* 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 |
|---|---|---|---|---|
| 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% |
| 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.) | 998,177 | 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) |
| Repipe Aggregator, LLC (Repipe Specialists) | 63,393 | Services: Consumer | Purchased Units | |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,009,658 | Sovereign & Public Finance | First Lien Debt | 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% |
| 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) | 2,805,271 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,413,456 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| 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 | |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| 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% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 2,976,008 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,748,813 | Automotive | First Lien Debt | S + 5.00% |
| RailPros Parent, LLC | 159 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.25% |
| RailPros Parent, LLC | 80 | Services: Business | Revolving Loan | S + 4.25% |
| RailPros Parent, LLC | 68,766 | Services: Business | First Lien Debt | S + 4.25% |
| RPI Investments LP (Rose Paving) | 67,738 | Construction & Building | Class A Units | |
| RMS Energy Borrower LLC | 6,716,255 | Utilities: Electric | First Lien Debt | S + 4.50% |
| RMS Energy Borrower LLC | (6,571) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| REP RO Coinvest IV-A, LP (RoadOne) | 602,566 | Transportation: Cargo | Partnership Units | |
| REP HS Holdings, LLC (HemaSource) | 784,143 | Healthcare & Pharmaceuticals | LP Interests | |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | AA Equity Co-Invest | |
| RCP Nats Co-Investment Fund LP | 1,303,702 | Healthcare & Pharmaceuticals | Limited Partnership Interests |
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.