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
SEKO Global Logistics Network, LLC 130,438 Transportation: Cargo First Lien Debt S + 10.00%
AmerCareRoyal, LLC 111,522 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.00%
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) 109,888 Containers, Packaging & Glass First Lien Debt S + 6.75%
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 103,764 Utilities: Electric Common Units
Compex Legal Services, Inc. 99,664 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.75%
BayPine Monarch Co-Invest, LP 99,404 Services: Business Limited Partnership Interests
VALIDITY INC 99,152 High Tech Industries First Lien Debt S + 5.25%
Cornerstone Advisors of Arizona, LLC 99,142 Services: Business First Lien Debt S + 4.75%
National Renovations LLC (Repipe Specialists) (97,609) Services: Consumer Subordinated Debt (Delayed Draw) 10.00% (Cash) 3.00% (PIK)
STech Investors, LP 96,092 Services: Business Class A Unit
RA Parent Holdings LP (S&S Truck Parts) 95,044 Automotive First Lien Debt (Delayed Draw) S + 5.00%
PN Topco L.P. 89,523 Services: Business Class A Units
WCI-Momentum Bidco, LLC 82,928 Chemicals, Plastics & Rubber First Lien Debt S + 4.75%
Industrial Air Flow Dynamics, Inc. 78,596 Utilities: Electric First Lien Debt S + 5.00%
Pinnacle Supply Partners, LLC (77,073) Utilities: Electric First Lien Debt (Delayed Draw) S + 6.25%
Columbia Home Services LLC 76,323 Services: Consumer Subordinated Debt 12.00%
Astra Service Partners, LLC 74,990 Services: Business First Lien Debt S + 4.75%
CHS Investors, LLC 74,212 Services: Consumer Class A Units
Emburse, Inc. 74,045 High Tech Industries First Lien Debt S + 4.25%
Bridges Consumer Healthcare Intermediate LLC (70,883) Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.25%
RailPros Parent, LLC 68,766 Services: Business First Lien Debt S + 4.25%
RPI Investments LP (Rose Paving) 67,738 Construction & Building Class A Units
Env Automation Acquisition,LLC 67,069 Services: Business First Lien Debt S + 4.50%
Repipe Aggregator, LLC (Repipe Specialists) 63,393 Services: Consumer Purchased Units
USA Industries Holdings LLC 63,330 Capital Equipment First Lien Debt S + 4.25%
ATL GSE Holdings, LP 62,792 Capital Equipment Class A Units
GNX HBS Holdings, LLC 59,677 High Tech Industries Class A Units
Davidson Hotel Company LLC 52,602 Hotel, Gaming & Leisure First Lien Debt (Delayed Draw) S + 5.00%
Legacy Service Partners, LLC 52,025 Services: Consumer Subordinated Debt 13.25% (PIK)
Lettermen's Parent Holding, LLC 48,600 Wholesale Common Units

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.