* 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 |
|---|---|---|---|---|
| World Insurance Associates, LLC | 14670755.53 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | - | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | 3,410,915 | Services: Consumer | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,541,214 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,543,421 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 2,585,869 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 3,108,947 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Syndigo LLC | (2,812) | Services: Business | Revolving Loan | S + 5.00% |
| Syndigo LLC | 4,386,664 | Services: Business | First Lien Debt | S + 5.00% |
| Patriot Growth Insurance Services, LLC | 6,941,063 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 628,283 | Services: Consumer | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 4,922,832 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 5,536,554 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,400,337 | Automotive | First Lien Debt | S + 5.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,150,270 | Construction & Building | First Lien Debt | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | 78,804 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,832,870 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Thompson Safety LLC | (441) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,250,660 | Construction & Building | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 6,533,337 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| WCHG Buyer, Inc. (Handgards, LLC) | 23,889,312 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,527,560 | Automotive | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 1,866,275 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Ovation Holdings, Inc | 7,886,302 | Capital Equipment | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 940,119 | Capital Equipment | First Lien Debt | S + 5.00% |
| Trilon Group, LLC | 1,860,502 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| FirstCall Mechanical Group, LLC | 9,808,838 | Capital Equipment | 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% |
| Gannett Fleming, Inc. | (14,919) | Construction & Building | Revolving Loan | 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.