* 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 |
|---|---|---|---|---|
| LHS Acquistion, LLC (Summit Hill Foods) | 8,023,951 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| TBRS, Inc. | 8,022,900 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
| Ovation Holdings, Inc | 7,946,170 | Capital Equipment | First Lien Term Loan | S + 5.00% |
| Service Logic Acquisition, Inc. | 7,938,614 | Capital Equipment | First Lien Term Loan | S + 3.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 7,890,196 | Wholesale | First Lien Term Loan | S + 6.50% |
| GHR Healthcare, LLC | 7,853,983 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| USA Water Intermediate Holdings, LLC | 7,837,458 | Utilities: Water | First Lien Term Loan | S + 4.75% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,745,877 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.25% |
| QHR Health, LLC | 7,675,143 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Businessolver.com, Inc. | 7,662,121 | Services: Business | First Lien Term Loan | S + 5.50% |
| Smart Wave Technologies, Inc. | 7,578,803 | High Tech Industries | First Lien Term Loan | S + 6.00% |
| Five Star Lower Holding LLC (Five Star Packaging) | 7,467,635 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.25% |
| Armstrong Transport Group, LLC | 7,450,303 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
| CLS Management Services, LLC (Contract Land Staff) | 7,438,572 | Environmental Industries | First Lien Term Loan | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,342,235 | Services: Business | First Lien Term Loan | S + 5.00% |
| MSM Acquisitions, Inc. (Spectrio) | 7,301,128 | Media: Diversified & Production | First Lien Term Loan | S + 6.00% |
| Ascend Partner Services LLC | 7,288,612 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.50% |
| Eyesouth Eye Care Holdco LLC | 7,264,135 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
| Wellspring Pharmaceutical Corporation | 7,245,377 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,193,260 | Services: Business | First Lien Term Loan | S + 6.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,169,750 | Services: Business | First Lien Term Loan | S + 6.50% |
| Jetson Buyer, Inc. (E-Technologies Group, Inc.) | 7,137,938 | Capital Equipment | First Lien Term Loan | S + 5.50% |
| Patriot Growth Insurance Services, LLC | 7,090,576 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Scaled Agile, Inc. | 7,078,628 | Services: Business | First Lien Term Loan | S + 5.50% |
| Safety Infrastructure Services Intermediate LLC | 7,018,256 | Services: Business | First Lien Term Loan | S + 4.75% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,962,863 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| Tyto Athene, LLC | 6,952,332 | Telecommunications | First Lien Term Loan | S + 4.75% |
| Quartz Holding Company (Quickbase) | 6,802,514 | High Tech Industries | First Lien Term Loan | S + 3.50% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,793,593 | Services: Business | First Lien Term Loan | S + 6.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 6,775,953 | Containers, Packaging & Glass | First Lien Term Loan | S + 6.25% |
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.