* 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 |
|---|---|---|---|---|
| Valkyrie Intermediate, LLC | 2,865,950 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| VALIDITY INC | 99,175 | High Tech Industries | First Lien Debt | S + 5.25% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 955,033 | Beverage, Food & Tobacco | Equity Investments | |
| Vensure Employer Services, Inc. | 3,061,688 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Venture Buyer, LLC (Velosio) | 6,153,906 | High Tech Industries | First Lien Debt | S + 5.25% |
| Vensure Employer Services, Inc. | - | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| USAW Parent LLC (USA Water) | 641,689 | Utilities: Water | Equity Investments | |
| USA Water Intermediate Holdings, LLC | 2,033,973 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ultima Health Holdings, LLC | 312,461 | Consumer Goods: Non-durable | Equity Investments | |
| Tyto Athene, LLC | 6,850,633 | Telecommunications | First Lien Debt | S + 4.75% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 23,111,815 | Energy: Electricity | First Lien Debt | S + 5.50% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 6,284,401 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 4.50% |
| USA Water Intermediate Holdings, LLC | 7,778,233 | Utilities: Water | First Lien Debt | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,812,477 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 14,063,109 | Services: Business | First Lien Debt | S + 5.25% |
| New Spartech Holdings LLC | 285,190 | Chemicals, Plastics & Rubber | Equity Investments | |
| New Spartech Holdings LLC | 851,960 | Chemicals, Plastics & Rubber | Equity Investments | |
| NFM & J, L.P. (The Facilities Group) | 4,713,823 | Environmental Industries | First Lien Debt | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 8,742,272 | Environmental Industries | First Lien Debt | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 481,762 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,791,807 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| New Spartech Holdings LLC | 2,387,250 | Chemicals, Plastics & Rubber | First Lien Debt | 5.13% (Cash) 4.25% (PIK) |
| New Spartech Holdings LLC | 1,441,362 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
| National Renovations LLC (Repipe Specialists) | 620,546 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 394,938 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| National Renovations LLC (Repipe Specialists) | 2,279,172 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 196,975 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| Nellson Nutraceutical, LLC | 918,725 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Nellson Nutraceutical, LLC | (688) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| NMSEF II Holdings I, L.P. | 483,000 | Services: Business | Equity Investments |
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.