* 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 |
|---|---|---|---|---|
| Ovation Holdings, Inc | 7,905,732 | Capital Equipment | First Lien Debt | S + 5.00% |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 7,043,422 | Capital Equipment | First Lien Debt | S + 5.50% |
| Hyperion Materials & Technologies, Inc. | 2,526,911 | Capital Equipment | First Lien Debt | S + 4.50% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,355,853 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,455,865 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Ovation Holdings, Inc | 1,870,843 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 5,552,856 | Capital Equipment | Equity Investments | |
| Vessco Midco Holdings, LLC | (15,878) | Capital Equipment | Revolving Loan | S + 4.75% |
| Vessco Midco Holdings, LLC | 1,739,695 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Vessco Midco Holdings, LLC | 13,579,492 | Capital Equipment | First Lien Debt | S + 4.75% |
| New Spartech Holdings LLC | 1,444,974 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
| New Spartech Holdings LLC | 2,361,049 | Chemicals, Plastics & Rubber | First Lien Debt | S + 5.25% |
| Boulder Scientific Company, LLC | 1,963,336 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Chroma Color Corporation | 6,127,348 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| Chroma Color Corporation | 1,352,420 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| New Spartech Holdings LLC | 400,135 | Chemicals, Plastics & Rubber | Equity Investments | |
| New Spartech Holdings LLC | 1,195,340 | Chemicals, Plastics & Rubber | Equity Investments | |
| Olympic Buyer, Inc. (Ascensus) | 8,323,274 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| Rose Paving, LLC | 182 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Rose Paving, LLC | 2,939,390 | Construction & Building | Subordinated Debt | 12.00% |
| MEI Buyer LLC | 210 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,431,429 | Construction & Building | First Lien Debt | S + 4.75% |
| Heartland Paving Partners, LLC | 5,657,765 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Royal Holdco Corporation (RMA Companies) | 371,030 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| ICE USA Infrastructure, Inc. | 6,363,268 | Construction & Building | First Lien Debt | S + 5.75% |
| Royal Holdco Corporation (RMA Companies) | 16,322,092 | Construction & Building | First Lien Debt | S + 4.50% |
| Cobalt Service Partners, LLC | 1,813,827 | Construction & Building | First Lien Debt | S + 4.75% |
| RPI Investments LP (Rose Paving) | 104,617 | Construction & Building | Equity Investments | |
| MEI Buyer LLC | 1,800,653 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| MEI Buyer LLC | 11,260,119 | Construction & Building | First Lien Debt | S + 5.00% |
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.