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
207
Portfolio companies
0.5%
Average position size
$73M
Weight average annual EBITDA3

As of June 30, 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 $2,197M which includes approximately $201M of unfunded debt investment commitments.
2. First lien debt is comprised of 69% traditional first lien positions and 31% unitranche positions.
3. Weighted based on fair market value of private debt investments as of June 30, 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 market 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 17.3%
Services: Business 16.2%
Beverage, Food & Tobacco 7.6%
Construction & Building 7.2%
Capital Equipment 5.2%
High Tech Industries 5.2%
Services: Consumer 4.3%
Environmental Industries 4.1%
Containers, Packaging & Glass 4.0%
Telecommunications 3.5%
Other (16) 25.3%
Total 100%

As of June 30, 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 June 30, 2025

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

** First lien debt is comprised of 69% traditional first lien positions and 31% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
MGM Transformer Company 1.5%
Trilon Group 1.5%
North Haven CS Acquisition, Inc. 1.4%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Firstcall Mechanical Group 1.3%
Kenco 1.3%
Specialized Packaging Group (SPG) 1.2%
Handgards, LLC 1.2%
Others (197) 86.2%
Total 100%

As of June 30, 2025

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

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.3%
Fixed rate 5.7%
Total 100%

As of June 30, 2025

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
 

2023

Lead Left Arranger

Unitranche Credit Facility
 

2022

Lender

Unitranche Credit Facility
 

2019

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

First Lien Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

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

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Vensure Employer Services, Inc. 2,980,088 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.75%
World Insurance Associates, LLC 14,645,803 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.00%
Smith & Howard Advisory LLC 1,088,714 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 5.00%
Cohen Advisory, LLC 8,578,715 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.50%
Ascend Partner Services LLC 9,040,455 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
Big Apple Advisory, LLC 4,697 Banking, Finance, Insurance & Real Estate Revolving Loan S + 4.50%
Big Apple Advisory, LLC 11,624 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
Ascend Partner Services LLC 7,340,753 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.50%
Patriot Growth Insurance Services, LLC 6,941,102 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 5.00%
Cohen Advisory, LLC 181,291 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
Big Apple Advisory, LLC 8,956,817 Banking, Finance, Insurance & Real Estate First Lien Debt S + 4.50%
Illumifin Corporation (Long Term Care Group) 6,918,804 Banking, Finance, Insurance & Real Estate First Lien Debt S + 6.00%
High Bar Brands Operating, LLC 2,025,346 Automotive Subordinated Debt 13.00%
RA Parent Holdings LP (S&S Truck Parts) 19,654,660 Automotive First Lien Debt S + 4.75%
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive Equity Investments
Buckeye Group Holdings, L.P. (JEGS Automotive) 6,620 Automotive Equity Investments
OEP Glass Purchaser, LLC (PGW Auto Glass) 2,396,724 Automotive First Lien Debt S + 5.00%
Buckeye Group Holdings, L.P. (JEGS Automotive) 422,661 Automotive Equity Investments
JEGS Automotive 214,681 Automotive Revolving Loan 4.30% (Cash) 7.00% (PIK)
JEGS Automotive 1,292,377 Automotive First Lien Debt 4.30% (Cash) 7.00% (PIK)
OEP Glass Purchaser, LLC (PGW Auto Glass) 12,477,119 Automotive First Lien Debt S + 5.00%
HBB Parent, LLC (High Bar Brands) 305,121 Automotive Equity Investments
Randys Holdings, Inc. (Randy's Worldwide Automotive) 2,237,574 Automotive First Lien Debt (Delayed Draw) S + 5.00%
Randys Holdings, Inc. (Randy's Worldwide Automotive) 10,785,572 Automotive First Lien Debt S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 6,659,204 Automotive First Lien Debt S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 95,481 Automotive First Lien Debt (Delayed Draw) S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 1,674,889 Automotive First Lien Debt (Delayed Draw) S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 1,125,462 Automotive First Lien Debt S + 4.75%
Phoenix Topco Holdings LP (S&S Truck Parts) 137 Automotive Equity Investments
Pegasus Aggregator Holdings LP (S&S Truck Parts) 621,280 Automotive Equity Investments

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 June 30, 2025. As of June 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.15%, and 3.88% 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.