* 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 |
|---|---|---|---|---|
| Chroma Color Corporation | 6,095,883 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
| CPL Consultants, LLC | 34,035 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| Gannett Fleming, Inc. | 17,489,103 | Construction & Building | First Lien Debt | S + 4.25% |
| MEI Buyer LLC | 11,174,164 | Construction & Building | First Lien Debt | S + 4.25% |
| MEI Buyer LLC | 1,787,046 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| Kenco PPC Buyer LLC | 3,556,771 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.25% |
| Chroma Color Corporation | 1,345,632 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| RailPros Parent, LLC | 51 | Services: Business | Revolving Loan | S + 4.25% |
| RailPros Parent, LLC | 6,418 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| RailPros Parent, LLC | 68,411 | Services: Business | First Lien Debt | S + 4.25% |
| TI Acquisition NC, LLC | 2,715,342 | Transportation: Cargo | First Lien Debt | S + 4.25% |
| Olympic Buyer, Inc. (Ascensus) | 8,130,102 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.35% |
| Watermill Express, LLC | 6,333,698 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 7,352,335 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Watermill Express, LLC | 2,387,146 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Vessco Midco Holdings, LLC | 13,446,548 | Capital Equipment | First Lien Debt | S + 4.50% |
| Watermill Express, LLC | 3,173,727 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Legacy Service Partners, LLC | 17,394,010 | Services: Consumer | First Lien Debt | S + 4.50% |
| Cohen Advisory, LLC | 214,963 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Vessco Midco Holdings, LLC | -32,619 | Capital Equipment | Revolving Loan | S + 4.50% |
| Vessco Midco Holdings, LLC | 4,131,929 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | -10,856 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Legacy Service Partners, LLC | -620 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Clean Solutions Buyer, Inc. | 950,672 | Capital Equipment | First Lien Debt | S + 4.50% |
| Bounteous, Inc. | 2,138,404 | Services: Business | First Lien Debt | S + 4.50% |
| Midwest Eye Services, LLC | 8,788,040 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Watermill Express, LLC | 312,001 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Gannett Fleming, Inc. | 838,893 | Construction & Building | Revolving Loan | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 19,772 | High Tech Industries | Revolving Loan | S + 4.50% |
| Ascend Partner Services LLC | 7,049,282 | Banking, Finance, Insurance & Real Estate | First Lien Debt | 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.