* 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 |
|---|---|---|---|---|
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,322,415.87 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 8,605,627.59 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Bounteous, Inc. | 2,132,820.62 | Services: Business | First Lien Debt | S + 4.75% |
| SCIC Buyer, Inc. | 14,773,925.22 | Construction & Building | First Lien Debt | S + 4.75% |
| Sentinel Technologies, Inc | 4,975,000.00 | Services: Business | First Lien Debt | S + 4.50% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 13,336,224.89 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| SEKO Global Logistics Network, LLC | 1,054,621.47 | Transportation: Cargo | First Lien Debt | 10.67% (PIK) |
| SEKO Global Logistics Network, LLC | 500,178.26 | Transportation: Cargo | First Lien Debt | 13.67% (PIK) |
| Bounteous, Inc. | 5,210,632.72 | Services: Business | First Lien Debt | S + 4.75% |
| SEKO Global Logistics Network, LLC | 137,412.56 | Transportation: Cargo | First Lien Debt | 4.67% (Cash) 9.50% (PIK) |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,711,861.88 | Automotive | First Lien Debt | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | 13,955,577.63 | Services: Business | First Lien Debt | S + 5.25% |
| Pinnacle Supply Partners, LLC | 5,919,067.46 | Utilities: Electric | First Lien Debt | S + 6.25% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,564,793.29 | Environmental Industries | First Lien Debt | S + 4.75% |
| Cohen Advisory, LLC | 8,400,684.80 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.25% |
| USA Industries Holdings LLC | 62,520.37 | Capital Equipment | First Lien Debt | S + 4.50% |
| USA Water Intermediate Holdings, LLC | 7,673,135.71 | Utilities: Water | First Lien Debt | S + 4.50% |
| Cornerstone Advisors of Arizona, LLC | 98,326.98 | Services: Business | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,335,714.30 | Environmental Industries | First Lien Debt | S + 4.75% |
| Promptcare Infusion Buyer, Inc. | 7,993,952.16 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Corporate Visions, Inc. | 3,077,676.18 | Media: Diversified & Production | First Lien Debt | 9.73% (PIK) |
| Arctiq, Inc. | 8,617,578.42 | High Tech Industries | First Lien Debt | S + 4.75% |
| PN Buyer, Inc. | 3,775,416.95 | Services: Business | First Lien Debt | S + 4.50% |
| Performance Packaging Buyer, LLC | 6,876,327.01 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Perennial Services Group, LLC | 6,938,384.54 | Services: Consumer | First Lien Debt | S + 4.50% |
| Palmetto Acquisitionco, Inc. (Tech24) | 12,579,631.11 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
| Compex Legal Services, Inc. | 99,211.45 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.75% |
| Ovation Holdings, Inc. | 929,559.32 | Capital Equipment | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc. | 7,796,657.05 | Capital Equipment | First Lien Debt | S + 4.75% |
| Commercial Bakeries Corp. | 1,984,399.48 | Beverage, Food & Tobacco | First Lien Debt | S + 5.25% |
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.