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
236
Portfolio companies
0.4%
Average position size
$76M
Weight average annual EBITDA3

As of March 31, 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 $154.4M of unfunded debt investment commitments.
2. First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions.
3. Weighted based on fair value of private debt investments as of March 31, 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 18.1%
Services: Business 17.3%
Beverage, Food & Tobacco 7.9%
Construction & Building 7.0%
Capital Equipment 5.9%
Environmental Industries 4.7%
Services: Consumer 4.6%
High Tech Industries 4.1%
Containers, Packaging & Glass 4.0%
Banking, Finance, Insurance & Real Estate 4.0%
Other (16) 22.4%
Total 100%

As of March 31, 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 8%
Equity 2%
Total 100%

As of March 31, 2026

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

** First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

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

As of March 31, 2026

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 March 31, 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

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

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

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
ADPD Holdings LLC (NearU) 9,282,489 Services: Consumer First Lien Debt 5.03% (Cash) 5.00% (PIK)
SEKO Global Logistics Network, LLC 134,190 Transportation: Cargo First Lien Debt 4.86% (Cash) 9.50% (PIK)
SEKO Global Logistics Network, LLC - Transportation: Cargo First Lien Debt (Delayed Draw) 4.86% (Cash) 9.50% (PIK)
Anne Arundel Dermatology Management, LLC 565,977 Healthcare & Pharmaceuticals First Lien Debt 4.71% (PIK)
Anne Arundel Dermatology Management, LLC 648,548 Healthcare & Pharmaceuticals First Lien Debt 4.71% (PIK)
New Spartech Holdings LLC 2,081,043 Chemicals, Plastics & Rubber First Lien Debt 4.67% (Cash) 4.25% (PIK)
Gabriel Partners, LLC 1,556,764 Services: Business First Lien Debt (Delayed Draw) 4.62% (Cash) 5.45% (PIK)
Gabriel Partners, LLC 681,820 Services: Business First Lien Debt 4.62% (Cash) 5.45% (PIK)
Gabriel Partners, LLC 9,344,289 Services: Business First Lien Debt 4.62% (Cash) 5.45% (PIK)
Gabriel Partners, LLC 3,857,762 Services: Business First Lien Debt 4.62% (Cash) 5.45% (PIK)
Smart Wave Technologies, Inc. 3,115,967 High Tech Industries First Lien Debt 4.40% (Cash) 4.00% (PIK)
Corporate Visions, Inc. 159,774 Media: Diversified & Production First Lien Debt 15.00% (PIK)
Armstrong Midco, LLC (Armstrong Transport Group) 1,341,403 Transportation: Cargo Subordinated Debt 15.00% (PIK)
Covercraft Parent III, Inc. 679,855 Automotive Subordinated Debt 14.50% (PIK)
Solve Industrial Motion Group LLC 2,102,954 High Tech Industries Subordinated Debt 14.50% (PIK)
Solve Industrial Motion Group LLC 905,827 High Tech Industries Subordinated Debt 14.50% (PIK)
Solve Industrial Motion Group LLC 2,408,702 High Tech Industries Subordinated Debt (Delayed Draw) 14.50% (PIK)
Esquire Deposition Solutions, LLC 2,107,630 Services: Business Subordinated Debt 14.00% (PIK)
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 12,815 Transportation: Cargo Revolving Loan 13.50% (PIK)
Legacy Service Partners, LLC 36,554 Services: Consumer Subordinated Debt (Delayed Draw) 13.25% (PIK)
Legacy Service Partners, LLC 54,772 Services: Consumer Subordinated Debt 13.25% (PIK)
Anne Arundel Dermatology Management, LLC 2,090,848 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 13.25% (PIK)
Anne Arundel Dermatology Management, LLC 2,023,206 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Athlete Buyer, LLC (Allstar Holdings) -361,744 Construction & Building Subordinated Debt (Delayed Draw) 13.00% (PIK)
CDL Marketing Group, LLC (Career Now) 380,479 Services: Business Subordinated Debt 13.00% (PIK)
Oliver Packaging, LLC 491,654 Containers, Packaging & Glass Subordinated Debt 13.00% (PIK)
High Bar Brands Operating, LLC 1,999,878 Automotive Subordinated Debt 13.00%
Anne Arundel Dermatology Management, LLC 1,282,693 Healthcare & Pharmaceuticals Subordinated Debt 12.75% (PIK)
Smile Brands Inc. 8,103,489 Healthcare & Pharmaceuticals Subordinated Debt 12.28% (PIK)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 132,016 Healthcare & Pharmaceuticals Subordinated Debt 12.25% (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 March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73% 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.