* 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 |
|---|---|---|---|---|
| Watermill Express, LLC | 312,001 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Lonestar Polaris Topco, LP | 323,130 | Beverage, Food & Tobacco | Class A Units | |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 326,403 | Beverage, Food & Tobacco | Class A Preferred Units | |
| VRC Companies, LLC (Vital Records Control) | 326,418 | Services: Business | First Lien Debt | S + 5.50% |
| MSM Acquisitions, Inc. (Spectrio) | 336,721 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| 360 Holdco, Inc. (360 Training) | 340,945 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ultima Health Holdings, LLC | 353,945 | Consumer Goods: Non-durable | Preferred units | |
| CDL Marketing Group, LLC (Career Now) | 380,479 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Lettermen's Parent Holding, LLC | 402,728 | Wholesale | Class A Units | |
| Lavie Group, Inc. | 451,959 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 455,384 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% (PIK) |
| SEKO Global Logistics Network, LLC | 483,469 | Transportation: Cargo | First Lien Debt | 10.82% (PIK) |
| REP RO Coinvest IV-A, LP (RoadOne) | 486,182 | Transportation: Cargo | Partnership Units | |
| Oliver Packaging, LLC | 491,654 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| CMG HoldCo, LLC (Crete) | 492,226 | Capital Equipment | Equity Co-Investment | |
| RMS Energy Borrower LLC | 493,853 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 497,952 | Services: Business | Class A Units | |
| Three Rivers Co-Investment, L.P. | 500,000 | High Tech Industries | Partnership | |
| NMSEF II Holdings I, L.P. | 501,024 | Services: Business | Limited Partner Interests | |
| Tau Buyer, LLC | 516,316 | Services: Business | Revolving Loan | S + 4.50% |
| MEI Buyer LLC | 520,913 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| SCIC Buyer, Inc. | 538,732 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| NFM & J, L.P. (The Facilities Group) | 542,242 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| National Renovations LLC (Repipe Specialists) | 549,757 | Services: Consumer | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 3.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 553,506 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Anne Arundel Dermatology Management, LLC | 565,977 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| USAW Parent LLC (USA Water) | 573,723 | Utilities: Water | Common Unit | |
| Concord FG Holdings, LP (E78) | 575,540 | Services: Business | Class A Common Units | |
| HMA Equity, LP (Health Management Associates) | 600,656 | Healthcare & Pharmaceuticals | Class A Common Units | |
| SkyMark Refuelers, LLC | 611,930 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
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.