* 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
202
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Unitranche Credit Facility
2021
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
First Lien Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Fresh Edge | 783,478 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Fresh Edge | 927,125 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Fresh Edge | 71,362 | Beverage, Food & Tobacco | Equity Investment | |
| Fresh Edge | 801,232 | Beverage, Food & Tobacco | Equity Investment | |
| Fresh Edge | 3,923,508 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Forefront Dermatology | 3,143,105 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
| FoodScience LLC | 137,041 | Consumer Goods: Non-durable | Equity Investment | |
| FoodScience LLC | 14,511,675 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| FoodScience LLC | 111,781 | Consumer Goods: Non-durable | Equity Investment | |
| Five Star Packaging | 7,364,555 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.25% |
| Firstcall Mechanical Group (Delayed Draw) | -198,000 | Capital Equipment | First Lien Term Loan | S + 4.75% |
| Firstcall Mechanical Group | 9,876,248 | Capital Equipment | First Lien Term Loan | S + 4.75% |
| FineLine | 2,452,731 | High Tech Industries | Subordinated Debt | S + 8.75% |
| Fairway Lawns (Delayed Draw) | 2,728,995 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| Fairway Lawns (Delayed Draw) | 6,443,169 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| Fairway Lawns | 2,804,418 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| EyeSouth (Delayed Draw) | 1,499,678 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
| EyeSouth | 7,275,249 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
| Exterro, Inc. | 9,593,052 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| Excel Fitness (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S + 5.50% |
| Excel Fitness | 9,761,191 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Evergreen Services Group II (Delayed Draw) | 13,131,655 | High Tech Industries | First Lien Term Loan | S + 5.75% |
| Evergreen Services Group II | 16,242,816 | High Tech Industries | First Lien Term Loan | S + 5.75% |
| Evergreen Services Group (Delayed Draw) | 2,841,303 | Services: Business | First Lien Term Loan | S + 6.25% |
| Evergreen Services Group | 11,875,092 | Services: Business | First Lien Term Loan | S + 6.25% |
| Esquire Deposition Services | 242,379 | Services: Business | Equity Investment | |
| Esquire Deposition Services | 1,696,461 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| Erie Construction | 9,741,184 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Erie Construction | 527,828 | Construction & Building | Equity Investment | |
| Ergotech (INS) (Delayed Draw) | 2,573 | Wholesale | First Lien Term Loan | S + 6.50% |
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.