* 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 |
|---|---|---|---|---|
| Palmetto Acquisitionco, Inc. (Tech24) | 3,519,158 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Vessco Midco Holdings, LLC | 3,736,904 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ovation Holdings, Inc | 1,861,518 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,362,300 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Watermill Express, LLC | 2,372,673 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Watermill Express, LLC | 3,154,484 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,523,446 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ovation Holdings, Inc | 7,410,061 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Patriot Growth Insurance Services, LLC | 6,938,909 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 821,577 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Online Labels Group, LLC | 200,212 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Venture Buyer, LLC (Velosio) | 223,049 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Perennial Services Group, LLC | (26,053) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,142,448 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| SkyMark Refuelers, LLC | 2,708,456 | Capital Equipment | First Lien Debt | S + 4.50% |
| SI Solutions, LLC | 11,711,130 | Environmental Industries | First Lien Debt | S + 4.75% |
| Watermill Express, LLC | 6,295,297 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 15,400,752 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,152,696 | Transportation: Cargo | First Lien Debt | 6.64% (Cash) 4.25% (PIK) |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,455,425 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Excel Fitness Consolidator LLC | 10,142,067 | Services: Consumer | First Lien Debt | S + 4.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,195,777 | Services: Business | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,329,360 | Services: Business | First Lien Debt | S + 5.00% |
| Smart Wave Technologies, Inc. | 7,626,931 | High Tech Industries | First Lien Debt | S + 6.00% |
| Cornerstone Advisors of Arizona, LLC | 99,142 | Services: Business | First Lien Debt | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 5,096,366 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| ALKU Intermediate Holdings, LLC | 4,412,330 | Services: Business | First Lien Debt | S + 6.25% |
| Compex Legal Services, Inc. | 99,664 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.75% |
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.