* 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 |
|---|---|---|---|---|
| FH DMI Buyer, Inc. | 478,679 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Oliver Packaging, LLC | 479,106 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 484,262 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 530,866 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Anne Arundel Dermatology Management, LLC | 546,086 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| BroadcastMed Holdco, LLC | 565,576 | Media: Diversified & Production | Equity Investments | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 621,280 | Automotive | Equity Investments | |
| National Renovations LLC (Repipe Specialists) | 624,254 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Apex Service Partners, LLC | 626,854 | Services: Consumer | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 634,223 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 639,948 | Services: Consumer | Equity Investments | |
| USAW Parent LLC (USA Water) | 646,419 | Utilities: Water | Equity Investments | |
| Gabriel Partners, LLC | 646,707 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 648,981 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Ridge Trail US Bidco, Inc. (Options IT) | 675,343 | High Tech Industries | First Lien Debt | S + 4.50% |
| AmerCareRoyal, LLC | 695,624 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 704,437 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| REP HS Holdings, LLC (HemaSource) | 762,217 | Healthcare & Pharmaceuticals | Equity Investments | |
| Solve Industrial Motion Group LLC | 788,173 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 788,290 | Services: Business | Equity Investments | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 801,944 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 810,798 | Beverage, Food & Tobacco | Subordinated Debt | 8.86% (Cash) 5.13% (PIK) |
| TBRS, Inc. | 811,919 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 825,726 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| REP RO Coinvest IV-A, LP (RoadOne) | 829,701 | Transportation: Cargo | Equity Investments | |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Cobalt Service Partners, LLC | 846,774 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Eliassen Group, LLC | 848,895 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 849,678 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments |
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.