DFX Intelligence

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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.

As of 2026-06-30 · 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 (697)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•• →
$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•• →
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 → 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

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 quarters

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
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

R• P••••• H••••••• L• first lien term loan
1 BDC hold it · matures Mar 1, 2029
$27.5M 100c
g•••••••• L•• first lien term loan
2 BDCs hold it · matures Dec 1, 2027 · possible sponsor W••• P•••• P•••••••
$26.8M 100c
I••• H••••• I•• first lien term loan
3 BDCs hold it · matures Dec 17, 2027
$24.3M 100c
G•• H••••••••• L•• first lien term loan
1 BDC hold it · matures Dec 9, 2027 · possible sponsor M••••••• U• A••••••• L•••
$22.7M 94c
M•••••• U• B••••• L•• first lien term loan
2 BDCs hold it · matures Jun 25, 2030
$22.0M 101c
K•••• P•• B•••• L•• first lien term loan
5 BDCs hold it · matures Nov 15, 2029
$21.5M 100c
E•••••• 7• P•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Dec 1, 2027
$20.8M 100c
W••• B••••• I•• first lien term loan
6 BDCs hold it · matures Apr 10, 2031
$20.1M 100c
O•••• G•••• F• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Jul 3, 2029
$19.8M 100c
F•••••••• M••••••••• G••••• L•• first lien delayed draw term loan
3 BDCs hold it · matures Jun 27, 2031 · possible sponsor S•••••••• C••••••• L•••
$19.7M 98c
S••• L•• F••••• B•••••• L•• first lien term loan
5 BDCs hold it · matures Jul 30, 2027 · possible sponsor K••••••• • C••••••
$19.7M 97c
C••••••••• B••••••• C••• first lien term loan
2 BDCs hold it · matures Sep 25, 2029
$18.8M 101c

Schedule of investments at Mar 31, 2026

676 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E••••••• I•••	delayed draw term loan first lien	$13,000	$0	S+425 bp	May 28, 2032
H•••••• G•••• T•••• H•••••••• L•	equity equity	Not disclosed	$0
H••• I••••••••• L••	delayed draw term loan first lien	$25,000	$0	S+475 bp	Feb 2, 2033
R•• G•••••• T••••• L•• •••• G••••• L•••••••• L•••	equity equity	Not disclosed	$0 0c
R•• C••••••• I•• A••• L••• •••• A•••••••	unstated lien unstated	Not disclosed	$0 0c
C••••••••• P••••• I••• I•••	equity equity	Not disclosed	$0 0c
L•• V•••••• H••••••• I•••	delayed draw term loan first lien	$416,000	$0	S+475 bp	Apr 28, 2032
N•• S••••••• H••••••• L••	equity equity	Not disclosed	$0 0c
W•• F•••••• A••••••••• B• L•• ••••• E••••	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
C•••••••• V••••••• I•••	equity equity	Not disclosed	$0
N•••••• N••••••••• L••	delayed draw term loan first lien	$72,000	$0	S+575 bp	Apr 17, 2031
S•••••••• M••••••••• H•••••••• L••	delayed draw term loan first lien	$17,000	$0	S+450 bp	Mar 31, 2033
B•••••• G•••• H•••••••• L••• •••• A•••••••••)	equity equity	Not disclosed	$0
S••• G••••• L•••••••• N••••••• L••	delayed draw term loan first lien	$73,000	$0	S+1050 bp PIK 9.50%	Nov 27, 2029
R••••••• P•••••• L••	revolver lien unstated	$11,000	$0	S+425 bp	May 24, 2032
U•• I••••••••• H••••••• L••	delayed draw term loan first lien	$36,000	$0	S+425 bp	Dec 10, 2032
E••••••• I•••	revolver lien unstated	$14,000	$0	S+425 bp	May 28, 2032
B•••••• G•••• H•••••••• L••• •••• A•••••••••)	equity equity	Not disclosed	$0 0c
L•• V•••••• H••••••• I•••	revolver lien unstated	$352,000	$0 0c	S+475 bp	Apr 28, 2032
C•••••••• V••••••• I•••	preferred equity equity	Not disclosed	$0
A•••• A••••••• G••••• L••	delayed draw term loan first lien	$92,000	-$1,000	S+475 bp	Aug 1, 2031
Y••••••••• I•••	delayed draw term loan first lien	$161,000	-$1,000	S+475 bp	Sep 29, 2028
C••••••• H••• S••••••• L••	delayed draw term loan unsecured or subordinated	$22,000	-$1,000	12.00%	Nov 27, 2031
L••••• S•••••• P•••••••• L••	delayed draw term loan first lien	$100,000	-$1,000	S+450 bp	Nov 10, 2031
M•• H••••••• B••••• I•••	delayed draw term loan first lien	$769,000	-$2,000	S+475 bp	Dec 23, 2032
A••••••••• L••	delayed draw term loan first lien	$165,000	-$2,000	S+500 bp	Sep 10, 2030
B••••••• S••• I••••••••• I•••	delayed draw term loan first lien	$1.0M	-$3,000	S+475 bp	Aug 28, 2031
N••••••• P•• B•••• L••	delayed draw term loan first lien	$1.1M	-$3,000	S+450 bp	Dec 22, 2032
K••••• A••••••••• L••	delayed draw term loan first lien	$1.3M	-$4,000	S+450 bp	Nov 8, 2032
R•••• L••••• I•••	revolver lien unstated	$1.1M	-$5,000 100c	S+475 bp	Feb 6, 2032
R•••• L••••• I•••	delayed draw term loan first lien	$1.4M	-$6,000 86c	S+475 bp	Feb 6, 2032
A•••••• I•••	delayed draw term loan first lien	$1.3M	-$6,000	S+475 bp	Feb 3, 2032
S•••••• R••••••••• L••	delayed draw term loan first lien	$1.4M	-$7,000	S+450 bp	Dec 16, 2032
C••••• S•••••••• A••••••••• I•••	delayed draw term loan first lien	$521,000	-$8,000 800c	S+500 bp	Aug 7, 2031
R••• C•••••••• I••••••••• I••• I•••	revolver lien unstated	$1.8M	-$11,000 138c	S+450 bp	Apr 12, 2032
B•• A•••• A•••••••• L••	revolver lien unstated	$1.7M	-$15,000 107c	S+450 bp	Nov 18, 2031
K•••• P•• B•••• L••	delayed draw term loan first lien	$4.1M	-$18,000 64c	S+425 bp	Nov 15, 2029
C••••• S•••••••• A••••••••• I•••	revolver lien unstated	$1.2M	-$18,000 180c	S+500 bp	Aug 7, 2031
H•• A••••••• C••••	delayed draw term loan first lien	$2.4M	-$21,000 420c	S+450 bp	Nov 5, 2031
T•••• I•••	delayed draw term loan first lien	$1.1M	-$21,000 525c	S+475 bp	Nov 24, 2031
A••• B••••• L••	revolver lien unstated	$2.2M	-$21,000 263c	S+450 bp	Feb 18, 2033
G•• H•• P•••••• L••	delayed draw term loan first lien	$1.5M	-$23,000	S+475 bp	Oct 1, 2031
E•••• F•••••• C••••••••• L••	delayed draw term loan first lien	$1.9M	-$24,000 240c	S+475 bp	Apr 29, 2030
T•••• I•••	revolver lien unstated	$1.4M	-$27,000 245c	S+475 bp	Nov 22, 2030
P• B••••• I•••	delayed draw term loan first lien	$1.1M	-$28,000	S+450 bp	Jul 31, 2031
K••• A••••••••• I•••	delayed draw term loan first lien	$4.9M	-$28,000	S+475 bp	Jul 31, 2031
V••••• M•••• H•••••••• L••	revolver lien unstated	$1.7M	-$33,000 254c	S+450 bp	Jul 24, 2031
A•• H••••• O•••• L••	delayed draw term loan unsecured or subordinated	$1.2M	-$34,000 200c	8.00% PIK 5.00%	Apr 10, 2031
I••••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	-$43,000 -358c	S+450 bp	Mar 19, 2032
B•••••• C••••••• H••••••••• I••••••••• L••	delayed draw term loan first lien	$4.8M	-$68,000 324c	S+525 bp	Dec 22, 2031
E••• P••••••••• I••• ••••••••• L•••••••• T••••••••• B••••• L•••	delayed draw term loan first lien	$3.0M	-$73,000	S+475 bp	Feb 14, 2031
P••••••• S••••• P•••••••• L••	delayed draw term loan first lien	$1.6M	-$73,000	S+625 bp	Apr 3, 2030
A•••••• B••••• L•• ••••••• H••••••••	delayed draw term loan unsecured or subordinated	$2.5M	-$362,000 1508c	PIK 13.00%	Apr 26, 2030
R••• C•••••••• I••••••••• I••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
A•••••• B••••• L•• ••••••• H••••••••	delayed draw term loan unsecured or subordinated	Not disclosed	Not disclosed
B•• A•••• A•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
E••• P••••••••• I••• ••••••••• L•••••••• T••••••••• B••••• L•••	delayed draw term loan first lien	Not disclosed	Not disclosed
F•••• A••••••• G••••••••• O••••••••• F••• • C•••• Z•	unstated lien unstated	Not disclosed	Not disclosed	3.54%
E•• A••••••••• A••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
S••• G••••• L•••••••• N••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
T•• B••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
F•••• E••••••••• B••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
N•••••• N••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
T•••• M••••	unstated lien unstated	Not disclosed	Not disclosed	S+368 bp
R••••• H•••••••• I••• ••••••• W•••••••• A•••••••••)	delayed draw term loan first lien	Not disclosed	Not disclosed
T••••••• S••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+400 bp
A•• M••••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
B•••••••• L•••••••• F•••• T••••• • I••••••••• C••••	unstated lien unstated	Not disclosed	Not disclosed	3.55%
E••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+425 bp
C••••• S•••••• P•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H••• I••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
G•••••• F••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+450 bp
S•••• I••••••••• I••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+450 bp
U•• W•••• I••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
W••••••••• B••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
A••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
B•• A•••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+450 bp
C••••• S•••••• P•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
I••••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
G••••••• T••• H•••••••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• P•••• S••••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
I••••••••• A•• F••• D•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
N••••••• R••••••••• L••	delayed draw term loan unsecured or subordinated	Not disclosed	Not disclosed
R•• E••••• B••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
V••••• M•••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+450 bp
K••••• A••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
E•••••• 7• P•••••••• L•• ••••	delayed draw term loan first lien	Not disclosed	Not disclosed
L•• V•••••• H••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+475 bp
P•••••••• S••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
P••••••• S••••• P•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
R••••••• P•••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+425 bp
R•••• L••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
V•••••• E••••••• S•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
S•••• W••• T••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••• B••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
R•••• H••••• C••••••••• ••• C•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
V•••••• B••••• L•• ••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed
C•••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed
C••• L••••••• H•••••••• I••• •••• H••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp

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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