* 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 |
|---|---|---|---|---|
| National Renovations LLC (Repipe Specialists) | 622,690 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 2,281,311 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
| Heartland Veterinary Partners LLC | 2,136,800 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,692,482 | Healthcare & Pharmaceuticals | Subordinated Debt | 14.25% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 876,975 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| PLZ Corp (PLZ Aeroscience) | 12,042,239 | Services: Business | Subordinated Debt | S + 7.50% |
| Solve Industrial Motion Group LLC | 873,202 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Solve Industrial Motion Group LLC | 2,027,211 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Smile Brands Inc. | 10,356,831 | Healthcare & Pharmaceuticals | Subordinated Debt | S + 8.50% |
| Momentum Textiles, LLC | 5,058,911 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Esquire Deposition Solutions, LLC | 2,037,309 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| FoodServices Brand Group, LLC | 3,037,090 | Consumer Goods: Non-durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Covercraft Parent III, Inc. | 871,182 | Automotive | Subordinated Debt | 14.50% (PIK) |
| HemaSource, Inc. | 5,235,146 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.50% |
| Caldwell & Gregory LLC | 1,163,126 | Services: Business | Subordinated Debt | 9.92%% (Cash) 2.50% (PIK) |
| CDL Marketing Group, LLC (Career Now) | 868,688 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| BroadcastMed Holdco, LLC | 3,640,525 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,175,923 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| R1 Holdings, LLC (RoadOne) | 5,073,843 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,143,491 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 977,649 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 826,174 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| Turbine Engine Specialists, Inc. | 2,502,339 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Turbine Engine Specialists, Inc. | 812,489 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| High Bar Brands Operating, LLC | 2,013,030 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Rose Paving, LLC | 2,844,679 | Construction & Building | Subordinated Debt | 12.00% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,137,324 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| Columbia Home Services LLC | 76,323 | Services: Consumer | Subordinated Debt | 12.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 2,343,911 | Construction & Building | Subordinated Debt | 1.00% (Cash) 13.00% (PIK) |
| Legacy Service Partners, LLC | (1,145) | Services: Consumer | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
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.