* 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 |
|---|---|---|---|---|
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 4,635,452 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.25% |
| GHR Healthcare, LLC | 4,669,571 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 4,697,679 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| NFM & J, L.P. (The Facilities Group) | 4,713,823 | Environmental Industries | First Lien Debt | S + 5.75% |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Debt | S + 4.25% |
| NFM & J, L.P. (The Facilities Group) | 4,791,807 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Integrated Power Services Holdings, Inc. | 4,811,946 | Services: Business | First Lien Debt | S + 4.75% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,832,870 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| PAG Holding Corp. (Precision Aviation Group) | 4,857,026 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| AMS Parent, LLC (All My Sons) | 4,877,575 | Services: Consumer | First Lien Debt | S + 4.75% |
| DMC Holdco, LLC (DMC Power) | 4,912,360 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Heartland Paving Partners, LLC | 4,922,832 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| XpressMyself.com LLC (SmartSign) | 4936375 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| Momentum Textiles, LLC | 4,997,063 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| R1 Holdings, LLC (RoadOne) | 5,002,641 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| HemaSource, Inc. | 5,230,383 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% |
| Genesee Scientific LLC | 5,236,087 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| TSS Buyer, LLC (Technical Safety Services) | 5,250,421 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Bounteous, Inc. | 5,251,661 | Services: Business | First Lien Debt | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 5,260,855 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Alta Buyer, LLC (GoEngineer) | 5,297,553 | High Tech Industries | First Lien Debt | S + 5.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,371,207 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Paving Partners, LLC | 5,536,554 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,566,531 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,596,713 | Construction & Building | Subordinated Debt (Delayed Draw) | 6.00% (Cash) 8.00% (PIK) |
| BCM One, Inc. | 5,664,722 | Telecommunications | First Lien Debt | S + 4.50% |
| KENG Acquisition, Inc. (Enagage PEO) | 5,666,126 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bridges Consumer Healthcare Intermediate LLC | 5,682,268 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| FoodScience, LLC | 5,800,260 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| Perennial Services Group, LLC | 5,919,639 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
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.