* 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 |
|---|---|---|---|---|
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,410,197 | Automotive | First Lien Term Loan | S + 5.00% |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 404,114 | Automotive | Equity Investment | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,052,270 | Automotive | Equity Investment | |
| RA Parent Holdings LP (S&S Truck Parts) | 1,132,000 | Automotive | First Lien Term Loan | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,767,035 | Automotive | First Lien Term Loan | S + 5.00% |
| Big Apple Advisory, LLC | 8,869,052 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | P + 3.50% |
| Vensure Employer Services, Inc. | -3,105 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Big Apple Advisory, LLC | -41,363 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | P + 3.50% |
| Patriot Growth Insurance Services, LLC | 7,090,576 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| World Insurance Associates, LLC | 14,716,133 | Banking, Finance, Insurance & Real Estate | 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% |
| Smith & Howard Advisory LLC | -22,758 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Smith & Howard Advisory LLC | 2,886,873 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.75% |
| Big Apple Advisory, LLC | -16,713 | Banking, Finance, Insurance & Real Estate | Revolving Loan | P + 3.50% |
| Illumifin Corporation (Long Term Care Group) | 6,650,035 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 3.27% |
| Cohen Advisory, LLC | -48,252 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Vensure Employer Services, Inc. | 2,717,642 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
| Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc) | 9,619,575 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Cohen Advisory, LLC | 8,598,518 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.50% |
| Ascend Partner Services LLC | -118,837 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Refresh Buyer, LLC (Sunny Sky Products) | -15,074 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,962,863 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| AmerCareRoyal, LLC | -1,554 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| AmerCareRoyal, LLC | 713,232 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| Palmetto Acquisitionco, Inc. (Tech24) | 12,985,929 | Beverage, Food & Tobacco | 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% |
| IF&P Holding Company, LLC (Fresh Edge) | 936,514 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Commercial Bakeries Corp. | 2,000,198 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| Commercial Bakeries Corp. | 16,905,427 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 2,761,864 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
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.