* 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 |
|---|---|---|---|---|
| Bridges Consumer Healthcare Intermediate LLC | 5,670,833 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| FoodScience, LLC | 5,830,913 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,872,107 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| Pinnacle Supply Partners, LLC | 5,919,721 | Utilities: Electric | First Lien Debt | S + 6.25% |
| GHR Healthcare, LLC | 5,959,810 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,003,776 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Chroma Color Corporation | 6,105,985 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| Venture Buyer, LLC (Velosio) | 6,138,287 | High Tech Industries | First Lien Debt | S + 5.25% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,175,923 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,215,381 | Capital Equipment | First Lien Debt | S + 6.00% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,239,106 | Wholesale | First Lien Debt | S + 5.75% |
| ICE USA Infrastructure, Inc. | 6,291,447 | Construction & Building | First Lien Debt | S + 5.75% |
| Watermill Express, LLC | 6,295,297 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 6,307,191 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| WSB Engineering Holdings Inc. | 6,331,187 | Construction & Building | First Lien Debt | S + 4.50% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,362,300 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,395,514 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Nutrition 101 Buyer, LLC (101 Inc) | 6,419,012 | Environmental Industries | First Lien Debt | S + 5.25% |
| HMN Acquirer Corp. | 6,473,505 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Scaled Agile, Inc. | 6,560,783 | Services: Business | First Lien Debt | 6.02% (Cash) 3.75% (PIK) |
| Impact Parent Corporation (Impact Environmental Group) | 6,611,107 | Environmental Industries | First Lien Debt | S + 5.25% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,628,061 | Automotive | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,634,375 | Services: Business | First Lien Debt | S + 5.50% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,635,207 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,645,281 | Services: Business | First Lien Debt | S + 5.75% |
| Transit Buyer, LLC (Propark Mobility) | 6,685,938 | Services: Business | First Lien Debt | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 6,695,256 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| RMS Energy Borrower LLC | 6,716,255 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Archer Acquisition, LLC (ARMstrong) | 6,738,400 | Services: Business | First Lien Debt | S + 4.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 6,754,978 | Containers, Packaging & Glass | First Lien Debt | 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 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.