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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3

As of September 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 $2.2B which includes approximately $191.4M of unfunded debt investment commitments.
2. First lien debt is comprised of 68.12% traditional first lien positions and 31.88% unitranche positions.
3. Weighted based on fair value of private debt investments as of September 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 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 17.6%
Services: Business 16.5%
Beverage, Food & Tobacco 7.6%
Construction & Building 6.9%
Capital Equipment 5.4%
Services: Consumer 4.4%
Environmental Industries 4.2%
Containers, Packaging & Glass 4.0%
High Tech Industries 3.9%
Banking, Finance, Insurance & Real Estate 3.6%
Other (16) 26.0%
Total 100%

As of September 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 September 30, 2025

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

** First lien debt is comprised of 68.12% traditional first lien positions and 31.88% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Trilon Group 1.5%
MGM Transformer Company 1.5%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Kenco 1.3%
Firstcall Mechanical Group 1.3%
Specialized Packaging Group (SPG) 1.3%
Handgards, LLC 1.2%
GHR Healthcare 1.2%
Others (203) 86.3%
Total 100%

As of September 30, 2025

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

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.2%
Fixed rate 5.8%
Total 100%

As of September 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

Lead Left Arranger

Unitranche Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

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

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

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
VCP Tech24 Co-Invest Aggregator LP (Tech24) 955,033 Beverage, Food & Tobacco Equity Investments
Ultima Health Holdings, LLC 312,461 Consumer Goods: Non-durable Equity Investments
USAW Parent LLC (USA Water) 641,689 Utilities: Water Equity Investments
Covercraft Parent III, Inc. 1,941,254 Automotive Subordinated Debt 10.00% (Cash) 0.75% (PIK)
National Renovations LLC (Repipe Specialists) 196,975 Services: Consumer Subordinated Debt (Delayed Draw) 10.00% (Cash) 1.00% (PIK)
National Renovations LLC (Repipe Specialists) 2,279,172 Services: Consumer Subordinated Debt 10.00% (Cash) 1.00% (PIK)
National Renovations LLC (Repipe Specialists) 620,546 Services: Consumer Subordinated Debt 10.00% (Cash) 2.00% (PIK)
Momentum Textiles, LLC 4,997,063 Consumer Goods: Durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
FoodServices Brand Group, LLC 3,009,922 Consumer Goods: Non-durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
BroadcastMed Holdco, LLC 3,621,761 Media: Diversified & Production Subordinated Debt 10.00% (Cash) 3.75% (PIK)
Valkyrie Intermediate, LLC 2,865,950 Aerospace & Defense Subordinated Debt 10.50% (Cash) 1.00% (PIK)
TPC Wire & Cable Corp. 2,295,227 Wholesale Subordinated Debt 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 939,336 Wholesale Subordinated Debt (Delayed Draw) 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 1,749,503 Wholesale Subordinated Debt (Delayed Draw) 11.00% (Cash) 1.50% (PIK)
Oliver Packaging, LLC 2,468,747 Containers, Packaging & Glass Subordinated Debt 11.50%
Rose Paving, LLC (2,307) Construction & Building Subordinated Debt (Delayed Draw) 12.00%
Rose Paving, LLC 2,901,057 Construction & Building Subordinated Debt 12.00%
Columbia Home Services LLC (427) Services: Consumer Subordinated Debt (Delayed Draw) 12.00%
Columbia Home Services LLC 76,284 Services: Consumer Subordinated Debt 12.00%
HemaSource, Inc. 5,230,383 Healthcare & Pharmaceuticals Subordinated Debt 12.25%
Anne Arundel Dermatology Management, LLC 1,704,350 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 12.75% (PIK)
High Bar Brands Operating, LLC 2,010,107 Automotive Subordinated Debt 13.00%
Oliver Packaging, LLC 482,050 Containers, Packaging & Glass Subordinated Debt 13.00%
High Bar Brands Operating, LLC (22,128) Automotive Subordinated Debt (Delayed Draw) 13.00%
Athlete Buyer, LLC (Allstar Holdings) (99,662) Construction & Building Subordinated Debt (Delayed Draw) 13.00% (PIK)
CDL Marketing Group, LLC (Career Now) 1,070,597 Services: Business Subordinated Debt 13.00% (PIK)
Anne Arundel Dermatology Management, LLC 552,686 Healthcare & Pharmaceuticals First Lien Debt 13.25% (PIK)
Anne Arundel Dermatology Management, LLC 1,704,973 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Engineered Fastener Company, LLC (EFC International) 3,291,970 Capital Equipment Subordinated Debt 13.50%
Esquire Deposition Solutions, LLC 1,967,813 Services: Business Subordinated Debt 14.00% (PIK)

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 September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.