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C•••••• C••••• S••••••••• I•••

Business development companymanaged by C•••••• G••••• C••••• I••••••••• M••••••••• L•••••Non-traded· NEW YORK, NY

A non-traded business development company, managed by C•••••• G••••• C••••• I••••••••• M••••••••• L•••••, holding $2.8B across 224 borrowers at Jun 30, 2026.

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

Fair value
$2.8B
Schedule of investments, 10-Q and 10-K
Borrowers
224
Schedule of investments, 10-Q and 10-K
Mark on cost
96.7¢
Schedule of investments, 10-Q and 10-K
First lien
89%
Schedule of investments, 10-Q and 10-K
Schedule of investments (480)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $58.1M
    on non-accrual, 3 borrowers

    3 borrowers on non-accrual, $58.1M principal; the largest is U• I•••• S••• B••••• L•• ($50.5M).

    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 U• I•••• S••• B••••• L•• →
  2. $57.7M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $57.7M principal: U• I•••• S••• B••••• L•• ($50.5M), P•••••• C•••••• I•• ($7.22M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open U• I•••• S••• B••••• L•• →
  3. 7 below 80¢
    $104M principal

    7 positions across 5 borrowers marked below 80¢ on cost, $104M 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. 97.8¢ → 96.7¢
    book mark on cost

    Marked its book down from 97.8¢ to 96.7¢ on the dollar in the quarter to Jun 30, 2026.

    Q2 2026 · The whole portfolio was marked down; net asset value follows.

    Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
  5. 47 → 51
    loans paying in kind

    Loans paying in kind rose from 47 to 51 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 1702510 · file 814-01248Show
Fair value
$2.8B
as of Jun 30, 2026
Principal held
$2.8B
debt pieces, the filer's figure
Cost
$2.8B
97c on cost, debt pieces
Unfunded
$474M
commitments not yet drawn
Positions
480
224 borrowers
First lien
89%
94% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
414
27 sponsors financed
Portfolio through time
Fair value by quarter end$2.8B as of Jun 30, 2026
Dec 31, 2022$2.1B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.8B22497c51536 bp
Mar 31, 2026$2.6B21698c47534 bp
Dec 31, 2025$2.8B21099c42555 bp
Sep 30, 2025$2.4B16699c41559 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.2B15798c35559 bp
Mar 31, 2025$2.0B14697c28578 bp
Dec 31, 2024$6.0B16697c92579 bp
Sep 30, 2024$1.7B13398c18600 bp
Jun 30, 2024$1.7B12598c18621 bp
Mar 31, 2024$1.8B13398c18612 bp
Dec 31, 2023$3.5B13196c43619 bp
Sep 30, 2023$1.8B12996c16646 bp
Jun 30, 2023$1.9B13296c14646 bp
Mar 31, 2023$2.0B13197c13649 bp
Dec 31, 2022$2.1B13197c15641 bp
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 Jun 30, 2023
254 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
P• A••••••• H••••• 2• L••delayed draw term loan second lienNot disclosedNot disclosed
P••••• I••••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
S••••• A••••••••• I•••revolver second lienNot disclosedNot disclosed
P•••••• S••••••• I••• •••••••delayed draw term loan second lienNot disclosedNot disclosed
P••••• I••••••••• L••revolver second lienNot disclosedNot disclosed
H• S•• H••••••• I•••revolver second lienNot disclosedNot disclosed
G••••••••• S•••••••• I•••revolver second lienNot disclosedNot disclosed
H•••••• B•••••• H•••••••• I•••revolver second lienNot disclosedNot disclosed
O•• P••••••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
D••••revolver second lienNot disclosedNot disclosed
E•• N••• P•••••• I•••revolver second lienNot disclosedNot disclosed
H••••••• B••••••• L••revolver second lienNot disclosedNot disclosed
T••• H•••••• C••••revolver second lienNot disclosedNot disclosed
A••••••• C•••••••••revolver second lienNot disclosedNot disclosed
A••• C•••••••• H•••••••• L••revolver second lienNot disclosedNot disclosed
E•••• F•••••• H•••••••• I•••revolver second lienNot disclosedNot disclosed
H•••••••• H••• S•••••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
P• A••••••• H••••• 2• L••revolver second lienNot disclosedNot disclosed
W••••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
C••••••• B••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
I•• H•••••• C••••revolver second lienNot disclosedNot disclosed
J•••• A••••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
N•••• H•••• S••••••• B••••• L••delayed draw term loan second lienNot disclosedNot disclosed
P•• H••••••• I• C••••delayed draw term loan second lienNot disclosedNot disclosed
S••••••• C••••••••• I•••revolver second lienNot disclosedNot disclosed
S••••• I•••revolver second lienNot disclosedNot disclosed
A••••••••• I•••revolver second lienNot disclosedNot disclosed
C•• I••••••••• H•••••••• I•••delayed draw term loan second lienNot disclosedNot disclosed
C••••••• C•••••••• G•••• U•• •••••••revolver second lienNot disclosedNot disclosed
D••••delayed draw term loan second lienNot disclosedNot disclosed
M••••••• H•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
P•••••• S••••••• I••• •••••••revolver second lienNot disclosedNot disclosed
R•••••• P•••••• L••revolver second lienNot disclosedNot disclosed
S••••••• B•••••• L••revolver second lienNot disclosedNot disclosed
T•••• B••••• I•••revolver second lienNot disclosedNot disclosed
A••• H•••••••• L••delayed draw term loan second lienNot disclosedNot disclosed
B•••••• N•••••••• I••• •••••••delayed draw term loan second lienNot disclosedNot disclosed
H•••••• A••••••••• L•••••• •••••• K•••••••delayed draw term loan second lienNot disclosedNot disclosed
E••••••• G••••• L••delayed draw term loan second lienNot disclosedNot disclosed
E•••••••• T••••••••• C••••delayed draw term loan second lienNot disclosedNot disclosed
S•• E•• C••• H•••••• L••revolver second lienNot disclosedNot disclosed
B•••••• N•••••••• I••• •••••••delayed draw term loan second lienNot disclosedNot disclosed
D••••••• C•••••••••revolver second lienNot disclosedNot disclosed
T••••• C••••••••• •••••••revolver second lienNot disclosedNot disclosed
A••• H•••••••• L••revolver second lienNot disclosedNot disclosed
B••••••• H•••••••• L••revolver second lienNot disclosedNot disclosed
L••••••• L•••••• H•••••••• L••revolver second lienNot disclosedNot disclosed
O•• P••••••••• I•••revolver second lienNot disclosedNot disclosed
Q•••••• L••delayed draw term loan second lienNot disclosedNot disclosed
i••••• I•••revolver second lienNot disclosedNot disclosed
A••••• A••••••••• C••• I•revolver second lienNot disclosedNot disclosed
A•••••• T•••••••• S•••••••• L••revolver second lienNot disclosedNot disclosed
A•••••• I•••revolver second lienNot disclosedNot disclosed
A••••••• I•••revolver second lienNot disclosedNot disclosed
Page 3 of 3Previous
Registration
Fiscal year end
1231reported
Incorporated
MDreported
On the SEC BDC report
2019 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Former names
TCG BDC II, Inc.reported
Latest schedule
0001702510-26-000084reported