* 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 |
|---|---|---|---|---|
| VMG Holdings LLC (VMG Health) | 1,123,587 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,127,253 | Automotive | First Lien Debt | S + 4.75% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,137,331 | Services: Consumer | Equity Investments | |
| Caldwell & Gregory LLC | 1,167,617 | Services: Business | Subordinated Debt | S + 8.75% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,177,070 | Automotive | Equity Investments | |
| RCP Nats Co-Investment Fund LP | 1,194,281 | Healthcare & Pharmaceuticals | Equity Investments | |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,242,606 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,243,929 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Anne Arundel Dermatology Management, LLC | 1,247,373 | Healthcare & Pharmaceuticals | Subordinated Debt | 4.71% (PIK) |
| Promptcare Infusion Buyer, Inc. | 1,253,006 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Real Chemistry Intermediate III, Inc. | 1,262,829 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,271,237 | Construction & Building | Equity Investments | |
| MBS Holdings, Inc. | 1,291,341 | Telecommunications | First Lien Debt | S + 5.00% |
| JEGS Automotive | 1,329,683 | Automotive | First Lien Debt | S + 7.00% |
| Chroma Color Corporation | 1,350,118 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| Cobalt Service Partners, LLC | 1,370,887 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Genesee Scientific LLC | 1,370,903 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Promptcare Infusion Buyer, Inc. | 1,414,598 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Tau Buyer, LLC | 1,439,391 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| New Spartech Holdings LLC | 1,441,362 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,441,909 | Media: Diversified & Production | First Lien Debt | 5.10% (Cash) 4.00% (PIK) |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,458,375 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| CLS Management Services, LLC (Contract Land Staff) | 1,458,677 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,492,326 | Sovereign & Public Finance | Equity Investments | |
| LH Equity Investors, L.P. | 1,500,000 | Consumer Goods: Durable | Equity Investments | |
| Gabriel Partners, LLC | 1,500,323 | Services: Business | First Lien Debt (Delayed Draw) | 6.15% (Cash) 5.45% (PIK) |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,515,716 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,543,421 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 1,543,679 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,576,769 | Environmental Industries | First Lien Debt | S + 5.25% |
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.