* 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 |
|---|---|---|---|---|
| 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) |
| BroadcastMed Holdco, LLC | 3,640,525 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| Env Automation Acquisition,LLC | (156) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Element 78 Partners, LLC (E78) | 2,941,587 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Element 78 Partners, LLC (E78) | (155,380) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Env Automation Acquisition,LLC | 67,069 | Services: Business | First Lien Debt | S + 4.50% |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Common Equity | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Series B Limited Partnership Units | |
| Element 78 Partners, LLC (E78) | 1,004,546 | Services: Business | First Lien Debt | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 99,142 | Services: Business | First Lien Debt | S + 4.75% |
| Esquire Deposition Solutions, LLC | 2,037,309 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| Element 78 Partners, LLC (E78) | 3,912,319 | Services: Business | First Lien Debt | S + 5.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,194,504 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bullhorn, Inc. | 13,670,866 | Services: Business | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,195,777 | Services: Business | First Lien Debt | S + 5.00% |
| CDL Marketing Group, LLC (Career Now) | 868,688 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,585,600 | Services: Business | First Lien Debt | S + 5.75% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,645,281 | Services: Business | First Lien Debt | S + 5.75% |
| Caldwell & Gregory LLC | 1,163,126 | Services: Business | Subordinated Debt | 9.92%% (Cash) 2.50% (PIK) |
| Element 78 Partners, LLC (E78) | 2,283,554 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Concord FG Holdings, LP (E78) | 489,466 | Services: Business | Class A Common Units | |
| BayPine Monarch Co-Invest, LP | 99,404 | Services: Business | Limited Partnership Interests | |
| 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) | 2,290,237 | 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% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,121,940 | Services: Business | First Lien Debt | S + 5.25% |
| PN Buyer, Inc. | 3,870,460 | Services: Business | First Lien Debt | S + 4.50% |
| PN Buyer, Inc. | (5,265) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| PLZ Corp (PLZ Aeroscience) | 12,042,239 | Services: Business | Subordinated Debt | S + 7.50% |
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 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.