* 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
$78M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| MPG Parent Holdings, LLC (Market Performance Group) | 12,649,890 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,484,206 | Automotive | First Lien Term Loan | S + 5.00% |
| ACP Tara Holdings, Inc. | 12,475,046 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.50% |
| PT Intermediate Holdings III, LLC | 12,351,827 | Capital Equipment | First Lien Term Loan | S + 3.25% |
| PLZ Corp (PLZ Aeroscience) | 12,272,238 | Services: Business | Subordinated Debt | S + 7.50% |
| Coding Solutions Acquisition, Inc. | 12,193,341 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,162,135 | Sovereign & Public Finance | First Lien Term Loan | S + 5.50% |
| Eliassen Group, LLC | 11,947,222 | High Tech Industries | First Lien Term Loan | S + 5.75% |
| SI Solutions, LLC | 11,887,899 | Environmental Industries | First Lien Term Loan | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 11,844,798 | Services: Business | First Lien Term Loan | S + 6.25% |
| Alta Buyer, LLC (GoEngineer) | 11,362,753 | High Tech Industries | First Lien Term Loan | S + 5.00% |
| MEI Buyer LLC | 11,318,554 | Construction & Building | First Lien Term Loan | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 11,224,956 | Services: Business | First Lien Term Loan | S + 5.00% |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,908,135 | Automotive | First Lien Term Loan | S + 5.00% |
| TJC Spartech Acquisition Corp. | 10,615,790 | Chemicals, Plastics & Rubber | First Lien Term Loan | S + 4.75% |
| KRIV Acquisition, Inc. (Riveron) | 10,555,915 | Services: Business | First Lien Term Loan | S + 5.75% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,494,983 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,488,135 | Utilities: Electric | First Lien Term Loan | S + 5.00% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,463,640 | Transportation: Consumer | First Lien Term Loan | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,164,376 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 10,147,142 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.00% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 10,079,634 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.50% |
| Legacy Service Partners, LLC | 10,014,669 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Heartland Veterinary Partners LLC | 10,002,978 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| LSCS Holdings, Inc. (Dohmen) | 9,991,075 | Services: Business | First Lien Term Loan | S + 4.50% |
| Wrench Group LLC | 9,958,665 | Services: Consumer | First Lien Term Loan | S + 4.00% |
| MBS Holdings, Inc. | 9,950,418 | Telecommunications | First Lien Term Loan | S + 5.75% |
| FirstCall Mechanical Group, LLC | 9,856,470 | Capital Equipment | First Lien Term Loan | S + 4.75% |
| Excel Fitness Holdings, Inc. | 9,825,598 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| XpressMyself.com LLC (SmartSign) | 9,775,000 | Consumer Goods: Durable | 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.