* 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.
$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
202
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Unitranche Credit Facility
2021
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
First Lien Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| AmerCareRoyal (Delayed Draw) | -1,623 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| Bardstown Bourbon Company | 2,016,151 | Beverage, Food & Tobacco | Equity Investment | |
| Fresh Edge | 927,125 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Death Wish Coffee | 9,725,000 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.75% |
| AmerCareRoyal | 712,932 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| Fresh Edge | 71,362 | Beverage, Food & Tobacco | Equity Investment | |
| Fresh Edge | 783,478 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Dessert Holdings | 5,262,621 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.00% |
| Fresh Edge | 3,923,508 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Dessert Holdings | 8,013,735 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| Fresh Edge | 801,232 | Beverage, Food & Tobacco | Equity Investment | |
| Ovation Holdings (Delayed Draw) | 1,542,544 | Capital Equipment | First Lien Term Loan | S + 5.00% |
| Precision Surfacing Solutions | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
| Precision Surfacing Solutions | 5,999,556 | Capital Equipment | Equity Investment | |
| Helios Buyer, Inc. (Delayed Draw) | 2,417,498 | Capital Equipment | First Lien Term Loan | S + 6.00% |
| PT Intermediate Holdings III, LLC | 12,240,378 | Capital Equipment | First Lien Term Loan | S + 3.25% |
| Hyperion | 2,456,672 | Capital Equipment | First Lien Term Loan | S + 4.50% |
| Ovation Holdings | 7,967,187 | Capital Equipment | First Lien Term Loan | S + 5.00% |
| Service Logic | 7,938,690 | Capital Equipment | First Lien Term Loan | S + 3.50% |
| Vessco (Delayed Draw) | 627,203 | Capital Equipment | First Lien Term Loan | S + 5.25% |
| Vessco | -16,187 | Capital Equipment | Revolving Loan | S + 5.25% |
| Vessco | 13,577,039 | Capital Equipment | First Lien Term Loan | S + 5.25% |
| Rhino Tool House (Delayed Draw) | 1,821,277 | Capital Equipment | First Lien Term Loan | S + 5.25% |
| Rhino Tool House | 8,670,367 | Capital Equipment | First Lien Term Loan | S + 5.25% |
| PT Intermediate Holdings III, LLC (Delayed Draw) | 1,690 | Capital Equipment | First Lien Term Loan | S + 3.25% |
| Helios Buyer, Inc. (Delayed Draw) | 5,272,021 | Capital Equipment | First Lien Term Loan | S + 6.00% |
| Crete | 4,804,595 | Capital Equipment | First Lien Term Loan | S + 4.75% |
| Crete (Delayed Draw) | 2,833,880 | Capital Equipment | First Lien Term Loan | S + 4.75% |
| Clean Solutions Buyer | 990,192 | Capital Equipment | First Lien Term Loan | S + 4.50% |
| Crete | 842,864 | Capital Equipment | Equity Investment |
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 June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.