* 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 |
|---|---|---|---|---|
| Ivex Holdco Inc. (Specialized Packaging Group) | 3,267,093 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.75% |
| Engineered Fastener Company, LLC (EFC International) | 3,265,968 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Watermill Express, LLC | 3,220,238 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.25% |
| OCM System One Buyer CTB, LLC (System One) | 3,203,884 | Services: Business | First Lien Term Loan | S + 3.75% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,173,814 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
| Watermill Express, LLC | 3,162,433 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Royal Holdco Corporation (RMA Companies) | 3,132,078 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Davidson Hotel Company LLC | 3,126,289 | Hotel, Gaming & Leisure | First Lien Term Loan | S + 5.00% |
| Element 78 Partners, LLC (E78) | 3,117,719 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Impact Parent Corporation (Impact Environmental Group) | 3,111,946 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,105,596 | Consumer Goods: Non-durable | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 3,094,759 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Royal Holdco Corporation (RMA Companies) | 3,086,795 | Construction & Building | First Lien Term Loan | S + 5.75% |
| Palmetto Acquisitionco, Inc. (Tech24) | 3,034,633 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| CLS Management Services, LLC (Contract Land Staff) | 2,990,418 | Environmental Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Legacy Service Partners, LLC | 2,920,676 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Rose Paving, LLC | 2,900,790 | Construction & Building | Subordinated Debt | 12.50% |
| Smith & Howard Advisory LLC | 2,886,873 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.75% |
| Tinuiti Inc. | 2,886,455 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S + 5.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 2,869,332 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,834,097 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| Valkyrie Intermediate, LLC | 2,822,750 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 2,820,498 | Transportation: Cargo | Equity Investment | |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 2,761,864 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| TI Acquisition NC, LLC | 2,751,450 | Transportation: Cargo | First Lien Term Loan | S + 4.75% |
| Bounteous, Inc. | 2,736,162 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Vensure Employer Services, Inc. | 2,717,642 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 2,683,139 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
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.