* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,455,425 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| New Spartech Holdings LLC | 1,437,750 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
| SEKO Global Logistics Network, LLC | 1,436,470 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,426,138 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (PIK) |
| Promptcare Infusion Buyer, Inc. | 1,415,786 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Genesee Scientific LLC | 1,397,020 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| JEGS Automotive | 1,367,067 | Automotive | First Lien Debt | S + 7.00% |
| Chroma Color Corporation | 1,347,809 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| RCP Nats Co-Investment Fund LP | 1,303,702 | Healthcare & Pharmaceuticals | Limited Partnership Interests | |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,298,689 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| MBS Holdings, Inc. | 1,288,047 | Telecommunications | First Lien Debt | S + 5.00% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,282,867 | Construction & Building | Class A Interests | |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,253,588 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (PIK) |
| Promptcare Infusion Buyer, Inc. | 1,251,859 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,228,480 | Automotive | Preferred units | |
| Wellspring Pharmaceutical Corporation | 1,220,835 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 1,179,799 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,164,495 | Services: Consumer | Class A Units | |
| Caldwell & Gregory LLC | 1,163,126 | Services: Business | Subordinated Debt | 9.92%% (Cash) 2.50% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,152,696 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| VMG Holdings LLC (VMG Health) | 1,121,216 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,120,214 | Automotive | First Lien Debt | S + 5.00% |
| KKEMP Blocked Co-Invest, LP | 1,107,235 | Services: Business | Class A Interests | |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 1,103,872 | Services: Business | Class A Units | |
| FH DMI Buyer, Inc. | 1,101,159 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| SI Solutions, LLC | 1,094,464 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| KENG Acquisition, Inc. (Enagage PEO) | 1,063,230 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Health Management Associates, Inc. | 1,062,641 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| MBS Holdings, Inc. | 1,041,999 | Telecommunications | First Lien Debt | S + 5.00% |
| Element 78 Partners, LLC (E78) | 1,004,546 | Services: Business | First Lien Debt | S + 5.50% |
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 December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% 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.