* 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 |
|---|---|---|---|---|
| Lettermen's Parent Holding, LLC | 400,000 | Wholesale | Class A Units | |
| ISG Enterprises, LLC (Industrial Service Group) | 6,239,106 | Wholesale | First Lien Debt | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,306,209 | Wholesale | First Lien Debt | S + 5.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,922,778 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| ISG Enterprises, LLC (Industrial Service Group) | 3,248,727 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| Lettermen's Parent Holding, LLC | 48,600 | Wholesale | Common Units | |
| USAW Parent LLC (USA Water) | 714,292 | Utilities: Water | Common Unit | |
| USA Water Intermediate Holdings, LLC | 2,028,871 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 7,758,491 | Utilities: Water | First Lien Debt | S + 4.75% |
| Industrial Air Flow Dynamics, Inc. | (98) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | 78,596 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Low Voltage Holdings Inc. | (1,239) | Utilities: Electric | Revolving Loan | S + 4.75% |
| Force Electrical Buyerco, LLC | 36,814 | Utilities: Electric | First Lien Debt | S + 4.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,620 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Force Electrical Buyerco, LLC | 399 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| RMS Energy Borrower LLC | 6,716,255 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Low Voltage Holdings Inc. | (1,821) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,276 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Pinnacle Supply Partners, LLC | 5,919,721 | Utilities: Electric | First Lien Debt | S + 6.25% |
| Pinnacle Supply Partners, LLC | 1,879,132 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| RMS Energy Borrower LLC | (6,571) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Low Voltage Holdings Inc. | 2,572,200 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Pinnacle Supply Partners, LLC | (77,073) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 103,764 | Utilities: Electric | Common Units | |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,380,147 | Utilities: Electric | First Lien Debt | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (14,591) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| EVDR Purchaser, Inc. | 10,429,633 | Transportation: Consumer | First Lien Debt | S + 4.50% |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,298,689 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| Armstrong Transport Group, LLC | 8,089,750 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,152,696 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (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.