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

$1.9B
Investment portfolio at fair value1
87%
First-lien term loans2
258
Portfolio companies
0.4%
Average position size
$79M
Weight average annual EBITDA3

As of September 30, 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 $2.0B which includes $171.3M of unfunded debt investment commitments.
2. First lien debt represents 87.1% of the Company’s investments at fair value. On a look-through basis, incorporating the Joint Venture — which is 100% first lien debt — total first lien debt exposure increases to 89.1%.
First lien debt is comprised of 66.78% traditional first lien positions and 33.22% unitranche positions.
3. Weighted based on fair value of private debt investments as of September 30, 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. The calculation includes investments held directly by the Company only and excludes the Joint Venture, which is not included on a look-through basis. 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 18.3%
Services: Business 17.0%
Beverage, Food & Tobacco 8.7%
Construction & Building 7.2%
Capital Equipment 5.8%
Services: Consumer 4.7%
High Tech Industries 4.1%
Banking, Finance, Insurance & Real Estate 3.8%
Containers, Packaging & Glass 3.6%
Environmental Industries 3.4%
Other (17) 23.3%
Total 100%

September 30, 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)** 87%
Subordinated Debt 8%
Equity 3%
Investment in Joint Venture 2%
Total 100%

As of September 30, 2026.

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

** First lien debt represents 87.1% of the Company’s investments at fair value. On a look-through basis, incorporating the Joint Venture — which is 100% first lien debt — total first lien debt exposure increases to 89.1%.
First lien debt is comprised of 66.78% traditional first lien positions and 33.22% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Insulation Technology Group 1.5%
Firstcall Mechanical Group 1.4%
Kenco 1.2%
GHR Healthcare 1.2%
Specialized Packaging Group (SPG) 1.2%
Good2Grow 1.2%
Mobile Communications America Inc 1.1%
Ascend 1.0%
TIDI Products 1.0%
Others (248) 87.6%
Total 100%

As of September 30, 2026.

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

* The ten largest portfolio companies represent 12.4% of the portfolio at fair value. The Joint Venture, the Company's largest investment, is excluded and not reflected on a look-through basis.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.4%
Fixed rate 5.6%
Total 100%

As of September 30, 2026.

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

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Lead Left Arranger

First Lien Credit Facility
 

2022

Agent Tier

Senior Secured Credit Facility
 

2019

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Co-Lead Arranger

Senior Secured Credit Facility
 

2023

Represents the top ten positions in NCDL based on Fair Value as of September 30, 2026

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
MSM Acquisitions, Inc. (Spectrio) 1,569,808 Media: Diversified & Production First Lien Debt (Delayed Draw) S + 6.00%
MacKay Sposito, LLC 15,685 Services: Business First Lien Debt (Delayed Draw) S + 4.25%
Matador US Buyer, LLC (Insulation Technology Group) 21,960,825 Energy: Electricity First Lien Debt S + 5.00%
Matador US Buyer, LLC (Insulation Technology Group) 5,811,084 Energy: Electricity First Lien Debt (Delayed Draw) S + 5.00%
Midwest Eye Services, LLC 8,267,136 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Mobile Communications America, Inc. 422,190 Telecommunications First Lien Debt (Delayed Draw) S + 4.75%
Mobile Communications America, Inc. 3,580,394 Telecommunications First Lien Debt (Delayed Draw) S + 4.75%
Mobile Communications America, Inc. 16,095,103 Telecommunications First Lien Debt S + 4.75%
Momentum Textiles, LLC 5,168,517 Consumer Goods: Durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Myriad Investment Holdings, L.P. (Smart Wave) - High Tech Industries Series B-2 Units
NCDL Senior Loan Fund I LLC 5,906,250 Investments in Joint Venture Class C Loans S + 3.10%
NCDL Senior Loan Fund I LLC 10,500,000 Investments in Joint Venture Class B Loans S + 2.10%
NCDL Senior Loan Fund I LLC 15,821,647 Investments in Joint Venture Membership Interests
NCDL Senior Loan Fund I LLC 8,531,250 Investments in Joint Venture Class D Loans S + 6.25%
NFM & J, L.P. (The Facilities Group) 4,691,566 Environmental Industries First Lien Debt S + 5.75%
NFM & J, L.P. (The Facilities Group) 545,596 Environmental Industries First Lien Debt (Delayed Draw) S + 5.75%
NFM & J, L.P. (The Facilities Group) 4,769,428 Environmental Industries First Lien Debt (Delayed Draw) S + 5.75%
NFM & J, L.P. (The Facilities Group) 6,404,272 Environmental Industries First Lien Debt S + 5.75%
NMS VONA Case Management Acquisition, LP 2,066,009 Services: Business Partnership
NMSEF II Holdings I, L.P. 536,932 Services: Business Limited Partner Interests
NP/BF Holdings, L.P. 857,711 Healthcare & Pharmaceuticals Partnership Interests
National Renovations LLC (Repipe Specialists) 2,297,944 Services: Consumer Subordinated Debt 10.00% (Cash) 1.00% (PIK)
National Renovations LLC (Repipe Specialists) 571,178 Services: Consumer Subordinated Debt 10.00% (Cash) 3.00% (PIK)
National Renovations LLC (Repipe Specialists) 198,598 Services: Consumer Subordinated Debt (Delayed Draw) 10.00% (Cash) 1.00% (PIK)
National Renovations LLC (Repipe Specialists) 567,309 Services: Consumer Subordinated Debt (Delayed Draw) 10.00% (Cash) 3.00% (PIK)
National Renovations LLC (Repipe Specialists) 631,921 Services: Consumer Subordinated Debt 10.00% (Cash) 2.00% (PIK)
Naturpak PPC Buyer LLC 217,889 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 4.50%
Naturpak PPC Buyer LLC 4,748,184 Beverage, Food & Tobacco First Lien Debt S + 4.50%
Nellson Nutraceutical, LLC 919,083 Beverage, Food & Tobacco First Lien Debt S + 5.75%
Nellson Nutraceutical, LLC 65 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.75%

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 September 30, 2026. As of September 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.91%, 4.08%, 4.27%, and 4.60% 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.