* 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 |
|---|---|---|---|---|
| ICE USA Infrastructure, Inc. | 6,448,085 | Construction & Building | First Lien Debt | S + 5.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,215,868 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Industrial Air Flow Dynamics, Inc. | 77,384 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Industrial Air Flow Dynamics, Inc. | -367 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 1,679,056 | Environmental Industries | First Lien Debt | S + 5.25% |
| Infobase Acquisition, Inc. | 3,972,847 | High Tech Industries | First Lien Debt | S + 5.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,919,070 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,161,810 | Wholesale | First Lien Debt | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,284,407 | Wholesale | First Lien Debt | S + 5.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,637,360 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 3,062,046 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| IF&P Holding Company, LLC (Fresh Edge) | 996,209 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 841,858 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Illumifin Corporation (Long Term Care Group) | 6,983,239 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| Impact Advisors, LLC | -42,915 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,553,714 | Environmental Industries | First Lien Debt | S + 5.25% |
| Impact Advisors, LLC | 12,575,726 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Element 78 Partners, LLC (E78) | - | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Element 78 Partners, LLC (E78) | 1,014,898 | Services: Business | First Lien Debt | S + 5.50% |
| Astra Service Partners, LLC | 74,828 | Services: Business | First Lien Debt | S + 4.50% |
| Astra Service Partners, LLC | 4,812 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ascend Partner Services LLC | 7,049,282 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 2,203,333 | Construction & Building | Subordinated Debt | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 4,193,859 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | -361,744 | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 5,321,486 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Ascend Partner Services LLC | 12,211,641 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Armstrong Transport Group, LLC | 8,195,562 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Archer Acquisition, LLC (ARMstrong) | 6,713,393 | Services: Business | First Lien Debt | S + 4.75% |
| ARC Health OPCO, LLC | 2,433,082 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
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.