* 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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Apex Service Partners, LLC | 628,283 | Services: Consumer | First Lien Debt | S + 5.00% |
| Apex Service Partners, LLC | (22) | Services: Consumer | Revolving Loan | S + 5.00% |
| Apex Service Partners, LLC | 153,686 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 154,095 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 6,764,060 | Services: Business | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 231,623 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,242,606 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| Armstrong Transport Group, LLC | 7,934,730 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Ascend Partner Services LLC | 9,480,940 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ascend Partner Services LLC | 7,231,026 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Athlete Buyer, LLC (Allstar Holdings) | (99,662) | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 5,596,713 | Construction & Building | Subordinated Debt (Delayed Draw) | 6.00% (Cash) 8.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 4,410,765 | Construction & Building | Subordinated Debt (Delayed Draw) | 6.00% (Cash) 8.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 2,317,289 | Construction & Building | Subordinated Debt | 6.00% (Cash) 8.00% (PIK) |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 110,093 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,900,816 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| BCM One, Inc. | 5,664,722 | Telecommunications | First Lien Debt | S + 4.50% |
| BCM One, Inc. | 1,794,090 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,148,633 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 2,173,917 | Aerospace & Defense | Equity Investments | |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,203,641 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 2,406,317 | Beverage, Food & Tobacco | Equity Investments | |
| BayPine Monarch Co-Invest, LP | 99,969 | Services: Business | Equity Investments | |
| Big Apple Advisory, LLC | 8,934,369 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | 11,624 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Big Apple Advisory, LLC | 4,697 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Bluebird PM Buyer, Inc. | 8,435,426 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Bluebird PM Buyer, Inc. | 3,034 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,625,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Boulder Scientific Company, LLC | 1,978,446 | Chemicals, Plastics & Rubber | 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 September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.