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 Sep 30, 2024
560 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| H••••• M••••••••• A••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+625 bp | |
| H•••••••• P••••• P••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| I••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| S••••• B••••••• S••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| P••••••• S••••• P•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+625 bp | |
| P••••••• E••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| A••• H••••••• C••••••••• | equity equity | Not disclosed | Not disclosed | ||
| V•••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| L••••• S•••••• P••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| F•••••• L•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| B•• P•••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| W••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| P••••• C••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| N••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| L•••••• G•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| F•••••••• M••••••••• G•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| E•••••••• S••••••• G•••• I• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| T••• P••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| N•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| C•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| E••••••• •••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+650 bp | |
| C••••• C•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| E•••• F•••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| O•••••• I• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| P•••••••• A••••••• G•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| S•• T•••• P•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| W••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| T••••• G•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| R•••••• W•••••••• A••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+625 bp | |
| T••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| M••••• C••••••••• A•••••• I•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| A••• A•••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| B•••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| E••••••• G••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| C••••••••• C••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| C••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| 3•• T••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| I••••••••• T••••••••• G•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| D•• P•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| C••• H••••••• I•• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| C•••••• C•••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| C••••• S•••••••• A••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| E••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| A••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| K•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+425 bp | |
| R••••••• C••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••• S••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| A••• S••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| M•• B•••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| G•• H••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| V•••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| H••• B•• B••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| O••••• L••••• G•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| I•••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| A•••••• H••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| P• I••••••••• H••••••• I••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+325 bp | |
| N••••••• P•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| E••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| E•••••••• L••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| D••••••• C••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp |
Page 6 of 6Previous
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