* 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 |
|---|---|---|---|---|
| Ovation Holdings, Inc | 931,638 | Capital Equipment | First Lien Debt | S + 4.75% |
| Clean Solutions Buyer, Inc. | 950,672 | Capital Equipment | First Lien Debt | S + 4.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 966,369 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 977,247 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.60% (Cash) 1.75% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 996,209 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000 | Services: Business | Interests | |
| Smart Wave Technologies, Inc. | 1,009,262 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| MBS Holdings, Inc. | 1,034,718 | Telecommunications | First Lien Debt | S + 5.00% |
| Health Management Associates, Inc. | 1,062,009 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| KENG Acquisition, Inc. (Engage PEO) | 1,068,794 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Safety Infrastructure Services Intermediate LLC | 1,091,055 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| SI Solutions, LLC | 1,092,792 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| FH DMI Buyer, Inc. | 1,098,398 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 1,103,872 | Services: Business | Class A Units | |
| Big Apple Advisory, LLC | 1,113,513 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| VMG Holdings LLC (VMG Health) | 1,118,761 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,122,524 | Automotive | First Lien Debt | S + 4.75% |
| KKEMP Blocked Co-Invest, LP | 1,127,074 | Services: Business | Class A Interests | |
| Caldwell & Gregory LLC | 1,159,491 | Services: Business | Subordinated Debt | 9.95% (Cash) 2.50% (PIK) |
| Royal Holdco Corporation (RMA Companies) | 1,201,380 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Wellspring Pharmaceutical Corporation | 1,207,903 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 1,248,611 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,275,650 | Automotive | Preferred units | |
| Anne Arundel Dermatology Management, LLC | 1,282,693 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| MBS Holdings, Inc. | 1,284,753 | Telecommunications | First Lien Debt | S + 5.00% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,288,450 | Services: Consumer | Class A Units | |
| RCP Nats Co-Investment Fund LP | 1,335,668 | Healthcare & Pharmaceuticals | Capital Commitment | |
| SEKO Global Logistics Network, LLC | 1,336,635 | Transportation: Cargo | First Lien Debt | 10.82% (PIK) |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,341,403 | Transportation: Cargo | Subordinated Debt | 15.00% (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 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.