* 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 |
|---|---|---|---|---|
| FoodScience, LLC | 5,800,260 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,132,411 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Gabriel Partners, LLC | 656,956 | Services: Business | First Lien Debt | 6.15% (Cash) 5.45% (PIK) |
| FirstCall Mechanical Group, LLC | 9,808,838 | Capital Equipment | First Lien Debt | S + 4.75% |
| FH DMI Buyer, Inc. | 1,960,071 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Eyesouth Eye Care Holdco LLC | 7,223,959 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Boulder Scientific Company, LLC | 1,978,446 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Gabriel Partners, LLC | 9,005,613 | Services: Business | First Lien Debt | 6.15% (Cash) 5.45% (PIK) |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,625,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| GHR Healthcare, LLC | 5,997,894 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 4,669,571 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Genesee Scientific LLC | 5,236,087 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Bluebird PM Buyer, Inc. | 8,435,426 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Gabriel Partners, LLC | 3,717,793 | Services: Business | First Lien Debt | 6.15% (Cash) 5.45% (PIK) |
| Gannett Fleming, Inc. | 17,566,484 | Construction & Building | First Lien Debt | S + 4.75% |
| Apex Service Partners, LLC | 628,283 | Services: Consumer | First Lien Debt | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 9,945,209 | Services: Consumer | First Lien Debt | S + 5.25% |
| Sapphire Telecom, Inc. | 18,968,656 | Telecommunications | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,339,067 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Scaled Agile, Inc. | 6,713,629 | Services: Business | First Lien Debt | 6.35% (Cash) 3.75% (PIK) |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,079,996 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,710,205 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Safety Infrastructure Services Intermediate LLC | 6,913,943 | Services: Business | First Lien Debt | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 4,434,420 | Services: Business | First Lien Debt | S + 5.00% |
| SCIC Buyer, Inc. | 15,019,135 | Construction & Building | First Lien Debt | S + 4.75% |
| SEKO Global Logistics Network, LLC | 451,153 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| STS Holding, Inc. | 3,478,713 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Swoop Intermediate III, Inc. | 7,017,556 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Smith & Howard Advisory LLC | 2,844,883 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 3.75% |
| Smart Wave Technologies, Inc. | 7,751,947 | High Tech Industries | First Lien Debt | S + 6.00% |
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 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.