* 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 |
|---|---|---|---|---|
| Refresh Buyer, LLC (Sunny Sky Products) | 1,725,575 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,789,305 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| BCM One, Inc. | 1,789,445 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| MEI Buyer LLC | 1,791,582 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| MBS Holdings, Inc. | 1,799,459 | Telecommunications | First Lien Debt | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | 1,803,994 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Cobalt Service Partners, LLC | 1,805,646 | Construction & Building | First Lien Debt | S + 4.75% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,824,247 | Construction & Building | Series F interests | |
| Tinuiti Inc. | 1,826,361 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.40% (Cash) 3.13% (PIK) |
| TSS Buyer, LLC (Technical Safety Services) | 1,851,907 | Services: Business | First Lien Debt | S + 5.50% |
| Trilon Group, LLC | 1,853,997 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ovation Holdings, Inc | 1,861,518 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| GHR Healthcare, LLC | 1,864,267 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Pinnacle Supply Partners, LLC | 1,879,132 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,922,778 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 1,939,094 | Aerospace & Defense | Class A-1 Units | |
| FH DMI Buyer, Inc. | 1,972,504 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 1,982,704 | Beverage, Food & Tobacco | Common | |
| Boulder Scientific Company, LLC | 1,983,043 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Commercial Bakeries Corp. | 1,993,121 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| High Bar Brands Operating, LLC | 2,013,030 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Solve Industrial Motion Group LLC | 2,027,211 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| USA Water Intermediate Holdings, LLC | 2,028,871 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| LH Equity Investors, L.P. | 2,029,398 | Consumer Goods: Durable | Limited Partnership Interest | |
| Anne Arundel Dermatology Management, LLC | 2,036,670 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Esquire Deposition Solutions, LLC | 2,037,309 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| FoodScience, LLC | 2,039,836 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,078,230 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 2,107,199 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Heartland Veterinary Partners LLC | 2,136,800 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
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.