* 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 |
|---|---|---|---|---|
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 109,888 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,874,813 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,143,491 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| BCM One, Inc. | 5,648,753 | Telecommunications | First Lien Debt | S + 4.50% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,175,923 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| BCM One, Inc. | 1,789,445 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| Athlete Buyer, LLC (Allstar Holdings) | (150,371) | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 5,661,010 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Three Rivers Co-Investment, L.P. | 500,000 | High Tech Industries | Partnership | |
| STech Investors, LP | 96,092 | Services: Business | Class A Unit | |
| Astra Service Partners, LLC | (85) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Astra Service Partners, LLC | 74,990 | Services: Business | First Lien Debt | S + 4.75% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,461,437 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 2,343,911 | Construction & Building | Subordinated Debt | 1.00% (Cash) 13.00% (PIK) |
| M&S Group Holdings,LLC | 299,815 | Services: Business | Common Units | |
| Lettermen's Parent Holding, LLC | 48,600 | Wholesale | Common Units | |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 996,455 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 15,400,752 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,455,425 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| ACP Maverick Holdings, Inc. | 2,929,487 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| ACP Maverick Holdings, Inc. | 16,169,286 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 5,096,366 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| ADPD Holdings LLC (NearU) | 9,058,986 | Services: Consumer | First Lien Debt | S + 6.00% |
| ATL GSE Holdings, LP | 62,792 | Capital Equipment | Class A Units | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,152,696 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| 360 Holdco, Inc. (360 Training) | (27,981) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | 3,371,161 | Services: Consumer | First Lien Debt | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 218,563 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 758,742 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 3,703,391 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
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.