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
TI Acquisition NC, LLC 2,722,564 Transportation: Cargo First Lien Debt S + 4.25%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 3,703,391 Transportation: Cargo First Lien Debt 6.64% (Cash) 4.25% (PIK)
Kenco PPC Buyer LLC 21,562,049 Transportation: Cargo First Lien Debt S + 4.50%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 758,742 Transportation: Cargo First Lien Debt 6.64% (Cash) 4.25% (PIK)
Kenco PPC Buyer LLC (18,500) Transportation: Cargo First Lien Debt (Delayed Draw) S + 4.50%
Kenco PPC Buyer LLC 3,565,037 Transportation: Cargo First Lien Debt (Delayed Draw) S + 4.50%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 153,483 Transportation: Cargo First Lien Debt 6.64% (Cash) 4.25% (PIK)
SEKO Global Logistics Network, LLC 130,438 Transportation: Cargo First Lien Debt S + 10.00%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 218,563 Transportation: Cargo First Lien Debt 6.64% (Cash) 4.25% (PIK)
SEKO Global Logistics Network, LLC 467,147 Transportation: Cargo First Lien Debt S + 10.00%
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Class B Units
SEKO Global Logistics Network, LLC - Transportation: Cargo First Lien Debt (Delayed Draw) S + 10.00%
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Class A Units
FSK Pallet Holding Corp. (Kamps Pallets) 8,972,135 Transportation: Cargo First Lien Debt S + 6.25%
REP RO Coinvest IV-A, LP (RoadOne) 602,566 Transportation: Cargo Partnership Units
R1 Holdings, LLC (RoadOne) 5,073,843 Transportation: Cargo Subordinated Debt 8.75% (Cash) 5.00% (PIK)
SEKO Global Logistics Network, LLC 1,436,470 Transportation: Cargo First Lien Debt S + 10.00%
MBS Holdings, Inc. 1,288,047 Telecommunications First Lien Debt S + 5.00%
Mobile Communications America, Inc. 4,250,676 Telecommunications First Lien Debt (Delayed Draw) S + 4.75%
Mobile Communications America, Inc. 18,048,320 Telecommunications First Lien Debt S + 4.75%
Mobile Communications America, Inc. 201,212 Telecommunications First Lien Debt (Delayed Draw) S + 4.75%
MBS Holdings, Inc. 9,847,305 Telecommunications First Lien Debt S + 5.00%
MBS Holdings, Inc. 1,799,459 Telecommunications First Lien Debt S + 5.00%
MBS Holdings, Inc. 1,041,999 Telecommunications First Lien Debt S + 5.00%
Tyto Athene, LLC 6,832,516 Telecommunications First Lien Debt S + 4.75%
BCM One, Inc. 5,648,753 Telecommunications First Lien Debt S + 4.50%
BCM One, Inc. 1,789,445 Telecommunications First Lien Debt (Delayed Draw) S + 4.50%
Sapphire Telecom, Inc. 18,865,978 Telecommunications First Lien Debt S + 5.00%
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,605,111 Sovereign & Public Finance Equity Co-Invest
Renaissance Buyer, LLC (LMI Consulting, LLC) 12,009,658 Sovereign & Public Finance First Lien Debt S + 5.25%

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.