* 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 |
|---|---|---|---|---|
| Tau Buyer, LLC | 516,316 | Services: Business | Revolving Loan | S + 4.50% |
| PN Buyer, Inc. | 3,780,636 | Services: Business | First Lien Debt | S + 4.50% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,798,065 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 4,437,551 | Services: Business | First Lien Debt | S + 4.75% |
| Caldwell & Gregory LLC | 1,159,491 | Services: Business | Subordinated Debt | 9.95% (Cash) 2.50% (PIK) |
| Shoreline CNB Partners Investment, LP (Career Now) | - | Services: Business | Common Equity | |
| Scaled Agile, Inc. | 300,376 | Services: Business | First Lien Debt (Delayed Draw) | 5.55% (Cash) 3.75% (PIK) |
| Rocket Ultimate LP | 2,982,000 | Services: Business | Class A Units | |
| Scaled Agile, Inc. | 6,125,363 | Services: Business | First Lien Debt | 5.55% (Cash) 3.75% (PIK) |
| Redwood Services Group, LLC (Evergreen Services Group) | 13,991,422 | Services: Business | First Lien Debt | S + 5.00% |
| PN Topco L.P. | 75,148 | Services: Business | Class A Units | |
| Bounteous, Inc. | 2,703,926 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Safety Infrastructure Services Intermediate LLC | 1,091,055 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bullhorn, Inc. | 13,457,601 | Services: Business | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,845,209 | Services: Business | First Lien Debt | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 4,799,584 | Services: Business | First Lien Debt | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,410,952 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| CDL Marketing Group, LLC (Career Now) | 380,479 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Schill Blocker Agg, LLC | 3,000,000 | Services: Business | Partnership | |
| Sagebrush Buyer, LLC (Province) | 2,999,740 | Services: Business | First Lien Debt | S + 4.75% |
| All4 Buyer, LLC | 859,714 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bounteous, Inc. | 5,224,309 | Services: Business | First Lien Debt | S + 4.50% |
| All4 Buyer, LLC | 2,807,865 | Services: Business | First Lien Debt | S + 4.50% |
| RailPros Parent, LLC | 6,418 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| Shoreline CNB Partners Investment, LP (Career Now) | - | Services: Business | Series B Limited Partnership Units | |
| RailPros Parent, LLC | 51 | Services: Business | Revolving Loan | S + 4.25% |
| ALKU Intermediate Holdings, LLC | 4,372,777 | Services: Business | First Lien Debt | S + 6.25% |
| PN Buyer, Inc. | -28,222 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| RailPros Parent, LLC | 68,411 | Services: Business | First Lien Debt | S + 4.25% |
| Bounteous, Inc. | 3,496,010 | Services: Business | 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.