* 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 |
|---|---|---|---|---|
| Excel Fitness Holdings, Inc. | 470,677 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 477,609 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 14.25% (PIK) |
| FH DMI Buyer, Inc. | 477,798 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| NFM & J, L.P. (The Facilities Group) | 481,762 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Oliver Packaging, LLC | 482,050 | Containers, Packaging & Glass | Subordinated Debt | 13.00% |
| WE Select Fund 3, L.P. | 483,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| NMSEF II Holdings I, L.P. | 483,000 | Services: Business | Equity Investments | |
| FBG Holdings LLC | 512,022 | Consumer Goods: Non-durable | Equity Investments | |
| MEI Buyer LLC | 540,314 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 552,686 | Healthcare & Pharmaceuticals | First Lien Debt | 13.25% (PIK) |
| BroadcastMed Holdco, LLC | 596,302 | Media: Diversified & Production | Equity Investments | |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 598,392 | Services: Business | Equity Investments | |
| Concord FG Holdings, LP (E78) | 614,041 | Services: Business | Equity Investments | |
| National Renovations LLC (Repipe Specialists) | 620,546 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Apex Service Partners, LLC | 628,283 | Services: Consumer | First Lien Debt | S + 5.00% |
| USAW Parent LLC (USA Water) | 641,689 | Utilities: Water | Equity Investments | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 642,999 | Services: Consumer | Equity Investments | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 645,091 | Automotive | Equity Investments | |
| Gabriel Partners, LLC | 656,956 | Services: Business | First Lien Debt | 6.15% (Cash) 5.45% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 661,988 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Ridge Trail US Bidco, Inc. (Options IT) | 673,850 | High Tech Industries | First Lien Debt | S + 4.50% |
| REP RO Coinvest IV-A, LP (RoadOne) | 679,529 | Transportation: Cargo | Equity Investments | |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,378 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Royal Holdco Corporation (RMA Companies) | 690,530 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| AmerCareRoyal, LLC | 694,591 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| ACP Tara Holdings, Inc. | 716,876 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
| REP HS Holdings, LLC (HemaSource) | 782,989 | Healthcare & Pharmaceuticals | Equity Investments | |
| IF&P Holding Company, LLC (Fresh Edge) | 816,593 | Beverage, Food & Tobacco | Subordinated Debt | 8.92% (Cash) 5.13% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 818,821 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 823,651 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
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 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.