* 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 |
|---|---|---|---|---|
| Solve Industrial Motion Group LLC | 835,612 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Eliassen Group, LLC | 840,115 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| New Spartech Holdings LLC | 851,960 | Chemicals, Plastics & Rubber | Equity Investments | |
| CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments | |
| GreyLion TGNL Holdings | 854,973 | Construction & Building | Equity Investments | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 866,708 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 878,078 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| ERA Industries, LLC (BTX Precision) | 884,330 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 897,000 | Capital Equipment | Equity Investments | |
| Nellson Nutraceutical, LLC | 918,725 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Businessolver.com, Inc. | 935,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| TPC Wire & Cable Corp. | 939,336 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| Ovation Holdings, Inc | 940,119 | Capital Equipment | First Lien Debt | S + 5.00% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 953,625 | Services: Business | Equity Investments | |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 955,033 | Beverage, Food & Tobacco | Equity Investments | |
| Perennial Services Investors LLC (Perennial Services Group) | 955,956 | Services: Consumer | Equity Investments | |
| Clean Solutions Buyer, Inc. | 961,838 | Capital Equipment | First Lien Debt | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 966,312 | Beverage, Food & Tobacco | Subordinated Debt | 8.92% (Cash) 5.13% (PIK) |
| Safety Infrastructure Services Intermediate LLC | 974,598 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 996,436 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 997,620 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| KKEMP Blocked Co-Invest, LP | 1,000,000 | Services: Business | Equity Investments | |
| Redwood Services Group, LLC (Evergreen Services Group) | 1,001,414 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| MBS Holdings, Inc. | 1,039,943 | Telecommunications | First Lien Debt | S + 5.00% |
| Health Management Associates, Inc. | 1,063,712 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| CDL Marketing Group, LLC (Career Now) | 1,070,597 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| SI Solutions, LLC | 1,096,695 | Environmental Industries | 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.