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
Anne Arundel Dermatology Management, LLC 533,330 Healthcare & Pharmaceuticals First Lien Term Loan 4.71% (PIK)
National Renovations LLC (Repipe Specialists) 190,174 Services: Consumer Subordinated Debt (Delayed Draw) 3.33% (Cash) 9.17% (PIK)
National Renovations LLC (Repipe Specialists) 2,200,475 Services: Consumer Subordinated Debt 3.33% (Cash) 9.17% (PIK)
Armstrong Midco, LLC (Armstrong Transport Group) 1,083,291 Transportation: Cargo Subordinated Debt 17.00% (PIK)
Esquire Deposition Solutions, LLC 1,765,163 Services: Business Subordinated Debt 14.00% (PIK)
Anne Arundel Dermatology Management, LLC 780,398 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Anne Arundel Dermatology Management, LLC 581,443 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
CDL Marketing Group, LLC (Career Now) 2,672,778 Services: Business Subordinated Debt 13.00% (PIK)
High Bar Brands Operating, LLC -7,634 Automotive Subordinated Debt (Delayed Draw) 13.00%
High Bar Brands Operating, LLC 2,060,835 Automotive Subordinated Debt 13.00%
Anne Arundel Dermatology Management, LLC 534,874 Healthcare & Pharmaceuticals Subordinated Debt 12.75% (PIK)
Rose Paving, LLC 2,900,790 Construction & Building Subordinated Debt 12.50%
Rose Paving, LLC -2,324 Construction & Building Subordinated Debt (Delayed Draw) 12.50%
Oliver Packaging, LLC 460,144 Containers, Packaging & Glass Subordinated Debt 12.50%
HemaSource, Inc. 5,276,955 Healthcare & Pharmaceuticals Subordinated Debt 12.25%
MDC Intermediate Holdings II, LLC (Mosaic Dental) 458,261 Healthcare & Pharmaceuticals Subordinated Debt (Delayed Draw) 12.25%
Engineered Fastener Company, LLC (EFC International) 3,265,968 Capital Equipment Subordinated Debt 11.00% (Cash) 2.50% (PIK)
Ultima Health Holdings, Inc. 1,760,507 Consumer Goods: Non-durable Subordinated Debt 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 920,368 Wholesale Subordinated Debt (Delayed Draw) 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 1,714,176 Wholesale Subordinated Debt (Delayed Draw) 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 2,248,880 Wholesale Subordinated Debt 11.00% (Cash) 1.50% (PIK)
Oliver Packaging, LLC 2,366,121 Containers, Packaging & Glass Subordinated Debt 11.00%
Valkyrie Intermediate, LLC 2,822,750 Aerospace & Defense Subordinated Debt 10.50% (Cash) 1.00% (PIK)
BroadcastMed Holdco, LLC 3,480,077 Media: Diversified & Production Subordinated Debt 10.00% (Cash) 3.75% (PIK)
Athlete Buyer, LLC (Allstar Holdings) 4,114,336 Construction & Building Subordinated Debt (Delayed Draw) 10.00% (Cash) 3.00% (PIK)
American Student Transportation Partners, Inc. 2,211,870 Transportation: Consumer Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Athlete Buyer, LLC (Allstar Holdings) 2,161,554 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Athlete Buyer, LLC (Allstar Holdings) 5,220,582 Construction & Building Subordinated Debt (Delayed Draw) 10.00% (Cash) 3.00% (PIK)
Solve Industrial Motion Group LLC 778,991 High Tech Industries Subordinated Debt 10.00% (Cash) 2.50% (PIK)
MDC Intermediate Holdings II, LLC (Mosaic Dental) 1,719,404 Healthcare & Pharmaceuticals Subordinated Debt 10.00% (Cash) 2.25% (PIK)

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.