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
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) 2,448,945 Services: Business First Lien Debt S + 5.00%
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) 2,809,254 Healthcare & Pharmaceuticals First Lien Debt S + 4.25%
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) 857,000 Capital Equipment Partner Interests
EFC Holdings, LLC (EFC International) 191,776 Capital Equipment Class A Preferred Units
EFC Holdings, LLC (EFC International) 7,572 Capital Equipment Class A Common Units
ERA Industries, LLC (BTX Precision) 882,015 Aerospace & Defense First Lien Debt (Delayed Draw) S + 5.00%
ERA Industries, LLC (BTX Precision) 1,539,598 Aerospace & Defense First Lien Debt S + 5.00%
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) 10,089,297 Transportation: Consumer First Lien Debt S + 4.75%
EVE Bison Co-Invest A, LP 984,796 Transportation: Cargo Limited Partner Interest
Element 78 Partners, LLC (E78) 2,581,081 Services: Business First Lien Debt (Delayed Draw) S + 5.50%
Element 78 Partners, LLC (E78) 1,009,519 Services: Business First Lien Debt S + 5.50%
Element 78 Partners, LLC (E78) 3,931,687 Services: Business First Lien Debt S + 5.50%
Element 78 Partners, LLC (E78) 5,059,715 Services: Business First Lien Debt (Delayed Draw) S + 5.50%
Element 78 Partners, LLC (E78) 2,956,150 Services: Business First Lien Debt (Delayed Draw) S + 5.50%
Eliassen Group, LLC 832,551 High Tech Industries First Lien Debt (Delayed Draw) S + 5.75%
Eliassen Group, LLC 11,566,170 High Tech Industries First Lien Debt S + 5.75%
Emburse, Inc. - High Tech Industries Revolving Loan S + 4.25%
Emburse, Inc. 72,982 High Tech Industries First Lien Debt S + 4.25%
Emburse, Inc. - High Tech Industries First Lien Debt (Delayed Draw) S + 4.25%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) 9,509,760 Services: Business First Lien Debt S + 5.75%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) 6,594,022 Services: Business First Lien Debt S + 5.75%
Engineered Fastener Company, LLC (EFC International) 3,365,618 Capital Equipment Subordinated Debt 11.00% (Cash) 2.50% (PIK)
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 1,191,330 Services: Consumer Class A Units
Env Automation Acquisition,LLC 33,578 Services: Business First Lien Debt S + 4.25%
Env Automation Acquisition,LLC 4,988 Services: Business First Lien Debt (Delayed Draw) S + 4.25%
Environ Energy, LLC 896,111 Energy: Electricity First Lien Debt (Delayed Draw) S + 5.25%
Environ Energy, LLC 2,476,316 Energy: Electricity First Lien Debt S + 5.25%
Esquire Deposition Solutions, LLC 2,208,166 Services: Business Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Excel Fitness Consolidator LLC 9,022,027 Services: Consumer First Lien Debt S + 4.75%
Excel Fitness Consolidator LLC 926,586 Services: Consumer First Lien Debt (Delayed Draw) S + 4.75%

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.