* 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 |
|---|---|---|---|---|
| Astra Service Partners, LLC | (85) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Astra Service Partners, LLC | 74,990 | Services: Business | First Lien Debt | S + 4.75% |
| Integrated Power Services Holdings, Inc. | 5,235,350 | Services: Business | First Lien Debt | S + 4.75% |
| Transit Buyer, LLC (Propark Mobility) | 10,070,534 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 3,077,305 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Tau Buyer, LLC | 269,681 | Services: Business | Revolving Loan | S + 4.75% |
| NMSEF II Holdings I, L.P. | 482,683 | Services: Business | Limited Partner Interests | |
| Tau Buyer, LLC | 9,821,443 | Services: Business | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 625,168 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 1,103,872 | Services: Business | Class A Units | |
| Olympus US Bidco LLC (Phaidon International) | 12,686,613 | Services: Business | First Lien Debt | S + 5.50% |
| Tau Buyer, LLC | 2,250,933 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Schill Blocker Agg, LLC | 3,000,000 | Services: Business | Limited Partnership Interests | |
| Archer Acquisition, LLC (ARMstrong) | 6,738,400 | Services: Business | First Lien Debt | S + 4.75% |
| Syndigo LLC | (4,265) | Services: Business | Revolving Loan | S + 5.00% |
| Syndigo LLC | 4,375,848 | Services: Business | First Lien Debt | S + 5.00% |
| Thompson Safety LLC | 9,262 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| KKEMP Blocked Co-Invest, LP | 1,107,235 | Services: Business | Class A Interests | |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,121,940 | Services: Business | First Lien Debt | S + 5.25% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,143,172 | Services: Business | First Lien Debt | S + 5.25% |
| M&S Group Holdings,LLC | 299,815 | Services: Business | Common Units | |
| Transit Buyer, LLC (Propark Mobility) | 6,685,938 | Services: Business | First Lien Debt | S + 5.00% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 155,584 | Services: Business | Class A Membership Interests | |
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| M&S Holdings Buyer, Inc. | 4,209,924 | Services: Business | First Lien Debt | S + 4.75% |
| M&S Holdings Buyer, Inc. | (3,790) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| All4 Buyer, LLC | 550,161 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| Bounteous, Inc. | 5,237,985 | Services: Business | First Lien Debt | S + 4.75% |
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.