* 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 |
|---|---|---|---|---|
| Orion Group FM Holdings, LLC (Leo Facilities) | -166,732 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Ascend Partner Services LLC | -118,837 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| ADPD Holdings LLC (NearU) | -68,182 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| FoodScience, LLC | -60,503 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Heartland Paving Partners, LLC | -54,286 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Heartland Paving Partners, LLC | -54,286 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Matador US Buyer, LLC (Insulation Technology Group) | -52,757 | Energy: Electricity | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Cohen Advisory, LLC | -48,252 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| GHR Healthcare, LLC | -46,907 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| CLS Management Services, LLC (Contract Land Staff) | -45,490 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Big Apple Advisory, LLC | -41,363 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | P + 3.50% |
| ADPD Holdings LLC (NearU) | -33,876 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| YI, LLC (Young Innovations) | -30,000 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -27,663 | Transportation: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Bridges Consumer Healthcare Intermediate LLC | -27,319 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| HMN Acquirer Corp. | -23,015 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Smith & Howard Advisory LLC | -22,758 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| TBRS, Inc. | -21,307 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Gannett Fleming, Inc. | -18,543 | Construction & Building | Revolving Loan | S + 4.75% |
| Vessco Midco Holdings, LLC | -16,741 | Capital Equipment | Revolving Loan | S + 4.75% |
| Big Apple Advisory, LLC | -16,713 | Banking, Finance, Insurance & Real Estate | Revolving Loan | P + 3.50% |
| GHR Healthcare, LLC | -15,629 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Refresh Buyer, LLC (Sunny Sky Products) | -15,074 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Coding Solutions Acquisition, Inc. | -14,388 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| FH DMI Buyer, Inc. | -10,224 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Davidson Hotel Company LLC | -9,934 | Hotel, Gaming & Leisure | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Engage PEO) | -9,774 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Ovation Holdings, Inc | -7,901 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| High Bar Brands Operating, LLC | -7,634 | Automotive | Subordinated Debt (Delayed Draw) | 13.00% |
| Vensure Employer Services, Inc. | -3,105 | 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.