* 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 |
|---|---|---|---|---|
| Commercial Bakeries Corp. | 1,984,399.48 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| High Bar Brands Operating, LLC | 2,003,635.83 | Automotive | Subordinated Debt | 13.00% |
| Anne Arundel Dermatology Management, LLC | 2,022,736.57 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,037,399.68 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| LH Equity Investors, L.P. | 2,038,762.69 | Consumer Goods: Durable | Equity Investment | |
| Tau Buyer, LLC | 2,045,334.77 | Services: Business | First Lien Debt (Delayed Draw) | 6.23% (Cash) 2.50% (PIK) |
| FoodScience, LLC | 2,062,800.27 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| NMS VONA Case Management Acquisition, LP | 2,066,137.00 | Services: Business | Equity Investment | |
| Anne Arundel Dermatology Management, LLC | 2,090,277.47 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Solve Industrial Motion Group LLC | 2,116,069.41 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Bounteous, Inc. | 2,132,820.62 | Services: Business | First Lien Debt | S + 4.75% |
| Real Chemistry Intermediate III, Inc. | 2,151,838.75 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bridges Consumer Healthcare Intermediate LLC | 2,157,141.13 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Esquire Deposition Solutions, LLC | 2,189,984.75 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| Heartland Veterinary Partners LLC | 2,200,118.24 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 2,200,224.82 | Construction & Building | Subordinated Debt | 1.00% (Cash) 13.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 2,298,419.00 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,299,776.87 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 2,306,388.76 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 2,356,741.74 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Perennial Services Group, LLC | 2,359,122.45 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 2,377,857.71 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 2,419,887.09 | Transportation: Cargo | First Lien Debt | 6.33% (Cash) 4.25% (PIK) |
| Solve Industrial Motion Group LLC | 2,423,724.89 | High Tech Industries | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| USA Water Intermediate Holdings, LLC | 2,424,898.32 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.50% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,437,079.42 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| North Haven Spartan US Holdco LLC | 2,437,241.50 | Services: Consumer | First Lien Debt | S + 5.75% |
| GNX HBS Parent, LLC | 2,442,776.59 | High Tech Industries | First Lien Debt | S + 4.50% |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 2,448,944.63 | Services: Business | First Lien Debt | S + 5.00% |
| ARC Health OPCO, LLC | 2,466,696.32 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.00% (Cash) 5.00% (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 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.