* 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 |
|---|---|---|---|---|
| Ultima Health Holdings, LLC | 398,696.81 | Consumer Goods: Non-durable | Equity Investment | |
| Tyto Athene, LLC | 6,692,481.42 | Telecommunications | First Lien Debt | S + 4.75% |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000.00 | Services: Business | Equity Investment | |
| USA Industries Holdings LLC | -458.18 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| USA Water Intermediate Holdings, LLC | 7,673,135.71 | Utilities: Water | First Lien Debt | S + 4.50% |
| USA Industries Holdings LLC | 62,520.37 | Capital Equipment | First Lien Debt | S + 4.50% |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 11,948,383.92 | Sovereign & Public Finance | First Lien Debt | S + 4.75% |
| Naturpak PPC Buyer LLC | 235,444.44 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| National Renovations LLC (Repipe Specialists) | 198,638.82 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 1.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 2,298,419.00 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
| Naturpak PPC Buyer LLC | 4,837,165.67 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Nellson Nutraceutical, LLC | 68.46 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| New Spartech Holdings LLC | - | Chemicals, Plastics & Rubber | Equity Investment | |
| Nellson Nutraceutical, LLC | 921,449.48 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| National Renovations LLC (Repipe Specialists) | 630,466.48 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 569,572.90 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 4,558,594.19 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,034,014.50 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,357,078.91 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| MSM Acquisitions, Inc. (Spectrio) | 1,623,655.04 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 247,655.28 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| National Renovations LLC (Repipe Specialists) | 565,715.24 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 3.00% (PIK) |
| Myriad Investment Holdings, L.P. (Smart Wave) | 140,583.91 | High Tech Industries | Equity Investment | |
| New Spartech Holdings LLC | 1,430,524.73 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
| New Spartech Holdings LLC | 1,815,919.97 | Chemicals, Plastics & Rubber | First Lien Debt | 4.65% (Cash) 4.25% (PIK) |
| North Haven Spartan US Holdco LLC | 3,231,368.88 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 211,344.70 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 2,437,241.50 | Services: Consumer | First Lien Debt | S + 5.75% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 185,462.98 | Services: Business | Equity Investment |
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.