* 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 |
|---|---|---|---|---|
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 613,690 | Automotive | Pegasus Units | |
| Archer Acquisition, LLC (ARMstrong) | 623,671 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| National Renovations LLC (Repipe Specialists) | 629,530 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Apex Service Partners, LLC | 629,833 | Services: Consumer | First Lien Debt | S + 5.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 636,096 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| Anne Arundel Dermatology Management, LLC | 648,548 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 663,362 | Services: Consumer | Class B Units | |
| Ridge Trail US Bidco, Inc. (Options IT) | 663,691 | High Tech Industries | First Lien Debt | S + 4.50% |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 665,000 | Capital Equipment | Partner Interests | |
| WE Select Fund 3, L.P. | 676,775 | Healthcare & Pharmaceuticals | Partnership Interest | |
| Covercraft Parent III, Inc. | 679,855 | Automotive | Subordinated Debt | 14.50% (PIK) |
| Gabriel Partners, LLC | 681,820 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 682,598 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| AmerCareRoyal, LLC | 702,255 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| BroadcastMed Holdco, LLC | 714,651 | Media: Diversified & Production | Series A-3 Preferred Units | |
| REP HS Holdings, LLC (HemaSource) | 802,607 | Healthcare & Pharmaceuticals | LP Interests | |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 808,076 | Beverage, Food & Tobacco | Company Unit | |
| Turbine Engine Specialists, Inc. | 811,864 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 815,691 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Eliassen Group, LLC | 831,178 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Yard-Nique, Inc. | 833,659 | Services: Consumer | First Lien Debt | S + 4.75% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Gannett Fleming, Inc. | 838,893 | Construction & Building | Revolving Loan | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 841,858 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| All4 Buyer, LLC | 859,714 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| ERA Industries, LLC (BTX Precision) | 890,454 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 893,690 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Solve Industrial Motion Group LLC | 905,827 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| NP/BF Holdings, L.P. | 922,564 | Healthcare & Pharmaceuticals | Partnership Interests | |
| Nellson Nutraceutical, LLC | 923,821 | Beverage, Food & Tobacco | 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 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.