* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| CPL Consultants, LLC | 1,342,903 | Services: Business | First Lien Debt | S + 4.25% |
| Chroma Color Corporation | 1,345,632 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,362,994 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| JEGS Automotive | 1,363,008 | Automotive | First Lien Debt | 10.67% (PIK) |
| Genesee Scientific LLC | 1,364,011 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,370,539 | Construction & Building | Class A Interests | |
| Promptcare Infusion Buyer, Inc. | 1,412,192 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| New Spartech Holdings LLC | 1,434,137 | Chemicals, Plastics & Rubber | First Lien Debt | S + 7.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,444,689 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GreyLion TGNL Holdings | 1,454,722 | Construction & Building | Partnership | |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,506,448 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,523,166 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 1,554,349 | Aerospace & Defense | First Lien Debt | S + 5.00% |
| Gabriel Partners, LLC | 1,556,764 | Services: Business | First Lien Debt (Delayed Draw) | 4.62% (Cash) 5.45% (PIK) |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,558,902 | Environmental Industries | First Lien Debt | S + 4.75% |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,564,853 | Sovereign & Public Finance | Equity Co-Invest | |
| Canopy Service Partners, LLC | 1,615,134 | Services: Consumer | First Lien Debt | S + 4.50% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,670,562 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| Impact Parent Corporation (Impact Environmental Group) | 1,679,056 | Environmental Industries | First Lien Debt | S + 5.25% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 1,688,915 | Beverage, Food & Tobacco | Common | |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,708,607 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,723,686 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,774,611 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| BCM One, Inc. | 1,784,799 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| MBS Holdings, Inc. | 1,786,828 | Telecommunications | First Lien Debt | S + 5.00% |
| MEI Buyer LLC | 1,787,046 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| Cobalt Service Partners, LLC | 1,801,825 | Construction & Building | First Lien Debt | S + 4.75% |
| Tinuiti Inc. | 1,834,062 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.42% (Cash) 3.13% (PIK) |
| GHR Healthcare, LLC | 1,834,353 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| TSS Buyer, LLC (Technical Safety Services) | 1,838,075 | 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 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.