* 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 |
|---|---|---|---|---|
| GreyLion TGNL Holdings | 854,973 | Construction & Building | Equity Investments | |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 177,042 | Utilities: Electric | Equity Investments | |
| HMA Equity, LP (Health Management Associates) | 414,300 | Healthcare & Pharmaceuticals | Equity Investments | |
| Covercraft Parent III, Inc. | - | Automotive | Equity Investments | |
| EFC Holdings, LLC (EFC International) | 52,116 | Capital Equipment | Equity Investments | |
| EFC Holdings, LLC (EFC International) | 182,445 | Capital Equipment | Equity Investments | |
| FBG Holdings LLC | 512,022 | Consumer Goods: Non-durable | Equity Investments | |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 897,000 | Capital Equipment | Equity Investments | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,137,331 | Services: Consumer | Equity Investments | |
| FS NU Investors, LP (NearU) | 183,890 | Services: Consumer | Equity Investments | |
| Geds Equity Investors, LP (Esquire Deposition Services) | 267,223 | Services: Business | Equity Investments | |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 196,819 | Containers, Packaging & Glass | Equity Investments | |
| Concord FG Holdings, LP (E78) | 614,041 | Services: Business | Equity Investments | |
| CHS Investors, LLC | 79,752 | Services: Consumer | Equity Investments | |
| LH Equity Investors, L.P. | 1,500,000 | Consumer Goods: Durable | Equity Investments | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| MDC Group Holdings, LP (Mosaic Dental) | 45,657 | Healthcare & Pharmaceuticals | Equity Investments | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 642,999 | Services: Consumer | Equity Investments | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 15,809 | Services: Consumer | Equity Investments | |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,492,326 | Sovereign & Public Finance | Equity Investments | |
| KKEMP Blocked Co-Invest, LP | 1,000,000 | Services: Business | Equity Investments | |
| CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments | |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 953,625 | Services: Business | Equity Investments | |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 7,475,749 | Capital Equipment | Equity Investments | |
| Solve Group Holdings, L.P. (Solve Industrial) | 164,168 | High Tech Industries | Equity Investments | |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,271,237 | Construction & Building | Equity Investments | |
| WE Select Fund 3, L.P. | 483,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 0 | Beverage, Food & Tobacco | Equity Investments | |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 350530.73 | Beverage, Food & Tobacco | Equity Investments |
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.