* 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 |
|---|---|---|---|---|
| Armstrong Transport Group, LLC | 7,710,876 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Businessolver.com, Inc. | 7,622,727 | Services: Business | First Lien Debt | S + 5.50% |
| GHR Healthcare, LLC | 7,610,657 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| QHR Health, LLC | 7,561,624 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| CLS Management Services, LLC (Contract Land Staff) | 7,405,580 | Environmental Industries | First Lien Debt | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | 7,365,877 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Ascend Partner Services LLC | 7,340,753 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,298,362 | Services: Business | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 7,285,155 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Eyesouth Eye Care Holdco LLC | 7,236,641 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| MSM Acquisitions, Inc. (Spectrio) | 7,235,558 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| 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% |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 7,043,422 | Capital Equipment | First Lien Debt | S + 5.50% |
| Swoop Intermediate III, Inc. | 6,951,448 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Performance Packaging Buyer, LLC | 6,947,089 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Patriot Growth Insurance Services, LLC | 6,941,102 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,927,958 | Services: Business | First Lien Debt | S + 5.00% |
| Illumifin Corporation (Long Term Care Group) | 6,918,804 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,861,320 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Tyto Athene, LLC | 6,842,221 | Telecommunications | First Lien Debt | S + 4.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 6,763,787 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 6,720,313 | Services: Business | First Lien Debt | S + 5.00% |
| Perennial Services Group, LLC | 6,697,781 | Services: Consumer | First Lien Debt | S + 5.50% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,689,047 | Services: Business | First Lien Debt | S + 6.75% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,685,938 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| Scaled Agile, Inc. | 6,669,208 | Services: Business | First Lien Debt | 6.65% (Cash) 3.75% (PIK) |
| TSS Buyer, LLC (Technical Safety Services) | 6,668,750 | Services: Business | First Lien Debt | S + 5.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,662,989 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,659,204 | Automotive | First Lien Debt | 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 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.