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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 |
|---|---|---|---|---|---|
| R••••••• | delayed draw term loan lien unstated | $244,000 | $232,000 95c | S+575 bp | Apr 15, 2027 |
| A• M•• H•••••••• I•• | unstated lien unstated | Not disclosed | $230,000 94c | ||
| N•••• H•••• S•••••• U• H••••• L•• | delayed draw term loan lien unstated | $218,000 | $216,000 100c | S+625 bp | Jun 6, 2025 |
| C••••••••• A••••••• o• A•••••• L•• | delayed draw term loan lien unstated | $211,000 | $211,000 100c | S+550 bp | Sep 24, 2026 |
| A••• H••••••• C••••••••• L• | unstated lien unstated | Not disclosed | $208,000 100c | ||
| Q•••••• ••••• A•• L•••••••• H•••••••• I•••• ••••••••• | unstated lien unstated | $181,000 | $180,000 100c | S+650 bp | May 5, 2025 |
| V•••• R•••••• C•••••• | delayed draw term loan lien unstated | $184,000 | $172,000 101c | S+575 bp | Jun 29, 2027 |
| S••••••••• P•••••••• G•••• | unstated lien unstated | Not disclosed | $166,000 112c | ||
| U••••• H••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $165,000 97c | ||
| D••••••• C••••••••• | delayed draw term loan lien unstated | $168,000 | $165,000 98c | S+625 bp | Aug 4, 2025 |
| A••• A•••••• | unstated lien unstated | Not disclosed | $162,000 18c | ||
| B••••••••• | delayed draw term loan lien unstated | $2.1M | $162,000 94c | S+550 bp | Dec 1, 2027 |
| A••• H•••••••• L•• ••••• N••••• | unstated lien unstated | Not disclosed | $156,000 64c | ||
| E•• H•••••••• L•• | unstated lien unstated | Not disclosed | $155,000 105c | ||
| V•••• R•••••• C•••••• | delayed draw term loan lien unstated | $151,000 | $150,000 101c | S+575 bp | Jun 29, 2027 |
| R••••• S••••••••• | delayed draw term loan lien unstated | $901,000 | $146,000 70c | 10.00% PIK 1.00% | Mar 18, 2029 |
| A••• C•••••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $125,000 107c | ||
| B•• P•••••••• | delayed draw term loan lien unstated | $117,000 | $113,000 99c | S+675 bp | Oct 7, 2026 |
| D••••••• C••••••••• | delayed draw term loan lien unstated | $106,000 | $104,000 98c | S+625 bp | Aug 4, 2025 |
| E•• H•••••••• L•• | unstated lien unstated | Not disclosed | $80,000 133c | ||
| A••• C•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $1.2M | $66,000 97c | 10.00% PIK 2.50% | Jan 31, 2029 |
| S•• T•••• P•••• | unstated lien unstated | Not disclosed | $65,000 82c | ||
| R••••• S••••••••• | unstated lien unstated | Not disclosed | $56,000 23c | ||
| F••••••••• | unstated lien unstated | Not disclosed | $22,000 22c | ||
| C••••• N•• | unstated lien unstated | Not disclosed | $0 0c | ||
| F••••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| C••••••••• C••••••••• | delayed draw term loan lien unstated | $3.3M | $0 0c | S+575 bp | Jun 1, 2029 |
| F•••• E••• • C••••• | unstated lien unstated | Not disclosed | $0 | ||
| S•• T•••• P•••• | delayed draw term loan lien unstated | $98,000 | -$1,000 | S+475 bp | Mar 1, 2029 |
| K•••• G••••• I••• | delayed draw term loan lien unstated | $1.4M | -$4,000 16c | S+500 bp | Nov 15, 2029 |
| W••••••• | delayed draw term loan lien unstated | $588,000 | -$8,000 200c | S+575 bp | Oct 23, 2028 |
| I••••••• A••••••••• I••• | delayed draw term loan lien unstated | $721,000 | -$8,000 | S+550 bp | Jun 14, 2028 |
| I•• I••••••••• I•• L•• •••••••• C•••••••• I••• • d•••• I••• | delayed draw term loan lien unstated | $2.0M | -$16,000 46c | S+650 bp | Jan 19, 2029 |
| M•• I••••••••• H••••••• I•• L•• | delayed draw term loan lien unstated | $720,000 | -$17,000 213c | 10.00% PIK 2.25% | Feb 7, 2030 |
| C•• E••••••••• A••••••••• I••• | delayed draw term loan lien unstated | $652,000 | -$18,000 200c | 9.00% PIK 4.00% | Jan 28, 2030 |
| D•• H••••• L•• ••• P••••• | delayed draw term loan lien unstated | $1.7M | -$24,000 600c | S+600 bp | Jul 13, 2029 |
| D•• U••••• F•••••• S•••••••• | delayed draw term loan lien unstated | $1.6M | -$24,000 343c | S+600 bp | Sep 16, 2028 |
| T•••••• B•••• L•• ••••••••• | delayed draw term loan lien unstated | $3.1M | -$26,000 47c | S+625 bp | Jan 31, 2029 |
| C••••• C•••• C••••••••• ••• •••••• C••••• | delayed draw term loan lien unstated | $1.4M | -$26,000 200c | S+575 bp | Apr 21, 2029 |
| R•••••• | delayed draw term loan lien unstated | $1.4M | -$29,000 153c | 8.75% PIK 5.00% | Jun 30, 2029 |
| M•• R•••••• • C•••••• | delayed draw term loan lien unstated | $1.8M | -$35,000 389c | S+650 bp | Jun 29, 2029 |
| R•••• H••••• C••••••••• | delayed draw term loan lien unstated | $3.1M | -$47,000 588c | S+575 bp | Dec 30, 2027 |
| K••• A••••••••• I•• | delayed draw term loan lien unstated | $1.6M | -$47,000 235c | S+650 bp | Jul 6, 2029 |
| R••••• H•••••••• I•• | delayed draw term loan lien unstated | $3.8M | -$48,000 | S+650 bp | Nov 1, 2028 |
| W••••••••• P••••••••• | delayed draw term loan lien unstated | $3.8M | -$49,000 288c | S+575 bp | Aug 22, 2028 |
| A•••••• M••••• L•• ••• C••••••••• | delayed draw term loan lien unstated | $3.2M | -$61,000 407c | S+625 bp | Jun 13, 2029 |
| W•• E••••••••• H••••••• I••• | delayed draw term loan lien unstated | $4.4M | -$64,000 200c | S+600 bp | Aug 31, 2029 |
| P••••••• S••••• P•••••••• L•• | delayed draw term loan lien unstated | $3.6M | -$67,000 209c | S+600 bp | Apr 3, 2030 |
| R•••• H••••• C••••••••• | delayed draw term loan lien unstated | $4.7M | -$70,000 583c | S+575 bp | Dec 30, 2027 |
| P••••••• A••••••••• I••• | delayed draw term loan lien unstated | $4.8M | -$84,000 467c | S+575 bp | Sep 18, 2029 |
| O•••• G•••• F• H•••••••• L•• ••• L•• F••••••••• M••••••••• | delayed draw term loan lien unstated | $6.4M | -$91,000 569c | S+625 bp | Jul 3, 2029 |
| A••• H•••••••• L•• ••••• N••••• | delayed draw term loan lien unstated | $1.6M | -$102,000 | S+600 bp | Aug 16, 2028 |
| E•••••••• L••• | delayed draw term loan lien unstated | $3.1M | -$107,000 428c | S+575 bp | Jun 30, 2028 |
| A••• H•••••••• L•• ••••• N••••• | delayed draw term loan lien unstated | $1.7M | -$110,000 | S+600 bp | Aug 16, 2028 |
| I••••• P••••• C••••••••• ••••• I••••• E••••••••• G••••• | delayed draw term loan lien unstated | $6.8M | -$124,000 365c | S+600 bp | Mar 23, 2029 |
| J••• A••••••••• | delayed draw term loan lien unstated | $930,000 | -$157,000 | S+600 bp | Dec 22, 2027 |
| A••••••• H•••••• | delayed draw term loan lien unstated | $2.0M | -$160,000 | S+475 bp | Dec 17, 2027 |
| A•••••• H••••••• | delayed draw term loan lien unstated | $6.2M | -$178,000 193c | 10.00% PIK 3.00% | Apr 26, 2030 |
| B•••••••• | delayed draw term loan lien unstated | $4.5M | -$198,000 | S+525 bp | Aug 2, 2027 |
| T••••• G••••• L•• | delayed draw term loan lien unstated | $12.7M | -$251,000 398c | S+625 bp | May 27, 2029 |
| C••••••••• | delayed draw term loan lien unstated | $4.4M | -$359,000 | 10.00% PIK 0.75% | Feb 21, 2028 |
| C•••••• C•••••••• | delayed draw term loan lien unstated | $25.2M | -$429,000 715c | S+575 bp | Jan 14, 2026 |
| P••••••• A••••••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R• H••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| W•••• I•••••••• A••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| W•• E••••••••• H••••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B•••••••• P••••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L••••• S•••••• P•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B•••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••• P••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•••••• B•••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I•• E••••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| K••• A••••••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| O•••• G•••• F• H•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| K•••• P•• B•••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R••• S••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••• A••••••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H•••••••• V••••••••• P••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••••• M••••••••• A••••••••• S••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••••• A••••••••• H••••••• I• L• | unstated lien unstated | Not disclosed | Not disclosed | ||
| Q•• H•••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I•••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•••••• B•••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F•••••• L•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| C•••••••• H•••••••• L•••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R•••• H••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•••••• M••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| M•• I••••••••• H••••••• I•• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•• H•••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| V•••• R•••••• C•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•• E•• C••• S•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R•••• I••••••••• H•••••• C••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••• C•••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••• H•••••••• L•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| W•••••••• S••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••••• C•••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•• T•••• P•••• | unstated lien unstated | Not disclosed | Not disclosed |
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