* 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 |
|---|---|---|---|---|
| Bounteous, Inc. | 2,718,074 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Lavie Group, Inc. | 2,722,596 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| TI Acquisition NC, LLC | 2,729,785 | Transportation: Cargo | First Lien Debt | S + 4.25% |
| Watermill Express, LLC | 2,740,964 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Tinuiti Inc. | 2,795,849 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,812,477 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| All4 Buyer, LLC | 2,820,337 | Services: Business | First Lien Debt | S + 4.50% |
| Smith & Howard Advisory LLC | 2,844,883 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 3.75% |
| Valkyrie Intermediate, LLC | 2,865,950 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| DRS Holdings III, Inc. | 2,881,168 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| Legacy Service Partners, LLC | 2,900,809 | Services: Consumer | First Lien Debt | S + 5.25% |
| Rose Paving, LLC | 2,901,057 | Construction & Building | Subordinated Debt | 12.00% |
| CLS Management Services, LLC (Contract Land Staff) | 2,970,630 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 2,971,901 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Bradford Soap International, Inc. | 2,985,900 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| FoodServices Brand Group, LLC | 3,009,922 | Consumer Goods: Non-durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,059,945 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| Vensure Employer Services, Inc. | 3,061,688 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,077,238 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Transit Buyer, LLC (Propark Mobility) | 3,085,117 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 3,095,745 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 3,096,093 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Wellspring Pharmaceutical Corporation | 3,108,947 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Watermill Express, LLC | 3,154,484 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| QHR Health, LLC | 3,183,175 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| QHR Health, LLC | 3,183,175 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,192,438 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Watermill Express, LLC | 3,211,228 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 3,263,819 | Containers, Packaging & Glass | First Lien Debt | S + 5.25% |
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.