* 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 |
|---|---|---|---|---|
| Bluebird PM Buyer, Inc. | 3,034 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Coding Solutions Acquisition, Inc. | (3,716) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| AmerCareRoyal, LLC | (4,629) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Big Apple Advisory, LLC | 4,697 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Bradford Soap International, Inc. | (4,700) | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,813 | Utilities: Electric | Revolving Loan | S + 4.75% |
| PN Buyer, Inc. | (4,937) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| RMS Energy Borrower LLC | (5,468) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,537 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Lavie Group, Inc. | (6,775) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Enagage PEO) | (8,700) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Coding Solutions Acquisition, Inc. | (8,891) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Swoop Intermediate III, Inc. | 9,237 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Impact Advisors, LLC | 10,416 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Big Apple Advisory, LLC | 11,624 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Gannett Fleming, Inc. | (14,919) | Construction & Building | Revolving Loan | S + 4.75% |
| Oliver Investors, LP (Oliver Packaging) | 15,002 | Containers, Packaging & Glass | Equity Investments | |
| Vessco Midco Holdings, LLC | (15,533) | Capital Equipment | Revolving Loan | S + 4.75% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 15,809 | Services: Consumer | Equity Investments | |
| Kenco PPC Buyer LLC | (19,323) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,559 | High Tech Industries | Revolving Loan | S + 4.50% |
| High Bar Brands Operating, LLC | (22,128) | Automotive | Subordinated Debt (Delayed Draw) | 13.00% |
| TBRS, Inc. | (22,339) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| All4 Buyer, LLC | (22,655) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Pinnacle Supply Partners, LLC | (23,727) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Swoop Intermediate III, Inc. | 25,625 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (25,839) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 5.25% |
| GHR Healthcare, LLC | (29,827) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| ACP Maverick Holdings, Inc.Ê | (32,852) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| HMN Acquirer Corp. | (36,626) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | 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 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.