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A business development company

Business development companyListed: GBDC· NEW YORK, NY

A business development company traded as GBDC, holding $8.1B across 421 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$8.1B
Borrowers
421
Mark on cost
98.2¢
First lien
93%
Schedule of investments (1,812)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $221M
    on non-accrual, 13 borrowers

    13 borrowers on non-accrual, $221M principal; the largest is MAPF Holdings, Inc ($57.4M).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen MAPF Holdings, Inc →
  2. $12.9M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $12.9M principal: Wineshipping.com LLC ($12M), WebPT, Inc ($949K).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Wineshipping.com LLC →
  3. 34 below 80¢
    $159M principal

    34 positions across 23 borrowers marked below 80¢ on cost, $159M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 247 → 281
    loans paying in kind

    Loans paying in kind rose from 247 to 281 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.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
Every headline figure, and the identifiersCIK 1476765 · file 814-00794Show
Fair value
$8.1B
as of Jun 30, 2026
Principal held
$7.8B
debt pieces, the filer's figure
Cost
$8.3B
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
1,812
421 borrowers
First lien
93%
94% debt by fair value
Quarters on the tape
18
since Sep 30, 2020
Facilities held
606
24 sponsors financed
Portfolio through time
Fair value by quarter end$8.1B as of Jun 30, 2026
Sep 30, 2020$60.7M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$8.1B42198c281531 bp
Mar 31, 2026$8.2B41798c247530 bp
Dec 31, 2025$8.5B418100c237534 bp
Sep 30, 2025$18B414100c482542 bp
All 18 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$9.0B402100c209548 bp
Mar 31, 2025$8.6B39499c196559 bp
Dec 31, 2024$8.7B38699c201567 bp
Sep 30, 2024$8.3B38499c210577 bp
Jun 30, 2024$7.9B38198c173585 bp
Mar 31, 2024$5.4B36798c172603 bp
Dec 31, 2023$5.5B35898c180613 bp
Sep 30, 2023$5.6B34498c165612 bp
Jun 30, 2023$5.6B33498c152610 bp
Mar 31, 2023$5.5B33497c166611 bp
Dec 31, 2022$5.5B33597c143611 bp
Sep 30, 2022$6.1B33596c119593 bp
Sep 30, 2021$5.0B29899c98578 bp
Sep 30, 2020$60.7M10n/a0n/a
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
  • Placed on non-accrualJun 30, 2026
  • Placed on non-accrualJun 30, 2026
  • New lender joined a facilityJun 30, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+603 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Jun 30, 2026
1,812 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Denali Midco 2, LLCterm loan first lien$887,000$887,000
100c
S+550 bpDec 1, 2028
Aspen Medical Products, LLCterm loan first lien$884,000$884,000
101c
S+500 bp
Messenger, LLCterm loan first lien$872,000$872,000
105c
S+500 bp
Edition Holdings, Inc.term loan first lien$873,000$869,000
100c
S+450 bpDec 1, 2032
Georgica Pine Clothiers, LLCterm loan first lien$866,000$868,000
100c
S+600 bpNov 1, 2026

1,812 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Registration
Fiscal year end
0930reported
Incorporated
DEreported
On the SEC BDC report
2012 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001476765-26-000048reported
Capital chain

This record sits on 61 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 61 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

4,597 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)