* 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 |
|---|---|---|---|---|
| Repipe Aggregator, LLC (Repipe Specialists) | 48,474 | Services: Consumer | Equity Investment | |
| ADPD Holdings LLC (NearU) | -33,876 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| Perennial Services Investors LLC (Perennial Services Group) | 893,603 | Services: Consumer | Equity Investment | |
| Perennial Services Group, LLC | 6,024,491 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| North Haven Spartan US Holdco LLC | 2,476,552 | Services: Consumer | First Lien Term Loan | S + 5.75% |
| Liberty Buyer, Inc. (Liberty Group) | 283,484 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Liberty Buyer, Inc. (Liberty Group) | 3,841,946 | Services: Consumer | First Lien Term Loan | S + 5.75% |
| ADPD Holdings LLC (NearU) | -68,182 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| One World Fitness PFF, LLC | 3,780,690 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Excel Fitness Holdings, Inc. | 474,234 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| AMS Parent, LLC (All My Sons) | 5,174,541 | Services: Consumer | First Lien Term Loan | S + 5.00% |
| Legacy Service Partners, LLC | 4,667,752 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Legacy Service Partners, LLC | 2,920,676 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 647,141 | Services: Consumer | Equity Investment | |
| FS NU Investors, LP (NearU) | 158,666 | Services: Consumer | Equity Investment | |
| Legacy Service Partners, LLC | 10,014,669 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Apex Service Partners, LLC | 627,489 | Services: Consumer | First Lien Term Loan | S + 5.00% |
| Excel Fitness Holdings, Inc. | 9,825,598 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Apex Service Partners, LLC | 43,257 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 844,692 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 645,173 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| NJEye LLC | 881,050 | Services: Consumer | First Lien Term Loan | S + 4.75% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 6,592,310 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 2,869,332 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| NJEye LLC | 692,574 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| NJEye LLC | 884,245 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,553,629 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,026,351 | Services: Consumer | Equity Investment | |
| North Haven Spartan US Holdco LLC | 214,738 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | - | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
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.