* 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 |
|---|---|---|---|---|
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Partnership Interests | |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 998,177 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 996,455 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Big Apple Advisory, LLC | 994,101 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 977,649 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| Clean Solutions Buyer, Inc. | 962,325 | Capital Equipment | First Lien Debt | S + 4.50% |
| Ovation Holdings, Inc | 937,751 | Capital Equipment | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 937,549 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Nellson Nutraceutical, LLC | 926,143 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| ERA Industries, LLC (BTX Precision) | 890,867 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 887,000 | Capital Equipment | Partner Interests | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 876,975 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Solve Industrial Motion Group LLC | 873,202 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Covercraft Parent III, Inc. | 871,182 | Automotive | Subordinated Debt | 14.50% (PIK) |
| CDL Marketing Group, LLC (Career Now) | 868,688 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| GreyLion TGNL Holdings | 853,752 | Construction & Building | Limited Partnership Interests | |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Eliassen Group, LLC | 836,817 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 826,174 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 821,577 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Turbine Engine Specialists, Inc. | 812,489 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 808,076 | Beverage, Food & Tobacco | Company Unit | |
| REP HS Holdings, LLC (HemaSource) | 784,143 | Healthcare & Pharmaceuticals | LP Interests | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 758,742 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| USAW Parent LLC (USA Water) | 714,292 | Utilities: Water | Common Unit | |
| CMG HoldCo, LLC (Crete) | 710,438 | Capital Equipment | Equity Co-Investment | |
| AmerCareRoyal, LLC | 700,255 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,540 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Ridge Trail US Bidco, Inc. (Options IT) | 672,289 | High Tech Industries | First Lien Debt | S + 4.50% |
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.