* 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 |
|---|---|---|---|---|
| Force Electrical Buyerco, LLC | 36,814 | Utilities: Electric | First Lien Debt | S + 4.50% |
| ARC Health OPCO, LLC | (35,751) | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| TBRS, Inc. | (28,409) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | (27,981) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Perennial Services Group, LLC | (26,053) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Swoop Intermediate III, Inc. | 22,176 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| EFC Holdings, LLC (EFC International) | 22,111 | Capital Equipment | Class A Common Units | |
| TBRS, Inc. | (21,695) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| HMN Acquirer Corp. | (21,588) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,575 | High Tech Industries | Revolving Loan | S + 4.50% |
| Kenco PPC Buyer LLC | (18,500) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.50% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 16,131 | Services: Consumer | Class B-2 Units | |
| Oliver Investors, LP (Oliver Packaging) | 15,490 | Containers, Packaging & Glass | Class D Units | |
| Vessco Midco Holdings, LLC | (15,015) | Capital Equipment | Revolving Loan | S + 4.50% |
| Apex Service Partners, LLC | 14,846 | Services: Consumer | Revolving Loan | S + 5.00% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (14,591) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Excel Fitness Consolidator LLC | (14,477) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Gannett Fleming, Inc. | (14,280) | Construction & Building | Revolving Loan | S + 4.75% |
| Coding Solutions Acquisition, Inc. | (10,716) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Bluebird PM Buyer, Inc. | 10,522 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Environ Energy, LLC | (9,880) | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.25% |
| Thompson Safety LLC | 9,262 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Swoop Intermediate III, Inc. | 7,994 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| SkyMark Refuelers, LLC | (6,634) | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| RMS Energy Borrower LLC | (6,571) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,276 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| GNX HBS PARENT, LLC | (6,176) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Rose Paving, LLC | (5,968) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Naturpak PPC Buyer LLC | (5,464) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | 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.