DFX Intelligence

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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.

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

Fair value: $2.8B
Borrowers: 224
Mark on cost: 96.7¢
First lien: 89%

Schedule of investments (480)Quarter by quarter Sponsors

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

What matters now

$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•• →
$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•• →
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
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 →
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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.8B	224	97c	51	536 bp
Mar 31, 2026	$2.6B	216	98c	47	534 bp
Dec 31, 2025	$2.8B	210	99c	42	555 bp
Sep 30, 2025	$2.4B	166	99c	41	559 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$2.2B	157	98c	35	559 bp
Mar 31, 2025	$2.0B	146	97c	28	578 bp
Dec 31, 2024	$6.0B	166	97c	92	579 bp
Sep 30, 2024	$1.7B	133	98c	18	600 bp
Jun 30, 2024	$1.7B	125	98c	18	621 bp
Mar 31, 2024	$1.8B	133	98c	18	612 bp
Dec 31, 2023	$3.5B	131	96c	43	619 bp
Sep 30, 2023	$1.8B	129	96c	16	646 bp
Jun 30, 2023	$1.9B	132	96c	14	646 bp
Mar 31, 2023	$2.0B	131	97c	13	649 bp
Dec 31, 2022	$2.1B	131	97c	15	641 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

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 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
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
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

T••• B•••• A• first lien term loan
2 BDCs hold it · matures Jun 1, 2033
$74.2M 96c
E••••• B•••• A• first lien term loan
2 BDCs hold it · matures May 12, 2033
$61.4M 93c
U• I•••• S••• B••••• L•• first lien term loan
3 BDCs hold it · matures Jun 13, 2028
$50.5M 31c
D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$47.9M 99c
C••••• S••••••• I•• first lien term loan
4 BDCs hold it · matures Nov 1, 2032
$44.8M 100c
M•••••••• L• first lien term loan
10 BDCs hold it · matures Sep 30, 2032 · possible sponsor T••• W••• C•••••• M••••••••• L•••
$41.0M 101c
H•••••••• H••• S•••••••• I•• first lien term loan
8 BDCs hold it · matures Dec 15, 2026 · possible sponsor T•• L•
$37.3M 99c
S••••••• B•••••• L•• first lien term loan
7 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••
$36.8M 101c
C••••••••• L•• first lien term loan
12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••
$36.1M 100c
E•••••• L•• first lien term loan
2 BDCs hold it · matures Sep 14, 2030
$35.7M 97c
I•••••• L••••••••• F•••••• S•• R•• first lien term loan
2 BDCs hold it · matures May 28, 2027
$35.4M 95c
N•••• H•••• F•••••• B••••• L•• first lien term loan
4 BDCs hold it · matures May 17, 2028
$35.2M 100c

Schedule of investments at Mar 31, 2025

339 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S•••• A• ••••••• H••• T••• I•••••••••	unstated lien unstated	Not disclosed	$221,000 19c
E•• P•••••• L•• H••••••••• & P•••••••••	unstated lien unstated	Not disclosed	$197,000
S•• E•• C••• H•••••• L•• H••••••••• & P•••••••••	term loan first lien	$162,000	$162,000 103c	S+550 bp	Oct 7, 2029
F• N• I••••••••• L• C••••••• Services	unstated lien unstated	Not disclosed	$159,000 111c	S+2000 bp PIK 100.00%
S••••• K• M••••• I••• D••••••••• Financial Services	unstated lien unstated	Not disclosed	$89,000 182c
P•• B•••• L•••••• •••••• K••••••• U••••••••: W••••	term loan first lien	$67,000	$84,000 98c	S+1075 bp	Oct 29, 2031
G••••••••• L•• S•••••••• & Public Finance	term loan first lien	$80,000	$80,000 101c	S+300 bp PIK 2.00%	Dec 16, 2030
M••••••• H•••••••• L•• B••••••• Services	term loan first lien	$3.6M	$0 0c	S+600 bp PIK 100.00%	Aug 19, 2027
4•••••• I••••••••• H•••••••• I••• T•••••••••: C••••	unstated lien unstated	Not disclosed	$0
N•••• H•••• G•••••••• T••••• L•• C•••••••••, P•••••••• & G••••	unstated lien unstated	Not disclosed	$0 0c
i••••• C••••••••• C••••••• G••••: D••••••	unstated lien unstated	Not disclosed	$0
B•••••• G•••• H•••••••• L•••• A••• A••••••••• • S•••••••	unstated lien unstated	Not disclosed	$0
G• V••• P•••••• L•••• B••••••• • F•••	unstated lien unstated	Not disclosed	$0 0c
T• L•• H•••••••• L•• B••••••• Services	unstated lien unstated	Not disclosed	$0
B•••••• G•••• H•••••••• L•••• A••• A••••••••• • S•••••••	unstated lien unstated	Not disclosed	$0
P•••••• S••••••• I••• ••••••• S•••••••	term loan first lien	$0	-$12,000 109c	S+600 bp	Feb 1, 2027
A•• T•••••• L•• H••••••••• & P•••••••••	term loan first lien	$0	-$78,000 100c	S+500 bp	Dec 31, 2027
H• S•• H••••••• I•••	revolver second lien	Not disclosed	Not disclosed
A••••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed	S+1425 bp
P••••• I••••••••• L••	revolver second lien	Not disclosed	Not disclosed
1••• I•••••••• D••••••••• P••••••• P••••• L•	revolver second lien	Not disclosed	Not disclosed
M••••••• A••••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
A•• G•••• B•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
O•• P••••••••• I•••	revolver second lien	Not disclosed	Not disclosed
L••••••• L•••••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
A••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A•••••• B••••• L••	revolver second lien	Not disclosed	Not disclosed
A••••••••• I•••	revolver second lien	Not disclosed	Not disclosed
B•••• G•••• B••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
B•••• S••••• ••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
C•••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
C•••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
E•••••• L••	revolver second lien	Not disclosed	Not disclosed
E•••••••• S••••••• H•••••• C•••••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
O••••••••• N•••• A•••••• I•••	revolver second lien	Not disclosed	Not disclosed
P•••••• S••••••• I••• •••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
T•••• B••••• I•••	revolver second lien	Not disclosed	Not disclosed
D••••	revolver second lien	Not disclosed	Not disclosed
I•••••• P•••••• I•••	revolver second lien	Not disclosed	Not disclosed
I• I••••••••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
i••••• I•••	revolver second lien	Not disclosed	Not disclosed
W•••• 5•• I•••	revolver second lien	Not disclosed	Not disclosed
G•••••• P•••••• I•••	revolver second lien	Not disclosed	Not disclosed
H• S•• H••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
E••••••• B•••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
A••••••• B••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
E•••••••• T••••••••• C••••	revolver second lien	Not disclosed	Not disclosed
G••••••••• S•••••••• I•••	revolver second lien	Not disclosed	Not disclosed
M••••••• H•••••••• L••	revolver second lien	Not disclosed	Not disclosed
S•• E•• C••• H•••••• L••	revolver second lien	Not disclosed	Not disclosed
S••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
C••••••• B••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
A••••• A••••••••• C••• I•	revolver second lien	Not disclosed	Not disclosed
R•••••• P•••••• L••	revolver second lien	Not disclosed	Not disclosed
A••••••••• I•••	revolver second lien	Not disclosed	Not disclosed	S+1425 bp
C•••••••• C•••••• A••••••••• C•• I•• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
P•• T• H•••••••• I••	delayed draw term loan second lien	Not disclosed	Not disclosed
P•• I••••••••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
Q•• P•••••• I•••	revolver second lien	Not disclosed	Not disclosed
S••••• I•••	revolver second lien	Not disclosed	Not disclosed
G• A••••••••• I•••	revolver second lien	Not disclosed	Not disclosed
A•• T•••••• L••	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••••••• C•••••••• G•••• U•• •••••••	revolver second lien	Not disclosed	Not disclosed
E•••• F•••••• H•••••••• I•••	revolver second lien	Not disclosed	Not disclosed
F•• I••••••••• H•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
G• A••••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
N•••• H•••••• C•••••• L••	revolver second lien	Not disclosed	Not disclosed
P••••• I••••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
E••••••• P•••••• I•••	revolver second lien	Not disclosed	Not disclosed
Y•• H•••••••• I•••	revolver second lien	Not disclosed	Not disclosed
U••• L•••• S••••••• I•••	revolver second lien	Not disclosed	Not disclosed
B•••••••• S••••• ••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
C•• H•••••• C••••••	revolver second lien	Not disclosed	Not disclosed
C••••••••• H•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
E••••••• B•••• I•••	revolver second lien	Not disclosed	Not disclosed
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
P•• T• H•••••••• I••	revolver second lien	Not disclosed	Not disclosed
S•••••••• H•••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
R••••• M••••••••• G••••• L••	revolver second lien	Not disclosed	Not disclosed
O••••• H•••••• I•••	revolver second lien	Not disclosed	Not disclosed
L•• I••••••••• H•••••••• L•••••	delayed draw term loan second lien	Not disclosed	Not disclosed
H•••••••• H••• S•••••••• I•••	revolver second lien	Not disclosed	Not disclosed
S••••••• B•••••• L••	revolver second lien	Not disclosed	Not disclosed
T••• H•••••• C••••	revolver second lien	Not disclosed	Not disclosed
U••••• F••• T••••••••• I••••••••• H••••• I•• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
B•••• G•••• B••••• I•••	revolver second lien	Not disclosed	Not disclosed
V•••••• E••••••• S•••••••• I•••	delayed draw term loan second lien	Not disclosed	Not disclosed
T•••• P•••• L••••• •••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
U••••• F••• T••••••••• I••••••••• H••••• I•• L••	revolver second lien	Not disclosed	Not disclosed
P•• H••••••• I• C••••	revolver second lien	Not disclosed	Not disclosed
R••••••• B••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
W••••••••• L••	revolver second lien	Not disclosed	Not disclosed
O•••••• L•••••• •••••• K•••••••	delayed draw term loan second lien	Not disclosed	Not disclosed
P•••••• S••••••• I••• •••••••	revolver second lien	Not disclosed	Not disclosed
A••••••• B••••• I•••	revolver second lien	Not disclosed	Not disclosed
T•••• P•••• L••••• •••••••	revolver second lien	Not disclosed	Not disclosed
A•••••••• L••	delayed draw term loan second lien	Not disclosed	Not disclosed
A•••• U• F••••• I•••	revolver second lien	Not disclosed	Not disclosed

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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