* 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 |
|---|---|---|---|---|
| Nutrition 101 Buyer, LLC (101 Inc) | 6,419,012 | Environmental Industries | First Lien Debt | S + 5.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,395,514 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,362,300 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| WSB Engineering Holdings Inc. | 6,331,187 | Construction & Building | First Lien Debt | S + 4.50% |
| TSS Buyer, LLC (Technical Safety Services) | 6,307,191 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Watermill Express, LLC | 6,295,297 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| ICE USA Infrastructure, Inc. | 6,291,447 | Construction & Building | First Lien Debt | S + 5.75% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,239,106 | Wholesale | First Lien Debt | S + 5.75% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,215,381 | Capital Equipment | First Lien Debt | S + 6.00% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,175,923 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| Venture Buyer, LLC (Velosio) | 6,138,287 | High Tech Industries | First Lien Debt | S + 5.25% |
| Chroma Color Corporation | 6,105,985 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,003,776 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| GHR Healthcare, LLC | 5,959,810 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Pinnacle Supply Partners, LLC | 5,919,721 | Utilities: Electric | First Lien Debt | S + 6.25% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,872,107 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| FoodScience, LLC | 5,830,913 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | 5,670,833 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,661,010 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| BCM One, Inc. | 5,648,753 | Telecommunications | First Lien Debt | S + 4.50% |
| Heartland Paving Partners, LLC | 5,528,912 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,390,240 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Genesee Scientific LLC | 5,335,657 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Alta Buyer, LLC (GoEngineer) | 5,284,176 | High Tech Industries | First Lien Debt | S + 5.00% |
| Bounteous, Inc. | 5,237,985 | Services: Business | First Lien Debt | S + 4.75% |
| Integrated Power Services Holdings, Inc. | 5,235,350 | Services: Business | First Lien Debt | S + 4.75% |
| HemaSource, Inc. | 5,235,146 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.50% |
| Affinity Hospice Intermediate Holdings, LLC | 5,096,366 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| R1 Holdings, LLC (RoadOne) | 5,073,843 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Momentum Textiles, LLC | 5,058,911 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (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.