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

Agent Tier

Senior Secured Credit Facility
 

2019

Co-Lead Arranger

Senior Secured Credit Facility
 

2022

Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
GNX HBS Holdings, LLC 57,571 High Tech Industries Class A Units
USA Industries Holdings LLC 63,382 Capital Equipment First Lien Debt S + 4.25%
Env Automation Acquisition,LLC 67,227 Services: Business First Lien Debt S + 4.50%
RailPros Parent, LLC 68,411 Services: Business First Lien Debt S + 4.25%
Repipe Aggregator, LLC (Repipe Specialists) 68,639 Services: Consumer Purchased Units
ATL GSE Holdings, LP 70,355 Capital Equipment Class A Units
RPI Investments LP (Rose Paving) 71,760 Construction & Building Class A Unit
Emburse, Inc. 73,257 High Tech Industries First Lien Debt S + 4.25%
Columbia Home Services LLC 73,539 Services: Consumer Subordinated Debt 10.00% (Cash) 2.00% (PIK)
Astra Service Partners, LLC 74,828 Services: Business First Lien Debt S + 4.50%
HLSG Intermediate, LLC 75,072 Healthcare & Pharmaceuticals First Lien Debt S + 4.75%
PN Topco L.P. 75,148 Services: Business Class A Units
Industrial Air Flow Dynamics, Inc. 77,384 Utilities: Electric First Lien Debt S + 5.00%
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 80,270 Utilities: Electric Common Units
Specialty Manufacturing Holdings, LLC 83,064 Capital Equipment First Lien Debt S + 4.50%
WCI-Momentum Bidco, LLC 83,217 Chemicals, Plastics & Rubber First Lien Debt S + 4.75%
Canopy Service Partners, LLC 88,083 Services: Consumer First Lien Debt (Delayed Draw) S + 4.50%
RA Parent Holdings LP (S&S Truck Parts) 95,244 Automotive First Lien Debt (Delayed Draw) S + 4.75%
VALIDITY INC 98,228 High Tech Industries First Lien Debt S + 5.25%
Cornerstone Advisors of Arizona, LLC 98,396 Services: Business First Lien Debt S + 4.75%
STech Investors, LP 99,330 Services: Business Class A Unit
Compex Legal Services, Inc. 99,431 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.75%
Davidson Hotel Company LLC 105,203 Hotel, Gaming & Leisure First Lien Debt (Delayed Draw) S + 5.00%
FS NU Investors, LP (NearU) 105,307 Services: Consumer Class A
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) 109,153 Containers, Packaging & Glass First Lien Debt S + 6.75%
BayPine Monarch Co-Invest, LP 111,241 Services: Business Limited Partners Interest
AmerCareRoyal, LLC 111,841 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.00%
Syndigo LLC 120,616 Services: Business Revolving Loan S + 5.00%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) 128,674 Transportation: Cargo First Lien Debt 6.31% (Cash) 4.25% (PIK)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 132,016 Healthcare & Pharmaceuticals Subordinated Debt 12.25% (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 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.