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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, 2025
617 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| O••••• L••••• G••••• L•• | delayed draw term loan first lien | $402,000 | $201,000 100c | S+525 bp | Dec 19, 2029 |
| N••••••• R••••••••• L•• •••••• S••••••••• | unstated lien unstated | $232,000 | $197,000 85c | 10.00% PIK 1.00% | Mar 18, 2029 |
| C••••••••• H•••••••• L••• ••••••••• P•••••••• G••••• | unstated lien unstated | Not disclosed | $197,000 133c | ||
| F• N• I••••••••• L• •••••• | unstated lien unstated | Not disclosed | $184,000 76c | ||
| E•• H•••••••• L•• ••• I••••••••• | unstated lien unstated | Not disclosed | $182,000 123c | ||
| N•••• H•••• T••••••• I••••••••• L•• •••• C••••••••• | unstated lien unstated | Not disclosed | $179,000 153c | ||
| H••••• A••••••••• H••••••• I• L• •••••••• S••••• P•••••••• L••• | unstated lien unstated | Not disclosed | $177,000 63c | ||
| T•• B••••• L•• | unstated lien unstated | $1.7M | $175,000 104c | S+475 bp | Feb 2, 2032 |
| A•• L•••••••• H•••••••• I••• ••••••• S••• L••• | term loan first lien | $182,000 | $166,000 91c | S+675 bp | Feb 3, 2028 |
| S•••• G•••• H•••••••• L••• ••••• I••••••••• | unstated lien unstated | Not disclosed | $164,000 52c | ||
| O••••• S••••••• G••••• I••• | term loan first lien | $155,000 | $155,000 100c | S+800 bp | May 30, 2028 |
| A••• S•••••• P•••••••• L•• | unstated lien unstated | $154,000 | $154,000 101c | S+500 bp | Oct 24, 2030 |
| A••• S•••••• P•••••••• L•• | unstated lien unstated | $154,000 | $154,000 100c | S+500 bp | Oct 24, 2030 |
| M••••• C••••••••• A••••••• I••• | delayed draw term loan first lien | $1.7M | $124,000 93c | S+475 bp | Oct 16, 2029 |
| R•• G•••••• T••••• L•• •••• G••••• L•••••••• L••• | unstated lien unstated | Not disclosed | $119,000 8c | ||
| A••••••••• L•• | delayed draw term loan first lien | $114,000 | $111,000 98c | S+500 bp | Sep 10, 2030 |
| B•• I••••••••• P•••••••• L•• ••• A••••••••• C••••••• I•••• | term loan first lien | $112,000 | $110,000 99c | S+675 bp | Oct 7, 2026 |
| B•••••• M•••••• C••••••••• L• | unstated lien unstated | Not disclosed | $100,000 100c | ||
| C••••••••• A••••••• o• A••••••• L•• | unstated lien unstated | $100,000 | $99,000 99c | S+475 bp | May 13, 2032 |
| V••••••• I•• | term loan first lien | $100,000 | $99,000 100c | S+525 bp | Apr 12, 2032 |
| R• P••••• H••••••• L• ••• T•••• P••••• | unstated lien unstated | $97,000 | $96,000 99c | S+475 bp | Mar 1, 2029 |
| R•• I••••••••• L• •••• P•••••• | unstated lien unstated | Not disclosed | $87,000 87c | ||
| R••••• A••••••••• L•• •••••• S••••••••• | unstated lien unstated | Not disclosed | $87,000 31c | ||
| P• T•••• L••• | unstated lien unstated | Not disclosed | $86,000 100c | ||
| E•••••• 7• P•••••••• L•• •••• | delayed draw term loan first lien | $15.2M | $82,000 | S+550 bp | Dec 1, 2027 |
| C•• I••••••••• L•• | unstated lien unstated | Not disclosed | $80,000 96c | ||
| I••••••••• A•• F••• D•••••••• I••• | unstated lien unstated | $79,000 | $79,000 100c | S+500 bp | Aug 14, 2030 |
| C••••••• H••• S••••••• L•• | delayed draw term loan unsecured or subordinated | $78,000 | $76,000 100c | 12.00% | Nov 27, 2031 |
| E••••••• I••• | unstated lien unstated | $73,000 | $73,000 100c | S+425 bp | May 28, 2032 |
| B•••••• G•••• H•••••••• L••• •••• A•••••••••) | unstated lien unstated | Not disclosed | $69,000 17c | ||
| R••••••• P•••••• L•• | unstated lien unstated | $68,000 | $68,000 100c | S+450 bp | May 24, 2032 |
| S••• B••••• I••• | delayed draw term loan first lien | $3.1M | $59,000 -843c | S+475 bp | Mar 28, 2031 |
| T•••• I••• | unstated lien unstated | $1.4M | $58,000 77c | S+475 bp | Nov 22, 2030 |
| D••••••• H•••• C•••••• L•• | delayed draw term loan first lien | $1.1M | $53,000 133c | S+500 bp | Oct 31, 2031 |
| E•• H•••••••• L•• ••• I••••••••• | unstated lien unstated | Not disclosed | $52,000 87c | ||
| M•• G•••• H•••••••• L• •••••• D•••••• | unstated lien unstated | Not disclosed | $46,000 19c | ||
| T••• L••••• P•••••••• I••• | delayed draw term loan first lien | $4.1M | $41,000 | S+450 bp | Dec 19, 2029 |
| S•••• I••••••••• I••• I••• | unstated lien unstated | $4.9M | $26,000 -236c | S+450 bp | Apr 12, 2032 |
| R•••• T•••• U• B•••• | unstated lien unstated | $79,000 | $21,000 100c | S+450 bp | Mar 31, 2031 |
| L••••• P••••• H•••••••• L•• •••••• S•••••• P•••••••• | unstated lien unstated | Not disclosed | $16,000 114c | ||
| O••••• I••••••••• L• •••••• P••••••••) | unstated lien unstated | Not disclosed | $15,000 107c | ||
| B•• A•••• A•••••••• L•• | unstated lien unstated | $4.3M | $12,000 -63c | S+450 bp | Nov 18, 2031 |
| I••••• A•••••••• L•• | delayed draw term loan first lien | $7.1M | $10,000 -30c | S+450 bp | Mar 19, 2032 |
| S•••• I••••••••• I••• I••• | unstated lien unstated | $1.8M | $9,000 -112c | S+450 bp | Apr 12, 2032 |
| C••• L••••••• H•••••••• I••• •••• H••••••• I••• | unstated lien unstated | $2.6M | $7,000 -64c | S+475 bp | Aug 27, 2031 |
| B•• A•••• A•••••••• L•• | unstated lien unstated | $1.7M | $5,000 -33c | S+450 bp | Nov 18, 2031 |
| C••• L••••••• H•••••••• I••• •••• H••••••• I••• | unstated lien unstated | $1.9M | $5,000 -31c | S+475 bp | Aug 27, 2031 |
| B••••••• P• B••••• I••• | delayed draw term loan first lien | $1.2M | $3,000 -100c | S+475 bp | Feb 3, 2032 |
| O••••• L••••• G••••• L•• | delayed draw term loan first lien | $403,000 | $0 | S+525 bp | Dec 19, 2029 |
| A••• S•••••• P•••••••• L•• | unstated lien unstated | $55,000 | $0 | S+500 bp | Oct 24, 2029 |
| P•••••• T•••• H••••••• L• ••• T•••• P••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| O•••• G•••• F• H•••••••• L•• ••• F••••••••• | delayed draw term loan first lien | $13.4M | $0 | S+525 bp | Jul 3, 2029 |
| E••••••• I••• | unstated lien unstated | $14,000 | $0 | S+425 bp | May 28, 2032 |
| R•• C••••••• I•• A••• L••• •••• A••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| R••••••• P•••••• L•• | unstated lien unstated | $11,000 | $0 | S+450 bp | May 24, 2032 |
| B•••••• G•••• H•••••••• L••• •••• A•••••••••) | unstated lien unstated | Not disclosed | $0 | ||
| R••••••• P•••••• L•• | unstated lien unstated | $21,000 | $0 | S+450 bp | May 24, 2032 |
| C••••••••• P••••• I••• I••• | unstated lien unstated | Not disclosed | $0 0c | ||
| B•••••• G•••• H•••••••• L••• •••• A•••••••••) | unstated lien unstated | Not disclosed | $0 0c | ||
| W•• F•••••• A••••••••• B• L•• ••••• E•••• | unstated lien unstated | Not disclosed | $0 0c | ||
| V•••••• E••••••• S•••••••• I••• | delayed draw term loan first lien | $216,000 | $0 0c | S+500 bp | Sep 27, 2031 |
| W•••••••• E••••••• L•• | delayed draw term loan first lien | $1.9M | $0 0c | S+475 bp | Apr 30, 2031 |
| T••••••• S••••• L•• | unstated lien unstated | $9,000 | $0 | S+500 bp | Jun 25, 2032 |
| C••••••• H••• S••••••• L•• | delayed draw term loan unsecured or subordinated | $22,000 | $0 | 12.00% | Nov 27, 2031 |
| C•• M•••••••• G••••• L•• •••••• N••• | unstated lien unstated | Not disclosed | $0 0c | ||
| 3•• H•••••• I••• ••• T•••••••• | delayed draw term loan first lien | $3.1M | $0 | S+500 bp | Aug 2, 2028 |
| C•• M•••••••• G••••• L•• •••••• N••• | unstated lien unstated | Not disclosed | $0 0c | ||
| T••••••• S••••• L•• | unstated lien unstated | $91,000 | $0 | S+500 bp | Jun 25, 2032 |
| I••••••••• A•• F••• D•••••••• I••• | unstated lien unstated | $21,000 | $0 | S+500 bp | Aug 14, 2030 |
| E••••••• I••• | unstated lien unstated | $13,000 | $0 | S+425 bp | May 28, 2032 |
| I••••••••• P•••• S••••••• H•••••••• I••• | delayed draw term loan first lien | $2.3M | $0 0c | S+475 bp | Nov 22, 2028 |
| N•••••• N••••••••• L•• | delayed draw term loan first lien | $72,000 | -$1,000 | S+575 bp | Apr 17, 2031 |
| L•• V•••••• H••••••• I••• | unstated lien unstated | $352,000 | -$1,000 100c | S+475 bp | Apr 28, 2032 |
| R••• P•••••• L•• | delayed draw term loan unsecured or subordinated | $191,000 | -$2,000 200c | 12.00% | May 7, 2030 |
| R•••• T•••• U• B•••• | unstated lien unstated | $236,000 | -$2,000 200c | S+450 bp | Sep 30, 2031 |
| R••• C•••••••• I••••••••• I••• I••• | unstated lien unstated | $1.8M | -$2,000 25c | S+450 bp | Apr 12, 2032 |
| S•••••• L•• | unstated lien unstated | $592,000 | -$3,000 100c | S+500 bp | Sep 2, 2032 |
| L•• V•••••• H••••••• I••• | unstated lien unstated | $735,000 | -$3,000 | S+475 bp | Apr 28, 2032 |
| C••••• S•••••••• A••••••••• I••• | unstated lien unstated | $521,000 | -$4,000 400c | S+500 bp | Aug 7, 2031 |
| B••••••• S••• I••••••••• I••• | unstated lien unstated | $1.0M | -$5,000 | S+475 bp | Aug 28, 2031 |
| A••••••••• L•• | delayed draw term loan first lien | $165,000 | -$5,000 | S+500 bp | Sep 10, 2030 |
| R•• E••••• B••••••• L•• | unstated lien unstated | $1.2M | -$5,000 167c | S+450 bp | Sep 30, 2032 |
| P• B••••• I••• | unstated lien unstated | $1.1M | -$5,000 | S+450 bp | Jul 31, 2031 |
| L•••• G••••• I••• | delayed draw term loan first lien | $736,000 | -$7,000 350c | S+500 bp | Oct 10, 2029 |
| K••• A••••••••• I••• ••••••• P••• | delayed draw term loan first lien | $1.1M | -$9,000 450c | S+500 bp | Aug 1, 2029 |
| C••••• S•••••••• A••••••••• I••• | unstated lien unstated | $1.2M | -$9,000 90c | S+500 bp | Aug 7, 2031 |
| G•••••• F••••••• I••• | revolver lien unstated | $2.1M | -$15,000 58c | S+475 bp | Aug 5, 2030 |
| V••••• M•••• H•••••••• L•• | unstated lien unstated | $1.7M | -$16,000 114c | S+475 bp | Jul 24, 2031 |
| K•••• P•• B•••• L•• | delayed draw term loan first lien | $4.1M | -$19,000 61c | S+475 bp | Nov 15, 2029 |
| H••• B•• B••••• O••••••••• L•• | delayed draw term loan unsecured or subordinated | $596,000 | -$22,000 440c | 13.00% | Jun 19, 2030 |
| T•••• I••• | unstated lien unstated | $1.1M | -$22,000 440c | S+475 bp | Nov 22, 2031 |
| A••• B••••• L•• | delayed draw term loan first lien | $2.4M | -$23,000 209c | S+450 bp | Jan 23, 2032 |
| P••••••• S••••• P•••••••• L•• | delayed draw term loan first lien | $1.6M | -$24,000 | S+625 bp | Apr 3, 2030 |
| E••• P••••••••• I••• ••••••••• L•••••••• T••••••••• B••••• L••• | delayed draw term loan first lien | $3.0M | -$26,000 | S+525 bp | Feb 14, 2031 |
| G•• H••••••••• L•• | delayed draw term loan first lien | $648,000 | -$30,000 | S+525 bp | Dec 9, 2027 |
| A•• M••••••• H•••••••• I••• | delayed draw term loan first lien | $3.6M | -$33,000 194c | S+475 bp | Mar 18, 2031 |
| H•• A••••••• C•••• | delayed draw term loan first lien | $2.4M | -$37,000 740c | S+450 bp | Nov 5, 2031 |
| B•••••• C••••••• H••••••••• I••••••••• L•• | delayed draw term loan first lien | $4.8M | -$73,000 332c | S+525 bp | Dec 22, 2031 |
| G•• H••••••••• L•• | delayed draw term loan first lien | $1.9M | -$90,000 | S+525 bp | Dec 9, 2027 |
| A•••••• B••••• L•• ••••••• H•••••••• | delayed draw term loan unsecured or subordinated | $2.5M | -$100,000 370c | PIK 13.00% | Apr 26, 2030 |
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