* 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 |
|---|---|---|---|---|
| TSS Buyer, LLC (Technical Safety Services) | 6,634,375 | Services: Business | First Lien Debt | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,851,907 | Services: Business | First Lien Debt | S + 5.50% |
| Trilon Group, LLC | 27,447,733 | Services: Business | First Lien Debt | S + 4.75% |
| Transit Buyer, LLC (Propark Mobility) | 6,685,938 | Services: Business | First Lien Debt | S + 5.00% |
| Tidi Legacy Products, Inc. | 15,212,250 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Tinuiti Inc. | 2,794,190 | Media: Advertising, Printing & Publishing | First Lien Debt | 6.40% (Cash) 3.13% (PIK) |
| Tyto Athene, LLC | 6,832,516 | Telecommunications | First Lien Debt | S + 4.75% |
| USA Industries Holdings LLC | 63,330 | Capital Equipment | First Lien Debt | S + 4.25% |
| Vessco Midco Holdings, LLC | 13,586,345 | Capital Equipment | First Lien Debt | S + 4.50% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,008,299 | Services: Business | First Lien Debt | S + 4.75% |
| Venture Buyer, LLC (Velosio) | 6,138,287 | High Tech Industries | First Lien Debt | S + 5.25% |
| Vensure Employer Services, Inc. | 3,219,440 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| USA Water Intermediate Holdings, LLC | 7,758,491 | Utilities: Water | First Lien Debt | S + 4.75% |
| VALIDITY INC | 99,152 | High Tech Industries | First Lien Debt | S + 5.25% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,628,061 | Automotive | First Lien Debt | S + 5.00% |
| SI Solutions, LLC | 11,711,130 | Environmental Industries | First Lien Debt | S + 4.75% |
| PN Buyer, Inc. | 3,870,460 | Services: Business | First Lien Debt | S + 4.50% |
| Ovation Holdings, Inc | 937,751 | Capital Equipment | First Lien Debt | S + 5.00% |
| QHR Health, LLC | 3,163,306 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Palmetto Acquisitionco, Inc. (Tech24) | 12,493,332 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,120,214 | Automotive | First Lien Debt | S + 5.00% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Ovation Holdings, Inc | 7,866,081 | Capital Equipment | First Lien Debt | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 8,035,915 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| PAG Holding Corp. (Precision Aviation Group) | 14,720,983 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| QHR Health, LLC | 7,477,107 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 218,563 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| Prosci, Inc. | 4,709,667 | High Tech Industries | First Lien Debt | S + 4.50% |
| Perennial Services Group, LLC | 7,210,650 | Services: Consumer | First Lien Debt | S + 4.50% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
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.