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
87%
First-lien term loans2
258
Portfolio companies
0.4%
Average position size
$79M
Weight average annual EBITDA3

As of September 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 $2.0B which includes $171.3M of unfunded debt investment commitments.
2. First lien debt represents 87.1% of the Company’s investments at fair value. On a look-through basis, incorporating the Joint Venture — which is 100% first lien debt — total first lien debt exposure increases to 89.1%.
First lien debt is comprised of 66.78% traditional first lien positions and 33.22% unitranche positions.
3. Weighted based on fair value of private debt investments as of September 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. The calculation includes investments held directly by the Company only and excludes the Joint Venture, which is not included on a look-through basis. 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 18.3%
Services: Business 17.0%
Beverage, Food & Tobacco 8.7%
Construction & Building 7.2%
Capital Equipment 5.8%
Services: Consumer 4.7%
High Tech Industries 4.1%
Banking, Finance, Insurance & Real Estate 3.8%
Containers, Packaging & Glass 3.6%
Environmental Industries 3.4%
Other (17) 23.3%
Total 100%

September 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)** 87%
Subordinated Debt 8%
Equity 3%
Investment in Joint Venture 2%
Total 100%

As of September 30, 2026.

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

** First lien debt represents 87.1% of the Company’s investments at fair value. On a look-through basis, incorporating the Joint Venture — which is 100% first lien debt — total first lien debt exposure increases to 89.1%.
First lien debt is comprised of 66.78% traditional first lien positions and 33.22% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Insulation Technology Group 1.5%
Firstcall Mechanical Group 1.4%
Kenco 1.2%
GHR Healthcare 1.2%
Specialized Packaging Group (SPG) 1.2%
Good2Grow 1.2%
Mobile Communications America Inc 1.1%
Ascend 1.0%
TIDI Products 1.0%
Others (248) 87.6%
Total 100%

As of September 30, 2026.

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

* The ten largest portfolio companies represent 12.4% of the portfolio at fair value. The Joint Venture, the Company's largest investment, is excluded and not reflected on a look-through basis.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.4%
Fixed rate 5.6%
Total 100%

As of September 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

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Lead Left Arranger

First Lien Credit Facility
 

2022

Agent Tier

Senior Secured Credit Facility
 

2019

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Co-Lead Arranger

Senior Secured Credit Facility
 

2023

Represents the top ten positions in NCDL based on Fair Value as of September 30, 2026

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Oliver Packaging, LLC 307,661 Containers, Packaging & Glass Subordinated Debt 13.00% (PIK)
Oliver Packaging, LLC 450,184 Containers, Packaging & Glass Subordinated Debt 13.00% (PIK)
Anne Arundel Dermatology Management, LLC 1,795,563 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 13.25% (PIK)
Legacy Service Partners, LLC 58,631 Services: Consumer Subordinated Debt 13.25% (PIK)
Legacy Service Partners, LLC 40,503 Services: Consumer Subordinated Debt (Delayed Draw) 13.25% (PIK)
Anne Arundel Dermatology Management, LLC 1,781,344 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Covercraft Parent III, Inc. 328,713 Automotive Subordinated Debt 14.50% (PIK)
Corporate Visions, Inc. 168,361 Media: Diversified & Production First Lien Debt 15.00% (PIK)
R1 Holdings, LLC (RoadOne) 5,529,488 Transportation: Cargo Subordinated Debt 15.75% (PIK)
Anne Arundel Dermatology Management, LLC 579,664 Healthcare & Pharmaceuticals First Lien Debt 4.71% (PIK)
Anne Arundel Dermatology Management, LLC 664,232 Healthcare & Pharmaceuticals First Lien Debt 4.71% (PIK)
Heartland Veterinary Partners LLC 4,050,197 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 7.50% (Cash) 7.00% (PIK)
Heartland Veterinary Partners LLC 11,156,647 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 7.50% (Cash) 7.00% (PIK)
Heartland Veterinary Partners LLC 2,231,329 Healthcare & Pharmaceuticals Subordinated Debt 7.50% (Cash) 7.00% (PIK)
North Haven Fairway Buyer, LLC (Fairway Lawns) 6,585,447 Services: Consumer Subordinated Debt (Delayed Draw) 8.00% (Cash) 3.50% (PIK)
North Haven Fairway Buyer, LLC (Fairway Lawns) 4,564,949 Services: Consumer Subordinated Debt (Delayed Draw) 8.00% (Cash) 3.50% (PIK)
North Haven Fairway Buyer, LLC (Fairway Lawns) 5,092,952 Services: Consumer Subordinated Debt (Delayed Draw) 8.00% (Cash) 3.50% (PIK)
ARC Health OPCO, LLC 2,431,894 Healthcare & Pharmaceuticals Subordinated Debt 8.00% (Cash) 5.00% (PIK)
ARC Health OPCO, LLC (64,424) Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 8.00% (Cash) 5.00% (PIK)
Certus NDT Group Buyer, LLC 1,999,187 Services: Business Subordinated Debt 9.00% (Cash) 3.00% (PIK)
HemaSource, Inc. 3,645,920 Healthcare & Pharmaceuticals Subordinated Debt 9.75%
Scaled Agile, Inc. 2,957,465 Services: Business First Lien Debt P+ 4.50%
SEKO Global Logistics Network, LLC 140,821 Transportation: Cargo First Lien Debt S + 1.00%
New Spartech Holdings LLC 1,822,958 Chemicals, Plastics & Rubber First Lien Debt S + 1.00%
SEKO Global Logistics Network, LLC 518,026 Transportation: Cargo First Lien Debt S + 10.00%
SEKO Global Logistics Network, LLC 73,372 Transportation: Cargo First Lien Debt (Delayed Draw) S + 10.50%
NCDL Senior Loan Fund I LLC 10,500,000 Investments in Joint Venture Class B Loans S + 2.10%
Tau Buyer, LLC 9,001,672 Services: Business First Lien Debt S + 2.50%
Tau Buyer, LLC 2,066,471 Services: Business First Lien Debt (Delayed Draw) S + 2.50%
Olympic Buyer, Inc. (Ascensus) 6,879,386 Chemicals, Plastics & Rubber First Lien Debt S + 3.00%

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 September 30, 2026. As of September 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.91%, 4.08%, 4.27%, and 4.60% 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.