* 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 |
|---|---|---|---|---|
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,785,572 | Automotive | First Lien Debt | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 11,176,157 | Services: Business | First Lien Debt | S + 5.00% |
| MEI Buyer LLC | 11,260,119 | Construction & Building | First Lien Debt | S + 5.00% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,368,174 | Wholesale | First Lien Debt | S + 5.50% |
| Alta Buyer, LLC (GoEngineer) | 11,395,213 | High Tech Industries | First Lien Debt | S + 5.00% |
| SI Solutions, LLC | 11,766,883 | Environmental Industries | First Lien Debt | S + 4.75% |
| Eliassen Group, LLC | 11,794,056 | High Tech Industries | First Lien Debt | S + 5.75% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,191,641 | Sovereign & Public Finance | First Lien Debt | S + 5.25% |
| PLZ Corp (PLZ Aeroscience) | 12,298,422 | Services: Business | Subordinated Debt | S + 7.50% |
| ACP Tara Holdings, Inc. | 12,410,575 | Consumer Goods: Non-durable | First Lien Debt | S + 4.50% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,477,119 | Automotive | First Lien Debt | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,525,048 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| Coding Solutions Acquisition, Inc. | 12,611,517 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Impact Advisors, LLC | 12,700,041 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Palmetto Acquisitionco, Inc. (Tech24) | 12,714,446 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Olympus US Bidco LLC (Phaidon International) | 12,923,054 | Services: Business | First Lien Debt | S + 5.50% |
| Bullhorn, Inc. | 13,516,956 | Services: Business | First Lien Debt | S + 5.00% |
| Vessco Midco Holdings, LLC | 13,579,492 | Capital Equipment | First Lien Debt | S + 4.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,838,333 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 13,982,311 | Services: Business | First Lien Debt | S + 5.25% |
| good2grow LLC | 14,193,943 | Containers, Packaging & Glass | First Lien Debt | S + 4.75% |
| World Insurance Associates, LLC | 14,645,803 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| SCIC Buyer, Inc. | 14,689,981 | Construction & Building | First Lien Debt | S + 5.00% |
| PAG Holding Corp. (Precision Aviation Group) | 14,824,009 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| FirstCall Mechanical Group, LLC | 15,344,694 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Tidi Legacy Products, Inc. | 15,442,762 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| VMG Holdings LLC (VMG Health) | 15,674,775 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 15,906,481 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| ACP Maverick Holdings, Inc. | 16,165,774 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Royal Holdco Corporation (RMA Companies) | 16,322,092 | Construction & Building | First Lien Debt | S + 4.50% |
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.