26North BDC, Inc. has filed a current report on Form 8-K announcing that its wholly owned subsidiary, 26N DL Funding 1 LLC, entered into Amendment No. 5 to its Loan and Security Agreement on October 9, 2026. The amendment was executed by the Borrower, the Parent Company, the Portfolio Manager, the Lenders, and JPMorgan Chase Bank, National Association, which serves as the Administrative Agent.
The amendment modifies several key terms of the facility, including extending the Scheduled Termination Date from its previous term to October 9, 2031. The interest rate structure has been updated to be based on a benchmark rate of SOFR, SONIA, SARON, EURIBOR, or CORRA, as applicable. If the primary benchmark is unavailable, the rate will be determined by a base rate, defined as the greater of the prime rate and the federal funds rate plus 0.50%. This benchmark rate is added to a margin of 2.00% per annum.
Other material changes include the revision of the advance rate to 55%, with the potential to increase to 57.5% or 60% under specific conditions related to concentration limitations. The commitment fee rate was reduced to 0.70% per annum, and the concentration limitation with respect to ARR Portfolio Investments was lowered to 15%. The other material terms of the facility remain unchanged. The filing includes Amendment No. 5 as Exhibit 10.1.
