* 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 |
|---|---|---|---|---|
| Big Apple Advisory, LLC | 8,956,817 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Ascend Partner Services LLC | 9,040,455 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,127,138 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,134,374 | Construction & Building | First Lien Debt | S + 5.00% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,254,704 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,261,190 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| ADPD Holdings LLC (NearU) | 9,300,214 | Services: Consumer | First Lien Debt | S + 6.00% |
| Erie Construction Mid-West, LLC (Erie Construction) | 9,329,442 | Construction & Building | First Lien Debt | S + 4.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,339,922 | Capital Equipment | First Lien Debt | S + 5.25% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,392,126 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,441,773 | Services: Business | First Lien Debt | S + 5.00% |
| Exterro, Inc. | 9,529,442 | High Tech Industries | First Lien Debt | S + 5.50% |
| Tinuiti Inc. | 9,551,163 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,650,000 | Services: Business | First Lien Debt | S + 6.25% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,650,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| XpressMyself.com LLC (SmartSign) | 9,725,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Tau Buyer, LLC | 9,734,737 | Services: Business | First Lien Debt | S + 4.75% |
| Smile Brands Inc. | 9,752,639 | Healthcare & Pharmaceuticals | Subordinated Debt | 6.40% (Cash) 6.50%(PIK) |
| Excel Fitness Holdings, Inc. | 9,800,000 | Services: Consumer | First Lien Debt | S + 5.25% |
| FirstCall Mechanical Group, LLC | 9,811,890 | Capital Equipment | First Lien Debt | S + 4.75% |
| MBS Holdings, Inc. | 9,898,861 | Telecommunications | First Lien Debt | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 9,967,707 | Services: Consumer | First Lien Debt | S + 5.25% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 10,061,536 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,121,524 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Veterinary Partners LLC | 10,279,562 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,333,419 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,337,055 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,415,129 | Transportation: Consumer | First Lien Debt | S + 5.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,434,653 | Utilities: Electric | First Lien Debt | S + 5.00% |
| KRIV Acquisition, Inc. (Riveron) | 10,553,493 | Services: Business | First Lien Debt | S + 5.75% |
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 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.