* 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 |
|---|---|---|---|---|
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 11,948,383.92 | Sovereign & Public Finance | First Lien Debt | S + 4.75% |
| ADPD Holdings LLC (NearU) | 9,421,804.87 | Services: Consumer | First Lien Debt | 4.95% (Cash) 5.00% (PIK) |
| AMS Parent, LLC (All My Sons) | 4,769,895.96 | Services: Consumer | First Lien Debt | S + 4.75% |
| Apex Service Partners, LLC | 154,691.76 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Perennial Services Group, LLC | 6,938,384.54 | Services: Consumer | First Lien Debt | S + 4.50% |
| North Haven Spartan US Holdco LLC | 211,344.70 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 3,231,368.88 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Perennial Services Group, LLC | 2,359,122.45 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Apex Service Partners, LLC | 155,095.50 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| North Haven Spartan US Holdco LLC | 2,437,241.50 | Services: Consumer | First Lien Debt | S + 5.75% |
| Excel Fitness Consolidator LLC | 1,859,729.57 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| FS NU Investors, LP (NearU) | 73,212.99 | Services: Consumer | Equity Investment | |
| 360 Holdco, Inc. (360 Training) | 1,899,792.67 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Excel Fitness Consolidator LLC | 9,994,256.70 | Services: Consumer | First Lien Debt | S + 4.75% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,246,322.09 | Services: Consumer | Equity Investment | |
| 360 Holdco, Inc. (360 Training) | 3,345,138.51 | Services: Consumer | First Lien Debt | S + 4.50% |
| Columbia Home Services LLC | 74,061.03 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Repipe Aggregator, LLC (Repipe Specialists) | 56,691.39 | Services: Consumer | Equity Investment | |
| Columbia Home Services LLC | -1,273.12 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,520,438.44 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Legacy Service Partners, LLC | 56,658.16 | Services: Consumer | Subordinated Debt | 13.25% (PIK) |
| Apex Service Partners, LLC | 26,031.02 | Services: Consumer | Revolving Loan | S + 5.00% |
| Legacy Service Partners, LLC | 3,410.00 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Legacy Service Partners, LLC | 17,355,653.50 | Services: Consumer | First Lien Debt | S + 4.50% |
| Apex Service Partners, LLC | 632,363.62 | Services: Consumer | First Lien Debt | S + 5.00% |
| Liberty Buyer, Inc. (Liberty Group) | 275,921.61 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Canopy Service Partners, LLC | 72,335.55 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Canopy Service Partners, LLC | 1,596,527.94 | Services: Consumer | First Lien Debt | S + 4.50% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 655,020.42 | Services: Consumer | Equity Investment | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 16,104.60 | Services: Consumer | Equity Investment |
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.