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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 Dec 31, 2025
702 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M•• G•••• H••••••••• | equity equity | Not disclosed | $300,000 100c | ||
| L•••••• B••••• I••• ••••••• G••••• | delayed draw term loan first lien | $289,000 | $281,000 97c | S+575 bp PIK 9.17% | Mar 18, 2029 |
| G••• E••••• I••••••••• L• ••••••• D••••••••• S•••••••• | equity equity | Not disclosed | $271,000 85c | ||
| T•• B••••• L•• | revolver lien unstated | $1.7M | $270,000 104c | S+475 bp | Feb 2, 2032 |
| W•• F•••••• A••••••••• B• L•• ••••• E•••• | preferred equity equity | Not disclosed | $266,000 38c | ||
| S•••• G•••• H•••••••• L••• ••••• I••••••••• | equity equity | Not disclosed | $265,000 85c | ||
| B••••••••• H•••••• L•• | preferred equity equity | Not disclosed | $253,000 30c | ||
| O••••• I••••••••• L• •••••• P••••••••) | equity equity | Not disclosed | $234,000 21c | ||
| J••• A••••••••• | revolver lien unstated | $227,000 | $227,000 100c | S+700 bp | Dec 31, 2029 |
| V•••••• B••••• L•• •••••••• | delayed draw term loan first lien | $1.3M | $223,000 100c | S+525 bp | Mar 1, 2030 |
| R••••••• I••• ••••• A• H••••• I•••• | delayed draw term loan first lien | $240,000 | $221,000 92c | S+475 bp PIK 1.75% | Apr 16, 2029 |
| A•• L•••••••• H•••••••• I••• ••••••• S••• L••• | term loan first lien | $262,000 | $219,000 84c | S+250 bp PIK 4.25% | Feb 3, 2028 |
| C•••• A•••••••• L•• | delayed draw term loan first lien | Not disclosed | $216,000 111c | S+450 bp | Dec 31, 2031 |
| N•••• H•••• S•••••• U• H••••• L•• | delayed draw term loan first lien | $212,000 | $212,000 100c | S+575 bp | Jun 8, 2026 |
| M••••• C••••••••• A••••••• I••• | delayed draw term loan first lien | $1.7M | $201,000 96c | S+475 bp | Oct 16, 2029 |
| O••••• L••••• G••••• L•• | delayed draw term loan first lien | $402,000 | $200,000 100c | S+475 bp | Dec 19, 2029 |
| N••••••• R••••••••• L•• •••••• S••••••••• | delayed draw term loan unsecured or subordinated | $232,000 | $197,000 85c | 9.39% | Mar 14, 2025 |
| C••••••••• H•••••••• L••• ••••••••• P•••••••• G••••• | equity equity | Not disclosed | $191,000 129c | ||
| E•• H•••••••• L•• ••• I••••••••• | preferred equity equity | Not disclosed | $185,000 125c | ||
| N•••• H•••• T••••••• I••••••••• L•• •••• C••••••••• | equity equity | Not disclosed | $156,000 133c | ||
| O••••• S••••••• G••••• I••• | term loan first lien | $155,000 | $155,000 100c | S+800 bp | May 30, 2028 |
| A••• S•••••• P•••••••• L•• | delayed draw term loan first lien | $154,000 | $155,000 101c | S+500 bp | Oct 25, 2028 |
| A••• S•••••• P•••••••• L•• | delayed draw term loan first lien | $153,000 | $154,000 101c | S+500 bp | Aug 16, 2028 |
| A•• L•••••••• H•••••••• I••• ••••••• S••• L••• | term loan first lien | $184,000 | $153,000 84c | S+250 bp PIK 4.25% | Feb 3, 2028 |
| F• N• I••••••••• L• •••••• | equity equity | Not disclosed | $138,000 57c | ||
| S••• G••••• L•••••••• N••••••• L•• | term loan first lien | $130,000 | $130,000 100c | S+1000 bp | Nov 27, 2029 |
| A••••••••• L•• | delayed draw term loan first lien | $114,000 | $112,000 99c | 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 |
| H••••• A••••••••• H••••••• I• L• •••••••• S••••• P•••••••• L••• | equity equity | Not disclosed | $104,000 37c | ||
| C••••• L•••• S•••••••• I••• | term loan first lien | $100,000 | $100,000 100c | S+575 bp | Mar 31, 2028 |
| V••••••• I•• | term loan first lien | $100,000 | $99,000 100c | S+525 bp | Apr 12, 2032 |
| B•••••• M•••••• C••••••••• L• | equity equity | Not disclosed | $99,000 98c | ||
| C••••••••• A••••••• o• A••••••• L•• | term loan first lien | $100,000 | $99,000 100c | S+475 bp | May 13, 2032 |
| S•••• I••••••••• L• | equity equity | Not disclosed | $96,000 100c | ||
| R• P••••• H••••••• L• ••• T•••• P••••• | delayed draw term loan first lien | $96,000 | $95,000 99c | S+500 bp | Mar 1, 2029 |
| P• T•••• L••• | equity equity | Not disclosed | $90,000 105c | ||
| W••••••••• B••••• L•• | term loan first lien | $83,000 | $83,000 100c | S+475 bp | Dec 31, 2032 |
| I••••••••• A•• F••• D•••••••• I••• | term loan first lien | $79,000 | $79,000 100c | S+500 bp | Aug 14, 2030 |
| C••••••• H••• S••••••• L•• | subordinated debt unsecured or subordinated | $78,000 | $76,000 100c | 12.00% | Nov 27, 2031 |
| A•••• S•••••• P•••••••• L•• | term loan first lien | $75,000 | $75,000 100c | S+475 bp | Nov 26, 2032 |
| C•• I••••••••• L•• | equity equity | Not disclosed | $74,000 89c | ||
| E••••••• I••• | term loan first lien | $73,000 | $74,000 101c | S+425 bp | May 28, 2032 |
| R••••••• P•••••• L•• | term loan first lien | $68,000 | $69,000 101c | S+425 bp | May 24, 2032 |
| R•• I••••••••• L• •••• P•••••• | equity equity | Not disclosed | $68,000 68c | ||
| R•• I••••••••• L• •••• P•••••• | equity equity | Not disclosed | $68,000 68c | ||
| E•• A••••••••• A••••••••• | term loan first lien | $67,000 | $67,000 100c | S+450 bp | Dec 8, 2031 |
| A•• G•• H•••••••• L• | equity equity | Not disclosed | $63,000 100c | ||
| U•• I••••••••• H••••••• L•• | term loan first lien | $64,000 | $63,000 100c | S+425 bp | Dec 10, 2032 |
| R••••• A••••••••• L•• •••••• S••••••••• | equity equity | Not disclosed | $63,000 22c | ||
| G•• H•• H•••••••• L•• | equity equity | Not disclosed | $60,000 100c | ||
| D••••••• H•••• C•••••• L•• | delayed draw term loan first lien | $1.1M | $53,000 133c | S+500 bp | Oct 31, 2031 |
| L••••• S•••••• P•••••••• L•• | subordinated debt unsecured or subordinated | $53,000 | $52,000 100c | 9.77% | Jan 9, 2029 |
| L••••••••• P••••• H••••••• L•• | equity equity | Not disclosed | $49,000 100c | ||
| F•••• E••••••••• B••••••• L•• | term loan first lien | $37,000 | $37,000 100c | S+450 bp | Oct 21, 2032 |
| E•• H•••••••• L•• ••• I••••••••• | equity equity | Not disclosed | $22,000 37c | ||
| S•••• I••••••••• I••• I••• | delayed draw term loan first lien | $4.9M | $22,000 -200c | S+450 bp | Apr 12, 2032 |
| R•••• T•••• U• B••••• I••• ••••••• I•• | revolver lien unstated | $79,000 | $21,000 100c | S+450 bp | Mar 31, 2031 |
| L••••• P••••• H•••••••• L•• •••••• S•••••• P•••••••• | equity equity | Not disclosed | $16,000 114c | ||
| O••••• I••••••••• L• •••••• P••••••••) | equity equity | Not disclosed | $15,000 107c | ||
| A••• S•••••• P•••••••• L•• | revolver lien unstated | $55,000 | $15,000 107c | S+500 bp | Oct 24, 2030 |
| B••••••• P• B••••• I••• | delayed draw term loan first lien | $1.2M | $11,000 -367c | S+475 bp | Feb 3, 2032 |
| T••••••• S••••• L•• | delayed draw term loan first lien | $91,000 | $9,000 90c | S+500 bp | Jun 25, 2032 |
| S•••• I••••••••• I••• I••• | revolver lien unstated | $1.8M | $8,000 -100c | S+450 bp | Apr 12, 2032 |
| R••• C•••••••• I••••••••• I••• I••• | revolver lien unstated | $1.8M | $7,000 -87c | S+450 bp | Apr 12, 2032 |
| C••• L••••••• H•••••••• I••• •••• H••••••• I••• | delayed draw term loan first lien | $2.6M | $6,000 -55c | S+475 bp | Aug 27, 2031 |
| C••• L••••••• H•••••••• I••• •••• H••••••• I••• | revolver lien unstated | $1.9M | $5,000 -31c | S+475 bp | Aug 27, 2031 |
| B•• A•••• A•••••••• L•• | revolver lien unstated | $1.7M | $5,000 -33c | S+450 bp | Nov 18, 2031 |
| I••••• A•••••••• L•• | delayed draw term loan first lien | $7.1M | $0 0c | S+450 bp | Mar 19, 2032 |
| B•••••• G•••• H•••••••• L••• •••• A•••••••••) | equity equity | Not disclosed | $0 0c | ||
| A•••• A••••••• G••••• L•• | revolver lien unstated | $8,000 | $0 | S+475 bp | Aug 1, 2031 |
| R•• G•••••• T••••• L•• •••• G••••• L•••••••• L••• | equity equity | Not disclosed | $0 0c | ||
| I••••••••• A•• F••• D•••••••• I••• | delayed draw term loan first lien | $21,000 | $0 | S+500 bp | Aug 14, 2030 |
| V•••••• E••••••• S•••••••• I••• | delayed draw term loan first lien | $52,000 | $0 | S+500 bp | Sep 27, 2031 |
| W•• F•••••• A••••••••• B• L•• ••••• E•••• | equity equity | Not disclosed | $0 0c | ||
| B•••••• G•••• H•••••••• L••• •••• A•••••••••) | equity equity | Not disclosed | $0 0c | ||
| S••• G••••• L•••••••• N••••••• L•• | delayed draw term loan first lien | $73,000 | $0 | S+1000 bp | Nov 27, 2029 |
| P•••••• T•••• H••••••• L• ••• T•••• P••••• | warrants equity | Not disclosed | $0 0c | ||
| C•• M•••••••• G••••• L•• •••••• N••• | unstated lien unstated | Not disclosed | $0 0c | ||
| R••••••• P•••••• L•• | revolver lien unstated | $11,000 | $0 | S+425 bp | May 24, 2032 |
| I••••••••• P•••• S••••••• H•••••••• I••• | delayed draw term loan first lien | $1.9M | $0 0c | S+475 bp | Nov 22, 2028 |
| T••••••• S••••• L•• | revolver lien unstated | $9,000 | $0 | S+500 bp | Jun 25, 2032 |
| W••••••••• B••••• L•• | delayed draw term loan first lien | $17,000 | $0 | S+475 bp | Dec 31, 2032 |
| A•••• S•••••• P•••••••• L•• | delayed draw term loan first lien | $25,000 | $0 | S+475 bp | Nov 26, 2032 |
| R•• C••••••• I•• A••• L••• •••• A••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| E•• A••••••••• A••••••••• | delayed draw term loan first lien | $33,000 | $0 | S+450 bp | Dec 8, 2031 |
| C•• M•••••••• G••••• L•• •••••• N••• | equity equity | Not disclosed | $0 0c | ||
| C••••••• H••• S••••••• L•• | delayed draw term loan unsecured or subordinated | $22,000 | $0 | 12.00% | Nov 27, 2031 |
| O••••• L••••• G••••• L•• | delayed draw term loan first lien | $403,000 | $0 | S+475 bp | Dec 19, 2029 |
| M•• G•••• H•••••••• L• •••••• D•••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| R•• G•••••• T••••• L•• •••• G••••• L•••••••• L••• | equity equity | Not disclosed | $0 0c | ||
| F•••• E••••••••• B••••••• L•• | delayed draw term loan first lien | Not disclosed | $0 0c | S+450 bp | Oct 21, 2032 |
| W•••••••• E••••••• L•• | delayed draw term loan first lien | $1.9M | $0 0c | S+475 bp | Apr 30, 2031 |
| E••••••• I••• | delayed draw term loan first lien | $13,000 | $0 | S+425 bp | May 28, 2032 |
| R••••••• P•••••• L•• | delayed draw term loan first lien | $21,000 | $0 | S+425 bp | May 24, 2032 |
| N•• S••••••• H••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| B•••••• G•••• H•••••••• L••• •••• A•••••••••) | equity equity | Not disclosed | $0 | ||
| U•• I••••••••• H••••••• L•• | delayed draw term loan first lien | $36,000 | $0 | S+425 bp | Dec 10, 2032 |
| A•••• A••••••• G••••• L•• | delayed draw term loan first lien | $92,000 | $0 | S+475 bp | Aug 1, 2031 |
| N•••••• N••••••••• L•• | delayed draw term loan first lien | $72,000 | $0 | S+575 bp | Apr 17, 2031 |
| C••••••••• P••••• I••• I••• | equity equity | Not disclosed | $0 0c |
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