* 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 |
|---|---|---|---|---|
| Ovation Holdings, Inc | 1,880,355 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 1,870,852 | Services: Business | First Lien Term Loan | S + 5.50% |
| Trilon Group, LLC | 1,863,090 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| MBS Holdings, Inc. | 1,827,774 | Telecommunications | First Lien Term Loan | S + 6.25% |
| Cobalt Service Partners, LLC | 1,818,446 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,817,869 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| MEI Buyer LLC | 1,809,905 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| BCM One, Inc. | 1,808,027 | Telecommunications | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Solve Industrial Motion Group LLC | 1,786,698 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| BPC Kodiak LLC (Turbine Engine Specialists) | 1,774,676 | Aerospace & Defense | Equity Investment | |
| Esquire Deposition Solutions, LLC | 1,765,163 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| Ultima Health Holdings, Inc. | 1,760,507 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,719,404 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| TPC Wire & Cable Corp. | 1,714,176 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| Impact Parent Corporation (Impact Environmental Group) | 1,706,426 | Environmental Industries | First Lien Term Loan | S + 5.00% |
| ACP Tara Holdings, Inc. | 1,706,144 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,684,588 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,677,951 | Construction & Building | Equity Investment | |
| SEKO Global Logistics Network, LLC | 1,630,478 | Transportation: Cargo | First Lien Term Loan | S + 12.00% |
| KRIV Acquisition, Inc. (Riveron) | 1,583,467 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,569,044 | Environmental Industries | First Lien Term Loan | S + 5.50% |
| ERA Industries, LLC (BTX Precision) | 1,548,617 | Aerospace & Defense | First Lien Term Loan | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,541,124 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,539,793 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Gabriel Partners, LLC | 1,491,778 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,481,378 | Transportation: Cargo | Equity Investment | |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,469,429 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Signia Aerospace, LLC | 1,466,560 | Aerospace & Defense | First Lien Term Loan | S + 3.00% |
| Promptcare Infusion Buyer, Inc. | 1,430,159 | Healthcare & Pharmaceuticals | 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% |
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.