* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Force Electrical Buyerco, LLC | 36,775 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 80,270 | Utilities: Electric | Common Units | |
| Pinnacle Supply Partners, LLC | 5,918,813 | Utilities: Electric | First Lien Debt | S + 6.25% |
| Force Electrical Buyerco, LLC | 4,449 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Pinnacle Supply Partners, LLC | -73,309 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| USAW Parent LLC (USA Water) | 573,723 | Utilities: Water | Common Unit | |
| USA Water Intermediate Holdings, LLC | 7,699,335 | Utilities: Water | First Lien Debt | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 2,433,593 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| Lettermen's Parent Holding, LLC | 48,932 | Wholesale | Common Units | |
| Lettermen's Parent Holding, LLC | 402,728 | Wholesale | Class A Units | |
| ISG Enterprises, LLC (Industrial Service Group) | 3,208,533 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,161,810 | Wholesale | First Lien Debt | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,284,407 | Wholesale | First Lien Debt | S + 5.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,919,070 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
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 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.