* 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 |
|---|---|---|---|---|
| Cobalt Service Partners, LLC | 1,818,446 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Erie Construction, LLC (Erie Construction) | 534,740 | Construction & Building | Equity Investment | |
| Cobalt Service Partners, LLC | 123,227 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,220,582 | Construction & Building | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 3.00% (PIK) |
| Royal Holdco Corporation (RMA Companies) | 4,581,618 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Royal Holdco Corporation (RMA Companies) | 3,132,078 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Royal Holdco Corporation (RMA Companies) | 3,086,795 | Construction & Building | First Lien Term Loan | S + 5.75% |
| Royal Holdco Corporation (RMA Companies) | 5,177,623 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Rose Paving, LLC | 2,900,790 | Construction & Building | Subordinated Debt | 12.50% |
| Rose Paving, LLC | -2,324 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.50% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,219,527 | Construction & Building | First Lien Term Loan | S + 5.75% |
| Gannett Fleming, Inc. | 17,668,927 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Heartland Paving Partners, LLC | -54,286 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Heartland Paving Partners, LLC | 8,468,775 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Heartland Paving Partners, LLC | -54,286 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Gannett Fleming, Inc. | -18,543 | Construction & Building | Revolving Loan | S + 4.75% |
| ICE USA Infrastructure, Inc. | 6,511,064 | Construction & Building | First Lien Term Loan | S + 5.25% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,869,702 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| RPI Investments LP (Rose Paving) | 100,000 | Construction & Building | Equity Investment | |
| MEI Buyer LLC | 11,318,554 | Construction & Building | First Lien Term Loan | S + 5.00% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,114,336 | Construction & Building | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 3.00% (PIK) |
| XpressMyself.com LLC (SmartSign) | 9,775,000 | Consumer Goods: Durable | First Lien Term Loan | S + 5.50% |
| XpressMyself.com LLC (SmartSign) | 4,974,250 | Consumer Goods: Durable | First Lien Term Loan | S + 5.75% |
| Halo Buyer, Inc. | 5,347,639 | Consumer Goods: Durable | First Lien Term Loan | S + 4.50% |
| Ultima Health Holdings, LLC | 212,139 | Consumer Goods: Non-durable | Equity Investment | |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,105,596 | Consumer Goods: Non-durable | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| ACP Tara Holdings, Inc. | 1,706,144 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.75% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,649,890 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,721,232 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 930,896 | Consumer Goods: Non-durable | First Lien Term Loan (Delayed Draw) | S + 5.25% |
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.