* 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 |
|---|---|---|---|---|
| Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
| Legacy Service Partners, LLC (“LSP”) | 10,061,590 | Services: Consumer | First Lien Term Loan | S +5.25% |
| Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | 4,689,572 | Services: Consumer | First Lien Term Loan | S +5.25% |
| Liberty Buyer | 3,908,697 | Services: Consumer | First Lien Term Loan | S +5.75% |
| Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
| Lion Merger Sub Inc | 7,165,419 | Services: Business | First Lien Term Loan | S +6.00% |
| Lion Merger Sub Inc (Incremental) | 7,140,967 | Services: Business | First Lien Term Loan | S +6.00% |
| Loc Performance Products | 6,373,888 | Aerospace & Defense | First Lien Term Loan | S +5.25% |
| Long Term Care Group | 6,220,406 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.62% |
| Lynx Franchising, LLC | 9,697,241 | Services: Business | First Lien Term Loan | S +6.75% |
| Lynx Franchising, LLC (Incremental) | 6,855,999 | Services: Business | First Lien Term Loan | S +6.75% |
| MBS Holdings, Inc. | 1,837,518 | Telecommunications | First Lien Term Loan | S +6.25% |
| MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| MDC Intermediate Holdings II, LLC (Delayed Draw) | 448,468 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| MEI Rigging & Crating | 11,375,863 | Construction & Building | First Lien Term Loan | S +5.00% |
| MEI Rigging & Crating (Delayed Draw) | 363 | Construction & Building | First Lien Term Loan | S +5.00% |
| MGM Transformer Company | 23,274,621 | Energy: Electricity | First Lien Term Loan | S +6.00% |
| MGM Transformer Company (Delayed Draw) | 6,328,268 | Energy: Electricity | First Lien Term Loan | S +5.50% |
| MSHC Inc | 7,968,817 | Capital Equipment | First Lien Term Loan | S +4.00% |
| Market Performance Group | 12,713,778 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.25% |
| Market Performance Group (Delayed Draw) | 30,856 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.25% |
| Micronics | 2,406,390 | Wholesale | Subordinated Debt | S +5.25% |
| Midwest Eye Consultants | 8,964,918 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
| Mobile Communications America Inc | 18,271,440 | Telecommunications | First Lien Term Loan | S +5.50% |
| Mobile Communications America Inc (Delayed Draw) | 252,597 | Telecommunications | First Lien Term Loan | S +6.00% |
| Momentum Telecom II | 9,984,556 | Telecommunications | First Lien Term Loan | S +5.75% |
| Momentum Telecom II (Incremental) | 1,320,890 | Telecommunications | First Lien Term Loan | S +6.50% |
| NJEye LLC | 5,307,652 | Services: Consumer | First Lien Term Loan | S +4.75% |
| NJEye LLC (Delayed Draw) | 883,141 | Services: Consumer | First Lien Term Loan | S +4.75% |
| NJEye LLC (Delayed Draw) | 884,856 | Services: Consumer | First Lien Term 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 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.