DFX Intelligence

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N••••• C•••••••• D••••• L•••••• C••••

Business development companymanaged by C•••••••• D•• A•••••• L••Listed: NCDL· NEW YORK, NY

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 2026-06-30 · 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 (697)Quarter by quarter Sponsors

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

What matters now

$58.3M
on 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•• →
$33.2M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open S•••• B•••••• I•• →
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 → 289
borrowers
Added a net 8 borrowers in the quarter to Jun 30, 2026, to 289.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1737924 · file 814-01338Show

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

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 quarters

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
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

R• P••••• H••••••• L• first lien term loan
1 BDC hold it · matures Mar 1, 2029
$27.5M 100c
g•••••••• L•• first lien term loan
2 BDCs hold it · matures Dec 1, 2027 · possible sponsor W••• P•••• P•••••••
$26.8M 100c
I••• H••••• I•• first lien term loan
3 BDCs hold it · matures Dec 17, 2027
$24.3M 100c
G•• H••••••••• L•• first lien term loan
1 BDC hold it · matures Dec 9, 2027 · possible sponsor M••••••• U• A••••••• L•••
$22.7M 94c
M•••••• U• B••••• L•• first lien term loan
2 BDCs hold it · matures Jun 25, 2030
$22.0M 101c
K•••• P•• B•••• L•• first lien term loan
5 BDCs hold it · matures Nov 15, 2029
$21.5M 100c
E•••••• 7• P•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Dec 1, 2027
$20.8M 100c
W••• B••••• I•• first lien term loan
6 BDCs hold it · matures Apr 10, 2031
$20.1M 100c
O•••• G•••• F• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Jul 3, 2029
$19.8M 100c
F•••••••• M••••••••• G••••• L•• first lien delayed draw term loan
3 BDCs hold it · matures Jun 27, 2031 · possible sponsor S•••••••• C••••••• L•••
$19.7M 98c
S••• L•• F••••• B•••••• L•• first lien term loan
5 BDCs hold it · matures Jul 30, 2027 · possible sponsor K••••••• • C••••••
$19.7M 97c
C••••••••• B••••••• C••• first lien term loan
2 BDCs hold it · matures Sep 25, 2029
$18.8M 101c

Schedule of investments at Jun 30, 2024

474 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••••••• T•••••••• G••••	subordinated debt unsecured or subordinated	$1.0M	$997,000 100c	PIK 17.00%	Jun 30, 2027
E•••••••• L•••	delayed draw term loan lien unstated	$3.1M	$922,000 101c	S+575 bp	Jun 30, 2028
G•••••• F••••••	unstated lien unstated	Not disclosed	$916,000 173c
F•••• E••• •••••••••	unstated lien unstated	$934,000	$915,000 100c	S+450 bp PIK 5.13%	Apr 3, 2029
T•• W••• • C••••	delayed draw term loan lien unstated	$922,000	$906,000 98c	11.00%	Feb 16, 2028
O••••• S••••••• G••••• I•••	term loan first lien	Not disclosed	$900,000 108c
N•••• L••	delayed draw term loan lien unstated	$886,000	$885,000 100c	S+475 bp	Mar 14, 2025
N•••• L••	delayed draw term loan lien unstated	$1.4M	$883,000 100c	S+475 bp	Mar 14, 2025
E••••••• G•••• L••	delayed draw term loan lien unstated	$864,000	$864,000 100c	S+575 bp	Apr 14, 2028
Q•••••• •••••••••	unstated lien unstated	$890,000	$858,000 97c	S+675 bp	Aug 3, 2026
E••	unstated lien unstated	Not disclosed	$845,000 98c
C•• E••••••••• A••••••••• I•••	delayed draw term loan lien unstated	$855,000	$838,000 100c	9.00%	Jan 28, 2030
O••••• S••••••• G••••• I•••	term loan first lien	$837,000	$837,000 100c	S+625 bp	Nov 30, 2028
T•• W••• • C•••• C•••	delayed draw term loan lien unstated	$1.7M	$831,000 97c	11.00%	Feb 16, 2028
S••• G••••• L••••••••	delayed draw term loan lien unstated	$1.1M	$806,000 72c	S+500 bp	Dec 30, 2026
F•••• E••• •••••••••	unstated lien unstated	$790,000	$773,000 100c	S+450 bp PIK 5.13%	Apr 3, 2029
P•••••••• A••••••• G••••	delayed draw term loan lien unstated	$5.0M	$771,000 102c	S+575 bp	Dec 21, 2029
S•••• I••••••••• M••••• G••••	delayed draw term loan lien unstated	$801,000	$760,000 96c	5.00% PIK 8.00%	Jun 30, 2028
R•••• T••• H••••	delayed draw term loan lien unstated	$748,000	$749,000 101c	S+525 bp	Apr 4, 2029
H••••• M••••••••• A•••••••••	delayed draw term loan lien unstated	$1.5M	$738,000 103c	S+625 bp	Mar 30, 2029
A••••••	delayed draw term loan lien unstated	$732,000	$732,000 104c	S+625 bp	Oct 22, 2026
C•••• M••••••••• G••••	unstated lien unstated	Not disclosed	$715,000 287c
P•••••••• S••••••••	unstated lien unstated	$713,000	$713,000 100c	15.00%	Oct 13, 2024
K••• A••••••••• I••	unstated lien unstated	Not disclosed	$698,000 88c
N•••• L••	delayed draw term loan lien unstated	$696,000	$696,000 100c	S+475 bp	Mar 14, 2025
F•••• E•••	preferred equity equity	Not disclosed	$694,000 102c
R•• H• T•••• H••••••• ••••••••• I••••	unstated lien unstated	Not disclosed	$691,000 120c
B••••••••• H•••••• L••	unstated lien unstated	Not disclosed	$687,000 81c
A••• A••••••	delayed draw term loan lien unstated	$2.0M	$660,000 34c	PIK 11.00%	Apr 16, 2026
R••••• H•••••••• I••	delayed draw term loan lien unstated	$3.7M	$645,000 94c	S+625 bp	Nov 1, 2028
A•• L••••••••	unstated lien unstated	$625,000	$626,000 100c	S+475 bp	Apr 6, 2028
L••••• S•••••• P•••••••• L•• ••••••	unstated lien unstated	Not disclosed	$569,000 116c
C•• E••••••••• A••••••••• I•••	delayed draw term loan lien unstated	$654,000	$533,000 99c	9.00% PIK 4.00%	Jan 28, 2030
A••• A••••••	delayed draw term loan lien unstated	$516,000	$516,000 100c	S+275 bp PIK 4.25%	Jan 15, 2026
U•• W••••	unstated lien unstated	Not disclosed	$513,000 107c
H••••• M••••••••• A•••••••••	unstated lien unstated	Not disclosed	$495,000 124c
M•• I••••••••• H••••••• I•• L••	delayed draw term loan lien unstated	$726,000	$448,000 96c	10.00% PIK 2.25%	Feb 7, 2030
E••• C•••••••••	unstated lien unstated	Not disclosed	$447,000 269c
O••••• P••••••••	unstated lien unstated	Not disclosed	$438,000 43c
A••• A••••••	delayed draw term loan lien unstated	$2.4M	$435,000 21c	S+275 bp PIK 11.00%	Apr 16, 2026
S••••••• I•	delayed draw term loan lien unstated	$444,000	$406,000 92c	S+600 bp	Dec 9, 2026
S••• G••••• L••••••••	delayed draw term loan lien unstated	$5.9M	$381,000 7c	S+500 bp PIK 15.98%	Jun 30, 2027
S•• T•••• P••••	unstated lien unstated	Not disclosed	$369,000 98c
S••••• A••••	delayed draw term loan lien unstated	$388,000	$354,000 91c	S+550 bp	Dec 15, 2028
V•••• R•••••• C••••••	delayed draw term loan lien unstated	$332,000	$332,000 101c	S+575 bp	Jun 29, 2027
H••• B•• B•••••	unstated lien unstated	Not disclosed	$331,000 109c
R•• C••••••••	delayed draw term loan lien unstated	$3.1M	$327,000 97c	S+575 bp	Dec 30, 2027
W•••••••• E••••••• L••	delayed draw term loan lien unstated	$313,000	$312,000 100c	S+575 bp	Jul 5, 2029
C••••••••• A••••••• o• A•••••• L••	delayed draw term loan lien unstated	$307,000	$307,000 101c	S+550 bp	Sep 24, 2026
P••••••• S••••• P•••••••• L••	unstated lien unstated	Not disclosed	$302,000 108c
L•••••• B••••	delayed draw term loan lien unstated	$743,000	$294,000 100c	S+575 bp	Jun 15, 2028
I••••••••• P•••• S•••••••	delayed draw term loan lien unstated	Not disclosed	$279,000 106c	S+450 bp	Nov 22, 2028
B•••••••••	delayed draw term loan lien unstated	$1.1M	$275,000 101c	S+550 bp	Dec 1, 2027
S••• G••••• L••••••••	delayed draw term loan lien unstated	$4.1M	$264,000 7c	S+500 bp PIK 15.98%	Jun 30, 2027
I•••••• L••	delayed draw term loan lien unstated	$417,000	$259,000 101c	S+525 bp	Aug 8, 2028
M••••• C••••••••• A•••••• I••	delayed draw term loan lien unstated	Not disclosed	$253,000 98c	S+600 bp	Oct 16, 2029
Q•••••• •••••••••	unstated lien unstated	$256,000	$247,000 96c	S+675 bp	Aug 3, 2026
A••• A••••••	delayed draw term loan lien unstated	$3.3M	$245,000 8c	PIK 12.75%	Oct 16, 2026
A••••••••	delayed draw term loan lien unstated	$3.8M	$244,000 104c	S+625 bp	Oct 8, 2029
U••••• H••••• H•••••••• L••	unstated lien unstated	Not disclosed	$240,000 141c
R•••••••	delayed draw term loan lien unstated	$244,000	$229,000 94c	S+575 bp	Apr 15, 2027
N•••• H•••• S•••••• U• H••••• L••	delayed draw term loan lien unstated	$216,000	$216,000 100c	S+625 bp	Jun 8, 2026
C••••••••• A••••••• o• A•••••• L••	delayed draw term loan lien unstated	$209,000	$209,000 100c	S+550 bp	Sep 24, 2026
A• M•• H•••••••• I••	unstated lien unstated	Not disclosed	$196,000 80c
C•••••••••	unstated lien unstated	Not disclosed	$181,000 24c
Q•••••• •••••••••	unstated lien unstated	$180,000	$173,000 97c	S+675 bp	Aug 3, 2026
S••••••••• P•••••••• G••••	unstated lien unstated	Not disclosed	$172,000 116c
E•• H•••••••• L••	unstated lien unstated	Not disclosed	$164,000 111c
R••••• S•••••••••	delayed draw term loan lien unstated	$216,000	$164,000 76c	3.33% PIK 9.17%	Mar 18, 2029
O••••• S••••••• G••••• I•••	term loan first lien	$155,000	$155,000 100c	S+800 bp	May 30, 2028
E•• H•••••••• L••	unstated lien unstated	Not disclosed	$153,000 255c
N••••	unstated lien unstated	Not disclosed	$152,000 63c
I•••• F••••	delayed draw term loan lien unstated	$142,000	$143,000 101c	S+425 bp	Apr 27, 2028
A••• C•••••••• H•••••••• L••	unstated lien unstated	Not disclosed	$134,000 115c
S•••• I••••••••• M••••• G••••	unstated lien unstated	Not disclosed	$116,000 37c
B•• P••••••••	delayed draw term loan lien unstated	$116,000	$111,000 97c	S+675 bp	Oct 7, 2026
F•••••••••	unstated lien unstated	Not disclosed	$109,000 111c
T•• F••••••••• G••••	delayed draw term loan lien unstated	Not disclosed	$105,000 63c	S+575 bp	Nov 30, 2027
S•• T•••• P••••	delayed draw term loan lien unstated	$98,000	$97,000 99c	S+475 bp	Mar 1, 2029
A••• H••••••• C••••••••• L•	unstated lien unstated	Not disclosed	$88,000 87c
A••• C•••••••• H•••••••• L••	delayed draw term loan lien unstated	$1.1M	$80,000 111c	10.00% PIK 2.50%	Jan 31, 2029
S•• T•••• P••••	unstated lien unstated	Not disclosed	$75,000 26c
S••• G••••• L••••••••	delayed draw term loan lien unstated	$923,000	$60,000 7c	S+500 bp PIK 15.98%	Jun 30, 2027
F•••• E••• • C•••••	unstated lien unstated	Not disclosed	$39,000 1300c
K•••• G••••• I•••	delayed draw term loan lien unstated	$4.1M	$38,000 -93c	S+500 bp	Nov 15, 2029
K•••• G••••• I•••	delayed draw term loan lien unstated	$3.8M	$36,000 -129c	S+500 bp	Nov 15, 2029
F•••• A••••••• G••••••••• O••••••••• F••• • C•••• Z•	unstated lien unstated	Not disclosed	$31,000 100c	5.19%
M••••• P••••••••• G••••	delayed draw term loan lien unstated	$3.1M	$31,000	S+525 bp	Jan 8, 2030
T••• P•••••••	delayed draw term loan lien unstated	$4.1M	$27,000	S+550 bp	Dec 19, 2029
W••••••••• P•••••••••	delayed draw term loan lien unstated	$3.8M	$12,000 -86c	S+600 bp	Aug 22, 2028
D•• H••••• L•• ••• P•••••	delayed draw term loan lien unstated	$1.7M	$10,000 -250c	S+575 bp	Jul 13, 2029
T••••••	delayed draw term loan lien unstated	$1.5M	$9,000	S+400 bp	Feb 21, 2031
I•• I••••••••• I•• L•• •••••••• C•••••••• I••• • d•••• I•••	delayed draw term loan lien unstated	$2.0M	$3,000 -10c	S+650 bp	Jan 19, 2029
S•• T•••• P••••	unstated lien unstated	Not disclosed	$1,000 100c
W•••••••	delayed draw term loan lien unstated	$588,000	$1,000 -33c	S+575 bp	Oct 23, 2028
A••••••	delayed draw term loan lien unstated	$297,000	$1,000	S+475 bp	Oct 10, 2030
S••• G••••• L••••••••	unstated lien unstated	Not disclosed	$0 0c
C••••• N••	unstated lien unstated	Not disclosed	$0 0c
A••• A••••••	unstated lien unstated	Not disclosed	$0 0c
R••••• S•••••••••	unstated lien unstated	Not disclosed	$0 0c

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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