* 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 |
|---|---|---|---|---|
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| good2grow LLC | 8,657,702 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,994 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Big Apple Advisory, LLC | 994,101 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Prosci, Inc. | 4,709,667 | High Tech Industries | First Lien Debt | S + 4.50% |
| Perennial Services Group, LLC | (26,053) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Perennial Services Group, LLC | 7,210,650 | Services: Consumer | First Lien Debt | S + 4.50% |
| BCM One, Inc. | 1,789,445 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| PN Buyer, Inc. | (5,265) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| PN Buyer, Inc. | 3,870,460 | Services: Business | First Lien Debt | S + 4.50% |
| BCM One, Inc. | 5,648,753 | Telecommunications | First Lien Debt | S + 4.50% |
| Cohen Advisory, LLC | 215,506 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Performance Packaging Buyer, LLC | 6,911,630 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| Cohen Advisory, LLC | 8,598,518 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Force Electrical Buyerco, LLC | 36,814 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Swoop Intermediate III, Inc. | 22,176 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Big Apple Advisory, LLC | 5,045 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,575 | High Tech Industries | Revolving Loan | S + 4.50% |
| Ascend Partner Services LLC | 7,214,997 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,012,669 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Force Electrical Buyerco, LLC | 399 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,055) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| RMS Energy Borrower LLC | (6,571) | Utilities: Electric | 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% |
| HMN Acquirer Corp. | (21,588) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 7,758,491 | Utilities: Water | First Lien Debt | S + 4.75% |
| Aprio Advisory Group, LLC | (452) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Trilon Group, LLC | 27,447,733 | Services: Business | First Lien Debt | 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.