* 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 |
|---|---|---|---|---|
| Real Chemistry Intermediate III, Inc. | 1,803,994 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 7,424,830 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class B Units | |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class A Units | |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,805,271 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 14,027,265 | Services: Business | First Lien Debt | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,413,456 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,815,368 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,725,575 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,009,658 | Sovereign & Public Finance | First Lien Debt | S + 5.25% |
| Repipe Aggregator, LLC (Repipe Specialists) | 63,393 | Services: Consumer | Purchased Units | |
| 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) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 221,332 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| 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) | 9,307,376 | Capital Equipment | First Lien Debt | S + 5.25% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,789,305 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,575 | High Tech Industries | Revolving Loan | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,055) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 672,289 | High Tech Industries | First Lien Debt | S + 4.50% |
| Rose Paving, LLC | 2,844,679 | Construction & Building | Subordinated Debt | 12.00% |
| Rose Paving, LLC | (5,968) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Royal Holdco Corporation (RMA Companies) | 16,251,550 | Construction & Building | First Lien Debt | S + 4.50% |
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| SCIC Buyer, Inc. | 539,951 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| SCIC Buyer, Inc. | 14,995,747 | Construction & Building | First Lien Debt | S + 4.75% |
| SEKO Global Logistics Network, LLC | 1,436,470 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| SEKO Global Logistics Network, LLC | - | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 10.00% |
| SEKO Global Logistics Network, LLC | 467,147 | Transportation: Cargo | First Lien Debt | S + 10.00% |
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 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.