* 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 |
|---|---|---|---|---|
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 580,874 | Beverage, Food & Tobacco | Equity Investment | |
| Watermill Express, LLC | 578,190 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| USAW Parent LLC (USA Water) | 566,069 | Utilities: Water | Equity Investment | |
| HMA Equity, LP (Health Management Associates) | 546,669 | Healthcare & Pharmaceuticals | Equity Investment | |
| NFM & J, L.P. (The Facilities Group) | 543,742 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Anne Arundel Dermatology Management, LLC | 534,874 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| Erie Construction, LLC (Erie Construction) | 534,740 | Construction & Building | Equity Investment | |
| Anne Arundel Dermatology Management, LLC | 533,330 | Healthcare & Pharmaceuticals | First Lien Term Loan | 4.71% (PIK) |
| Excel Fitness Holdings, Inc. | 474,234 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Oliver Packaging, LLC | 460,144 | Containers, Packaging & Glass | Subordinated Debt | 12.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 458,261 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% |
| SEKO Global Logistics Network, LLC | 426,649 | Transportation: Cargo | First Lien Term Loan | S + 8.00% |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 404,114 | Automotive | Equity Investment | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 399,324 | Automotive | Equity Investment | |
| MSM Acquisitions, Inc. (Spectrio) | 395,563 | Media: Diversified & Production | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| HBB Parent, LLC (High Bar Brands) | 376,023 | Automotive | Equity Investment | |
| Scaled Agile, Inc. | 348,238 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| USA Water Intermediate Holdings, LLC | 333,255 | Utilities: Water | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| VRC Companies, LLC (Vital Records Control) | 329,017 | Services: Business | First Lien Term Loan | S + 5.75% |
| Watermill Express, LLC | 310,967 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Cornerstone Advisors of Arizona, LLC | 305,190 | Services: Business | First Lien Term Loan | S + 5.50% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 299,580 | Services: Business | Equity Investment | |
| Archer Acquisition, LLC (ARMstrong) | 293,928 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Liberty Buyer, Inc. (Liberty Group) | 283,484 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Businessolver.com, Inc. | 273,750 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,605 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 224,037 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 214,738 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 212,562 | Utilities: Electric | Equity Investment | |
| Ultima Health Holdings, LLC | 212,139 | Consumer Goods: Non-durable | 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.