* 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 |
|---|---|---|---|---|
| Apex Service Partners, LLC | 43,257 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Repipe Aggregator, LLC (Repipe Specialists) | 48,474 | Services: Consumer | Equity Investment | |
| TBRS, Inc. | 70,821 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| Covercraft Parent III, Inc. | 85,877 | Automotive | Equity Investment | |
| RA Parent Holdings LP (S&S Truck Parts) | 96,026 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| FS Parent Holding, LLC (FoodScience LLC) | 98,190 | Consumer Goods: Non-durable | Equity Investment | |
| RPI Investments LP (Rose Paving) | 100,000 | Construction & Building | Equity Investment | |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 107,196 | Containers, Packaging & Glass | First Lien Term Loan | S + 6.75% |
| AmerCareRoyal, LLC | 113,589 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Cobalt Service Partners, LLC | 123,227 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 126,728 | Services: Business | Equity Investment | |
| EFC Holdings, LLC (EFC International) | 129,402 | Capital Equipment | Equity Investment | |
| Apex Service Partners, LLC | 153,900 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Solve Group Holdings, L.P. (Solve Industrial) | 154,253 | High Tech Industries | Equity Investment | |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Term Loan | S + 8.00% |
| FS NU Investors, LP (NearU) | 158,666 | Services: Consumer | Equity Investment | |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 162,410 | Transportation: Consumer | Equity Investment | |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 164,857 | Containers, Packaging & Glass | Equity Investment | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 168,246 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| EFC Holdings, LLC (EFC International) | 171,810 | Capital Equipment | Equity Investment | |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 179,968 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| National Renovations LLC (Repipe Specialists) | 190,174 | Services: Consumer | Subordinated Debt (Delayed Draw) | 3.33% (Cash) 9.17% (PIK) |
| MDC Group Holdings, LP (Mosaic Dental) | 191,452 | Healthcare & Pharmaceuticals | Equity Investment | |
| JEGS Automotive | 202,971 | Automotive | Revolving Loan | S + 6.00% |
| Cornerstone Advisors of Arizona, LLC | 208,107 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Ultima Health Holdings, LLC | 212,139 | Consumer Goods: Non-durable | Equity Investment | |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 212,562 | Utilities: Electric | Equity Investment | |
| North Haven Spartan US Holdco LLC | 214,738 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 224,037 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,605 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
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.