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N••••• C•••••••• D••••• L•••••• C••••
A business development company traded as NCDL, managed by C•••••••• D•• A•••••• L••, holding $1.9B across 289 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
- $1.9B
- Borrowers
- 289
- Mark on cost
- 97.4¢
- 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
- $58.3Mon non-accrual, 8 borrowers
8 borrowers on non-accrual, $58.3M principal; the largest is S•••• B•••••• I•• ($13M).
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 S•••• B•••••• I•• → - $33.2Mnewly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $33.2M principal: S•••• B•••••• I•• ($13M), M•• A••••••••• I•• ($11.6M), S••••• A••••• I•• ($8.48M).
Q2 2026 · The newest credit problems in the book.
- 22 below 80¢$64.2M principal
22 positions across 14 borrowers marked below 80¢ on cost, $64.2M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 281 → 289borrowers
Added a net 8 borrowers in the quarter to Jun 30, 2026, to 289.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1737924 · file 814-01338ShowHide
Fair value
$1.9B
as of Jun 30, 2026
Principal held
$2.1B
debt pieces, the filer's figure
Cost
$2.0B
97c on cost, debt pieces
Unfunded
$137M
commitments not yet drawn
Positions
697
289 borrowers
First lien
89%
97% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
475
51 sponsors financed
Portfolio through time
Fair value by quarter end$1.9B as of Jun 30, 2026
Dec 31, 2022$1.2B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.9B | 289 | 97c | 78 | 495 bp |
| Mar 31, 2026 | $2.0B | 281 | 98c | 83 | 498 bp |
| Dec 31, 2025 | $2.0B | 289 | 98c | 64 | 497 bp |
| Sep 30, 2025 | $2.0B | 258 | 98c | 52 | 507 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $2.0B | 251 | 99c | 54 | 511 bp |
| Mar 31, 2025 | $2.1B | 245 | 99c | 54 | 515 bp |
| Dec 31, 2024 | $4.2B | 291 | 99c | 99 | 519 bp |
| Sep 30, 2024 | $2.1B | 202 | 98c | 49 | 540 bp |
| Jun 30, 2024 | $2.1B | 226 | 98c | 47 | 544 bp |
| Mar 31, 2024 | $1.8B | 221 | 99c | 52 | 562 bp |
| Dec 31, 2023 | $1.9B | 293 | 98c | 59 | 580 bp |
| Sep 30, 2023 | $1.5B | 199 | 98c | 34 | 575 bp |
| Jun 30, 2023 | $1.4B | 182 | 97c | 29 | 567 bp |
| Mar 31, 2023 | $1.3B | 167 | 97c | 25 | 562 bp |
| Dec 31, 2022 | $1.2B | 216 | 97c | 23 | 557 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- Placed on non-accrualJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 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
- 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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- R• P••••• H••••••• L• first lien term loan1 BDC hold it · matures Mar 1, 2029$27.5M 100c
- g•••••••• L•• first lien term loan2 BDCs hold it · matures Dec 1, 2027 · possible sponsor W••• P•••• P•••••••$26.8M 100c
- I••• H••••• I•• first lien term loan3 BDCs hold it · matures Dec 17, 2027$24.3M 100c
- G•• H••••••••• L•• first lien term loan1 BDC hold it · matures Dec 9, 2027 · possible sponsor M••••••• U• A••••••• L•••$22.7M 94c
- M•••••• U• B••••• L•• first lien term loan2 BDCs hold it · matures Jun 25, 2030$22.0M 101c
- K•••• P•• B•••• L•• first lien term loan5 BDCs hold it · matures Nov 15, 2029$21.5M 100c
- E•••••• 7• P•••••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Dec 1, 2027$20.8M 100c
- W••• B••••• I•• first lien term loan6 BDCs hold it · matures Apr 10, 2031$20.1M 100c
- O•••• G•••• F• H•••••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Jul 3, 2029$19.8M 100c
- F•••••••• M••••••••• G••••• L•• first lien delayed draw term loan3 BDCs hold it · matures Jun 27, 2031 · possible sponsor S•••••••• C••••••• L•••$19.7M 98c
- S••• L•• F••••• B•••••• L•• first lien term loan5 BDCs hold it · matures Jul 30, 2027 · possible sponsor K••••••• • C••••••$19.7M 97c
- C••••••••• B••••••• C••• first lien term loan2 BDCs hold it · matures Sep 25, 2029$18.8M 101c
Schedule of investments at Mar 31, 2023
335 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•••••• L•• | delayed draw term loan lien unstated | $1.7M | $1.6M 97c | S+550 bp | Jun 10, 2026 |
| S••• G••••• L•••••••• | delayed draw term loan lien unstated | $4.5M | $1.6M 95c | S+475 bp | Dec 30, 2026 |
| G•••••• P••••••• L•• | delayed draw term loan lien unstated | $1.6M | $1.6M 100c | S+575 bp | Sep 21, 2026 |
| S•• T•••• P•••• | delayed draw term loan lien unstated | $1.7M | $1.5M 97c | S+475 bp | Mar 1, 2029 |
| P•••••• G••••• I•••••••• S•••••• | delayed draw term loan lien unstated | $7.2M | $1.5M 92c | S+575 bp | Oct 14, 2028 |
| S••• G••••• L•••••••• ••••••••• | unstated lien unstated | $1.5M | $1.5M 99c | S+475 bp | Dec 30, 2026 |
| E•• 2• | unstated lien unstated | $1.4M | $1.4M 98c | S+550 bp | Dec 1, 2027 |
| D••••••• C••••••••• | delayed draw term loan lien unstated | $1.5M | $1.4M 96c | S+575 bp | Aug 4, 2025 |
| L••••• S•••••• P•••••••• L•• •••••• | delayed draw term loan lien unstated | $4.8M | $1.4M 95c | S+650 bp | Jan 9, 2029 |
| S••••• B••••••• S••••••••• L•• | delayed draw term loan lien unstated | $4.9M | $1.4M 86c | S+575 bp | Dec 15, 2027 |
| Q•••••• ••••• A•• L•••••••• H•••••••• I•••• ••••••••• | unstated lien unstated | $1.4M | $1.4M 101c | S+600 bp | May 5, 2025 |
| G•••••• S••••••••• | delayed draw term loan lien unstated | $2.0M | $1.4M 95c | S+525 bp | Sep 30, 2027 |
| C•••••••• R•••• | delayed draw term loan lien unstated | $1.4M | $1.3M 100c | 9.00% PIK 3.75% | Oct 14, 2028 |
| R•••••• • C••••• | unstated lien unstated | Not disclosed | $1.2M 126c | ||
| S•• T•••• P•••• | delayed draw term loan lien unstated | $1.2M | $1.1M 98c | S+475 bp | Mar 1, 2029 |
| S••• G••••• L•••••••• | delayed draw term loan lien unstated | $1.1M | $1.1M 99c | S+475 bp | Dec 30, 2026 |
| B••••••••• H•••••• L•• | unstated lien unstated | Not disclosed | $1.1M 126c | ||
| P••••••••• | delayed draw term loan lien unstated | $3.0M | $1.1M 96c | S+600 bp | Sep 1, 2027 |
| L•• R••••••••• | unstated lien unstated | Not disclosed | $1.1M 162c | ||
| P• I••••••••• H••••••• I••• L•• ••••••••• | unstated lien unstated | $1.1M | $1.0M 97c | S+598 bp | Nov 1, 2028 |
| O••••• P•••••••• | unstated lien unstated | Not disclosed | $1.0M 100c | ||
| R••••••• | delayed draw term loan lien unstated | $1.1M | $1.0M 93c | S+575 bp | Apr 15, 2027 |
| E•• | unstated lien unstated | Not disclosed | $981,000 114c | ||
| C•••••••• R•••• | delayed draw term loan lien unstated | $978,000 | $953,000 99c | S+475 bp PIK 3.75% | Oct 14, 2028 |
| F•••••••• D••••••••• | delayed draw term loan lien unstated | $1.0M | $941,000 97c | S+425 bp | Apr 2, 2029 |
| Q•••••• ••••• A•• L•••••••• H•••••••• I•••• ••••••••• | unstated lien unstated | $901,000 | $896,000 100c | S+550 bp | May 5, 2025 |
| N•••• L•• | delayed draw term loan lien unstated | $897,000 | $879,000 98c | S+475 bp | Sep 16, 2024 |
| N•••• L•• | delayed draw term loan lien unstated | $1.4M | $857,000 97c | S+475 bp | Sep 16, 2024 |
| S•••• I••••••••• M••••• G•••• | delayed draw term loan lien unstated | $753,000 | $738,000 100c | 12.50% | Jun 28, 2028 |
| I•••••• L•• | unstated lien unstated | Not disclosed | $699,000 134c | ||
| N•••• L•• | delayed draw term loan lien unstated | $705,000 | $691,000 98c | S+475 bp | Sep 16, 2024 |
| M••••• C••••••••• A••••••• I••• ••••••••• | unstated lien unstated | $681,000 | $673,000 99c | S+538 bp | Mar 4, 2025 |
| C••••••••• | unstated lien unstated | Not disclosed | $638,000 83c | ||
| F•••• E••• | preferred equity equity | Not disclosed | $622,000 105c | ||
| A••• A•••••• | unstated lien unstated | Not disclosed | $616,000 75c | ||
| R••• S••••••••• | delayed draw term loan lien unstated | $7.9M | $587,000 81c | S+550 bp | Nov 1, 2026 |
| C••••• N•• | unstated lien unstated | Not disclosed | $578,000 93c | ||
| E••• C••••••••• | unstated lien unstated | Not disclosed | $549,000 331c | ||
| E•• ••••••• D•••• 2• | delayed draw term loan lien unstated | $3.6M | $517,000 86c | S+550 bp | Dec 1, 2027 |
| C•••••••• R•••• | delayed draw term loan lien unstated | $506,000 | $495,000 98c | S+475 bp | Apr 14, 2028 |
| G•••••• F•••••• | unstated lien unstated | Not disclosed | $494,000 116c | ||
| L••••• S•••••• P•••••••• L•• •••••• | unstated lien unstated | Not disclosed | $491,000 100c | ||
| A•••••• | delayed draw term loan lien unstated | $451,000 | $425,000 95c | S+625 bp | Oct 22, 2026 |
| S••••••• I• | delayed draw term loan lien unstated | $439,000 | $417,000 95c | S+575 bp | Dec 9, 2026 |
| E••••••• G•••• L•• | delayed draw term loan lien unstated | $2.8M | $375,000 92c | S+550 bp | Apr 14, 2028 |
| S•• T•••• P•••• | unstated lien unstated | Not disclosed | $360,000 95c | ||
| C•••• M••••••••• G•••• | unstated lien unstated | Not disclosed | $344,000 150c | ||
| C••••••••• A••••••• o• A•••••• L•• | delayed draw term loan lien unstated | $311,000 | $311,000 101c | S+550 bp | Sep 24, 2026 |
| W•••••••• E••••••• L•• | delayed draw term loan lien unstated | $317,000 | $310,000 98c | S+525 bp | Apr 20, 2027 |
| S•••• I••••••••• M••••• G•••• | unstated lien unstated | Not disclosed | $293,000 94c | ||
| L•••••• B•••• | delayed draw term loan lien unstated | $746,000 | $292,000 98c | S+550 bp | Jun 15, 2028 |
| Q•••••• ••••• A•• L•••••••• H•••••••• I•••• ••••••••• | unstated lien unstated | $260,000 | $258,000 100c | S+600 bp | May 5, 2025 |
| A••• H•••••••• L•• ••••• N••••• | unstated lien unstated | Not disclosed | $254,000 105c | ||
| A• M•• H•••••••• I•• | unstated lien unstated | Not disclosed | $245,000 100c | ||
| R••••••• | delayed draw term loan lien unstated | $244,000 | $226,000 93c | S+575 bp | Apr 15, 2027 |
| N•••• H•••• S•••••• U• H••••• L•• | delayed draw term loan lien unstated | $219,000 | $216,000 99c | S+625 bp | Jun 6, 2025 |
| R••••• S••••••••• | unstated lien unstated | Not disclosed | $216,000 90c | ||
| C••••••••• A••••••• o• A•••••• L•• | delayed draw term loan lien unstated | $212,000 | $212,000 100c | S+550 bp | Sep 24, 2026 |
| Q•••••• ••••• A•• L•••••••• H•••••••• I•••• ••••••••• | unstated lien unstated | $182,000 | $181,000 100c | S+600 bp | May 5, 2025 |
| D••••••• C••••••••• | delayed draw term loan lien unstated | $169,000 | $162,000 96c | S+625 bp | Aug 4, 2025 |
| U••••• H••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $162,000 95c | ||
| V•••• R•••••• C•••••• | delayed draw term loan lien unstated | $184,000 | $159,000 99c | S+575 bp | Jun 29, 2027 |
| E•• H•••••••• L•• | unstated lien unstated | Not disclosed | $148,000 100c | ||
| V•••• R•••••• C•••••• | delayed draw term loan lien unstated | $152,000 | $148,000 99c | S+575 bp | Jun 29, 2027 |
| B••••••••• | delayed draw term loan lien unstated | $2.1M | $139,000 80c | S+550 bp | Dec 1, 2027 |
| A••• C•••••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $117,000 100c | ||
| B•• P•••••••• | delayed draw term loan lien unstated | $117,000 | $114,000 99c | S+675 bp | Oct 7, 2026 |
| S••••••••• P•••••••• G•••• | unstated lien unstated | Not disclosed | $112,000 76c | ||
| D••••••• C••••••••• | delayed draw term loan lien unstated | $107,000 | $102,000 95c | S+625 bp | Aug 4, 2025 |
| S•• T•••• P•••• | unstated lien unstated | Not disclosed | $75,000 95c | ||
| F•••• E••• • C••••• | unstated lien unstated | Not disclosed | $64,000 | ||
| E•• H•••••••• L•• | unstated lien unstated | Not disclosed | $60,000 100c | ||
| A••• C•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $1.2M | $51,000 77c | 10.00% PIK 2.50% | Jan 31, 2029 |
| F••••••••• | unstated lien unstated | Not disclosed | $31,000 32c | ||
| F••••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| B•••••••• P•••••••• I••• | delayed draw term loan lien unstated | $1.6M | $0 | S+450 bp | Apr 8, 2026 |
| S•• T•••• P•••• | delayed draw term loan lien unstated | $98,000 | -$2,000 | S+475 bp | Mar 1, 2029 |
| W••••••• | delayed draw term loan lien unstated | $588,000 | -$11,000 275c | S+600 bp | Oct 23, 2028 |
| I••••••• A••••••••• I••• | delayed draw term loan lien unstated | $721,000 | -$12,000 | S+550 bp | Jun 14, 2028 |
| M•• I••••••••• H••••••• I•• L•• | delayed draw term loan lien unstated | $720,000 | -$18,000 200c | 10.00% PIK 2.25% | Feb 7, 2030 |
| K•••• G••••• I••• | delayed draw term loan lien unstated | $1.4M | -$27,000 100c | S+550 bp | Nov 15, 2029 |
| A••• H•••••••• L•• ••••• N••••• | delayed draw term loan lien unstated | $1.7M | -$29,000 | S+600 bp | Aug 16, 2028 |
| A••• H•••••••• L•• ••••• N••••• | delayed draw term loan lien unstated | $1.7M | -$29,000 | S+600 bp | Aug 16, 2028 |
| H••••• M••••••••• A••••••••• | delayed draw term loan lien unstated | $1.5M | -$30,000 100c | S+650 bp | Mar 30, 2029 |
| C••••• S•••••••• A••••••••• | delayed draw term loan first lien | $2.0M | -$38,000 | S+575 bp | May 11, 2028 |
| I•• I••••••••• I•• L•• •••••••• C•••••••• I••• • d•••• I••• | delayed draw term loan lien unstated | $2.0M | -$38,000 100c | S+650 bp | Jan 19, 2029 |
| E•••••••• L••• | delayed draw term loan lien unstated | $3.1M | -$39,000 144c | S+525 bp | Jun 30, 2028 |
| R•••••• | delayed draw term loan lien unstated | $1.4M | -$41,000 216c | 8.75% PIK 5.00% | Jun 30, 2029 |
| C••••••••• C••••••••• | delayed draw term loan lien unstated | $3.3M | -$41,000 141c | S+575 bp | Jun 1, 2029 |
| R••••• S••••••••• | delayed draw term loan lien unstated | $900,000 | -$42,000 | 10.00% PIK 1.00% | Mar 18, 2029 |
| O•••••• H•••••••• I••• | unstated lien unstated | $1.9M | -$42,000 183c | S+625 bp | Feb 3, 2029 |
| A••••••• H•••••• | delayed draw term loan lien unstated | $2.0M | -$44,000 | S+475 bp | Dec 17, 2027 |
| S•• E•• C••• H•••••• L•• ••• E••••••• P•••••••• | delayed draw term loan lien unstated | $2.5M | -$47,000 | S+575 bp | Oct 5, 2029 |
| W••••••••• P••••••••• | delayed draw term loan lien unstated | $1.6M | -$48,000 436c | S+575 bp | Aug 22, 2028 |
| T•••••• B•••• L•• ••••••••• | delayed draw term loan lien unstated | $3.1M | -$61,000 102c | S+625 bp | Jan 31, 2029 |
| I••••• P••••• C••••••••• ••••• I••••• E••••••••• G••••• | delayed draw term loan lien unstated | $3.2M | -$63,000 394c | S+600 bp | Mar 23, 2029 |
| I•• M••••• S••• L•• ••• I••••••••• S•••••• G••••• | delayed draw term loan lien unstated | $3.4M | -$65,000 406c | S+625 bp | Dec 7, 2028 |
| R••••• H•••••••• I•• | delayed draw term loan lien unstated | $3.8M | -$72,000 | S+650 bp | Nov 1, 2028 |
| S••••• A•••• | delayed draw term loan lien unstated | $1.9M | -$75,000 | S+550 bp | Dec 15, 2028 |
| J••• A••••••••• | delayed draw term loan lien unstated | $930,000 | -$115,000 | S+600 bp | Dec 22, 2027 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2020 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- N••••• C•••••••• BDC INC.; N••••• C•••••••• BDC LLCreported
- Latest schedule
- 0001737924-26-000084reported