* 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 |
|---|---|---|---|---|
| IF&P Holding Company, LLC (Fresh Edge) | 936,514 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Ovation Holdings, Inc | 947,128 | Capital Equipment | First Lien Term Loan | S + 5.00% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 957,399 | Beverage, Food & Tobacco | Equity Investment | |
| Clean Solutions Buyer, Inc. | 988,124 | Capital Equipment | First Lien Term Loan | S + 4.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 1,010,426 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,026,351 | Services: Consumer | Equity Investment | |
| Caldwell & Gregory LLC | 1,033,576 | Services: Business | Subordinated Debt | S + 9.25% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,052,270 | Automotive | Equity Investment | |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 1,068,425 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Coding Solutions Acquisition, Inc. | 1,080,857 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,083,291 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,104,140 | Sovereign & Public Finance | Equity Investment | |
| VMG Holdings LLC (VMG Health) | 1,128,094 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,132,000 | Automotive | First Lien Term Loan | S + 5.00% |
| Vessco Midco Holdings, LLC | 1,158,731 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 1,179,987 | Construction & Building | Equity Investment | |
| Mobile Communications America, Inc. | 1,185,625 | Telecommunications | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| JEGS Automotive | 1,221,883 | Automotive | First Lien Term Loan | S + 6.00% |
| Wellspring Pharmaceutical Corporation | 1,222,143 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,263,475 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| Promptcare Infusion Buyer, Inc. | 1,264,851 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| MBS Holdings, Inc. | 1,314,236 | Telecommunications | First Lien Term Loan | S + 6.50% |
| Pinnacle Supply Partners, LLC | 1,325,470 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| Genesee Scientific LLC | 1,354,939 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Chroma Color Corporation | 1,369,425 | Chemicals, Plastics & Rubber | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| Element 78 Partners, LLC (E78) | 1,423,173 | Services: Business | First Lien Term Loan | S + 5.50% |
| Promptcare Infusion Buyer, Inc. | 1,430,159 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| Signia Aerospace, LLC | 1,466,560 | Aerospace & Defense | First Lien Term Loan | S + 3.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,469,429 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,481,378 | Transportation: Cargo | 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 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.