* 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 |
|---|---|---|---|---|
| SkyMark Refuelers, LLC | -7,645.16 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Vessco Midco Holdings, LLC | 4,409,695.43 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| CMG HoldCo, LLC (Crete) | 350,914.50 | Capital Equipment | Equity Investment | |
| Hyperion Materials & Technologies, Inc. | 2,495,876.05 | Capital Equipment | First Lien Debt | S + 4.75% |
| AmerCareRoyal, LLC | 694,945.08 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 162,010.13 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| AmerCareRoyal, LLC | 110,676.42 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 0 | Beverage, Food & Tobacco | Equity Investment | |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 1,228,288.75 | Beverage, Food & Tobacco | Equity Investment | |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 6,201,964.29 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 303080.69 | Beverage, Food & Tobacco | Equity Investment | |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 8,835,638.27 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,396,245.00 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,280,138.29 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| FoodScience, LLC | 5,832,403.54 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Razor Light, Inc. | -6,744.30 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 854,692.38 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| Nellson Nutraceutical, LLC | 921,449.48 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Razor Light, Inc. | 61,010.63 | Beverage, Food & Tobacco | Revolving Loan | S + 4.75% |
| Watermill Express, LLC | 3,161,324.33 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 2,377,857.71 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Razor Light, Inc. | 7,408,139.53 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 1,011,396.29 | Beverage, Food & Tobacco | Subordinated Debt | 8.26% (Cash) 5.13% (PIK) |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 893,480.07 | Beverage, Food & Tobacco | Equity Investment | |
| Naturpak PPC Buyer LLC | 235,444.44 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Naturpak PPC Buyer LLC | 4,837,165.67 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Nellson Nutraceutical, LLC | 68.46 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Razor Light Topco, L.P. (f/k/a Lonestar Polaris Topco, LP) | 325,714.67 | Beverage, Food & Tobacco | Equity Investment | |
| L.A. Specialty Produce Co., LLC | 79,665.75 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Palmetto Acquisitionco, Inc. (Tech24) | 3,543,556.01 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
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.