* 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 |
|---|---|---|---|---|
| Oliver Packaging, LLC | 487,832 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| Ivex Holdco Inc. (Specialized Packaging Group) | 3,256,980 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 190,544 | Containers, Packaging & Glass | Class A Units | |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,457,626 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.25% |
| Bradford Soap International, Inc. | 2,985,000 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| Bradford Soap International, Inc. | (5,000) | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ultima Health Holdings, LLC | 380,706 | Consumer Goods: Non-durable | Preferred units | |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,452,684 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,057,385 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| FBG Holdings LLC | 511,486 | Consumer Goods: Non-durable | Common Units | |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,635,207 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| FoodServices Brand Group, LLC | 3,037,090 | Consumer Goods: Non-durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| LH Equity Investors, L.P. | 2,029,398 | Consumer Goods: Durable | Limited Partnership Interest | |
| XpressMyself.com LLC (SmartSign) | 4,923,750 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| Momentum Textiles, LLC | 5,058,911 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| DRS Holdings III, Inc. | 2,838,771 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| XpressMyself.com LLC (SmartSign) | 9,675,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Rose Paving, LLC | 2,844,679 | Construction & Building | Subordinated Debt | 12.00% |
| Rose Paving, LLC | (5,968) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| WSB Engineering Holdings Inc. | 4,159,369 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| SCIC Buyer, Inc. | 14,995,747 | Construction & Building | First Lien Debt | S + 4.75% |
| Royal Holdco Corporation (RMA Companies) | 16,251,550 | Construction & Building | First Lien Debt | S + 4.50% |
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| RPI Investments LP (Rose Paving) | 67,738 | Construction & Building | Class A Units | |
| SCIC Buyer, Inc. | 539,951 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Heartland Paving Partners, LLC | 4,916,709 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,661,010 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 4,461,437 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | (150,371) | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| GreyLion TGNL Holdings | 853,752 | Construction & Building | Limited Partnership Interests |
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.