* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| FH DMI Buyer, Inc. | 1,098,398 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| SI Solutions, LLC | 1,092,792 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Safety Infrastructure Services Intermediate LLC | 1,091,055 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Engage PEO) | 1,068,794 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Health Management Associates, Inc. | 1,062,009 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| MBS Holdings, Inc. | 1,034,718 | Telecommunications | First Lien Debt | S + 5.00% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| Smart Wave Technologies, Inc. | 1,009,262 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000 | Services: Business | Interests | |
| IF&P Holding Company, LLC (Fresh Edge) | 996,209 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 977,247 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.60% (Cash) 1.75% (PIK) |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 966,369 | Transportation: Cargo | First Lien Debt | 6.31% (Cash) 4.25% (PIK) |
| Clean Solutions Buyer, Inc. | 950,672 | Capital Equipment | First Lien Debt | S + 4.50% |
| Ovation Holdings, Inc | 931,638 | Capital Equipment | First Lien Debt | S + 4.75% |
| Nellson Nutraceutical, LLC | 923,821 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| NP/BF Holdings, L.P. | 922,564 | Healthcare & Pharmaceuticals | Partnership Interests | |
| Solve Industrial Motion Group LLC | 905,827 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 893,690 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| ERA Industries, LLC (BTX Precision) | 890,454 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| All4 Buyer, LLC | 859,714 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 841,858 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Gannett Fleming, Inc. | 838,893 | Construction & Building | Revolving Loan | S + 4.50% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Yard-Nique, Inc. | 833,659 | Services: Consumer | First Lien Debt | S + 4.75% |
| Eliassen Group, LLC | 831,178 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 815,691 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Turbine Engine Specialists, Inc. | 811,864 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 808,076 | Beverage, Food & Tobacco | Company Unit | |
| REP HS Holdings, LLC (HemaSource) | 802,607 | Healthcare & Pharmaceuticals | LP Interests | |
| BroadcastMed Holdco, LLC | 714,651 | Media: Diversified & Production | Series A-3 Preferred Units |
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.