* 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
$78M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 2,869,332 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,553,629 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| R1 Holdings, LLC (RoadOne) | 4,814,687 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 844,692 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 645,173 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Big Apple Advisory, LLC | -16,713 | Banking, Finance, Insurance & Real Estate | Revolving Loan | P + 3.50% |
| Big Apple Advisory, LLC | -41,363 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | P + 3.50% |
| Big Apple Advisory, LLC | 8,869,052 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | P + 3.50% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,397,515 | Media: Diversified & Production | First Lien Term Loan | S + 1.00% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,107,437 | Media: Diversified & Production | First Lien Term Loan | S + 1.00% |
| SEKO Global Logistics Network, LLC | 1,630,478 | Transportation: Cargo | First Lien Term Loan | S + 12.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,605 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,263,475 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 831,768 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 168,246 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 4,060,258 | Transportation: Cargo | First Lien Term Loan | S + 2.50% |
| Signia Aerospace, LLC | -284 | Aerospace & Defense | First Lien Term Loan (Delayed Draw) | S + 3.00% |
| Signia Aerospace, LLC | 1,466,560 | Aerospace & Defense | First Lien Term Loan | S + 3.00% |
| Southern Veterinary Partners, LLC | 9,502,031 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 3.25% |
| PT Intermediate Holdings III, LLC | 12,351,827 | Capital Equipment | First Lien Term Loan | S + 3.25% |
| Azalea TopCo, Inc. (Press Ganey) | 5,863,907 | Services: Business | First Lien Term Loan | S + 3.25% |
| PT Intermediate Holdings III, LLC | 6,808 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 3.25% |
| Illumifin Corporation (Long Term Care Group) | 6,650,035 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 3.27% |
| Service Logic Acquisition, Inc. | 7,938,614 | Capital Equipment | First Lien Term Loan | S + 3.50% |
| Quartz Holding Company (Quickbase) | 6,802,514 | High Tech Industries | First Lien Term Loan | S + 3.50% |
| OCM System One Buyer CTB, LLC (System One) | 3,203,884 | Services: Business | First Lien Term Loan | S + 3.75% |
| Gloves Buyer, Inc. (PIP) | 9,051,819 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.00% |
| Wrench Group LLC | 9,958,665 | Services: Consumer | First Lien Term Loan | S + 4.00% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 10,147,142 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.00% |
| 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.