* 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 |
|---|---|---|---|---|
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 2,820,498 | Transportation: Cargo | Equity Investment | |
| Valkyrie Intermediate, LLC | 2,822,750 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,834,097 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 2,869,332 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| Tinuiti Inc. | 2,886,455 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S + 5.25% |
| Smith & Howard Advisory LLC | 2,886,873 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.75% |
| Rose Paving, LLC | 2,900,790 | Construction & Building | Subordinated Debt | 12.50% |
| Legacy Service Partners, LLC | 2,920,676 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| CLS Management Services, LLC (Contract Land Staff) | 2,990,418 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Palmetto Acquisitionco, Inc. (Tech24) | 3,034,633 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Royal Holdco Corporation (RMA Companies) | 3,086,795 | Construction & Building | First Lien Term Loan | S + 5.75% |
| Alta Buyer, LLC (GoEngineer) | 3,094,759 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,105,596 | Consumer Goods: Non-durable | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Impact Parent Corporation (Impact Environmental Group) | 3,111,946 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 3,117,719 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Davidson Hotel Company LLC | 3,126,289 | Hotel, Gaming & Leisure | First Lien Term Loan | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 3,132,078 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Watermill Express, LLC | 3,162,433 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,173,814 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
| OCM System One Buyer CTB, LLC (System One) | 3,203,884 | Services: Business | First Lien Term Loan | S + 3.75% |
| Watermill Express, LLC | 3,220,238 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.25% |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Engineered Fastener Company, LLC (EFC International) | 3,265,968 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
| Ivex Holdco Inc. (Specialized Packaging Group) | 3,267,093 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.75% |
| Online Labels Group, LLC | 3,295,180 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.25% |
| ISG Enterprises, LLC (Industrial Service Group) | 3,303,183 | Wholesale | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Wellspring Pharmaceutical Corporation | 3,313,677 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,396,856 | Services: Business | First Lien Term Loan | S + 5.00% |
| Cornerstone Advisors of Arizona, LLC | 3,422,938 | Services: Business | First Lien Term Loan | S + 5.50% |
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.