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
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 1,982,704 Beverage, Food & Tobacco Common
VCP Tech24 Co-Invest Aggregator LP (Tech24) 808,076 Beverage, Food & Tobacco Company Unit
USAW Parent LLC (USA Water) 714,292 Utilities: Water Common Unit
BayPine Monarch Co-Invest, LP 99,404 Services: Business Limited Partnership Interests
BPC Kodiak LLC (Turbine Engine Specialists) 1,939,094 Aerospace & Defense Class A-1 Units
WPP Fairway Aggregator B, L.P (Fresh Edge) 266,259 Beverage, Food & Tobacco Class A Preferred Units
North Haven Terrapin IntermediateCo, LLC (Apex Companies) 155,584 Services: Business Class A Membership Interests
REP Coinvest III AAD, L.P. (Anne Arundel) - Healthcare & Pharmaceuticals AA Equity Co-Invest
WPP Fairway Aggregator B, L.P (Fresh Edge) - Beverage, Food & Tobacco Class B Common Units
REP HS Holdings, LLC (HemaSource) 784,143 Healthcare & Pharmaceuticals LP Interests
Repipe Aggregator, LLC (Repipe Specialists) 63,393 Services: Consumer Purchased Units
REP RO Coinvest IV-A, LP (RoadOne) 602,566 Transportation: Cargo Partnership Units
WE Select Fund 3, L.P. 595,376 Healthcare & Pharmaceuticals Partnership Interest
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive A-2 Units
CMG HoldCo, LLC (Crete) 710,438 Capital Equipment Equity Co-Investment
HMA Equity, LP (Health Management Associates) 405,902 Healthcare & Pharmaceuticals Class A Common Units
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 103,764 Utilities: Electric Common Units
KKEMP Blocked Co-Invest, LP 1,107,235 Services: Business Class A Interests
KRIV Co-Invest Holdings, L.P. (Riveron) 1,103,872 Services: Business Class A Units
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) 8,153,417 Capital Equipment Common Units
CHS Investors, LLC 74,212 Services: Consumer Class A Units
HBB Parent, LLC (High Bar Brands) 323,604 Automotive Class A Units
GreyLion TGNL Holdings 853,752 Construction & Building Limited Partnership Interests
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 1,164,495 Services: Consumer Class A Units
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,605,111 Sovereign & Public Finance Equity Co-Invest
EFC Holdings, LLC (EFC International) 185,483 Capital Equipment Class A Preferred Units
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) 887,000 Capital Equipment Partner Interests
FBG Holdings LLC 511,486 Consumer Goods: Non-durable Common Units
Geds Equity Investors, LP (Esquire Deposition Services) 270,737 Services: Business Class A Limited Partnership Units
FS NU Investors, LP (NearU) 137,939 Services: Consumer Class A

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.