SCP Private Credit Income BDC LLC
DE
Private creditNon-traded BDC1099
Compared against Private credit non-traded bdcs.
1Y return
+5.2%
31th pctile · behind most peersas of 2026-02-24
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$127.0M
as of 2026-02-24
Net expenses
5.18%
16th pctile · cheaper than median
Repurchase
not stated yet
Level 3
100%
55th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.5% management fee)5.18%
Minus interest on borrowings, the cost of portfolio leverage2.85%
Ongoing cost, determined from the filings2.40%
Ongoing cost runs about 2.4% a year: roughly 1.8% management fee, 0.1% administration and about 0.6% of audit, legal, insurance and other operating costs. Borrowing costs of about 2.9% and the performance fee are excluded. The management fee is charged on capital invested rather than net assets, so as the fund sells assets and shrinks, the percentage keeps climbing.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year2.40%
This is the cost for unit (single class).
Based on Annualized from the six months ended June 30, 2026 interim ratios (filing states 2.60% total expenses, 1.43% interest, 1.17% operating for the six-mon.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Unitholders first receive return of capital contributions and a 6% per annum compounded preferred return; the Adviser then receives 80% of remaining proceeds as a catch-up until it has received 15% of amounts distributed above the return of capital, then 85% to Unitholders and 15% to the Adviser, wi) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
65th pctile · pricier than most
1Y return
31th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annualized from the six months ended June 30, 2026 interim ratios (filing states 2.60% total expenses, 1.43% interest, 1.17% operating for the six-month period, not annualized; doubled here). Cross-checked against the FY2025 annual report (total expenses 8.33%, interest 5.16%, operating 3.17%, incentive fees $1,589k on about $165.6M average net assets, giving 2.21%). The interim figure is used because the fund entered wind-down (term ended April 5, 2025), net assets fell from $187.4M to $127.0M, and the 1.5% management fee is charged on invested capital rather than net assets, so the ratio is rising and will persist at the higher level..
Open the filing on sec.gov (0001193125-26-066960)Size and leverage
Net assets$127.0M?
Borrowings$17.6M?
Leveragedebt to equity0.14x?
Asset coverage821.60%?
Investments held17?
Started2019-03-12?
What the manager charges
Management feeof invested capital (capital contributions plus credit drawn on subscription credit facilities)1.50%?
Performance feeDistribution waterfall: return of capital, then a 6% per annum compounded preferred return to Unitholders, then an 80%/20% catch-up until the Adviser has received 15%, then 85% to Unitholders / 15% to the Adviser as incentive fee; amounts attributable to disposition proceeds capped at 20% of cumulative realized capital gains net of realized losses and unrealized depreciation.?
Hurdle6.00%?
High water markYes?
Getting your money back
Repurchase offersNone. Units are not generally transferable and voluntary withdrawal is not allowed; there is no repurchase program.?
Where distributions come from
Paid out of income64.60%?
Return of your own capital35.40%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position11.30%?
Top ten87.60%?
Floating rate86.10%?
Not paying interestloans on non-accrual9.40%?
Priced by the managerno market price available100.00%?
MostlyHealth Care Providers & Services (26.6% of total investments at fair value)?
Who is involved
AdviserSLR Capital Partners, LLC?
AuditorKPMG LLP?
Valuedquarterly?
Independent valuation agentNo?
Deals with affiliatesYes?
Also worth knowing
- The term of the Company ended on April 5, 2025 and the Company will be dissolved and its affairs wound up within a reasonable time; the investment period ended December 31, 2022.
- RQM+ Corp., the largest life sciences position, is on non-accrual status with an all-PIK spread of S+725; fair value $12,285 against cost $16,958 at June 30, 2026.
- Net assets fell from $268.3M at December 31, 2023 to $187.4M at December 31, 2024 to $135.8M at December 31, 2025 to $127.0M at June 30, 2026, after unit redemptions of $83.5M in 2024 and $40.0M in 2025.
- The $2,639 incentive fee payable at December 31, 2025 was reduced to zero and the six months ended June 30, 2026 carried a negative incentive fee accrual of $(49).
- Management fee charged on invested capital, not net assets: 1.5% per annum of invested capital ($154.3M drawn) percent of invested capital (Because the fee base is fixed drawn capital while net assets are shrinking in wind-down, the fee as a share of what investors actually own keeps rising, from 1.59% of average net assets in 2025 to about 1.75% annualized in the first half of 2026.)
- Operating expense cap borne by the Adviser: $2.065 million per fiscal year at $326 million of commitments USD per year (Caps a defined subset of administrative, audit, custody, insurance and regulatory filing costs, limiting how high the non fee portion of ongoing cost can go and shifting the excess to the Adviser.)
- Unfunded equity capital commitments still outstanding: 171,700,000 USD (Even though the fund is in wind-down, investors remain contractually exposed to unfunded commitments, and the management fee base could change if further capital were drawn.)
- Credit facility maturities inside the wind-down window: Subscription Facility $7,100 drawn maturing December 31, 2026; DB Facility $10,494 drawn maturing August 2, 2027 USD thousands (Both facilities mature before or near the expected end of liquidation, so refinancing or asset sale timing directly affects distributions.)
- Quarter-end Treasury bill purchases excluded from the fee base: $70 million face at June 30, 2026 USD (The fund inflates quarter-end total assets with short-dated Treasuries for BDC qualifying-asset purposes and expressly excludes them from the asset base used to compute the management fee, which distorts headline total assets and leverage optics.)
- Payment-in-kind and non-accrual concentration: RQM+ Corp. all-PIK S+725, non-accrual, fair value $12,285 vs cost $16,958 USD thousands (A single position is 9.4% of the portfolio, pays no cash, and is not accruing income, which reduces the cash available to service distributions in liquidation.)
- Restructured Transportation Insight position: Insight Borrower, LLC loan $2,441 plus TI TopCo Holdings preferred $3,469 (cost $4,291) and common equity at zero USD thousands (A performing loan was converted into a smaller loan plus PIK preferred and common equity carried below cost, converting cash interest into non-cash accruals and equity risk.)
- Distributions partly a return of capital: 35.4% of first-half 2026 distributions percent (Cash paid out exceeds earnings, so part of the yield is the investor's own capital coming back and net asset value per unit is declining.)
Fees
Liquidity terms
Repurchase frequency
Notice period, daysunchanged, 2 filings60
Valuation
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Structure
Legal structurechanged · Feb 2026
Share classeschanged from Units · Feb 2026
Tax reporting formunchanged, 4 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-03-31
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$127.0M
Total annual expenses, net of waiver5.18%
Total annual expenses, gross5.18%
Total return, 1 yearvaries across filings0.53%
Level 3 inputsraised from 1% · Feb 2026100%
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.