* 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 |
|---|---|---|---|---|
| Chroma Color Corporation | 1,343,584.05 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| Chroma Color Corporation | 6,086,367.54 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| SkyMark Refuelers, LLC | 2,709,171.90 | Capital Equipment | First Lien Debt | S + 4.50% |
| Clean Solutions Buyer, Inc. | 920,033.90 | Capital Equipment | First Lien Debt | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,772,618.52 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 6,898,453.54 | Capital Equipment | First Lien Debt | S + 5.50% |
| Ovation Holdings, Inc. | 7,796,657.05 | Capital Equipment | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc. | 7,763,104.73 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| FirstCall Mechanical Group, LLC | 19,402,428.79 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 759,000.00 | Capital Equipment | Equity Investment | |
| USA Industries Holdings LLC | 62,520.37 | Capital Equipment | First Lien Debt | S + 4.50% |
| Ovation Holdings, Inc. | 929,559.32 | Capital Equipment | First Lien Debt | S + 4.75% |
| Vessco Midco Holdings, LLC | -31,238.58 | Capital Equipment | Revolving Loan | S + 4.50% |
| FirstCall Mechanical Group, LLC | 9,630,460.08 | Capital Equipment | First Lien Debt | S + 4.75% |
| ATL GSE Holdings, LP (SkyMark Refuelers) | 70,355.33 | Capital Equipment | Equity Investment | |
| Specialty Manufacturing Holdings, LLC | -48.60 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,220,346.32 | Capital Equipment | First Lien Debt | S + 5.25% |
| Ovation Holdings, Inc. | 1,845,147.30 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Vessco Midco Holdings, LLC | 13,457,512.70 | Capital Equipment | First Lien Debt | S + 4.50% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,470,668.17 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| EFC Holdings, LLC (EFC International) | 184,091.71 | Capital Equipment | Equity Investment | |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 6,254,135.65 | Capital Equipment | Equity Investment | |
| EFC Holdings, LLC (EFC International) | - | Capital Equipment | Equity Investment | |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,388,358.99 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Halfmoon Buyer, Inc. | 980,036.53 | Capital Equipment | Subordinated Debt | 12.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,212,952.28 | Capital Equipment | First Lien Debt | S + 6.00% |
| Specialty Manufacturing Holdings, LLC | 83,235.75 | Capital Equipment | First Lien Debt | S + 4.50% |
| USA Industries Holdings LLC | -458.18 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Engineered Fastener Company, LLC (EFC International) | 3,337,463.31 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
| SkyMark Refuelers, LLC | 613,482.34 | Capital Equipment | 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 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.