* 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 |
|---|---|---|---|---|
| North Haven Spartan US Holdco LLC | 1,621,797 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 213,041 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| ICE USA Infrastructure, Inc. | 6,297,632 | Construction & Building | First Lien Debt | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,791,807 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 481,762 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 2,456,897 | Services: Consumer | First Lien Debt | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,713,823 | Environmental Industries | First Lien Debt | S + 5.75% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,455,585 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.75% |
| Genesee Scientific LLC | 5,236,087 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Eliassen Group, LLC | 840,115 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Genesee Scientific LLC | 1,370,903 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Eliassen Group, LLC | 11,671,905 | High Tech Industries | First Lien Debt | S + 5.75% |
| good2grow LLC | 4,029,379 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Excel Fitness Holdings, Inc. | 470,677 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| Matador US Buyer, LLC (Insulation Technology Group) | 22,101,651 | Energy: Electricity | First Lien Debt | S + 5.50% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,566,531 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 2,368,386 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| Businessolver.com, Inc. | 7,603,030 | Services: Business | First Lien Debt | S + 5.50% |
| Businessolver.com, Inc. | 935,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Olympus US Bidco LLC (Phaidon International) | 12,875,564 | Services: Business | First Lien Debt | S + 5.50% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 23,111,815 | Energy: Electricity | First Lien Debt | S + 5.50% |
| XpressMyself.com LLC (SmartSign) | 9700000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 7,223,959 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,856,643 | Services: Business | First Lien Debt | S + 5.50% |
| Perennial Services Group, LLC | 5,919,639 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 6,651,563 | Services: Business | First Lien Debt | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 5,250,421 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Perennial Services Group, LLC | 6,614,592 | Services: Consumer | First Lien Debt | S + 5.50% |
| Exterro, Inc. | 9,388,901 | High Tech Industries | First Lien Debt | S + 5.50% |
| VRC Companies, LLC (Vital Records Control) | 328,105 | Services: Business | First Lien Debt | S + 5.50% |
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.