DFX Intelligence
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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, 2024
460 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| I•••••• L•• | delayed draw term loan lien unstated | $1.0M | $891,000 101c | S+525 bp | Aug 8, 2028 |
| N•••• L•• | delayed draw term loan lien unstated | $888,000 | $885,000 100c | S+475 bp | Sep 14, 2024 |
| N•••• L•• | delayed draw term loan lien unstated | $1.4M | $879,000 99c | S+475 bp | Sep 14, 2024 |
| E••••••• G•••• L•• | delayed draw term loan lien unstated | $2.8M | $870,000 101c | S+550 bp | Apr 14, 2028 |
| Q•••••• ••••••••• | unstated lien unstated | $892,000 | $870,000 98c | S+600 bp | Aug 3, 2026 |
| O••••• S••••••• G••••• I••• | term loan first lien | $837,000 | $837,000 100c | S+625 bp PIK 4.75% | Nov 30, 2028 |
| G•••••• F•••••• | unstated lien unstated | Not disclosed | $830,000 146c | ||
| S••• G••••• L•••••••• | delayed draw term loan lien unstated | $923,000 | $826,000 89c | S+500 bp PIK 4.50% | Jun 30, 2027 |
| C•• E••••••••• A••••••••• I••• | delayed draw term loan lien unstated | $847,000 | $825,000 100c | 9.00% | Jan 28, 2030 |
| F•••• E••• | preferred equity equity | Not disclosed | $790,000 116c | ||
| B••••••••• H•••••• L•• | unstated lien unstated | Not disclosed | $790,000 93c | ||
| F•••• E••• ••••••••• | unstated lien unstated | $780,000 | $762,000 100c | S+450 bp PIK 5.13% | Apr 3, 2029 |
| S•••• I••••••••• M••••• G•••• | delayed draw term loan lien unstated | $779,000 | $755,000 98c | 5.00% PIK 8.00% | Jun 30, 2028 |
| K••• A••••••••• I•• | unstated lien unstated | Not disclosed | $734,000 93c | ||
| A••• A•••••• | delayed draw term loan lien unstated | $2.4M | $719,000 36c | PIK 11.00% | Apr 16, 2026 |
| A••• A•••••• | delayed draw term loan lien unstated | $3.3M | $713,000 22c | PIK 12.75% | Oct 16, 2026 |
| P•••••••• S•••••••• | unstated lien unstated | $713,000 | $713,000 100c | 15.00% | Jun 26, 2024 |
| N•••• L•• | delayed draw term loan lien unstated | $698,000 | $695,000 100c | S+475 bp | Mar 14, 2025 |
| S••• G••••• L•••••••• | unstated lien unstated | Not disclosed | $681,000 205c | ||
| R•• H• T•••• H••••••• ••••••••• I•••• | unstated lien unstated | Not disclosed | $652,000 113c | ||
| G•••••• F•••••• | unstated lien unstated | Not disclosed | $619,000 146c | ||
| C•••• M••••••••• G•••• | unstated lien unstated | Not disclosed | $616,000 268c | ||
| O••••• P•••••••• | unstated lien unstated | Not disclosed | $606,000 59c | ||
| L••••• S•••••• P•••••••• L•• •••••• | unstated lien unstated | Not disclosed | $597,000 122c | ||
| C•• E••••••••• A••••••••• I••• | delayed draw term loan lien unstated | $652,000 | $526,000 98c | 9.00% PIK 4.00% | Jan 28, 2030 |
| E••• C••••••••• | unstated lien unstated | Not disclosed | $521,000 314c | ||
| H••••• M••••••••• A••••••••• | unstated lien unstated | Not disclosed | $489,000 122c | ||
| U•• W•••• | unstated lien unstated | Not disclosed | $478,000 100c | ||
| H••••• M••••••••• A••••••••• | delayed draw term loan lien unstated | $1.5M | $468,000 105c | S+625 bp | Mar 30, 2029 |
| M•• I••••••••• H••••••• I•• L•• | delayed draw term loan lien unstated | $723,000 | $445,000 96c | 10.00% PIK 2.25% | Feb 7, 2030 |
| A•••••• | delayed draw term loan lien unstated | $446,000 | $436,000 98c | S+625 bp | Oct 22, 2026 |
| W•••••••• E•••••• | delayed draw term loan lien unstated | $3.2M | $416,000 93c | S+575 bp | Jul 5, 2029 |
| S••••••• I• | delayed draw term loan lien unstated | $446,000 | $410,000 92c | S+600 bp PIK 5.00% | Dec 9, 2026 |
| R••••• H•••••••• I•• | delayed draw term loan lien unstated | $3.8M | $405,000 90c | S+650 bp | Nov 1, 2028 |
| S••••• A•••• | delayed draw term loan lien unstated | $389,000 | $367,000 94c | S+550 bp | Dec 15, 2028 |
| V•••• R•••••• C•••••• | delayed draw term loan lien unstated | $333,000 | $333,000 101c | S+575 bp | Jun 29, 2027 |
| C••••••••• | unstated lien unstated | Not disclosed | $330,000 43c | ||
| W•••••••• E••••••• L•• | delayed draw term loan lien unstated | $314,000 | $311,000 99c | S+575 bp | Jul 5, 2029 |
| C••••••••• A••••••• o• A•••••• L•• | delayed draw term loan lien unstated | $308,000 | $308,000 101c | S+550 bp | Sep 24, 2026 |
| L•••••• B•••• | delayed draw term loan lien unstated | $743,000 | $296,000 100c | S+575 bp | Jun 15, 2028 |
| H••• B•• B••••• | unstated lien unstated | Not disclosed | $294,000 97c | ||
| S•• T•••• P•••• | unstated lien unstated | Not disclosed | $288,000 76c | ||
| B••••••••• | delayed draw term loan lien unstated | $1.1M | $276,000 101c | S+550 bp | Dec 1, 2027 |
| P••••••• S••••• P•••••••• L•• | unstated lien unstated | Not disclosed | $264,000 94c | ||
| Q•••••• ••••••••• | unstated lien unstated | $257,000 | $251,000 98c | S+650 bp | Aug 3, 2026 |
| R••••••• | delayed draw term loan lien unstated | $244,000 | $231,000 95c | S+575 bp | Apr 15, 2027 |
| N•••• H•••• S•••••• U• H••••• L•• | delayed draw term loan lien unstated | $216,000 | $214,000 99c | S+625 bp | Jun 8, 2026 |
| C••••••••• A••••••• o• A•••••• L•• | delayed draw term loan lien unstated | $210,000 | $210,000 100c | S+550 bp | Sep 24, 2026 |
| A• M•• H•••••••• I•• | unstated lien unstated | Not disclosed | $204,000 83c | ||
| S•••• I••••••••• M••••• G•••• | unstated lien unstated | Not disclosed | $183,000 58c | ||
| U••••• H••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $182,000 107c | ||
| S••••••••• P•••••••• G•••• | unstated lien unstated | Not disclosed | $177,000 120c | ||
| Q•••••• ••••••••• | unstated lien unstated | $180,000 | $176,000 98c | S+650 bp | Aug 3, 2026 |
| D••••••• C••••••••• | delayed draw term loan lien unstated | $167,000 | $167,000 100c | S+625 bp | Aug 4, 2025 |
| D•• U••••• F•••••• S•••••••• | delayed draw term loan lien unstated | $1.6M | $167,000 100c | S+600 bp | Sep 15, 2028 |
| T•• F••••••••• G•••• | delayed draw term loan lien unstated | Not disclosed | $167,000 100c | S+575 bp | Nov 30, 2027 |
| E•• H•••••••• L•• | unstated lien unstated | Not disclosed | $161,000 109c | ||
| N•••• | unstated lien unstated | Not disclosed | $159,000 65c | ||
| O••••• S••••••• G••••• I••• | term loan first lien | $155,000 | $155,000 100c | S+800 bp | May 30, 2028 |
| A••• C•••••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $127,000 109c | ||
| R••••• S••••••••• | delayed draw term loan lien unstated | $902,000 | $123,000 58c | 10.00% PIK 1.00% | Mar 18, 2029 |
| E•• H•••••••• L•• | unstated lien unstated | Not disclosed | $120,000 200c | ||
| B•• P•••••••• | delayed draw term loan lien unstated | $116,000 | $113,000 99c | S+675 bp | Oct 7, 2026 |
| D••••••• C••••••••• | delayed draw term loan lien unstated | $106,000 | $105,000 99c | S+625 bp | Aug 4, 2025 |
| A••• H••••••• C••••••••• L• | unstated lien unstated | Not disclosed | $82,000 81c | ||
| F••••••••• | unstated lien unstated | Not disclosed | $80,000 82c | ||
| A••• C•••••••• H•••••••• L•• | delayed draw term loan lien unstated | $1.1M | $80,000 113c | 10.00% PIK 2.50% | Jan 31, 2029 |
| S•• T•••• P•••• | unstated lien unstated | Not disclosed | $60,000 76c | ||
| F•••• E••• • C••••• | unstated lien unstated | Not disclosed | $46,000 1533c | ||
| C••••••••• C••••••••• | delayed draw term loan lien unstated | $3.3M | $33,000 -132c | S+575 bp | Jun 1, 2029 |
| F•••• A••••••• G••••••••• O••••••••• F••• | unstated lien unstated | Not disclosed | $30,000 100c | 5.17% | |
| I•• I••••••••• I•• L•• •••••••• C•••••••• I••• • d•••• I••• | delayed draw term loan lien unstated | $2.0M | $3,000 -9c | S+650 bp | Jan 19, 2029 |
| R••••• S••••••••• | unstated lien unstated | Not disclosed | $3,000 1c | ||
| W••••••• | delayed draw term loan lien unstated | $588,000 | $1,000 -33c | S+575 bp | Oct 23, 2028 |
| A••• A•••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| C••••• N•• | unstated lien unstated | Not disclosed | $0 0c | ||
| A•••••• | delayed draw term loan lien unstated | $297,000 | $0 | S+475 bp | Oct 10, 2030 |
| C••••• N•• | unstated lien unstated | Not disclosed | $0 0c | ||
| I•••• F•••• | delayed draw term loan lien unstated | $143,000 | $0 | S+425 bp | Apr 27, 2028 |
| K•••• G••••• I••• | delayed draw term loan lien unstated | $1.4M | $0 0c | S+500 bp | Nov 15, 2029 |
| F••••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| O••••• L••••• G•••• | delayed draw term loan lien unstated | $403,000 | -$2,000 | S+525 bp | Dec 19, 2029 |
| S•• T•••• P•••• | delayed draw term loan lien unstated | $98,000 | -$2,000 | S+475 bp | Mar 1, 2029 |
| O••••• L••••• G•••• | delayed draw term loan lien unstated | $403,000 | -$2,000 | S+525 bp | Dec 19, 2029 |
| D•• H••••• L•• ••• P••••• | delayed draw term loan lien unstated | $1.7M | -$6,000 150c | S+600 bp | Jul 13, 2029 |
| T•••••• | delayed draw term loan lien unstated | $1.5M | -$7,000 | S+400 bp | Feb 21, 2031 |
| V•••••• | delayed draw term loan lien unstated | $1.3M | -$12,000 | S+525 bp | Mar 1, 2030 |
| H••• B•• B••••• | delayed draw term loan lien unstated | $596,000 | -$14,000 200c | 9.00% PIK 4.00% | Jun 19, 2030 |
| T••• P••••••• | delayed draw term loan lien unstated | $4.1M | -$15,000 | S+550 bp | Dec 19, 2029 |
| M•• R•••••• • C•••••• | delayed draw term loan lien unstated | $1.8M | -$15,000 188c | S+650 bp | Jun 29, 2029 |
| A•••••••• | delayed draw term loan lien unstated | $3.8M | -$16,000 59c | S+625 bp | Oct 8, 2029 |
| S•••• S•• P••••••• | delayed draw term loan lien unstated | $1.8M | -$17,000 | S+525 bp | Dec 23, 2028 |
| C••••• C•••• C••••••••• ••• C••••• C••••• | delayed draw term loan lien unstated | $1.4M | -$24,000 200c | S+600 bp | Apr 23, 2029 |
| P••••••• S••••• P•••••••• L•• | delayed draw term loan lien unstated | $3.6M | -$25,000 89c | S+625 bp | Apr 3, 2030 |
| W••••••••• P••••••••• | delayed draw term loan lien unstated | $3.8M | -$26,000 173c | S+600 bp | Aug 22, 2028 |
| A•••••• M••••• L•• ••• C••••••••• | delayed draw term loan lien unstated | $3.2M | -$27,000 193c | S+600 bp | Jun 13, 2029 |
| A••••••••• L•••••••• T••••••••• B••••• L•• | delayed draw term loan lien unstated | $3.0M | -$29,000 | S+550 bp | Feb 14, 2031 |
| U•• W•••• | delayed draw term loan lien unstated | $3.0M | -$29,000 | S+475 bp | Feb 21, 2031 |
| M••••• P••••••••• G•••• | delayed draw term loan lien unstated | $3.1M | -$29,000 | S+525 bp | Jan 8, 2030 |
| T•• W••• • C•••• C••• | delayed draw term loan lien unstated | $1.7M | -$30,000 | 11.00% PIK 1.50% | Feb 16, 2028 |
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