* 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 |
|---|---|---|---|---|
| Wellspring Pharmaceutical Corporation | 3,065,910 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,523,166 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Lavie Group, Inc. | 451,959 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| MBS Holdings, Inc. | 1,284,753 | Telecommunications | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 111,841 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,410,952 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | 13,991,422 | Services: Business | First Lien Debt | S + 5.00% |
| AmerCareRoyal, LLC | 702,255 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Smith & Howard Advisory LLC | 4,997,824 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,101,555 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,176,734 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Sapphire Telecom, Inc. | 18,793,655 | Telecommunications | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,845,209 | Services: Business | First Lien Debt | S + 5.00% |
| Syndigo LLC | 4,236,529 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,584,604 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,260,423 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,838,075 | Services: Business | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 1,091,055 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,798,065 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Syndigo LLC | 120,616 | Services: Business | Revolving Loan | S + 5.00% |
| AmerCareRoyal, LLC | -2,034 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Thompson Safety LLC | 13,204 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Sagebrush Buyer, LLC (Province) | 2,999,740 | Services: Business | First Lien Debt | S + 4.75% |
| Razor Light, Inc. | -6,480 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| SCIC Buyer, Inc. | 14,957,974 | Construction & Building | First Lien Debt | S + 4.75% |
| HLSG Intermediate, LLC | 75,072 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| HLSG Intermediate, LLC | -110 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| WCI-Momentum Bidco, LLC | 83,217 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.75% |
| WCI-Momentum Bidco, LLC | -23 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.75% |
| Java Buyer, Inc. | 13,919,655 | Construction & Building | 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.