SCP Private Credit Income BDC Wind-Down: NAV Fell to $9.01 by Sep 30, 2026, Term Ended Apr 5, 2025

What the filings say about the end

The wording has not changed in seven periodic reports. The 10-K for 2024, filed February 25, 2025, said the term would end on April 5, 2025 and that the board could extend it for up to two consecutive one-year periods with independent-director and unitholder approval. The 10-Q filed May 7, 2025 and every report since say instead that the term “ended on April 5, 2025.” An extension is not mentioned in any of them.

The 10-Q gives no date for the dissolution and no liquidation plan. It does not say who will carry out the wind-down, how long asset sales may take, or what the unitholders should expect to receive. The extension of the subscription facility to December 31, 2027 is a financing fact; the filing does not connect it to a timetable.

Why net asset value per unit fell $0.41

Net asset value per unit is net assets divided by units. In a fund that is returning cash, it falls when distributions exceed earnings, even if the loans hold their value. The 10-Q's financial highlights split the nine months like this.

Two things follow. First, the fall is mostly cash that left the fund: $0.60 of distributions against $0.19 earned (our arithmetic). Second, the quarters were uneven. NAV per unit was $9.17 at March 31, $8.81 at June 30 and $9.01 at September 30, 2026. The third quarter rose $0.20 with no distribution at all; net distributions were $4.4 million in the first quarter, $4.2 million in the second and nothing in the third. The 10-Q does not say why the third-quarter payment was skipped.

Of the $8.6 million paid in nine months, $5.8 million is classified in the financial statements as from distributable earnings and $2.8 million as return of capital, which is 33.1% (our arithmetic). The 10-Q says the tax character of distributions will be reported on Form 1099 after year-end, so the book split is not the tax split. See the 1099-DIV timing for non-traded REITs and BDCs and how fund sales are reported on Form 8949.

NAV per unit and net assets, quarter by quarter

The step down in the third quarter of 2025 is the July 15, 2025 redemption of $35.0 million. Since the company began in 2019 it has issued 26,710,775 units for $277.8 million and redeemed 12,295,607 units for $123.5 million. On a net basis the 14,415,168 units outstanding were sold at an average price of $10.70, for net proceeds of $154.3 million. $9.01 is 84.2% of $10.70 (our arithmetic). That is not a return figure: it leaves out every distribution received over seven years, which the 10-Q does not total.

What is left in the portfolio

At September 30, 2026 the portfolio was 17 companies at $123.0 million of fair value and $140.8 million of cost, against $184.5 million and $199.2 million nine months earlier. Fair value fell 33.3% (our arithmetic).

Three positions matter for what a unitholder eventually receives.

• RQM+ Corp. is the only investment marked on non-accrual in the September 30 schedule. Par is $18.1 million, cost $17.0 million and fair value $11.7 million, or 65.0% of par. At December 31, 2025 the same company was accruing and carried at $14.4 million on $16.0 million of par, 90.0% (our arithmetic). The 10-Q cites depreciation on RQM+ and iCIMS as the main drags on the nine-month unrealized result.
• SLR-AMI Topco Blocker, LLC is an equity stake of about 5.0% in ASC Holdco, LLC, a joint venture that owns certain assets of the former AmeriMark Interactive, LLC. It is carried at $12.0 million on a cost of $23.5 million. It pays no income, so it turns into cash only if the underlying assets are sold.
• Preferred equity is mostly Veronica Holdings, LLC (the Vapotherm position, $13.2 million of the $22.2 million) at 9.00% paid in kind, plus two new preferred positions created in 2026. Paid-in-kind means the return accrues rather than arrives as cash. Preferred and common equity together are 28.0% of fair value (our arithmetic).

For how this compares with other private-credit funds' non-accruals, see our census of 36 BDCs' June 30, 2026 filings. Floating-rate loans are 77.6% of the income-producing portfolio, down from 95.1%.

Cash, debt and commitments

The $64.7 million of Treasury bills is a quarter-end position: the 10-Q says such bills are typically bought near quarter end and closed out on a net cash basis afterwards, and the matching $65.3 million payable shows the purchase has not settled. The cash that is actually free is therefore the $7.2 million line plus whatever collections follow (our arithmetic). The debt is gone: the Deutsche Bank facility, which had commitments of about $226.1 million, was repaid on August 7, 2026 without a prepayment penalty. The $32.0 million subscription line with East West Bank has no borrowings.

Capital commitments were $326.0 million at the first closing. At September 30, 2026, $154.3 million had been drawn and $171.7 million was unfunded. The 10-Q does not say whether any of the unfunded amount can still be called now that the investment period and the term are over. Unfunded loan commitments to portfolio companies are small, at $2.7 million.

The fee terms matter in a wind-down. The management fee is 1.5% a year of invested capital. Unitholders receive a 6% compounded preferred return before the adviser's incentive fee, and the 10-Q says that on liquidation the adviser must restore funds to the company if cumulative incentive fees exceed what would have been payable. Nine-month incentive fees were $0.5 million against $1.2 million a year earlier.

The two sister funds are on a different clock

The 10-Q names SLR HC BDC, SLR Private Credit BDC II and a third perpetual-life vehicle as other unlisted funds of the same adviser. Their 10-Qs were filed the same day. We read each for the same wind-down language and did not find it. For the listed vehicle, see SLRC's dividend, NAV and asset-based lending; owning SLRC shares is not owning these private units.

Both sister funds say their boards may extend the term by up to two consecutive one-year periods. SLR Private Credit BDC II reports $20.1 million of its $66.8 million of commitments drawn.

Who can hold these units, and what that means

The 10-K says units could be sold in the United States only to accredited investors, that investors had to be qualified purchasers or knowledgeable employees, and that there is no public market and none is expected to develop. Many investors came in through an “Access Fund” created by an unaffiliated financial institution, which issued each investor a pro rata interest; others invested directly. If you hold an Access Fund interest rather than units, the Access Fund's own documents and statements, not this company's 10-Q, tell you what you will receive and when.

What the 10-Q does not say

• A date for dissolution, a plan of liquidation or a liquidator.
• Whether the third-quarter pause in distributions is permanent.
• Whether the unfunded $171.7 million of commitments can still be called.
• What the remaining positions are expected to bring, or over what period.
• Whether it will file Form N-54C to withdraw its business development company election, or Form 15 to stop reporting. Neither appears in the SEC feed through November 4, 2026.

Our census of BDC liquidation plans covers funds that withdrew their BDC election through Form N-54C. SCP has not, so it does not appear there.

What a reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check:

• Read the next filing for three numbers. The 10-K for 2026, due in early 2027, will show the year-end NAV per unit, whether distributions resumed and whether RQM+ moved. A flat NAV with no distributions means little changed; a falling NAV with no distributions means the loans are being marked down.
• Do not treat $9.01 as what you will receive. It is the company's fair-value estimate of net assets per unit at September 30, 2026. The filing gives no estimate of liquidation proceeds or timing.
• Separate capital returned from income. About one third of nine-month distributions was classified as return of capital. Your Form 1099 and your records of contributions and redemptions, not this page, set your basis.
• Check which entity you hold. Units in this company and an interest in an Access Fund are different instruments with different statements.
• Ask the Access Fund sponsor or the company's investor contact for the dissolution timetable. The 10-Q itself says only “a reasonable time.”

FAQ

All figures are from SEC filings read on EDGAR on November 4, 2026. SCP Private Credit Income BDC LLC (CIK 1743415): Forms 10-Q for September 30, 2026 (accession 0001193125-26-445322), June 30, 2026 (0001193125-26-332724), March 31, 2026 (0001193125-26-206308), September 30, 2025 (0001193125-25-264653), June 30, 2025 (0000950170-25-103003) and March 31, 2025 (0000950170-25-065623); Forms 10-K for 2025 (0001193125-26-066960) and 2024 (0000950170-25-026599); and the SEC submissions feed. SLR HC BDC LLC (CIK 1832148) Form 10-Q (0001193125-26-445325) and SLR Private Credit BDC II LLC (CIK 1932591) Form 10-Q (0001193125-26-445324), both for September 30, 2026. Per-unit bridges, percentages, term end dates for the sister funds and combined figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.