* 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 |
|---|---|---|---|---|
| Gabriel Partners, LLC | 1,477,080 | Services: Business | First Lien Debt (Delayed Draw) | 6.28% (Cash) 4.45% (PIK) |
| Gabriel Partners, LLC | 3,660,147 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 953,625 | Services: Business | Equity Investments | |
| Transit Buyer, LLC (Propark Mobility) | 10,121,524 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,668,750 | Services: Business | First Lien Debt | S + 5.50% |
| All4 Buyer, LLC | 2,826,853 | Services: Business | First Lien Debt | S + 4.50% |
| Trilon Group, LLC | 27,421,508 | Services: Business | First Lien Debt | S + 5.50% |
| Tau Buyer, LLC | 867,062 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 270,253 | Services: Business | Equity Investments | |
| Tau Buyer, LLC | 9,734,737 | Services: Business | First Lien Debt | S + 4.75% |
| KRIV Acquisition, Inc. (Riveron) | 10,553,493 | Services: Business | First Lien Debt | S + 5.75% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 176,824 | Services: Business | Equity Investments | |
| Tau Buyer, LLC | 116,954 | Services: Business | Revolving Loan | S + 4.75% |
| Olympus US Bidco LLC (Phaidon International) | 12,923,054 | Services: Business | First Lien Debt | S + 5.50% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 788,290 | Services: Business | Equity Investments | |
| Safety Infrastructure Services Intermediate LLC | 634,223 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Trilon Group, LLC | 1,852,155 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Bounteous, Inc. | 3,515,299 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Sagebrush Buyer, LLC (Province) | 4,631,092 | Services: Business | First Lien Debt | S + 5.00% |
| KENG Acquisition, Inc. (Enagage PEO) | (9,022) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Thompson Safety LLC | (45) | Services: Business | Revolving Loan | S + 5.00% |
| Scaled Agile, Inc. | 325,021 | Services: Business | First Lien Debt (Delayed Draw) | 6.65% (Cash) 3.75% (PIK) |
| VRC Companies, LLC (Vital Records Control) | 4,502,082 | Services: Business | First Lien Debt | S + 5.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,650,000 | Services: Business | First Lien Debt | S + 6.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,689,047 | Services: Business | First Lien Debt | S + 6.75% |
| Safety Infrastructure Services Intermediate LLC | 6,927,958 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,861,380 | Services: Business | First Lien Debt | S + 5.50% |
| Bounteous, Inc. | 2,150,587 | Services: Business | First Lien Debt | S + 4.75% |
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.