* 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 |
|---|---|---|---|---|
| Ridge Trail US Bidco, Inc. (Options IT) | 30,945.19 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,772,618.52 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| Genesee Scientific LLC | 1,331,608.25 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 220,406.70 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.63% (Cash) 1.75% (PIK) |
| RMS Energy Borrower LLC | 1,118,663.92 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Bounteous, Inc. | 2,696,852.54 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 135,783.95 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bluebird PM Buyer, Inc. | - | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Royal Holdco Corporation (RMA Companies) | 2,515,657.21 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Astra Service Partners, LLC | 12,737.23 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 994,001.92 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.63% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,870,337.74 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.63% (Cash) 1.75% (PIK) |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,946,715.36 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,790,858.13 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| KENG Acquisition, Inc. (Engage PEO) | 9,006,383.84 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 2,151,838.75 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Canopy Service Partners, LLC | 72,335.55 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Kenco PPC Buyer LLC | 3,562,042.15 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.25% |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,722,135.36 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 3,487,091.23 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bradford Soap International, Inc. | - | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | -40,504.33 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Excel Fitness Consolidator LLC | 1,859,729.57 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) | 316,888.10 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| GHR Healthcare, LLC | 1,818,857.78 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Bells Parent, Inc. | 19,817.29 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| SEKO Global Logistics Network, LLC | 57,066.72 | Transportation: Cargo | First Lien Debt (Delayed Draw) | 4.67% (Cash) 9.50% (PIK) |
| GNX HBS Parent, LLC | 1,444,148.15 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| BCM One, Inc. | 1,684,170.59 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| WSB Engineering Holdings Inc. | 4132015.69 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
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.