* 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 |
|---|---|---|---|---|
| Businessolver.com, Inc. | 7,622,727 | Services: Business | First Lien Debt | S + 5.50% |
| RailPros Parent, LLC | 67,761 | Services: Business | First Lien Debt | S + 4.50% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,049,793 | Services: Business | First Lien Debt | S + 4.75% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 825,726 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,262,658 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Caldwell & Gregory LLC | 1,122,364 | Services: Business | Subordinated Debt | 13.55% (PIK) |
| Archer Acquisition, LLC (ARMstrong) | 11,176,157 | Services: Business | First Lien Debt | S + 5.00% |
| RailPros Parent, LLC | (102) | Services: Business | Revolving Loan | S + 4.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,207,523 | Services: Business | First Lien Debt | S + 6.50% |
| Transit Buyer, LLC (Propark Mobility) | 6,720,313 | Services: Business | First Lien Debt | S + 5.00% |
| Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Integrated Power Services Holdings, Inc. | 4,621,345 | Services: Business | First Lien Debt | S + 4.50% |
| Thompson Safety LLC | (450) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 385,869 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| RailPros Parent, LLC | (203) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,184,669 | Services: Business | First Lien Debt | S + 6.50% |
| CDL Marketing Group, LLC (Career Now) | 1,326,914 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Cornerstone Advisors of Arizona, LLC | 99,544 | Services: Business | First Lien Debt | S + 4.75% |
| ALKU Intermediate Holdings, LLC | 4,433,119 | Services: Business | First Lien Debt | S + 6.25% |
| PLZ Corp (PLZ Aeroscience) | 12,298,422 | Services: Business | Subordinated Debt | S + 7.50% |
| Scaled Agile, Inc. | 6,669,208 | Services: Business | First Lien Debt | 6.65% (Cash) 3.75% (PIK) |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,796,356 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Concord FG Holdings, LP (E78) | 865,394 | Services: Business | Equity Investments | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| All4 Buyer, LLC | (23,132) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Businessolver.com, Inc. | 937,376 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 3,092,930 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Gabriel Partners, LLC | 646,707 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| Gabriel Partners, LLC | 8,866,155 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (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.