* 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 |
|---|---|---|---|---|
| Rose Paving, LLC | -2,324 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | -2,244 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| AmerCareRoyal, LLC | -1,554 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Signia Aerospace, LLC | -284 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 3.00% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| 360 Holdco, Inc. (360 Training) | - | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| North Haven Spartan US Holdco LLC | - | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Thermostat Purchaser III, Inc. | - | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investment | |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | - | Beverage, Food & Tobacco | Equity Investment | |
| Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investment | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investment | |
| Element 78 Partners, LLC (E78) | - | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 190 | Automotive | Equity Investment | |
| Venture Buyer, LLC (Velosio) | 1,284 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 2,375 | Wholesale | First Lien Term Loan (Delayed Draw) | S + 6.50% |
| FS Parent Holding, LLC (FoodScience LLC) | 5,168 | Consumer Goods: Non-durable | Equity Investment | |
| PT Intermediate Holdings III, LLC | 6,808 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 3.25% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 7,060 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| SI Solutions, LLC | 7,281 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| DMC Holdco, LLC (DMC Power) | 9,691 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Tidi Legacy Products, Inc. | 13,335 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,512 | High Tech Industries | Revolving Loan | S + 4.50% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | 25,471 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Kenco PPC Buyer LLC | 33,395 | Transportation: Cargo | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Kenco PPC Buyer LLC | 35,767 | Transportation: Cargo | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Apex Service Partners, LLC | 36,935 | Services: Consumer | Revolving 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.