* 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 |
|---|---|---|---|---|
| Five Star Lower Holding LLC (Five Star Packaging) | 7,467,635 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.25% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,173,814 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
| ImageFirst Holdings, LLC | 8,441,804 | Services: Business | First Lien Term Loan | S + 4.25% |
| Infucare Rx Inc | 5,788,136 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
| Kenco PPC Buyer LLC | 22,073,191 | Transportation: Cargo | First Lien Term Loan | S + 4.25% |
| Kenco PPC Buyer LLC | 33,395 | Transportation: Cargo | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Kenco PPC Buyer LLC | 35,767 | Transportation: Cargo | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Thermostat Purchaser III, Inc. | - | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Thermostat Purchaser III, Inc. | 4,635,374 | Capital Equipment | First Lien Term Loan | S + 4.25% |
| Olympic Buyer, Inc. (Ascensus) | 8,131,892 | Chemicals, Plastics & Rubber | First Lien Term Loan | S + 4.35% |
| Cohen Advisory, LLC | -48,252 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Refresh Buyer, LLC (Sunny Sky Products) | -15,074 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Cohen Advisory, LLC | 8,598,518 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.50% |
| Hyperion Materials & Technologies, Inc. | 2,588,446 | Capital Equipment | First Lien Term Loan | S + 4.50% |
| ACP Tara Holdings, Inc. | 12,475,046 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 936,514 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 791,412 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| IF&P Holding Company, LLC (Fresh Edge) | 3,963,244 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
| SM Wellness Holdings, Inc. (Solis Mammography) | 12,919,533 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.50% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 2,761,864 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| 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% |
| Halo Buyer, Inc. | 5,347,639 | Consumer Goods: Durable | First Lien Term Loan | S + 4.50% |
| Ridge Trail US Bidco, Inc. (Options IT) | 678,532 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Syndigo LLC | 5,775,000 | Retail | First Lien Term Loan | S + 4.50% |
| good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.50% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,962,863 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| Midwest Eye Services, LLC | 8,923,088 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.50% |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Clean Solutions Buyer, Inc. | 988,124 | Capital Equipment | First Lien Term Loan | S + 4.50% |
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.