* 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
207
Portfolio companies
0.5%
Average position size
$73M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Gabriel Partners, LLC | 3,660,147 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| Gabriel Partners, LLC | 646,707 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| Gabriel Partners, LLC | 8,866,155 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
| Impact Parent Corporation (Impact Environmental Group) | 1,685,646 | Environmental Industries | First Lien Debt | S + 5.25% |
| Infobase Acquisition, Inc. | 4,239,213 | High Tech Industries | First Lien Debt | S + 5.50% |
| Venture Buyer, LLC (Velosio) | 6,169,525 | High Tech Industries | First Lien Debt | S + 5.25% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 9,967,707 | Services: Consumer | First Lien Debt | S + 5.25% |
| Legacy Service Partners, LLC | 2,907,240 | Services: Consumer | First Lien Debt | S + 5.25% |
| Lavie Group, Inc. | 2,728,059 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| YI, LLC (Young Innovations) | 15957815.1 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| KRIV Acquisition, Inc. (Riveron) | 10,553,493 | Services: Business | First Lien Debt | S + 5.75% |
| Vessco Midco Holdings, LLC | 13,579,492 | Capital Equipment | First Lien Debt | S + 4.75% |
| Liberty Buyer, Inc. (Liberty Group) | 3,746,413 | Services: Consumer | First Lien Debt | S + 5.75% |
| Low Voltage Holdings Inc. | 2,355,805 | Utilities: Electric | First Lien Debt | S + 4.75% |
| MBS Holdings, Inc. | 1,800,538 | Telecommunications | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 9,898,861 | Telecommunications | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 1,294,635 | Telecommunications | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 1,042,556 | Telecommunications | First Lien Debt | S + 5.00% |
| Matador US Buyer, LLC (Insulation Technology Group) | 22,028,784 | Energy: Electricity | First Lien Debt | S + 5.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,207,523 | Services: Business | First Lien Debt | S + 6.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,184,669 | Services: Business | First Lien Debt | S + 6.50% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,685,938 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| Midwest Eye Services, LLC | 8,805,082 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,277,050 | Wholesale | First Lien Debt | S + 5.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 10,061,536 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,325,464 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Integrated Power Services Holdings, Inc. | 4,621,345 | Services: Business | First Lien Debt | S + 4.50% |
| VRC Companies, LLC (Vital Records Control) | 328,948 | Services: Business | First Lien Debt | S + 5.50% |
| good2grow LLC | 14,193,943 | Containers, Packaging & Glass | First Lien Debt | S + 4.75% |
| Mobile Communications America, Inc. | 18,184,151 | Telecommunications | First Lien Debt | S + 5.00% |
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 June 30, 2025. As of June 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.15%, and 3.88% 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.