* 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
236
Portfolio companies
0.4%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Phoenix Topco Holdings LP (S&S Truck Parts) | 109 | Automotive | Warrant | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 682,598 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Heartland Veterinary Partners LLC | 10,812,638 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Legacy Service Partners, LLC | 36,554 | Services: Consumer | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 455,384 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | -361,744 | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 549,757 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 3.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 198,837 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,476,165 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,457,365 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,217,803 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Heartland Veterinary Partners LLC | 3,925,311 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Rose Paving, LLC | 183,912 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Anne Arundel Dermatology Management, LLC | 2,090,848 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| ARC Health OPCO, LLC | -34,230 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| Solve Industrial Motion Group LLC | 2,408,702 | High Tech Industries | Subordinated Debt (Delayed Draw) | 14.50% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 5,321,486 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Columbia Home Services LLC | -1,316 | Services: Consumer | Subordinated Debt (Delayed Draw) | 12.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,193,859 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Covercraft Parent III, Inc. | 679,855 | Automotive | Subordinated Debt | 14.50% (PIK) |
| Engineered Fastener Company, LLC (EFC International) | 3,317,179 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
| Solve Industrial Motion Group LLC | 905,827 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Solve Industrial Motion Group LLC | 2,102,954 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 841,858 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 893,690 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Valkyrie Intermediate, LLC | 2,872,743 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 4,215,868 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| BroadcastMed Holdco, LLC | 3,780,499 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| CDL Marketing Group, LLC (Career Now) | 380,479 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Smile Brands Inc. | 8,103,489 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.28% (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.