* 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 |
|---|---|---|---|---|
| North Haven Spartan US Holdco LLC | 211,344.70 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Online Labels Group, LLC | 199,203.56 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| National Renovations LLC (Repipe Specialists) | 198,638.82 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| HBB Parent, LLC (High Bar Brands) | 194,829.00 | Automotive | Equity Investment | |
| Rose Paving, LLC | 187,897.46 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 187,589.75 | Containers, Packaging & Glass | Equity Investment | |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 185,462.98 | Services: Business | Equity Investment | |
| EFC Holdings, LLC (EFC International) | 184,091.71 | Capital Equipment | Equity Investment | |
| KRIV Acquisition, Inc. (Riveron) | 175,108.71 | Services: Business | Revolving Loan | S + 4.75% |
| Corporate Visions, Inc. | 164,800.74 | Media: Diversified & Production | First Lien Debt | 15.00% (PIK) |
| Scaled Agile, Inc. | 164,699.78 | Services: Business | First Lien Debt (Delayed Draw) | 9.28% (PIK) |
| AmerCareRoyal, LLC | 162,010.13 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 155,095.50 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Output Services Group, Inc. | 155,000.00 | Services: Business | First Lien Debt | S + 8.00% |
| Apex Service Partners, LLC | 154,691.76 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 142,814.40 | Transportation: Cargo | First Lien Debt | 6.33% (Cash) 4.25% (PIK) |
| Myriad Investment Holdings, L.P. (Smart Wave) | 140,583.91 | High Tech Industries | Equity Investment | |
| SEKO Global Logistics Network, LLC | 137,412.56 | Transportation: Cargo | First Lien Debt | 4.67% (Cash) 9.50% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 137,097.73 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 135,783.95 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| STech Investors, LP (Sentinel Technologies) | 113,436.03 | Services: Business | Equity Investment | |
| BayPine Monarch Co-Invest, LP | 111,966.00 | Services: Business | Equity Investment | |
| AmerCareRoyal, LLC | 110,676.42 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 105,624.97 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 100,289.46 | Transportation: Cargo | First Lien Debt | 6.33% (Cash) 4.25% (PIK) |
| RPI Investments LP (Rose Paving) | 99,410.51 | Construction & Building | Equity Investment | |
| Compex Legal Services, Inc. | 99,211.45 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.75% |
| Chase Industries, Inc. | 99,062.91 | Construction & Building | First Lien Debt | S + 5.00% |
| Cornerstone Advisors of Arizona, LLC | 98,326.98 | Services: Business | First Lien Debt | S + 4.75% |
| Oliver Investors, LP (Oliver Packaging) | 97,679.57 | Containers, Packaging & Glass | Equity Investment |
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.