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

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Heartland Home Services, Inc. (Helios Buyer, Inc.) 5,390,240 Capital Equipment First Lien Debt (Delayed Draw) S + 6.00%
Heartland Home Services, Inc. (Helios Buyer, Inc.) 2,471,582 Capital Equipment First Lien Debt (Delayed Draw) S + 6.00%
EFC Holdings, LLC (EFC International) 185,483 Capital Equipment Class A Preferred Units
EFC Holdings, LLC (EFC International) 22,111 Capital Equipment Class A Common Units
Vessco Midco Holdings, LLC 13,586,345 Capital Equipment First Lien Debt S + 4.50%
FirstCall Mechanical Group, LLC 9,785,975 Capital Equipment First Lien Debt S + 4.75%
FirstCall Mechanical Group, LLC 15,315,014 Capital Equipment First Lien Debt (Delayed Draw) S + 4.75%
USA Industries Holdings LLC 63,330 Capital Equipment First Lien Debt S + 4.25%
USA Industries Holdings LLC (175) Capital Equipment First Lien Debt (Delayed Draw) S + 4.25%
Ovation Holdings, Inc 1,861,518 Capital Equipment First Lien Debt (Delayed Draw) S + 5.00%
SkyMark Refuelers, LLC 611,872 Capital Equipment First Lien Debt (Delayed Draw) S + 4.50%
SkyMark Refuelers, LLC 2,708,456 Capital Equipment First Lien Debt S + 4.50%
SkyMark Refuelers, LLC (6,634) Capital Equipment First Lien Debt (Delayed Draw) S + 4.50%
Ovation Holdings, Inc 7,866,081 Capital Equipment First Lien Debt S + 5.00%
Ovation Holdings, Inc 937,751 Capital Equipment First Lien Debt S + 5.00%
Jetson Buyer, Inc. (E-Technologies Group, Inc.) 7,053,953 Capital Equipment First Lien Debt S + 5.50%
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) 8,153,417 Capital Equipment Common Units
Ovation Holdings, Inc 7,410,061 Capital Equipment First Lien Debt (Delayed Draw) S + 5.00%
Vessco Midco Holdings, LLC 3,736,904 Capital Equipment First Lien Debt (Delayed Draw) S + 4.50%
Rhino Intermediate Holding Company, LLC (Rhino Tool House) 9,307,376 Capital Equipment First Lien Debt S + 5.25%
CMG HoldCo, LLC (Crete) 710,438 Capital Equipment Equity Co-Investment
Engineered Fastener Company, LLC (EFC International) 3,299,258 Capital Equipment Subordinated Debt 11.00% (Cash) 2.50% (PIK)
Vessco Midco Holdings, LLC (15,015) Capital Equipment Revolving Loan S + 4.50%
Rhino Intermediate Holding Company, LLC (Rhino Tool House) 1,789,305 Capital Equipment First Lien Debt (Delayed Draw) S + 5.25%
Watermill Express, LLC 6,295,297 Beverage, Food & Tobacco First Lien Debt S + 4.75%
WPP Fairway Aggregator B, L.P (Fresh Edge) 266,259 Beverage, Food & Tobacco Class A Preferred Units
Watermill Express, LLC 3,154,484 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 4.75%
Watermill Express, LLC 3,211,228 Beverage, Food & Tobacco First Lien Debt S + 4.75%
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 9,143,491 Beverage, Food & Tobacco Subordinated Debt S + 7.75%
Watermill Express, LLC 310,109 Beverage, Food & Tobacco 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.