* 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 |
|---|---|---|---|---|
| Cohen Advisory, LLC | 8,598,518 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,253,588 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (PIK) |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,426,138 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (PIK) |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,380,147 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Cornerstone Advisors of Arizona, LLC | 99,142 | Services: Business | First Lien Debt | S + 4.75% |
| Compex Legal Services, Inc. | 99,664 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.75% |
| ACP Maverick Holdings, Inc. | 16,169,286 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Commercial Bakeries Corp. | 16,844,315 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| Commercial Bakeries Corp. | 1,993,121 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| Bounteous, Inc. | 5,237,985 | Services: Business | First Lien Debt | S + 4.75% |
| Boulder Scientific Company, LLC | 1,983,043 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Apex Service Partners, LLC | 629,827 | Services: Consumer | First Lien Debt | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 6,738,400 | Services: Business | First Lien Debt | S + 4.75% |
| Ascend Partner Services LLC | 7,214,997 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| All4 Buyer, LLC | 2,813,819 | Services: Business | First Lien Debt | S + 4.25% |
| Anne Arundel Dermatology Management, LLC | 559,365 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| Alta Buyer, LLC (GoEngineer) | 5,284,176 | High Tech Industries | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 700,255 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| AMS Parent, LLC (All My Sons) | 4,973,436 | Services: Consumer | First Lien Debt | S + 4.75% |
| Astra Service Partners, LLC | 74,990 | Services: Business | First Lien Debt | S + 4.75% |
| ALKU Intermediate Holdings, LLC | 4,412,330 | Services: Business | First Lien Debt | S + 6.25% |
| Big Apple Advisory, LLC | 8,913,698 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Bluebird PM Buyer, Inc. | 8,468,729 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,600,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| BCM One, Inc. | 5,648,753 | Telecommunications | First Lien Debt | S + 4.50% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 109,888 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Affinity Hospice Intermediate Holdings, LLC | 5,096,366 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| ADPD Holdings LLC (NearU) | 9,058,986 | Services: Consumer | First Lien Debt | S + 6.00% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,874,813 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
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.