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
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,492,326 Sovereign & Public Finance Equity Investments
Clean Solutions Buyer, Inc. 961,838 Capital Equipment First Lien Debt S + 4.50%
CHS Investors, LLC 79,752 Services: Consumer Equity Investments
CDL Marketing Group, LLC (Career Now) - Services: Business Equity Investments
CDL Marketing Group, LLC (Career Now) - Services: Business Equity Investments
CDL Marketing Group, LLC (Career Now) 1,070,597 Services: Business Subordinated Debt 13.00% (PIK)
Chroma Color Corporation 6,116,679 Chemicals, Plastics & Rubber First Lien Debt S + 4.25%
Chroma Color Corporation 1,350,118 Chemicals, Plastics & Rubber First Lien Debt (Delayed Draw) S + 4.25%
Legacy Parent Holdings, LLC (Legacy Service Partners) 642,999 Services: Consumer Equity Investments
Legacy Parent Holdings, LLC (Legacy Service Partners) 9,945,209 Services: Consumer First Lien Debt S + 5.25%
Smile Brands Inc. 10,145,775 Healthcare & Pharmaceuticals Subordinated Debt S + 8.50%
Smart Wave Technologies, Inc. 7,751,947 High Tech Industries First Lien Debt S + 6.00%
Smith & Howard Advisory LLC 2,189,595 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 3.75%
Smith & Howard Advisory LLC 2,844,883 Banking, Finance, Insurance & Real Estate First Lien Debt S + 3.75%
Solve Industrial Motion Group LLC 1,939,945 High Tech Industries Subordinated Debt 14.50% (PIK)
Solve Group Holdings, L.P. (Solve Industrial) 164,168 High Tech Industries Equity Investments
SI Solutions, LLC 1,096,695 Environmental Industries First Lien Debt (Delayed Draw) S + 4.75%
SI Solutions, LLC 11,739,601 Environmental Industries First Lien Debt S + 4.75%
Scaled Agile, Inc. 327,162 Services: Business First Lien Debt (Delayed Draw) 6.35% (Cash) 3.75% (PIK)
Scaled Agile, Inc. 6,713,629 Services: Business First Lien Debt 6.35% (Cash) 3.75% (PIK)
SCIC Buyer, Inc. 59,087 Construction & Building First Lien Debt (Delayed Draw) S + 4.75%
SCIC Buyer, Inc. 15,019,135 Construction & Building First Lien Debt S + 4.75%
SEKO Global Logistics Network, LLC 1,698,667 Transportation: Cargo First Lien Debt S + 7.00%
SEKO Global Logistics Network, LLC 451,153 Transportation: Cargo First Lien Debt S + 10.00%
Solve Industrial Motion Group LLC 835,612 High Tech Industries Subordinated Debt 14.50% (PIK)
Solve Industrial Motion Group LLC 2,221,993 High Tech Industries Subordinated Debt (Delayed Draw) 14.50% (PIK)
TBRS, Inc. (22,339) Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 4.75%
Tau Buyer, LLC 9,803,708 Services: Business First Lien Debt S + 4.75%
TBRS, Inc. 57,815 Healthcare & Pharmaceuticals Revolving Loan S + 4.75%
TBRS, Inc. 8,982,005 Healthcare & Pharmaceuticals First Lien Debt S + 4.75%

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.