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
KENG Acquisition, Inc. (Engage PEO) 9,195,678 Services: Business First Lien Debt (Delayed Draw) S + 4.50%
Big Apple Advisory, LLC 1,113,513 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
Bounteous, Inc. 5,224,309 Services: Business First Lien Debt S + 4.50%
Perennial Services Group, LLC 7,115,918 Services: Consumer First Lien Debt S + 4.50%
Performance Packaging Buyer, LLC 6,907,842 Containers, Packaging & Glass First Lien Debt S + 4.50%
Canopy Service Partners, LLC 88,083 Services: Consumer First Lien Debt (Delayed Draw) S + 4.50%
Sentinel Technologies, Inc 4,987,500 Services: Business First Lien Debt S + 4.50%
Specialty Manufacturing Holdings, LLC 83,064 Capital Equipment First Lien Debt S + 4.50%
Ascend Partner Services LLC 12,211,641 Banking, Finance, Insurance & Real Estate First Lien Debt (Delayed Draw) S + 4.50%
All4 Buyer, LLC 859,714 Services: Business First Lien Debt (Delayed Draw) S + 4.50%
Alta Buyer, LLC -21,299 High Tech Industries Revolving Loan S + 4.50%
PN Buyer, Inc. 3,780,636 Services: Business First Lien Debt S + 4.50%
BCM One, Inc. 1,784,799 Telecommunications First Lien Debt (Delayed Draw) S + 4.50%
All4 Buyer, LLC 2,807,865 Services: Business First Lien Debt S + 4.50%
Watermill Express, LLC 2,757,684 Beverage, Food & Tobacco First Lien Debt S + 4.50%
Perennial Services Group, LLC 2,254,987 Services: Consumer First Lien Debt (Delayed Draw) S + 4.50%
SkyMark Refuelers, LLC 2,708,628 Capital Equipment First Lien Debt S + 4.50%
BCM One, Inc. 5,632,784 Telecommunications First Lien Debt S + 4.50%
Env Automation Acquisition,LLC 67,227 Services: Business First Lien Debt S + 4.50%
Env Automation Acquisition,LLC 4,921 Services: Business First Lien Debt (Delayed Draw) S + 4.50%
WSB Engineering Holdings Inc. 6,318,819 Construction & Building First Lien Debt S + 4.50%
SkyMark Refuelers, LLC -6,548 Capital Equipment First Lien Debt (Delayed Draw) S + 4.50%
Specialty Manufacturing Holdings, LLC -83 Capital Equipment First Lien Debt (Delayed Draw) S + 4.50%
Astra Service Partners, LLC 74,828 Services: Business First Lien Debt S + 4.50%
SkyMark Refuelers, LLC 611,930 Capital Equipment First Lien Debt (Delayed Draw) S + 4.50%
WSB Engineering Holdings Inc. 4,151,302 Construction & Building First Lien Debt (Delayed Draw) S + 4.50%
Alta Buyer, LLC 17,330,831 High Tech Industries First Lien Debt S + 4.50%
PN Buyer, Inc. -28,222 Services: Business First Lien Debt (Delayed Draw) S + 4.50%
Naturpak PPC Buyer LLC -3,444 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 4.50%
Canopy Service Partners, LLC 1,615,134 Services: Consumer First Lien Debt S + 4.50%

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.