* 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 |
|---|---|---|---|---|
| TBRS, Inc. | 57,815 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| Low Voltage Holdings Inc. | 2,354,696 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Low Voltage Holdings Inc. | (2,679) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Tau Buyer, LLC | 9,803,708 | Services: Business | First Lien Debt | S + 4.75% |
| TBRS, Inc. | (22,339) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| FirstCall Mechanical Group, LLC | 9,808,838 | Capital Equipment | First Lien Debt | S + 4.75% |
| Cobalt Service Partners, LLC | 1,809,647 | Construction & Building | First Lien Debt | S + 4.75% |
| STS Holding, Inc. | 3,478,713 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Bluebird PM Buyer, Inc. | 3,034 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 7,778,233 | Utilities: Water | First Lien Debt | S + 4.75% |
| Gannett Fleming, Inc. | (14,919) | Construction & Building | Revolving Loan | S + 4.75% |
| Gannett Fleming, Inc. | 17,566,484 | Construction & Building | First Lien Debt | S + 4.75% |
| Bluebird PM Buyer, Inc. | 8,435,426 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,625,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 2,033,973 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 2,718,074 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 2,149,571 | Services: Business | First Lien Debt | S + 4.75% |
| Bounteous, Inc. | 5,251,661 | Services: Business | First Lien Debt | S + 4.75% |
| Cornerstone Advisors of Arizona, LLC | 99,460 | Services: Business | First Lien Debt | S + 4.75% |
| PAG Holding Corp. (Precision Aviation Group) | 14,651,059 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,686,836 | Automotive | First Lien Debt | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,677,569 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 95,637 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,669,756 | Automotive | First Lien Debt | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,127,253 | Automotive | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 6,764,060 | Services: Business | First Lien Debt | S + 4.75% |
| PAG Holding Corp. (Precision Aviation Group) | 4,857,026 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| Tyto Athene, LLC | 6,850,633 | Telecommunications | First Lien Debt | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 5,260,855 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 231,623 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
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.