* 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 |
|---|---|---|---|---|
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| Scaled Agile, Inc. | 325,021 | Services: Business | First Lien Debt (Delayed Draw) | 6.65% (Cash) 3.75% (PIK) |
| 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% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,049,793 | Services: Business | First Lien Debt | S + 4.75% |
| Concord FG Holdings, LP (E78) | 865,394 | Services: Business | Equity Investments | |
| Bounteous, Inc. | 2,719,373 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Gabriel Partners, LLC | 8,866,155 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 825,726 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
| VRC Companies, LLC (Vital Records Control) | 4,502,082 | Services: Business | First Lien Debt | S + 5.25% |
| VRC Companies, LLC (Vital Records Control) | 328,948 | Services: Business | First Lien Debt | S + 5.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,207,523 | Services: Business | First Lien Debt | S + 6.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,184,669 | Services: Business | First Lien Debt | S + 6.50% |
| Bounteous, Inc. | 5,254,179 | Services: Business | First Lien Debt | S + 4.75% |
| Gabriel Partners, LLC | 1,477,080 | Services: Business | First Lien Debt (Delayed Draw) | 6.28% (Cash) 4.45% (PIK) |
| CDL Marketing Group, LLC (Career Now) | - | 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% |
| Integrated Power Services Holdings, Inc. | 4,621,345 | Services: Business | First Lien Debt | S + 4.50% |
| Esquire Deposition Solutions, LLC | 1,893,333 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| ALKU Intermediate Holdings, LLC | 4,433,119 | Services: Business | First Lien Debt | S + 6.25% |
| Gabriel Partners, LLC | 646,707 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| KENG Acquisition, Inc. (Enagage PEO) | (9,022) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Gabriel Partners, LLC | 3,660,147 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| CDL Marketing Group, LLC (Career Now) | 1,326,914 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Geds Equity Investors, LP (Esquire Deposition Services) | 270,253 | Services: Business | Equity Investments | |
| Cornerstone Advisors of Arizona, LLC | 99,544 | Services: Business | First Lien Debt | S + 4.75% |
| KENG Acquisition, Inc. (Enagage PEO) | 5,677,768 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,441,773 | Services: Business | 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.