* 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 |
|---|---|---|---|---|
| Trilon Group, LLC | 1,860,502 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 1,856,643 | Services: Business | First Lien Debt | S + 5.50% |
| Tinuiti Inc. | 1,827,445 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| MEI Buyer LLC | 1,810,485 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Cobalt Service Partners, LLC | 1,809,647 | Construction & Building | First Lien Debt | S + 4.75% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,807,710 | Construction & Building | Equity Investments | |
| MBS Holdings, Inc. | 1,795,968 | Telecommunications | First Lien Debt | S + 5.00% |
| BCM One, Inc. | 1,794,090 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,792,450 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,791,996 | Healthcare & Pharmaceuticals | Subordinated Debt | 14.25% (PIK) |
| TPC Wire & Cable Corp. | 1,749,503 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,727,451 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Anne Arundel Dermatology Management, LLC | 1,704,973 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Anne Arundel Dermatology Management, LLC | 1,704,350 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.75% (PIK) |
| SEKO Global Logistics Network, LLC | 1,698,667 | Transportation: Cargo | First Lien Debt | S + 7.00% |
| Impact Parent Corporation (Impact Environmental Group) | 1,697,729 | Environmental Industries | First Lien Debt | S + 5.25% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,677,569 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,640,380 | Media: Diversified & Production | First Lien Debt | 5.10% (Cash) 4.00% (PIK) |
| North Haven Spartan US Holdco LLC | 1,621,797 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,576,769 | Environmental Industries | First Lien Debt | S + 5.25% |
| ERA Industries, LLC (BTX Precision) | 1,543,679 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Wellspring Pharmaceutical Corporation | 1,543,421 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,515,716 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Gabriel Partners, LLC | 1,500,323 | Services: Business | First Lien Debt (Delayed Draw) | 6.15% (Cash) 5.45% (PIK) |
| LH Equity Investors, L.P. | 1,500,000 | Consumer Goods: Durable | Equity Investments | |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,492,326 | Sovereign & Public Finance | Equity Investments | |
| CLS Management Services, LLC (Contract Land Staff) | 1,458,677 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,458,375 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,441,909 | Media: Diversified & Production | First Lien Debt | 5.10% (Cash) 4.00% (PIK) |
| New Spartech Holdings LLC | 1,441,362 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
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.