* 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 |
|---|---|---|---|---|
| Press Ganey | 5,849,066 | Services: Business | First Lien Term Loan | S + 3.50% |
| Precision Surfacing Solutions | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
| Precision Surfacing Solutions | 5,999,556 | Capital Equipment | Equity Investment | |
| Precision Aviation Group (Delayed Draw) | 4,897,989 | Aerospace & Defense | First Lien Term Loan | S + 5.25% |
| Precision Aviation Group | 14,775,378 | Aerospace & Defense | First Lien Term Loan | S + 5.25% |
| Pinnacle Supply Partners, LLC (Delayed Draw) | 1,363,379 | Utilities: Electric | First Lien Term Loan | S + 6.25% |
| Pinnacle Supply Partners, LLC | 251,438 | Utilities: Electric | Equity Investment | |
| Pinnacle Supply Partners, LLC | 6,243,244 | Utilities: Electric | First Lien Term Loan | S + 6.25% |
| Phaidon | 13,194,218 | Services: Business | First Lien Term Loan | S + 5.50% |
| Perennial Services Group (Delayed Draw) | 6,039,709 | Services: Consumer | First Lien Term Loan | S + 5.50% |
| Perennial Services Group | 1,124,641 | Services: Consumer | Equity Investment | |
| Perennial Services Group | 6,748,909 | Services: Consumer | First Lien Term Loan | S + 5.50% |
| Patriot Growth (Delayed Draw) | 7,039,510 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
| Palmetto Exterminators (Delayed Draw) | 644,119 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Palmetto Exterminators | 843,057 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Palmetto Exterminators | 1,202,276 | Services: Consumer | Equity Investment | |
| PT Intermediate Holdings III, LLC (Delayed Draw) | 1,690 | Capital Equipment | First Lien Term Loan | S + 3.25% |
| PT Intermediate Holdings III, LLC | 12,240,378 | Capital Equipment | First Lien Term Loan | S + 3.25% |
| PLZ Aeroscience | 12,398,795 | Services: Business | Subordinated Debt | S + 7.50% |
| PIP | 9,054,229 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.00% |
| PGW Auto Glass | 12,493,132 | Automotive | First Lien Term Loan | S + 5.00% |
| PGW Auto Glass | 2,417,980 | Automotive | First Lien Term Loan | S + 5.00% |
| Ovation Holdings (Delayed Draw) | 1,542,544 | Capital Equipment | First Lien Term Loan | S + 5.00% |
| Ovation Holdings | 7,967,187 | Capital Equipment | First Lien Term Loan | S + 5.00% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Term Loan | S + 6.25% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Term Loan | S + 8.00% |
| Output Services Group, Inc. | 907,125 | Services: Business | Equity Investment | |
| Options IT (Delayed Draw) | -2,362 | High Tech Industries | First Lien Term Loan | S + 4.75% |
| Options IT | 678,189 | High Tech Industries | First Lien Term Loan | S + 4.75% |
| Options IT | 11,024 | High Tech Industries | Revolving 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.