* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Kenco PPC Buyer LLC | (18,500) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.50% |
| Kenco PPC Buyer LLC | 3,565,037 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.50% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,413,456 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,540 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 998,177 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,789,305 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,922,778 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,055) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Industrial Air Flow Dynamics, Inc. | (98) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| QHR Health, LLC | 3,163,306 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 221,332 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| ISG Enterprises, LLC (Industrial Service Group) | 3,248,727 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,199,054 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| MEI Buyer LLC | 522,224 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| M&S Holdings Buyer, Inc. | (3,790) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| MEI Buyer LLC | 1,791,582 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.25% |
| SkyMark Refuelers, LLC | 611,872 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| GHR Healthcare, LLC | 1,864,267 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| SkyMark Refuelers, LLC | (6,634) | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Genesee Scientific LLC | 1,397,020 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| PN Buyer, Inc. | (5,265) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| SI Solutions, LLC | 1,094,464 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Promptcare Infusion Buyer, Inc. | 1,415,786 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Mobile Communications America, Inc. | 201,212 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 6,362,300 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Gabriel Partners, LLC | 1,526,674 | Services: Business | First Lien Debt (Delayed Draw) | 5.77% (Cash) 5.45 (PIK) |
| Mobile Communications America, Inc. | 4,250,676 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.75% |
| SEKO Global Logistics Network, LLC | - | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 10.00% |
| Legacy Service Partners, LLC | (640) | Services: Consumer | 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 December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% 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.