* 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
91%
First-lien term loans2
198
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Unitranche Credit Facility
2021
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2023
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Unitranche Credit Facility
2022
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| D&H United Fueling Solutions (Incremental) | 3,422,649 | Services: Business | First Lien Term Loan | S +5.75% |
| DMC HoldCo LLC (DMC Power) | 5,005,365 | Utilities: Electric | First Lien Term Loan | S +5.75% |
| DMC HoldCo LLC (DMC Power) (Delayed Draw) | 10,192 | Utilities: Electric | First Lien Term Loan | S +5.75% |
| Death Wish Coffee | 9,750,000 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.00% |
| Dessert Holdings | 5,409,795 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.00% |
| Dessert Holdings | 8,122,500 | Beverage, Food & Tobacco | Subordinated Debt | S +7.25% |
| Diligent Corporation | 22,240,994 | High Tech Industries | First Lien Term Loan | S +5.00% |
| Diligent Corporation | -17,016 | High Tech Industries | First Lien Term Loan | S +5.00% |
| Diligent Corporation | 3,812,859 | High Tech Industries | First Lien Term Loan | S +5.00% |
| E-Technologies | 1,000,000 | Capital Equipment | Equity Investment | |
| E-Technologies | 7,245,836 | Capital Equipment | First Lien Term Loan | S +5.50% |
| E78 | -112,606 | Services: Business | First Lien Term Loan | S +5.50% |
| E78 | 5,530,244 | Services: Business | First Lien Term Loan | S +5.50% |
| E78 | 1,419,897 | Services: Business | First Lien Term Loan | S +5.50% |
| E78 | 845,320 | Services: Business | Equity Investment | |
| E78 (Delayed Draw) | 4,157,964 | Services: Business | First Lien Term Loan | S +5.50% |
| E78 (Delayed Draw) | 3,107,327 | Services: Business | First Lien Term Loan | S +5.50% |
| EFC Holdings, LLC | 164,366 | Capital Equipment | Equity Investment | |
| EFC Holdings, LLC | 3,204,283 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
| EFC Holdings, LLC | 153,036 | Capital Equipment | Equity Investment | |
| Elevation Labs | 6,725,313 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
| Elevation Labs (Delayed Draw) | 921,576 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
| Eliassen Group LLC | 12,008,333 | High Tech Industries | First Lien Term Loan | S +5.75% |
| Eliassen Group LLC (Delayed Draw) | 864,271 | High Tech Industries | First Lien Term Loan | S +5.75% |
| Erie Construction | 9,816,197 | Construction & Building | First Lien Term Loan | S +4.75% |
| Erie Construction | 446,718 | Construction & Building | Equity Investment | |
| Evergreen Services Group | 11,889,525 | Services: Business | First Lien Term Loan | S +6.25% |
| Evergreen Services Group (Delayed Draw) | 2,844,715 | Services: Business | First Lien Term Loan | S +6.25% |
| Evergreen Services Group II | 16,282,122 | High Tech Industries | First Lien Term Loan | S +5.75% |
| Evergreen Services Group II (Delayed Draw) | 13,160,473 | High Tech Industries | First Lien Term Loan | S +6.00% |
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 June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.