* 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 |
|---|---|---|---|---|
| Vessco Midco Holdings, LLC | -32,619 | Capital Equipment | Revolving Loan | S + 4.50% |
| Vessco Midco Holdings, LLC | 4,131,929 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| USA Industries Holdings LLC | -55 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.25% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,225,577 | Capital Equipment | First Lien Debt | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,475,663 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,399,196 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Ovation Holdings, Inc | 7,814,448 | Capital Equipment | First Lien Debt | S + 4.75% |
| Clean Solutions Buyer, Inc. | 950,672 | Capital Equipment | First Lien Debt | S + 4.50% |
| Specialty Manufacturing Holdings, LLC | 83,064 | Capital Equipment | First Lien Debt | S + 4.50% |
| Specialty Manufacturing Holdings, LLC | -83 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| CMG HoldCo, LLC (Crete) | 492,226 | Capital Equipment | Equity Co-Investment | |
| Vessco Midco Holdings, LLC | 13,446,548 | Capital Equipment | First Lien Debt | S + 4.50% |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 7,575,000 | Capital Equipment | Common Units | |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 665,000 | Capital Equipment | Partner Interests | |
| ATL GSE Holdings, LP | 70,355 | Capital Equipment | Class A Units | |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 6,928,267 | Capital Equipment | First Lien Debt | S + 5.50% |
| FirstCall Mechanical Group, LLC | 19,669,298 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Hyperion Materials & Technologies, Inc. | 2,213,920 | Capital Equipment | First Lien Debt | S + 4.50% |
| Ovation Holdings, Inc | 931,638 | Capital Equipment | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc | 7,780,420 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 1,688,915 | Beverage, Food & Tobacco | Common | |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 8,842,029 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Watermill Express, LLC | 11,468 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,184,010 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| AmerCareRoyal, LLC | 111,841 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| WCHG Buyer, Inc. (Handgards, LLC) | 20,176,519 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Watermill Express, LLC | 2,757,684 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| AmerCareRoyal, LLC | 702,255 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 326,403 | Beverage, Food & Tobacco | Class A Preferred Units | |
| Watermill Express, LLC | 3,230,816 | Beverage, Food & Tobacco | First Lien Debt | 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.