* 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 |
|---|---|---|---|---|
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,300,046 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,226,596 | Services: Business | First Lien Debt | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,813 | Utilities: Electric | Revolving Loan | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,537 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Davidson Hotel Company LLC | 52,602 | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,077,238 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Coding Solutions Acquisition, Inc. | 13,446,143 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Cobalt Service Partners, LLC | 1,809,647 | Construction & Building | First Lien Debt | S + 4.75% |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investments | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 68,517 | Automotive | Equity Investments | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investments | |
| Bullhorn, Inc. | 13,670,866 | Services: Business | First Lien Debt | S + 5.00% |
| Businessolver.com, Inc. | 935,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Businessolver.com, Inc. | 7,603,030 | Services: Business | First Lien Debt | S + 5.50% |
| BroadcastMed Holdco, LLC | 3,621,761 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| BroadcastMed Holdco, LLC | 596,302 | Media: Diversified & Production | Equity Investments | |
| Bradford Soap International, Inc. | (4,700) | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 2,173,917 | Aerospace & Defense | Equity Investments | |
| Bradford Soap International, Inc. | 2,985,900 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | (73,294) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Bridges Consumer Healthcare Intermediate LLC | 5,682,268 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Bridges Consumer Healthcare Intermediate LLC | 2,154,869 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Caldwell & Gregory LLC | 1,167,617 | Services: Business | Subordinated Debt | S + 8.75% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,277,382 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 6.00% |
| CLS Management Services, LLC (Contract Land Staff) | 2,970,630 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 7,389,067 | Environmental Industries | First Lien Debt | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 1,458,677 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments | |
| Cobalt Service Partners, LLC | 1,370,887 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
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.