* 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 |
|---|---|---|---|---|
| Matador US Buyer, LLC (Insulation Technology Group) | 22,192,360 | Energy: Electricity | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,539,474 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| 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% |
| Alta Buyer, LLC (GoEngineer) | 11,336,170 | High Tech Industries | First Lien Debt | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 3,087,766 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Ovation Holdings, Inc | 7,866,081 | Capital Equipment | First Lien Debt | S + 5.00% |
| Syndigo LLC | 4,375,848 | Services: Business | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 937,751 | Capital Equipment | First Lien Debt | S + 5.00% |
| Syndigo LLC | (4,265) | Services: Business | Revolving Loan | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 5,284,176 | High Tech Industries | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 1,861,518 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,220,835 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,534,797 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| World Insurance Associates, LLC | 14,528,713 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 111,522 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| AmerCareRoyal, LLC | 700,255 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | (2,910) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| KRIV Acquisition, Inc. (Riveron) | 12,056,908 | Services: Business | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 2,717,126 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 10,070,534 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,120,214 | Automotive | First Lien Debt | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,564,801 | Automotive | First Lien Debt | S + 5.00% |
| 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% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,289,219 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 937,549 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,239,136 | Construction & Building | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 5,528,912 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 2,976,008 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
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.