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
New Spartech Holdings LLC 285,190 Chemicals, Plastics & Rubber Equity Investments
Oliver Investors, LP (Oliver Packaging) 305,662 Containers, Packaging & Glass Equity Investments
NP/BF Holdings, L.P. 1,000,000 Healthcare & Pharmaceuticals Equity Investments
Oceansound Partners Co-Invest II, LP (Gannett Fleming) 1,807,710 Construction & Building Equity Investments
NMSEF II Holdings I, L.P. 483,000 Services: Business Equity Investments
Oliver Investors, LP (Oliver Packaging) 15,002 Containers, Packaging & Glass Equity Investments
Pegasus Aggregator Holdings LP (S&S Truck Parts) 645,091 Automotive Equity Investments
Perennial Services Investors LLC (Perennial Services Group) 955,956 Services: Consumer Equity Investments
PN Topco L.P. 86,080 Services: Business Equity Investments
KKEMP Blocked Co-Invest, LP 1,000,000 Services: Business Equity Investments
RCP Nats Co-Investment Fund LP 1,194,281 Healthcare & Pharmaceuticals Equity Investments
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 227,332 Transportation: Cargo Equity Investments
KRIV Co-Invest Holdings, L.P. (Riveron) 953,625 Services: Business Equity Investments
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) 7,475,749 Capital Equipment Equity Investments
Legacy Parent Holdings, LLC (Legacy Service Partners) 642,999 Services: Consumer Equity Investments
Phoenix Topco Holdings LP (S&S Truck Parts) 1,177,070 Automotive Equity Investments
Phoenix Topco Holdings LP (S&S Truck Parts) 155 Automotive Equity Investments
Legacy Parent Holdings, LLC (Legacy Service Partners) 15,809 Services: Consumer Equity Investments
CDL Marketing Group, LLC (Career Now) - Services: Business Equity Investments
FS NU Investors, LP (NearU) 183,890 Services: Consumer Equity Investments
BroadcastMed Holdco, LLC 596,302 Media: Diversified & Production Equity Investments
USAW Parent LLC (USA Water) 641,689 Utilities: Water Equity Investments
WPP Fairway Aggregator B, L.P (Fresh Edge) 350530.73 Beverage, Food & Tobacco Equity Investments
Ultima Health Holdings, LLC 312,461 Consumer Goods: Non-durable Equity Investments
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 2,406,317 Beverage, Food & Tobacco Equity Investments
BPC Kodiak LLC (Turbine Engine Specialists) 2,173,917 Aerospace & Defense Equity Investments
BayPine Monarch Co-Invest, LP 99,969 Services: Business Equity Investments
Buckeye Group Holdings, L.P. (JEGS Automotive) 68,517 Automotive Equity Investments
WPP Fairway Aggregator B, L.P (Fresh Edge) 0 Beverage, Food & Tobacco Equity Investments
VCP Tech24 Co-Invest Aggregator LP (Tech24) 955,033 Beverage, Food & Tobacco Equity Investments

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.