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
SEKO Global Logistics Network, LLC 1,698,667 Transportation: Cargo First Lien Debt S + 7.00%
SI Solutions, LLC 11,739,601 Environmental Industries First Lien Debt S + 4.75%
Royal Holdco Corporation (RMA Companies) 16,286,013 Construction & Building First Lien Debt S + 4.50%
RMS Energy Borrower LLC 6,739,156 Utilities: Electric First Lien Debt S + 4.50%
RA Parent Holdings LP (S&S Truck Parts) 19,686,836 Automotive First Lien Debt S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 6,669,756 Automotive First Lien Debt S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 1,127,253 Automotive First Lien Debt S + 4.75%
QHR Health, LLC 3,183,175 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
Prosci, Inc. 4,733,333 High Tech Industries First Lien Debt S + 4.25%
QHR Health, LLC 7,524,476 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
RailPros Parent, LLC 67,738 Services: Business First Lien Debt S + 4.50%
Randys Holdings, Inc. (Randy's Worldwide Automotive) 10,767,763 Automotive First Lien Debt S + 5.00%
Rhino Intermediate Holding Company, LLC (Rhino Tool House) 9,323,634 Capital Equipment First Lien Debt S + 5.25%
Ridge Trail US Bidco, Inc. (Options IT) 673,850 High Tech Industries First Lien Debt S + 4.50%
Renaissance Buyer, LLC (LMI Consulting, LLC) 12,040,295 Sovereign & Public Finance First Lien Debt S + 5.25%
Refresh Buyer, LLC (Sunny Sky Products) 6,822,998 Beverage, Food & Tobacco First Lien Debt S + 4.75%
Real Chemistry Intermediate III, Inc. 7,390,802 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Redwood Services Group, LLC (Evergreen Services Group) 14,063,109 Services: Business First Lien Debt S + 5.25%
Syndigo LLC 4,386,664 Services: Business First Lien Debt S + 5.00%
Tau Buyer, LLC 9,803,708 Services: Business First Lien Debt S + 4.75%
Watermill Express, LLC 6,295,297 Beverage, Food & Tobacco First Lien Debt S + 4.75%
Watermill Express, LLC 3,211,228 Beverage, Food & Tobacco First Lien Debt S + 4.75%
Watermill Express, LLC 2,740,964 Beverage, Food & Tobacco First Lien Debt S + 4.75%
VRC Companies, LLC (Vital Records Control) 328,105 Services: Business First Lien Debt S + 5.50%
VRC Companies, LLC (Vital Records Control) 4,491,108 Services: Business First Lien Debt S + 5.25%
VMG Holdings LLC (VMG Health) 1,123,587 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
VMG Holdings LLC (VMG Health) 15,641,601 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
WCHG Buyer, Inc. (Handgards, LLC) 23,889,312 Beverage, Food & Tobacco First Lien Debt S + 5.00%
Wellspring Pharmaceutical Corporation 7,256,874 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
XpressMyself.com LLC (SmartSign) 9700000 Consumer Goods: Durable First Lien Debt S + 5.50%

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.