* 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 |
|---|---|---|---|---|
| NJEye LLC | 881,050 | Services: Consumer | First Lien Term Loan | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 871,508 | Utilities: Electric | Revolving Loan | S + 5.00% |
| Eliassen Group, LLC | 859,896 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| CMG HoldCo, LLC (Crete) | 857,544 | Capital Equipment | Equity Investment | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 844,692 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Term Loan | S + 6.25% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 833,586 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 831,768 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| REP RO Coinvest IV-A, LP (RoadOne) | 809,053 | Transportation: Cargo | Equity Investment | |
| REP HS Holdings, LLC (HemaSource) | 794,529 | Healthcare & Pharmaceuticals | Equity Investment | |
| IF&P Holding Company, LLC (Fresh Edge) | 791,412 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 780,398 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Solve Industrial Motion Group LLC | 778,991 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 768,485 | Services: Business | Equity Investment | |
| Health Management Associates, Inc. | 742,391 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| ERA Industries, LLC (BTX Precision) | 734,529 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Arotech Corporation | 728,066 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| E-Tech Holdings partnership, L.P. (E-Technologies Group, Inc.) | 714,000 | Capital Equipment | Equity Investment | |
| AmerCareRoyal, LLC | 713,232 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 696,850 | Services: Business | Equity Investment | |
| NJEye LLC | 692,574 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | 678,532 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Oliver Investors, LP (Oliver Packaging) | 672,537 | Containers, Packaging & Glass | Equity Investment | |
| BroadcastMed Holdco, LLC | 665,149 | Media: Diversified & Production | Equity Investment | |
| Gabriel Partners, LLC | 652,995 | Services: Business | First Lien Term Loan | S + 6.25% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 647,141 | Services: Consumer | Equity Investment | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 645,173 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 643,560 | Automotive | Equity Investment | |
| Apex Service Partners, LLC | 627,489 | Services: Consumer | First Lien Term Loan | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 581,443 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
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.