* 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 |
|---|---|---|---|---|
| MBS Holdings, Inc. | 1,786,828 | Telecommunications | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 5,522,372 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,285,805 | 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% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,506,448 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,322,983 | Services: Business | First Lien Debt | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 1,554,349 | Aerospace & Defense | 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% |
| Davidson Hotel Company LLC | 3,187,653 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| Davidson Hotel Company LLC | 105,203 | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 2,965,461 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 7,376,019 | Environmental Industries | First Lien Debt | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 4,459,587 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Coding Solutions Acquisition, Inc. | 13,278,528 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Coding Solutions Acquisition, Inc. | -18,129 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Coding Solutions Acquisition, Inc. | -7,576 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 890,454 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| FH DMI Buyer, Inc. | 1,098,398 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,229,253 | Construction & Building | First Lien Debt | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,729,817 | Automotive | First Lien Debt | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | -367 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | 77,384 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 4,578,655 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Bullhorn, Inc. | 13,457,601 | Services: Business | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 4,911,693 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 7,162,105 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| World Insurance Associates, LLC | 14,401,696 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| FH DMI Buyer, Inc. | 1,967,536 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,207,903 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,508,028 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
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.