* 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 |
|---|---|---|---|---|
| Solve Group Holdings, L.P. (Solve Industrial) | 164,168 | High Tech Industries | Equity Investments | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 165,634 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Tau Buyer, LLC | 174,857 | Services: Business | Revolving Loan | S + 4.75% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 177,042 | Utilities: Electric | Equity Investments | |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 179,406 | Services: Business | Equity Investments | |
| EFC Holdings, LLC (EFC International) | 182,445 | Capital Equipment | Equity Investments | |
| FS NU Investors, LP (NearU) | 183,890 | Services: Consumer | Equity Investments | |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 196,819 | Containers, Packaging & Glass | Equity Investments | |
| National Renovations LLC (Repipe Specialists) | 196,975 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| Online Labels Group, LLC | 200,717 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| North Haven Spartan US Holdco LLC | 213,041 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Cohen Advisory, LLC | 216,049 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| JEGS Automotive | 220,878 | Automotive | Revolving Loan | S + 7.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 220,947 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Venture Buyer, LLC (Velosio) | 223,611 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 227,332 | Transportation: Cargo | Equity Investments | |
| Archer Acquisition, LLC (ARMstrong) | 231,623 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 235,871 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 267,223 | Services: Business | Equity Investments | |
| Liberty Buyer, Inc. (Liberty Group) | 277,548 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| New Spartech Holdings LLC | 285,190 | Chemicals, Plastics & Rubber | Equity Investments | |
| HBB Parent, LLC (High Bar Brands) | 302,091 | Automotive | Equity Investments | |
| Oliver Investors, LP (Oliver Packaging) | 305,662 | Containers, Packaging & Glass | Equity Investments | |
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ultima Health Holdings, LLC | 312,461 | Consumer Goods: Non-durable | Equity Investments | |
| Scaled Agile, Inc. | 327,162 | Services: Business | First Lien Debt (Delayed Draw) | 6.35% (Cash) 3.75% (PIK) |
| VRC Companies, LLC (Vital Records Control) | 328,105 | Services: Business | First Lien Debt | S + 5.50% |
| MSM Acquisitions, Inc. (Spectrio) | 394,938 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| HMA Equity, LP (Health Management Associates) | 414,300 | Healthcare & Pharmaceuticals | Equity Investments | |
| SEKO Global Logistics Network, LLC | 451,153 | Transportation: Cargo | First Lien Debt | S + 10.00% |
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.