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

Filter by:

Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Transit Buyer, LLC (Propark Mobility) 6,664,749 Services: Business First Lien Debt S + 4.75%
Tinuiti Inc. 9,390,104 Media: Advertising, Printing & Publishing First Lien Debt (Delayed Draw) 6.42% (Cash) 3.13% (PIK)
TI Acquisition NC, LLC 2,715,342 Transportation: Cargo First Lien Debt S + 4.25%
Three Rivers Co-Investment, L.P. 500,000 High Tech Industries Partnership
Tidi Legacy Products, Inc. 15,173,443 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Tidi Legacy Products, Inc. 4,064,498 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 4.50%
Tinuiti Inc. 1,834,062 Media: Advertising, Printing & Publishing First Lien Debt (Delayed Draw) 6.42% (Cash) 3.13% (PIK)
Tinuiti Inc. 2,805,972 Media: Advertising, Printing & Publishing First Lien Debt 6.42% (Cash) 3.13% (PIK)
Turbine Engine Specialists, Inc. 811,864 Aerospace & Defense Subordinated Debt S + 9.50%
Turbine Engine Specialists, Inc. 2,500,284 Aerospace & Defense Subordinated Debt S + 9.50%
VCP Tech24 Co-Invest Aggregator LP (Tech24) 808,076 Beverage, Food & Tobacco Company Unit
Valkyrie Intermediate, LLC 2,872,743 Aerospace & Defense Subordinated Debt 10.50% (Cash) 1.00% (PIK)
VALIDITY INC 98,228 High Tech Industries First Lien Debt S + 5.25%
Vensure Employer Services, Inc. 3,234,448 Banking, Finance, Insurance & Real Estate First Lien Debt S + 5.00%
Venture Buyer, LLC (Velosio) 6,122,668 High Tech Industries First Lien Debt S + 5.25%
Vessco Midco Holdings, LLC 13,446,548 Capital Equipment First Lien Debt S + 4.50%
Venture Buyer, LLC (Velosio) 222,487 High Tech Industries First Lien Debt (Delayed Draw) S + 5.25%
USAW Parent LLC (USA Water) 573,723 Utilities: Water Common Unit
USA Water Intermediate Holdings, LLC 2,433,593 Utilities: Water First Lien Debt (Delayed Draw) S + 4.75%
Ultima Health Holdings, LLC 353,945 Consumer Goods: Non-durable Preferred units
Tyto Athene, LLC 6,791,044 Telecommunications First Lien Debt S + 4.75%
Uplift Investors Finch Co-Invest Fund, LP 1,000,000 Services: Business Interests
USA Industries Holdings LLC -55 Capital Equipment First Lien Debt (Delayed Draw) S + 4.25%
USA Water Intermediate Holdings, LLC 7,699,335 Utilities: Water First Lien Debt S + 4.75%
USA Industries Holdings LLC 63,382 Capital Equipment First Lien Debt S + 4.25%
REP HS Holdings, LLC (HemaSource) 802,607 Healthcare & Pharmaceuticals LP Interests
REP Coinvest III AAD, L.P. (Anne Arundel) - Healthcare & Pharmaceuticals AA Equity Co-Invest
Nellson Nutraceutical, LLC 923,821 Beverage, Food & Tobacco First Lien Debt S + 5.75%
Nellson Nutraceutical, LLC 72 Beverage, Food & Tobacco First Lien Debt (Delayed Draw) S + 5.75%
Naturpak PPC Buyer LLC 4,873,733 Beverage, Food & Tobacco 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.