* 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 |
|---|---|---|---|---|
| FoodScience, LLC | 5,830,913 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| M&S Holdings Buyer, Inc. | (3,790) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Smith & Howard Advisory LLC | 2,188,511 | Banking, Finance, Insurance & Real Estate | 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% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,620 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Online Labels Group, LLC | 3,261,895 | Containers, Packaging & Glass | First Lien Debt | S + 4.75% |
| Online Labels Group, LLC | 200,212 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,385,274 | Environmental Industries | First Lien Debt | S + 4.75% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,395,101 | Automotive | First Lien Debt | S + 4.75% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,531,960 | Automotive | First Lien Debt | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | 3,371,161 | Services: Consumer | First Lien Debt | S + 4.75% |
| AMS Parent, LLC (All My Sons) | 4,973,436 | Services: Consumer | First Lien Debt | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 2,028,871 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | (27,981) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Cobalt Service Partners, LLC | 1,515,234 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,725,575 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,362,300 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,574,035 | Environmental Industries | First Lien Debt | S + 4.75% |
| PAG Holding Corp. (Precision Aviation Group) | 4,880,270 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| PAG Holding Corp. (Precision Aviation Group) | 14,720,983 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| ACP Maverick Holdings, Inc. | 16,169,286 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| ACP Maverick Holdings, Inc. | 2,929,487 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Smith & Howard Advisory LLC | 2,839,760 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.75% |
| Watermill Express, LLC | 2,372,673 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Cornerstone Advisors of Arizona, LLC | 99,142 | Services: Business | First Lien Debt | S + 4.75% |
| Cobalt Service Partners, LLC | 1,805,646 | Construction & Building | First Lien Debt | S + 4.75% |
| STS Holding, Inc. | 3,342,674 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,523,446 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 5,096,366 | Healthcare & Pharmaceuticals | 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.