* 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.
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.
$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Tau Buyer, LLC | 2,250,933 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Environ Energy, LLC | (9,880) | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.25% |
| Element 78 Partners, LLC (E78) | (155,380) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| MSM Acquisitions, Inc. (Spectrio) | 2,463,363 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| Swoop Intermediate III, Inc. | 22,176 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Env Automation Acquisition,LLC | (156) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (14,591) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Tinuiti Inc. | 1,826,361 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.40% (Cash) 3.13% (PIK) |
| Pinnacle Supply Partners, LLC | (77,073) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Tidi Legacy Products, Inc. | 4,074,710 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| ERA Industries, LLC (BTX Precision) | 890,867 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,194,504 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| TBRS, Inc. | (21,695) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| CLS Management Services, LLC (Contract Land Staff) | 4,456,294 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| WCI-Momentum Bidco, LLC | (81) | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ascend Partner Services LLC | 12,089,000 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Archer Acquisition, LLC (ARMstrong) | 625,168 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| All4 Buyer, LLC | 550,161 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| Astra Service Partners, LLC | (85) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Watermill Express, LLC | - | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Watermill Express, LLC | 2,372,673 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Watermill Express, LLC | 3,154,484 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| North Haven Spartan US Holdco LLC | 3,247,668 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Aprio Advisory Group, LLC | (452) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Apex Service Partners, LLC | 154,473 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| WSB Engineering Holdings Inc. | 4,159,369 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Online Labels Group, LLC | 200,212 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Alta Buyer, LLC (GoEngineer) | 3,087,766 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
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 December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% 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.