* 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 |
|---|---|---|---|---|
| Impact Parent Corporation (Impact Environmental Group) | 1,685,646 | Environmental Industries | First Lien Debt | S + 5.25% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,705,866 | Transportation: Cargo | Equity Investments | |
| TPC Wire & Cable Corp. | 1,720,500 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,737,098 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Vessco Midco Holdings, LLC | 1,739,695 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| FoodScience, LLC | 1,741,730 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,795,560 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| BCM One, Inc. | 1,798,736 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| MBS Holdings, Inc. | 1,800,538 | Telecommunications | First Lien Debt | S + 5.00% |
| MEI Buyer LLC | 1,800,653 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Solve Industrial Motion Group LLC | 1,806,430 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Cobalt Service Partners, LLC | 1,813,827 | Construction & Building | First Lien Debt | S + 4.75% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,816,961 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,836,969 | Construction & Building | Equity Investments | |
| Trilon Group, LLC | 1,852,155 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,861,380 | Services: Business | First Lien Debt | S + 5.50% |
| Tinuiti Inc. | 1,865,534 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Ovation Holdings, Inc | 1,870,843 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| GHR Healthcare, LLC | 1,873,997 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Esquire Deposition Solutions, LLC | 1,893,333 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,933,316 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,950,272 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (PIK) |
| Pinnacle Supply Partners, LLC | 1,958,573 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Boulder Scientific Company, LLC | 1,963,336 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| FH DMI Buyer, Inc. | 1,964,401 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Commercial Bakeries Corp. | 1,974,638 | Beverage, Food & Tobacco | First Lien Debt | S + 5.50% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 2,007,872 | Aerospace & Defense | Equity Investments | |
| High Bar Brands Operating, LLC | 2,025,346 | Automotive | Subordinated Debt | 13.00% |
| Heartland Veterinary Partners LLC | 2,055,912 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Solve Industrial Motion Group LLC | 2,069,067 | High Tech Industries | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
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.