* 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 |
|---|---|---|---|---|
| 360 Holdco, Inc. (360 Training) | 3,353,026 | Services: Consumer | First Lien Debt | S + 4.75% |
| GHR Healthcare, LLC | 3,464,381 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Bounteous, Inc. | 3,496,010 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Palmetto Acquisitionco, Inc. (Tech24) | 3,519,023 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 3,532,506 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Kenco PPC Buyer LLC | 3,556,771 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.25% |
| HemaSource, Inc. | 3,643,750 | Healthcare & Pharmaceuticals | Subordinated Debt | 9.75% |
| Liberty Buyer, Inc. (Liberty Group) | 3,694,566 | Services: Consumer | First Lien Debt | S + 5.75% |
| Knight AcquireCo, LLC | 3,738,000 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| BroadcastMed Holdco, LLC | 3,780,499 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| PN Buyer, Inc. | 3,780,636 | Services: Business | First Lien Debt | S + 4.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,805,100 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.60% (Cash) 1.75% (PIK) |
| Gabriel Partners, LLC | 3,857,762 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Heartland Veterinary Partners LLC | 3,925,311 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Element 78 Partners, LLC (E78) | 3,952,636 | Services: Business | First Lien Debt | S + 5.50% |
| Infobase Acquisition, Inc. | 3,972,847 | High Tech Industries | First Lien Debt | S + 5.50% |
| good2grow LLC | 4,029,379 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Tidi Legacy Products, Inc. | 4,064,498 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Vessco Midco Holdings, LLC | 4,131,929 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| WSB Engineering Holdings Inc. | 4,151,302 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,186,353 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,193,859 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,211,356 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,215,868 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| M&S Holdings Buyer, Inc. | 4,217,297 | Services: Business | First Lien Debt | S + 4.75% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,217,803 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Mobile Communications America, Inc. | 4,234,171 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Syndigo LLC | 4,236,529 | Services: Business | First Lien Debt | S + 5.00% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,281,740 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| ALKU Intermediate Holdings, LLC | 4,372,777 | Services: Business | First Lien Debt | S + 6.25% |
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 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.