* 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 |
|---|---|---|---|---|
| Commercial Bakeries Corp. | 1,993,121 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 758,742 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| SCIC Buyer, Inc. | 14,995,747 | Construction & Building | First Lien Debt | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 153,483 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| Eliassen Group, LLC | 11,625,932 | High Tech Industries | First Lien Debt | S + 5.75% |
| SEKO Global Logistics Network, LLC | 130,438 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| Element 78 Partners, LLC (E78) | 3,912,319 | Services: Business | First Lien Debt | S + 5.50% |
| Alta Buyer, LLC (GoEngineer) | 11,336,170 | High Tech Industries | First Lien Debt | S + 5.00% |
| Trilon Group, LLC | 27,447,733 | Services: Business | First Lien Debt | S + 4.75% |
| XpressMyself.com LLC (SmartSign) | 4,923,750 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,008,299 | Services: Business | First Lien Debt | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 6,634,375 | Services: Business | First Lien Debt | S + 5.50% |
| Vessco Midco Holdings, LLC | 13,586,345 | Capital Equipment | First Lien Debt | S + 4.50% |
| BCM One, Inc. | 5,648,753 | Telecommunications | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | 8,913,698 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 559,365 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| Transit Buyer, LLC (Propark Mobility) | 6,685,938 | Services: Business | First Lien Debt | S + 5.00% |
| Bounteous, Inc. | 5,237,985 | Services: Business | First Lien Debt | S + 4.75% |
| Boulder Scientific Company, LLC | 1,983,043 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,600,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Bluebird PM Buyer, Inc. | 8,468,729 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 109,888 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,874,813 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| VALIDITY INC | 99,152 | High Tech Industries | First Lien Debt | S + 5.25% |
| USA Water Intermediate Holdings, LLC | 7,758,491 | Utilities: Water | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 6,738,400 | Services: Business | First Lien Debt | S + 4.75% |
| Vensure Employer Services, Inc. | 3,219,440 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Venture Buyer, LLC (Velosio) | 6,138,287 | High Tech Industries | First Lien Debt | S + 5.25% |
| Ascend Partner Services LLC | 7,214,997 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| USA Industries Holdings LLC | 63,330 | Capital Equipment | First Lien Debt | S + 4.25% |
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.