* 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 |
|---|---|---|---|---|
| Cohen Advisory, LLC | - | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.25% |
| Promptcare Infusion Buyer, Inc. | 1,245,362.96 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -55,933.53 | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| RA Parent Holdings LP (S&S Truck Parts) | 95,642.05 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,677,472.36 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| Chroma Color Corporation | 1,343,584.05 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| RailPros Parent, LLC | 6,300.00 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| MacKay Sposito, LLC | 7,013.01 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,034,014.50 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 3,620,668.06 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| M&S Holdings Buyer, Inc. | -4,692.31 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Liberty Buyer, Inc. (Liberty Group) | 275,921.61 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,437,079.42 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 1,408,599.02 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Cobalt Service Partners, LLC | 17,058.96 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Cobalt Service Partners, LLC | 2,515,883.89 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| PN Buyer, Inc. | -27,000.00 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| CLS Management Services, LLC (Contract Land Staff) | 4,449,886.80 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 885,674.46 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
| QHR Health, LLC | 3,162,597.30 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Knight AcquireCo, LLC | -7,500.00 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| CLS Management Services, LLC (Contract Land Staff) | 2,958,825.95 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| Pinnacle Supply Partners, LLC | 1,879,020.46 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Wellspring Pharmaceutical Corporation | 1527883.65 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Firstline Road Solutions, LLC | -207.35 | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| NFM & J, L.P. (The Facilities Group) | 545,721.17 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,770,783.66 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,218,367.53 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Mobile Communications America, Inc. | 345,521.22 | Telecommunications | 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 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.