* 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
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Gabriel Partners, LLC | 9,163,732 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| FSK Pallet Holding Corp. (Kamps Pallets) | 8,972,135 | Transportation: Cargo | First Lien Debt | S + 6.25% |
| Force Electrical Buyerco, LLC | 36,814 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Watermill Express, LLC | 2,740,964 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Gabriel Partners, LLC | 3,783,145 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| Gannett Fleming, Inc. | 17,527,751 | Construction & Building | First Lien Debt | S + 4.75% |
| GHR Healthcare, LLC | 4,640,015 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 5,959,810 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Genesee Scientific LLC | 5,335,657 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| RMS Energy Borrower LLC | 6,716,255 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,307,376 | Capital Equipment | First Lien Debt | S + 5.25% |
| good2grow LLC | 8,657,702 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Redwood Services Group, LLC (Evergreen Services Group) | 14,027,265 | Services: Business | First Lien Debt | S + 5.25% |
| ICE USA Infrastructure, Inc. | 6,291,447 | Construction & Building | First Lien Debt | S + 5.75% |
| Safety Infrastructure Services Intermediate LLC | 6,835,328 | Services: Business | First Lien Debt | S + 5.00% |
| HMN Acquirer Corp. | 6,473,505 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Illumifin Corporation (Long Term Care Group) | 7,024,204 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| FH DMI Buyer, Inc. | 1,972,504 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 6,611,107 | Environmental Industries | First Lien Debt | S + 5.25% |
| Impact Advisors, LLC | 12,760,937 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 7,424,830 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,815,368 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Hyperion Materials & Technologies, Inc. | 2,489,964 | Capital Equipment | First Lien Debt | S + 4.50% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,009,658 | Sovereign & Public Finance | First Lien Debt | S + 5.25% |
| Wellspring Pharmaceutical Corporation | 1,220,835 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | 78,596 | Utilities: Electric | First Lien Debt | S + 5.00% |
| RailPros Parent, LLC | 68,766 | Services: Business | First Lien Debt | S + 4.25% |
| Impact Parent Corporation (Impact Environmental Group) | 1,693,738 | Environmental Industries | First Lien Debt | S + 5.25% |
| Heartland Paving Partners, LLC | 8,239,136 | Construction & Building | First Lien Debt | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,748,813 | Automotive | First Lien Debt | 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.