* 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 |
|---|---|---|---|---|
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class B Units | |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,055) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,575 | High Tech Industries | Revolving Loan | S + 4.50% |
| 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% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | - | Transportation: Cargo | Class A Units | |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,307,376 | Capital Equipment | First Lien Debt | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,540 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,009,658 | Sovereign & Public Finance | First Lien Debt | S + 5.25% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 998,177 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| RCP Nats Co-Investment Fund LP | 1,303,702 | Healthcare & Pharmaceuticals | Limited Partnership Interests | |
| 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.) | 221,332 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | AA Equity Co-Invest | |
| REP HS Holdings, LLC (HemaSource) | 784,143 | Healthcare & Pharmaceuticals | LP Interests | |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,553,612 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sagebrush Buyer, LLC (Province) | 4,435,761 | Services: Business | First Lien Debt | S + 5.00% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 8,866,357 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sapphire Telecom, Inc. | 18,865,978 | Telecommunications | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,289,219 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,223,641 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,835,328 | Services: Business | First Lien Debt | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 937,549 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Repipe Aggregator, LLC (Repipe Specialists) | 63,393 | Services: Consumer | Purchased Units | |
| REP RO Coinvest IV-A, LP (RoadOne) | 602,566 | Transportation: Cargo | Partnership Units | |
| Rose Paving, LLC | (5,968) | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
| Rose Paving, LLC | 2,844,679 | Construction & Building | Subordinated Debt | 12.00% |
| Royal Holdco Corporation (RMA Companies) | 16,251,550 | Construction & Building | First Lien Debt | S + 4.50% |
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| TBRS, Inc. | (28,409) | Healthcare & Pharmaceuticals | Revolving Loan | 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.