* 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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| WSB Engineering Holdings Inc. | 4167843.91 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| GreyLion TGNL Holdings | 854,973 | Construction & Building | Equity Investments | |
| WSB Engineering Holdings Inc. | 6344177.21 | Construction & Building | First Lien Debt | S + 4.50% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,271,237 | Construction & Building | Equity Investments | |
| Athlete Buyer, LLC (Allstar Holdings) | 2,317,289 | Construction & Building | Subordinated Debt | 6.00% (Cash) 8.00% (PIK) |
| Cobalt Service Partners, LLC | 1,809,647 | Construction & Building | First Lien Debt | S + 4.75% |
| MEI Buyer LLC | 1,810,485 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| SCIC Buyer, Inc. | 59,087 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| RPI Investments LP (Rose Paving) | 87,037 | Construction & Building | Equity Investments | |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,150,270 | Construction & Building | First Lien Debt | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 16,286,013 | Construction & Building | First Lien Debt | S + 4.50% |
| Royal Holdco Corporation (RMA Companies) | 690,530 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Gannett Fleming, Inc. | 17,566,484 | Construction & Building | First Lien Debt | S + 4.75% |
| Rose Paving, LLC | (2,307) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Rose Paving, LLC | 2,901,057 | Construction & Building | Subordinated Debt | 12.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,832,870 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 5,536,554 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Momentum Textiles, LLC | 4,997,063 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| XpressMyself.com LLC (SmartSign) | 9700000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| XpressMyself.com LLC (SmartSign) | 4936375 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| LH Equity Investors, L.P. | 1,500,000 | Consumer Goods: Durable | Equity Investments | |
| DRS Holdings III, Inc. | 2,881,168 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,455,585 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.75% |
| FBG Holdings LLC | 512,022 | Consumer Goods: Non-durable | Equity Investments | |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,638,018 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
| Bradford Soap International, Inc. | 2,985,900 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| Bradford Soap International, Inc. | (4,700) | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| FoodServices Brand Group, LLC | 3,009,922 | Consumer Goods: Non-durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| ACP Tara Holdings, Inc. | 12,378,340 | Consumer Goods: Non-durable | First Lien Debt | S + 4.50% |
| Ultima Health Holdings, LLC | 312,461 | Consumer Goods: Non-durable | Equity Investments |
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 September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.