* 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 |
|---|---|---|---|---|
| KENG Acquisition, Inc. (Engage PEO) | 9,006,383.84 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 2,151,838.75 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | -27,585.65 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Boulder Scientific Company, LLC | 1,962,171.11 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | -14,960.42 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Big Apple Advisory, LLC | 8,767,096.90 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Watermill Express, LLC | 6,308,912.83 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Astra Service Partners, LLC | 74,839.98 | Services: Business | First Lien Debt | S + 4.50% |
| Watermill Express, LLC | 3,161,324.33 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 7,282,798.92 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| USA Water Intermediate Holdings, LLC | 2,424,898.32 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.50% |
| Canopy Service Partners, LLC | 1,596,527.94 | Services: Consumer | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | 1,111,083.10 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Impact Advisors, LLC | 12,528,546.79 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Java Buyer, Inc. | 13,765,957.94 | Construction & Building | First Lien Debt | S + 4.50% |
| USA Water Intermediate Holdings, LLC | 7,673,135.71 | Utilities: Water | First Lien Debt | S + 4.50% |
| Transit Buyer, LLC (Propark Mobility) | 6,648,236.72 | Services: Business | First Lien Debt | S + 4.50% |
| Astra Service Partners, LLC | 12,737.23 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Chroma Color Corporation | 6,086,367.54 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| CPL Consultants, LLC | 1,339,979.83 | Services: Business | First Lien Debt | S + 4.25% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,157,226.65 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| TI Acquisition NC, LLC | 2,708,120.41 | Transportation: Cargo | First Lien Debt | S + 4.25% |
| CPL Consultants, LLC | 35,294.69 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| Cohen Advisory, LLC | - | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.25% |
| MEI Buyer LLC | 11,145,511.95 | Construction & Building | First Lien Debt | S + 4.25% |
| MacKay Sposito, LLC | 7,013.01 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| RailPros Parent, LLC | 6,300.00 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| MEI Buyer LLC | 519,600.97 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| Kenco PPC Buyer LLC | 3,562,042.15 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.25% |
| Olympic Buyer, Inc. (Ascensus) | 7,311,404.44 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
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.