* 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 |
|---|---|---|---|---|
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 224,037 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,456,190 | Capital Equipment | First Lien Term Loan | S + 5.25% |
| Ridge Trail US Bidco, Inc. (Options IT) | 678,532 | High Tech Industries | First Lien Term Loan | S + 4.50% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,817,869 | Capital Equipment | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Repipe Aggregator, LLC (Repipe Specialists) | 48,474 | Services: Consumer | Equity Investment | |
| REP RO Coinvest IV-A, LP (RoadOne) | 809,053 | Transportation: Cargo | Equity Investment | |
| Refresh Buyer, LLC (Sunny Sky Products) | -15,074 | Beverage, Food & Tobacco | First Lien Term Loan (Delayed Draw) | S + 4.50% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,962,863 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,162,135 | Sovereign & Public Finance | First Lien Term Loan | S + 5.50% |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| REP HS Holdings, LLC (HemaSource) | 794,529 | Healthcare & Pharmaceuticals | Equity Investment | |
| 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% |
| Sagebrush Buyer, LLC (Province) | 4,747,772 | Services: Business | First Lien Term Loan | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 7,018,256 | Services: Business | First Lien Term Loan | S + 4.75% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,745,877 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,502,090 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.25% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 2,761,864 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.50% |
| Sapphire Telecom, Inc. | 19,186,683 | Telecommunications | First Lien Term Loan | S + 5.00% |
| RPI Investments LP (Rose Paving) | 100,000 | Construction & Building | Equity Investment | |
| Royal Holdco Corporation (RMA Companies) | 3,132,078 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Rose Paving, LLC | -2,324 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.50% |
| Rose Paving, LLC | 2,900,790 | Construction & Building | Subordinated Debt | 12.50% |
| Royal Holdco Corporation (RMA Companies) | 5,177,623 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Royal Holdco Corporation (RMA Companies) | 3,086,795 | Construction & Building | First Lien Term Loan | S + 5.75% |
| Royal Holdco Corporation (RMA Companies) | 4,581,618 | Construction & Building | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Tinuiti Inc. | 1,886,477 | Media: Advertising, Printing & Publishing | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Tinuiti Inc. | 9,658,230 | Media: Advertising, Printing & Publishing | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Watermill Express, LLC | 6,311,194 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.25% |
| VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.) | 4,988,685 | Services: Business | First Lien Term Loan | S + 4.75% |
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.