* 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 |
|---|---|---|---|---|
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | AA Equity Co-Invest | |
| Corporate Visions, Inc. | - | Media: Diversified & Production | First Lien Debt | 9.67% (PIK) |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class B Units | |
| Harvest Group Topco Holdings, LP | - | Services: Business | Class A Common Unit | |
| Low Voltage Holdings Inc. | -2 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Low Voltage Holdings Inc. | -2 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| WCI-Momentum Bidco, LLC | -23 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.75% |
| USA Industries Holdings LLC | -55 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.25% |
| Specialty Manufacturing Holdings, LLC | -83 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| HLSG Intermediate, LLC | -110 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Industrial Air Flow Dynamics, Inc. | -367 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Legacy Service Partners, LLC | -620 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Yard-Nique, Inc. | -971 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Aprio Advisory Group, LLC | -1,089 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Columbia Home Services LLC | -1,316 | Services: Consumer | Subordinated Debt (Delayed Draw) | 12.00% |
| AmerCareRoyal, LLC | -2,034 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| M&S Holdings Buyer, Inc. | -2,449 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bradford Soap International, Inc. | -2,900 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| Naturpak PPC Buyer LLC | -3,444 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Knight AcquireCo, LLC | -4,000 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Razor Light, Inc. | -4,982 | Beverage, Food & Tobacco | Revolving Loan | S + 4.75% |
| Arctiq, Inc. | -5,902 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Razor Light, Inc. | -6,480 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| SkyMark Refuelers, LLC | -6,548 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Coding Solutions Acquisition, Inc. | -7,576 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | -10,856 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Big Apple Advisory, LLC | -15,134 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Kenco PPC Buyer LLC | -17,678 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.25% |
| Coding Solutions Acquisition, Inc. | -18,129 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| HMN Acquirer Corp. | -20,860 | Healthcare & Pharmaceuticals | 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.