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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3

As of September 30, 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 $2.2B which includes approximately $191.4M of unfunded debt investment commitments.
2. First lien debt is comprised of 68.12% traditional first lien positions and 31.88% unitranche positions.
3. Weighted based on fair value of private debt investments as of September 30, 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 17.6%
Services: Business 16.5%
Beverage, Food & Tobacco 7.6%
Construction & Building 6.9%
Capital Equipment 5.4%
Services: Consumer 4.4%
Environmental Industries 4.2%
Containers, Packaging & Glass 4.0%
High Tech Industries 3.9%
Banking, Finance, Insurance & Real Estate 3.6%
Other (16) 26.0%
Total 100%

As of September 30, 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 September 30, 2025

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

** First lien debt is comprised of 68.12% traditional first lien positions and 31.88% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Trilon Group 1.5%
MGM Transformer Company 1.5%
Insulation Technology Group 1.4%
Good2Grow 1.4%
Kenco 1.3%
Firstcall Mechanical Group 1.3%
Specialized Packaging Group (SPG) 1.3%
Handgards, LLC 1.2%
GHR Healthcare 1.2%
Others (203) 86.3%
Total 100%

As of September 30, 2025

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

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.2%
Fixed rate 5.8%
Total 100%

As of September 30, 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

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

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

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

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
Smile Brands Inc. 10,145,775 Healthcare & Pharmaceuticals Subordinated Debt S + 8.50%
Engineered Fastener Company, LLC (EFC International) 3,291,970 Capital Equipment Subordinated Debt 13.50%
HemaSource, Inc. 5,230,383 Healthcare & Pharmaceuticals Subordinated Debt 12.25%
FoodServices Brand Group, LLC 3,009,922 Consumer Goods: Non-durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Oliver Packaging, LLC 2,468,747 Containers, Packaging & Glass Subordinated Debt 11.50%
BroadcastMed Holdco, LLC 3,621,761 Media: Diversified & Production Subordinated Debt 10.00% (Cash) 3.75% (PIK)
IF&P Holding Company, LLC (Fresh Edge) 816,593 Beverage, Food & Tobacco Subordinated Debt 8.92% (Cash) 5.13% (PIK)
IF&P Holding Company, LLC (Fresh Edge) 966,312 Beverage, Food & Tobacco Subordinated Debt 8.92% (Cash) 5.13% (PIK)
Oliver Packaging, LLC 482,050 Containers, Packaging & Glass Subordinated Debt 13.00%
PLZ Corp (PLZ Aeroscience) 12,056,368 Services: Business Subordinated Debt S + 7.50%
IF&P Holding Company, LLC (Fresh Edge) 4,089,346 Beverage, Food & Tobacco Subordinated Debt 8.92% (Cash) 5.13% (PIK)
Rose Paving, LLC 2,901,057 Construction & Building Subordinated Debt 12.00%
Heartland Veterinary Partners LLC 2,093,429 Healthcare & Pharmaceuticals Subordinated Debt 7.50% (Cash) 7.00% (PIK)
Solve Industrial Motion Group LLC 1,939,945 High Tech Industries Subordinated Debt 14.50% (PIK)
Columbia Home Services LLC 76,284 Services: Consumer Subordinated Debt 12.00%
National Renovations LLC (Repipe Specialists) 620,546 Services: Consumer Subordinated Debt 10.00% (Cash) 2.00% (PIK)
Solve Industrial Motion Group LLC 835,612 High Tech Industries Subordinated Debt 14.50% (PIK)
BCPE North Star US Holdco 2, Inc. (Dessert Holdings) 6,148,633 Beverage, Food & Tobacco Subordinated Debt S + 7.25%
Covercraft Parent III, Inc. 1,941,254 Automotive Subordinated Debt 10.00% (Cash) 0.75% (PIK)
Valkyrie Intermediate, LLC 2,865,950 Aerospace & Defense Subordinated Debt 10.50% (Cash) 1.00% (PIK)
TPC Wire & Cable Corp. 2,295,227 Wholesale Subordinated Debt 11.00% (Cash) 1.50% (PIK)
Turbine Engine Specialists, Inc. 2,531,340 Aerospace & Defense Subordinated Debt S + 9.50%
Momentum Textiles, LLC 4,997,063 Consumer Goods: Durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Caldwell & Gregory LLC 1,167,617 Services: Business Subordinated Debt S + 8.75%
CDL Marketing Group, LLC (Career Now) 1,070,597 Services: Business Subordinated Debt 13.00% (PIK)
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 9,203,641 Beverage, Food & Tobacco Subordinated Debt S + 7.75%
National Renovations LLC (Repipe Specialists) 2,279,172 Services: Consumer Subordinated Debt 10.00% (Cash) 1.00% (PIK)
Armstrong Transport Group, LLC 7,934,730 Transportation: Cargo Subordinated Debt 7.00% (Cash) 7.00% (PIK)
Armstrong Midco, LLC (Armstrong Transport Group) 1,242,606 Transportation: Cargo Subordinated Debt 17.00% (PIK)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 1,791,996 Healthcare & Pharmaceuticals Subordinated Debt 14.25% (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 September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.