* 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 |
|---|---|---|---|---|
| New Spartech Holdings LLC | 2,361,049 | Chemicals, Plastics & Rubber | First Lien Debt | S + 5.25% |
| Low Voltage Holdings Inc. | 2,355,805 | Utilities: Electric | First Lien Debt | S + 4.75% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,322,887 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| National Renovations LLC (Repipe Specialists) | 2,298,556 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 2,266,843 | Construction & Building | Subordinated Debt | 6.00% (Cash) 8.00% (PIK) |
| TPC Wire & Cable Corp. | 2,257,177 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| American Student Transportation Partners, Inc. | 2,251,935 | Transportation: Consumer | Subordinated Debt | 13.50% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 2,237,574 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,222,384 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (PIK) |
| Bounteous, Inc. | 2,150,587 | Services: Business | First Lien Debt | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | 2,142,954 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,090,896 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Solve Industrial Motion Group LLC | 2,069,067 | High Tech Industries | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| Heartland Veterinary Partners LLC | 2,055,912 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| High Bar Brands Operating, LLC | 2,025,346 | Automotive | Subordinated Debt | 13.00% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 2,007,872 | Aerospace & Defense | Equity Investments | |
| Commercial Bakeries Corp. | 1,974,638 | Beverage, Food & Tobacco | First Lien Debt | S + 5.50% |
| FH DMI Buyer, Inc. | 1,964,401 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Boulder Scientific Company, LLC | 1,963,336 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Pinnacle Supply Partners, LLC | 1,958,573 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,950,272 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (PIK) |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,933,316 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| Esquire Deposition Solutions, LLC | 1,893,333 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| GHR Healthcare, LLC | 1,873,997 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Ovation Holdings, Inc | 1,870,843 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Tinuiti Inc. | 1,865,534 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| TSS Buyer, LLC (Technical Safety Services) | 1,861,380 | Services: Business | First Lien Debt | S + 5.50% |
| Trilon Group, LLC | 1,852,155 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,836,969 | Construction & Building | Equity Investments | |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,816,961 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (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.