* 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.
$2.0B
Investment portfolio at fair value1
91%
First-lien term loans2
198
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Unitranche Credit Facility
2021
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2023
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Unitranche Credit Facility
2022
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | 1,502,787 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
| Tech24 | 1,030,129 | Beverage, Food & Tobacco | Equity Investment | |
| Technical Safety Services | 6,737,500 | Services: Business | First Lien Term Loan | S +5.50% |
| Vital Records Control | 332,323 | Services: Business | First Lien Term Loan | S +5.75% |
| Vital Records Control | 4,558,480 | Services: Business | First Lien Term Loan | S +5.50% |
| VMG Health | 15,783,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
| Watermill Express (Delayed Draw) (Incremental) | 3,170,260 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
| Watermill Express (Incremental) | 6,326,882 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
| Vistage | 7,016,791 | Services: Business | First Lien Term Loan | S +4.75% |
| Vensure Employer Services | 14,543,094 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.75% |
| USA Water (Delayed Draw) | -22,337 | Utilities: Water | First Lien Term Loan | S +4.75% |
| USA Water | 512,677 | Utilities: Water | Equity Investment | |
| Valkyrie | 2,783,222 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| Velosio | 6,172,174 | High Tech Industries | First Lien Term Loan | S +5.25% |
| Velosio (Delayed Draw) | -12,328 | High Tech Industries | First Lien Term Loan | S +5.25% |
| Watermill Express, LLC | 3,230,036 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
| Watermill Express, LLC (Delayed Draw) | 311,890 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
| Wrench Group | 4,498,388 | Services: Consumer | First Lien Term Loan | S +4.00% |
| Wpromote (Delayed Draw) | 706 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.75% |
| WSB Engineering Holdings Inc. | 6,398,502 | Construction & Building | First Lien Term Loan | S +6.00% |
| WSB Engineering Holdings Inc. (Delayed Draw) | 2,975,712 | Construction & Building | First Lien Term Loan | S +6.00% |
| Young Innovations | 16,315,804 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
| Wpromote | 4,361,846 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.75% |
| World Insurance Associates | 14,767,206 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +6.00% |
| Wellspring Pharmaceutical | 3,344,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
| Wellspring Pharmaceutical (Delayed Draw) | 1,555,364 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
| Wellspring Pharmaceutical (Delayed Draw) (Incremental) | 12,443 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
| Wellspring Pharmaceutical (Incremental) | 1,243,723 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
| USA Water | 7,819,011 | Utilities: Water | First Lien Term Loan | S +4.75% |
| US Fertility | 12,661,361 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.75% (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 June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.