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 · 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, 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
- $58.1Mon 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•• → - $57.7Mnewly 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.
- 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.
- 47 → 51loans 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.
Every headline figure, and the identifiersCIK 1702510 · file 814-01248ShowHide
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
| 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 quartersShow fewer
| 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
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- 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
- 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
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- T••• B•••• A• first lien term loan2 BDCs hold it · matures Jun 1, 2033$74.2M 96c
- E••••• B•••• A• first lien term loan2 BDCs hold it · matures May 12, 2033$61.4M 93c
- U• I•••• S••• B••••• L•• first lien term loan3 BDCs hold it · matures Jun 13, 2028$50.5M 31c
- D•••••••• D••••• H••••••• L•• first lien term loan24 BDCs hold it · matures Sep 13, 2032$47.9M 99c
- C••••• S••••••• I•• first lien term loan4 BDCs hold it · matures Nov 1, 2032$44.8M 100c
- M•••••••• L• first lien term loan10 BDCs hold it · matures Sep 30, 2032 · possible sponsor T••• W••• C•••••• M••••••••• L•••$41.0M 101c
- H•••••••• H••• S•••••••• I•• first lien term loan8 BDCs hold it · matures Dec 15, 2026 · possible sponsor T•• L•$37.3M 99c
- S••••••• B•••••• L•• first lien term loan7 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••$36.8M 101c
- C••••••••• L•• first lien term loan12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••$36.1M 100c
- E•••••• L•• first lien term loan2 BDCs hold it · matures Sep 14, 2030$35.7M 97c
- I•••••• L••••••••• F•••••• S•• R•• first lien term loan2 BDCs hold it · matures May 28, 2027$35.4M 95c
- N•••• H•••• F•••••• B••••• L•• first lien term loan4 BDCs hold it · matures May 17, 2028$35.2M 100c
Schedule of investments at Mar 31, 2026
459 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A• G•••• A•• B•••• P•• L•• ••••••••• C••••••• G••••: N••••••••• | term loan first lien | $2.3M | $2.2M 100c | S+525 bp | Dec 5, 2029 |
| S••••••••• C••••• P••••••• J•• L••• C•••• B• | unstated lien unstated | Not disclosed | $2.2M | ||
| S••••••••• C••••• P••••••• J•• L••• C•••• B• | unstated lien unstated | $2.2M | $2.2M 100c | S+1074 bp | |
| O•••••• L•••••• •••••• K••••••• | term loan first lien | $1.9M | $2.1M 109c | S+350 bp PIK 2.75% | Dec 4, 2031 |
| G••••••• C•• 1• L••• S••••••••• finance (CLO) | unstated lien unstated | $2.2M | $2.1M 97c | S+600 bp | Jan 20, 2038 |
| C•••• H•••••••• L•• S••••••• | term loan first lien | $2.1M | $2.1M 102c | S+525 bp | Feb 28, 2030 |
| G• D• E•••••• I••••••••• L•••••• •••••• K••••••• | term loan first lien | $1.8M | $2.1M 97c | S+475 bp | Feb 12, 2033 |
| U•• P••••• I••• R••••• | term loan first lien | $2.1M | $2.0M 99c | S+760 bp | Apr 25, 2027 |
| S••••• P•••• C•• 1• L•• S••••••••• finance (CLO) | unstated lien unstated | $2.3M | $2.0M 91c | S+525 bp | Jan 20, 2038 |
| A••••• A••••••••• C••• I• | term loan first lien | $2.0M | $2.0M 100c | S+500 bp | Jan 31, 2031 |
| A•••• C•• X• D•• S••••••••• finance (CLO) | unstated lien unstated | $1.8M | $2.0M 107c | S+615 bp | Oct 15, 2038 |
| S••••• P•••• C•• 7• L••• S••••••••• finance (CLO) | unstated lien unstated | $2.2M | $2.0M 91c | S+575 bp | Jan 15, 2038 |
| E••••••• L•••••• •••••• K••••••• | term loan first lien | $1.6M | $2.0M 105c | S+375 bp PIK 3.50% | Apr 16, 2031 |
| R•••••• 3• F•••••• L••• | unstated lien unstated | $2.0M | $1.9M 96c | S+540 bp | Jan 25, 2038 |
| S••••••• B•••••• L•• | term loan first lien | $2.0M | $1.9M 99c | S+500 bp | Jul 25, 2028 |
| R•••• P••• C•• L••• S••••••••• finance (CLO) | unstated lien unstated | $2.2M | $1.9M 84c | S+600 bp | Jan 15, 2038 |
| R•• C•• 1• L••• S••••••••• finance (CLO) | unstated lien unstated | $2.0M | $1.8M 91c | S+625 bp | Jan 20, 2038 |
| P•••••• S••••••• I••• ••••••• | term loan first lien | $1.8M | $1.8M 100c | S+600 bp | Feb 1, 2027 |
| S•••• P•••• C•• 3• L••• S••••••••• finance (CLO) | unstated lien unstated | $1.7M | $1.6M 95c | S+580 bp | Apr 26, 2038 |
| O••••••••• N•••• A•••••• I••• | term loan first lien | $1.2M | $1.5M 100c | S+550 bp | Oct 30, 2031 |
| D••••• M•••• 2• L•• C••••••• Services | term loan second lien | $1.6M | $1.5M 100c | S+1300 bp PIK 100.00% | Dec 22, 2029 |
| G•••••••• U• B••••• I••• E•••••: E••••••••• | term loan first lien | $1.5M | $1.5M 100c | S+450 bp | Jul 22, 2030 |
| H•••••• A•••• ••••••• | term loan first lien | $1.4M | $1.5M 94c | S+575 bp | Apr 16, 2032 |
| O•••••• C•• L••• S••••••••• finance (CLO) | unstated lien unstated | $1.5M | $1.4M 93c | S+500 bp | Jan 15, 2038 |
| S••••• P•••• C•• 8• L••• S••••••••• finance (CLO) | unstated lien unstated | $1.5M | $1.4M 91c | S+515 bp | Apr 15, 2038 |
| A•••• C•• L••• S••••••••• finance (CLO) | unstated lien unstated | $1.3M | $1.3M 99c | S+525 bp | Oct 17, 2037 |
| C•••••••• C•••••• A••••••••• C•• I•• L•• H••• T••• I••••••••• | term loan first lien | $1.3M | $1.3M 102c | S+962 bp | Jul 30, 2028 |
| C•• C••••••• L••• F••• X• D•• | unstated lien unstated | $1.1M | $1.2M 107c | S+535 bp | Jan 26, 2038 |
| B••••• C•• L••• S••••••••• finance (CLO) | unstated lien unstated | $1.3M | $1.2M 92c | S+600 bp | Jan 15, 2038 |
| A• B•• C•• 5• L••• S••••••••• finance (CLO) | unstated lien unstated | $1.3M | $1.2M 92c | S+610 bp | Jan 20, 2038 |
| C••••••••• B••••••• B•••••• I••• | term loan first lien | $2.4M | $1.1M 49c | S+450 bp | May 15, 2031 |
| A••• H•••••••• L•• Capital E•••••••• | preferred equity equity | Not disclosed | $1.1M 189c | ||
| G• A••••••••• I••• S••••••• | term loan first lien | $1.1M | $1.1M 97c | S+525 bp | May 25, 2028 |
| U••• L•••• S•••••• I••••••••• H•••••••• L•• B••••••• Services | preferred equity equity | Not disclosed | $990,000 154c | ||
| C••••• S••••••• I••• ••••••• S••••••• | preferred equity equity | Not disclosed | $958,000 383c | ||
| J•••• A••••••••• L•• | term loan first lien | $932,000 | $952,000 114c | S+100 bp PIK 6.00% | Dec 31, 2029 |
| P••••• U••••••• H•••••••• L•• Capital E•••••••• | preferred equity equity | Not disclosed | $948,000 274c | ||
| A••••••••• I••• | term loan second lien | $906,000 | $909,000 101c | S+1425 bp PIK 100.00% | May 3, 2030 |
| M••••••• H•••••••• L•• | term loan first lien | $822,000 | $822,000 100c | S+600 bp PIK 100.00% | Aug 19, 2027 |
| D•••••••• D••••• H••••••• L•• | term loan first lien | $855,000 | $773,000 95c | S+525 bp | Sep 12, 2032 |
| E•••••••• S••••••• H•••••• C••••••••• | term loan first lien | $758,000 | $753,000 100c | S+275 bp PIK 2.75% | Jun 17, 2031 |
| O•••••• L•••••• •••••• K••••••• | term loan first lien | $714,000 | $707,000 99c | S+350 bp PIK 2.75% | Dec 4, 2031 |
| A••••••• B••••• I••• S••••••• | term loan first lien | $704,000 | $704,000 101c | S+415 bp | Jul 26, 2031 |
| E•••• F•••••• H•••••••• I••• | term loan first lien | $668,000 | $662,000 100c | S+475 bp | Apr 29, 2030 |
| H• S•• H••••••• I••• | term loan first lien | $633,000 | $627,000 100c | S+525 bp | Jun 2, 2029 |
| D••••••• C••••••••• T••••••••• | term loan first lien | $636,000 | $618,000 98c | S+500 bp | Aug 4, 2030 |
| Z••••• A••••••• H••••••• I••• B••••••• Services | preferred equity equity | Not disclosed | $496,000 235c | ||
| H•••••• A•••• ••••••• | term loan first lien | $445,000 | $434,000 98c | S+575 bp | Apr 16, 2032 |
| Y••••••••• B•••• A••••••••• L•• C••••••• G••••: D•••••• | term loan first lien | $430,000 | $397,000 93c | S+575 bp | Sep 13, 2027 |
| S•••• A• ••••••• H••• T••• I••••••••• | preferred equity equity | Not disclosed | $276,000 24c | ||
| B•• B•• T•••• G•••• L•••••• •••••• K••••••• | term loan first lien | $306,000 | $265,000 90c | S+410 bp PIK 5.50% | Jun 4, 2031 |
| B•• B•• T•••• G•••• L•••••• •••••• K••••••• | term loan first lien | $235,000 | $256,000 94c | S+410 bp PIK 5.50% | Jun 4, 2031 |
| A•••• G•••• ••••••• | term loan first lien | $258,000 | $253,000 100c | S+575 bp | Oct 28, 2032 |
| P•• I••••••••• H•••••••• L•• | term loan first lien | $230,000 | $229,000 100c | S+600 bp | Aug 31, 2029 |
| P•••••• H••••••• I• L• C••••••••, P••••••• & R••••• | preferred equity equity | Not disclosed | $177,000 68c | ||
| F•• I••••••••• H•••••• L•• | term loan first lien | $167,000 | $167,000 100c | S+500 bp PIK 100.00% | Jun 30, 2029 |
| S•• E•• C••• H•••••• L•• H••••••••• & P••••••••• | term loan first lien | $160,000 | $160,000 102c | S+550 bp | Oct 7, 2029 |
| P•• B•••• L•••••• •••••• K••••••• | term loan first lien | $80,000 | $104,000 100c | S+1075 bp | Oct 29, 2031 |
| S••••• K• M••••• I••• D••••••••• Financial Services | preferred equity equity | Not disclosed | $88,000 293c | ||
| G••••••••• L•• S•••••••• & Public Finance | term loan first lien | $81,000 | $80,000 100c | S+475 bp | Dec 16, 2030 |
| F•• I••••••••• H•••••• L•• | term loan first lien | $80,000 | $80,000 101c | S+500 bp PIK 100.00% | Jun 30, 2029 |
| F•• I••••••••• H•••••• L•• C••••••• Services | term loan second lien | $67,000 | $67,000 105c | S+500 bp | Jun 30, 2029 |
| F•• I••••••••• H•••••• L•• C••••••• Services | preferred equity equity | Not disclosed | $49,000 89c | ||
| E•••••••• S••••••• H•••••• C••••••••• | term loan first lien | $37,000 | $36,000 100c | S+500 bp | Jun 17, 2031 |
| E•• P•••••• L•• H••••••••• & P••••••••• | preferred equity equity | Not disclosed | $22,000 | ||
| A•••• G•••• ••••••• | term loan first lien | $37,000 | $13,000 33c | S+575 bp | Oct 28, 2032 |
| S••••••••• C••••• P••••••• J•• L••• C•••• A• | unstated lien unstated | $1,000 | $1,000 100c | ||
| S••••••••• C••••• P••••••• J•• L••• C•••• A• | unstated lien unstated | Not disclosed | $1,000 | ||
| M••••••• H•••••••• L•• | term loan first lien | $3.9M | $0 0c | S+600 bp PIK 100.00% | Aug 19, 2027 |
| N•••• H••••••• L•• C••••••• Services | preferred equity equity | Not disclosed | $0 0c | ||
| B•••••• G•••• H•••••••• L••• | preferred equity equity | Not disclosed | $0 0c | S+1068 bp PIK 100.00% | |
| T• M••••••• H••••••• L• | preferred equity equity | Not disclosed | $0 | ||
| B•••••• G•••• H•••••••• L••• | preferred equity equity | Not disclosed | $0 | ||
| F• N• I••••••••• L• C••••••• Services | preferred equity equity | Not disclosed | $0 0c | S+2000 bp PIK 100.00% | |
| A••••• A••••••••• C••• I• | term loan first lien | $0 | $0 | S+475 bp | Jan 31, 2031 |
| T• M••••••• H••••••• L• | preferred equity equity | Not disclosed | $0 | ||
| B•••••• G•••• H•••••••• L••• | preferred equity equity | Not disclosed | $0 | ||
| T• L•• H•••••••• L•• B••••••• Services | preferred equity equity | Not disclosed | $0 | ||
| G• V••• P•••••• L••• | preferred equity equity | Not disclosed | $0 0c | ||
| T• M••••••• H••••••• L• | preferred equity equity | Not disclosed | $0 | ||
| S••••••••• C••••• P••••••• J•• L••• C•••• C• | unstated lien unstated | $0 | $0 | ||
| 4•••••• T•••• L•• | preferred equity equity | Not disclosed | $0 | ||
| B•••••• M•••• S••••• •••••• | term loan first lien | $0 | -$41,000 102c | S+550 bp | Feb 19, 2033 |
| B•••••• M•••• S••••• •••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| C••••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| C•••• H•••••••• L•• | delayed draw term loan 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 | ||
| P••••• L•• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| Q•• P•••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| T•• C•••••• G••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| V•••••• P••••••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| B••• B•••••• P••••••••• I••• | revolver second lien | Not disclosed | Not disclosed | ||
| B••••••••• I••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| E•••••••• S••••••• H•••••• C••••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| S•••••• B••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| W••••• G••••• L•• | revolver second lien | Not disclosed | Not disclosed | ||
| M••••••• L••• | revolver second lien | Not disclosed | Not disclosed | ||
| H•••••• A••••••• B••••• L•• | delayed draw term loan second lien | Not disclosed | Not disclosed | ||
| H••••••• B••••••• L•• | revolver second lien | Not disclosed | Not disclosed |
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