* 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 |
|---|---|---|---|---|
| 360 Holdco, Inc. (360 Training) | 3,437,847 | Services: Consumer | First Lien Term Loan | S + 5.00% |
| BroadcastMed Holdco, LLC | 3,480,077 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| Bounteous, Inc. | 3,536,551 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Integrated Power Services Holdings, Inc. | 3,550,587 | Services: Business | First Lien Term Loan | S + 4.50% |
| GHR Healthcare, LLC | 3,651,783 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Gabriel Partners, LLC | 3,696,463 | Services: Business | First Lien Term Loan | S + 6.25% |
| WSB Engineering Holdings Inc. | 3,743,240 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| One World Fitness PFF, LLC | 3,780,690 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| STS Holding, Inc. | 3,828,857 | Aerospace & Defense | First Lien Term Loan | S + 4.75% |
| Liberty Buyer, Inc. (Liberty Group) | 3,841,946 | Services: Consumer | First Lien Term Loan | S + 5.75% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | 3,855,346 | High Tech Industries | First Lien Term Loan | S + 5.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,934,279 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 3,963,244 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 4,060,258 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| KENG Acquisition, Inc. (Engage PEO) | 4,060,631 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,114,336 | Construction & Building | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 3.00% (PIK) |
| Element 78 Partners, LLC (E78) | 4,167,500 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Infobase Acquisition, Inc. | 4,287,128 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,290,050 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,333,244 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.50% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,339,327 | Media: Advertising, Printing & Publishing | 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% |
| ALKU Intermediate Holdings, LLC | 4,512,494 | Services: Business | First Lien Term Loan | S + 6.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,553,629 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| Royal Holdco Corporation (RMA Companies) | 4,581,618 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Thermostat Purchaser III, Inc. | 4,635,374 | Capital Equipment | First Lien Term Loan | S + 4.25% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 4,653,938 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Legacy Service Partners, LLC | 4,667,752 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Sagebrush Buyer, LLC (Province) | 4,747,772 | Services: Business | First Lien Term Loan | 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.