* 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 |
|---|---|---|---|---|
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 1,068,425 | Automotive | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,484,206 | Automotive | First Lien Term Loan | S + 5.00% |
| JEGS Automotive | 1,221,883 | Automotive | First Lien Term Loan | S + 6.00% |
| JEGS Automotive | 202,971 | Automotive | Revolving Loan | S + 6.00% |
| HBB Parent, LLC (High Bar Brands) | 376,023 | Automotive | Equity Investment | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 643,560 | Automotive | Equity Investment | |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,052,270 | Automotive | Equity Investment | |
| High Bar Brands Operating, LLC | -7,634 | Automotive | Subordinated Debt (Delayed Draw) | 13.00% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 190 | Automotive | Equity Investment | |
| Covercraft Parent III, Inc. | 6,700,736 | Automotive | Subordinated Debt | 10.00% (Cash) 0.75% (PIK) |
| High Bar Brands Operating, LLC | 2,060,835 | Automotive | Subordinated Debt | 13.00% |
| Covercraft Parent III, Inc. | 85,877 | Automotive | Equity Investment | |
| PAG Holding Corp. (Precision Aviation Group) | 14,836,085 | Aerospace & Defense | First Lien Term Loan | S + 5.25% |
| Turbine Engine Specialists, Inc. | 2,530,469 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Valkyrie Intermediate, LLC | 2,822,750 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| Signia Aerospace, LLC | -284 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 3.00% |
| ERA Industries, LLC (BTX Precision) | 1,548,617 | Aerospace & Defense | First Lien Term Loan | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 734,529 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Arotech Corporation | 14,965,488 | Aerospace & Defense | First Lien Term Loan | S + 6.00% |
| PAG Holding Corp. (Precision Aviation Group) | 4,918,176 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| BlueHalo Global Holdings, LLC (AEgis Technologies) | 19,852,255 | Aerospace & Defense | First Lien Term Loan | S + 6.00% |
| Arotech Corporation | 728,066 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 1,774,676 | Aerospace & Defense | Equity Investment | |
| Signia Aerospace, LLC | 1,466,560 | Aerospace & Defense | First Lien Term Loan | S + 3.00% |
| STS Holding, Inc. | 3,828,857 | Aerospace & Defense | First Lien Term Loan | S + 4.75% |
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.