* 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 |
|---|---|---|---|---|
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,481,378 | Transportation: Cargo | Equity Investment | |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,908,135 | Automotive | First Lien Term Loan | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 1,068,425 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| RPI Investments LP (Rose Paving) | 100,000 | Construction & Building | Equity Investment | |
| REP RO Coinvest IV-A, LP (RoadOne) | 809,053 | Transportation: Cargo | Equity Investment | |
| REP HS Holdings, LLC (HemaSource) | 794,529 | Healthcare & Pharmaceuticals | Equity Investment | |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| RA Parent Holdings LP (S&S Truck Parts) | 1,132,000 | Automotive | First Lien Term Loan | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,684,588 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 96,026 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,697,975 | Automotive | First Lien Term Loan | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,767,035 | Automotive | First Lien Term Loan | S + 5.00% |
| R1 Holdings, LLC (RoadOne) | 4,814,687 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Quartz Holding Company (Quickbase) | 6,802,514 | High Tech Industries | First Lien Term Loan | S + 3.50% |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| QHR Health, LLC | 7,675,143 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Promptcare Infusion Buyer, Inc. | 1,264,851 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 8,119,841 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,430,159 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| Pinnacle Supply Partners, LLC | 6,167,891 | Utilities: Electric | First Lien Term Loan | S + 6.25% |
| Pinnacle Supply Partners, LLC | 1,325,470 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 190 | Automotive | Equity Investment | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,052,270 | Automotive | Equity Investment | |
| Perennial Services Investors LLC (Perennial Services Group) | 893,603 | Services: Consumer | Equity Investment | |
| Perennial Services Group, LLC | 6,731,866 | Services: Consumer | First Lien Term Loan | S + 5.50% |
| Perennial Services Group, LLC | 6,024,491 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 643,560 | Automotive | Equity Investment | |
| Patriot Growth Insurance Services, LLC | 7,090,576 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 5.00% |
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 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.