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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.

Fair value
$3.5B
Schedule of investments, 10-Q and 10-K
Borrowers
207
Schedule of investments, 10-Q and 10-K
Mark on cost
97.6¢
Schedule of investments, 10-Q and 10-K
First lien
88%
Schedule of investments, 10-Q and 10-K
Schedule of investments (559)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. $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•• →
  3. 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
  4. 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 →
  5. 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
18
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.8B20798c57529 bp
Mar 31, 2026$3.5B19698c53525 bp
Dec 31, 2025$4.2B19199c48545 bp
Sep 30, 2025$3.3B18398c48552 bp
All 18 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$3.2B17498c40554 bp
Mar 31, 2025$3.1B16698c35575 bp
Dec 31, 2024$8.2B17097c129578 bp
Sep 30, 2024$2.8B15997c31589 bp
Jun 30, 2024$2.9B16096c27604 bp
Mar 31, 2024$3.0B16497c26604 bp
Dec 31, 2023$5.6B17096c62607 bp
Sep 30, 2023$3.2B16695c27629 bp
Jun 30, 2023$3.2B17095c25606 bp
Mar 31, 2023$3.4B17196c21609 bp
Dec 31, 2022$6.6B17596c40599 bp
Sep 30, 2022$3.4B17396c20596 bp
Dec 31, 2021$4.9B15598c22580 bp
Dec 31, 2020$316M5n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Sep 30, 2025
437 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M••••••• L•••delayed draw term loan second lienNot disclosedNot disclosed
Q•• P•••••• I•••revolver second lienNot disclosedNot disclosed
W••••••••• L••revolver second lienNot disclosedNot disclosed
R••••• M••••••••• G••••• L••revolver second lienNot disclosedNot disclosed
N•••• H•••••• C•••••• L••revolver second lienNot disclosedNot disclosed
N•••• H•••••• C•••••• L••delayed draw term loan second lienNot disclosedNot disclosed
H••••• S••••••••• L••revolver second lienNot disclosedNot disclosed
G••••••••• S•••••••• I•••revolver second lienNot disclosedNot disclosed
G• A••••••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
C••••••• B••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
A•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
A•• G•••• B•••••••• L••revolver second lienNot disclosedNot disclosed
P••••• L•• L••revolver second lienNot disclosedNot disclosed
P• A••••••• H••••• 2• L••revolver second lienNot disclosedNot disclosed
O•• P••••••••• I•••revolver second lienNot disclosedNot disclosed
A•••••• B••••• L••revolver second lienNot disclosedNot disclosed
A••••••• B••••• I•••revolver second lienNot disclosedNot disclosed
C•• H•••••• C••••••revolver second lienNot disclosedNot disclosed
I•••••• P•••••• I•••revolver second lienNot disclosedNot disclosed
M••••••• H•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
N•••• B••••• S••••• ••••••delayed draw term loan second lienNot disclosedNot disclosed
S••••• I•••revolver second lienNot disclosedNot disclosed
Y•• H•••••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
A• P••••••• A••••••••• H•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
A••••••• W•• T••••••••• H•••••• C••••••revolver second lienNot disclosedNot disclosed
A•••••• T•••••••• S•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
A••••••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
E••••••• B•••• I•••delayed draw term loan second lienNot disclosedNot disclosed
C••••• S••••••• I••• •••••••revolver second lienNot disclosedNot disclosed
D•••••••• H•••••• C•••••••••revolver second lienNot disclosedNot disclosed
E•••••• L••revolver second lienNot disclosedNot disclosed
I•• H•••••• C••••revolver second lienNot disclosedNot disclosed
M••••••••• M•••••••• I•••revolver second lienNot disclosedNot disclosed
Q•• P•••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
R•• O••• L••delayed draw term loan second lienNot disclosedNot disclosed
Y•• H•••••••• I•••revolver second lienNot disclosedNot disclosed
A••• C•••••••• H•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
Page 5 of 5Previous
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