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
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) 3,066,824 Healthcare & Pharmaceuticals First Lien Debt S + 4.25%
Wellspring Pharmaceutical Corporation 3,065,910 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
Impact Parent Corporation (Impact Environmental Group) 3,062,046 Environmental Industries First Lien Debt (Delayed Draw) S + 5.25%
MPG Parent Holdings, LLC (Market Performance Group) 3,048,422 Consumer Goods: Non-durable First Lien Debt (Delayed Draw) S + 5.00%
FoodServices Brand Group, LLC 3,039,193 Consumer Goods: Non-durable Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Corporate Visions, Inc. 3,022,816 Media: Diversified & Production First Lien Debt 9.67% (PIK)
Schill Blocker Agg, LLC 3,000,000 Services: Business Partnership
Harvest Group Topco Holdings, LP 3,000,000 Services: Business Preferred units
Crimson FLS TopCo, L.P. 3,000,000 Services: Business Class A Units
Sagebrush Buyer, LLC (Province) 2,999,740 Services: Business First Lien Debt S + 4.75%
Bradford Soap International, Inc. 2,983,822 Consumer Goods: Non-durable First Lien Debt S + 4.75%
Rocket Ultimate LP 2,982,000 Services: Business Class A Units
Element 78 Partners, LLC (E78) 2,971,901 Services: Business First Lien Debt (Delayed Draw) S + 5.50%
CLS Management Services, LLC (Contract Land Staff) 2,965,461 Environmental Industries First Lien Debt (Delayed Draw) S + 5.00%
ACP Maverick Holdings, Inc.  2,921,844 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 4.75%
Valkyrie Intermediate, LLC 2,872,743 Aerospace & Defense Subordinated Debt 10.50% (Cash) 1.00% (PIK)
Rose Paving, LLC 2,832,248 Construction & Building Subordinated Debt 12.00%
DRS Holdings III, Inc. 2,816,810 Consumer Goods: Durable First Lien Debt S + 5.25%
All4 Buyer, LLC 2,807,865 Services: Business First Lien Debt S + 4.50%
Tinuiti Inc. 2,805,972 Media: Advertising, Printing & Publishing First Lien Debt 6.42% (Cash) 3.13% (PIK)
Redwood Services Group, LLC (Evergreen Services Group) 2,798,065 Services: Business First Lien Debt (Delayed Draw) S + 5.00%
Watermill Express, LLC 2,757,684 Beverage, Food & Tobacco First Lien Debt S + 4.50%
TI Acquisition NC, LLC 2,715,342 Transportation: Cargo First Lien Debt S + 4.25%
Lavie Group, Inc. 2,711,649 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
SkyMark Refuelers, LLC 2,708,628 Capital Equipment First Lien Debt S + 4.50%
Bounteous, Inc. 2,703,926 Services: Business First Lien Debt (Delayed Draw) S + 4.50%
Low Voltage Holdings Inc. 2,682,534 Utilities: Electric First Lien Debt S + 4.75%
Oliver Packaging, LLC 2,512,689 Containers, Packaging & Glass Subordinated Debt 11.50% (PIK)
Wellspring Pharmaceutical Corporation 2,508,028 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.00%
Turbine Engine Specialists, Inc. 2,500,284 Aerospace & Defense Subordinated Debt S + 9.50%

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 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.