* 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 |
|---|---|---|---|---|
| Olympus US Bidco LLC (Phaidon International) | 13,024,784 | Services: Business | First Lien Term Loan | S + 5.50% |
| Infobase Acquisition, Inc. | 4,287,128 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 10,079,634 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.50% |
| Businessolver.com, Inc. | 7,662,121 | Services: Business | First Lien Term Loan | S + 5.50% |
| XpressMyself.com LLC (SmartSign) | 9,775,000 | Consumer Goods: Durable | First Lien Term Loan | S + 5.50% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,359,329 | Environmental Industries | First Lien Term Loan | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 6,703,125 | Services: Business | First Lien Term Loan | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,870,852 | Services: Business | First Lien Term Loan | S + 5.50% |
| Trilon Group, LLC | 1,863,090 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Scaled Agile, Inc. | 348,238 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Scaled Agile, Inc. | 7,078,628 | Services: Business | First Lien Term Loan | S + 5.50% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 6,392,627 | Energy: Electricity | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| US MetalCo Holdings LLC (MGM Transformer Company) | 23,510,734 | Energy: Electricity | First Lien Term Loan | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 2,381,386 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 7,264,135 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,162,135 | Sovereign & Public Finance | First Lien Term Loan | S + 5.50% |
| Exterro, Inc. | 9,568,548 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 4,922,410 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Excel Fitness Holdings, Inc. | 474,234 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Trilon Group, LLC | 27,584,456 | Services: Business | First Lien Term Loan | S + 5.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,290,050 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -27,663 | Transportation: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,463,640 | Transportation: Consumer | First Lien Term Loan | S + 5.50% |
| Mobile Communications America, Inc. | 18,465,780 | Telecommunications | First Lien Term Loan | S + 5.25% |
| Watermill Express, LLC | 6,311,194 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.25% |
| Bridges Consumer Healthcare Intermediate LLC | -27,319 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Nutrition 101 Buyer, LLC (101 Inc) | 6,109,081 | Environmental Industries | First Lien Term Loan | S + 5.25% |
| GHR Healthcare, LLC | 3,651,783 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| North Haven CS Acquisition, Inc. | 22,408,881 | High Tech Industries | First Lien Term Loan | S + 5.25% |
| North Haven CS Acquisition, Inc. | 5,773,833 | High Tech Industries | First Lien Term Loan | S + 5.25% |
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.