* 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 |
|---|---|---|---|---|
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 221,332 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 998,177 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,540 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 977,649 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 826,174 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 4,137,324 | Beverage, Food & Tobacco | Subordinated Debt | 8.50% (Cash) 5.13% (PIK) |
| ARC Health OPCO, LLC | (35,751) | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| ARC Health OPCO, LLC | 2,399,966 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,433,290 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 3,892,187 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,395,514 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Heartland Veterinary Partners LLC | 2,136,800 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 10,683,999 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 3,878,611 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Armstrong Transport Group, LLC | 8,089,750 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 218,563 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 3,703,391 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,152,696 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 153,483 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 758,742 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| Tinuiti Inc. | 9,350,677 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.40% (Cash) 3.13% (PIK) |
| Tinuiti Inc. | 1,826,361 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.40% (Cash) 3.13% (PIK) |
| Tinuiti Inc. | 2,794,190 | Media: Advertising, Printing & Publishing | First Lien Debt | 6.40% (Cash) 3.13% (PIK) |
| Scaled Agile, Inc. | 6,560,783 | Services: Business | First Lien Debt | 6.02% (Cash) 3.75% (PIK) |
| Scaled Agile, Inc. | 319,722 | Services: Business | First Lien Debt (Delayed Draw) | 6.02% (Cash) 3.75% (PIK) |
| Gabriel Partners, LLC | 9,163,732 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| Gabriel Partners, LLC | 668,568 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| Gabriel Partners, LLC | 1,526,674 | Services: Business | First Lien Debt (Delayed Draw) | 5.77% (Cash) 5.45 (PIK) |
| Gabriel Partners, LLC | 3,783,145 | Services: Business | First Lien Debt | 5.77% (Cash) 5.45 (PIK) |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 1,426,138 | Media: Diversified & Production | First Lien Debt | 4.77% (Cash) 4.00% (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 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.