* 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 |
|---|---|---|---|---|
| ISG Enterprises, LLC (Industrial Service Group) | 6,197,405.36 | Wholesale | First Lien Debt | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,270,329.58 | Wholesale | First Lien Debt | S + 5.50% |
| Industrial Air Flow Dynamics, Inc. | 76,721.37 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Infobase Acquisition, Inc. | 3,972,846.88 | High Tech Industries | First Lien Debt | S + 5.50% |
| KRIV Acquisition, Inc. (Riveron) | 12,001,820.70 | Services: Business | First Lien Debt | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 100,289.46 | Transportation: Cargo | First Lien Debt | 6.33% (Cash) 4.25% (PIK) |
| Ridge Trail US Bidco, Inc. (Options IT) | 669,374.80 | High Tech Industries | First Lien Debt | S + 4.50% |
| Tinuiti Inc. | 2,825,456.32 | Media: Advertising, Printing & Publishing | First Lien Debt | 6.45% (Cash) 3.13% (PIK) |
| RMS Energy Borrower LLC | 6,692,885.85 | Utilities: Electric | First Lien Debt | S + 4.50% |
| ACP Maverick Holdings, Inc. | 16,105,145.32 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,220,346.32 | Capital Equipment | First Lien Debt | S + 5.25% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,206,465.23 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 6.00% |
| Bullhorn, Inc. | 13,439,828.71 | Services: Business | First Lien Debt | S + 5.00% |
| Tidi Legacy Products, Inc. | 15,082,943.96 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Bridges Consumer Healthcare Intermediate LLC | 5,678,268.38 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 2,448,944.63 | Services: Business | First Lien Debt | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 4,789,484.88 | Services: Business | First Lien Debt | S + 4.75% |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 821,652.37 | Services: Business | First Lien Debt | S + 5.00% |
| Bradford Soap International, Inc. | 2,985,000.00 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| Royal Holdco Corporation (RMA Companies) | 16,035,108.90 | Construction & Building | First Lien Debt | S + 4.50% |
| TI Acquisition NC, LLC | 2,708,120.41 | Transportation: Cargo | First Lien Debt | S + 4.25% |
| Transit Buyer, LLC (Propark Mobility) | 6,648,236.72 | Services: Business | First Lien Debt | S + 4.50% |
| ADPD Holdings LLC (NearU) | 9,421,804.87 | Services: Consumer | First Lien Debt | 4.95% (Cash) 5.00% (PIK) |
| Real Chemistry Intermediate III, Inc. | 7,282,798.92 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Ascend Partner Services LLC | 6,995,198.49 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Chroma Color Corporation | 6,086,367.54 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| Razor Light, Inc. | 7,408,139.53 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Clean Solutions Buyer, Inc. | 920,033.90 | Capital Equipment | First Lien Debt | S + 4.50% |
| Tyto Athene, LLC | 6,692,481.42 | Telecommunications | First Lien Debt | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 1,833,976.63 | Services: Business | First Lien Debt | 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 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.