Portfolio

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.

Key portfolio statistics

$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

As of December 31, 2024

For complete information regarding our financials, see our periodic filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2,318M which includes approximately $235M of unfunded debt investment commitments.
2. First lien debt is comprised of 66% traditional first lien positions and 34% unitranche positions.
3. Weighted based on fair market value of private debt investments as of December 31, 2024 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee subject to the oversight of our board of directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Services: Business 16.5%
Healthcare & Pharmaceuticals 14.5%
High Tech Industries 8.7%
Beverage, Food & Tobacco 7.0%
Capital Equipment 5.5%
Construction & Building 5.5%
Services: Consumer 5.2%
Containers, Packaging & Glass 3.9%
Environmental Industries 3.9%
Aerospace & Defense 3.4%
Other (17) 26.2%
Total 100%

As of December 31, 2024

For complete information regarding our financials, see our periodic filings.

* 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.

Portfolio composition by investment type

Investment type

%

First Lien Term Loan (including DDTLs)** 91%
Subordinated Debt 8%
Equity 2%
Total 100%

As of December 31, 2024

For complete information regarding our financials, see our periodic filings.

** First lien debt is comprised of 66% traditional first lien positions and 34% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
US MetalCo Holdings LLC (MGM Transformer Company) 1.4%
Trilon Group, LLC 1.4%
Cedar Services Group, LLC (Evergreen Services Group II) 1.4%
North Haven CS Acquisition, Inc. 1.4%
good2grow LLC 1.3%
Diligent Corporation (fka Diamond Merger Sub II, Corp.) 1.3%
Specialized Packaging Group (SPG) 1.2%
WCHG Buyer, Inc. (Handgards, LLC) 1.2%
GHR Healthcare, LLC 1.2%
Others (200) 86.7%
Total 100%

As of December 31, 2024

For complete information regarding our financials, see our periodic filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.7%
Fixed rate 5.3%
Total 100%

As of December 31, 2024

For complete information regarding our financials, see our periodic filings.

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

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
FS Parent Holding, LLC (FoodScience LLC) 98,190 Consumer Goods: Non-durable Equity Investment
FS Parent Holding, LLC (FoodScience LLC) 5,168 Consumer Goods: Non-durable Equity Investment
FS NU Investors, LP (NearU) 158,666 Services: Consumer Equity Investment
Geds Equity Investors, LP (Esquire Deposition Services) 299,580 Services: Business Equity Investment
HBB Parent, LLC (High Bar Brands) 376,023 Automotive Equity Investment
HMA Equity, LP (Health Management Associates) 546,669 Healthcare & Pharmaceuticals Equity Investment
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) 212,562 Utilities: Electric Equity Investment
Solve Group Holdings, L.P. (Solve Industrial) 154,253 High Tech Industries Equity Investment
E-Tech Holdings partnership, L.P. (E-Technologies Group, Inc.) 714,000 Capital Equipment Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 1,481,378 Transportation: Cargo Equity Investment
Conversion Holdings, L.P. (Specialized Packaging Group) 164,857 Containers, Packaging & Glass Equity Investment
Concord FG Holdings, LP (E78) 921,147 Services: Business Equity Investment
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,104,140 Sovereign & Public Finance Equity Investment
Ultima Health Holdings, LLC 212,139 Consumer Goods: Non-durable Equity Investment
Covercraft Parent III, Inc. 85,877 Automotive Equity Investment
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 1,026,351 Services: Consumer Equity Investment
EFC Holdings, LLC (EFC International) 171,810 Capital Equipment Equity Investment
EFC Holdings, LLC (EFC International) 129,402 Capital Equipment Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 190 Automotive Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 2,820,498 Transportation: Cargo Equity Investment
REP Coinvest III AAD, L.P. (Anne Arundel) - Healthcare & Pharmaceuticals Equity Investment
REP HS Holdings, LLC (HemaSource) 794,529 Healthcare & Pharmaceuticals Equity Investment
REP RO Coinvest IV-A, LP (RoadOne) 809,053 Transportation: Cargo Equity Investment
OSG Topco Holdings, LLC (Output Services Group, Inc.) 768,485 Services: Business Equity Investment
OSP Gannett Aggregator, LP (Gannett Fleming) 1,179,987 Construction & Building Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 1,052,270 Automotive Equity Investment
Perennial Services Investors LLC (Perennial Services Group) 893,603 Services: Consumer Equity Investment
Pegasus Aggregator Holdings LP (S&S Truck Parts) 643,560 Automotive Equity Investment
Repipe Aggregator, LLC (Repipe Specialists) 48,474 Services: Consumer Equity Investment
Oliver Investors, LP (Oliver Packaging) 672,537 Containers, Packaging & Glass Equity Investment

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.