* 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 |
|---|---|---|---|---|
| Concord FG Holdings, LP (E78) | 921,147 | Services: Business | Equity Investment | |
| Element 78 Partners, LLC (E78) | 1,423,173 | Services: Business | First Lien Term Loan | S + 5.50% |
| Element 78 Partners, LLC (E78) | 5,542,857 | Services: Business | First Lien Term Loan | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 305,190 | Services: Business | First Lien Term Loan | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 3,422,938 | Services: Business | First Lien Term Loan | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 2,271,386 | Services: Business | First Lien Term Loan | S + 5.50% |
| Bullhorn, Inc. | 13,807,575 | Services: Business | First Lien Term Loan | S + 5.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,169,750 | Services: Business | First Lien Term Loan | S + 6.50% |
| Trilon Group, LLC | 27,584,456 | Services: Business | First Lien Term Loan | S + 5.50% |
| LSCS Holdings, Inc. (Dohmen) | 9,991,075 | Services: Business | First Lien Term Loan | S + 4.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,164,376 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 2,683,139 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 6,749,284 | Services: Business | First Lien Term Loan | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 293,928 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,193,260 | Services: Business | First Lien Term Loan | S + 6.50% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 768,485 | Services: Business | Equity Investment | |
| TSS Buyer, LLC (Technical Safety Services) | 1,870,852 | Services: Business | First Lien Term Loan | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 6,703,125 | Services: Business | First Lien Term Loan | S + 5.50% |
| Trilon Group, LLC | 1,863,090 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Scaled Agile, Inc. | 348,238 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Scaled Agile, Inc. | 7,078,628 | Services: Business | First Lien Term Loan | S + 5.50% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Term Loan | S + 8.00% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 126,728 | Services: Business | Equity Investment | |
| OCM System One Buyer CTB, LLC (System One) | 3,203,884 | Services: Business | First Lien Term Loan | S + 3.75% |
| Olympus US Bidco LLC (Phaidon International) | 13,024,784 | Services: Business | First Lien Term Loan | S + 5.50% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Term Loan | S + 6.25% |
| PLZ Corp (PLZ Aeroscience) | 12,272,238 | Services: Business | Subordinated Debt | S + 7.50% |
| Sagebrush Buyer, LLC (Province) | 4,747,772 | Services: Business | First Lien Term Loan | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 7,018,256 | Services: Business | First Lien Term Loan | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,834,097 | Services: Business | First Lien Term Loan (Delayed Draw) | 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.