* 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 |
|---|---|---|---|---|
| Matador US Buyer, LLC (Insulation Technology Group) | 22,016,990.63 | Energy: Electricity | First Lien Debt | S + 5.00% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,825,865.15 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| MBS Holdings, Inc. | 1,032,104.69 | Telecommunications | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 4,569,541.78 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 451,189.53 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Patriot Growth Insurance Services, LLC | 6,838,433.91 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bullhorn, Inc. | 13,439,828.71 | Services: Business | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 2,706,182.90 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,833,976.63 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,246,805.77 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| MBS Holdings, Inc. | 9,795,747.99 | Telecommunications | First Lien Debt | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 3,620,668.06 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,711,861.88 | Automotive | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 5,423,676.02 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,578,947.44 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,569,702.98 | Services: Business | First Lien Debt | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,437,079.42 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | 76,721.37 | Utilities: Electric | First Lien Debt | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,357,078.91 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 1,545,996.42 | Aerospace & Defense | First Lien Debt | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 885,674.46 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| Smith & Howard Advisory LLC | 5,099,527.32 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Bells Parent, Inc. | -72.40 | Construction & Building | Revolving Loan | S + 5.00% |
| Syndigo LLC | 71,563.98 | Services: Business | Revolving Loan | S + 5.00% |
| VALIDITY INC | 96,604.20 | High Tech Industries | First Lien Debt | S + 5.00% |
| Bells Parent, Inc. | 66,850.32 | Construction & Building | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 4,814,331.18 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| VMG Holdings LLC (VMG Health) | 15,541,781.03 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| FH DMI Buyer, Inc. | 1,962,567.21 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| FH DMI Buyer, Inc. | 1,095,638.01 | 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 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.