* 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 |
|---|---|---|---|---|
| Gannett Fleming | 1,140,625 | Construction & Building | Equity Investment | |
| Allstar Holdings (Delayed Draw) | 4,009,669 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| Heartland Paving Partners (Delayed Draw) | -54,429 | Construction & Building | First Lien Term Loan | S + 5.00% |
| Gannett Fleming | 1,621,977 | Construction & Building | Equity Investment | |
| Heartland Paving Partners (Delayed Draw) | -54,429 | Construction & Building | First Lien Term Loan | S + 5.00% |
| Gannett Fleming | 17,605,998 | Construction & Building | First Lien Term Loan | S + 4.50% |
| SmartSign | 4,986,875 | Consumer Goods: Durable | First Lien Term Loan | S + 5.75% |
| SmartSign | 9,800,000 | Consumer Goods: Durable | First Lien Term Loan | S + 5.50% |
| Halo Buyer, Inc. | 5,170,615 | Consumer Goods: Durable | First Lien Term Loan | S + 4.50% |
| Market Performance Group (Delayed Draw) | 1,261,999 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| Market Performance Group | 12,681,834 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| PIP | 9,054,229 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.00% |
| Ultima | 1,753,784 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| FoodScience LLC | 137,041 | Consumer Goods: Non-durable | Equity Investment | |
| Ultima | 226,009 | Consumer Goods: Non-durable | Equity Investment | |
| Elevation Labs | 6,724,393 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| FoodScience LLC | 111,781 | Consumer Goods: Non-durable | Equity Investment | |
| ACP Tara Holdings, Inc. | 12,507,281 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.50% |
| ACP Tara Holdings, Inc. | 1,834,223 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.75% |
| FoodScience LLC | 14,511,675 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| Elevation Labs (Delayed Draw) | 926,743 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| Specialized Packaging Group (SPG) | 2,923,910 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.50% |
| Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S + 5.25% |
| Specialized Packaging Group (SPG) | 168,068 | Containers, Packaging & Glass | Equity Investment | |
| Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S + 5.25% |
| Specialized Packaging Group (SPG) | 3,263,038 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.75% |
| Online Labels Group | 3,303,501 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.25% |
| Specialized Packaging Group (SPG) | 6,817,678 | Containers, Packaging & Glass | First Lien Term Loan | S + 6.25% |
| Specialized Packaging Group (SPG) | 4,359,927 | Containers, Packaging & Glass | First Lien Term Loan | S + 6.25% |
| Specialized Packaging Group (SPG) | 7,130,900 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.50% |
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 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.