* 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 |
|---|---|---|---|---|
| KENG Acquisition, Inc. (Enagage PEO) | 9,401,424 | Services: Business | First Lien Debt | S + 4.50% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,147,989 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KKEMP Blocked Co-Invest, LP | 1,107,235 | Services: Business | Class A Interests | |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,635,207 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 2,457,626 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.25% |
| KRIV Acquisition, Inc. (Riveron) | 12,056,908 | Services: Business | First Lien Debt | S + 5.00% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 1,103,872 | Services: Business | Class A Units | |
| 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% |
| Kenco PPC Buyer LLC | 21,562,049 | Transportation: Cargo | First Lien Debt | S + 4.50% |
| Knight AcquireCo, LLC | (2,509) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Knight AcquireCo, LLC | 3,742,474 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| LH Equity Investors, L.P. | 2,029,398 | Consumer Goods: Durable | Limited Partnership Interest | |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,143,172 | Services: Business | First Lien Debt | S + 5.25% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,121,940 | Services: Business | First Lien Debt | S + 5.25% |
| Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 8,153,417 | Capital Equipment | Common Units | |
| Lavie Group, Inc. | 2,717,126 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 452,733 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 656,100 | Services: Consumer | Class B Units | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 16,131 | Services: Consumer | Class B-2 Units | |
| Legacy Service Partners, LLC | (640) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Legacy Service Partners, LLC | 52,025 | Services: Consumer | Subordinated Debt | 13.25% (PIK) |
| Legacy Service Partners, LLC | (1,145) | Services: Consumer | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Legacy Service Partners, LLC | 17,434,095 | Services: Consumer | First Lien Debt | S + 4.50% |
| Lettermen's Parent Holding, LLC | 48,600 | Wholesale | Common Units | |
| Lettermen's Parent Holding, LLC | 400,000 | Wholesale | Class A Units | |
| Liberty Buyer, Inc. (Liberty Group) | 3,734,736 | Services: Consumer | First Lien Debt | S + 5.75% |
| Liberty Buyer, Inc. (Liberty Group) | 280,831 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Low Voltage Holdings Inc. | 2,572,200 | Utilities: Electric | First Lien Debt | S + 4.75% |
| Low Voltage Holdings Inc. | (1,821) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
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.