* 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 |
|---|---|---|---|---|
| Thompson Safety LLC | (441) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| FH DMI Buyer, Inc. | 1,960,071 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 5,297,553 | High Tech Industries | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 694,591 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,300,046 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1223965.03 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 5,536,554 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,250,660 | Construction & Building | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,543,421 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Syndigo LLC | 4,386,664 | Services: Business | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 4,922,832 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Davidson Hotel Company LLC | 52,602 | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,541,214 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,226,596 | Services: Business | First Lien Debt | S + 5.00% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 3,108,947 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 110,620 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,913,943 | Services: Business | First Lien Debt | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 4,434,420 | Services: Business | First Lien Debt | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,527,560 | Automotive | First Lien Debt | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,400,337 | Automotive | First Lien Debt | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | 3,410,915 | Services: Consumer | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 974,598 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Vensure Employer Services, Inc. | 3,061,688 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Sapphire Telecom, Inc. | 18,968,656 | Telecommunications | First Lien Debt | S + 5.00% |
| Bullhorn, Inc. | 13,670,866 | Services: Business | First Lien Debt | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,059,945 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 3,095,745 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Vensure Employer Services, Inc. | - | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | 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 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.