* 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 |
|---|---|---|---|---|
| Refresh Buyer, LLC (Sunny Sky Products) | 6,815,368 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Tyto Athene, LLC | 6,832,516 | Telecommunications | First Lien Debt | S + 4.75% |
| Safety Infrastructure Services Intermediate LLC | 6,835,328 | Services: Business | First Lien Debt | S + 5.00% |
| Performance Packaging Buyer, LLC | 6,911,630 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| MSM Acquisitions, Inc. (Spectrio) | 6,916,188 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| Patriot Growth Insurance Services, LLC | 6,938,909 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Swoop Intermediate III, Inc. | 7,012,669 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Illumifin Corporation (Long Term Care Group) | 7,024,204 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 7,053,953 | Capital Equipment | First Lien Debt | S + 5.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,121,940 | Services: Business | First Lien Debt | S + 5.25% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,143,172 | Services: Business | First Lien Debt | S + 5.25% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,195,777 | Services: Business | First Lien Debt | S + 5.00% |
| Perennial Services Group, LLC | 7,210,650 | Services: Consumer | First Lien Debt | S + 4.50% |
| Eyesouth Eye Care Holdco LLC | 7,211,246 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Ascend Partner Services LLC | 7,214,997 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Wellspring Pharmaceutical Corporation | 7,238,549 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 7,373,285 | Environmental Industries | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 7,410,061 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | 7,424,830 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| QHR Health, LLC | 7,477,107 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,553,612 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| GHR Healthcare, LLC | 7,572,004 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Smart Wave Technologies, Inc. | 7,626,931 | High Tech Industries | First Lien Debt | S + 6.00% |
| USA Water Intermediate Holdings, LLC | 7,758,491 | Utilities: Water | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc | 7,866,081 | Capital Equipment | First Lien Debt | S + 5.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,008,299 | Services: Business | First Lien Debt | S + 4.75% |
| Promptcare Infusion Buyer, Inc. | 8,035,915 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Armstrong Transport Group, LLC | 8,089,750 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 8,153,417 | Capital Equipment | Common Units | |
| Health Management Associates, Inc. | 8,213,684 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
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.