* 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 |
|---|---|---|---|---|
| NFM & J, L.P. (The Facilities Group) | 4,791,807 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| CLS Management Services, LLC (Contract Land Staff) | 7,389,067 | Environmental Industries | First Lien Debt | S + 5.00% |
| Nutrition 101 Buyer, LLC (101 Inc) | 6,261,294 | Environmental Industries | First Lien Debt | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 3,096,093 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 6,710,890 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 6,626,771 | Environmental Industries | First Lien Debt | S + 5.25% |
| NFM & J, L.P. (The Facilities Group) | 8,742,272 | Environmental Industries | First Lien Debt | S + 5.75% |
| SI Solutions, LLC | 11,739,601 | Environmental Industries | First Lien Debt | S + 4.75% |
| SI Solutions, LLC | 1,096,695 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | - | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,576,769 | Environmental Industries | First Lien Debt | S + 5.25% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,400,000 | Environmental Industries | First Lien Debt | S + 5.25% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 4,697,679 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Heartland Veterinary Partners LLC | 3,799,888 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 14.50% |
| Heartland Veterinary Partners LLC | 10,467,145 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Swoop Intermediate III, Inc. | 7,017,556 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| HemaSource, Inc. | 5,230,383 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% |
| Bridges Consumer Healthcare Intermediate LLC | 5,682,268 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Heartland Veterinary Partners LLC | 2,093,429 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,419,662 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| TBRS, Inc. | 8,982,005 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Tidi Legacy Products, Inc. | 15,403,567 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Health Management Associates, Inc. | 8,210,378 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Health Management Associates, Inc. | 1,063,712 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| TBRS, Inc. | 57,815 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| HMA Equity, LP (Health Management Associates) | 414,300 | Healthcare & Pharmaceuticals | Equity Investments | |
| TBRS, Inc. | (22,339) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Impact Advisors, LLC | 10,416 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,079,996 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Affinity Hospice Intermediate Holdings, LLC | 5,260,855 | Healthcare & Pharmaceuticals | 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 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.