DFX Intelligence
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C•••••• S•••••• L••••••• I•••
Business development companymanaged by C•••••• G••••• C••••• I••••••••• M••••••••• L•••••Listed: CGBD· NEW YORK, NY
A business development company traded as CGBD, managed by C•••••• G••••• C••••• I••••••••• M••••••••• L•••••, holding $3.5B across 207 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $3.5B
- Borrowers
- 207
- Mark on cost
- 97.6¢
- First lien
- 88%
As of · the latest schedule of investments read for this BDC
What matters now
- $51.7Mon non-accrual, 6 borrowers
6 borrowers on non-accrual, $51.7M principal; the largest is M••••••• H•••••••• L•• ($19.3M).
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 M••••••• H•••••••• L•• → - $19.4Mnewly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $19.4M principal: U• I•••• S••• B••••• L•• ($11.2M), P•••••• C•••••• I•• ($8.18M).
Q2 2026 · The newest credit problems in the book.
- 8 below 80¢$71.6M principal
8 positions across 6 borrowers marked below 80¢ on cost, $71.6M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 53 → 57loans paying in kind
Loans paying in kind rose from 53 to 57 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.
- 196 → 207borrowers
Added a net 11 borrowers in the quarter to Jun 30, 2026, to 207.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1544206 · file 814-00995ShowHide
Fair value
$3.5B
as of Jun 30, 2026
Principal held
$3.6B
debt pieces, the filer's figure
Cost
$3.6B
98c on cost, debt pieces
Unfunded
$495M
commitments not yet drawn
Positions
559
207 borrowers
First lien
88%
96% debt by fair value
Quarters on the tape
18
since Dec 31, 2020
Facilities held
414
30 sponsors financed
Portfolio through time
Fair value by quarter end$3.5B as of Jun 30, 2026
Dec 31, 2020$316M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $3.5B | 207 | 98c | 57 | 529 bp |
| Mar 31, 2026 | $3.3B | 196 | 98c | 53 | 525 bp |
| Dec 31, 2025 | $3.5B | 191 | 99c | 48 | 545 bp |
| Sep 30, 2025 | $3.2B | 183 | 98c | 48 | 552 bp |
All 18 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $3.0B | 174 | 98c | 40 | 554 bp |
| Mar 31, 2025 | $2.9B | 166 | 98c | 35 | 575 bp |
| Dec 31, 2024 | $7.6B | 170 | 97c | 129 | 578 bp |
| Sep 30, 2024 | $2.4B | 159 | 97c | 31 | 589 bp |
| Jun 30, 2024 | $2.5B | 160 | 96c | 27 | 604 bp |
| Mar 31, 2024 | $2.7B | 164 | 97c | 26 | 604 bp |
| Dec 31, 2023 | $5.0B | 170 | 96c | 62 | 607 bp |
| Sep 30, 2023 | $2.8B | 166 | 95c | 27 | 629 bp |
| Jun 30, 2023 | $2.9B | 170 | 95c | 25 | 606 bp |
| Mar 31, 2023 | $3.0B | 171 | 96c | 21 | 609 bp |
| Dec 31, 2022 | $5.9B | 175 | 96c | 40 | 599 bp |
| Sep 30, 2022 | $3.1B | 173 | 96c | 20 | 596 bp |
| Dec 31, 2021 | $4.2B | 155 | 98c | 22 | 580 bp |
| Dec 31, 2020 | $316M | 5 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- M••••• M••••• C••••• F•••• L•• unsecured or subordinated term loan1 BDC hold it · matures Dec 31, 2030$131M 190c
- T••• B•••• A• first lien term loan2 BDCs hold it · matures Jun 1, 2033$74.2M 96c
- S••••••••• C••••• P••••••• J•• L•• other4 BDCs hold it$69.4M 200c
- S••••••• B•••••• L•• first lien term loan7 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••$66.1M 100c
- E••••• B•••• A• first lien term loan2 BDCs hold it · matures May 12, 2033$61.4M 93c
- N•••• H•••• F•••••• B••••• L•• first lien term loan4 BDCs hold it · matures May 17, 2028$56.0M 100c
- H•••••••• H••• S•••••••• I•• first lien term loan8 BDCs hold it · matures Dec 15, 2026 · possible sponsor T•• L•$48.7M 98c
- D•••••••• D••••• H••••••• L•• first lien term loan24 BDCs hold it · matures Sep 13, 2032$47.9M 99c
- S•• B•••••••• L•• first lien term loan3 BDCs hold it · matures Feb 1, 2028$47.7M 100c
- N•• A••••••••• I•• first lien term loan8 BDCs hold it · matures Sep 6, 2028$47.7M 100c
- T••• H•••••• C••• first lien term loan17 BDCs hold it · matures Mar 31, 2028$47.6M 92c
- D•••• first lien term loan19 BDCs hold it · matures Jul 21, 2029$44.6M 100c
Schedule of investments at Jun 30, 2024
375 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| E•••••••• T••••••••• C•••• Capital E•••••••• | term loan first lien | $1.3M | $1.3M 106c | S+525 bp | Aug 12, 2029 |
| A•••• U• F••••• I••• H••• T••• I••••••••• | term loan first lien | $1.3M | $1.3M 101c | S+575 bp | Dec 10, 2029 |
| C••••• S••••••• I••• ••••••• S••••••• | unstated lien unstated | $1.3M | $1.3M 100c | S+700 bp | Jul 2, 2026 |
| A•••••• T•••••••• S•••••••• L•• B••••••• Services | term loan first lien | $1.2M | $1.2M 101c | S+575 bp | Dec 29, 2026 |
| A• C••••• S•••••• •••••• K••••••• A•••••••• & D•••••• | term loan second lien | $1.1M | $1.1M 101c | S+825 bp | Jan 17, 2028 |
| A••• H•••••••• L•• Capital E•••••••• | unstated lien unstated | Not disclosed | $1.1M 178c | ||
| G• A••••••••• I•••• S••••••• | term loan first lien | $1.0M | $1.0M 100c | S+525 bp | May 25, 2028 |
| C•••••• H••••••• L•• B••••••• Services | unstated lien unstated | Not disclosed | $933,000 223c | ||
| U••• L•••• S•••••• I••••••••• H•••••••• L•• B••••••• Services | unstated lien unstated | Not disclosed | $805,000 126c | ||
| O•• P••••••••• I••• B••••••• Services | term loan first lien | $836,000 | $793,000 100c | S+550 bp | Apr 28, 2028 |
| C••••• S••••••• I••• ••••••• S••••••• | unstated lien unstated | Not disclosed | $765,000 306c | ||
| P••••• U••••••• H•••••••• L•• Capital E•••••••• | unstated lien unstated | Not disclosed | $759,000 219c | ||
| E•••••••• S••••••• H•••••• C••••••••• C••••••• Services | term loan first lien | $758,000 | $749,000 100c | S+500 bp | Jun 17, 2031 |
| B•••••• H•••••• L•• H••••••••• & P••••••••• | unstated lien unstated | Not disclosed | $718,000 | ||
| M••••••• H•••••••• L•• B••••••• Services | term loan first lien | $1.7M | $677,000 100c | S+600 bp | Aug 19, 2027 |
| C••• M•••••• P••••• L•• •••••• K••••••• B••••••• Services | term loan first lien | $615,000 | $672,000 106c | S+600 bp PIK 2.00% | Feb 27, 2030 |
| N•••• H••••••• L•• C••••••• Services | unstated lien unstated | Not disclosed | $667,000 27c | ||
| A••••••• W•• T••••••••• H•••••• C•••••• C•••••••••, P•••••••• & G•••• | term loan first lien | $638,000 | $645,000 103c | S+650 bp | Dec 17, 2026 |
| M••••••• H•••••••• L•• B••••••• Services | unstated lien unstated | $1.6M | $633,000 99c | S+600 bp | Aug 19, 2027 |
| D••••••• C••••••••• T••••••••• | term loan first lien | $636,000 | $631,000 101c | S+500 bp | Aug 4, 2030 |
| N•••• H•••••• C•••••• L•• C••••••••• & B••••••• | unstated lien unstated | Not disclosed | $608,000 100c | ||
| P•••••• H••••••• I• L• C••••••••, P••••••• & R••••• | unstated lien unstated | Not disclosed | $545,000 104c | ||
| C••••• S••••••• I••• ••••••• S••••••• | term loan first lien | $544,000 | $544,000 101c | S+700 bp | Jul 2, 2026 |
| C•••••••• C•••••• A••••••••• C•• I•• L•• H••• T••• I••••••••• | term loan first lien | $941,000 | $491,000 98c | S+600 bp | May 22, 2029 |
| A•••••• T•••••••• S•••••••• L•• B••••••• Services | term loan first lien | $476,000 | $476,000 101c | S+600 bp | Dec 29, 2026 |
| P•• T• H•••••••• I••• S••••••• | term loan first lien | $458,000 | $452,000 100c | S+525 bp | Feb 1, 2031 |
| Y••••••••• B•••• A••••••••• L•• C••••••• G••••: D•••••• | term loan first lien | $438,000 | $418,000 97c | S+575 bp | Sep 13, 2027 |
| C••••••• C•••••••• G•••• U•• ••••••• S••••••• | term loan first lien | $383,000 | $383,000 100c | S+450 bp | Aug 30, 2025 |
| A••••••• M•••• 3• P•• •••••• K••••••• D••••••••• Financial Services | term loan first lien | $366,000 | $360,000 100c | S+475 bp | Feb 15, 2031 |
| F•• I••••••••• H•••••• L•• C••••••• Services | term loan first lien | $368,000 | $337,000 93c | S+275 bp PIK 4.00% | Mar 5, 2027 |
| H• S•• H••••••• I••• C••••••• Services | term loan first lien | $287,000 | $288,000 106c | S+525 bp | Jun 2, 2029 |
| C•• R••••••••• H•••••••• L•• M••••: A•••••••••, P••••••• & P••••••••• | unstated lien unstated | Not disclosed | $261,000 82c | ||
| S•••• A• ••••••• H••• T••• I••••••••• | unstated lien unstated | Not disclosed | $257,000 22c | ||
| E•• P•••••• L•• H••••••••• & P••••••••• | unstated lien unstated | Not disclosed | $197,000 | ||
| N•••• H•••• S••••••• B••••• L•• C••••••• Services | term loan first lien | $198,000 | $195,000 100c | S+575 bp | May 24, 2027 |
| S••••• K• M••••• I••• D••••••••• Financial Services | unstated lien unstated | Not disclosed | $169,000 140c | ||
| G• V••• P•••••• L••• B•••••••, F••• & T•••••• | unstated lien unstated | Not disclosed | $143,000 47c | ||
| S•• E•• C••• H•••••• L•• H••••••••• & P••••••••• | term loan first lien | $144,000 | $142,000 101c | S+550 bp | Oct 7, 2029 |
| G••••••••• L•• S•••••••• & Public Finance | term loan first lien | $80,000 | $81,000 104c | S+375 bp PIK 2.00% | Dec 16, 2030 |
| S••••• A••••••••• I••• D••••••••• Financial Services | term loan first lien | $0 | $42,000 -81c | S+675 bp | May 1, 2030 |
| A••••• B•••••• S•••••• I••••••••• L••• H••••••••• & P••••••••• | term loan first lien | $0 | $32,000 -145c | S+525 bp | Oct 31, 2030 |
| D••••• T•••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| B•••••• P•••••• L••• A••• A••••••••• • S••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| D••••• T•••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| D••••• T••••• | equity equity | Not disclosed | $0 | ||
| i••••• I••• S••••••• | term loan first lien | $0 | $0 | S+675 bp | Aug 18, 2028 |
| N•••• H•••• G•••••••• T••••• L•• C•••••••••, P•••••••• & G•••• | unstated lien unstated | Not disclosed | $0 0c | ||
| T• L•• H•••••••• L•• B••••••• Services | unstated lien unstated | Not disclosed | $0 | ||
| O••••• S••••••• G••••• I••• M••••: A•••••••••, P••••••• & P••••••••• | term loan first lien | $205,000 | $0 | ||
| T• L•• H•••••••• L•• B••••••• Services | unstated lien unstated | $2,000 | $0 | ||
| B•••••• O•••• L•• H••••••••• & P••••••••• | term loan first lien | $0 | $0 | S+700 bp | May 31, 2026 |
| M••••• M••••• C••••• F•••• L•• | term loan unsecured or subordinated | Not disclosed | $0 | S+1140 bp | |
| F••••• M••••• M••••• C••••• F••• | term loan unsecured or subordinated | $0 | $0 | S+550 bp | May 21, 2025 |
| H• S•• H••••••• I••• C••••••• Services | term loan first lien | $0 | $0 0c | S+525 bp | Jun 2, 2029 |
| A••••••••• I••• C••••••••• & B••••••• | term loan first lien | $0 | -$1,000 100c | S+650 bp | Jul 2, 2028 |
| P•••••• S••••••• I••• ••••••• S••••••• | term loan first lien | $0 | -$19,000 158c | S+600 bp | Feb 1, 2027 |
| E•••• F•••••• H•••••••• I••• • L•••••• P••••••• • S••••••• | term loan first lien | $0 | -$19,000 76c | S+550 bp | Apr 29, 2029 |
| B•• B•• T•••• G•••• L•••••• •••••• K•••••••• L•••••• P••••••• • S••••••• | term loan first lien | $0 | -$41,000 100c | S+825 bp | Jun 4, 2031 |
| N•••• H•••• S••••••• B••••• L•• C••••••• Services | term loan first lien | $0 | -$190,000 100c | S+525 bp | May 17, 2028 |
| W•• H•••••• C•••• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| E•••••••• S••••••• H•••••• C••••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•••••• T•••••••• S•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| P• A••••••• H••••• 2• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| R•••••• P•••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| S••••••• B•••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| A••••• B••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| A••• H•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| T••• H•••••• C•••• | revolver second lien | Not disclosed | Not disclosed | ||
| T•••• S••••••• N•••• A••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| S••••• A••••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| H•••••••• H••• S•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| U••••• F••• T••••••••• I••••••••• H••••• I•• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| L••••••• L•••••• H•••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| A•••••• H•••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| B•••••• N••••••• I••• ••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| H• S•• H••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| N•••• H•••• S••••••• B••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| W••••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| E•••••••• T••••••••• C•••• | revolver second lien | Not disclosed | Not disclosed | ||
| B••••••• H•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•• G•••• B•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+425 bp | |
| V•• C••••••••• L•• | term loan first lien | Not disclosed | Not disclosed | S+550 bp | |
| L•• H•••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| T•••• B••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| U••• L•••• S••••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| S••••• A••••••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A••• C•••••••• H•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| C••• M•••••• P••••• L•• •••••• K••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| H••••••• B••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| O•• P••••••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| S•• E•• C••• H•••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| P•• T• H•••••••• I•• | revolver second lien | Not disclosed | Not disclosed | ||
| A••••••••• I••• | revolver second lien | Not disclosed | Not disclosed | S+1425 bp | |
| C••••••• B••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| C•••• H•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| A•••••• T•••••••• S•••••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| B•• B•• T•••• G•••• L•••••• •••••• K••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| J••••• H•••••• I••• | revolver first lien | Not disclosed | Not disclosed | S+575 bp | |
| A•••••• I••••••••• H•••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| B•••••• O•••• L•• | revolver second lien | Not disclosed | Not disclosed | S+1000 bp |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2013 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- TCG BDC, INC.; C•••••• GMS Finance, Inc.reported
- Latest schedule
- 0001544206-26-000055reported
Capital chain
C•••••• S•••••• L••••••• I••• sits on 109 traced paths of capital across the graphs.
Allocator to credit manager to facility to borrowerSponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender
Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
3,268 field-level changes across filed schedules, latest first
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- Position exitedP•••••• S••••••• I••2026-06-30
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 2 connections across 1 kindShow fewer
Manages (2)
- Feb 24, 2026 to presentfactBDC schedule of investments
- Feb 24, 2026 to presentfactBDC schedule of investments