* 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 |
|---|---|---|---|---|
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,289,219 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Gabriel Partners, LLC | 9,163,732 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| KENG Acquisition, Inc. (Enagage PEO) | 9,147,989 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,143,491 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,126,672 | Construction & Building | First Lien Debt | S + 5.00% |
| ADPD Holdings LLC (NearU) | 9,058,986 | Services: Consumer | First Lien Debt | S + 6.00% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 8,972,135 | Transportation: Cargo | First Lien Debt | S + 6.25% |
| TBRS, Inc. | 8,964,884 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Big Apple Advisory, LLC | 8,913,698 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 8,866,357 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Midwest Eye Services, LLC | 8,831,314 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| NFM & J, L.P. (The Facilities Group) | 8,730,102 | Environmental Industries | First Lien Debt | S + 5.75% |
| good2grow LLC | 8,657,702 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Cohen Advisory, LLC | 8,598,518 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Bluebird PM Buyer, Inc. | 8,468,729 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,385,274 | Environmental Industries | First Lien Debt | S + 4.75% |
| Olympic Buyer, Inc. (Ascensus) | 8,239,165 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.35% |
| Heartland Paving Partners, LLC | 8,239,136 | Construction & Building | First Lien Debt | S + 5.00% |
| Health Management Associates, Inc. | 8,213,684 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 8,153,417 | Capital Equipment | Common Units | |
| Armstrong Transport Group, LLC | 8,089,750 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Promptcare Infusion Buyer, Inc. | 8,035,915 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,008,299 | Services: Business | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc | 7,866,081 | Capital Equipment | First Lien Debt | S + 5.00% |
| USA Water Intermediate Holdings, LLC | 7,758,491 | Utilities: Water | First Lien Debt | S + 4.75% |
| Smart Wave Technologies, Inc. | 7,626,931 | High Tech Industries | First Lien Debt | S + 6.00% |
| GHR Healthcare, LLC | 7,572,004 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,553,612 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| QHR Health, LLC | 7,477,107 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Real Chemistry Intermediate III, Inc. | 7,424,830 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
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.