* 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 |
|---|---|---|---|---|
| ISG Enterprises, LLC (Industrial Service Group) | 6,344,119 | Wholesale | First Lien Term Loan | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 2,375 | Wholesale | First Lien Term Loan (Delayed Draw) | S + 6.50% |
| ISG Enterprises, LLC (Industrial Service Group) | 3,303,183 | Wholesale | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Micronics Filtration Holdings, Inc. | 2,412,760 | Wholesale | Subordinated Debt | S + 5.50% |
| TPC Wire & Cable Corp. | 920,368 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| TPC Wire & Cable Corp. | 2,248,880 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| TPC Wire & Cable Corp. | 1,714,176 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 7,890,196 | Wholesale | First Lien Term Loan | S + 6.50% |
| USA Water Intermediate Holdings, LLC | 333,255 | Utilities: Water | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 7,837,458 | Utilities: Water | First Lien Term Loan | S + 4.75% |
| USAW Parent LLC (USA Water) | 566,069 | Utilities: Water | Equity Investment | |
| Pinnacle Supply Partners, LLC | 6,167,891 | Utilities: Electric | First Lien Term Loan | S + 6.25% |
| Pinnacle Supply Partners, LLC | 1,325,470 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| DMC Holdco, LLC (DMC Power) | 9,691 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 212,562 | Utilities: Electric | Equity Investment | |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 7,060 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,488,135 | Utilities: Electric | First Lien Term Loan | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 871,508 | Utilities: Electric | Revolving Loan | S + 5.00% |
| DMC Holdco, LLC (DMC Power) | 4,978,664 | Utilities: Electric | First Lien Term Loan | S + 5.75% |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 162,410 | Transportation: Consumer | Equity Investment | |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,463,640 | Transportation: Consumer | First Lien Term Loan | S + 5.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -27,663 | Transportation: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| American Student Transportation Partners, Inc. | 2,211,870 | Transportation: Consumer | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
| SEKO Global Logistics Network, LLC | 426,649 | Transportation: Cargo | First Lien Term Loan | S + 8.00% |
| REP RO Coinvest IV-A, LP (RoadOne) | 809,053 | Transportation: Cargo | Equity Investment | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,605 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,481,378 | Transportation: Cargo | Equity Investment | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 831,768 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| TI Acquisition NC, LLC | 2,751,450 | Transportation: Cargo | First Lien Term Loan | S + 4.75% |
| SEKO Global Logistics Network, LLC | 1,630,478 | Transportation: Cargo | First Lien Term Loan | S + 12.00% |
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.