* 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 |
|---|---|---|---|---|
| Cohen Advisory, LLC | 8,620,232 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| NFM & J, L.P. (The Facilities Group) | 8,742,272 | Environmental Industries | First Lien Debt | S + 5.75% |
| Midwest Eye Services, LLC | 8,807,483 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | 8,934,369 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| TBRS, Inc. | 8,982,005 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Gabriel Partners, LLC | 9,005,613 | Services: Business | First Lien Debt | 6.15% (Cash) 5.45% (PIK) |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,079,996 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,132,411 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,150,270 | Construction & Building | First Lien Debt | S + 5.00% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,203,641 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,323,634 | Capital Equipment | First Lien Debt | S + 5.25% |
| ADPD Holdings LLC (NearU) | 9,337,951 | Services: Consumer | First Lien Debt | S + 6.00% |
| Tinuiti Inc. | 9,356,229 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Exterro, Inc. | 9,388,901 | High Tech Industries | First Lien Debt | S + 5.50% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,395,682 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,420,658 | Services: Business | First Lien Debt | S + 5.00% |
| Ascend Partner Services LLC | 9,480,940 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,625,000 | Services: Business | First Lien Debt | S + 6.25% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,625,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| XpressMyself.com LLC (SmartSign) | 9700000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Excel Fitness Holdings, Inc. | 9,775,000 | Services: Consumer | First Lien Debt | S + 5.25% |
| Tau Buyer, LLC | 9,803,708 | Services: Business | First Lien Debt | S + 4.75% |
| FirstCall Mechanical Group, LLC | 9,808,838 | Capital Equipment | First Lien Debt | S + 4.75% |
| MBS Holdings, Inc. | 9,873,083 | Telecommunications | First Lien Debt | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 9,945,209 | Services: Consumer | First Lien Debt | S + 5.25% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 10,069,534 | Containers, Packaging & Glass | First Lien Debt | S + 5.25% |
| Transit Buyer, LLC (Propark Mobility) | 10,096,029 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Smile Brands Inc. | 10,145,775 | Healthcare & Pharmaceuticals | Subordinated Debt | S + 8.50% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,339,067 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
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.