* 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 |
|---|---|---|---|---|
| Firstcall Mechanical Group (Delayed Draw) | -199,483 | Capital Equipment | First Lien Term Loan | S +4.75% |
| Allstar Holdings (Delayed Draw) | -164,601 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Fairway Lawns (Delayed Draw) (Incremental) | -151,314 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| E78 | -112,606 | Services: Business | First Lien Term Loan | S +5.50% |
| Propark Mobility (Delayed Draw) (Incremental) | -100,960 | Services: Business | First Lien Term Loan | S +6.25% |
| NearU (Delayed Draw) | -86,749 | Services: Consumer | First Lien Term Loan | S +6.00% |
| GHR Healthcare (Delayed Draw) (Incremental) | -83,483 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
| NearU (Delayed Draw) | -79,809 | Services: Consumer | First Lien Term Loan | S +6.00% |
| Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | -58,229 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Insulation Technology Group (Delayed Draw) | -58,045 | Energy: Electricity | First Lien Term Loan | S +5.50% |
| KRIV Acquisition, Inc (Delayed Draw) | -42,894 | Services: Business | First Lien Term Loan | S +6.50% |
| RoadOne (Delayed Draw) | -39,803 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Young Innovations (Delayed Draw) | -32,069 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
| Contract Land Staff (Delayed Draw) | -29,347 | Environmental Industries | First Lien Term Loan | S +5.00% |
| Alternative Logistics Technologies Buyer, LLC (Delayed Draw) | -29,183 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
| GHR Healthcare (Delayed Draw) (Incremental) | -27,816 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
| USA Water (Delayed Draw) | -22,337 | Utilities: Water | First Lien Term Loan | S +4.75% |
| Trilon Group, LLC (Delayed Draw) | -18,318 | Services: Business | First Lien Term Loan | S +5.50% |
| NearU (Delayed Draw) (Incremental) | -17,854 | Services: Consumer | First Lien Term Loan | S +6.00% |
| Diligent Corporation | -17,016 | High Tech Industries | First Lien Term Loan | S +5.00% |
| CrossCountry Consulting (Delayed Draw) | -16,167 | Services: Business | First Lien Term Loan | S +4.75% |
| Sunny Sky Products (Delayed Draw) | -16,138 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
| 360 Training (Delayed Draw) | -12,947 | Services: Consumer | First Lien Term Loan | S +5.00% |
| Velosio (Delayed Draw) | -12,328 | High Tech Industries | First Lien Term Loan | S +5.25% |
| National Power (Delayed Draw) | -12,203 | Energy: Electricity | First Lien Term Loan | S +6.00% |
| Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | -10,964 | High Tech Industries | First Lien Term Loan | S +6.00% |
| Chroma Color Corporation (dba Chroma Color) (Delayed Draw) | -10,484 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +6.00% |
| High Bar Brands (Delayed Draw) | -8,112 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| PT Intermediate Holdings III, LLC (Delayed Draw) | -2,168 | Capital Equipment | First Lien Term Loan | S +3.25% |
| Anne Arundel | - | Healthcare & Pharmaceuticals | Equity Investment |
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.