* 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 |
|---|---|---|---|---|
| Exterro, Inc. | 9,366,215 | High Tech Industries | First Lien Debt | S + 5.25% |
| 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) |
| ACP Maverick Holdings, Inc. | 16,169,286 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| DRS Holdings III, Inc. | 2,838,771 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| ADPD Holdings LLC (NearU) | 9,058,986 | Services: Consumer | First Lien Debt | S + 6.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,380,147 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Smith & Howard Advisory LLC | 2,839,760 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.75% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,553,612 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sentinel Technologies, Inc | 4,977,648 | Services: Business | First Lien Debt | S + 4.50% |
| Sapphire Telecom, Inc. | 18,865,978 | Telecommunications | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,223,641 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,645,281 | Services: Business | First Lien Debt | S + 5.75% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,585,600 | Services: Business | First Lien Debt | S + 5.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 218,563 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| Watermill Express, LLC | 3,211,228 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | 3,371,161 | Services: Consumer | First Lien Debt | S + 4.75% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,289,219 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Environ Energy, LLC | 2,501,723 | Energy: Electricity | First Lien Debt | S + 5.25% |
| Env Automation Acquisition,LLC | 67,069 | Services: Business | First Lien Debt | S + 4.50% |
| Scaled Agile, Inc. | 6,560,783 | Services: Business | First Lien Debt | 6.02% (Cash) 3.75% (PIK) |
| World Insurance Associates, LLC | 14,528,713 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Emburse, Inc. | 74,045 | High Tech Industries | First Lien Debt | S + 4.25% |
| EVDR Purchaser, Inc. | 10,429,633 | Transportation: Consumer | First Lien Debt | S + 4.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 3,703,391 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| SEKO Global Logistics Network, LLC | 467,147 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| SEKO Global Logistics Network, LLC | 1,436,470 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| Element 78 Partners, LLC (E78) | 1,004,546 | Services: Business | First Lien Debt | S + 5.50% |
| ERA Industries, LLC (BTX Precision) | 1,555,080 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 8,866,357 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
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.