* 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 |
|---|---|---|---|---|
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investments | |
| Vensure Employer Services, Inc. | - | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investments | |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investments | |
| Covercraft Parent III, Inc. | - | Automotive | Equity Investments | |
| Watermill Express, LLC | - | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 0 | Beverage, Food & Tobacco | Equity Investments | |
| Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| 360 Holdco, Inc. (360 Training) | - | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Orion Group FM Holdings, LLC (Leo Facilities) | - | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Apex Service Partners, LLC | (22) | Services: Consumer | Revolving Loan | S + 5.00% |
| Emburse, Inc. | (25) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.25% |
| Emburse, Inc. | (27) | High Tech Industries | Revolving Loan | S + 4.25% |
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | (95) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| RailPros Parent, LLC | (105) | Services: Business | Revolving Loan | S + 4.50% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 155 | Automotive | Equity Investments | |
| RailPros Parent, LLC | (210) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Columbia Home Services LLC | (427) | Services: Consumer | Subordinated Debt (Delayed Draw) | 12.00% |
| Thompson Safety LLC | (441) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Nellson Nutraceutical, LLC | (688) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Low Voltage Holdings Inc. | (1,282) | Utilities: Electric | Revolving Loan | S + 4.75% |
| Real Chemistry Intermediate III, Inc. | (1,602) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,102) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rose Paving, LLC | (2,307) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Low Voltage Holdings Inc. | (2,679) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Syndigo LLC | (2,812) | Services: Business | Revolving Loan | 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 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.