* 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 |
|---|---|---|---|---|
| USAW Parent LLC (USA Water) | 646,419 | Utilities: Water | Equity Investments | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 639,948 | Services: Consumer | Equity Investments | |
| Safety Infrastructure Services Intermediate LLC | 634,223 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 626,854 | Services: Consumer | First Lien Debt | S + 5.00% |
| National Renovations LLC (Repipe Specialists) | 624,254 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 621,280 | Automotive | Equity Investments | |
| BroadcastMed Holdco, LLC | 565,576 | Media: Diversified & Production | Equity Investments | |
| Anne Arundel Dermatology Management, LLC | 546,086 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 530,866 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 484,262 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
| Oliver Packaging, LLC | 479,106 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| FH DMI Buyer, Inc. | 478,679 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 474,815 | Beverage, Food & Tobacco | Equity Investments | |
| Excel Fitness Holdings, Inc. | 471,863 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| NFM & J, L.P. (The Facilities Group) | 459,830 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| SEKO Global Logistics Network, LLC | 435,379 | Transportation: Cargo | First Lien Debt | S + 8.00% |
| HMA Equity, LP (Health Management Associates) | 429,097 | Healthcare & Pharmaceuticals | Equity Investments | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 422,661 | Automotive | Equity Investments | |
| New Spartech Holdings LLC | 400,135 | Chemicals, Plastics & Rubber | Equity Investments | |
| MSM Acquisitions, Inc. (Spectrio) | 392,752 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| Oliver Investors, LP (Oliver Packaging) | 387,127 | Containers, Packaging & Glass | Equity Investments | |
| Archer Acquisition, LLC (ARMstrong) | 385,869 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 371,030 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| VRC Companies, LLC (Vital Records Control) | 328,948 | Services: Business | First Lien Debt | S + 5.50% |
| Scaled Agile, Inc. | 325,021 | Services: Business | First Lien Debt (Delayed Draw) | 6.65% (Cash) 3.75% (PIK) |
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| HBB Parent, LLC (High Bar Brands) | 305,121 | Automotive | Equity Investments | |
| Liberty Buyer, Inc. (Liberty Group) | 281,705 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 270,253 | Services: Business | Equity Investments | |
| Ultima Health Holdings, LLC | 254,105 | Consumer Goods: Non-durable | 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.