* 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 |
|---|---|---|---|---|
| Element 78 Partners, LLC (E78) | 2,310,022 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Gabriel Partners, LLC | 1,556,764 | Services: Business | First Lien Debt (Delayed Draw) | 4.62% (Cash) 5.45% (PIK) |
| Gabriel Partners, LLC | 9,344,289 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Env Automation Acquisition,LLC | 67,227 | Services: Business | First Lien Debt | S + 4.50% |
| Astra Service Partners, LLC | 74,828 | Services: Business | First Lien Debt | S + 4.50% |
| Esquire Deposition Solutions, LLC | 2,107,630 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| Astra Service Partners, LLC | 4,812 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Env Automation Acquisition,LLC | 4,921 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Gabriel Partners, LLC | 681,820 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,623,104 | Services: Business | First Lien Debt | S + 5.75% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000 | Services: Business | Interests | |
| TSS Buyer, LLC (Technical Safety Services) | 6,584,604 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,260,423 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,181,852 | Services: Business | First Lien Debt | S + 5.00% |
| Trilon Group, LLC | 1,843,955 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Engage PEO) | 9,450,200 | Services: Business | First Lien Debt | S + 4.50% |
| KKEMP Blocked Co-Invest, LP | 1,127,074 | Services: Business | Class A Interests | |
| KENG Acquisition, Inc. (Engage PEO) | 1,068,794 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Engage PEO) | 9,195,678 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,285,805 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,838,075 | Services: Business | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,322,983 | Services: Business | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,186,353 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 3,952,636 | Services: Business | First Lien Debt | S + 5.50% |
| Sentinel Technologies, Inc | 4,987,500 | Services: Business | First Lien Debt | S + 4.50% |
| Archer Acquisition, LLC (ARMstrong) | 623,671 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 6,713,393 | Services: Business | First Lien Debt | S + 4.75% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,506,448 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Certus NDT Group Buyer, LLC | 1,978,760 | Services: Business | Subordinated Debt | 9.00% (Cash) 3.00% (PIK) |
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.