Portfolio

A balanced portfolio built on the cornerstones of diversification and selectivity

Anchored in senior secured loans, NCDL has built a scaled and diversified portfolio by industry, investment type and portfolio company. Selectivity, diversification and rigorous underwriting are key to our investment philosophy, enabling strong credit performance since inception.

Key portfolio statistics

$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
236
Portfolio companies
0.4%
Average position size
$76M
Weight average annual EBITDA3

As of March 31, 2026

For complete information regarding our financials, see our periodic filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $154.4M of unfunded debt investment commitments.
2. First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions.
3. Weighted based on fair value of private debt investments as of March 31, 2026 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee, subject to the oversight of the Company’s board of directors, and excludes quoted assets. Amounts are weighted based on fair value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information.


Portfolio composition

Portfolio diversification by industry*

Industry

%

Healthcare & Pharmaceuticals 18.1%
Services: Business 17.3%
Beverage, Food & Tobacco 7.9%
Construction & Building 7.0%
Capital Equipment 5.9%
Environmental Industries 4.7%
Services: Consumer 4.6%
High Tech Industries 4.1%
Containers, Packaging & Glass 4.0%
Banking, Finance, Insurance & Real Estate 4.0%
Other (16) 22.4%
Total 100%

As of March 31, 2026

For complete information regarding our financials, see our periodic filings.

* Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.

Portfolio composition by investment type

Investment type

%

First Lien Term Loan (including DDTLs)** 90%
Subordinated Debt 8%
Equity 2%
Total 100%

As of March 31, 2026

For complete information regarding our financials, see our periodic filings.

** First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Firstcall Mechanical Group 1.5%
Trilon Group 1.5%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Kenco 1.3%
Specialized Packaging Group (SPG) 1.2%
GHR Healthcare 1.2%
Mobile Communications America Inc 1.1%
Leo Facilities 1.1%
Others (226) 86.8%
Total 100%

As of March 31, 2026

For complete information regarding our financials, see our periodic filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.1%
Fixed rate 5.9%
Total 100%

As of March 31, 2026

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

Unitranche Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

First Lien Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Agent Tier

Senior Secured Credit Facility
 

2019

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Lavie Group, Inc. 451,959 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.00%
Lavie Group, Inc. 4,578,655 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
Lavie Group, Inc. 2,711,649 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
Legacy Parent Holdings, LLC (Legacy Service Partners) 16,310 Services: Consumer Class B-2 Units
Legacy Parent Holdings, LLC (Legacy Service Partners) 663,362 Services: Consumer Class B Units
Legacy Service Partners, LLC 54,772 Services: Consumer Subordinated Debt 13.25% (PIK)
Legacy Service Partners, LLC 17,394,010 Services: Consumer First Lien Debt S + 4.50%
Legacy Service Partners, LLC -620 Services: Consumer First Lien Debt (Delayed Draw) S + 4.50%
Legacy Service Partners, LLC 36,554 Services: Consumer Subordinated Debt (Delayed Draw) 13.25% (PIK)
Lettermen's Parent Holding, LLC 48,932 Wholesale Common Units
Lettermen's Parent Holding, LLC 402,728 Wholesale Class A Units
Liberty Buyer, Inc. (Liberty Group) 3,694,566 Services: Consumer First Lien Debt S + 5.75%
Liberty Buyer, Inc. (Liberty Group) 277,812 Services: Consumer First Lien Debt (Delayed Draw) S + 5.75%
Lonestar Polaris Topco, LP 323,130 Beverage, Food & Tobacco Class A Units
Low Voltage Holdings Inc. 2,682,534 Utilities: Electric First Lien Debt S + 4.75%
Low Voltage Holdings Inc. -2 Utilities: Electric First Lien Debt (Delayed Draw) S + 4.75%
Low Voltage Holdings Inc. -2 Utilities: Electric Revolving Loan S + 4.75%
M&S Group Holdings,LLC 298,471 Services: Business Common Units
M&S Holdings Buyer, Inc. 4,217,297 Services: Business First Lien Debt S + 4.75%
M&S Holdings Buyer, Inc. -2,449 Services: Business First Lien Debt (Delayed Draw) S + 4.75%
MBS Holdings, Inc. 1,284,753 Telecommunications First Lien Debt S + 5.00%
MBS Holdings, Inc. 9,821,526 Telecommunications First Lien Debt S + 5.00%
MBS Holdings, Inc. 1,786,828 Telecommunications First Lien Debt S + 5.00%
MBS Holdings, Inc. 1,034,718 Telecommunications First Lien Debt S + 5.00%
MDC Group Holdings, LP (Mosaic Dental) 3,281 Healthcare & Pharmaceuticals Class A2 Units (Common)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 132,016 Healthcare & Pharmaceuticals Subordinated Debt 12.25% (PIK)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 455,384 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 12.25% (PIK)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 1,708,607 Healthcare & Pharmaceuticals Subordinated Debt 12.25% (PIK)
MEI Buyer LLC 520,913 Construction & Building First Lien Debt (Delayed Draw) S + 4.25%
MEI Buyer LLC 1,787,046 Construction & Building First Lien Debt (Delayed Draw) S + 4.25%

1. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73% respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.