* 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 |
|---|---|---|---|---|
| Eliassen Group, LLC | 11,625,932 | High Tech Industries | First Lien Debt | S + 5.75% |
| Element 78 Partners, LLC (E78) | 1,004,546 | Services: Business | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | 3,912,319 | Services: Business | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | (155,380) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Element 78 Partners, LLC (E78) | 2,941,587 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Element 78 Partners, LLC (E78) | 2,283,554 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (14,591) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| EVDR Purchaser, Inc. | 10,429,633 | Transportation: Consumer | First Lien Debt | S + 4.50% |
| ERA Industries, LLC (BTX Precision) | 1,555,080 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| ERA Industries, LLC (BTX Precision) | 890,867 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| EFC Holdings, LLC (EFC International) | 185,483 | Capital Equipment | Class A Preferred Units | |
| EFC Holdings, LLC (EFC International) | 22,111 | Capital Equipment | Class A Common Units | |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 887,000 | Capital Equipment | Partner Interests | |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,142,448 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| Davidson Hotel Company LLC | 52,602 | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| DRS Holdings III, Inc. | 2,838,771 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,290,237 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,195,777 | Services: Business | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,509,310 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,194,504 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,329,360 | Services: Business | First Lien Debt | S + 5.00% |
| Covercraft Parent III, Inc. | 871,182 | Automotive | Subordinated Debt | 14.50% (PIK) |
| Covercraft Parent III, Inc. | - | Automotive | Covercraft Equity | |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,426,138 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (PIK) |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,253,588 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (PIK) |
| Cornerstone Advisors of Arizona, LLC | 99,142 | Services: Business | First Lien Debt | S + 4.75% |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 190,544 | Containers, Packaging & Glass | Class A Units | |
| Concord FG Holdings, LP (E78) | 489,466 | Services: Business | Class A Common Units | |
| Compex Legal Services, Inc. | 99,664 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.75% |
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 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.