* 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 |
|---|---|---|---|---|
| IF&P Holding Company, LLC (Fresh Edge) | 959,454 | Beverage, Food & Tobacco | Subordinated Debt | 8.86% (Cash) 5.13% (PIK) |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 953,625 | Services: Business | Equity Investments | |
| Ovation Holdings, Inc | 942,392 | Capital Equipment | First Lien Debt | S + 5.00% |
| Businessolver.com, Inc. | 937,376 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| TPC Wire & Cable Corp. | 923,764 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| Nellson Nutraceutical, LLC | 918,888 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Erie Construction, LLC (Erie Construction) | 911,335 | Construction & Building | Equity Investments | |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 895,952 | Transportation: Cargo | Equity Investments | |
| ERA Industries, LLC (BTX Precision) | 885,338 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 885,000 | Capital Equipment | Equity Investments | |
| Tau Buyer, LLC | 867,062 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Concord FG Holdings, LP (E78) | 865,394 | Services: Business | Equity Investments | |
| CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 849,678 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Eliassen Group, LLC | 848,895 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Cobalt Service Partners, LLC | 846,774 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| REP RO Coinvest IV-A, LP (RoadOne) | 829,701 | Transportation: Cargo | Equity Investments | |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 825,726 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| TBRS, Inc. | 811,919 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 810,798 | Beverage, Food & Tobacco | Subordinated Debt | 8.86% (Cash) 5.13% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 801,944 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 788,290 | Services: Business | Equity Investments | |
| Solve Industrial Motion Group LLC | 788,173 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| REP HS Holdings, LLC (HemaSource) | 762,217 | Healthcare & Pharmaceuticals | Equity Investments | |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 704,437 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| AmerCareRoyal, LLC | 695,624 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Ridge Trail US Bidco, Inc. (Options IT) | 675,343 | High Tech Industries | First Lien Debt | S + 4.50% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 648,981 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Gabriel Partners, LLC | 646,707 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (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.