* 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 |
|---|---|---|---|---|
| LRN Corporation (Lion Merger Sub, Inc.) | 7,207,523 | Services: Business | First Lien Debt | S + 6.50% |
| MSM Acquisitions, Inc. (Spectrio) | 7,235,558 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| Eyesouth Eye Care Holdco LLC | 7,236,641 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Wellspring Pharmaceutical Corporation | 7,285,155 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,298,362 | Services: Business | First Lien Debt | S + 5.00% |
| Ascend Partner Services LLC | 7,340,753 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 7,365,877 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| CLS Management Services, LLC (Contract Land Staff) | 7,405,580 | Environmental Industries | First Lien Debt | S + 5.00% |
| QHR Health, LLC | 7,561,624 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 7,610,657 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Businessolver.com, Inc. | 7,622,727 | Services: Business | First Lien Debt | S + 5.50% |
| Armstrong Transport Group, LLC | 7,710,876 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,750,905 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Smart Wave Technologies, Inc. | 7,763,507 | High Tech Industries | First Lien Debt | S + 6.00% |
| USA Water Intermediate Holdings, LLC | 7,797,975 | Utilities: Water | First Lien Debt | S + 4.75% |
| TBRS, Inc. | 7,888,024 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc | 7,905,732 | Capital Equipment | First Lien Debt | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 7,915,455 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,049,793 | Services: Business | First Lien Debt | S + 4.75% |
| Health Management Associates, Inc. | 8,207,072 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Olympic Buyer, Inc. (Ascensus) | 8,323,274 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| Bluebird PM Buyer, Inc. | 8,370,277 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,429,008 | Environmental Industries | First Lien Debt | S + 5.50% |
| Heartland Paving Partners, LLC | 8,431,429 | Construction & Building | First Lien Debt | S + 4.75% |
| Cohen Advisory, LLC | 8,578,715 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| NFM & J, L.P. (The Facilities Group) | 8,725,892 | Environmental Industries | First Lien Debt | S + 5.75% |
| Midwest Eye Services, LLC | 8,805,082 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 8,853,976 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| Gabriel Partners, LLC | 8,866,155 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
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.