* 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 |
|---|---|---|---|---|
| Redwood Services Group, LLC (Evergreen Services Group) | 11,844,798 | Services: Business | First Lien Term Loan | S + 6.25% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,127,460 | Services: Business | First Lien Term Loan | S + 4.75% |
| TSS Buyer, LLC (Technical Safety Services) | 4,922,410 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Gabriel Partners, LLC | 8,954,489 | Services: Business | First Lien Term Loan | S + 6.25% |
| Gabriel Partners, LLC | 1,491,778 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 299,580 | Services: Business | Equity Investment | |
| ImageFirst Holdings, LLC | 8,441,804 | Services: Business | First Lien Term Loan | S + 4.25% |
| Gabriel Partners, LLC | 652,995 | Services: Business | First Lien Term Loan | S + 6.25% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 833,586 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Esquire Deposition Solutions, LLC | 1,765,163 | Services: Business | Subordinated Debt | 14.00% (PIK) |
| VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.) | 4,988,685 | Services: Business | First Lien Term Loan | S + 4.75% |
| VRC Companies, LLC (Vital Records Control) | 329,017 | Services: Business | First Lien Term Loan | S + 5.75% |
| VRC Companies, LLC (Vital Records Control) | 4,488,355 | Services: Business | First Lien Term Loan | S + 5.50% |
| Integrated Power Services Holdings, Inc. | 3,550,587 | Services: Business | First Lien Term Loan | S + 4.50% |
| Gabriel Partners, LLC | 3,696,463 | Services: Business | First Lien Term Loan | S + 6.25% |
| KRIV Acquisition, Inc. (Riveron) | 1,583,467 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 696,850 | Services: Business | Equity Investment | |
| KRIV Acquisition, Inc. (Riveron) | 10,555,915 | Services: Business | First Lien Term Loan | S + 5.75% |
| KENG Acquisition, Inc. (Engage PEO) | -9,774 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Engage PEO) | 9,483,001 | Services: Business | First Lien Term Loan | S + 5.00% |
| KENG Acquisition, Inc. (Engage PEO) | 4,060,631 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| ALKU Intermediate Holdings, LLC | 4,512,494 | Services: Business | First Lien Term Loan | S + 6.25% |
| Apex Service Partners, LLC | 153,900 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | - | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Wrench Group LLC | 9,958,665 | Services: Consumer | First Lien Term Loan | S + 4.00% |
| Perennial Services Group, LLC | 6,731,866 | Services: Consumer | First Lien Term Loan | S + 5.50% |
| Apex Service Partners, LLC | 36,935 | Services: Consumer | Revolving Loan | S + 5.00% |
| ADPD Holdings LLC (NearU) | 8,862,094 | Services: Consumer | First Lien Term Loan | S + 6.00% |
| 360 Holdco, Inc. (360 Training) | 3,437,847 | Services: Consumer | First Lien Term Loan | 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.