* 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 |
|---|---|---|---|---|
| Health Management Associates, Inc. | 1,059,733.17 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| SEKO Global Logistics Network, LLC | 1,054,621.47 | Transportation: Cargo | First Lien Debt | 10.67% (PIK) |
| KENG Acquisition, Inc. (Engage PEO) | 1,046,814.10 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| MBS Holdings, Inc. | 1,032,104.69 | Telecommunications | First Lien Debt | S + 5.00% |
| Element 78 Partners, LLC (E78) | 1,013,476.87 | Services: Business | First Lien Debt | S + 5.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 1,011,396.29 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Smart Wave Technologies, Inc. | 1,009,261.73 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| EVE Bison Co-Invest A, LP | 1,000,000.00 | Transportation: Cargo | Equity Investment | |
| BayPine Regal Co-Invest, LP | 1,000,000.00 | Banking, Finance, Insurance & Real Estate | Equity Investment | |
| TBG Acquisitions, Inc. | 1,000,000.00 | Services: Business | Equity Investment | |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000.00 | Services: Business | Equity Investment | |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 994,001.92 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.63% (Cash) 1.75% (PIK) |
| Halfmoon Buyer, Inc. | 980,036.53 | Capital Equipment | Subordinated Debt | 12.00% |
| Ovation Holdings, Inc. | 929,559.32 | Capital Equipment | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 924,381.84 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Nellson Nutraceutical, LLC | 921,449.48 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Clean Solutions Buyer, Inc. | 920,033.90 | Capital Equipment | First Lien Debt | S + 4.50% |
| Solve Industrial Motion Group LLC | 912,622.71 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 893,480.07 | Beverage, Food & Tobacco | Equity Investment | |
| ERA Industries, LLC (BTX Precision) | 885,674.46 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| Impact Advisors, LLC | 862,588.87 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| All4 Buyer, LLC | 858,495.18 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 854,692.38 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Output Services Group, Inc. | 837,261.80 | Services: Business | First Lien Debt | S + 6.25% |
| Yard-Nique, Inc. | 831991.51 | Services: Consumer | First Lien Debt | S + 4.75% |
| Eliassen Group, LLC | 825,926.59 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Environ Energy, LLC | 822,619.84 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.25% |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 821,652.37 | Services: Business | First Lien Debt | S + 5.00% |
| BroadcastMed Holdco, LLC | 818,776.61 | Media: Diversified & Production | Equity Investment | |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 818,009.41 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
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.