* 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 |
|---|---|---|---|---|
| High Bar Brands Operating, LLC | 2,010,107 | Automotive | Subordinated Debt | 13.00% |
| USA Water Intermediate Holdings, LLC | 2,033,973 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| Heartland Veterinary Partners LLC | 2,093,429 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,098,369 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bounteous, Inc. | 2,149,571 | Services: Business | First Lien Debt | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | 2,154,869 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 2,173,917 | Aerospace & Defense | Equity Investments | |
| Smith & Howard Advisory LLC | 2,189,595 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 3.75% |
| Solve Industrial Motion Group LLC | 2,221,993 | High Tech Industries | Subordinated Debt (Delayed Draw) | 14.50% (PIK) |
| National Renovations LLC (Repipe Specialists) | 2,279,172 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
| TPC Wire & Cable Corp. | 2,295,227 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,300,046 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 2,310,022 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 2,317,289 | Construction & Building | Subordinated Debt | 6.00% (Cash) 8.00% (PIK) |
| Low Voltage Holdings Inc. | 2,354,696 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Eyesouth Eye Care Holdco LLC | 2,368,386 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| Watermill Express, LLC | 2,372,673 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| New Spartech Holdings LLC | 2,387,250 | Chemicals, Plastics & Rubber | First Lien Debt | 5.13% (Cash) 4.25% (PIK) |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,400,337 | Automotive | First Lien Debt | S + 5.00% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 2,406,317 | Beverage, Food & Tobacco | Equity Investments | |
| Vessco Midco Holdings, LLC | 2,441,117 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,455,585 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 2,456,897 | Services: Consumer | First Lien Debt | S + 5.75% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,462,880 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Oliver Packaging, LLC | 2,468,747 | Containers, Packaging & Glass | Subordinated Debt | 11.50% |
| Turbine Engine Specialists, Inc. | 2,531,340 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Wellspring Pharmaceutical Corporation | 2,541,214 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Hyperion Materials & Technologies, Inc. | 2,551,429 | Capital Equipment | First Lien Debt | S + 4.50% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 2,585,869 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| MSM Acquisitions, Inc. (Spectrio) | 2,589,406 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
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.