* 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 |
|---|---|---|---|---|
| RailPros Parent, LLC | 51 | Services: Business | Revolving Loan | S + 4.25% |
| Emburse, Inc. | 53 | High Tech Industries | Revolving Loan | S + 4.25% |
| Nellson Nutraceutical, LLC | 72 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 109 | Automotive | Warrant | |
| Thompson Safety LLC | 1,308 | Services: Business | Revolving Loan | P + 4.00% |
| Aprio Advisory Group, LLC | 2,687 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.75% |
| MDC Group Holdings, LP (Mosaic Dental) | 3,281 | Healthcare & Pharmaceuticals | Class A2 Units (Common) | |
| Ridge Trail US Bidco, Inc. (Options IT) | 3,567 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,428 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Force Electrical Buyerco, LLC | 4,449 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Astra Service Partners, LLC | 4,812 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Env Automation Acquisition,LLC | 4,921 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,014 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| RailPros Parent, LLC | 6,418 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| EFC Holdings, LLC (EFC International) | 10,307 | Capital Equipment | Class A Common Units | |
| Watermill Express, LLC | 11,468 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 12,815 | Transportation: Cargo | Revolving Loan | 13.50% (PIK) |
| Thompson Safety LLC | 13,204 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 16,310 | Services: Consumer | Class B-2 Units | |
| Swoop Intermediate III, Inc. | 17,764 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 19,772 | High Tech Industries | Revolving Loan | S + 4.50% |
| Apex Service Partners, LLC | 25,667 | Services: Consumer | Revolving Loan | S + 5.00% |
| Oliver Investors, LP (Oliver Packaging) | 31,303 | Containers, Packaging & Glass | Class D Units | |
| CPL Consultants, LLC | 34,035 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| Legacy Service Partners, LLC | 36,554 | Services: Consumer | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Force Electrical Buyerco, LLC | 36,775 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Lettermen's Parent Holding, LLC | 48,932 | Wholesale | Common Units | |
| Swoop Intermediate III, Inc. | 49,279 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Legacy Service Partners, LLC | 54,772 | Services: Consumer | Subordinated Debt | 13.25% (PIK) |
| CHS Investors, LLC | 55,585 | Services: Consumer | Class A Units |
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.