* 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 |
|---|---|---|---|---|
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 495,780.82 | Transportation: Cargo | First Lien Debt | 6.33% (Cash) 4.25% (PIK) |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 494,190.71 | Services: Business | Equity Investment | |
| Tau Buyer, LLC | 480,828.50 | Services: Business | Revolving Loan | S + 4.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 477,018.30 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% (PIK) |
| Lavie Group, Inc. | 451,189.53 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Lettermen's Parent Holding, LLC | 420,350.72 | Wholesale | Equity Investment | |
| REP RO Coinvest IV-A, LP (RoadOne) | 410,157.71 | Transportation: Cargo | Equity Investment | |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 404,705.69 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Ultima Health Holdings, LLC | 398,696.81 | Consumer Goods: Non-durable | Equity Investment | |
| Solve Group Holdings, L.P. (Solve Industrial) | 375,128.00 | High Tech Industries | Equity Investment | |
| CMG HoldCo, LLC (Crete) | 350,914.50 | Capital Equipment | Equity Investment | |
| Davidson Hotel Company LLC | 347,170.10 | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| Mobile Communications America, Inc. | 345,521.22 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Oliver Packaging, LLC | 341,364.16 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| FBG Holdings LLC (Foodservices Brand Group) | 331,149.03 | Consumer Goods: Non-durable | Equity Investment | |
| Razor Light Topco, L.P. (f/k/a Lonestar Polaris Topco, LP) | 325,714.67 | Beverage, Food & Tobacco | Equity Investment | |
| VRC Companies, LLC (Vital Records Control) | 325,542.63 | Services: Business | First Lien Debt | S + 5.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 319,091.95 | Services: Business | Equity Investment | |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 316,888.10 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Watermill Express, LLC | 310,704.64 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 303080.69 | Beverage, Food & Tobacco | Equity Investment | |
| M&S Group Holdings,LLC | 298,465.42 | Services: Business | Equity Investment | |
| Liberty Buyer, Inc. (Liberty Group) | 275,921.61 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 274,019.77 | Transportation: Cargo | Revolving Loan | 13.50% (PIK) |
| Certus NDT Group Holdings, LLC | 251,607.65 | Services: Business | Equity Investment | |
| MSM Acquisitions, Inc. (Spectrio) | 247,655.28 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| JEGS Automotive | 238,194.47 | Automotive | Revolving Loan | 10.73% (PIK) |
| Naturpak PPC Buyer LLC | 235,444.44 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Venture Buyer, LLC (Velosio) | 221,925.36 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 220,406.70 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.63% (Cash) 1.75% (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.