* 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 |
|---|---|---|---|---|
| QHR Health, LLC | 7,524,476 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| QHR Health, LLC | 3,183,175 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| YI, LLC (Young Innovations) | 15931948.91 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Anne Arundel Dermatology Management, LLC | 1,247,373 | Healthcare & Pharmaceuticals | Subordinated Debt | 4.71% (PIK) |
| Anne Arundel Dermatology Management, LLC | 552,686 | Healthcare & Pharmaceuticals | First Lien Debt | 13.25% (PIK) |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| Anne Arundel Dermatology Management, LLC | 1,704,350 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.75% (PIK) |
| Real Chemistry Intermediate III, Inc. | 1,262,829 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Solve Industrial Motion Group LLC | 2,221,993 | High Tech Industries | Subordinated Debt (Delayed Draw) | 14.50% (PIK) |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Debt | S + 4.25% |
| Solve Industrial Motion Group LLC | 835,612 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Solve Industrial Motion Group LLC | 1,939,945 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Solve Group Holdings, L.P. (Solve Industrial) | 164,168 | High Tech Industries | Equity Investments | |
| Alta Buyer, LLC (GoEngineer) | 3,095,745 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| VALIDITY INC | 99,175 | High Tech Industries | First Lien Debt | S + 5.25% |
| Venture Buyer, LLC (Velosio) | 223,611 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Alta Buyer, LLC (GoEngineer) | 5,297,553 | High Tech Industries | First Lien Debt | S + 5.00% |
| Ridge Trail US Bidco, Inc. (Options IT) | 673,850 | High Tech Industries | First Lien Debt | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,102) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Venture Buyer, LLC (Velosio) | 6,153,906 | High Tech Industries | First Lien Debt | S + 5.25% |
| Emburse, Inc. | (25) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,192,438 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 220,947 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Infobase Acquisition, Inc. | 4,231,985 | High Tech Industries | First Lien Debt | S + 5.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 996,436 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,559 | High Tech Industries | Revolving Loan | S + 4.50% |
| Eliassen Group, LLC | 840,115 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,378 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Eliassen Group, LLC | 11,671,905 | High Tech Industries | First Lien Debt | S + 5.75% |
| Emburse, Inc. | (27) | High Tech Industries | Revolving Loan | S + 4.25% |
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.