Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements of Investments |
The following tables present fair value measurements of investments as of June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy at June 30, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First-lien debt investments |
|
$ |
— |
|
|
$ |
15,801 |
|
|
$ |
2,901,632 |
|
|
$ |
2,917,433 |
|
Second-lien debt investments |
|
|
— |
|
|
|
10 |
|
|
|
23,675 |
|
|
|
23,685 |
|
Mezzanine debt investments |
|
|
— |
|
|
|
— |
|
|
|
64,620 |
|
|
|
64,620 |
|
Equity investments |
|
|
12,099 |
|
|
|
10,737 |
|
|
|
131,957 |
|
|
|
154,793 |
|
Structured credit investments |
|
|
— |
|
|
|
87,769 |
|
|
|
— |
|
|
|
87,769 |
|
Joint venture investments |
|
|
— |
|
|
|
— |
|
|
|
53,832 |
|
|
|
53,832 |
|
Total investments at fair value |
|
$ |
12,099 |
|
|
$ |
114,317 |
|
|
$ |
3,175,716 |
|
|
$ |
3,302,132 |
|
Interest rate swaps |
|
|
— |
|
|
|
(3,805 |
) |
|
|
— |
|
|
|
(3,805 |
) |
Total |
|
$ |
12,099 |
|
|
$ |
110,512 |
|
|
$ |
3,175,716 |
|
|
$ |
3,298,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy at December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First-lien debt investments |
|
$ |
— |
|
|
$ |
28,204 |
|
|
$ |
2,956,297 |
|
|
$ |
2,984,501 |
|
Second-lien debt investments |
|
|
— |
|
|
|
222 |
|
|
|
30,456 |
|
|
|
30,678 |
|
Mezzanine debt investments |
|
|
— |
|
|
|
— |
|
|
|
61,684 |
|
|
|
61,684 |
|
Equity investments |
|
|
28,169 |
|
|
|
11,016 |
|
|
|
133,397 |
|
|
|
172,582 |
|
Structured credit investments |
|
|
— |
|
|
|
97,872 |
|
|
|
— |
|
|
|
97,872 |
|
Total investments at fair value |
|
$ |
28,169 |
|
|
$ |
137,314 |
|
|
$ |
3,181,834 |
|
|
$ |
3,347,317 |
|
Interest rate swaps |
|
|
— |
|
|
|
10,301 |
|
|
|
— |
|
|
|
10,301 |
|
Total |
|
$ |
28,169 |
|
|
$ |
147,615 |
|
|
$ |
3,181,834 |
|
|
$ |
3,357,618 |
|
|
| Changes in Fair Value of Investments Using Level 3 Inputs |
The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2026:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
|
|
June 30, 2026 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
and structured
credit investments |
|
|
Joint venture investments |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
2,942,965 |
|
|
$ |
31,073 |
|
|
$ |
63,752 |
|
|
$ |
125,399 |
|
|
$ |
14,665 |
|
|
$ |
3,177,854 |
|
Purchases or originations |
|
|
148,279 |
|
|
|
— |
|
|
|
— |
|
|
|
26 |
|
|
|
36,726 |
|
|
|
185,031 |
|
Repayments / redemptions |
|
|
(183,108 |
) |
|
|
(8,245 |
) |
|
|
(750 |
) |
|
|
— |
|
|
|
— |
|
|
|
(192,103 |
) |
Sales Proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Paid-in-kind interest |
|
|
1,610 |
|
|
|
1,173 |
|
|
|
1,647 |
|
|
|
— |
|
|
|
— |
|
|
|
4,430 |
|
Net change in unrealized gains (losses) |
|
|
(11,371 |
) |
|
|
(528 |
) |
|
|
(63 |
) |
|
|
6,532 |
|
|
|
2,441 |
|
|
|
(2,989 |
) |
Net realized gains (losses) |
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Net amortization of discount on securities |
|
|
3,252 |
|
|
|
202 |
|
|
|
34 |
|
|
|
— |
|
|
|
— |
|
|
|
3,488 |
|
Transfers within Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into (out of) Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance, End of Period |
|
$ |
2,901,632 |
|
|
$ |
23,675 |
|
|
$ |
64,620 |
|
|
$ |
131,957 |
|
|
$ |
53,832 |
|
|
$ |
3,175,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
and structured
credit investments |
|
|
Joint venture investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
2,956,297 |
|
|
$ |
30,456 |
|
|
$ |
61,684 |
|
|
$ |
133,397 |
|
|
$ |
— |
|
|
$ |
3,181,834 |
|
Purchases or originations |
|
|
296,374 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
51,391 |
|
|
|
347,800 |
|
Repayments / redemptions |
|
|
(299,254 |
) |
|
|
(8,245 |
) |
|
|
(750 |
) |
|
|
— |
|
|
|
— |
|
|
|
(308,249 |
) |
Sales Proceeds |
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
Paid-in-kind interest |
|
|
5,482 |
|
|
|
2,309 |
|
|
|
3,315 |
|
|
|
— |
|
|
|
— |
|
|
|
11,106 |
|
Net change in unrealized gains (losses) |
|
|
(64,760 |
) |
|
|
38,321 |
|
|
|
303 |
|
|
|
2,062 |
|
|
|
2,441 |
|
|
|
(21,633 |
) |
Net realized gains (losses) |
|
|
10 |
|
|
|
(39,489 |
) |
|
|
— |
|
|
|
(3,255 |
) |
|
|
— |
|
|
|
(42,734 |
) |
Net amortization of discount on securities |
|
|
7,473 |
|
|
|
323 |
|
|
|
68 |
|
|
|
— |
|
|
|
— |
|
|
|
7,864 |
|
Transfers within Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into (out of) Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(282 |
) |
|
|
— |
|
|
|
(282 |
) |
Balance, End of Period |
|
$ |
2,901,632 |
|
|
$ |
23,675 |
|
|
$ |
64,620 |
|
|
$ |
131,957 |
|
|
$ |
53,832 |
|
|
$ |
3,175,716 |
|
Dye & Durham, Ltd. was transferred out of Level 3 into Level 1 for fair value measurement purposes during the six months ended June 30, 2026, as a result of changes in the observability of inputs into the security valuation for this portfolio company. The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
|
|
June 30, 2025 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
3,144,798 |
|
|
$ |
32,301 |
|
|
$ |
52,179 |
|
|
$ |
141,952 |
|
|
$ |
3,371,230 |
|
Purchases or originations |
|
|
252,448 |
|
|
|
— |
|
|
|
— |
|
|
|
2,366 |
|
|
|
254,814 |
|
Repayments / redemptions |
|
|
(376,332 |
) |
|
|
(3,357 |
) |
|
|
— |
|
|
|
— |
|
|
|
(379,689 |
) |
Sales Proceeds |
|
|
(36,910 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,641 |
) |
|
|
(43,551 |
) |
Paid-in-kind interest |
|
|
3,453 |
|
|
|
1,026 |
|
|
|
1,143 |
|
|
|
— |
|
|
|
5,622 |
|
Net change in unrealized gains (losses) |
|
|
68,075 |
|
|
|
(1,540 |
) |
|
|
212 |
|
|
|
(5,732 |
) |
|
|
61,015 |
|
Net realized gains (losses) |
|
|
(41,507 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,279 |
|
|
|
(38,228 |
) |
Net amortization of discount on securities |
|
|
7,579 |
|
|
|
305 |
|
|
|
33 |
|
|
|
— |
|
|
|
7,917 |
|
Transfers within Level 3 |
|
|
(7,533 |
) |
|
|
— |
|
|
|
— |
|
|
|
7,533 |
|
|
|
— |
|
Transfers into (out of) Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,018 |
) |
|
|
(22,018 |
) |
Balance, End of Period |
|
$ |
3,014,071 |
|
|
$ |
28,735 |
|
|
$ |
53,567 |
|
|
$ |
120,739 |
|
|
$ |
3,217,112 |
|
Caris Life Sciences, Inc. was transferred out of Level 3 into Level 1 for fair value measurement purposes during the three months ended June 30, 2025, as a result of changes in the observability of inputs into the security valuation for this portfolio company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Six Months Ended |
|
|
|
June 30, 2025 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
3,287,829 |
|
|
$ |
18,535 |
|
|
$ |
39,091 |
|
|
$ |
139,586 |
|
|
$ |
3,485,041 |
|
Purchases or originations |
|
|
396,218 |
|
|
|
15,359 |
|
|
|
12,740 |
|
|
|
5,088 |
|
|
|
429,405 |
|
Repayments / redemptions |
|
|
(664,222 |
) |
|
|
(3,357 |
) |
|
|
— |
|
|
|
— |
|
|
|
(667,579 |
) |
Sales Proceeds |
|
|
(36,910 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,198 |
) |
|
|
(45,108 |
) |
Paid-in-kind interest |
|
|
6,745 |
|
|
|
1,831 |
|
|
|
2,200 |
|
|
|
81 |
|
|
|
10,857 |
|
Net change in unrealized gains (losses) |
|
|
59,751 |
|
|
|
(4,026 |
) |
|
|
(516 |
) |
|
|
(4,986 |
) |
|
|
50,223 |
|
Net realized gains (losses) |
|
|
(41,483 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,653 |
|
|
|
(37,830 |
) |
Net amortization of discount on securities |
|
|
13,676 |
|
|
|
393 |
|
|
|
52 |
|
|
|
— |
|
|
|
14,121 |
|
Transfers within Level 3 |
|
|
(7,533 |
) |
|
|
— |
|
|
|
— |
|
|
|
7,533 |
|
|
|
— |
|
Transfers into (out of) Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,018 |
) |
|
|
(22,018 |
) |
Balance, End of Period |
|
$ |
3,014,071 |
|
|
$ |
28,735 |
|
|
$ |
53,567 |
|
|
$ |
120,739 |
|
|
$ |
3,217,112 |
|
Caris Life Sciences, Inc. was transferred out of Level 3 into Level 1 for fair value measurement purposes during the six months ended June 30, 2025, as a result of changes in the observability of inputs into the security valuation for this portfolio company.
|
| Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value |
The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized |
|
|
Net Change in Unrealized |
|
|
|
Gains or (Losses) |
|
|
Gains or (Losses) |
|
|
|
for the Three Months Ended |
|
|
for the Three Months Ended |
|
|
|
June 30, 2026 on |
|
|
June 30, 2025 on |
|
|
|
Investments Held at |
|
|
Investments Held at |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
First-lien debt investments |
|
$ |
(9,817 |
) |
|
$ |
31,358 |
|
Second-lien debt investments |
|
|
(49 |
) |
|
|
(1,066 |
) |
Mezzanine debt investments |
|
|
(63 |
) |
|
|
212 |
|
Equity investments |
|
|
6,532 |
|
|
|
(1,250 |
) |
Joint venture investments |
|
|
2,441 |
|
|
|
— |
|
Total |
|
$ |
(956 |
) |
|
$ |
29,254 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized |
|
|
Net Change in Unrealized |
|
|
|
Gains or (Losses) |
|
|
Gains or (Losses) |
|
|
|
for the Six Months Ended |
|
|
for the Six Months Ended |
|
|
|
June 30, 2026 on |
|
|
June 30, 2025 on |
|
|
|
Investments Held at |
|
|
Investments Held at |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
First-lien debt investments |
|
$ |
(60,296 |
) |
|
$ |
30,038 |
|
Second-lien debt investments |
|
|
(1,168 |
) |
|
|
(3,820 |
) |
Mezzanine debt investments |
|
|
303 |
|
|
|
(516 |
) |
Equity investments |
|
|
2,062 |
|
|
|
(2,461 |
) |
Joint venture investments |
|
|
2,441 |
|
|
|
— |
|
Total |
|
$ |
(56,658 |
) |
|
$ |
23,241 |
|
|
| Fair Value of Level 3 Investments at Fair Value and Significant Unobservable Inputs Used in Valuations |
The following tables present the fair value of Level 3 Investments and the significant unobservable inputs used in the valuations as of June 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
|
|
Valuation |
|
Unobservable |
|
Range (Weighted |
|
Impact to Valuation
from an |
|
|
Fair Value |
|
|
Technique |
|
Input |
|
Average) |
|
Increase to Input |
First-lien debt investments |
|
$ |
2,901,632 |
|
|
Income approach (1) |
|
Discount rate |
|
7.6% — 27.5% (12.5%) |
|
Decrease |
Second-lien debt investments |
|
|
23,675 |
|
|
Income approach |
|
Discount rate |
|
16.2% — 16.5% (16.2%) |
|
Decrease |
Mezzanine debt investments |
|
|
64,620 |
|
|
Income approach (2) |
|
Discount rate |
|
8.7% — 11.9% (11.7%) |
|
Decrease |
Equity investments |
|
|
131,957 |
|
|
Market Multiple (3) |
|
Comparable multiple |
|
1.5x — 22.0x (11.4x) |
|
Increase |
Joint venture investments |
|
|
53,832 |
|
|
Income approach (4) |
|
Discount rate |
|
12.5% — 12.5% (12.5%) |
|
Decrease |
Total |
|
$ |
3,175,716 |
|
|
|
|
|
|
|
|
|
(1)Includes $99.2 million of debt investments which were valued using an asset valuation waterfall. (2)Includes $0.1 million of debt investments which were valued using an asset valuation waterfall. (3)Includes $17.2 million of equity investments which were valued using an asset valuation waterfall and $18.3 million of equity investments which were valued using a discounted cash flow analysis. (4)Includes $53.8 million of joint venture investments which were valued using a discounted cash flow analysis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
Valuation |
|
Unobservable |
|
Range (Weighted |
|
Impact to Valuation
from an |
|
|
Fair Value |
|
|
Technique |
|
Input |
|
Average) |
|
Increase to Input |
First-lien debt investments |
|
$ |
2,956,297 |
|
|
Income approach (1) |
|
Discount rate |
|
6.6% — 17.5% (11.0%) |
|
Decrease |
Second-lien debt investments |
|
|
30,456 |
|
|
Income approach |
|
Discount rate |
|
12.5% — 15.3% (14.2%) |
|
Decrease |
Mezzanine debt investments |
|
|
61,684 |
|
|
Income approach (2) |
|
Discount rate |
|
10.8% — 20.0% (11.1%) |
|
Decrease |
Equity investments |
|
|
133,397 |
|
|
Market Multiple (3) |
|
Comparable multiple |
|
1.8x — 25.0x (10.4x) |
|
Increase |
Total |
|
$ |
3,181,834 |
|
|
|
|
|
|
|
|
|
(1)Includes $105.9 million of debt investments which were valued using an asset valuation waterfall. (2)Includes $0.1 million of debt investments which were valued using an asset valuation waterfall. (3)Includes $13.1 million of equity investments which were valued using an asset valuation waterfall and $20.1 million of equity investments using a discounted cash flow analysis.
|
| Schedule of Contributed Capital and Unfunded Commitments |
As of June 30, 2026, SCP had the following contributed capital and unfunded commitments from its members:
|
|
|
|
|
|
|
June 30, 2026 |
|
Total contributed capital by Sixth Street Specialty Lending Inc. |
|
$ |
51,391 |
|
Total contributed capital by Sixth Street Lending Partners |
|
|
25,704 |
|
Total contributed capital by Carlyle |
|
|
77,095 |
|
Total contributed capital |
|
$ |
154,190 |
|
Total unfunded commitments by Sixth Street Specialty Lending Inc. |
|
|
148,610 |
|
Total unfunded commitments by Sixth Street Lending Partners |
|
|
74,297 |
|
Total unfunded commitments by Carlyle |
|
|
222,907 |
|
Total unfunded commitments |
|
$ |
445,814 |
|
As of June 30, 2026, SCP had five wholly owned subsidiaries: (i) Carlyle US CLO 2026-3, Ltd., a Cayman Islands corporation; (ii) Carlyle US CLO 2026-B, Ltd., a Cayman Islands corporation; (iii) Sixth Street CLO 32, Ltd., a Cayman Islands corporation; (iv) Sixth Street SCP Warehouse 3, Ltd., a Cayman Islands corporation and (v) Sixth Street SCP Warehouse 4, Ltd., a Cayman Islands corporation. Each subsidiary primarily invests in broadly syndicated loans. As the subsidiaries are wholly owned subsidiaries, they are consolidated in SCP’s unaudited consolidated financial statements commencing from the date of their respective formation.
|
| Schedule of Financial Highlights of Joint Venture |
Below is selected consolidated balance sheet information for SCP as of June 30, 2026:
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
(unaudited) |
|
Selected Consolidated Balance Sheet Information: |
|
|
|
Assets |
|
|
|
Investments at fair value (amortized cost of $1,664,368) |
|
$ |
1,659,630 |
|
Cash and cash equivalents (1) |
|
|
130,014 |
|
Prepaid expenses and other assets |
|
|
39,844 |
|
Total Assets |
|
$ |
1,829,488 |
|
Liabilities and Members' Equity |
|
|
|
Secured borrowings |
|
$ |
1,357,281 |
|
Dividend payable |
|
|
5,070 |
|
Accrued expenses and other liabilities |
|
|
317,605 |
|
Members equity (2) |
|
|
149,290 |
|
Non-controlling interest |
|
|
242 |
|
Total Liabilities and Members' Equity |
|
$ |
1,829,488 |
|
(1)As of June 30, 2026, $9,743 of SCP’s cash and cash equivalents was restricted. (2)As of June 30, 2026, the fair value of the Company’s ownership interest in the members’ equity was $53,832. Below is selected consolidated statement of operations information for SCP for the three and six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2026 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Selected Consolidated Statement of Operations Information: |
|
|
|
|
|
|
Total Investment Income |
|
$ |
22,123 |
|
|
$ |
23,573 |
|
Expenses |
|
|
|
|
|
|
Interest expense |
|
|
16,442 |
|
|
|
16,973 |
|
Other expenses |
|
|
368 |
|
|
|
1,168 |
|
Total expenses |
|
|
16,810 |
|
|
|
18,141 |
|
Net Investment Income |
|
|
5,313 |
|
|
|
5,432 |
|
Net change in unrealized gains (losses) on investments |
|
|
29 |
|
|
|
(4,738 |
) |
Net realized gains (losses) on investments |
|
103 |
|
|
|
133 |
|
Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
5,445 |
|
|
$ |
827 |
|
Net income (loss) attributable to non-controlling interest |
|
|
(13 |
) |
|
|
(13 |
) |
Increase (Decrease) in Net Assets Resulting from Operations Attributable to Members |
|
$ |
5,458 |
|
|
$ |
840 |
|
Below is a summary of SCP’s portfolio as of June 30, 2026:
|
|
|
|
|
|
|
June 30, 2026 |
|
Total investments (1) |
|
$ |
1,681,254 |
|
Weighted average yield on total investments at amortized cost |
|
|
6.75 |
% |
Weighted average yield on total investments at fair value |
|
|
6.77 |
% |
Weighted average spread on investments |
|
|
2.79 |
% |
Number of portfolio companies in SCP |
|
|
428 |
|
Percentage of loans at floating interest rates |
|
|
99.52 |
% |
|
| Summary of Industry Composition of SCP's Portfolio at Fair value |
The industry composition of SCP’s portfolio at fair value as of June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Fair Value |
|
Aerospace & Defense |
|
$ |
77,745 |
|
|
$ |
77,745 |
|
|
|
4.7 |
% |
Auto Aftermarket & Services |
|
|
45,943 |
|
|
|
45,985 |
|
|
|
2.8 |
% |
Beverage & Food |
|
|
50,150 |
|
|
|
50,261 |
|
|
|
3.0 |
% |
Business Services |
|
|
177,077 |
|
|
|
176,405 |
|
|
|
10.6 |
% |
Capital Equipment |
|
|
105,834 |
|
|
|
105,845 |
|
|
|
6.4 |
% |
Chemicals, Plastics & Rubber |
|
|
28,790 |
|
|
|
28,912 |
|
|
|
1.7 |
% |
Construction & Building |
|
|
91,558 |
|
|
|
91,241 |
|
|
|
5.5 |
% |
Consumer goods: Durable |
|
|
31,398 |
|
|
|
31,391 |
|
|
|
1.9 |
% |
Consumer goods: Non-durable |
|
|
27,749 |
|
|
|
27,792 |
|
|
|
1.7 |
% |
Consumer Services |
|
|
125,242 |
|
|
|
125,148 |
|
|
|
7.5 |
% |
Containers, Packaging & Glass |
|
|
44,160 |
|
|
|
44,139 |
|
|
|
2.7 |
% |
Diversified Financial Services |
|
|
212,220 |
|
|
|
210,609 |
|
|
|
12.7 |
% |
Energy: Electricity |
|
|
15,266 |
|
|
|
15,222 |
|
|
|
0.9 |
% |
Energy: Oil & Gas |
|
|
29,187 |
|
|
|
29,185 |
|
|
|
1.8 |
% |
Environmental Industries |
|
|
24,057 |
|
|
|
24,068 |
|
|
|
1.5 |
% |
Forest Products & Paper |
|
|
2,457 |
|
|
|
2,387 |
|
|
|
0.1 |
% |
Healthcare & Pharmaceuticals |
|
|
102,635 |
|
|
|
102,638 |
|
|
|
6.2 |
% |
High Tech Industries |
|
|
121,605 |
|
|
|
119,392 |
|
|
|
7.2 |
% |
Leisure Products & Services |
|
|
80,886 |
|
|
|
80,764 |
|
|
|
4.9 |
% |
Media: Advertising, Printing & Publishing |
|
|
12,856 |
|
|
|
12,930 |
|
|
|
0.8 |
% |
Media: Broadcasting & Subscription |
|
|
21,064 |
|
|
|
21,102 |
|
|
|
1.3 |
% |
Media: Diversified & Production |
|
|
28,004 |
|
|
|
28,023 |
|
|
|
1.7 |
% |
Metals & Mining |
|
|
3,976 |
|
|
|
4,000 |
|
|
|
0.2 |
% |
Retail |
|
|
25,826 |
|
|
|
25,717 |
|
|
|
1.5 |
% |
Telecommunications |
|
|
20,090 |
|
|
|
20,180 |
|
|
|
1.2 |
% |
Transportation: Cargo |
|
|
7,392 |
|
|
|
7,504 |
|
|
|
0.5 |
% |
Transportation: Consumer |
|
|
27,334 |
|
|
|
27,244 |
|
|
|
1.6 |
% |
Utilities: Electric |
|
|
10,158 |
|
|
|
10,209 |
|
|
|
0.6 |
% |
Utilities: Oil & Gas |
|
|
4,909 |
|
|
|
4,949 |
|
|
|
0.3 |
% |
Wholesale |
|
|
108,800 |
|
|
|
108,643 |
|
|
|
6.5 |
% |
Total |
|
$ |
1,664,368 |
|
|
$ |
1,659,630 |
|
|
|
100.0 |
% |
|
| Summary of Geographic Composition of SCP's Portfolio at Fair Value |
The geographic composition of SCP’s portfolio at fair value as of June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Fair Value |
|
Australia |
|
$ |
1,980 |
|
|
$ |
2,009 |
|
|
|
0.1 |
% |
Canada |
|
|
16,308 |
|
|
|
16,208 |
|
|
|
1.0 |
% |
Germany |
|
|
15,482 |
|
|
|
15,573 |
|
|
|
0.9 |
% |
Ireland |
|
|
879 |
|
|
|
877 |
|
|
|
0.1 |
% |
Luxembourg |
|
|
19,504 |
|
|
|
19,393 |
|
|
|
1.2 |
% |
Netherlands |
|
|
22,163 |
|
|
|
22,267 |
|
|
|
1.3 |
% |
Switzerland (1) |
|
|
631 |
|
|
|
658 |
|
|
|
0.0 |
% |
United Kingdom |
|
|
21,391 |
|
|
|
21,160 |
|
|
|
1.3 |
% |
United States |
|
|
1,566,030 |
|
|
|
1,561,485 |
|
|
|
94.1 |
% |
Total |
|
$ |
1,664,368 |
|
|
$ |
1,659,630 |
|
|
|
100.0 |
% |
(1)Value sums to less than 0.1%.
|
| Fair Value of Company's 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes |
The following table presents the fair value of the Company’s 2026 Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes as of June 30, 2026 and December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Outstanding
Principal |
|
|
Fair
Value (1) |
|
|
Outstanding
Principal |
|
|
Fair
Value (1) |
|
2026 Notes |
|
$ |
300,000 |
|
|
$ |
299,393 |
|
|
$ |
300,000 |
|
|
$ |
296,659 |
|
2028 Notes |
|
|
300,000 |
|
|
|
308,134 |
|
|
|
300,000 |
|
|
|
314,473 |
|
2029 Notes |
|
|
350,000 |
|
|
|
353,458 |
|
|
|
350,000 |
|
|
|
361,359 |
|
2030 Notes |
|
|
300,000 |
|
|
|
296,876 |
|
|
|
300,000 |
|
|
|
303,186 |
|
2031 Notes |
|
|
300,000 |
|
|
|
293,833 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1,550,000 |
|
|
$ |
1,551,694 |
|
|
$ |
1,250,000 |
|
|
$ |
1,275,677 |
|
(1)The fair value is based on broker quotes received by the Company and is categorized as Level 2 within the fair value hierarchy.
|