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
90%
First-lien term loans2
244
Portfolio companies
0.4%
Average position size
$77M
Weight average annual EBITDA3

As of June 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 $2.1B which includes $136.1M of unfunded debt investment commitments.
2. First lien debt is comprised of 68.68% traditional first lien positions and 31.32% unitranche positions.
3. Weighted based on fair value of private debt investments as of June 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. 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 18.8%
Services: Business 16.0%
Beverage, Food & Tobacco 8.1%
Construction & Building 7.2%
Capital Equipment 6.0%
Services: Consumer 4.9%
Environmental Industries 4.8%
High Tech Industries 4.3%
Banking, Finance, Insurance & Real Estate 4.1%
Containers, Packaging & Glass 4.1%
Other (16) 21.6%
Total 100%

As of June 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)** 90%
Subordinated Debt 7%
Equity 3%
Total 100%

As of June 30, 2026.

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

** First lien debt is comprised of 68.68% traditional first lien positions and 31.32% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

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

As of June 30, 2026.

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

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.4%
Fixed rate 5.6%
Total 100%

As of June 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

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

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

Co-Lead Arranger

Senior Secured Credit Facility
 

2022

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
Athlete Buyer, LLC (Allstar Holdings) 5,313,978.97 Construction & Building Subordinated Debt (Delayed Draw) 1.00% (Cash) 13.00% (PIK)
Athlete Buyer, LLC (Allstar Holdings) 4,187,942.23 Construction & Building Subordinated Debt (Delayed Draw) 1.00% (Cash) 13.00% (PIK)
Athlete Buyer, LLC (Allstar Holdings) 2,200,224.82 Construction & Building Subordinated Debt 1.00% (Cash) 13.00% (PIK)
REP HS Holdings, LLC (HemaSource) 806,069.00 Healthcare & Pharmaceuticals Equity Investment
REP Coinvest III AAD, L.P. (Anne Arundel) - Healthcare & Pharmaceuticals Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Equity Investment
REP RO Coinvest IV-A, LP (RoadOne) 410,157.71 Transportation: Cargo Equity Investment
EVE Bison Co-Invest A, LP 1,000,000.00 Transportation: Cargo Equity Investment
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) 759,000.00 Capital Equipment Equity Investment
Rocket Ultimate LP 2,982,000.00 Services: Business Equity Investment
RCP Nats Co-Investment Fund LP 1,362,291.00 Healthcare & Pharmaceuticals Equity Investment
Repipe Aggregator, LLC (Repipe Specialists) 56,691.39 Services: Consumer Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 142.43 Automotive Equity Investment
OneSmile, LLC (Smile Brands) - Healthcare & Pharmaceuticals Equity Investment
OneSmile, LLC (Smile Brands) - Healthcare & Pharmaceuticals Equity Investment
FBG Holdings LLC (Foodservices Brand Group) 331,149.03 Consumer Goods: Non-durable Equity Investment
OSG Topco Holdings, LLC (Output Services Group, Inc.) 494,190.71 Services: Business Equity Investment
OSP Gannett Aggregator, LP (Gannett Fleming) 1,309,705.35 Construction & Building Equity Investment
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 1,246,322.09 Services: Consumer Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 1,324,102.85 Automotive Equity Investment
Pegasus Aggregator Holdings LP (S&S Truck Parts) 654,092.07 Automotive Equity Investment
PN Topco L.P. 70,327.07 Services: Business Equity Investment
RPI Investments LP (Rose Paving) 99,410.51 Construction & Building Equity Investment
Uplift Investors Finch Co-Invest Fund, LP 1,000,000.00 Services: Business Equity Investment
Ultima Health Holdings, LLC 398,696.81 Consumer Goods: Non-durable Equity Investment
Three Rivers Co-Investment, L.P. 500,000.00 High Tech Industries Equity Investment
TBG Acquisitions, Inc. 1,000,000.00 Services: Business Equity Investment
USAW Parent LLC (USA Water) 579,337.23 Utilities: Water Equity Investment
CVI Group Holding Company, LLC (Corporate Visions, Inc.) - Media: Diversified & Production Equity Investment

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 June 30, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.65%, 3.73%, 3.85%, and 3.99% 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.