* 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 |
|---|---|---|---|---|
| Ridge Trail US Bidco, Inc. (Options IT) | (2,102) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| RMS Energy Borrower LLC | (5,468) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Perennial Services Group, LLC | 5,919,639 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| GHR Healthcare, LLC | (29,827) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,792,450 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 4,635,452 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.25% |
| All4 Buyer, LLC | (22,655) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Apex Service Partners, LLC | (22) | Services: Consumer | Revolving Loan | S + 5.00% |
| Big Apple Advisory, LLC | 4,697 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Vessco Midco Holdings, LLC | (15,533) | Capital Equipment | Revolving Loan | S + 4.75% |
| Swoop Intermediate III, Inc. | 9,237 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Gannett Fleming, Inc. | (14,919) | Construction & Building | Revolving Loan | S + 4.75% |
| Tau Buyer, LLC | 174,857 | Services: Business | Revolving Loan | S + 4.75% |
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,813 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Syndigo LLC | (2,812) | Services: Business | Revolving Loan | S + 5.00% |
| Emburse, Inc. | (27) | High Tech Industries | Revolving Loan | S + 4.25% |
| Low Voltage Holdings Inc. | (1,282) | Utilities: Electric | Revolving Loan | S + 4.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,559 | High Tech Industries | Revolving Loan | S + 4.50% |
| TBRS, Inc. | 57,815 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| RailPros Parent, LLC | (105) | Services: Business | Revolving Loan | S + 4.50% |
| JEGS Automotive | 220,878 | Automotive | Revolving Loan | S + 7.00% |
| Coding Solutions Acquisition, Inc. | (8,891) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | (1,602) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 1,247,373 | Healthcare & Pharmaceuticals | Subordinated Debt | 4.71% (PIK) |
| Esquire Deposition Solutions, LLC | 1,967,813 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| R1 Holdings, LLC (RoadOne) | 5,002,641 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Anne Arundel Dermatology Management, LLC | 1,704,973 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 866,708 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| High Bar Brands Operating, LLC | 2,010,107 | Automotive | Subordinated Debt | 13.00% |
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.