* 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 |
|---|---|---|---|---|
| Watermill Express, LLC | 6,333,698 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| WSB Engineering Holdings Inc. | 6,318,819 | Construction & Building | First Lien Debt | S + 4.50% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,305,346 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 6,260,423 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,225,577 | Capital Equipment | First Lien Debt | S + 6.00% |
| MSM Acquisitions, Inc. (Spectrio) | 6,198,062 | Media: Diversified & Production | First Lien Debt | S + 6.00% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,184,010 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,161,810 | Wholesale | First Lien Debt | S + 5.75% |
| Scaled Agile, Inc. | 6,125,363 | Services: Business | First Lien Debt | 5.55% (Cash) 3.75% (PIK) |
| Venture Buyer, LLC (Velosio) | 6,122,668 | High Tech Industries | First Lien Debt | S + 5.25% |
| Chroma Color Corporation | 6,095,883 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 5,928,413 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Pinnacle Supply Partners, LLC | 5,918,813 | Utilities: Electric | First Lien Debt | S + 6.25% |
| GHR Healthcare, LLC | 5,864,129 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,856,465 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| FoodScience, LLC | 5,844,866 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 5,747,548 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | 5,659,383 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| BCM One, Inc. | 5,632,784 | Telecommunications | First Lien Debt | S + 4.50% |
| Heartland Paving Partners, LLC | 5,522,372 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,399,196 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,321,486 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Bounteous, Inc. | 5,224,309 | Services: Business | First Lien Debt | S + 4.50% |
| Genesee Scientific LLC | 5,209,400 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| AMS Parent, LLC (All My Sons) | 5,132,876 | Services: Consumer | First Lien Debt | S + 4.75% |
| R1 Holdings, LLC (RoadOne) | 5,109,363 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Momentum Textiles, LLC | 5,081,388 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Smith & Howard Advisory LLC | 4,997,824 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Sentinel Technologies, Inc | 4,987,500 | Services: Business | First Lien Debt | S + 4.50% |
| Heartland Paving Partners, LLC | 4,911,693 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
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.