* 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 |
|---|---|---|---|---|
| Yard-Nique, Inc. | -890.96 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Specialty Manufacturing Holdings, LLC | -48.60 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,014,533.77 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| AmerCareRoyal, LLC | 110,676.42 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 5,423,676.02 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Waldo Buyer, LLC | -80.48 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMN Acquirer Corp. | 635,020.25 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Heartland Paving Partners, LLC | 4,814,331.18 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 818,009.41 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 2,377,857.71 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 3,161,324.33 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| 360 Holdco, Inc. (360 Training) | 1,899,792.67 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 8,836.38 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 310,704.64 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| HLSG Intermediate, LLC | 22,628.51 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,470,668.17 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Vessco Midco Holdings, LLC | 4,409,695.43 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| USA Industries Holdings LLC | -458.18 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Impact Advisors, LLC | 862,588.87 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| AmerCareRoyal, LLC | 162,010.13 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,246,805.77 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| All4 Buyer, LLC | 858,495.18 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| USA Water Intermediate Holdings, LLC | 2,424,898.32 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.50% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,349,473.86 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Venture Buyer, LLC (Velosio) | 221,925.36 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| ACP Maverick Holdings, Inc. | 2,918,660.47 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,388,358.99 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,916,754.59 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| SkyMark Refuelers, LLC | -7,645.16 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,037,399.68 | Healthcare & Pharmaceuticals | 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.