* 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 |
|---|---|---|---|---|
| HBB Parent, LLC (High Bar Brands) | 323,604 | Automotive | Class A Units | |
| Scaled Agile, Inc. | 319,722 | Services: Business | First Lien Debt (Delayed Draw) | 6.02% (Cash) 3.75% (PIK) |
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| M&S Group Holdings,LLC | 299,815 | Services: Business | Common Units | |
| Liberty Buyer, Inc. (Liberty Group) | 280,831 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 270,737 | Services: Business | Class A Limited Partnership Units | |
| Tau Buyer, LLC | 269,681 | Services: Business | Revolving Loan | S + 4.75% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 266,259 | Beverage, Food & Tobacco | Class A Preferred Units | |
| Solve Group Holdings, L.P. (Solve Industrial) | 265,113 | High Tech Industries | Solve Industrial Equity | |
| BroadcastMed Holdco, LLC | 253,201 | Media: Diversified & Production | Series A-3 Preferred Units | |
| Oliver Investors, LP (Oliver Packaging) | 234,477 | Containers, Packaging & Glass | Common Equity | |
| JEGS Automotive | 227,088 | Automotive | Revolving Loan | S + 7.00% |
| Venture Buyer, LLC (Velosio) | 223,049 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 221,332 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 218,563 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| Cohen Advisory, LLC | 215,506 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| North Haven Spartan US Holdco LLC | 212,476 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Mobile Communications America, Inc. | 201,212 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Online Labels Group, LLC | 200,212 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| National Renovations LLC (Repipe Specialists) | 197,160 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 190,544 | Containers, Packaging & Glass | Class A Units | |
| EFC Holdings, LLC (EFC International) | 185,483 | Capital Equipment | Class A Preferred Units | |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 155,584 | Services: Business | Class A Membership Interests | |
| Element 78 Partners, LLC (E78) | (155,380) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| Apex Service Partners, LLC | 154,473 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 154,067 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 153,483 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | (150,371) | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| FS NU Investors, LP (NearU) | 137,939 | Services: Consumer | Class A |
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.