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
PN Buyer, Inc. 3,780,636 Services: Business First Lien Debt S + 4.50%
Alta Buyer, LLC 17,330,831 High Tech Industries First Lien Debt S + 4.50%
Online Labels Group, LLC 3,253,574 Containers, Packaging & Glass First Lien Debt S + 4.75%
Nellson Nutraceutical, LLC 923,821 Beverage, Food & Tobacco First Lien Debt S + 5.75%
New Spartech Holdings LLC 1,434,137 Chemicals, Plastics & Rubber First Lien Debt S + 7.00%
New Spartech Holdings LLC 2,081,043 Chemicals, Plastics & Rubber First Lien Debt 4.67% (Cash) 4.25% (PIK)
Naturpak PPC Buyer LLC 4,873,733 Beverage, Food & Tobacco First Lien Debt S + 4.50%
MSM Acquisitions, Inc. (Spectrio) 6,198,062 Media: Diversified & Production First Lien Debt S + 6.00%
Midwest Eye Services, LLC 8,788,040 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Mobile Communications America, Inc. 17,982,381 Telecommunications First Lien Debt S + 4.75%
MPG Parent Holdings, LLC (Market Performance Group) 12,415,970 Consumer Goods: Non-durable First Lien Debt S + 5.00%
Olympus US Bidco LLC (Phaidon International) 12,486,094 Services: Business First Lien Debt S + 5.50%
NFM & J, L.P. (The Facilities Group) 4,663,358 Environmental Industries First Lien Debt S + 5.75%
ALKU Intermediate Holdings, LLC 4,372,777 Services: Business First Lien Debt S + 6.25%
Olympic Buyer, Inc. (Ascensus) 8,130,102 Chemicals, Plastics & Rubber First Lien Debt S + 4.35%
NFM & J, L.P. (The Facilities Group) 8,644,250 Environmental Industries First Lien Debt S + 5.75%
Nutrition 101 Buyer, LLC (101 Inc) 6,383,669 Environmental Industries First Lien Debt S + 5.25%
North Haven Spartan US Holdco LLC 2,443,793 Services: Consumer First Lien Debt S + 5.75%
All4 Buyer, LLC 2,807,865 Services: Business First Lien Debt S + 4.50%
CMG HoldCo, LLC (Crete) 492,226 Capital Equipment Equity Co-Investment
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,564,853 Sovereign & Public Finance Equity Co-Invest
Covercraft Parent III, Inc. - Automotive Covercraft Equity
VCP Tech24 Co-Invest Aggregator LP (Tech24) 808,076 Beverage, Food & Tobacco Company Unit
Lettermen's Parent Holding, LLC 48,932 Wholesale Common Units
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 80,270 Utilities: Electric Common Units
M&S Group Holdings,LLC 298,471 Services: Business Common Units
FBG Holdings LLC 308,914 Consumer Goods: Non-durable Common Units
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) 7,575,000 Capital Equipment Common Units
USAW Parent LLC (USA Water) 573,723 Utilities: Water Common Unit
New Spartech Holdings LLC - Chemicals, Plastics & Rubber Common Stock

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.