* 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
236
Portfolio companies
0.4%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Smart Wave Technologies, Inc. | 1,009,262 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Smart Wave Technologies, Inc. | 3,115,967 | High Tech Industries | First Lien Debt | 4.40% (Cash) 4.00% (PIK) |
| SkyMark Refuelers, LLC | 611,930 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| SkyMark Refuelers, LLC | -6,548 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| SkyMark Refuelers, LLC | 2,708,628 | Capital Equipment | First Lien Debt | S + 4.50% |
| Shoreline CNB Partners Investment, LP (Career Now) | - | Services: Business | Common Equity | |
| Shoreline CNB Partners Investment, LP (Career Now) | - | Services: Business | Series B Limited Partnership Units | |
| Sentinel Technologies, Inc | 4,987,500 | Services: Business | First Lien Debt | S + 4.50% |
| Schill Blocker Agg, LLC | 3,000,000 | Services: Business | Partnership | |
| Scaled Agile, Inc. | 6,125,363 | Services: Business | First Lien Debt | 5.55% (Cash) 3.75% (PIK) |
| Scaled Agile, Inc. | 300,376 | Services: Business | First Lien Debt (Delayed Draw) | 5.55% (Cash) 3.75% (PIK) |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,101,555 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,176,734 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Sapphire Telecom, Inc. | 18,793,655 | Telecommunications | First Lien Debt | S + 5.00% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,462,702 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 8,765,047 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sagebrush Buyer, LLC (Province) | 4,437,551 | Services: Business | First Lien Debt | S + 4.75% |
| Sagebrush Buyer, LLC (Province) | 4,799,584 | Services: Business | First Lien Debt | S + 4.75% |
| Sagebrush Buyer, LLC (Province) | 2,999,740 | Services: Business | First Lien Debt | S + 4.75% |
| Safety Infrastructure Services Intermediate LLC | 6,845,209 | Services: Business | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 1,091,055 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| STech Investors, LP | 99,330 | Services: Business | Class A Unit | |
| STS Holding, Inc. | 3,343,007 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| SI Solutions, LLC | 1,092,792 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| SI Solutions, LLC | 11,683,827 | Environmental Industries | First Lien Debt | S + 4.75% |
| SEKO Global Logistics Network, LLC | 134,190 | Transportation: Cargo | First Lien Debt | 4.86% (Cash) 9.50% (PIK) |
| SEKO Global Logistics Network, LLC | 1,336,635 | Transportation: Cargo | First Lien Debt | 10.82% (PIK) |
| SEKO Global Logistics Network, LLC | - | Transportation: Cargo | First Lien Debt (Delayed Draw) | 4.86% (Cash) 9.50% (PIK) |
| SEKO Global Logistics Network, LLC | 483,469 | Transportation: Cargo | First Lien Debt | 10.82% (PIK) |
| SCIC Buyer, Inc. | 538,732 | Construction & Building | 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 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.