* 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 |
|---|---|---|---|---|
| Oliver Packaging, LLC | 491,654 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| REP RO Coinvest IV-A, LP (RoadOne) | 486,182 | Transportation: Cargo | Partnership Units | |
| SEKO Global Logistics Network, LLC | 483,469 | Transportation: Cargo | First Lien Debt | 10.82% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 455,384 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% (PIK) |
| Lavie Group, Inc. | 451,959 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Lettermen's Parent Holding, LLC | 402,728 | Wholesale | Class A Units | |
| CDL Marketing Group, LLC (Career Now) | 380,479 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Ultima Health Holdings, LLC | 353,945 | Consumer Goods: Non-durable | Preferred units | |
| 360 Holdco, Inc. (360 Training) | 340,945 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| MSM Acquisitions, Inc. (Spectrio) | 336,721 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | S + 6.00% |
| VRC Companies, LLC (Vital Records Control) | 326,418 | Services: Business | First Lien Debt | S + 5.50% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 326,403 | Beverage, Food & Tobacco | Class A Preferred Units | |
| Lonestar Polaris Topco, LP | 323,130 | Beverage, Food & Tobacco | Class A Units | |
| Watermill Express, LLC | 312,001 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| FBG Holdings LLC | 308,914 | Consumer Goods: Non-durable | Common Units | |
| Scaled Agile, Inc. | 300,376 | Services: Business | First Lien Debt (Delayed Draw) | 5.55% (Cash) 3.75% (PIK) |
| M&S Group Holdings,LLC | 298,471 | Services: Business | Common Units | |
| Solve Group Holdings, L.P. (Solve Industrial) | 288,755 | High Tech Industries | Solve Industrial Equity | |
| Liberty Buyer, Inc. (Liberty Group) | 277,812 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 262,739 | Services: Business | Class A Limited Partnership Units | |
| HBB Parent, LLC (High Bar Brands) | 252,096 | Automotive | Class A Units | |
| Certus NDT Group Holdings, LLC | 245,000 | Services: Business | Class A Units | |
| JEGS Automotive | 227,088 | Automotive | Revolving Loan | 10.67% (PIK) |
| Environ Energy, LLC | 225,747 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.25% |
| Venture Buyer, LLC (Velosio) | 222,487 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 216,692 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.60% (Cash) 1.75% (PIK) |
| Cohen Advisory, LLC | 214,963 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| North Haven Spartan US Holdco LLC | 211,910 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Online Labels Group, LLC | 199,708 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Mobile Communications America, Inc. | 198,873 | Telecommunications | 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.