* 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 |
|---|---|---|---|---|
| Venture Buyer, LLC (Velosio) | 6,153,906 | High Tech Industries | First Lien Debt | S + 5.25% |
| Venture Buyer, LLC (Velosio) | 223,611 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Excel Fitness Holdings, Inc. | 9,775,000 | Services: Consumer | First Lien Debt | S + 5.25% |
| FoodScience, LLC | 1,996,346 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.25% |
| FoodScience, LLC | 5,800,260 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| VRC Companies, LLC (Vital Records Control) | 4,491,108 | Services: Business | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 4,669,571 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| VALIDITY INC | 99,175 | High Tech Industries | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 7,619,888 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 3,542,938 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Businessolver.com, Inc. | 935,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| XpressMyself.com LLC (SmartSign) | 9700000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,566,531 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.50% |
| Businessolver.com, Inc. | 7,603,030 | Services: Business | First Lien Debt | S + 5.50% |
| Matador US Buyer, LLC (Insulation Technology Group) | 22,101,651 | Energy: Electricity | First Lien Debt | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,856,643 | Services: Business | First Lien Debt | S + 5.50% |
| Olympus US Bidco LLC (Phaidon International) | 12,875,564 | Services: Business | First Lien Debt | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 6,651,563 | Services: Business | First Lien Debt | S + 5.50% |
| Excel Fitness Holdings, Inc. | 470,677 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| Exterro, Inc. | 9,388,901 | High Tech Industries | First Lien Debt | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 2,368,386 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 7,223,959 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Perennial Services Group, LLC | 5,919,639 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| Perennial Services Group, LLC | 6,614,592 | Services: Consumer | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | 82,459 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| VRC Companies, LLC (Vital Records Control) | 328,105 | Services: Business | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | 3,952,636 | Services: Business | First Lien Debt | S + 5.50% |
| Infobase Acquisition, Inc. | 4,231,985 | High Tech Industries | First Lien Debt | S + 5.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,294,735 | Wholesale | First Lien Debt | S + 5.50% |
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.