* 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 |
|---|---|---|---|---|
| Pinnacle Supply Partners, LLC | 1,879,132 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| PN Buyer, Inc. | (5,265) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,070,534 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 1,415,786 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Trilon Group, LLC | 1,853,997 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 2,976,008 | Automotive | First Lien Debt (Delayed Draw) | S + 5.00% |
| Real Chemistry Intermediate III, Inc. | 1,803,994 | Healthcare & Pharmaceuticals | 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% |
| SEKO Global Logistics Network, LLC | - | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 10.00% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,789,305 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
| SI Solutions, LLC | 1,094,464 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| RMS Energy Borrower LLC | (6,571) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.50% |
| SCIC Buyer, Inc. | 539,951 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Safety Infrastructure Services Intermediate LLC | 937,549 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 690,900 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Scaled Agile, Inc. | 319,722 | Services: Business | First Lien Debt (Delayed Draw) | 6.02% (Cash) 3.75% (PIK) |
| SkyMark Refuelers, LLC | 611,872 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| SkyMark Refuelers, LLC | (6,634) | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.50% |
| Smith & Howard Advisory LLC | 2,188,511 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,805,271 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,413,456 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Watermill Express, LLC | - | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,725,575 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 687,540 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| 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) |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 998,177 | High Tech Industries | First Lien Debt (Delayed Draw) | 8.57% (Cash) 1.75% (PIK) |
| Vensure Employer Services, Inc. | - | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Tidi Legacy Products, Inc. | 4,074,710 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| PAG Holding Corp. (Precision Aviation Group) | 4,880,270 | Aerospace & Defense | 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 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.