* 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
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Solve Industrial Motion Group LLC | 2,408,702 | High Tech Industries | Subordinated Debt (Delayed Draw) | 14.50% (PIK) |
| Corporate Visions, Inc. | 159,774 | Media: Diversified & Production | First Lien Debt | 15.00% (PIK) |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,341,403 | Transportation: Cargo | Subordinated Debt | 15.00% (PIK) |
| Smart Wave Technologies, Inc. | 3,115,967 | High Tech Industries | First Lien Debt | 4.40% (Cash) 4.00% (PIK) |
| Gabriel Partners, LLC | 3,857,762 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Gabriel Partners, LLC | 681,820 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Gabriel Partners, LLC | 9,344,289 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Gabriel Partners, LLC | 1,556,764 | Services: Business | First Lien Debt (Delayed Draw) | 4.62% (Cash) 5.45% (PIK) |
| New Spartech Holdings LLC | 2,081,043 | Chemicals, Plastics & Rubber | First Lien Debt | 4.67% (Cash) 4.25% (PIK) |
| Anne Arundel Dermatology Management, LLC | 565,977 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| Anne Arundel Dermatology Management, LLC | 648,548 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| SEKO Global Logistics Network, LLC | 134,190 | Transportation: Cargo | First Lien Debt | 4.86% (Cash) 9.50% (PIK) |
| SEKO Global Logistics Network, LLC | - | Transportation: Cargo | First Lien Debt (Delayed Draw) | 4.86% (Cash) 9.50% (PIK) |
| ADPD Holdings LLC (NearU) | 9,282,489 | Services: Consumer | First Lien Debt | 5.03% (Cash) 5.00% (PIK) |
| Scaled Agile, Inc. | 300,376 | Services: Business | First Lien Debt (Delayed Draw) | 5.55% (Cash) 3.75% (PIK) |
| Scaled Agile, Inc. | 6,125,363 | Services: Business | First Lien Debt | 5.55% (Cash) 3.75% (PIK) |
| Tau Buyer, LLC | 9,719,285 | Services: Business | First Lien Debt | 5.70% (Cash) 2.50% (PIK) |
| Tau Buyer, LLC | 2,208,138 | Services: Business | First Lien Debt (Delayed Draw) | 5.70% (Cash) 2.50% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 128,674 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 966,369 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 3,104,758 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 636,096 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 183,233 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| Tinuiti Inc. | 2,805,972 | Media: Advertising, Printing & Publishing | First Lien Debt | 6.42% (Cash) 3.13% (PIK) |
| Tinuiti Inc. | 1,834,062 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.42% (Cash) 3.13% (PIK) |
| Tinuiti Inc. | 9,390,104 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.42% (Cash) 3.13% (PIK) |
| Armstrong Transport Group, LLC | 8,195,562 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 3,925,311 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 2,162,528 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 10,812,638 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
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 March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73% 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.