* 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 |
|---|---|---|---|---|
| Gabriel Partners, LLC | 3,783,145 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| Gabriel Partners, LLC | 668,568 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| Gannett Fleming, Inc. | (14,280) | Construction & Building | Revolving Loan | S + 4.75% |
| Gannett Fleming, Inc. | 17,527,751 | Construction & Building | First Lien Debt | S + 4.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 270,737 | Services: Business | Class A Limited Partnership Units | |
| Genesee Scientific LLC | 5,335,657 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Genesee Scientific LLC | 1,397,020 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| GreyLion TGNL Holdings | 853,752 | Construction & Building | Limited Partnership Interests | |
| HBB Parent, LLC (High Bar Brands) | 323,604 | Automotive | Class A Units | |
| HMA Equity, LP (Health Management Associates) | 405,902 | Healthcare & Pharmaceuticals | Class A Common Units | |
| HMN Acquirer Corp. | 6,473,505 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| HMN Acquirer Corp. | (21,588) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Health Management Associates, Inc. | 1,062,641 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Health Management Associates, Inc. | 8,213,684 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,394,193 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,471,582 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,215,381 | Capital Equipment | First Lien Debt | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,390,240 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Paving Partners, LLC | 5,528,912 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 4,916,709 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,239,136 | Construction & Building | First Lien Debt | S + 5.00% |
| Heartland Veterinary Partners LLC | 3,878,611 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 10,683,999 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 2,136,800 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 103,764 | Utilities: Electric | Common Units | |
| HemaSource, Inc. | 5,235,146 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.50% |
| High Bar Brands Operating, LLC | 2,013,030 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Hyperion Materials & Technologies, Inc. | 2,489,964 | Capital Equipment | First Lien Debt | S + 4.50% |
| ICE USA Infrastructure, Inc. | 6,291,447 | Construction & Building | First Lien Debt | S + 5.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,137,324 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (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.