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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3

As of September 30, 2025

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 $2.2B which includes approximately $191.4M of unfunded debt investment commitments.
2. First lien debt is comprised of 68.12% traditional first lien positions and 31.88% unitranche positions.
3. Weighted based on fair value of private debt investments as of September 30, 2025 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee subject to the oversight of our 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 17.6%
Services: Business 16.5%
Beverage, Food & Tobacco 7.6%
Construction & Building 6.9%
Capital Equipment 5.4%
Services: Consumer 4.4%
Environmental Industries 4.2%
Containers, Packaging & Glass 4.0%
High Tech Industries 3.9%
Banking, Finance, Insurance & Real Estate 3.6%
Other (16) 26.0%
Total 100%

As of September 30, 2025

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 September 30, 2025

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

** First lien debt is comprised of 68.12% traditional first lien positions and 31.88% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Trilon Group 1.5%
MGM Transformer Company 1.5%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Kenco 1.3%
Firstcall Mechanical Group 1.3%
Specialized Packaging Group (SPG) 1.3%
Handgards, LLC 1.2%
GHR Healthcare 1.2%
Others (203) 86.3%
Total 100%

As of September 30, 2025

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

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.2%
Fixed rate 5.8%
Total 100%

As of September 30, 2025

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

Unitranche Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

First Lien Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Eyesouth Eye Care Holdco LLC 2,368,386 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.50%
FBG Holdings LLC 512,022 Consumer Goods: Non-durable Equity Investments
FH DMI Buyer, Inc. 1,960,071 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
FH DMI Buyer, Inc. 477,798 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.00%
FS NU Investors, LP (NearU) 183,890 Services: Consumer Equity Investments
FSK Pallet Holding Corp. (Kamps Pallets) 9,132,411 Transportation: Cargo First Lien Debt S + 6.00%
FirstCall Mechanical Group, LLC 9,808,838 Capital Equipment First Lien Debt S + 4.75%
FirstCall Mechanical Group, LLC 15,349,784 Capital Equipment First Lien Debt (Delayed Draw) S + 4.75%
FoodScience, LLC 1,996,346 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.25%
FoodScience, LLC 5,800,260 Beverage, Food & Tobacco First Lien Debt S + 5.25%
FoodServices Brand Group, LLC 3,009,922 Consumer Goods: Non-durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
GHR Healthcare, LLC (89,520) Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.25%
GHR Healthcare, LLC (29,827) Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.25%
GHR Healthcare, LLC 3,542,938 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
GHR Healthcare, LLC 5,997,894 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
GHR Healthcare, LLC 7,619,888 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
GHR Healthcare, LLC 4,669,571 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
GHR Healthcare, LLC 1,876,163 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.25%
Gabriel Partners, LLC 9,005,613 Services: Business First Lien Debt 6.15% (Cash) 5.45% (PIK)
Gabriel Partners, LLC 656,956 Services: Business First Lien Debt 6.15% (Cash) 5.45% (PIK)
Gabriel Partners, LLC 1,500,323 Services: Business First Lien Debt (Delayed Draw) 6.15% (Cash) 5.45% (PIK)
Gabriel Partners, LLC 3,717,793 Services: Business First Lien Debt 6.15% (Cash) 5.45% (PIK)
Gannett Fleming, Inc. 17,566,484 Construction & Building First Lien Debt S + 4.75%
Gannett Fleming, Inc. (14,919) Construction & Building Revolving Loan S + 4.75%
Geds Equity Investors, LP (Esquire Deposition Services) 267,223 Services: Business Equity Investments
Genesee Scientific LLC 5,236,087 Healthcare & Pharmaceuticals First Lien Debt S + 5.75%
Genesee Scientific LLC 1,370,903 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.75%
GreyLion TGNL Holdings 854,973 Construction & Building Equity Investments
HBB Parent, LLC (High Bar Brands) 302,091 Automotive Equity Investments
HMA Equity, LP (Health Management Associates) 414,300 Healthcare & Pharmaceuticals Equity Investments

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, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.