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
90%
First-lien term loans2
244
Portfolio companies
0.4%
Average position size
$77M
Weight average annual EBITDA3

As of June 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 $2.1B which includes $136.1M of unfunded debt investment commitments.
2. First lien debt is comprised of 68.68% traditional first lien positions and 31.32% unitranche positions.
3. Weighted based on fair value of private debt investments as of June 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. 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 18.8%
Services: Business 16.0%
Beverage, Food & Tobacco 8.1%
Construction & Building 7.2%
Capital Equipment 6.0%
Services: Consumer 4.9%
Environmental Industries 4.8%
High Tech Industries 4.3%
Banking, Finance, Insurance & Real Estate 4.1%
Containers, Packaging & Glass 4.1%
Other (16) 21.6%
Total 100%

As of June 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)** 90%
Subordinated Debt 7%
Equity 3%
Total 100%

As of June 30, 2026.

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

** First lien debt is comprised of 68.68% traditional first lien positions and 31.32% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

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

As of June 30, 2026.

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

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.4%
Fixed rate 5.6%
Total 100%

As of June 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

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

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

Co-Lead Arranger

Senior Secured Credit Facility
 

2022

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
KENG Acquisition, Inc. (Engage PEO) 9,006,383.84 Services: Business First Lien Debt (Delayed Draw) S + 4.50%
Astra Service Partners, LLC 74,839.98 Services: Business First Lien Debt S + 4.50%
M&S Group Holdings,LLC 298,465.42 Services: Business Equity Investment
Syndigo LLC 71,563.98 Services: Business Revolving Loan S + 5.00%
Syndigo LLC 4,213,631.64 Services: Business First Lien Debt S + 5.00%
NMSEF II Holdings I, L.P. 518,773.00 Services: Business Equity Investment
NMS VONA Case Management Acquisition, LP 2,066,137.00 Services: Business Equity Investment
North Haven Terrapin IntermediateCo, LLC (Apex Companies) 185,462.98 Services: Business Equity Investment
Olympus US Bidco LLC (Phaidon International) 12,393,314.96 Services: Business First Lien Debt S + 5.50%
Output Services Group, Inc. 837,261.80 Services: Business First Lien Debt S + 6.25%
Output Services Group, Inc. 155,000.00 Services: Business First Lien Debt S + 8.00%
OSG Topco Holdings, LLC (Output Services Group, Inc.) 494,190.71 Services: Business Equity Investment
Tau Buyer, LLC 2,045,334.77 Services: Business First Lien Debt (Delayed Draw) 6.23% (Cash) 2.50% (PIK)
Tau Buyer, LLC 480,828.50 Services: Business Revolving Loan S + 4.50%
M&S Holdings Buyer, Inc. 4,194,449.14 Services: Business First Lien Debt S + 4.75%
M&S Holdings Buyer, Inc. -4,692.31 Services: Business First Lien Debt (Delayed Draw) S + 4.75%
Harvest Group Topco Holdings, LP 3,102,930.88 Services: Business Equity Investment
MacKay Sposito, LLC 7,013.01 Services: Business First Lien Debt (Delayed Draw) S + 4.25%
Thompson Safety LLC 1,309.70 Services: Business Revolving Loan P + 4.00%
Tau Buyer, LLC 8,909,602.18 Services: Business First Lien Debt 6.23% (Cash) 2.50% (PIK)
TBG Acquisitions, Inc. 1,000,000.00 Services: Business Equity Investment
Thompson Safety LLC 13,185.93 Services: Business First Lien Debt (Delayed Draw) S + 5.00%
LRN Corporation (Lion Merger Sub, Inc.) 6,676,054.95 Services: Business First Lien Debt S + 5.25%
Geds Equity Investors, LP (Esquire Deposition Services) 319,091.95 Services: Business Equity Investment
CPL Consultants, LLC 1,339,979.83 Services: Business First Lien Debt S + 4.25%
CPL Consultants, LLC 35,294.69 Services: Business First Lien Debt (Delayed Draw) S + 4.25%
BayPine Monarch Co-Invest, LP 111,966.00 Services: Business Equity Investment
Cornerstone Advisors of Arizona, LLC 98,326.98 Services: Business First Lien Debt S + 4.75%
Crimson FLS TopCo, L.P. 2,980,980.00 Services: Business Equity Investment
DH United Holdings, LLC (D&H United Fueling Solutions) 7,225,750.57 Services: Business 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 June 30, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.65%, 3.73%, 3.85%, and 3.99% 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.