* 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 |
|---|---|---|---|---|
| Genesee Scientific LLC | 1,370,903 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Eliassen Group, LLC | 840,115 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Nellson Nutraceutical, LLC | 918,725 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,269,928 | Wholesale | First Lien Debt | S + 5.75% |
| Illumifin Corporation (Long Term Care Group) | 6,978,185 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,193,561 | Capital Equipment | First Lien Debt | S + 6.00% |
| ADPD Holdings LLC (NearU) | 9,337,951 | Services: Consumer | First Lien Debt | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,371,207 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,462,880 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Smart Wave Technologies, Inc. | 7,751,947 | High Tech Industries | First Lien Debt | S + 6.00% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,132,411 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 8,043,413 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 2,589,406 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,253,006 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 7,269,998 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,277,382 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 394,938 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,414,598 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| ALKU Intermediate Holdings, LLC | 4,422,727 | Services: Business | First Lien Debt | S + 6.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,672,156 | Services: Business | First Lien Debt | S + 6.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,625,000 | Services: Business | First Lien Debt | S + 6.25% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Pinnacle Supply Partners, LLC | 1,945,915 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,079,996 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Pinnacle Supply Partners, LLC | (23,727) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Health Management Associates, Inc. | 1,063,712 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Pinnacle Supply Partners, LLC | 6,130,258 | Utilities: Electric | First Lien Debt | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,710,205 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Health Management Associates, Inc. | 8,210,378 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,188,252 | Services: Business | First Lien Debt | S + 6.50% |
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.