* 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 |
|---|---|---|---|---|
| Ultima Health Holdings, LLC | 353,945 | Consumer Goods: Non-durable | Preferred units | |
| Corporate Visions, Inc. | - | Media: Diversified & Production | Preferred Equity Units | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 613,690 | Automotive | Pegasus Units | |
| REP RO Coinvest IV-A, LP (RoadOne) | 486,182 | Transportation: Cargo | Partnership Units | |
| NP/BF Holdings, L.P. | 922,564 | Healthcare & Pharmaceuticals | Partnership Interests | |
| WE Select Fund 3, L.P. | 676,775 | Healthcare & Pharmaceuticals | Partnership Interest | |
| Three Rivers Co-Investment, L.P. | 500,000 | High Tech Industries | Partnership | |
| Schill Blocker Agg, LLC | 3,000,000 | Services: Business | Partnership | |
| NMS VONA Case Management Acquisition, LP | 2,066,353 | Services: Business | Partnership | |
| GreyLion TGNL Holdings | 1,454,722 | Construction & Building | Partnership | |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 665,000 | Capital Equipment | Partner Interests | |
| LH Equity Investors, L.P. | 2,043,116 | Consumer Goods: Durable | Limited Partnership Units | |
| BayPine Monarch Co-Invest, LP | 111,241 | Services: Business | Limited Partners Interest | |
| NMSEF II Holdings I, L.P. | 501,024 | Services: Business | Limited Partner Interests | |
| REP HS Holdings, LLC (HemaSource) | 802,607 | Healthcare & Pharmaceuticals | LP Interests | |
| Uplift Investors Finch Co-Invest Fund, LP | 1,000,000 | Services: Business | Interests | |
| North Haven Spartan US Holdco LLC | 211,910 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Knight AcquireCo, LLC | -4,000 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,637,360 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| North Haven Spartan US Holdco LLC | 3,239,519 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Apex Service Partners, LLC | 154,070 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bradford Soap International, Inc. | -2,900 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| Vessco Midco Holdings, LLC | 4,131,929 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 815,691 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Legacy Service Partners, LLC | -620 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Smart Wave Technologies, Inc. | 1,009,262 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| GHR Healthcare, LLC | 1,834,353 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Excel Fitness Consolidator LLC | -24,311 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| KRIV Acquisition Inc. | -28,326 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -72,957 | Transportation: Consumer | First Lien Debt (Delayed Draw) | 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.