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
Phoenix Topco Holdings LP (S&S Truck Parts) 1,275,650 Automotive Preferred units
Pegasus Aggregator Holdings LP (S&S Truck Parts) 613,690 Automotive Pegasus Units
PN Topco L.P. 75,148 Services: Business Class A Units
RCP Nats Co-Investment Fund LP 1,335,668 Healthcare & Pharmaceuticals Capital Commitment
REP Coinvest III AAD, L.P. (Anne Arundel) - Healthcare & Pharmaceuticals AA Equity Co-Invest
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Class B Units
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Class A Units
OSP Gannett Aggregator, LP (Gannett Fleming) 1,370,539 Construction & Building Class A Interests
OSG Topco Holdings, LLC (Output Services Group, Inc.) 497,952 Services: Business Class A Units
North Haven Terrapin IntermediateCo, LLC (Apex Companies) 155,584 Services: Business Class A Membership Interests
NMSEF II Holdings I, L.P. 501,024 Services: Business Limited Partner Interests
NMS VONA Case Management Acquisition, LP 2,066,353 Services: Business Partnership
NP/BF Holdings, L.P. 922,564 Healthcare & Pharmaceuticals Partnership Interests
Oceansound Partners Co-Invest II, LP (Gannett Fleming) 1,948,917 Construction & Building Series F interests
Oliver Investors, LP (Oliver Packaging) 162,231 Containers, Packaging & Glass Common Equity
Oliver Investors, LP (Oliver Packaging) 31,303 Containers, Packaging & Glass Class D Units
REP HS Holdings, LLC (HemaSource) 802,607 Healthcare & Pharmaceuticals LP Interests
REP RO Coinvest IV-A, LP (RoadOne) 486,182 Transportation: Cargo Partnership Units
USAW Parent LLC (USA Water) 573,723 Utilities: Water Common Unit
Uplift Investors Finch Co-Invest Fund, LP 1,000,000 Services: Business Interests
Ultima Health Holdings, LLC 353,945 Consumer Goods: Non-durable Preferred units
VCP Tech24 Co-Invest Aggregator LP (Tech24) 808,076 Beverage, Food & Tobacco Company Unit
WE Select Fund 3, L.P. 676,775 Healthcare & Pharmaceuticals Partnership Interest
Corporate Visions, Inc. - Media: Diversified & Production Common Class A Units
WPP Fairway Aggregator B, L.P (Fresh Edge) 326,403 Beverage, Food & Tobacco Class A Preferred Units
WPP Fairway Aggregator B, L.P (Fresh Edge) - Beverage, Food & Tobacco Class B Common Units
Three Rivers Co-Investment, L.P. 500,000 High Tech Industries Partnership
STech Investors, LP 99,330 Services: Business Class A Unit
RPI Investments LP (Rose Paving) 71,760 Construction & Building Class A Unit
Rocket Ultimate LP 2,982,000 Services: Business Class A Units

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.