* 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 |
|---|---|---|---|---|
| MBS Holdings, Inc. | 1,294,635 | Telecommunications | First Lien Debt | S + 5.00% |
| JEGS Automotive | 1,292,377 | Automotive | First Lien Debt | 4.30% (Cash) 7.00% (PIK) |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,291,813 | Construction & Building | Equity Investments | |
| Anne Arundel Dermatology Management, LLC | 1,237,200 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| Promptcare Infusion Buyer, Inc. | 1,233,053 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Wellspring Pharmaceutical Corporation | 1,228,774 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,218,250 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Anne Arundel Dermatology Management, LLC | 1,199,241 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| New Spartech Holdings LLC | 1,195,340 | Chemicals, Plastics & Rubber | Equity Investments | |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,177,379 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,133,728 | Automotive | Equity Investments | |
| VMG Holdings LLC (VMG Health) | 1,125,955 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,125,462 | Automotive | First Lien Debt | S + 4.75% |
| Caldwell & Gregory LLC | 1,122,364 | Services: Business | Subordinated Debt | 13.55% (PIK) |
| SI Solutions, LLC | 1,098,365 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Anne Arundel Dermatology Management, LLC | 1,090,132 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Smith & Howard Advisory LLC | 1,088,714 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,079,623 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Health Management Associates, Inc. | 1,064,782 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Perennial Services Investors LLC (Perennial Services Group) | 1,049,872 | Services: Consumer | Equity Investments | |
| ACP Tara Holdings, Inc. | 1,046,632 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
| MBS Holdings, Inc. | 1,042,556 | Telecommunications | First Lien Debt | S + 5.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 1,021,165 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,010,499 | Services: Consumer | Equity Investments | |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| GreyLion TGNL Holdings | 1,000,000 | Construction & Building | Equity Investments | |
| RCP Nats Co-Investment Fund LP | 999,974 | Healthcare & Pharmaceuticals | Equity Investments | |
| Redwood Services Group, LLC (Evergreen Services Group) | 976,944 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Clean Solutions Buyer, Inc. | 974,251 | Capital Equipment | First Lien Debt | S + 4.50% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 965,549 | Beverage, Food & Tobacco | 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.