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
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) 887,000 Capital Equipment Partner Interests
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 1,164,495 Services: Consumer Class A Units
RPI Investments LP (Rose Paving) 67,738 Construction & Building Class A Units
FBG Holdings LLC 511,486 Consumer Goods: Non-durable Common Units
FS NU Investors, LP (NearU) 137,939 Services: Consumer Class A
HBB Parent, LLC (High Bar Brands) 323,604 Automotive Class A Units
GreyLion TGNL Holdings 853,752 Construction & Building Limited Partnership Interests
Geds Equity Investors, LP (Esquire Deposition Services) 270,737 Services: Business Class A Limited Partnership Units
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
Phoenix Topco Holdings LP (S&S Truck Parts) 1,228,480 Automotive Preferred units
Phoenix Topco Holdings LP (S&S Truck Parts) 127 Automotive Warrant
USAW Parent LLC (USA Water) 714,292 Utilities: Water Common Unit
Ultima Health Holdings, LLC 380,706 Consumer Goods: Non-durable Preferred units
Concord FG Holdings, LP (E78) 489,466 Services: Business Class A Common Units
Covercraft Parent III, Inc. - Automotive Covercraft Equity
Conversion Holdings, L.P. (Specialized Packaging Group) 190,544 Containers, Packaging & Glass Class A Units
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 103,764 Utilities: Electric Common Units
HMA Equity, LP (Health Management Associates) 405,902 Healthcare & Pharmaceuticals Class A Common Units
Oliver Investors, LP (Oliver Packaging) 15,490 Containers, Packaging & Glass Class D Units
MDC Group Holdings, LP (Mosaic Dental) - Healthcare & Pharmaceuticals Class A2 Units (Common)
Oliver Investors, LP (Oliver Packaging) 234,477 Containers, Packaging & Glass Common Equity
Oceansound Partners Co-Invest II, LP (Gannett Fleming) 1,824,247 Construction & Building Series F interests
NMSEF II Holdings I, L.P. 482,683 Services: Business Limited Partner Interests
Solve Group Holdings, L.P. (Solve Industrial) 265,113 High Tech Industries Solve Industrial Equity
North Haven Terrapin IntermediateCo, LLC (Apex Companies) 155,584 Services: Business Class A Membership Interests
OSG Topco Holdings, LLC (Output Services Group, Inc.) 480,596 Services: Business Class A Units
OSP Gannett Aggregator, LP (Gannett Fleming) 1,282,867 Construction & Building Class A Interests
KRIV Co-Invest Holdings, L.P. (Riveron) 1,103,872 Services: Business Class A Units
KKEMP Blocked Co-Invest, LP 1,107,235 Services: Business Class A Interests

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.