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 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $3.5B
Borrowers: 207
Mark on cost: 97.6¢
First lien: 88%

Schedule of investments (559)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$51.7M
on 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•• →
$19.4M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open U• I•••• S••• B••••• L•• →
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 → 57
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
196 → 207
borrowers
Added a net 11 borrowers in the quarter to Jun 30, 2026, to 207.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1544206 · file 814-00995Show

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

since Dec 31, 2020

Facilities held

414

30 sponsors financed

Portfolio through time

Fair value by quarter end$3.8B as of Jun 30, 2026

Dec 31, 2020$316M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$3.8B	207	98c	57	529 bp
Mar 31, 2026	$3.5B	196	98c	53	525 bp
Dec 31, 2025	$4.2B	191	99c	48	545 bp
Sep 30, 2025	$3.3B	183	98c	48	552 bp

All 18 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$3.2B	174	98c	40	554 bp
Mar 31, 2025	$3.1B	166	98c	35	575 bp
Dec 31, 2024	$8.2B	170	97c	129	578 bp
Sep 30, 2024	$2.8B	159	97c	31	589 bp
Jun 30, 2024	$2.9B	160	96c	27	604 bp
Mar 31, 2024	$3.0B	164	97c	26	604 bp
Dec 31, 2023	$5.6B	170	96c	62	607 bp
Sep 30, 2023	$3.2B	166	95c	27	629 bp
Jun 30, 2023	$3.2B	170	95c	25	606 bp
Mar 31, 2023	$3.4B	171	96c	21	609 bp
Dec 31, 2022	$6.6B	175	96c	40	599 bp
Sep 30, 2022	$3.4B	173	96c	20	596 bp
Dec 31, 2021	$4.9B	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
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••••• M••••• C••••• F•••• L•• unsecured or subordinated term loan
1 BDC hold it · matures Dec 31, 2030
$131M 190c
T••• B•••• A• first lien term loan
2 BDCs hold it · matures Jun 1, 2033
$74.2M 96c
S••••••••• C••••• P••••••• J•• L•• other
3 BDCs hold it
$69.4M 200c
S••••••• B•••••• L•• first lien term loan
7 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••
$66.1M 100c
E••••• B•••• A• first lien term loan
2 BDCs hold it · matures May 12, 2033
$61.4M 93c
N•••• H•••• F•••••• B••••• L•• first lien term loan
4 BDCs hold it · matures May 17, 2028
$56.0M 100c
H•••••••• H••• S•••••••• I•• first lien term loan
8 BDCs hold it · matures Dec 15, 2026 · possible sponsor T•• L•
$48.7M 98c
D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$47.9M 99c
S•• B•••••••• L•• first lien term loan
3 BDCs hold it · matures Feb 1, 2028
$47.7M 100c
N•• A••••••••• I•• first lien term loan
8 BDCs hold it · matures Sep 6, 2028
$47.7M 100c
T••• H•••••• C••• first lien term loan
17 BDCs hold it · matures Mar 31, 2028
$47.6M 92c
D•••• first lien term loan
19 BDCs hold it · matures Jul 21, 2029
$44.6M 100c

Schedule of investments at Dec 31, 2024

1,184 positions

Borrower	Instrument	Principal	Fair value	Rate
S•• B•••••••• L••	revolver second lien	Not disclosed	Not disclosed
W•••• 5•• I•••	revolver second lien	Not disclosed	Not disclosed
A••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
C••••••••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
D••••	revolver second lien	Not disclosed	Not disclosed
E•••••••• T••••••••• C••••	delayed draw term loan second lien	Not disclosed	Not disclosed
M••••••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
O•• P••••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
P•• T• H•••••••• I••	revolver second lien	Not disclosed	Not disclosed
A•• G•••• B•••••••• L••	revolver first lien	Not disclosed	Not disclosed
R••••••• B••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A•••••• T•••••••• S•••••••• L••	revolver second lien	Not disclosed	Not disclosed
A••••••• B••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
C•••••••• C•••••• A••••••••• C•• I•• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
H• S•• H••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
I• I••••••••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
I•• H•••••• C••••	revolver second lien	Not disclosed	Not disclosed
M••••••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
N•• A••••••••• I•••	revolver second lien	Not disclosed	Not disclosed
P•• B•••• L•••••• •••••• K•••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
Q•••••• E••••••••• L••	revolver second lien	Not disclosed	Not disclosed
S•••••• B••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A••••• A••••••••• C••• I•	revolver second lien	Not disclosed	Not disclosed
A••••••• I•••	revolver second lien	Not disclosed	Not disclosed
P•• B•••• L•••••• •••••• K•••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
P•• T• H•••••••• I••	revolver second lien	Not disclosed	Not disclosed
Q•••••• E••••••••• L••	revolver second lien	Not disclosed	Not disclosed
S••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
N•••• H•••••• C•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
E•••••••• S••••••• H•••••• C•••••••••	revolver second lien	Not disclosed	Not disclosed
A••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
E•••••••• T••••••••• C••••	revolver second lien	Not disclosed	Not disclosed
H•••••• I••••••••• L••	revolver second lien	Not disclosed	Not disclosed
P•• B•••• L••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
C••••••• B••••• I•••	revolver second lien	Not disclosed	Not disclosed
R••••••• B••••• L••	revolver second lien	Not disclosed	Not disclosed
S•••••••• H•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
T••• H•••••• C••••	delayed draw term loan second lien	Not disclosed	Not disclosed
A•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
H•• H•••••• I•••	revolver first lien	Not disclosed	Not disclosed
C••••••• C•••••••• G•••• U•• •••••••	revolver lien unstated	Not disclosed	Not disclosed
B•••• G•••• B••••• I•••	revolver second lien	Not disclosed	Not disclosed
E•••• F•••••• H•••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
U••••• F••• T••••••••• I••••••••• H••••• I•• L••	revolver second lien	Not disclosed	Not disclosed
N•••• H•••• F•••••• B••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
N•••• H•••••• C•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
E•••••• L••	revolver second lien	Not disclosed	Not disclosed
C••••••••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A••••• B••••• L••	revolver second lien	Not disclosed	Not disclosed
S•• E•• C••• H•••••• L••	revolver second lien	Not disclosed	Not disclosed
P•••••• S••••••• I••• •••••••	revolver second lien	Not disclosed	Not disclosed
B•••• S••••• ••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
V•••••• E••••••• S•••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
S•• E•• C••• H•••••• L••	revolver second lien	Not disclosed	Not disclosed
P•••••• S••••••• I••• •••••••	revolver second lien	Not disclosed	Not disclosed
P••••• I••••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
I•••••• P•••••• I•••	revolver second lien	Not disclosed	Not disclosed
O••••••••• N•••• A•••••• I•••	revolver second lien	Not disclosed	Not disclosed
H• S•• H••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
G••••••••• S•••••••• I•••	revolver second lien	Not disclosed	Not disclosed
R••••• M••••••••• G••••• L••	revolver second lien	Not disclosed	Not disclosed
G• A••••••••• I•••	revolver second lien	Not disclosed	Not disclosed
T••• H•••••• C••••	revolver second lien	Not disclosed	Not disclosed
S••••••• B•••••• L••	revolver second lien	Not disclosed	Not disclosed
S••••••• B•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
S•• B•••••••• L••	revolver second lien	Not disclosed	Not disclosed
N•••• H•••• F•••••• B••••• L••	revolver second lien	Not disclosed	Not disclosed
D••••	revolver second lien	Not disclosed	Not disclosed
D••••	delayed draw term loan second lien	Not disclosed	Not disclosed
C••••• S••••••• I••• •••••••	revolver second lien	Not disclosed	Not disclosed
A•••••• H•••••• L••	revolver second lien	Not disclosed	Not disclosed
i••••• I•••	revolver second lien	Not disclosed	Not disclosed
S••••••• B•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
R••••••• B••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
P• A••••••• H••••• 2• L••	revolver second lien	Not disclosed	Not disclosed
A•••••• B••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A••••• A••••••••• C••• I•	revolver second lien	Not disclosed	Not disclosed
A••••••• W•• T••••••••• H•••••• C••••••	revolver second lien	Not disclosed	Not disclosed
T•• C•••••• G••••• L••	revolver second lien	Not disclosed	Not disclosed
P•• T• H•••••••• I••	delayed draw term loan second lien	Not disclosed	Not disclosed
O•••••• L•••••• •••••• K•••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
O••••• H•••••• I•••	revolver second lien	Not disclosed	Not disclosed
A••••••• W•• T••••••••• H•••••• C••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
P•••••• S••••••• I••• •••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
O•••••• L•••••• •••••• K•••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
L•• H•••••••• I•••	revolver second lien	Not disclosed	Not disclosed
B•••••• O•••• L••	revolver second lien	Not disclosed	Not disclosed	S+1000 bp
K•••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
E•••••••• T••••••••• C••••	revolver second lien	Not disclosed	Not disclosed
E•••••••• S••••••• H•••••• C•••••••••	revolver second lien	Not disclosed	Not disclosed
E•••••• L••	revolver second lien	Not disclosed	Not disclosed
C•••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
R••••• M••••••••• G••••• L••	revolver second lien	Not disclosed	Not disclosed
Q•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
Q•• P•••••• I•••	revolver second lien	Not disclosed	Not disclosed
T•••• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
T•••• B••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+600 bp
T•••• P•••• L•••••• •••••••	revolver second lien	Not disclosed	Not disclosed
A•••••• H•••••• L••	revolver second lien	Not disclosed	Not disclosed

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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