* 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 | 1,523,166 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 3,062,046 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| MEI Buyer LLC | 520,913 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| Big Apple Advisory, LLC | 1,113,513 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| FoodScience, LLC | 2,065,510 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| BCM One, Inc. | 1,784,799 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| M&S Holdings Buyer, Inc. | -2,449 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| WSB Engineering Holdings Inc. | 4,151,302 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Lavie Group, Inc. | 451,959 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Aprio Advisory Group, LLC | -1,089 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Genesee Scientific LLC | 1,364,011 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| 360 Holdco, Inc. (360 Training) | 340,945 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Force Electrical Buyerco, LLC | 4,449 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,856,465 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| MEI Buyer LLC | 1,787,046 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| Liberty Buyer, Inc. (Liberty Group) | 277,812 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Palmetto Acquisitionco, Inc. (Tech24) | 3,519,023 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Yard-Nique, Inc. | -971 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Watermill Express, LLC | 312,001 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMN Acquirer Corp. | -20,860 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 3,173,727 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Eyesouth Eye Care Holdco LLC | 2,360,395 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| Naturpak PPC Buyer LLC | -3,444 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 2,387,146 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Watermill Express, LLC | 11,468 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bluebird PM Buyer, Inc. | - | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| HLSG Intermediate, LLC | -110 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Mobile Communications America, Inc. | 4,234,171 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Mobile Communications America, Inc. | 198,873 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| FH DMI Buyer, Inc. | 1,098,398 | Healthcare & Pharmaceuticals | 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.