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
XpressMyself.com LLC (SmartSign) 4936375 Consumer Goods: Durable First Lien Debt S + 5.75%
WSB Engineering Holdings Inc. 6344177.21 Construction & Building First Lien Debt S + 4.50%
World Insurance Associates, LLC 14670755.53 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.00%
Wellspring Pharmaceutical Corporation 3,108,947 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
Wellspring Pharmaceutical Corporation 1223965.03 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
Victors CCC Buyer LLC (CrossCountry Consulting) 8,029,046 Services: Business First Lien Debt S + 4.75%
Vessco Midco Holdings, LLC 13,582,234 Capital Equipment First Lien Debt S + 4.75%
Transit Buyer, LLC (Propark Mobility) 6,703,125 Services: Business First Lien Debt S + 5.00%
Trilon Group, LLC 27,544,558 Services: Business First Lien Debt S + 4.75%
Tinuiti Inc. 2,795,849 Media: Advertising, Printing & Publishing First Lien Debt S + 5.25%
Tidi Legacy Products, Inc. 15,403,567 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
TBRS, Inc. 8,982,005 Healthcare & Pharmaceuticals First Lien Debt S + 4.75%
TI Acquisition NC, LLC 2,729,785 Transportation: Cargo First Lien Debt S + 4.25%
TSS Buyer, LLC (Technical Safety Services) 6,651,563 Services: Business First Lien Debt S + 5.50%
TSS Buyer, LLC (Technical Safety Services) 1,856,643 Services: Business First Lien Debt S + 5.50%
Vensure Employer Services, Inc. 3,061,688 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.00%
Venture Buyer, LLC (Velosio) 6,153,906 High Tech Industries First Lien Debt S + 5.25%
VALIDITY INC 99,175 High Tech Industries First Lien Debt S + 5.25%
USA Water Intermediate Holdings, LLC 7,778,233 Utilities: Water First Lien Debt S + 4.75%
Tyto Athene, LLC 6,850,633 Telecommunications First Lien Debt S + 4.75%
US MetalCo Holdings LLC (MGM Transformer Company) 23,111,815 Energy: Electricity First Lien Debt S + 5.50%
Promptcare Infusion Buyer, Inc. 8,043,413 Healthcare & Pharmaceuticals First Lien Debt S + 6.00%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) 9,395,682 Beverage, Food & Tobacco First Lien Debt S + 4.75%
Performance Packaging Buyer, LLC 6,940,552 Containers, Packaging & Glass First Lien Debt S + 4.50%
Output Services Group, Inc. 155,000 Services: Business First Lien Debt S + 8.00%
PAG Holding Corp. (Precision Aviation Group) 14,651,059 Aerospace & Defense First Lien Debt S + 4.75%
OEP Glass Purchaser, LLC (PGW Auto Glass) 12,527,560 Automotive First Lien Debt S + 5.00%
Orion Group FM Holdings, LLC (Leo Facilities) 1,576,769 Environmental Industries First Lien Debt S + 5.25%
Pinnacle Supply Partners, LLC 6,130,258 Utilities: Electric First Lien Debt S + 6.25%
Output Services Group, Inc. 837,262 Services: Business First Lien Debt S + 6.25%

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.