* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Low Voltage Holdings Inc. | (1,821) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Smith & Howard Advisory LLC | 2,188,511 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| FoodScience, LLC | 2,039,836 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Scaled Agile, Inc. | 319,722 | Services: Business | First Lien Debt (Delayed Draw) | 6.02% (Cash) 3.75% (PIK) |
| Force Electrical Buyerco, LLC | 399 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Liberty Buyer, Inc. (Liberty Group) | 280,831 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,667,108 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| SCIC Buyer, Inc. | 539,951 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| RailPros Parent, LLC | 159 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| GNX HBS PARENT, LLC | (6,176) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| REP HS Holdings, LLC (HemaSource) | 784,143 | Healthcare & Pharmaceuticals | LP Interests | |
| NMSEF II Holdings I, L.P. | 482,683 | Services: Business | Limited Partner Interests | |
| LH Equity Investors, L.P. | 2,029,398 | Consumer Goods: Durable | Limited Partnership Interest | |
| Schill Blocker Agg, LLC | 3,000,000 | Services: Business | Limited Partnership Interests | |
| RCP Nats Co-Investment Fund LP | 1,303,702 | Healthcare & Pharmaceuticals | Limited Partnership Interests | |
| GreyLion TGNL Holdings | 853,752 | Construction & Building | Limited Partnership Interests | |
| BayPine Monarch Co-Invest, LP | 99,404 | Services: Business | Limited Partnership Interests | |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 887,000 | Capital Equipment | Partner Interests | |
| NMS VONA Case Management Acquisition, LP | 1,500,000 | Services: Business | Partnership | |
| Three Rivers Co-Investment, L.P. | 500,000 | High Tech Industries | Partnership | |
| WE Select Fund 3, L.P. | 595,376 | Healthcare & Pharmaceuticals | Partnership Interest | |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Partnership Interests | |
| REP RO Coinvest IV-A, LP (RoadOne) | 602,566 | Transportation: Cargo | Partnership Units | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 566,702 | Automotive | Pegasus Units | |
| Ultima Health Holdings, LLC | 380,706 | Consumer Goods: Non-durable | Preferred units | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,228,480 | Automotive | Preferred units | |
| Repipe Aggregator, LLC (Repipe Specialists) | 63,393 | Services: Consumer | Purchased Units | |
| Apex Service Partners, LLC | 14,846 | Services: Consumer | Revolving Loan | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,994 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
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 December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% 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.