* 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 |
|---|---|---|---|---|
| MDC Group Holdings, LP (Mosaic Dental) | 3,281 | Healthcare & Pharmaceuticals | Class A2 Units (Common) | |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 132,016 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 455,384 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,708,607 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| Oliver Packaging, LLC | 2,512,689 | Containers, Packaging & Glass | Subordinated Debt | 11.50% (PIK) |
| Oliver Packaging, LLC | 491,654 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| RA Parent Holdings LP (S&S Truck Parts) | 95,244 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,670,562 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,606,062 | Automotive | First Lien Debt | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,641,687 | Automotive | First Lien Debt | S + 4.75% |
| 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% |
| RailPros Parent, LLC | 51 | Services: Business | Revolving Loan | S + 4.25% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,122,524 | Automotive | First Lien Debt | S + 4.75% |
| R1 Holdings, LLC (RoadOne) | 5,109,363 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Promptcare Infusion Buyer, Inc. | 1,248,611 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 8,014,934 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,412,192 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Prosci, Inc. | 4,713,927 | High Tech Industries | First Lien Debt | S + 4.50% |
| QHR Health, LLC | 7,472,539 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| QHR Health, LLC | 3,161,543 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| QHR Health, LLC | 3,161,543 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 3,532,506 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,729,817 | Automotive | First Lien Debt | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | 13,991,422 | Services: Business | First Lien Debt | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,410,952 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class B Units | |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,798,065 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,807,690 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 11,979,021 | Sovereign & Public Finance | 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.