* 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 |
|---|---|---|---|---|
| Thompson Safety LLC | (44) | Services: Business | Revolving Loan | S + 5.00% |
| Thompson Safety LLC | (441) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Tau Buyer, LLC | 174,857 | Services: Business | Revolving Loan | S + 4.75% |
| Tau Buyer, LLC | 1,439,391 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Swoop Intermediate III, Inc. | 25,625 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| STS Holding, Inc. | 3,478,713 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Swoop Intermediate III, Inc. | 9,237 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,017,556 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Syndigo LLC | 4,386,664 | Services: Business | First Lien Debt | S + 5.00% |
| Syndigo LLC | (2,812) | Services: Business | Revolving Loan | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,395,682 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,339,067 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 220,947 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 996,436 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,192,438 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,323,634 | Capital Equipment | First Lien Debt | S + 5.25% |
| Ridge Trail US Bidco, Inc. (Options IT) | 673,850 | High Tech Industries | First Lien Debt | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,792,450 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,378 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.90% (Cash) 1.75% (PIK) |
| Repipe Aggregator, LLC (Repipe Specialists) | 86,568 | Services: Consumer | Equity Investments | |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,727,451 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,822,998 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,040,295 | Sovereign & Public Finance | First Lien Debt | S + 5.25% |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investments | |
| REP RO Coinvest IV-A, LP (RoadOne) | 679,529 | Transportation: Cargo | Equity Investments | |
| REP HS Holdings, LLC (HemaSource) | 782,989 | Healthcare & Pharmaceuticals | Equity Investments | |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,102) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,559 | High Tech Industries | Revolving Loan | S + 4.50% |
| Safety Infrastructure Services Intermediate LLC | 6,913,943 | Services: Business | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 974,598 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
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.