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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%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
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$3.8B 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 quartersShow fewer
| 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
- 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•• other3 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, 2026
559 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G••••••••• L•• S•••••••• & Public Finance | term loan first lien | $6.1M | $5.8M 94c | S+475 bp | Dec 16, 2030 |
| M•••••• B••••• I••• B••••••• Services | term loan first lien | $6.0M | $5.8M 99c | S+475 bp | Jun 2, 2032 |
| 4•••••• T•••• L•• | equity equity | Not disclosed | $5.6M 87c | ||
| E••••••• L•••••• •••••• K••••••• | term loan first lien | $4.2M | $5.5M 100c | S+385 bp PIK 4.20% | Apr 16, 2031 |
| G• A••••••••• I••• S••••••• | term loan first lien | $5.7M | $5.3M 94c | S+525 bp | May 25, 2028 |
| C•••••••• C•••••• H•••••• C••••••••• C••••••••• & B••••••• | term loan first lien | $5.6M | $5.3M 100c | S+475 bp | Jun 16, 2033 |
| A•••• U• F••••• I••• H••• T••• I••••••••• | term loan first lien | $5.2M | $5.2M 101c | S+450 bp | Dec 9, 2029 |
| O•• P••••••••• I••• | term loan first lien | $5.1M | $4.9M 99c | S+550 bp | May 31, 2028 |
| O•••••• L•••••• •••••• K••••••• | term loan first lien | $5.0M | $4.9M 100c | S+350 bp PIK 2.75% | Dec 4, 2031 |
| A•• T•••••• L•• H••••••••• & P••••••••• | term loan first lien | $5.0M | $4.9M 100c | S+500 bp | Dec 31, 2027 |
| A•••• P•••••••• G••••• L•• ••••••• | unstated lien unstated | Not disclosed | $4.9M | ||
| A•••• P•••••••• G••••• L•• A•••••••• & D•••••• | equity equity | Not disclosed | $4.9M 83c | ||
| B•••••• O•••• L•• | term loan first lien | $4.8M | $4.8M 100c | S+725 bp | May 31, 2027 |
| R••••••• B••••• L•• Capital E•••••••• | term loan first lien | $4.9M | $4.7M 98c | S+475 bp | Dec 27, 2031 |
| P•• I••••••••• H•••••••• L•• | term loan first lien | $5.1M | $4.6M 91c | S+525 bp | Aug 31, 2029 |
| A• G•••• A•• B•••• P•• L•• ••••••••• C••••••• G••••: N••••••••• | term loan first lien | $4.6M | $4.6M 101c | S+525 bp | Dec 5, 2029 |
| D•• T•••• L• H••••••••• & P••••••••• | equity equity | Not disclosed | $4.5M 100c | ||
| C••••••••• B••••••• B•••••• I••• | term loan first lien | $7.8M | $4.5M 59c | S+563 bp | Aug 1, 2028 |
| I• I••••••••• H•••••••• L•• B••••••• Services | term loan first lien | $4.4M | $4.4M 100c | S+500 bp | Sep 22, 2028 |
| S••• P••••••••• I•• H••••••••• & P••••••••• | term loan first lien | $4.0M | $4.1M 101c | S+500 bp | Oct 24, 2032 |
| A•••• P•••••••• G••••• L•• | term loan first lien | $3.9M | $3.9M 102c | S+675 bp PIK 100.00% | Jul 3, 2030 |
| A•••• P•••••••• G••••• L•• | unstated lien unstated | Not disclosed | $3.9M | ||
| S•• P••••• H•••••••• L•• D••••••••• Financial Services | term loan first lien | $3.9M | $3.8M 102c | S+475 bp | Aug 21, 2031 |
| E•••••••• T••••••••• C•••• | term loan first lien | $3.4M | $3.8M 108c | S+525 bp | Aug 12, 2029 |
| O••••• S••••••• G••••• I••• M••••: A•••••••••, P••••••• & P••••••••• | term loan first lien | $4.2M | $3.7M 119c | S+625 bp | Nov 30, 2028 |
| L••••••• L•••••• H•••••••• L•• B••••••• Services | term loan first lien | $4.5M | $3.7M 81c | S+100 bp PIK 6.75% | Apr 12, 2027 |
| U•• P••••• I••• R••••• | term loan first lien | $3.7M | $3.6M 99c | S+760 bp | Apr 25, 2027 |
| A•••••••• P••••••• F••••• A•• L• D••••••••• Financial Services | equity equity | Not disclosed | $3.6M 102c | ||
| U• I•••• S••• B••••• L•• E••••••••• I••••••••• | term loan first lien | $11.2M | $3.5M 32c | S+100 bp PIK 5.75% | Jun 13, 2028 |
| A••••• P••••••••• I••• ••••••• | term loan first lien | $3.4M | $3.4M 100c | S+500 bp | Jun 30, 2033 |
| A••••• P••••••••• I••• ••••••• | term loan first lien | $4.8M | $3.4M 100c | S+500 bp | Jun 30, 2033 |
| A••••• I••••••••• L•• H••••••••• & P••••••••• | term loan first lien | $3.3M | $3.3M 102c | S+425 bp | Jun 5, 2031 |
| B••• B•••••• P••••••••• I••• H••••••••• & P••••••••• | term loan first lien | $3.3M | $3.3M 100c | S+475 bp | Jan 16, 2033 |
| T••• H•••••• C•••• | term loan first lien | $3.5M | $3.2M 92c | S+600 bp | Mar 31, 2028 |
| D••••• M•••• 2• L•• C••••••• Services | term loan second lien | $3.2M | $3.2M 100c | S+1300 bp PIK 100.00% | Dec 22, 2029 |
| T•••• M•••• 1• L•••••• S••••••• | equity equity | Not disclosed | $3.1M 181c | ||
| A••••••••• I••• | term loan first lien | $3.1M | $3.1M 99c | S+500 bp | Jul 12, 2031 |
| E••••• I••••••••• H•••••••• L•• B••••••• Services | term loan first lien | $3.1M | $3.0M 100c | S+450 bp | Sep 2, 2032 |
| A••••••••• I••• | term loan second lien | $2.8M | $2.8M 100c | S+1425 bp PIK 100.00% | May 3, 2030 |
| O•••••• L•••••• •••••• K••••••• | term loan first lien | $2.1M | $2.8M 102c | S+350 bp PIK 2.75% | Dec 4, 2031 |
| A••••• A••••••••• C••• I• | term loan first lien | $2.6M | $2.6M 100c | S+525 bp | Jan 14, 2031 |
| O••••••••• N•••• A•••••• I••• | term loan first lien | $2.4M | $2.5M 98c | S+325 bp PIK 2.50% | Oct 30, 2031 |
| P•••••• C•••• S••••••• ••••••••• H••• T••• I••••••••• | equity equity | Not disclosed | $2.5M 107c | S+1430 bp PIK 100.00% | |
| G•••••••• U• B••••• I••• E•••••: E••••••••• | term loan first lien | $2.5M | $2.4M 99c | S+450 bp | Jul 22, 2030 |
| T••• H•••••• C•••• Capital E•••••••• | equity equity | Not disclosed | $2.4M | ||
| O••• I••• C••••••••• & B••••••• | term loan first lien | $2.3M | $2.4M 110c | S+450 bp | Dec 29, 2032 |
| S••••••••• C••••••••• S••••••• | term loan first lien | $2.9M | $2.4M 87c | S+400 bp | Mar 15, 2032 |
| 4•••••• T•••• L•• | equity equity | $1,000 | $2.3M 87c | ||
| F•••••• S••••••• L•• | term loan first lien | $2.0M | $2.2M 96c | S+450 bp | Aug 15, 2032 |
| O•••••• L•••••• •••••• K••••••• | term loan first lien | $1.9M | $2.1M 107c | S+350 bp PIK 2.75% | Dec 4, 2031 |
| N•• O••••• B••••• L•• C••••••••• & B••••••• | term loan first lien | $2.1M | $2.1M 100c | S+450 bp | Jan 13, 2033 |
| A••••• A••••••••• C••• I• | term loan first lien | $2.0M | $2.0M 100c | S+500 bp | Jan 14, 2031 |
| E••••••• L•••••• •••••• K••••••• | term loan first lien | $1.6M | $2.0M 106c | S+385 bp PIK 4.20% | Apr 16, 2031 |
| G•• M••••• L•• C••••••• Services | term loan first lien | $2.0M | $2.0M 100c | S+475 bp | Apr 1, 2033 |
| E••••••• I••• E•••••: Oil & Gas | term loan first lien | $1.9M | $1.9M 99c | S+450 bp | Dec 18, 2032 |
| P•••••• C•••••• I••• Capital E•••••••• | term loan first lien | $8.2M | $1.9M 25c | S+550 bp | Jun 1, 2029 |
| C•••••••• C•••••• A••••••••• C•• I•• L•• H••• T••• I••••••••• | term loan first lien | $1.8M | $1.9M 101c | S+962 bp | Jul 30, 2028 |
| Z••••• A••••••• H••••••• I••• B••••••• Services | equity equity | Not disclosed | $1.8M 237c | ||
| C••••••••• B••••••• B•••••• I••• | term loan first lien | $3.1M | $1.6M 55c | S+450 bp | May 15, 2031 |
| H•• I••••••••• I••• D••••••••• Financial Services | equity equity | Not disclosed | $1.5M 100c | S+1050 bp | |
| E•••••••• S••••••• H•••••• C••••••••• | term loan first lien | $1.5M | $1.5M 99c | S+288 bp PIK 2.88% | Jun 17, 2031 |
| H•••••• A•••• ••••••• | term loan first lien | $1.4M | $1.5M 94c | S+600 bp | Apr 16, 2032 |
| D•••••••• D••••• H••••••• L•• | term loan first lien | $1.6M | $1.5M 96c | S+525 bp | Sep 12, 2032 |
| A••••••• B••••• I••• S••••••• | term loan first lien | $1.4M | $1.4M 101c | S+415 bp | Jul 26, 2031 |
| P•••• B•••• I••• ••••••• | term loan first lien | $1.4M | $1.3M 100c | S+525 bp | May 1, 2029 |
| A•••••••• A••••••••• C••• I••• L•••••• P••••••• & Services | equity equity | Not disclosed | $1.2M 108c | ||
| J•••• A••••••••• L•• | term loan first lien | $1.2M | $1.2M 115c | S+100 bp PIK 6.00% | Dec 31, 2029 |
| O••••••••• N•••• A•••••• I••• | term loan first lien | $962,000 | $1.2M 95c | S+350 bp PIK 2.50% | Oct 30, 2031 |
| T•• C•••••• G••••• L•• H••••••••• & P••••••••• | term loan first lien | $1.2M | $1.2M 104c | S+425 bp | Sep 17, 2031 |
| Q•• P•••••• I••• E•••••: Oil & Gas | term loan first lien | $1.3M | $1.1M 92c | S+450 bp | Jun 3, 2032 |
| A••• H•••••••• L•• Capital E•••••••• | equity equity | Not disclosed | $1.1M 189c | ||
| O••••••••• L•• | term loan first lien | $1.1M | $1.1M 99c | S+450 bp | Dec 23, 2032 |
| D•• B•••• L•• | term loan first lien | $1.1M | $1.1M 101c | S+500 bp | Jun 2, 2031 |
| M••••••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+600 bp PIK 100.00% | Aug 19, 2027 |
| E•••••••• L•• T••••••••• | equity equity | $311,000 | $1.1M 104c | ||
| A••••• A••••••••• C••• I• | term loan first lien | $1.1M | $1.1M 100c | S+525 bp | Jan 14, 2031 |
| U•• B•••• L•• E••••••••• I••••••••• | term loan first lien | $1.1M | $1.1M 101c | S+225 bp PIK 2.75% | Dec 4, 2032 |
| P••••• U••••••• H•••••••• L•• Capital E•••••••• | equity equity | Not disclosed | $1.0M 296c | ||
| U••• L•••• S•••••• I••••••••• H•••••••• L•• B••••••• Services | equity equity | Not disclosed | $951,000 148c | ||
| C••••• S••••••• I••• ••••••• S••••••• | equity equity | Not disclosed | $873,000 349c | ||
| A••••• A••••••••• C••• I• | term loan first lien | $840,000 | $840,000 100c | S+500 bp | Jan 14, 2031 |
| H•••••••• H••• S•••••••• I••• | term loan first lien | $794,000 | $782,000 98c | S+675 bp | Dec 15, 2026 |
| H• S•• H••••••• I••• | term loan first lien | $746,000 | $741,000 100c | S+525 bp | Jun 2, 2029 |
| O•••••• L•••••• •••••• K••••••• | term loan first lien | $719,000 | $712,000 99c | S+350 bp PIK 2.75% | Dec 4, 2031 |
| H•••••••• H••• S•••••••• I••• | term loan first lien | $637,000 | $627,000 99c | S+675 bp | Dec 15, 2026 |
| B•• B•• T•••• G•••• L•••••• •••••• K••••••• | term loan first lien | $620,000 | $538,000 91c | S+810 bp PIK 0.50% | Jun 4, 2031 |
| K••• B••••• L•• H••••••••• & P••••••••• | term loan first lien | $536,000 | $538,000 101c | S+450 bp | Jul 23, 2031 |
| P••• P•••••• I••• T•••••••••: C••••••• | term loan first lien | $521,000 | $520,000 100c | S+475 bp | Dec 9, 2032 |
| S••••• B••••• I••• ••••••• D••••••••• Financial Services | term loan first lien | $744,000 | $519,000 98c | S+475 bp | Oct 1, 2032 |
| B•• B•• T•••• G•••• L•••••• •••••• K••••••• | term loan first lien | $475,000 | $512,000 93c | S+810 bp PIK 0.50% | Jun 4, 2031 |
| M•••••• B•••• P•• L••• ••••••••• | term loan first lien | $429,000 | $494,000 99c | S+450 bp | Nov 28, 2032 |
| D•••••••• H•••••• C••••••••• B••••••• Services | term loan first lien | $480,000 | $483,000 105c | S+450 bp | Apr 17, 2032 |
| H•••••• A•••• ••••••• | term loan first lien | $445,000 | $436,000 98c | S+600 bp | Apr 16, 2032 |
| S•••• A• ••••••• H••• T••• I••••••••• | equity equity | Not disclosed | $414,000 35c | ||
| Y••••••••• B•••• A••••••••• L•• C••••••• G••••: D•••••• | term loan first lien | $431,000 | $401,000 94c | S+575 bp | Sep 13, 2027 |
| E•••••••• L•• T••••••••• | equity equity | Not disclosed | $378,000 176c | ||
| P•••••• H••••••• I• L• C••••••••, P••••••• & R••••• | equity equity | Not disclosed | $353,000 67c | ||
| B•••••• O•••• L•• | term loan first lien | $351,000 | $351,000 100c | S+700 bp | May 31, 2027 |
| U••• T••••••••• H••••••• C•••• T••••••••• | term loan first lien | $4.4M | $329,000 12c | S+100 bp PIK 7.00% | May 2, 2026 |
| S••••• K• M••••• I••• D••••••••• Financial Services | equity equity | Not disclosed | $272,000 166c |
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