* 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 |
|---|---|---|---|---|
| Davidson Hotel Company LLC | -9,934 | Hotel, Gaming & Leisure | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Davidson Hotel Company LLC | 3,126,289 | Hotel, Gaming & Leisure | First Lien Term Loan | S + 5.00% |
| Eliassen Group, LLC | 859,896 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Exterro, Inc. | 9,568,548 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| Solve Group Holdings, L.P. (Solve Industrial) | 154,253 | High Tech Industries | Equity Investment | |
| Smart Wave Technologies, Inc. | 7,578,803 | High Tech Industries | First Lien Term Loan | S + 6.00% |
| Infobase Acquisition, Inc. | 4,287,128 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| Venture Buyer, LLC (Velosio) | 6,206,964 | High Tech Industries | First Lien Term Loan | S + 5.25% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | 25,471 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 5,295,046 | High Tech Industries | First Lien Term Loan | S + 5.00% |
| Alta Buyer, LLC (GoEngineer) | 11,362,753 | High Tech Industries | First Lien Term Loan | S + 5.00% |
| Solve Industrial Motion Group LLC | 1,786,698 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Eliassen Group, LLC | 11,947,222 | High Tech Industries | First Lien Term Loan | S + 5.75% |
| Solve Industrial Motion Group LLC | 2,046,466 | High Tech Industries | First Lien Term Loan (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| Alta Buyer, LLC (GoEngineer) | 3,094,759 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Solve Industrial Motion Group LLC | 778,991 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| Ridge Trail US Bidco, Inc. (Options IT) | 678,532 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Venture Buyer, LLC (Velosio) | 1,284 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | 22,488,827 | High Tech Industries | First Lien Term Loan | S + 5.00% |
| Quartz Holding Company (Quickbase) | 6,802,514 | High Tech Industries | First Lien Term Loan | S + 3.50% |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Cedar Services Group, LLC (Evergreen Services Group II) | 12,930,599 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Cedar Services Group, LLC (Evergreen Services Group II) | 15,993,980 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 1,010,426 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,934,279 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | -2,244 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,512 | High Tech Industries | Revolving Loan | S + 4.50% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | 3,855,346 | High Tech Industries | First Lien Term Loan | S + 5.00% |
| North Haven CS Acquisition, Inc. | 22,408,881 | High Tech Industries | First Lien Term Loan | S + 5.25% |
| Ensono, Inc. | 14,095,236 | High Tech Industries | First Lien Term Loan | S + 4.00% |
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.