* 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 |
|---|---|---|---|---|
| Ridge Trail US Bidco, Inc. (Options IT) | 672,289 | High Tech Industries | First Lien Debt | S + 4.50% |
| BCM One, Inc. | 5,648,753 | Telecommunications | First Lien Debt | S + 4.50% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,078,230 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| RMS Energy Borrower LLC | (6,571) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| RMS Energy Borrower LLC | 6,716,255 | Utilities: Electric | First Lien Debt | S + 4.50% |
| Impact Advisors, LLC | 124 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ascend Partner Services LLC | 12,089,000 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| Impact Advisors, LLC | 12,760,937 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Ascend Partner Services LLC | 7,214,997 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | 994,101 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,003,776 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Kenco PPC Buyer LLC | 21,562,049 | Transportation: Cargo | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 7,424,830 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Knight AcquireCo, LLC | 3,742,474 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Legacy Service Partners, LLC | (640) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 1,803,994 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Knight AcquireCo, LLC | (2,509) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Enagage PEO) | 1,063,230 | Services: Business | 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 | (18,500) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.50% |
| 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% |
| Hyperion Materials & Technologies, Inc. | 2,489,964 | Capital Equipment | First Lien Debt | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,055) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMN Acquirer Corp. | 6,473,505 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Midwest Eye Services, LLC | 8,831,314 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Big Apple Advisory, LLC | 8,913,698 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
| HMN Acquirer Corp. | (21,588) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
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.