* 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 |
|---|---|---|---|---|
| Tau Buyer, LLC | 1,439,391 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Promptcare Infusion Buyer, Inc. | 1,414,598 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Genesee Scientific LLC | 1,370,903 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Cobalt Service Partners, LLC | 1,370,887 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Chroma Color Corporation | 1,350,118 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| JEGS Automotive | 1,329,683 | Automotive | First Lien Debt | S + 7.00% |
| MBS Holdings, Inc. | 1,291,341 | Telecommunications | First Lien Debt | S + 5.00% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,271,237 | Construction & Building | Equity Investments | |
| Real Chemistry Intermediate III, Inc. | 1,262,829 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Promptcare Infusion Buyer, Inc. | 1,253,006 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Anne Arundel Dermatology Management, LLC | 1,247,373 | Healthcare & Pharmaceuticals | Subordinated Debt | 4.71% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,243,929 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,242,606 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| RCP Nats Co-Investment Fund LP | 1,194,281 | Healthcare & Pharmaceuticals | Equity Investments | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,177,070 | Automotive | Equity Investments | |
| Caldwell & Gregory LLC | 1,167,617 | Services: Business | Subordinated Debt | S + 8.75% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,137,331 | Services: Consumer | Equity Investments | |
| RA Parent Holdings LP (S&S Truck Parts) | 1,127,253 | Automotive | First Lien Debt | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 1,123,587 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| SI Solutions, LLC | 1,096,695 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| CDL Marketing Group, LLC (Career Now) | 1,070,597 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Health Management Associates, Inc. | 1,063,712 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| MBS Holdings, Inc. | 1,039,943 | Telecommunications | First Lien Debt | S + 5.00% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| Redwood Services Group, LLC (Evergreen Services Group) | 1,001,414 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| KKEMP Blocked Co-Invest, LP | 1,000,000 | Services: Business | Equity Investments | |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 997,620 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 996,436 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Safety Infrastructure Services Intermediate LLC | 974,598 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
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.