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
Solve Group Holdings, L.P. (Solve Industrial) 288,755 High Tech Industries Solve Industrial Equity
Oceansound Partners Co-Invest II, LP (Gannett Fleming) 1,948,917 Construction & Building Series F interests
Myriad Investment Holdings, L.P. 162,688 High Tech Industries Series B-2 Units
Shoreline CNB Partners Investment, LP (Career Now) - Services: Business Series B Limited Partnership Units
BroadcastMed Holdco, LLC 714,651 Media: Diversified & Production Series A-3 Preferred Units
Aprio Advisory Group, LLC 2,687 Banking, Finance, Insurance & Real Estate Revolving Loan S + 4.75%
Gannett Fleming, Inc. 838,893 Construction & Building Revolving Loan S + 4.50%
Low Voltage Holdings Inc. -2 Utilities: Electric Revolving Loan S + 4.75%
Coding Solutions Acquisition, Inc. -18,129 Healthcare & Pharmaceuticals Revolving Loan S + 5.00%
JEGS Automotive 227,088 Automotive Revolving Loan 10.67% (PIK)
KRIV Acquisition Inc. 185,467 Services: Business Revolving Loan S + 4.75%
Alta Buyer, LLC -21,299 High Tech Industries Revolving Loan S + 4.50%
Emburse, Inc. 53 High Tech Industries Revolving Loan S + 4.25%
RailPros Parent, LLC 51 Services: Business Revolving Loan S + 4.25%
Razor Light, Inc. -4,982 Beverage, Food & Tobacco Revolving Loan S + 4.75%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 12,815 Transportation: Cargo Revolving Loan 13.50% (PIK)
Ridge Trail US Bidco, Inc. (Options IT) 19,772 High Tech Industries Revolving Loan S + 4.50%
Real Chemistry Intermediate III, Inc. -10,856 Healthcare & Pharmaceuticals Revolving Loan S + 4.50%
Apex Service Partners, LLC 25,667 Services: Consumer Revolving Loan S + 5.00%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) 4,428 Utilities: Electric Revolving Loan S + 4.75%
Syndigo LLC 120,616 Services: Business Revolving Loan S + 5.00%
TBRS, Inc. -27,425 Healthcare & Pharmaceuticals Revolving Loan S + 4.75%
Tau Buyer, LLC 516,316 Services: Business Revolving Loan S + 4.50%
Vessco Midco Holdings, LLC -32,619 Capital Equipment Revolving Loan S + 4.50%
Big Apple Advisory, LLC -15,134 Banking, Finance, Insurance & Real Estate Revolving Loan S + 4.50%
Thompson Safety LLC 1,308 Services: Business Revolving Loan P + 4.00%
Swoop Intermediate III, Inc. 17,764 Healthcare & Pharmaceuticals Revolving Loan S + 4.50%
Repipe Aggregator, LLC (Repipe Specialists) 68,639 Services: Consumer Purchased Units
Phoenix Topco Holdings LP (S&S Truck Parts) 1,275,650 Automotive Preferred units
Harvest Group Topco Holdings, LP 3,000,000 Services: Business Preferred units

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.