* 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 |
|---|---|---|---|---|
| Sentinel Technologies, Inc | 4,977,648 | Services: Business | First Lien Debt | S + 4.50% |
| AMS Parent, LLC (All My Sons) | 4,973,436 | Services: Consumer | First Lien Debt | S + 4.75% |
| XpressMyself.com LLC (SmartSign) | 4,923,750 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| Heartland Paving Partners, LLC | 4,916,709 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| PAG Holding Corp. (Precision Aviation Group) | 4,880,270 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| Naturpak PPC Buyer LLC | 4,864,846 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,821,002 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| NFM & J, L.P. (The Facilities Group) | 4,786,420 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Prosci, Inc. | 4,709,667 | High Tech Industries | First Lien Debt | S + 4.50% |
| NFM & J, L.P. (The Facilities Group) | 4,708,463 | Environmental Industries | First Lien Debt | S + 5.75% |
| GHR Healthcare, LLC | 4,640,015 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| VRC Companies, LLC (Vital Records Control) | 4,488,375 | Services: Business | First Lien Debt | S + 5.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,461,437 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| CLS Management Services, LLC (Contract Land Staff) | 4,456,294 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 4,435,761 | Services: Business | First Lien Debt | S + 5.00% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,433,290 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| ALKU Intermediate Holdings, LLC | 4,412,330 | Services: Business | First Lien Debt | S + 6.25% |
| Syndigo LLC | 4,375,848 | Services: Business | First Lien Debt | S + 5.00% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,319,830 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,268,131 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.75% |
| Mobile Communications America, Inc. | 4,250,676 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Infobase Acquisition, Inc. | 4,243,158 | High Tech Industries | First Lien Debt | S + 5.50% |
| M&S Holdings Buyer, Inc. | 4,209,924 | Services: Business | First Lien Debt | S + 4.75% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,194,504 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| WSB Engineering Holdings Inc. | 4,159,369 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,137,324 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| Tidi Legacy Products, Inc. | 4,074,710 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| good2grow LLC | 4,029,379 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | 3,912,319 | Services: Business | First Lien Debt | S + 5.50% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 3,892,187 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (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.