* 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 |
|---|---|---|---|---|
| KENG Acquisition, Inc. (Engage PEO) | 1,068,794 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Engage PEO) | 9,195,678 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Transit Buyer, LLC (Propark Mobility) | 3,067,651 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Transit Buyer, LLC (Propark Mobility) | 10,039,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 6,584,604 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,260,423 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,838,075 | Services: Business | First Lien Debt | S + 5.00% |
| Harvest Group Topco Holdings, LP | 3,000,000 | Services: Business | Preferred units | |
| Trilon Group, LLC | 1,843,955 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Trilon Group, LLC | 27,298,538 | Services: Business | First Lien Debt | S + 4.50% |
| Bounteous, Inc. | 3,496,010 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Harvest Group Topco Holdings, LP | - | Services: Business | Class A Common Unit | |
| Geds Equity Investors, LP (Esquire Deposition Services) | 262,739 | Services: Business | Class A Limited Partnership Units | |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,106,096 | Services: Business | First Lien Debt | S + 5.25% |
| Thompson Safety LLC | 13,204 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| BayPine Monarch Co-Invest, LP | 111,241 | Services: Business | Limited Partners Interest | |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,084,616 | Services: Business | First Lien Debt | S + 5.25% |
| M&S Group Holdings,LLC | 298,471 | Services: Business | Common Units | |
| Astra Service Partners, LLC | 74,828 | Services: Business | First Lien Debt | S + 4.50% |
| M&S Holdings Buyer, Inc. | 4,217,297 | Services: Business | First Lien Debt | S + 4.75% |
| M&S Holdings Buyer, Inc. | -2,449 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Thompson Safety LLC | 1,308 | Services: Business | Revolving Loan | P + 4.00% |
| Gabriel Partners, LLC | 1,556,764 | Services: Business | First Lien Debt (Delayed Draw) | 4.62% (Cash) 5.45% (PIK) |
| Transit Buyer, LLC (Propark Mobility) | 6,664,749 | Services: Business | First Lien Debt | S + 4.75% |
| KKEMP Blocked Co-Invest, LP | 1,127,074 | Services: Business | Class A Interests | |
| KRIV Acquisition Inc. | 185,467 | Services: Business | Revolving Loan | S + 4.75% |
| KRIV Acquisition, Inc. (Riveron) | 12,029,975 | Services: Business | First Lien Debt | S + 4.75% |
| Gabriel Partners, LLC | 3,857,762 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 1,103,872 | Services: Business | Class A Units | |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000 | Services: Business | Interests |
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.