* 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 |
|---|---|---|---|---|
| IF&P Holding Company, LLC (Fresh Edge) | 966,312 | Beverage, Food & Tobacco | Subordinated Debt | 8.92% (Cash) 5.13% (PIK) |
| Clean Solutions Buyer, Inc. | 961,838 | Capital Equipment | First Lien Debt | S + 4.50% |
| Perennial Services Investors LLC (Perennial Services Group) | 955,956 | Services: Consumer | Equity Investments | |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 955,033 | Beverage, Food & Tobacco | Equity Investments | |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 953,625 | Services: Business | Equity Investments | |
| Ovation Holdings, Inc | 940,119 | Capital Equipment | First Lien Debt | S + 5.00% |
| TPC Wire & Cable Corp. | 939,336 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| Businessolver.com, Inc. | 935,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Nellson Nutraceutical, LLC | 918,725 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 897,000 | Capital Equipment | Equity Investments | |
| ERA Industries, LLC (BTX Precision) | 884,330 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 878,078 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 866,708 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| GreyLion TGNL Holdings | 854,973 | Construction & Building | Equity Investments | |
| CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments | |
| New Spartech Holdings LLC | 851,960 | Chemicals, Plastics & Rubber | Equity Investments | |
| Eliassen Group, LLC | 840,115 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Solve Industrial Motion Group LLC | 835,612 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 823,651 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 818,821 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 816,593 | Beverage, Food & Tobacco | Subordinated Debt | 8.92% (Cash) 5.13% (PIK) |
| REP HS Holdings, LLC (HemaSource) | 782,989 | Healthcare & Pharmaceuticals | Equity Investments | |
| ACP Tara Holdings, Inc. | 716,876 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
| AmerCareRoyal, LLC | 694,591 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 690,530 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,378 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| REP RO Coinvest IV-A, LP (RoadOne) | 679,529 | Transportation: Cargo | Equity Investments | |
| Ridge Trail US Bidco, Inc. (Options IT) | 673,850 | High Tech Industries | First Lien Debt | S + 4.50% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 661,988 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (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 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.