* 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 Fairway Buyer, LLC (Fairway Lawns) | 878,078 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,527,560 | Automotive | First Lien Debt | S + 5.00% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,807,710 | Construction & Building | Equity Investments | |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,400,337 | Automotive | First Lien Debt | S + 5.00% |
| Oliver Investors, LP (Oliver Packaging) | 15,002 | Containers, Packaging & Glass | Equity Investments | |
| Oliver Packaging, LLC | 2,468,747 | Containers, Packaging & Glass | Subordinated Debt | 11.50% |
| Oliver Investors, LP (Oliver Packaging) | 305,662 | Containers, Packaging & Glass | Equity Investments | |
| Nutrition 101 Buyer, LLC (101 Inc) | 6,261,294 | Environmental Industries | First Lien Debt | S + 5.25% |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,332,385 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,389,530 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Spartan US Holdco LLC | 2,456,897 | Services: Consumer | First Lien Debt | S + 5.75% |
| North Haven Spartan US Holdco LLC | 213,041 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 179,406 | Services: Business | Equity Investments | |
| North Haven Spartan US Holdco LLC | 1,621,797 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| MSM Acquisitions, Inc. (Spectrio) | 2,589,406 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 7,269,998 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,165,812 | Services: Business | First Lien Debt | S + 6.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,188,252 | Services: Business | First Lien Debt | S + 6.50% |
| 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% |
| MBS Holdings, Inc. | 1,795,968 | Telecommunications | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 1,039,943 | Telecommunications | First Lien Debt | S + 5.00% |
| Low Voltage Holdings Inc. | 2,354,696 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Low Voltage Holdings Inc. | (1,282) | Utilities: Electric | Revolving Loan | S + 4.75% |
| Legacy Service Partners, LLC | 2,900,809 | Services: Consumer | First Lien Debt | S + 5.25% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 4,635,452 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.25% |
| LH Equity Investors, L.P. | 1,500,000 | Consumer Goods: Durable | Equity Investments | |
| Liberty Buyer, Inc. (Liberty Group) | 3,691,107 | Services: Consumer | First Lien Debt | S + 5.75% |
| Low Voltage Holdings Inc. | (2,679) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
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 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.