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
236
Portfolio companies
0.4%
Average position size
$76M
Weight average annual EBITDA3

As of March 31, 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 $2.1B which includes $154.4M of unfunded debt investment commitments.
2. First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions.
3. Weighted based on fair value of private debt investments as of March 31, 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. 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 18.1%
Services: Business 17.3%
Beverage, Food & Tobacco 7.9%
Construction & Building 7.0%
Capital Equipment 5.9%
Environmental Industries 4.7%
Services: Consumer 4.6%
High Tech Industries 4.1%
Containers, Packaging & Glass 4.0%
Banking, Finance, Insurance & Real Estate 4.0%
Other (16) 22.4%
Total 100%

As of March 31, 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)** 90%
Subordinated Debt 8%
Equity 2%
Total 100%

As of March 31, 2026

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

** First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Firstcall Mechanical Group 1.5%
Trilon Group 1.5%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Kenco 1.3%
Specialized Packaging Group (SPG) 1.2%
GHR Healthcare 1.2%
Mobile Communications America Inc 1.1%
Leo Facilities 1.1%
Others (226) 86.8%
Total 100%

As of March 31, 2026

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 March 31, 2026

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

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

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

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Agent Tier

Senior Secured Credit Facility
 

2019

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Valkyrie Intermediate, LLC 2,872,743 Aerospace & Defense Subordinated Debt 10.50% (Cash) 1.00% (PIK)
ERA Industries, LLC (BTX Precision) 1,554,349 Aerospace & Defense First Lien Debt S + 5.00%
PAG Holding Corp. (Precision Aviation Group) 14,701,071 Aerospace & Defense First Lien Debt S + 4.75%
STS Holding, Inc. 3,343,007 Aerospace & Defense First Lien Debt S + 4.75%
BPC Kodiak LLC (Turbine Engine Specialists) 2,273,061 Aerospace & Defense Class A-1 Units
Turbine Engine Specialists, Inc. 2,500,284 Aerospace & Defense Subordinated Debt S + 9.50%
Turbine Engine Specialists, Inc. 811,864 Aerospace & Defense Subordinated Debt S + 9.50%
PAG Holding Corp. (Precision Aviation Group) 4,873,732 Aerospace & Defense First Lien Debt (Delayed Draw) S + 4.75%
ERA Industries, LLC (BTX Precision) 890,454 Aerospace & Defense First Lien Debt (Delayed Draw) S + 5.00%
Randys Holdings, Inc. (Randy's Worldwide Automotive) 10,729,817 Automotive First Lien Debt S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 95,244 Automotive First Lien Debt (Delayed Draw) S + 4.75%
High Bar Brands Operating, LLC 1,999,878 Automotive Subordinated Debt 13.00%
Phoenix Topco Holdings LP (S&S Truck Parts) 1,275,650 Automotive Preferred units
Randys Holdings, Inc. (Randy's Worldwide Automotive) 3,532,506 Automotive First Lien Debt (Delayed Draw) S + 5.00%
JEGS Automotive 1,363,008 Automotive First Lien Debt 10.67% (PIK)
JEGS Automotive 227,088 Automotive Revolving Loan 10.67% (PIK)
RA Parent Holdings LP (S&S Truck Parts) 6,641,687 Automotive First Lien Debt S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 1,670,562 Automotive First Lien Debt (Delayed Draw) S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 19,606,062 Automotive First Lien Debt S + 4.75%
Covercraft Parent III, Inc. 679,855 Automotive Subordinated Debt 14.50% (PIK)
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive A-2 Units
Pegasus Aggregator Holdings LP (S&S Truck Parts) 613,690 Automotive Pegasus Units
Covercraft Parent III, Inc. - Automotive Covercraft Equity
Phoenix Topco Holdings LP (S&S Truck Parts) 109 Automotive Warrant
HBB Parent, LLC (High Bar Brands) 252,096 Automotive Class A Units
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive Class B Unit
RA Parent Holdings LP (S&S Truck Parts) 1,122,524 Automotive First Lien Debt S + 4.75%
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive C Units
Illumifin Corporation (Long Term Care Group) 6,983,239 Banking, Finance, Insurance & Real Estate First Lien Debt S + 6.00%
Ascend Partner Services LLC 7,049,282 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.50%

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 March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73% 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.