* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Force Electrical Buyerco, LLC | 36,775 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Force Electrical Buyerco, LLC | 4,449 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Swoop Intermediate III, Inc. | 49,279 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Swoop Intermediate III, Inc. | 17,764 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,051,066 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Bounteous, Inc. | 3,496,010 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 11,468 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Prosci, Inc. | 4,713,927 | High Tech Industries | First Lien Debt | S + 4.50% |
| Naturpak PPC Buyer LLC | 4,873,733 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Trilon Group, LLC | 1,843,955 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| FoodScience, LLC | 2,065,510 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| WCHG Buyer, Inc. (Handgards, LLC) | 20,176,519 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | 340,945 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,202,847 | Transportation: Consumer | First Lien Debt | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -72,957 | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,369,760 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Excel Fitness Consolidator LLC | -24,311 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Excel Fitness Consolidator LLC | 10,063,798 | Services: Consumer | First Lien Debt | S + 4.75% |
| Archer Acquisition, LLC (ARMstrong) | 6,713,393 | Services: Business | First Lien Debt | S + 4.75% |
| Arctiq, Inc. | 8,646,083 | High Tech Industries | First Lien Debt | S + 4.75% |
| Yard-Nique, Inc. | 833,659 | Services: Consumer | First Lien Debt | S + 4.75% |
| good2grow LLC | 14,057,969 | Containers, Packaging & Glass | First Lien Debt | S + 4.75% |
| SCIC Buyer, Inc. | 538,732 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,352,901 | Utilities: Electric | First Lien Debt | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,014 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 4,428 | Utilities: Electric | Revolving Loan | S + 4.75% |
| Smart Wave Technologies, Inc. | 1,009,262 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | 3,353,026 | Services: Consumer | First Lien Debt | S + 4.75% |
| SI Solutions, LLC | 1,092,792 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| SI Solutions, LLC | 11,683,827 | Environmental Industries | First Lien Debt | 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.