* 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 |
|---|---|---|---|---|
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,444,937 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| FoodServices Brand Group, LLC | 3,039,193 | Consumer Goods: Non-durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Ultima Health Holdings, LLC | 353,945 | Consumer Goods: Non-durable | Preferred units | |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,415,970 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| FBG Holdings LLC | 308,914 | Consumer Goods: Non-durable | Common Units | |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,048,422 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,600,555 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| LH Equity Investors, L.P. | 2,043,116 | Consumer Goods: Durable | Limited Partnership Units | |
| DRS Holdings III, Inc. | 2,816,810 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| XpressMyself.com LLC (SmartSign) | 4,911,125 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| XpressMyself.com LLC (SmartSign) | 9,650,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Momentum Textiles, LLC | 5,081,388 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Cobalt Service Partners, LLC | 2,278,845 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| ICE USA Infrastructure, Inc. | 6,448,085 | Construction & Building | First Lien Debt | S + 5.75% |
| MEI Buyer LLC | 520,913 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| MEI Buyer LLC | 11,174,164 | Construction & Building | First Lien Debt | S + 4.25% |
| Rose Paving, LLC | 183,912 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| MEI Buyer LLC | 1,787,046 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| Athlete Buyer, LLC (Allstar Holdings) | 2,203,333 | Construction & Building | Subordinated Debt | 1.00% (Cash) 13.00% (PIK) |
| Java Buyer, Inc. | 13,919,655 | Construction & Building | First Lien Debt | S + 4.75% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,948,917 | Construction & Building | Series F interests | |
| Athlete Buyer, LLC (Allstar Holdings) | -361,744 | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 5,321,486 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,370,539 | Construction & Building | Class A Interests | |
| Cobalt Service Partners, LLC | 1,801,825 | Construction & Building | First Lien Debt | S + 4.75% |
| Heartland Paving Partners, LLC | 8,229,253 | Construction & Building | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 5,522,372 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| WSB Engineering Holdings Inc. | 6,318,819 | Construction & Building | First Lien Debt | S + 4.50% |
| Gannett Fleming, Inc. | 17,489,103 | Construction & Building | First Lien Debt | S + 4.25% |
| WSB Engineering Holdings Inc. | 4,151,302 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
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.