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
BayPine Regal Co-Invest, LP 998,474 Banking, Finance, Insurance & Real Estate Partnership Interests
Ascend Partner Services LLC 12,231,390 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
Aprio Advisory Group, LLC 6,809 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.75%
Ascend Partner Services LLC 7,059,855 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.50%
Illumifin Corporation (Long Term Care Group) 6,993,920 Banking, Finance, Insurance & Real Estate First Lien Debt S + 6.00%
Patriot Growth Insurance Services, LLC 6,819,072 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 5.00%
Cohen Advisory, LLC 7,269,763 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.25%
World Insurance Associates, LLC 12,041,927 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.00%
Knight AcquireCo, LLC 3,730,131 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.50%
Cohen Advisory, LLC - Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.25%
Knight AcquireCo, LLC 165,875 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
Cub Financing Intermediate, LLC 3,216,448 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.25%
West-NR AcquisitionCo, LLC - Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 5.00%
Aprio Advisory Group, LLC (71) Banking, Finance, Insurance & Real Estate Revolving Loan S + 4.75%
Compex Legal Services, Inc. 49,576 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.75%
Refresh Buyer, LLC (Sunny Sky Products) 1,467,725 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 4.75%
Refresh Buyer, LLC (Sunny Sky Products) 4,756,856 Beverage, Food & Tobacco First Lien Debt S + 4.75%
FoodScience, LLC 2,120,448 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.25%
FoodScience, LLC 5,623,779 Beverage, Food & Tobacco First Lien Debt S + 5.25%
Razor Light, Inc. 5,392,579 Beverage, Food & Tobacco First Lien Debt S + 4.75%
Razor Light Topco, L.P. (f/k/a Lonestar Polaris Topco, LP) 277,891 Beverage, Food & Tobacco Class A Units
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) 8,805,301 Beverage, Food & Tobacco First Lien Debt S + 5.00%
Commercial Bakeries Corp. 1,979,959 Beverage, Food & Tobacco First Lien Debt S + 5.25%
Commercial Bakeries Corp. 14,432,515 Beverage, Food & Tobacco First Lien Debt S + 5.25%
Razor Light, Inc. (49,506) Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 4.75%
Razor Light, Inc. 392,211 Beverage, Food & Tobacco Revolving Loan S + 4.75%
Palmetto Acquisitionco, Inc. (Tech24) 3,532,114 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.75%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) 9,696,006 Beverage, Food & Tobacco First Lien Debt S + 5.00%
Palmetto Acquisitionco, Inc. (Tech24) 12,538,853 Beverage, Food & Tobacco First Lien Debt S + 5.75%
Boardwalk Buyer LLC (Death Wish Coffee) 9,354,503 Beverage, Food & Tobacco First Lien Debt S + 5.00%

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.