NCDLMEDIUM SIGNALFINANCIAL10-K

NCDL significantly reduced net income while substantially increasing share buybacks and experiencing notable portfolio composition changes across aerospace and automotive investments.

The combination of declining profitability alongside aggressive share repurchases suggests management remains confident in long-term value despite near-term earnings pressure. The extensive portfolio company changes, particularly exits from several automotive investments and restructuring of aerospace holdings, indicate active portfolio management that may be positioning for improved future returns.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

NCDL's financial profile shows mixed signals with net income declining meaningfully to $65.6M while the company substantially increased share buybacks to $65.7M, nearly doubling capital returns to shareholders. Cash levels decreased moderately to $43.3M, reflecting the increased buyback activity. The overall picture suggests a business development company managing through a transitional period, prioritizing shareholder returns while actively reshaping its investment portfolio.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+96.1%
$33.5M→$65.7M

Share repurchases increased 96.1% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
-43.6%
$116.3M→$65.6M

Net income declined 43.6% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-35.8%
$67.4M→$43.3M

Cash declined 35.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
(Precision Aviation Group) | First Lien Debt 2025-12-31 0001737924 PAG Holding Corp.
(Precision Aviation Group) | First Lien Debt (Delayed Draw) 2025-12-31 0001737924 STS Holding, Inc.
| First Lien Debt 2025-12-31 0001737924 Turbine Engine Specialists, Inc.
| Subordinated Debt 1 2025-12-31 0001737924 Turbine Engine Specialists, Inc.
| Subordinated Debt 2 2025-12-31 0001737924 Valkyrie Intermediate, LLC | Subordinated Debt 2025-12-31 0001737924 us-gaap:DebtSecuritiesMember ncdlc:AerospaceAndDefenseMember 2025-12-31 0001737924 Covercraft Parent III, Inc.
(Randy's Worldwide Automotive) | First Lien Debt (Delayed Draw) 2025-12-31 0001737924 Randys Holdings, Inc.
| First Lien Debt 2025-12-31 0001737924 Illumifin Corporation (Long Term Care Group) | First Lien Debt 2025-12-31 0001737924 Knight AcquireCo, LLC | First Lien Debt (Delayed Draw) 2025-12-31 0001737924 Knight AcquireCo, LLC | First Lien Debt 2025-12-31 0001737924 Patriot Growth Insurance Services, LLC | First Lien Debt (Delayed Draw) 2025-12-31 0001737924 Smith Howard Advisory LLC | First Lien Debt (Delayed Draw) 2025-12-31 0001737924 Smith Howard Advisory LLC | First Lien Debt 2025-12-31 0001737924 Vensure Employer Services, Inc.
| First Lien Debt 2025-12-31 0001737924 Vensure Employer Services, Inc.
| First Lien Debt (Delayed Draw) 2025-12-31 0001737924 World Insurance Associates, LLC | First Lien Debt 2025-12-31 0001737924 us-gaap:DebtSecuritiesMember ncdlc:BankingFinanceInsuranceRealEstateMember 2025-12-31 0001737924 AmerCareRoyal, LLC | First Lien Debt 2025-12-31 0001737924 AmerCareRoyal, LLC | First Lien Debt (Delayed Draw) 1 2025-12-31 0001737924 AmerCareRoyal, LLC | First Lien Debt (Delayed Draw) 2 2025-12-31 0001737924 Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | Subordinated Debt 2025-12-31 0001737924 BCPE North Star US Holdco 2, Inc.
(Dessert Holdings) | Subordinated Debt 2025-12-31 0001737924 Boardwalk Buyer LLC (Death Wish Coffee) | First Lien Debt 2025-12-31 0001737924 Commercial Bakeries Corp.
REMOVED
(Precision Aviation Group) 1 2024-12-31 0001737924 PAG Holding Corp.
(Precision Aviation Group) 2 2024-12-31 0001737924 Signia Aerospace, LLC 1 2024-12-31 0001737924 Signia Aerospace, LLC 2 2024-12-31 0001737924 STS Holding, Inc.
2024-12-31 0001737924 Valkyrie Intermediate, LLC 2024-12-31 0001737924 ncdlc:AerospaceAndDefenseMember us-gaap:DebtSecuritiesMember 2024-12-31 0001737924 Covercraft Parent III, Inc.
2024-12-31 0001737924 High Bar Brands Operating, LLC 1 2024-12-31 0001737924 High Bar Brands Operating, LLC 2 2024-12-31 0001737924 JEGS Automotive 1 2024-12-31 0001737924 JEGS Automotive 2 2024-12-31 0001737924 OEP Glass Purchaser, LLC (PGW Auto Glass) 1 2024-12-31 0001737924 OEP Glass Purchaser, LLC (PGW Auto Glass) 2 2024-12-31 0001737924 Randys Holdings, Inc.
(Randy's Worldwide Automotive) 1 2024-12-31 0001737924 Randys Holdings, Inc.
(Randy's Worldwide Automotive) 2 2024-12-31 0001737924 RA Parent Holdings LP (S S Truck Parts) 2 2024-12-31 0001737924 RA Parent Holdings LP (S S Truck Parts) 3 2024-12-31 0001737924 RA Parent Holdings LP (S S Truck Parts) 4 2024-12-31 0001737924 RA Parent Holdings LP (S S Truck Parts) 5 2024-12-31 0001737924 us-gaap:AutomotiveSectorMember us-gaap:DebtSecuritiesMember 2024-12-31 0001737924 Accession Risk Management Group, Inc.
2 2024-12-31 0001737924 World Insurance Associates, LLC 2024-12-31 0001737924 ncdlc:BankingFinanceInsuranceRealEstateMember us-gaap:DebtSecuritiesMember 2024-12-31 0001737924 AmerCareRoyal, LLC 1 2024-12-31 0001737924 AmerCareRoyal, LLC 2 2024-12-31 0001737924 AmerCareRoyal, LLC 3 2024-12-31 0001737924 Bardstown PPC Buyer LLC (Bardstown Bourbon Company) 1 2024-12-31 0001737924 BCPE North Star US Holdco 2, Inc.
(Dessert Holdings) 1 2024-12-31 0001737924 BCPE North Star US Holdco 2, Inc.
(Dessert Holdings) 2 2024-12-31 0001737924 Boardwalk Buyer LLC (Death Wish Coffee) 2024-12-31 0001737924 Commercial Bakeries Corp.
2 2024-12-31 0001737924 FoodScience, LLC 1 2024-12-31 0001737924 FoodScience, LLC 2 2024-12-31 0001737924 IF P Holding Company, LLC (Fresh Edge) 1 2024-12-31 0001737924 IF P Holding Company, LLC (Fresh Edge) 2 2024-12-31 0001737924 IF P Holding Company, LLC (Fresh Edge) 3 2024-12-31 0001737924 LHS Acquistion, LLC (Summit Hill Foods) 2024-12-31 0001737924 Palmetto Acquisitionco, Inc.
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