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

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
Red Griffin TopCo, LLC (Seko Global Logistics LLC) - Transportation: Cargo Class B Units
Legacy Parent Holdings, LLC (Legacy Service Partners) 656,100 Services: Consumer Class B Units
Legacy Parent Holdings, LLC (Legacy Service Partners) 16,131 Services: Consumer Class B-2 Units
Oliver Investors, LP (Oliver Packaging) 15,490 Containers, Packaging & Glass Class D Units
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 1,982,704 Beverage, Food & Tobacco Common
CDL Marketing Group, LLC (Career Now) - Services: Business Common Equity
Oliver Investors, LP (Oliver Packaging) 234,477 Containers, Packaging & Glass Common Equity
New Spartech Holdings LLC - Chemicals, Plastics & Rubber Common Stock
USAW Parent LLC (USA Water) 714,292 Utilities: Water Common Unit
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) 8,153,417 Capital Equipment Common Units
M&S Group Holdings,LLC 299,815 Services: Business Common Units
FBG Holdings LLC 511,486 Consumer Goods: Non-durable Common Units
Lettermen's Parent Holding, LLC 48,600 Wholesale Common Units
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 103,764 Utilities: Electric Common Units
VCP Tech24 Co-Invest Aggregator LP (Tech24) 808,076 Beverage, Food & Tobacco Company Unit
Covercraft Parent III, Inc. - Automotive Covercraft Equity
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,605,111 Sovereign & Public Finance Equity Co-Invest
CMG HoldCo, LLC (Crete) 710,438 Capital Equipment Equity Co-Investment
JKC Buyer, Inc. (J. Knipper and Company Inc) 6,003,776 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Illumifin Corporation (Long Term Care Group) 7,024,204 Banking, Finance, Insurance & Real Estate First Lien Debt S + 6.00%
Jetson Buyer, Inc. (E-Technologies Group, Inc.) 7,053,953 Capital Equipment First Lien Debt S + 5.50%
Impact Advisors, LLC 12,760,937 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
ICE USA Infrastructure, Inc. 6,291,447 Construction & Building First Lien Debt S + 5.75%
Kenco PPC Buyer LLC 21,562,049 Transportation: Cargo First Lien Debt S + 4.50%
Hyperion Materials & Technologies, Inc. 2,489,964 Capital Equipment First Lien Debt S + 4.50%
HMN Acquirer Corp. 6,473,505 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Impact Parent Corporation (Impact Environmental Group) 6,611,107 Environmental Industries First Lien Debt S + 5.25%
KENG Acquisition, Inc. (Enagage PEO) 9,401,424 Services: Business First Lien Debt S + 4.50%
Impact Parent Corporation (Impact Environmental Group) 1,693,738 Environmental Industries First Lien Debt S + 5.25%
Integrated Power Services Holdings, Inc. 5,235,350 Services: Business First Lien Debt S + 4.75%

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.