* 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 |
|---|---|---|---|---|
| FoodScience, LLC | 2,065,510 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,052,143 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| LH Equity Investors, L.P. | 2,043,116 | Consumer Goods: Durable | Limited Partnership Units | |
| Anne Arundel Dermatology Management, LLC | 2,023,206 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| High Bar Brands Operating, LLC | 1,999,878 | Automotive | Subordinated Debt | 13.00% |
| Commercial Bakeries Corp. | 1,988,662 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
| Certus NDT Group Buyer, LLC | 1,978,760 | Services: Business | Subordinated Debt | 9.00% (Cash) 3.00% (PIK) |
| Boulder Scientific Company, LLC | 1,969,553 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
| FH DMI Buyer, Inc. | 1,967,536 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,948,917 | Construction & Building | Series F interests | |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,919,070 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| Pinnacle Supply Partners, LLC | 1,878,891 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Ovation Holdings, Inc | 1,849,328 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Trilon Group, LLC | 1,843,955 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,838,075 | Services: Business | First Lien Debt | S + 5.00% |
| GHR Healthcare, LLC | 1,834,353 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Tinuiti Inc. | 1,834,062 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.42% (Cash) 3.13% (PIK) |
| Cobalt Service Partners, LLC | 1,801,825 | Construction & Building | First Lien Debt | S + 4.75% |
| MEI Buyer LLC | 1,787,046 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| MBS Holdings, Inc. | 1,786,828 | Telecommunications | First Lien Debt | S + 5.00% |
| BCM One, Inc. | 1,784,799 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,774,611 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,723,686 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,708,607 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 1,688,915 | Beverage, Food & Tobacco | Common | |
| Impact Parent Corporation (Impact Environmental Group) | 1,679,056 | Environmental Industries | First Lien Debt | S + 5.25% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,670,562 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| Canopy Service Partners, LLC | 1,615,134 | Services: Consumer | First Lien Debt | S + 4.50% |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,564,853 | Sovereign & Public Finance | Equity Co-Invest | |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,558,902 | Environmental Industries | First Lien Debt | S + 4.75% |
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.