* 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 |
|---|---|---|---|---|
| Death Wish Coffee | 9,725,000 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.75% |
| Fresh Edge | 3,923,508 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| Dessert Holdings | 5,262,621 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.00% |
| Bardstown Bourbon Company | 2,016,151 | Beverage, Food & Tobacco | Equity Investment | |
| AmerCareRoyal | 712,932 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| Fresh Edge | 927,125 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| AmerCareRoyal (Delayed Draw) | -1,623 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| AmerCareRoyal (Delayed Draw) | -1,126 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
| Commercial Bakeries | 16,936,219 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| Bardstown Bourbon Company | 9,213,863 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Commercial Bakeries | 2,003,803 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| Rise Baking | 14,587,500 | Beverage, Food & Tobacco | First Lien Term Loan | S + 6.25% |
| Watermill Express (Delayed Draw) | 3,170,381 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Watermill Express (Delayed Draw) | 579,639 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Watermill Express | 6,327,091 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Watermill Express | 3,229,248 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Handgards, LLC | 30,218,265 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| Watermill Express (Delayed Draw) | 311,826 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Tech24 | 13,008,150 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Tech24 (Delayed Draw) | 2,134,723 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Sunny Sky Products (Delayed Draw) | -16,138 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.75% |
| Rise Baking (Delayed Draw) | 4,420,500 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| KSLB Holdings LLC | 2,742,522 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| Summit Hill Foods | 8,910,079 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Rise Baking | 10,818,896 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
| Sunny Sky Products | 6,976,222 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.75% |
| Tech24 | 1,004,681 | Beverage, Food & Tobacco | Equity Investment | |
| Long Term Care Group | 6,465,113 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 1.00% |
| Ascend (Delayed Draw) | -120,419 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.50% |
| Patriot Growth (Delayed Draw) | 7,039,510 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
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 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.