* 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.
$1.9B
Investment portfolio at fair value1
90%
First-lien term loans2
244
Portfolio companies
0.4%
Average position size
$77M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Athlete Buyer, LLC (Allstar Holdings) | -433,038.91 | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| Pinnacle Supply Partners, LLC | -69,218.18 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -55,933.53 | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bridges Consumer Healthcare Intermediate LLC | -40,504.33 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| ARC Health OPCO, LLC | -32,849.53 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| Vessco Midco Holdings, LLC | -31,238.58 | Capital Equipment | Revolving Loan | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | -27,585.65 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| KRIV Acquisition, Inc. (Riveron) | -27,349.64 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| PN Buyer, Inc. | -27,000.00 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Element 78 Partners, LLC (E78) | -21,326.60 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| TBRS, Inc. | -20,083.79 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Coding Solutions Acquisition, Inc. | -15,279.33 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Big Apple Advisory, LLC | -14,960.42 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| SkyMark Refuelers, LLC | -7,645.16 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Knight AcquireCo, LLC | -7,500.00 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | -7,219.25 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Arctiq, Inc. | -6,947.91 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Razor Light, Inc. | -6,744.30 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Coding Solutions Acquisition, Inc. | -6,384.94 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| M&S Holdings Buyer, Inc. | -4,692.31 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Columbia Home Services LLC | -1,273.12 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| Yard-Nique, Inc. | -890.96 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | -628.85 | High Tech Industries | Revolving Loan | S + 4.50% |
| Industrial Air Flow Dynamics, Inc. | -490.93 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| USA Industries Holdings LLC | -458.18 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Firstline Road Solutions, LLC | -207.35 | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Aprio Advisory Group, LLC | -84.31 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.75% |
| L.A. Specialty Produce Co., LLC | -83.56 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Waldo Buyer, LLC | -80.48 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bells Parent, Inc. | -72.40 | Construction & Building | Revolving Loan | S + 5.00% |
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 June 30, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.65%, 3.73%, 3.85%, and 3.99% 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.