* 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 |
|---|---|---|---|---|
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,824,247 | Construction & Building | Series F interests | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Series B Limited Partnership Units | |
| BroadcastMed Holdco, LLC | 253,201 | Media: Diversified & Production | Series A-3 Preferred Units | |
| Big Apple Advisory, LLC | 5,045 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Vessco Midco Holdings, LLC | (15,015) | Capital Equipment | Revolving Loan | S + 4.50% |
| Low Voltage Holdings Inc. | (1,239) | Utilities: Electric | Revolving Loan | S + 4.75% |
| Apex Service Partners, LLC | 14,846 | Services: Consumer | Revolving Loan | S + 5.00% |
| Swoop Intermediate III, Inc. | 7,994 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Gannett Fleming, Inc. | (14,280) | Construction & Building | Revolving Loan | S + 4.75% |
| JEGS Automotive | 227,088 | Automotive | Revolving Loan | S + 7.00% |
| Emburse, Inc. | 204 | High Tech Industries | Revolving Loan | S + 4.25% |
| Coding Solutions Acquisition, Inc. | (10,716) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,620 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| RailPros Parent, LLC | 80 | Services: Business | Revolving Loan | S + 4.25% |
| Syndigo LLC | (4,265) | Services: Business | Revolving Loan | S + 5.00% |
| TBRS, Inc. | (28,409) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| Aprio Advisory Group, LLC | (41) | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.75% |
| Tau Buyer, LLC | 269,681 | Services: Business | Revolving Loan | S + 4.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,575 | High Tech Industries | Revolving Loan | S + 4.50% |
| Repipe Aggregator, LLC (Repipe Specialists) | 63,393 | Services: Consumer | Purchased Units | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,228,480 | Automotive | Preferred units | |
| Ultima Health Holdings, LLC | 380,706 | Consumer Goods: Non-durable | Preferred units | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 566,702 | Automotive | Pegasus Units | |
| REP RO Coinvest IV-A, LP (RoadOne) | 602,566 | Transportation: Cargo | Partnership Units | |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Partnership Interests | |
| WE Select Fund 3, L.P. | 595,376 | Healthcare & Pharmaceuticals | Partnership Interest | |
| NMS VONA Case Management Acquisition, LP | 1,500,000 | Services: Business | Partnership | |
| Three Rivers Co-Investment, L.P. | 500,000 | High Tech Industries | Partnership |
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.