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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.

Fair value
$1.9B
Schedule of investments, 10-Q and 10-K
Borrowers
289
Schedule of investments, 10-Q and 10-K
Mark on cost
97.4¢
Schedule of investments, 10-Q and 10-K
First lien
89%
Schedule of investments, 10-Q and 10-K
Schedule of investments (697)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. $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•• →
  3. 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
  4. 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
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.9B28997c78495 bp
Mar 31, 2026$2.0B28198c83498 bp
Dec 31, 2025$2.0B28998c64497 bp
Sep 30, 2025$2.0B25898c52507 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.0B25199c54511 bp
Mar 31, 2025$2.1B24599c54515 bp
Dec 31, 2024$4.2B29199c99519 bp
Sep 30, 2024$2.1B20298c49540 bp
Jun 30, 2024$2.1B22698c47544 bp
Mar 31, 2024$1.8B22199c52562 bp
Dec 31, 2023$1.9B29398c59580 bp
Sep 30, 2023$1.5B19998c34575 bp
Jun 30, 2023$1.4B18297c29567 bp
Mar 31, 2023$1.3B16797c25562 bp
Dec 31, 2022$1.2B21697c23557 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Mar 31, 2025
586 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
E•• I••••••••• L•• ••• P•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
D• U••••• H•••••••• L•• ••• U••••• F•••••• S•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
B••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
F• D•• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
H•••••••• V••••••••• P••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
I•• I••••••••• I•• L•• •••••••• D•• I••••••••• N••••••••• S•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
K••• A••••••••• I••• ••••••• P•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M•••••• U• B••••• L•• ••••••••• T••••••••• G•••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
P••••••• A••••••••• I••• •••••••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
I••••••••• P•••• S••••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
V•••••• E••••••• S•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
T•• B••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+475 bp
Y•• L•• ••••• I•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
R•••••• S••••••• G••••• L•• ••••••••• S••••••• G•••••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
N•••• H•••• F•••••• B••••• L•• ••••••• L•••••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
U•• W•••• I••••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
S•••• • H••••• A••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
S••••• I••••••••• S••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
K•••• P•• B•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
J•• B••••• I••• •• K•••••• a•• C•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
D••••••• C••••••••• ••• D•••••• M••••• S•• I•• C•••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
V•••••• B••••• L•• ••••••••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
V••••• M•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
W••••••••• P••••••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
T••• L••••• P•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
P• I••••••••• H••••••• I••• L••delayed draw term loan first lienNot disclosedNot disclosedS+325 bp
E•••••• 7• P•••••••• L•• ••••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
D•• H•••••• L•• ••• P•••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C••• L••••••• H•••••••• I••• •••• H••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+500 bp
T•• B••••• L••revolver lien unstatedNot disclosedNot disclosedS+475 bp
W•• E••••••••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
A••• S•••••• P•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+500 bp
T•• B••••• L•• ••••••••• S••••• S••••••••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
H••• B•• B••••• O••••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
B•••••• C••••••• H••••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
B••••••• P• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
A••• A•••••• D••••••••• M••••••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
A••• H••••••• L•• ••••••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
A•• M••••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
3•• H•••••• I••• ••• T••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
C••••• S•••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C••• L••••••• H•••••••• I••• •••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
T••••••••• P•••••••• I••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+425 bp
T•••••• B••••• L•• ••••••• M••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
B•• A•••• A•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+450 bp
E••• P••••••••• I••• ••••••••• L•••••••• T••••••••• B••••• L•••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
C••••• S•••••••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
F•••••••• M••••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
S••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
P••••••••• I••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
O•••••• H•••••••• I••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
H•• A••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
G•••••• F••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+475 bp
E•••• F•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
H•••••••• P••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
O•••• G•••• F• H•••••••• L•• ••• F•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
S• S••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
D••••••• H•••• C•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
N•• • J• L••• ••• F••••••••• G•••••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
M••••• C••••••••• A••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
B•• A•••• A•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
W•••••••• E••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
R•••• H••••• C••••••••• ••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
G•• H••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
S••••••••• A••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosedS+400 bp
R••• P•••••• L••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
M•• B•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
L•••••• B••••• I••• ••••••• G•••••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
F••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C••••• S•••••••• A••••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+500 bp
C•• M••••••••• S•••••••• L•• •••••••• L••• S•••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A•••••• B••••• L•• ••••••• H••••••••delayed draw term loan unsecured or subordinatedNot disclosedNot disclosed
A••••• P•••••• S••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
T•••• I•••revolver lien unstatedNot disclosedNot disclosedS+475 bp
A••• S•••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
N•••• H•••• S•••••• U• H••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
T•••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
K• B••••• A••••••••• I••• ••••••••• L••••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
C•••• A•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
V••••• M•••• H•••••••• L••revolver lien unstatedNot disclosedNot disclosedS+475 bp
S••••• A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+300 bp
A••••• A••••••••• L•• •••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
R•••• T•••• U• B••••• I••• ••••••• I••revolver lien unstatedNot disclosedNot disclosedS+450 bp
O••••• L••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
A••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 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