* 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 |
|---|---|---|---|---|
| DRS Holdings III, Inc. | 2,881,168 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| LH Equity Investors, L.P. | 1,500,000 | Consumer Goods: Durable | Equity Investments | |
| WSB Engineering Holdings Inc. | 4167843.91 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| WSB Engineering Holdings Inc. | 6344177.21 | Construction & Building | First Lien Debt | S + 4.50% |
| Cobalt Service Partners, LLC | 1,370,887 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,410,765 | Construction & Building | Subordinated Debt (Delayed Draw) | 6.00% (Cash) 8.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 5,596,713 | Construction & Building | Subordinated Debt (Delayed Draw) | 6.00% (Cash) 8.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | (99,662) | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| Cobalt Service Partners, LLC | 1,809,647 | Construction & Building | First Lien Debt | S + 4.75% |
| Athlete Buyer, LLC (Allstar Holdings) | 2,317,289 | Construction & Building | Subordinated Debt | 6.00% (Cash) 8.00% (PIK) |
| ICE USA Infrastructure, Inc. | 6,297,632 | Construction & Building | First Lien Debt | S + 5.75% |
| Heartland Paving Partners, LLC | 4,922,832 | 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% |
| Rose Paving, LLC | (2,307) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| MEI Buyer LLC | 11,321,310 | Construction & Building | First Lien Debt | S + 5.00% |
| Gannett Fleming, Inc. | (14,919) | Construction & Building | Revolving Loan | S + 4.75% |
| MEI Buyer LLC | 540,314 | 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% |
| MEI Buyer LLC | 1,810,485 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,807,710 | Construction & Building | Equity Investments | |
| Heartland Paving Partners, LLC | 8,250,660 | Construction & Building | First Lien Debt | S + 5.00% |
| SCIC Buyer, Inc. | 15,019,135 | Construction & Building | First Lien Debt | S + 4.75% |
| Gannett Fleming, Inc. | 17,566,484 | Construction & Building | First Lien Debt | S + 4.75% |
| GreyLion TGNL Holdings | 854,973 | Construction & Building | Equity Investments | |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,832,870 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,271,237 | Construction & Building | Equity Investments | |
| RPI Investments LP (Rose Paving) | 87,037 | Construction & Building | Equity Investments | |
| Royal Holdco Corporation (RMA Companies) | 16,286,013 | Construction & Building | First Lien Debt | S + 4.50% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,150,270 | Construction & Building | First Lien Debt | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 690,530 | Construction & Building | First Lien Debt (Delayed Draw) | 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 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.