* 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 |
|---|---|---|---|---|
| Knight AcquireCo, LLC | 3,738,000 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Smith & Howard Advisory LLC | 4,997,824 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| World Insurance Associates, LLC | 14,401,696 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Aprio Advisory Group, LLC | 2,687 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.75% |
| Patriot Growth Insurance Services, LLC | 6,925,083 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Aprio Advisory Group, LLC | -1,089 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ascend Partner Services LLC | 7,049,282 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Ascend Partner Services LLC | 12,211,641 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Vensure Employer Services, Inc. | 3,234,448 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Cohen Advisory, LLC | 8,576,805 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Compex Legal Services, Inc. | 99,431 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.75% |
| Big Apple Advisory, LLC | 1,113,513 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Cohen Advisory, LLC | 214,963 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Big Apple Advisory, LLC | -15,134 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Illumifin Corporation (Long Term Care Group) | 6,983,239 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| Big Apple Advisory, LLC | 8,788,406 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,670,562 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,606,062 | Automotive | First Lien Debt | S + 4.75% |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | A-2 Units | |
| RA Parent Holdings LP (S&S Truck Parts) | 95,244 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,122,524 | Automotive | First Lien Debt | S + 4.75% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,729,817 | Automotive | First Lien Debt | S + 5.00% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 109 | Automotive | Warrant | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | C Units | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Class B Unit | |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 3,532,506 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,641,687 | Automotive | First Lien Debt | S + 4.75% |
| Covercraft Parent III, Inc. | 679,855 | Automotive | Subordinated Debt | 14.50% (PIK) |
| JEGS Automotive | 1,363,008 | Automotive | First Lien Debt | 10.67% (PIK) |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,275,650 | Automotive | Preferred units |
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.