* 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 |
|---|---|---|---|---|
| VMG Holdings LLC (VMG Health) | 15,574,020 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| VRC Companies, LLC (Vital Records Control) | 4,466,729 | Services: Business | First Lien Debt | S + 4.75% |
| Watermill Express, LLC | 2,387,146 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| VRC Companies, LLC (Vital Records Control) | 326,418 | Services: Business | First Lien Debt | S + 5.50% |
| WE Select Fund 3, L.P. | 676,775 | Healthcare & Pharmaceuticals | Partnership Interest | |
| Wellspring Pharmaceutical Corporation | 7,162,105 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| XpressMyself.com LLC (SmartSign) | 4,911,125 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| XpressMyself.com LLC (SmartSign) | 9,650,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| WSB Engineering Holdings Inc. | 4,151,302 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Yard-Nique, Inc. | -971 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Yard-Nique, Inc. | 833,659 | Services: Consumer | First Lien Debt | S + 4.75% |
| Corporate Visions, Inc. | - | Media: Diversified & Production | Common Class A Units | |
| YI, LLC (Young Innovations) | 15,883,229 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| WSB Engineering Holdings Inc. | 6,318,819 | Construction & Building | First Lien Debt | S + 4.50% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 326,403 | Beverage, Food & Tobacco | Class A Preferred Units | |
| Wellspring Pharmaceutical Corporation | 1,523,166 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 3,065,910 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,508,028 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,207,903 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | - | Beverage, Food & Tobacco | Class B Common Units | |
| World Insurance Associates, LLC | 14,401,696 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 5.00% |
| 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% |
| Trilon Group, LLC | 27,298,538 | Services: Business | First Lien Debt | S + 4.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,039,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Transit Buyer, LLC (Propark Mobility) | 3,067,651 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Trilon Group, LLC | 1,843,955 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| TSS Buyer, LLC (Technical Safety Services) | 6,584,604 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,838,075 | 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% |
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.