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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3

As of December 31, 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 $2.1B which includes $160.6M of unfunded debt investment commitments.
2. First lien debt is comprised of 68.27% traditional first lien positions and 31.73% unitranche positions.
3. Weighted based on fair value of private debt investments as of December 31, 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 18.2%
Services: Business 17.2%
Beverage, Food & Tobacco 7.6%
Construction & Building 6.9%
Capital Equipment 5.8%
Environmental Industries 4.5%
Services: Consumer 4.3%
High Tech Industries 4.0%
Containers, Packaging & Glass 4.0%
Banking, Finance, Insurance & Real Estate 4.0%
Other (16) 23.4%
Total 100%

As of December 31, 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 December 31, 2025

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

** First lien debt is comprised of 68.27% traditional first lien positions and 31.73% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Trilon Group 1.5%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Kenco 1.3%
Firstcall Mechanical Group 1.3%
Specialized Packaging Group (SPG) 1.3%
GHR Healthcare 1.2%
Mobile Communications America Inc 1.1%
Gannett Fleming 1.1%
Others (217) 86.8%
Total 100%

As of December 31, 2025

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 December 31, 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

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

Lead Left Arranger

Senior Secured Credit Facility
 

2024

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

Filter by:

Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
RA Parent Holdings LP (S&S Truck Parts) 19,564,801 Automotive First Lien Debt S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 6,628,061 Automotive First Lien Debt S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 95,044 Automotive First Lien Debt (Delayed Draw) S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 1,667,108 Automotive First Lien Debt (Delayed Draw) S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 1,120,214 Automotive First Lien Debt S + 5.00%
R1 Holdings, LLC (RoadOne) 5,073,843 Transportation: Cargo Subordinated Debt 8.75% (Cash) 5.00% (PIK)
QHR Health, LLC 3,163,306 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.25%
QHR Health, LLC 3,163,306 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
QHR Health, LLC 7,477,107 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
Prosci, Inc. 4,709,667 High Tech Industries First Lien Debt S + 4.50%
Promptcare Infusion Buyer, Inc. 1,415,786 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 6.00%
Promptcare Infusion Buyer, Inc. 1,251,859 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 6.00%
Promptcare Infusion Buyer, Inc. 8,035,915 Healthcare & Pharmaceuticals First Lien Debt S + 6.00%
Pinnacle Supply Partners, LLC 5,919,721 Utilities: Electric First Lien Debt S + 6.25%
Pinnacle Supply Partners, LLC (77,073) Utilities: Electric First Lien Debt (Delayed Draw) S + 6.25%
Pinnacle Supply Partners, LLC 1,879,132 Utilities: Electric First Lien Debt (Delayed Draw) S + 6.25%
Phoenix Topco Holdings LP (S&S Truck Parts) 1,228,480 Automotive Preferred units
Phoenix Topco Holdings LP (S&S Truck Parts) 127 Automotive Warrant
Performance Packaging Buyer, LLC 6,911,630 Containers, Packaging & Glass First Lien Debt S + 4.50%
Perennial Services Group, LLC (26,053) Services: Consumer First Lien Debt (Delayed Draw) S + 4.50%
Perennial Services Group, LLC 7,210,650 Services: Consumer First Lien Debt S + 4.50%
Pegasus Aggregator Holdings LP (S&S Truck Parts) 566,702 Automotive Pegasus Units
Patriot Growth Insurance Services, LLC 6,938,909 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 5.00%
Palmetto Acquisitionco, Inc. (Tech24) 12,493,332 Beverage, Food & Tobacco First Lien Debt S + 5.75%
Palmetto Acquisitionco, Inc. (Tech24) 3,519,158 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.75%
PN Topco L.P. 89,523 Services: Business Class A Units
PN Buyer, Inc. 3,870,460 Services: Business First Lien Debt S + 4.50%
PN Buyer, Inc. (5,265) Services: Business First Lien Debt (Delayed Draw) S + 4.50%
PLZ Corp (PLZ Aeroscience) 12,042,239 Services: Business Subordinated Debt S + 7.50%
PAG Holding Corp. (Precision Aviation Group) 4,880,270 Aerospace & Defense 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 December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% 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.