* 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 |
|---|---|---|---|---|
| FH DMI Buyer, Inc. | 1,095,638.01 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Excel Fitness Consolidator LLC | 9,994,256.70 | Services: Consumer | First Lien Debt | S + 4.75% |
| EVE Bison Co-Invest A, LP | 1,000,000.00 | Transportation: Cargo | Equity Investment | |
| ERA Industries, LLC (BTX Precision) | 885,674.46 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 1,545,996.42 | Aerospace & Defense | First Lien Debt | S + 5.00% |
| Environ Energy, LLC | 2,480,025.31 | Energy: Electricity | First Lien Debt | S + 5.25% |
| Esquire Deposition Solutions, LLC | 2,189,984.75 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 759,000.00 | Capital Equipment | Equity Investment | |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -55,933.53 | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,235,670.35 | Transportation: Consumer | First Lien Debt | S + 4.50% |
| Health Management Associates, Inc. | 8,199,063.26 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Health Management Associates, Inc. | 1,059,733.17 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 5,885,821.33 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,037,399.68 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 6,898,453.54 | Capital Equipment | First Lien Debt | S + 5.50% |
| Kenco PPC Buyer LLC | 21,541,405.32 | Transportation: Cargo | First Lien Debt | S + 4.25% |
| Kenco PPC Buyer LLC | 3,562,042.15 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.25% |
| KENG Acquisition, Inc. (Engage PEO) | 9,006,383.84 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Engage PEO) | 9,255,436.16 | Services: Business | First Lien Debt | S + 4.50% |
| JEGS Automotive | 1,439,088.51 | Automotive | First Lien Debt | 12.59% (PIK) |
| JEGS Automotive | 238,194.47 | Automotive | Revolving Loan | 10.73% (PIK) |
| Ivex Holdco Inc. (Specialized Packaging Group) | 9,976,552.96 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| ISG Enterprises, LLC (Industrial Service Group) | 3,227,124.19 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,197,405.36 | Wholesale | First Lien Debt | S + 5.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,288,929.49 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 6,706,657.69 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Java Buyer, Inc. | 13,765,957.94 | Construction & Building | First Lien Debt | S + 4.50% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 3,233,681.48 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| KENG Acquisition, Inc. (Engage PEO) | 1,046,814.10 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KKEMP Blocked Co-Invest, LP | 1,159,841.00 | 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.