DFX Intelligence
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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 Jun 30, 2026
697 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| R•• E••••• B••••••• L•• | term loan first lien | $6.7M | $6.7M 100c | S+450 bp | Sep 30, 2032 |
| T••• A•••••• L•• | term loan first lien | $7.1M | $6.7M 94c | S+475 bp | Apr 3, 2028 |
| L•• C••••••••• •••• M••••• S••• I•••• | term loan first lien | $6.7M | $6.7M 100c | S+525 bp | Dec 17, 2027 |
| R• P••••• H••••••• L• ••• T•••• P••••• | term loan first lien | $6.7M | $6.7M 100c | S+475 bp | Mar 1, 2029 |
| A••••• A••••••••• L•• ••••••••• | term loan first lien | $6.7M | $6.7M 100c | S+475 bp | Oct 9, 2029 |
| T•••••• B••••• L•• ••••••• M•••••••• | term loan first lien | $6.7M | $6.6M 101c | S+450 bp | Jan 31, 2029 |
| I••••• P••••• C••••••••• •••••• E••••••••• G••••• | delayed draw term loan first lien | $6.7M | $6.6M 99c | S+525 bp | Mar 23, 2029 |
| E•••••• B••••• F••••••••• L•• ••••• L••• F••••••••• L••• | term loan first lien | $6.6M | $6.6M 100c | S+575 bp | Dec 23, 2026 |
| K• B••••• A••••••••• I••• ••••••••• L•••• | term loan first lien | $6.6M | $6.6M 100c | S+500 bp | Jun 30, 2030 |
| T•• B••••• L•• ••••••••• S••••• S•••••••• | term loan first lien | $6.6M | $6.6M 100c | S+500 bp | Jun 22, 2029 |
| I••••• P••••• C••••••••• •••••• E••••••••• G••••• | term loan first lien | $6.6M | $6.5M 100c | S+525 bp | Mar 23, 2029 |
| N•••• H•••• F•••••• B••••• L•• ••••••• L••••• | delayed draw term loan unsecured or subordinated | $6.6M | $6.5M 99c | 8.00% PIK 3.50% | May 17, 2029 |
| H•• A••••••• C•••• | term loan first lien | $6.5M | $6.4M 100c | S+450 bp | Nov 5, 2031 |
| N•••••••• 1•• B••••• L•• ••• I••• | term loan first lien | $6.5M | $6.4M 99c | S+525 bp | Aug 31, 2028 |
| I•• U•• I••••••••• I••• | term loan first lien | $6.5M | $6.4M 99c | S+575 bp | Mar 15, 2030 |
| O•••• G•••• F• H•••••••• L•• ••• F••••••••• | delayed draw term loan first lien | $6.3M | $6.3M 100c | S+475 bp | Jul 3, 2029 |
| W•••••••• E••••••• L•• | term loan first lien | $6.3M | $6.3M 101c | S+450 bp | Apr 30, 2031 |
| W•• E••••••••• H••••••• I••• | term loan first lien | $6.3M | $6.3M 100c | S+450 bp | Aug 31, 2029 |
| L•••••••• C••••••••• L•• ••••••••• S•••••••• S••••••••• | equity equity | Not disclosed | $6.3M 167c | ||
| T•• B••••• L•• ••••••••• S••••• S•••••••• | delayed draw term loan first lien | $6.3M | $6.2M 100c | S+500 bp | Jun 22, 2029 |
| H•••••••• H••• S•••••••• I••• •••••• B••••• I•••• | term loan first lien | $6.3M | $6.2M 99c | S+600 bp | Dec 15, 2026 |
| B••• N•••• S••• U• H••••• 2• I••• ••••••• H•••••••• | subordinated debt unsecured or subordinated | $6.2M | $6.2M 100c | S+725 bp | Jun 8, 2029 |
| I•• E••••••••• L•• ••••••••• S•••••• G••••• | term loan first lien | $6.4M | $6.2M 98c | S+575 bp | Dec 7, 2028 |
| V•••••• B••••• L•• •••••••• | term loan first lien | $6.1M | $6.1M 101c | S+525 bp | Mar 1, 2030 |
| C••••• C•••• C••••••••• | term loan first lien | $6.2M | $6.1M 100c | S+425 bp | Apr 23, 2029 |
| P••••••• S••••• P•••••••• L•• | term loan first lien | $6.2M | $5.9M 97c | S+625 bp | Apr 3, 2030 |
| J•• B••••• I••• •• K•••••• a•• C•••••• I••• | term loan first lien | $6.0M | $5.9M 99c | S+475 bp | Feb 13, 2032 |
| F••••••••• L•• | term loan first lien | $5.8M | $5.8M 101c | S+475 bp | Nov 14, 2031 |
| O•••• G•••• F• H•••••••• L•• ••• F••••••••• | delayed draw term loan first lien | $13.4M | $5.8M 100c | S+475 bp | Jul 3, 2029 |
| M•••••• U• B••••• L•• ••••••••• T••••••••• G••••• | delayed draw term loan first lien | $5.8M | $5.8M 100c | S+500 bp | Jun 25, 2030 |
| G•• H••••••••• L•• | term loan first lien | $6.2M | $5.8M 93c | S+525 bp | Dec 9, 2027 |
| B•••••• C••••••• H••••••••• I••••••••• L•• | term loan first lien | $5.7M | $5.7M 100c | S+525 bp | Dec 22, 2031 |
| B•• O••• I••• | term loan first lien | $5.6M | $5.6M 100c | S+450 bp | Nov 17, 2027 |
| H•••••••• P••••• P•••••••• L•• | delayed draw term loan first lien | $5.7M | $5.4M 96c | S+500 bp | Aug 9, 2030 |
| H•••••••• H••• S•••••••• I••• •••••• B••••• I•••• | delayed draw term loan first lien | $5.5M | $5.4M 99c | S+600 bp | Dec 15, 2026 |
| A•••••• B••••• L•• ••••••• H•••••••• | delayed draw term loan unsecured or subordinated | $6.4M | $5.3M 83c | 1.00% PIK 13.00% | Apr 26, 2030 |
| B••••••••• I••• | term loan first lien | $5.2M | $5.2M 100c | S+475 bp | Aug 2, 2029 |
| R• H•••••••• L•• •••••••• | subordinated debt unsecured or subordinated | $5.3M | $5.2M 100c | PIK 13.75% | Jun 30, 2029 |
| M••••••• T•••••••• L•• | subordinated debt unsecured or subordinated | $5.2M | $5.1M 100c | 10.00% PIK 3.00% | Sep 25, 2029 |
| S•••• • H••••• A••••••• L•• | term loan first lien | $5.1M | $5.1M 100c | S+500 bp | Nov 26, 2030 |
| G•••••• S••••••••• L•• | term loan first lien | $5.8M | $5.1M 88c | S+575 bp | Sep 30, 2027 |
| S••••••• T••••••••• I•• | term loan first lien | $5.0M | $5.0M 100c | S+450 bp | Nov 3, 2031 |
| X••••••••• L•• ••••••••• | term loan first lien | $4.9M | $4.9M 101c | S+575 bp | Sep 7, 2028 |
| N••••••• P•• B•••• L•• | term loan first lien | $4.9M | $4.8M 100c | S+450 bp | Dec 22, 2032 |
| H•••••••• P••••• P•••••••• L•• | delayed draw term loan first lien | $5.7M | $4.8M 96c | S+500 bp | Aug 9, 2030 |
| S•••••••• B••••• L•• ••••••••• | term loan first lien | $4.8M | $4.8M 100c | S+475 bp | Jul 1, 2030 |
| N•• • J• L••• ••• F••••••••• G••••• | delayed draw term loan first lien | $4.8M | $4.8M 99c | S+575 bp | Nov 30, 2028 |
| A•• P•••••• L•• ••• M• S•••• | term loan first lien | $5.1M | $4.8M 94c | S+475 bp | Oct 25, 2028 |
| N•••• H•••• F•••••• B••••• L•• ••••••• L••••• | delayed draw term loan unsecured or subordinated | $5.1M | $4.7M 99c | 8.00% PIK 3.50% | May 17, 2029 |
| N•• • J• L••• ••• F••••••••• G••••• | term loan first lien | $4.7M | $4.7M 99c | S+575 bp | Nov 30, 2028 |
| P•••••• I••• | term loan first lien | $4.7M | $4.6M 98c | S+450 bp | Nov 18, 2030 |
| L•••• G••••• I••• | term loan first lien | $4.6M | $4.6M 100c | S+500 bp | Oct 12, 2029 |
| M•• A••••••••• I••• ••••••••• | term loan first lien | $8.2M | $4.6M 56c | S+600 bp | Dec 9, 2026 |
| G•• H••••••••• L•• | term loan first lien | $4.9M | $4.5M 94c | S+525 bp | Dec 9, 2027 |
| N•••• H•••• F•••••• B••••• L•• ••••••• L••••• | delayed draw term loan unsecured or subordinated | $4.6M | $4.5M 99c | 8.00% PIK 3.50% | May 17, 2029 |
| A••••••• H•••••• I••••••••• H•••••••• L•• | term loan first lien | $6.6M | $4.5M 68c | S+475 bp | Dec 17, 2029 |
| V•• C••••••••• L•• ••••• R•••••• C••••••• | term loan first lien | $4.5M | $4.5M 100c | S+550 bp | Jun 29, 2027 |
| C•• M••••••••• S•••••••• L•• •••••••• L••• S••••• | delayed draw term loan first lien | $5.0M | $4.5M 100c | S+500 bp | Mar 27, 2030 |
| V••••• M•••• H•••••••• L•• | delayed draw term loan first lien | $4.6M | $4.4M 99c | S+450 bp | Jul 24, 2031 |
| A••• I••••••••• H•••••••• L•• | term loan first lien | $4.4M | $4.4M 100c | S+625 bp | May 23, 2029 |
| S•••••••• B••••• L•• ••••••••• | term loan first lien | $4.4M | $4.3M 100c | S+475 bp | Jul 1, 2030 |
| I••• H••••• I••• ••••••••• P•••••••• G••••• | term loan first lien | $4.3M | $4.3M 100c | S+550 bp | Dec 17, 2027 |
| I••• H•••••• C••••••• L•• ••••• E•••• | subordinated debt unsecured or subordinated | $4.4M | $4.3M 98c | S+450 bp PIK 5.13% | Apr 3, 2029 |
| D• U••••• H•••••••• L•• ••• U••••• F•••••• S••••••••• | delayed draw term loan first lien | $5.1M | $4.2M 99c | S+500 bp | Sep 15, 2028 |
| S•••••• L•• | term loan first lien | $4.4M | $4.2M 97c | S+500 bp | Sep 2, 2032 |
| M••••• C••••••••• A••••••• I••• | delayed draw term loan first lien | $4.2M | $4.2M 100c | S+475 bp | Oct 16, 2029 |
| C•••••••• A••••••••• L••••• ••••••••• L••• | term loan first lien | $4.3M | $4.2M 99c | S+600 bp | Oct 23, 2028 |
| M•• H••••••• B••••• I••• | term loan first lien | $4.2M | $4.2M 100c | S+475 bp | Dec 23, 2032 |
| A•••••• B••••• L•• ••••••• H•••••••• | delayed draw term loan unsecured or subordinated | $5.1M | $4.2M 83c | 1.00% PIK 13.00% | Apr 26, 2030 |
| W•• E••••••••• H••••••• I••• | delayed draw term loan first lien | $4.2M | $4.1M 100c | S+450 bp | Aug 31, 2029 |
| T••• L••••• P•••••••• I••• | delayed draw term loan first lien | $4.1M | $4.0M 100c | S+450 bp | Dec 19, 2029 |
| g•••••••• L•• | term loan first lien | $4.0M | $4.0M 101c | S+550 bp | Dec 1, 2027 |
| H•••••••• V••••••••• P••••••• L•• | delayed draw term loan unsecured or subordinated | $4.0M | $4.0M 99c | 7.50% PIK 7.00% | Sep 10, 2028 |
| I••••••• A••••••••• I••• | term loan first lien | $4.0M | $4.0M 100c | S+550 bp | Jun 14, 2028 |
| E•••••• 7• P•••••••• L•• •••• | term loan first lien | $4.0M | $3.9M 100c | S+550 bp | Dec 1, 2027 |
| G•••••• P•••••••• L•• | term loan first lien | $3.9M | $3.9M 100c | S+625 bp | May 17, 2027 |
| R••••••• I••• ••••• A• H••••• I•••• | delayed draw term loan first lien | $4.2M | $3.9M 91c | S+475 bp PIK 1.75% | Apr 16, 2029 |
| B••••••••• H•••••• L•• | subordinated debt unsecured or subordinated | $3.9M | $3.8M 99c | 10.00% PIK 3.75% | Nov 12, 2027 |
| P• B••••• I••• | term loan first lien | $3.9M | $3.8M 98c | S+450 bp | Jul 31, 2031 |
| K••••• A••••••••• L•• | term loan first lien | $3.7M | $3.7M 100c | S+450 bp | Nov 8, 2032 |
| L•••••• B••••• I••• ••••••• G••••• | term loan first lien | $3.8M | $3.7M 96c | S+575 bp | Jun 15, 2028 |
| H••••••••• I••• | subordinated debt unsecured or subordinated | $3.7M | $3.6M 101c | 12.25% | Feb 28, 2030 |
| R••••• H•••••••• I••• ••••••• W•••••••• A•••••••••) | delayed draw term loan first lien | $3.7M | $3.6M 99c | S+500 bp | Nov 1, 2029 |
| K•••• P•• B•••• L•• | delayed draw term loan first lien | $3.6M | $3.6M 100c | S+425 bp | Nov 15, 2029 |
| P••••••• A••••••••• I••• ••••••• | delayed draw term loan first lien | $3.7M | $3.5M 97c | S+575 bp | Sep 18, 2029 |
| B••••••••• I••• | delayed draw term loan first lien | $3.5M | $3.5M 100c | S+475 bp | Aug 2, 2029 |
| G•• H••••••••• L•• | term loan first lien | $3.7M | $3.4M 94c | S+525 bp | Dec 9, 2027 |
| S••••• A••••• I••• | term loan first lien | $8.1M | $3.4M 42c | S+450 bp PIK 11.25% | Dec 15, 2028 |
| S•• H••••••• I••• | term loan first lien | $3.4M | $3.4M 98c | S+475 bp | Nov 12, 2030 |
| 3•• H•••••• I••• ••• T•••••••• | term loan first lien | $3.4M | $3.3M 99c | S+450 bp | Aug 2, 2028 |
| D• U••••• H•••••••• L•• ••• U••••• F•••••• S••••••••• | term loan first lien | $3.4M | $3.3M 100c | S+500 bp | Sep 15, 2028 |
| E••••••••• F••••••• C••••••• L•• ••• I••••••••• | subordinated debt unsecured or subordinated | $3.4M | $3.3M 99c | 11.00% PIK 2.50% | May 1, 2028 |
| O••••• L••••• G••••• L•• | term loan first lien | $3.2M | $3.2M 101c | S+475 bp | Dec 19, 2029 |
| I••• H••••• I••• ••••••••• P•••••••• G••••• | term loan first lien | $3.2M | $3.2M 100c | S+550 bp | Dec 17, 2027 |
| N•••• H•••• S•••••• U• H••••• L•• | delayed draw term loan first lien | $3.2M | $3.2M 100c | S+575 bp | Dec 6, 2027 |
| I•• E••••••••• L•• ••••••••• S•••••• G••••• | delayed draw term loan first lien | $3.3M | $3.2M 98c | S+575 bp | Dec 7, 2028 |
| W•••••••• E••••••• L•• | term loan first lien | $3.2M | $3.2M 100c | S+450 bp | Apr 30, 2031 |
| V•••••• E••••••• S•••••••• I••• | term loan first lien | $3.3M | $3.2M 99c | S+500 bp | Sep 27, 2031 |
| D••••••• H•••• C•••••• L•• | term loan first lien | $3.2M | $3.2M 102c | S+500 bp | Oct 31, 2031 |
| Q•• H•••••• L•• | term loan first lien | $3.2M | $3.2M 100c | S+525 bp | May 28, 2027 |
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