DFX Intelligence

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N••••••• C••••••• I•••

Business development companymanaged by N••••••• A•••••••• L•••Non-traded· DALLAS, TX

A non-traded business development company, managed by N••••••• A•••••••• L•••, holding $76.7M across 15 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: $76.7M
Borrowers: 15
Mark on cost: 100.1¢
First lien: 6%

Schedule of investments (25)Quarter by quarter

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

What matters now

98.4¢ → 100.1¢
book mark on cost
Marked its book up from 98.4¢ to 100.1¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
$16.1M → $114M
fair value, 4 quarters
Its portfolio grew 606% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1588272 · file 814-01074Show

Fair value

$76.7M

as of Jun 30, 2026

Principal held

$4.9M

debt pieces, the filer's figure

Cost

$66.7M

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

15 borrowers

First lien

6% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

0 sponsors financed

Portfolio through time

Fair value by quarter end$114M as of Jun 30, 2026

Dec 31, 2022$261M then

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2026	$114M	15	100c	n/a
Mar 31, 2026	$109M	15	98c	n/a
Dec 31, 2025	$125M	17	89c	750 bp
Sep 30, 2025	$16.8M	8	89c	750 bp

All 13 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$16.1M	8	87c	750 bp
Mar 31, 2025	$193M	20	98c	600 bp
Dec 31, 2024	$221M	20	100c	642 bp
Sep 30, 2024	$224M	23	115c	712 bp
Jun 30, 2024	$211M	22	93c	750 bp
Mar 31, 2024	$219M	24	83c	600 bp
Dec 31, 2023	$237M	27	82c	439 bp
Sep 30, 2023	$226M	28	80c	525 bp
Dec 31, 2022	$261M	33	79c	508 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Maturity extended (observed)Dec 31, 2025
••• Locked
Marked down (one lender)Jun 30, 2025
••• Locked

Full timeline · 20 events

Marked down (one lender)Mar 31, 2025
••• Locked
Marked down (one lender)Mar 31, 2025
••• Locked
Maturity shortened (observed)Mar 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2024
••• Locked
Maturity extended (observed)Dec 31, 2024
••• Locked
Maturity extended (observed)Dec 31, 2024
••• Locked
New lender joined a facilitySep 30, 2024
••• Locked
New lender joined a facilityJun 30, 2024
••• Locked
Marked down (one lender)Jun 30, 2024
••• Locked
Maturity extended (observed)Jun 30, 2024
••• Locked
Maturity extended (observed)Mar 31, 2024
••• Locked
New borrower on a BDC scheduleMar 31, 2024
••• Locked
New borrower on a BDC scheduleDec 31, 2023
••• Locked
New borrower on a BDC scheduleDec 31, 2023
••• Locked
Marked down (one lender)Dec 31, 2023
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C•• M••••••• I•• first lien term loan
1 BDC hold it · matures Apr 7, 2027
$3.0M 101c
S••••••• T••••••••• I•• preferred equity
1 BDC hold it
$2.7M 106c
M•••••• W•••••••• I•• first lien term loan
1 BDC hold it · matures Dec 31, 2028
$1.6M 101c
i••••••••• I•• notes
1 BDC hold it · matures May 1, 2030
$282,225 91c
A•••••• I•• preferred equity
1 BDC hold it
$182,187 160c
U••••• F••••••• B••• F•• preferred equity
1 BDC hold it
$1,000 50c
7•• P••••••• L•• preferred equity
1 BDC hold it
$750 n/a
S• T•••••• C• T• 1• C••• L•• equity
1 BDC hold it
Not disclosed 157c
N••••••• R••• E••••• F•••••• I•• equity
1 BDC hold it
Not disclosed 92c
M•••••• W•••••••• I•• equity
1 BDC hold it
Not disclosed 357c
A••••• • L••••••••• n•• other
1 BDC hold it
Not disclosed n/a
N••••••• R••••••••• T•••• I•• equity
1 BDC hold it
Not disclosed 102c

Schedule of investments at Sep 30, 2025

14 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S••••••• T••••••••• I••• H•••••••••	preferred equity equity	$1.6M	$4.6M 114c
S••••••• T••••••••• I••• H•••••••••	preferred equity equity	$1.1M	$3.8M 95c
C•• M••••••• I•• H•••••••••	term loan first lien	$3.0M	$3.0M 100c	1.60%	Apr 7, 2027
A•••••• I••• H•••••••••	preferred equity equity	$135,122	$1.7M 141c
M•••••• W•••••••• I••• T••••••••• Services	term loan first lien	$1.1M	$1.1M 100c	12.00%	Dec 31, 2025
C••••••••• H•••••• I••• H•••••••••	term loan first lien	$1.6M	$812,420 56c	S+750 bp	Sep 30, 2027
A•••••• I••• •••••• C••• H•••••••••	preferred equity equity	$47,065	$659,851 126c
U••••• F••••••• B••• F•• F•••••••••	preferred equity equity	$1,000	$500,000 50c
M•••••• W•••••••• I••• T••••••••• Services	term loan first lien	$268,025	$268,293 100c	12.00%	Dec 31, 2025
i••••••••• I•••	notes lien unstated	$171,258	$115,412 72c		May 1, 2030
i••••••••• I•••	notes lien unstated	$110,967	$100,210 94c		May 1, 2029
M•••••• W•••••••• I••• T••••••••• Services	term loan first lien	$47,884	$47,932 100c	12.00%	Dec 31, 2025
M•••••• W•••••••• I••• T••••••••• Services	term loan first lien	$44,677	$44,721 100c	12.00%	Dec 31, 2025
7•• P••••••• L•• F•••••••••	preferred equity equity	$750	$22,500 3c

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2015 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: N••••••• C••••••, LLCreported
Latest schedule: 0001193125-26-351830reported