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

Agent Tier

Senior Secured Credit Facility
 

2019

Co-Lead Arranger

Senior Secured Credit Facility
 

2022

Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Integrated Power Services Holdings, Inc. 5,235,350 Services: Business First Lien Debt S + 4.75%
Sagebrush Buyer, LLC (Province) 4,435,761 Services: Business First Lien Debt S + 5.00%
JEGS Automotive 1,367,067 Automotive First Lien Debt S + 7.00%
RA Parent Holdings LP (S&S Truck Parts) 1,120,214 Automotive First Lien Debt S + 5.00%
QHR Health, LLC 3,163,306 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
Kenco PPC Buyer LLC 21,562,049 Transportation: Cargo First Lien Debt S + 4.50%
JKC Buyer, Inc. (J. Knipper and Company Inc) 6,003,776 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Jetson Buyer, Inc. (E-Technologies Group, Inc.) 7,053,953 Capital Equipment First Lien Debt S + 5.50%
RA Parent Holdings LP (S&S Truck Parts) 19,564,801 Automotive First Lien Debt S + 5.00%
Matador US Buyer, LLC (Insulation Technology Group) 22,192,360 Energy: Electricity First Lien Debt S + 5.00%
MBS Holdings, Inc. 1,041,999 Telecommunications First Lien Debt S + 5.00%
NFM & J, L.P. (The Facilities Group) 8,730,102 Environmental Industries First Lien Debt S + 5.75%
Output Services Group, Inc. 837,262 Services: Business First Lien Debt S + 6.25%
Output Services Group, Inc. 155,000 Services: Business First Lien Debt S + 8.00%
NFM & J, L.P. (The Facilities Group) 4,708,463 Environmental Industries First Lien Debt S + 5.75%
New Spartech Holdings LLC 2,364,697 Chemicals, Plastics & Rubber First Lien Debt 4.74% (Cash) 4.25% (PIK)
Nellson Nutraceutical, LLC 926,143 Beverage, Food & Tobacco First Lien Debt S + 5.75%
New Spartech Holdings LLC 1,437,750 Chemicals, Plastics & Rubber First Lien Debt S + 7.00%
WCI-Momentum Bidco, LLC 82,928 Chemicals, Plastics & Rubber First Lien Debt S + 4.75%
North Haven Spartan US Holdco LLC 2,450,345 Services: Consumer First Lien Debt S + 5.75%
Orion Group FM Holdings, LLC (Leo Facilities) 8,385,274 Environmental Industries First Lien Debt S + 4.75%
Olympic Buyer, Inc. (Ascensus) 8,239,165 Chemicals, Plastics & Rubber First Lien Debt S + 4.35%
Olympus US Bidco LLC (Phaidon International) 12,686,613 Services: Business First Lien Debt S + 5.50%
OEP Glass Purchaser, LLC (PGW Auto Glass) 2,395,101 Automotive First Lien Debt S + 4.75%
OEP Glass Purchaser, LLC (PGW Auto Glass) 12,531,960 Automotive First Lien Debt S + 4.75%
Orion Group FM Holdings, LLC (Leo Facilities) 1,574,035 Environmental Industries First Lien Debt S + 4.75%
Nutrition 101 Buyer, LLC (101 Inc) 6,419,012 Environmental Industries First Lien Debt S + 5.25%
Naturpak PPC Buyer LLC 4,864,846 Beverage, Food & Tobacco First Lien Debt S + 4.50%
Wellspring Pharmaceutical Corporation 7,238,549 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
MEI Buyer LLC 11,202,815 Construction & Building First Lien Debt S + 4.25%

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.