* 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 |
|---|---|---|---|---|
| Heartland Veterinary Partners LLC | 2,000,596 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Solve Industrial Motion Group LLC | 2,046,466 | High Tech Industries | First Lien Term Loan (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| High Bar Brands Operating, LLC | 2,060,835 | Automotive | Subordinated Debt | 13.00% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,107,437 | Media: Diversified & Production | First Lien Term Loan | S + 1.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 2,161,554 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Bounteous, Inc. | 2,163,842 | Services: Business | First Lien Term Loan | S + 4.75% |
| National Renovations LLC (Repipe Specialists) | 2,200,475 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
| American Student Transportation Partners, Inc. | 2,211,870 | Transportation: Consumer | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Heartland Veterinary Partners LLC | 2,217,972 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| TPC Wire & Cable Corp. | 2,248,880 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| Cornerstone Advisors of Arizona, LLC | 2,271,386 | Services: Business | First Lien Term Loan | S + 5.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 2,336,851 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Oliver Packaging, LLC | 2,366,121 | Containers, Packaging & Glass | Subordinated Debt | 11.00% |
| Eyesouth Eye Care Holdco LLC | 2,381,386 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,397,515 | Media: Diversified & Production | First Lien Term Loan | S + 1.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,410,197 | Automotive | First Lien Term Loan | S + 5.00% |
| Micronics Filtration Holdings, Inc. | 2,412,760 | Wholesale | Subordinated Debt | S + 5.50% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,434,669 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| North Haven Spartan US Holdco LLC | 2,476,552 | Services: Consumer | First Lien Term Loan | S + 5.75% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 2,497,222 | Beverage, Food & Tobacco | Equity Investment | |
| Wellspring Pharmaceutical Corporation | 2,526,374 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Turbine Engine Specialists, Inc. | 2,530,469 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Hyperion Materials & Technologies, Inc. | 2,588,446 | Capital Equipment | First Lien Term Loan | S + 4.50% |
| MSM Acquisitions, Inc. (Spectrio) | 2,593,721 | Media: Diversified & Production | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| CDL Marketing Group, LLC (Career Now) | 2,672,778 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Transit Buyer, LLC (Propark Mobility) | 2,683,139 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Vensure Employer Services, Inc. | 2,717,642 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
| Bounteous, Inc. | 2,736,162 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| TI Acquisition NC, LLC | 2,751,450 | Transportation: Cargo | First Lien Term Loan | S + 4.75% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 2,761,864 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
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.