* 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.
$1.9B
Investment portfolio at fair value1
90%
First-lien term loans2
244
Portfolio companies
0.4%
Average position size
$77M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Heartland Paving Partners, LLC | 4,814,331.18 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| ICE USA Infrastructure, Inc. | 6,385,076.09 | Construction & Building | First Lien Debt | S + 5.75% |
| RPI Investments LP (Rose Paving) | 99,410.51 | Construction & Building | Equity Investment | |
| WSB Engineering Holdings Inc. | 4132015.69 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| GreyLion TGNL Holdings | 1,723,519.00 | Construction & Building | Equity Investment | |
| Royal Holdco Corporation (RMA Companies) | 16,035,108.90 | Construction & Building | First Lien Debt | S + 4.50% |
| WSB Engineering Holdings Inc. | 6289462.62 | Construction & Building | First Lien Debt | S + 4.50% |
| Royal Holdco Corporation (RMA Companies) | 2,515,657.21 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rose Paving, LLC | 187,897.46 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| XpressMyself.com LLC (SmartSign) | 9625000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| XpressMyself.com LLC (SmartSign) | 4898500 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| Momentum Textiles, LLC | 5,124,596.18 | Consumer Goods: Durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| DRS Holdings III, Inc. | 2,738,545.33 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| LH Equity Investors, L.P. | 2,038,762.69 | Consumer Goods: Durable | Equity Investment | |
| AUA Famiglia Co-Investors Feeder, LLC | 1,709,000.00 | Consumer Goods: Non-durable | Equity Investment | |
| FoodServices Brand Group, LLC | 3,055,612.40 | Consumer Goods: Non-durable | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Ultima Health Holdings, LLC | 398,696.81 | Consumer Goods: Non-durable | Equity Investment | |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,578,947.44 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| Bradford Soap International, Inc. | - | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,357,078.91 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,034,014.50 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,437,079.42 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| FBG Holdings LLC (Foodservices Brand Group) | 331,149.03 | Consumer Goods: Non-durable | Equity Investment | |
| Bradford Soap International, Inc. | 2,985,000.00 | Consumer Goods: Non-durable | First Lien Debt | S + 4.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 105,624.97 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 187,589.75 | Containers, Packaging & Glass | Equity Investment | |
| good2grow LLC | 8,661,180.99 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Performance Packaging Buyer, LLC | 6,876,327.01 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,336,224.89 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| Online Labels Group, LLC | 199,203.56 | Containers, Packaging & Glass | 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 June 30, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.65%, 3.73%, 3.85%, and 3.99% 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.