* 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.
$2.1B
Investment portfolio at fair value1
91%
First-lien term loans2
210
Portfolio companies
0.5%
Average position size
$78M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
First Lien Credit Facility
2022
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Venture Buyer, LLC (Velosio) | 1,284 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Vensure Employer Services, Inc. | 2,717,642 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
| Vensure Employer Services, Inc. | -3,105 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Valkyrie Intermediate, LLC | 2,822,750 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.) | 4,988,685 | Services: Business | First Lien Term Loan | S + 4.75% |
| VRC Companies, LLC (Vital Records Control) | 329,017 | Services: Business | First Lien Term Loan | S + 5.75% |
| VRC Companies, LLC (Vital Records Control) | 4,488,355 | Services: Business | First Lien Term Loan | S + 5.50% |
| VMG Holdings LLC (VMG Health) | 15,744,206 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 1,128,094 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 957,399 | Beverage, Food & Tobacco | Equity Investment | |
| Ultima Health Holdings, LLC | 212,139 | Consumer Goods: Non-durable | Equity Investment | |
| Ultima Health Holdings, Inc. | 1,760,507 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| USAW Parent LLC (USA Water) | 566,069 | Utilities: Water | Equity Investment | |
| USA Water Intermediate Holdings, LLC | 333,255 | Utilities: Water | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 7,837,458 | Utilities: Water | First Lien Term Loan | S + 4.75% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 23,510,734 | Energy: Electricity | First Lien Term Loan | S + 5.50% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 6,392,627 | Energy: Electricity | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Tyto Athene, LLC | 6,952,332 | Telecommunications | First Lien Term Loan | S + 4.75% |
| Turbine Engine Specialists, Inc. | 2,530,469 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Trilon Group, LLC | 27,584,456 | Services: Business | First Lien Term Loan | S + 5.50% |
| Trilon Group, LLC | 1,863,090 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,164,376 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 6,749,284 | Services: Business | First Lien Term Loan | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 2,683,139 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Tinuiti Inc. | 1,886,477 | Media: Advertising, Printing & Publishing | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Tinuiti Inc. | 2,886,455 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S + 5.25% |
| Tinuiti Inc. | 9,658,230 | Media: Advertising, Printing & Publishing | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Tidi Legacy Products, Inc. | 15,417,642 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Tidi Legacy Products, Inc. | 13,335 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Thermostat Purchaser III, Inc. | 4,635,374 | Capital Equipment | First Lien Term Loan | S + 4.25% |
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, 2024. As of December 31, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.33%, 4.31%, 4.25%, and 4.18% 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.