* 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 |
|---|---|---|---|---|
| Archer Acquisition, LLC (ARMstrong) | 385,869 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 626,854 | Services: Consumer | First Lien Debt | S + 5.00% |
| Apex Service Partners, LLC | (285) | Services: Consumer | Revolving Loan | S + 5.00% |
| Ovation Holdings, Inc | 942,392 | Capital Equipment | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 6,548,995 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| MBS Holdings, Inc. | 1,294,635 | Telecommunications | First Lien Debt | S + 5.00% |
| Mobile Communications America, Inc. | 18,184,151 | Telecommunications | First Lien Debt | S + 5.00% |
| 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% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,040,365 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| KENG Acquisition, Inc. (Enagage PEO) | (9,022) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| SCIC Buyer, Inc. | 14,689,981 | Construction & Building | First Lien Debt | S + 5.00% |
| Sapphire Telecom, Inc. | 18,945,237 | Telecommunications | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 9,898,861 | Telecommunications | First Lien Debt | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | - | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,090,896 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Smith & Howard Advisory LLC | 2,880,528 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Thompson Safety LLC | (450) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Thompson Safety LLC | (45) | Services: Business | Revolving Loan | S + 5.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,824,780 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Smith & Howard Advisory LLC | 1,088,714 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | 3,419,892 | Services: Consumer | First Lien Debt | S + 5.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,134,374 | Construction & Building | First Lien Debt | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,503,199 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| SCIC Buyer, Inc. | (18,034) | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 15,906,481 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 1,800,538 | Telecommunications | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 634,223 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 6,720,313 | Services: Business | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,927,958 | 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.