* 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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Tyto Athene, LLC | 6,850,633 | Telecommunications | First Lien Debt | S + 4.75% |
| Mobile Communications America, Inc. | 18,070,726 | Telecommunications | First Lien Debt | S + 4.75% |
| BCM One, Inc. | 5,664,722 | Telecommunications | First Lien Debt | S + 4.50% |
| BCM One, Inc. | 1,794,090 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| SEKO Global Logistics Network, LLC | 451,153 | Transportation: Cargo | First Lien Debt | S + 10.00% |
| SEKO Global Logistics Network, LLC | 1,698,667 | Transportation: Cargo | First Lien Debt | S + 7.00% |
| REP RO Coinvest IV-A, LP (RoadOne) | 679,529 | Transportation: Cargo | Equity Investments | |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 227,332 | Transportation: Cargo | Equity Investments | |
| TI Acquisition NC, LLC | 2,729,785 | Transportation: Cargo | First Lien Debt | S + 4.25% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 119,399 | Transportation: Cargo | Equity Investments | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 3,996,740 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 235,871 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 818,821 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 165,634 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,132,411 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,243,929 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| R1 Holdings, LLC (RoadOne) | 5,002,641 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Kenco PPC Buyer LLC | 21,613,278 | Transportation: Cargo | First Lien Debt | S + 4.75% |
| Armstrong Transport Group, LLC | 7,934,730 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,242,606 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| Kenco PPC Buyer LLC | (19,323) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.75% |
| Kenco PPC Buyer LLC | 3,573,299 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,390,857 | Transportation: Consumer | First Lien Debt | S + 5.25% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (25,839) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 5.25% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,537 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Industrial Air Flow Dynamics, Inc. | (95) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| Low Voltage Holdings Inc. | (1,282) | Utilities: Electric | Revolving Loan | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,407,397 | Utilities: Electric | First Lien Debt | S + 4.75% |
| RMS Energy Borrower LLC | (5,468) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Low Voltage Holdings Inc. | (2,679) | 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 September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.