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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 Sep 30, 2025
617 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
I•• I••••••••• I•• L•• •••••••• D•• I••••••••• N••••••••• S•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
P••••••• A••••••••• I••• •••••••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
G•••••• F••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+475 bp
C••••• S•••••••• A••••••••• I•••revolver lien unstatedNot disclosedNot disclosedS+500 bp
C••• L••••••• H•••••••• I••• •••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C••••• S•••••••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
E••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+425 bp
F•••••••• M••••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
I••••••••• A•• F••• D•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosedS+500 bp
L•••• G••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M•• B•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M••••• C••••••••• A••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
R•••••• S••••••• G••••• L•• ••••••••• S••••••• G•••••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
R•••• T•••• U• B••••• I••• ••••••• I••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
R•••• H••••• C••••••••• ••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
V•••••• E••••••• S•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
R••••• H•••••••• I••• ••••••• W••••••••
A•••••••••)
delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
Page 7 of 7Previous
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