• G•••• T••••••••• L••	revolver first lien	$0	-$19,805 97c	S+475 bp	Nov 3, 2032
A••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$0	-$20,081 219c	S+500 bp	May 20, 2027
E•••••• B••••• L••	revolver first lien	$0	-$20,325 101c	S+525 bp	Sep 9, 2031
H•••••••• B••••• I•••	revolver first lien	$0	-$20,775 103c	S+450 bp	Sep 29, 2032
H•••••• B••••• L••	delayed draw term loan first lien	$0	-$21,373 349c	S+500 bp	Jun 24, 2027
D••••••• C•••••••••	delayed draw term loan first lien	$0	-$23,236	S+500 bp	Apr 30, 2026
F•••••••• O••••••••• L••	revolver first lien	$0	-$24,625 221c	S+525 bp	Aug 8, 2031
F••••• I••	revolver first lien	$0	-$27,565 100c	S+475 bp	Mar 31, 2033
C••••• P••••••• E••••• H•••••• L••	delayed draw term loan first lien	$0	-$31,085 104c	S+450 bp	Dec 20, 2027
P•• P••••• I•••	delayed draw term loan first lien	$0	-$39,160 206c	S+450 bp	Aug 18, 2028
R•••••• P••••••••• I•••	delayed draw term loan first lien	$0	-$40,078 240c	S+475 bp	Mar 3, 2027
T••• T••••• A••••••• B••••••• L••	revolver first lien	$0	-$41,935 104c	S+525 bp	Jan 9, 2032
H•••••••• B••••• I•••	delayed draw term loan first lien	$0	-$42,469 207c	S+450 bp	Sep 29, 2027
F••••• I••	delayed draw term loan first lien	$0	-$43,435 200c	S+475 bp	Sep 30, 2028
A••• B••••• I•••	delayed draw term loan first lien	$0	-$48,824 203c	S+475 bp	Feb 27, 2028
S••• P••••••••• I•••	delayed draw term loan first lien	$0	-$60,767 385c	S+450 bp	Sep 22, 2027
W••••••••• G•••• T••••••••• L••	delayed draw term loan first lien	$0	-$64,004 194c	S+475 bp	Nov 3, 2027
F•••••••• O••••••••• L••	delayed draw term loan first lien	$0	-$67,719 442c	S+525 bp	Aug 8, 2027
F••• T•••••• H••••••• L••	revolver first lien	$0	-$74,691 101c	S+500 bp	Oct 29, 2031
T••• T••••• A••••••• B••••••• L••	delayed draw term loan first lien	$0	-$81,056 207c	S+525 bp	Jan 9, 2028
R•••••• S••••••• G••••• L••	delayed draw term loan first lien	$0	-$89,310 200c	S+500 bp	Feb 11, 2028
A•••• A••••••• G••••• L••	delayed draw term loan first lien	$0	-$111,233 210c	S+475 bp	Dec 23, 2027
G• A••••••••• I•••	delayed draw term loan first lien	$0	-$112,500 1267c	S+525 bp	May 16, 2027
L•• V•••••• H••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
H••• I••••••••• I•• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
F•••••• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
C••••••••• M••••• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
C••••• P•••••• E••••• B•••••	delayed draw term loan first lien	Not disclosed	Not disclosed
W•••• S••••• R•••••• A••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
A•••• I•••••••• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
W••••••••• G•••• T••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
B••••• P••••• H••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+450 bp
B••••••••• B••••• L•••••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
C••••••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
A•••••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
T••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+425 bp
H•••••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
G••••••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+400 bp
C•••••• G••••• L••	revolver first lien	Not disclosed	Not disclosed	S+425 bp
T•••• H••• I••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
K••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+475 bp
C••••• P••••••• E••••• H•••••• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
A•••••••• P••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
K••• B••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+450 bp
M•• D••••• S••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+550 bp
P•••• B•••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+575 bp
K••• B••••• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
H••• I••••••••• I•• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
T••• P••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+550 bp
B•••• T•••• A••••••• G••••• L•	revolver first lien	Not disclosed	Not disclosed
F••• T•••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
S•• A•••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
A••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp
F••••••••• R••• P•••••••• C••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
K••• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
S•••••••• P••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
B•••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+550 bp
A•••••••• R••••••••• M•••••••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
F•••••••• O••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
S••••••• S••••• H••••••••• S•••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
F••••• I••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
M••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
T••••• H•••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+425 bp
D••••••• C•••••••••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
T•••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
P••••• L•• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
E•••••• B••••• L••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
C••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
G••••• B••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
A••••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+550 bp
A••••• B••••••• C•••••• T•••••• L••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
A••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
B•••• T•••• A••••••• G••••• L•	revolver first lien	Not disclosed	Not disclosed
B•••••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+650 bp
C••••••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+450 bp
K••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+475 bp
S••• P••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
T••• T••••• A••••••• B••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
M••• C•••••• I•• L••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
M•• C•••••• M••••••••• I••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
R•••••• T••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
W•••• I•••••••• A••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
T•• A••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
M•• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
O•••••••• V••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
P•• P••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+450 bp
R•••••• P••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+475 bp
o•••••• F•••••••• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
A•••••••• S••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+600 bp
S•••••••• P••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
S••••••• A• B••••• L••	revolver first lien	Not disclosed	Not disclosed	S+550 bp
R•• N••• P••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2025 to 2026reported
Filings listed: 7reported10-Q and 10-K since 2022
Latest schedule: 0002031283-26-000012reported