* 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 |
|---|---|---|---|---|
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 887,000 | Capital Equipment | Partner Interests | |
| Schill Blocker Agg, LLC | 3,000,000 | Services: Business | Limited Partnership Interests | |
| RCP Nats Co-Investment Fund LP | 1,303,702 | Healthcare & Pharmaceuticals | Limited Partnership Interests | |
| GreyLion TGNL Holdings | 853,752 | Construction & Building | Limited Partnership Interests | |
| BayPine Monarch Co-Invest, LP | 99,404 | Services: Business | Limited Partnership Interests | |
| LH Equity Investors, L.P. | 2,029,398 | Consumer Goods: Durable | Limited Partnership Interest | |
| NMSEF II Holdings I, L.P. | 482,683 | Services: Business | Limited Partner Interests | |
| REP HS Holdings, LLC (HemaSource) | 784,143 | Healthcare & Pharmaceuticals | LP Interests | |
| ISG Enterprises, LLC (Industrial Service Group) | 3,248,727 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,078,230 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,821,002 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 3,088,818 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Industrial Air Flow Dynamics, Inc. | (98) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Impact Advisors, LLC | 124 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,922,778 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,695,256 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| M&S Holdings Buyer, Inc. | (3,790) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| MSM Acquisitions, Inc. (Spectrio) | 2,463,363 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 375,725 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,057,385 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| Mobile Communications America, Inc. | 4,250,676 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Mobile Communications America, Inc. | 201,212 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Naturpak PPC Buyer LLC | (5,464) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Nellson Nutraceutical, LLC | 72 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 212,476 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 3,247,668 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| WCI-Momentum Bidco, LLC | (81) | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.75% |
| NFM & J, L.P. (The Facilities Group) | 547,450 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,786,420 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
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.