* 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 |
|---|---|---|---|---|
| MSM Acquisitions, Inc. (Spectrio) | 4,558,594.19 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| GHR Healthcare, LLC | 4,527,100.27 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,519,886.23 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Affinity Hospice Intermediate Holdings, LLC | 4,473,522.71 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| VRC Companies, LLC (Vital Records Control) | 4,453,884.26 | Services: Business | First Lien Debt | S + 5.50% |
| CLS Management Services, LLC (Contract Land Staff) | 4,449,886.80 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Vessco Midco Holdings, LLC | 4,409,695.43 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| ALKU Intermediate Holdings, LLC | 4,365,089.12 | Services: Business | First Lien Debt | S + 6.25% |
| Sagebrush Buyer, LLC (Province) | 4,320,082.81 | Services: Business | First Lien Debt | S + 4.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,288,929.49 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,280,138.29 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,218,367.53 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Syndigo LLC | 4,213,631.64 | Services: Business | First Lien Debt | S + 5.00% |
| Mobile Communications America, Inc. | 4,213,019.18 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,206,465.23 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 6.00% |
| M&S Holdings Buyer, Inc. | 4,194,449.14 | Services: Business | First Lien Debt | S + 4.75% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,187,942.23 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| WSB Engineering Holdings Inc. | 4132015.69 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Tidi Legacy Products, Inc. | 4,040,437.74 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| good2grow LLC | 4,029,379.08 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Heartland Veterinary Partners LLC | 3,993,543.72 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Infobase Acquisition, Inc. | 3,972,846.88 | High Tech Industries | First Lien Debt | S + 5.50% |
| Element 78 Partners, LLC (E78) | 3,947,102.01 | Services: Business | First Lien Debt | S + 5.50% |
| Gabriel Partners, LLC | 3,878,883.65 | Services: Business | First Lien Debt | S + 6.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,870,337.74 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.63% (Cash) 1.75% (PIK) |
| BroadcastMed Holdco, LLC | 3,809,324.80 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| PN Buyer, Inc. | 3,775,416.95 | Services: Business | First Lien Debt | S + 4.50% |
| Knight AcquireCo, LLC | 3,718,181.25 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Liberty Buyer, Inc. (Liberty Group) | 3,669,399.21 | Services: Consumer | First Lien Debt | S + 5.75% |
| HemaSource, Inc. | 3,644,849.65 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% |
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.