* 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 |
|---|---|---|---|---|
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,470,668.17 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Paving Partners, LLC | 4,814,331.18 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Heartland Paving Partners, LLC | 8,082,045.01 | Construction & Building | First Lien Debt | S + 5.00% |
| Heartland Paving Partners, LLC | 5,423,676.02 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| HMN Acquirer Corp. | 635,020.25 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMN Acquirer Corp. | 6,445,359.84 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,625,833.47 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 3,056,665.98 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 6,542,107.34 | Environmental Industries | First Lien Debt | S + 5.25% |
| Impact Parent Corporation (Impact Environmental Group) | 1,676,105.08 | Environmental Industries | First Lien Debt | S + 5.25% |
| Industrial Air Flow Dynamics, Inc. | -490.93 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Infobase Acquisition, Inc. | 3,972,846.88 | High Tech Industries | First Lien Debt | S + 5.50% |
| Industrial Air Flow Dynamics, Inc. | 76,721.37 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Impact Advisors, LLC | 12,528,546.79 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Impact Advisors, LLC | 862,588.87 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| ICE USA Infrastructure, Inc. | 6,385,076.09 | Construction & Building | First Lien Debt | S + 5.75% |
| Hyperion Materials & Technologies, Inc. | 2,495,876.05 | Capital Equipment | First Lien Debt | S + 4.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,280,138.29 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 854,692.38 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Illumifin Corporation (Long Term Care Group) | 6,936,884.90 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 6.00% |
| IF&P Holding Company, LLC (Fresh Edge) | 1,011,396.29 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| EFC Holdings, LLC (EFC International) | - | Capital Equipment | Equity Investment | |
| DRS Holdings III, Inc. | 2,738,545.33 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,187,942.23 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 2,200,224.82 | Construction & Building | Subordinated Debt | 1.00% (Cash) 13.00% (PIK) |
| Astra Service Partners, LLC | 74,839.98 | Services: Business | First Lien Debt | S + 4.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,313,978.97 | Construction & Building | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 13.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | -433,038.91 | Construction & Building | Subordinated Debt (Delayed Draw) | 13.00% (PIK) |
| AUA Famiglia Co-Investors Feeder, LLC | 1,709,000.00 | Consumer Goods: Non-durable | Equity Investment | |
| ATL GSE Holdings, LP (SkyMark Refuelers) | 70,355.33 | Capital Equipment | Equity Investment |
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.