* 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
207
Portfolio companies
0.5%
Average position size
$73M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Venture Buyer, LLC (Velosio) | 224,173 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Vensure Employer Services, Inc. | (474) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Vensure Employer Services, Inc. | 2,980,088 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.75% |
| Valkyrie Intermediate, LLC | 2,842,169 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| VRC Companies, LLC (Vital Records Control) | 4,502,082 | Services: Business | First Lien Debt | S + 5.25% |
| VRC Companies, LLC (Vital Records Control) | 328,948 | Services: Business | First Lien Debt | S + 5.50% |
| VMG Holdings LLC (VMG Health) | 1,125,955 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| VMG Holdings LLC (VMG Health) | 15,674,775 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 965,549 | Beverage, Food & Tobacco | Equity Investments | |
| VALIDITY INC | 99,000 | High Tech Industries | First Lien Debt | S + 5.25% |
| Ultima Health Holdings, LLC | 254,105 | Consumer Goods: Non-durable | Equity Investments | |
| USAW Parent LLC (USA Water) | 646,419 | Utilities: Water | Equity Investments | |
| USA Water Intermediate Holdings, LLC | 7,797,975 | Utilities: Water | First Lien Debt | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 1,520,765 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 6,387,282 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.50% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 23,490,477 | Energy: Electricity | First Lien Debt | S + 5.50% |
| Tyto Athene, LLC | 6,842,221 | Telecommunications | First Lien Debt | S + 4.75% |
| Turbine Engine Specialists, Inc. | 2,532,762 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Trilon Group, LLC | 27,421,508 | Services: Business | First Lien Debt | S + 5.50% |
| Trilon Group, LLC | 1,852,155 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,121,524 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 6,720,313 | Services: Business | First Lien Debt | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 3,092,930 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Tinuiti Inc. | 9,551,163 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Tinuiti Inc. | 2,854,220 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.25% |
| Tinuiti Inc. | 1,865,534 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Tidi Legacy Products, Inc. | 40,849 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Tidi Legacy Products, Inc. | 15,442,762 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Thompson Safety LLC | (45) | Services: Business | Revolving Loan | S + 5.00% |
| Thompson Safety LLC | (450) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
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 June 30, 2025. As of June 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.15%, and 3.88% 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.