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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 Sep 30, 2023
408 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G•• H••••••••• | delayed draw term loan lien unstated | $6.4M | $6.3M 99c | S+475 bp | Dec 9, 2027 |
| C••••• S•••••••• A••••••••• | delayed draw term loan first lien | $6.4M | $6.3M 98c | S+550 bp | May 11, 2028 |
| L•• P••••••••• P••••••• | unstated lien unstated | $6.6M | $6.3M 96c | S+525 bp | Dec 22, 2026 |
| P••••••• S••••• P•••••••• L•• | delayed draw term loan lien unstated | $6.3M | $6.2M 100c | S+600 bp | Apr 3, 2030 |
| C••••• C•••• C••••••••• ••• •••••• C••••• | delayed draw term loan lien unstated | $6.3M | $6.2M 100c | S+575 bp | Apr 21, 2029 |
| F••••••••• | unstated lien unstated | $6.9M | $6.2M 90c | S+650 bp | Mar 1, 2027 |
| I••••••• B•••• L•• •••••••• E••••••••• ••••••••• | unstated lien unstated | $6.3M | $6.2M 98c | S+625 bp | Mar 2, 2028 |
| P•••••••• S•••••••• • C••••• | unstated lien unstated | Not disclosed | $6.2M 164c | ||
| B•• | delayed draw term loan lien unstated | $6.1M | $6.0M 98c | S+450 bp | Nov 17, 2027 |
| A••••• B•••••• S•••••• | unstated lien unstated | $5.9M | $5.9M 100c | S+450 bp | Nov 18, 2026 |
| L••• T••• C••• G•••• | unstated lien unstated | $6.8M | $5.9M 88c | S+600 bp | Sep 8, 2027 |
| G•••••• S••••••••• | delayed draw term loan lien unstated | $6.0M | $5.8M 98c | S+550 bp | Sep 30, 2027 |
| N•••• H•••• C• A••••••••• I•• | unstated lien unstated | $5.8M | $5.8M 100c | S+525 bp | Jan 23, 2025 |
| C•••••• T••••••••• S••••••••• I••• ••••••• | delayed draw term loan lien unstated | $5.8M | $5.8M 101c | S+575 bp | Oct 29, 2027 |
| S••• G••••• L•••••••• | delayed draw term loan lien unstated | $5.8M | $5.8M 101c | S+900 bp | Jun 30, 2027 |
| F•••••• L•••• | delayed draw term loan lien unstated | $6.3M | $5.7M 97c | 8.00% PIK 5.00% | May 17, 2029 |
| S•••••• | unstated lien unstated | $5.8M | $5.7M 97c | S+450 bp | Dec 15, 2027 |
| H•••••••• H••• S••••••• | delayed draw term loan lien unstated | $5.6M | $5.5M 98c | S+600 bp | Dec 15, 2026 |
| A•••••• L•• | delayed draw term loan lien unstated | $5.6M | $5.4M 97c | S+550 bp | Jun 10, 2026 |
| E•• 1• | unstated lien unstated | $5.6M | $5.4M 97c | S+575 bp | Dec 1, 2027 |
| N•••• L•• | delayed draw term loan lien unstated | $5.4M | $5.3M 99c | S+475 bp | Sep 16, 2024 |
| C•••••••• R•••• | delayed draw term loan lien unstated | $5.3M | $5.3M 100c | S+525 bp | Apr 14, 2028 |
| A•• M• S••• | unstated lien unstated | $5.3M | $5.2M 99c | S+475 bp | Oct 25, 2028 |
| H••••••••• I•• | subordinated debt unsecured or subordinated | $5.3M | $5.1M 100c | 8.50% PIK 5.00% | Feb 28, 2030 |
| B•••••••• | delayed draw term loan lien unstated | $5.4M | $5.1M 96c | S+525 bp | Aug 2, 2027 |
| H•••••••• V••••••••• P••••••• L•• ••••••••• | delayed draw term loan lien unstated | $9.5M | $5.1M 96c | S+750 bp | Dec 10, 2027 |
| X••••••••• L•• ••••• S••••••••• | unstated lien unstated | $5.0M | $5.0M 101c | S+575 bp | Sep 7, 2028 |
| A••• S••••••• P•••••••• L•• | delayed draw term loan lien unstated | $5.0M | $5.0M 100c | S+550 bp | Jul 31, 2025 |
| A••• S••••••• P•••••••• L•• ••••••••• | delayed draw term loan lien unstated | $5.0M | $5.0M 101c | S+550 bp | Jul 31, 2025 |
| D•• H••••• L•• ••• P••••• | unstated lien unstated | $5.0M | $4.9M 100c | S+600 bp | Jul 13, 2029 |
| L•• C••••••••• L•• •••• ••••••••• | unstated lien unstated | $5.0M | $4.9M 99c | S+650 bp | Jul 18, 2028 |
| G•• H••••••••• ••••••••• | unstated lien unstated | $5.0M | $4.9M 100c | S+475 bp | Dec 9, 2027 |
| P••••••••• I••••••••• P••••••• •••••• | unstated lien unstated | $4.9M | $4.9M 104c | S+500 bp | Dec 29, 2027 |
| C•••• M••••••••• G•••• | delayed draw term loan lien unstated | $4.8M | $4.8M 101c | S+500 bp | May 19, 2028 |
| T•• F••••••••• G•••• | delayed draw term loan lien unstated | $4.9M | $4.8M 99c | S+575 bp | Nov 30, 2027 |
| P•••••• I••• | unstated lien unstated | $4.7M | $4.7M 100c | S+450 bp | Oct 21, 2026 |
| R•••••• | delayed draw term loan lien unstated | $4.6M | $4.5M 101c | 5.00% PIK 8.75% | Jun 30, 2029 |
| V•••• R•••••• C•••••• | delayed draw term loan lien unstated | $4.6M | $4.5M 99c | S+550 bp | Jun 29, 2027 |
| S••• G••••• L•••••••• | delayed draw term loan lien unstated | $4.5M | $4.5M 100c | S+475 bp | Dec 30, 2026 |
| P•••••• G••••• I•••••••• S•••••• | delayed draw term loan lien unstated | $7.2M | $4.5M 97c | S+575 bp | Oct 14, 2028 |
| A••• I••••••••• H•••••••• L•• | unstated lien unstated | $4.5M | $4.4M 100c | S+625 bp | May 22, 2029 |
| C•••• M••••••••• G•••• | delayed draw term loan lien unstated | $7.2M | $4.4M 100c | S+500 bp | May 19, 2028 |
| S••••••••• P•••••••• G•••• ••••••••• | unstated lien unstated | $4.4M | $4.4M 101c | S+625 bp | Dec 17, 2025 |
| T•• F••••••••• G•••• | delayed draw term loan lien unstated | $5.0M | $4.4M 98c | S+575 bp | Nov 30, 2027 |
| H••• B•••• I•• | unstated lien unstated | $5.7M | $4.4M 78c | S+450 bp | Jun 30, 2025 |
| Q•••••• ••••• A•• L•••••••• H•••••••• I•••• ••••••••• | unstated lien unstated | $4.4M | $4.4M 100c | S+650 bp | May 5, 2025 |
| W••••••• | delayed draw term loan lien unstated | $4.4M | $4.3M 100c | S+575 bp | Oct 23, 2028 |
| L•• C••••••••• L•• •••• | unstated lien unstated | $4.4M | $4.3M 101c | S+650 bp | Jul 18, 2028 |
| I••••••• A••••••••• I••• | delayed draw term loan lien unstated | $4.3M | $4.3M 100c | S+550 bp | Jun 14, 2028 |
| M••••• C••••••••• A••••••• I••• | unstated lien unstated | $4.3M | $4.3M 101c | S+500 bp | Mar 4, 2025 |
| C•••••• T••••••••• S••••••••• I••• ••••••• | delayed draw term loan lien unstated | $4.1M | $4.1M 100c | S+575 bp | Oct 29, 2027 |
| E•• ••••••• D•••• 1• | delayed draw term loan lien unstated | $4.2M | $4.0M 97c | S+575 bp | Dec 1, 2027 |
| R••••••• | delayed draw term loan lien unstated | $4.3M | $4.0M 95c | S+575 bp | Apr 15, 2027 |
| S••• G••••• L•••••••• | delayed draw term loan lien unstated | $4.0M | $4.0M 101c | S+900 bp | Jun 30, 2027 |
| L•••••• B•••• | delayed draw term loan lien unstated | $3.9M | $3.9M 101c | S+550 bp | Jun 15, 2028 |
| A••• C•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $3.9M | $3.9M 101c | 10.00% PIK 2.50% | Jan 31, 2029 |
| M••••• C••••••••• A••••••• I••• | unstated lien unstated | $3.8M | $3.8M 100c | S+538 bp | Mar 4, 2025 |
| B••••••••• M••••••••• S•••••••• I•• | unstated lien unstated | $3.8M | $3.8M 100c | S+440 bp | Feb 28, 2025 |
| G•••••• P••••••• L•• ••••••••• | delayed draw term loan lien unstated | $3.8M | $3.8M 101c | S+575 bp | Sep 21, 2026 |
| B••••• S••••••••• A••••••••• I•• | unstated lien unstated | $3.8M | $3.7M 98c | S+500 bp | Dec 24, 2023 |
| F•••• E••• | unstated lien unstated | $3.8M | $3.7M 99c | S+450 bp PIK 5.13% | Apr 3, 2029 |
| W•••••••• C••••••• T••••• H••••••• I•• ••••••••• | unstated lien unstated | $3.7M | $3.7M 100c | S+425 bp | Dec 5, 2024 |
| H•••••• H••• B••••••• C•••••• | unstated lien unstated | $3.6M | $3.6M 101c | S+900 bp | Feb 28, 2029 |
| O•• W•••• F•••••• P•• L•• | unstated lien unstated | $3.9M | $3.5M 90c | S+625 bp PIK 1.00% | Nov 26, 2025 |
| L••••• S•••••• P•••••••• L•• •••••• | delayed draw term loan lien unstated | $4.7M | $3.5M 98c | S+650 bp | Jan 9, 2029 |
| D•• U••••• F•••••• S•••••••• ••••••••• | delayed draw term loan lien unstated | $3.5M | $3.4M 100c | S+600 bp | Sep 16, 2028 |
| B••••••••• H•••••• L•• | unstated lien unstated | $3.5M | $3.4M 98c | 10.00% PIK 3.75% | Nov 12, 2027 |
| J••• A••••••••• | delayed draw term loan lien unstated | $4.0M | $3.3M 84c | S+600 bp | Dec 22, 2027 |
| D••••••• C••••••••• | delayed draw term loan lien unstated | $3.4M | $3.3M 98c | S+575 bp | Aug 4, 2025 |
| W••••••••• P••••••••• | delayed draw term loan lien unstated | $3.4M | $3.3M 99c | S+575 bp | Aug 22, 2028 |
| N••••••• S••• I••••••••• I•• | unstated lien unstated | $3.3M | $3.3M 100c | S+476 bp | Mar 28, 2025 |
| Q••••• H••••• R••••••••• L•• ••••••••• | delayed draw term loan lien unstated | $3.3M | $3.2M 100c | S+625 bp | May 28, 2027 |
| Q••••• H••••• R••••••••• L•• | delayed draw term loan lien unstated | $3.3M | $3.2M 99c | S+625 bp | May 28, 2027 |
| W•••••••• E••••••• L•• | delayed draw term loan lien unstated | $3.3M | $3.2M 99c | S+500 bp | Apr 20, 2027 |
| G• E••••••• | delayed draw term loan lien unstated | $3.2M | $3.1M 99c | S+538 bp | Dec 21, 2027 |
| E•• H•••••••• L•• | unstated lien unstated | $3.1M | $3.1M 101c | 11.00% PIK 2.50% | May 1, 2028 |
| R•••• H••••• C••••••••• ••••••••• | unstated lien unstated | $3.1M | $3.1M 100c | S+575 bp | Dec 30, 2027 |
| S••••••••• P•••••••• G•••• | unstated lien unstated | $3.0M | $3.0M 99c | S+550 bp | Dec 17, 2025 |
| T••••• G••••• L•• | delayed draw term loan lien unstated | $3.0M | $2.9M 99c | S+625 bp | May 28, 2029 |
| T•••••• | delayed draw term loan lien unstated | $3.0M | $2.9M 98c | S+525 bp | Dec 10, 2026 |
| C••••• N•• | unstated lien unstated | $3.2M | $2.8M 91c | 10.00% PIK 1.00% | Mar 30, 2027 |
| C•••• M••••••••• G•••• | delayed draw term loan lien unstated | $2.9M | $2.8M 101c | S+500 bp | May 19, 2028 |
| E•••••••• S••••••• G•••• | delayed draw term loan lien unstated | $2.9M | $2.8M 98c | S+625 bp | Jun 15, 2029 |
| F•••••••• D••••••••• | delayed draw term loan lien unstated | $2.8M | $2.8M 101c | S+425 bp | Apr 2, 2029 |
| I••••• P••••• C••••••••• ••••• I••••• E••••••••• G••••• | delayed draw term loan lien unstated | $3.2M | $2.7M 98c | S+600 bp | Mar 23, 2029 |
| C•••••••• V•••••• | unstated lien unstated | $2.9M | $2.7M 95c | S+450 bp | Aug 12, 2027 |
| V••••••• | unstated lien unstated | $2.8M | $2.7M 98c | 10.50% PIK 1.00% | Nov 17, 2027 |
| S••••••• I• | delayed draw term loan lien unstated | $2.9M | $2.7M 95c | S+600 bp | Dec 9, 2026 |
| K••• H••••••• L•• | unstated lien unstated | $2.9M | $2.7M 95c | S+450 bp | Jul 30, 2025 |
| T• A••••••••• N• L•• | unstated lien unstated | $2.8M | $2.7M 99c | S+475 bp | Mar 19, 2027 |
| F••••••• M••••• | unstated lien unstated | $2.7M | $2.7M 101c | S+926 bp | Aug 22, 2028 |
| F•••••• L•••• | delayed draw term loan lien unstated | $2.7M | $2.7M 100c | 8.00% PIK 5.00% | May 17, 2029 |
| B•••••••• | delayed draw term loan lien unstated | $2.8M | $2.7M 96c | S+525 bp | Aug 2, 2027 |
| A••• A•••••• | delayed draw term loan lien unstated | $3.2M | $2.7M 85c | PIK 12.75% | Oct 16, 2026 |
| M••••• P••••••••• G•••• | unstated lien unstated | $2.5M | $2.5M 102c | S+550 bp | Dec 29, 2026 |
| H•••••••• H••• S••••••• | delayed draw term loan lien unstated | $2.6M | $2.5M 97c | S+600 bp | Dec 15, 2026 |
| B•• T•••• R••••• | unstated lien unstated | $2.5M | $2.5M 100c | S+800 bp | Sep 30, 2027 |
| T•••••• E••••• S••••••••• I•• | unstated lien unstated | $2.6M | $2.5M 100c | S+950 bp | Mar 1, 2029 |
| N•••• H•••• S•••••• U• H••••• L•• | delayed draw term loan lien unstated | $2.5M | $2.5M 99c | S+625 bp | Jun 6, 2025 |
| T•••••••• S••••• S••••••• | delayed draw term loan lien unstated | $6.4M | $2.5M 98c | S+550 bp | Jun 22, 2029 |
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
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