* 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
207
Portfolio companies
0.5%
Average position size
$73M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 231,011 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 226,826 | Utilities: Electric | Equity Investments | |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 226,430 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Venture Buyer, LLC (Velosio) | 224,173 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| JEGS Automotive | 214,681 | Automotive | Revolving Loan | 4.30% (Cash) 7.00% (PIK) |
| North Haven Spartan US Holdco LLC | 213,607 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Online Labels Group, LLC | 201,221 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| National Renovations LLC (Repipe Specialists) | 198,651 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| Cohen Advisory, LLC | 181,291 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| EFC Holdings, LLC (EFC International) | 178,790 | Capital Equipment | Equity Investments | |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 176,824 | Services: Business | Equity Investments | |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 176,640 | Containers, Packaging & Glass | Equity Investments | |
| FS NU Investors, LP (NearU) | 173,282 | Services: Consumer | Equity Investments | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 162,218 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| Apex Service Partners, LLC | 153,744 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 153,196 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 128,460 | Transportation: Consumer | Equity Investments | |
| Tau Buyer, LLC | 116,954 | Services: Business | Revolving Loan | S + 4.75% |
| AmerCareRoyal, LLC | 110,785 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 109,596 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Solve Group Holdings, L.P. (Solve Industrial) | 107,904 | High Tech Industries | Equity Investments | |
| RPI Investments LP (Rose Paving) | 104,617 | Construction & Building | Equity Investments | |
| Athlete Buyer, LLC (Allstar Holdings) | (103,929) | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
| Bridges Consumer Healthcare Intermediate LLC | (103,672) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| BayPine Monarch Co-Invest, LP | 100,409 | Services: Business | Equity Investments | |
| MDC Group Holdings, LP (Mosaic Dental) | 99,620 | Healthcare & Pharmaceuticals | Equity Investments | |
| Cornerstone Advisors of Arizona, LLC | 99,544 | Services: Business | First Lien Debt | S + 4.75% |
| VALIDITY INC | 99,000 | High Tech Industries | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | (96,451) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
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 June 30, 2025. As of June 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.15%, and 3.88% 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.