* 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 |
|---|---|---|---|---|
| Refresh Buyer, LLC (Sunny Sky Products) | 1,723,686 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class A Units | |
| Real Chemistry Intermediate III, Inc. | 7,352,335 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Razor Light, Inc. | -4,982 | Beverage, Food & Tobacco | Revolving Loan | S + 4.75% |
| Razor Light, Inc. | -6,480 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Razor Light, Inc. | 7,428,079 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| RCP Nats Co-Investment Fund LP | 1,335,668 | Healthcare & Pharmaceuticals | Capital Commitment | |
| Real Chemistry Intermediate III, Inc. | -10,856 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 2,182,744 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| PN Topco L.P. | 75,148 | Services: Business | Class A Units | |
| PN Buyer, Inc. | 3,780,636 | Services: Business | First Lien Debt | S + 4.50% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,370,539 | Construction & Building | Class A Interests | |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 497,952 | Services: Business | Class A Units | |
| Orion Group FM Holdings, LLC (Leo Facilities) | 5,747,548 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Ovation Holdings, Inc | 931,638 | Capital Equipment | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc | 7,780,420 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,558,902 | Environmental Industries | First Lien Debt | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,305,346 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Olympus US Bidco LLC (Phaidon International) | 12,486,094 | Services: Business | First Lien Debt | S + 5.50% |
| Olympic Buyer, Inc. (Ascensus) | 8,130,102 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.35% |
| Online Labels Group, LLC | 3,253,574 | Containers, Packaging & Glass | First Lien Debt | S + 4.75% |
| Online Labels Group, LLC | 199,708 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,304,493 | Environmental Industries | First Lien Debt | S + 4.75% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ovation Holdings, Inc | 7,814,448 | Capital Equipment | First Lien Debt | S + 4.75% |
| Ovation Holdings, Inc | 1,849,328 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 109 | Automotive | Warrant | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,275,650 | Automotive | Preferred units |
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.