* 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 |
|---|---|---|---|---|
| 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% |
| Turbine Engine Specialists, Inc. | 2,530,469 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| TSS Buyer, LLC (Technical Safety Services) | 4,922,410 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Transit Buyer, LLC (Propark Mobility) | 10,164,376 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 2,683,139 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| TPC Wire & Cable Corp. | 2,248,880 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| TJC Spartech Acquisition Corp. | 10,615,790 | Chemicals, Plastics & Rubber | First Lien Term Loan | S + 4.75% |
| 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) |
| Transit Buyer, LLC (Propark Mobility) | 6,749,284 | Services: Business | First Lien Term Loan | S + 5.00% |
| Tyto Athene, LLC | 6,952,332 | Telecommunications | First Lien Term Loan | S + 4.75% |
| Ultima Health Holdings, Inc. | 1,760,507 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| Vensure Employer Services, Inc. | 2,717,642 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 957,399 | Beverage, Food & Tobacco | Equity Investment | |
| Vensure Employer Services, Inc. | -3,105 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| Venture Buyer, LLC (Velosio) | 6,206,964 | High Tech Industries | First Lien Term Loan | S + 5.25% |
| Venture Buyer, LLC (Velosio) | 1,284 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Valkyrie Intermediate, LLC | 2,822,750 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| USAW Parent LLC (USA Water) | 566,069 | Utilities: Water | Equity Investment | |
| US MetalCo Holdings LLC (MGM Transformer Company) | 23,510,734 | Energy: Electricity | First Lien Term Loan | S + 5.50% |
| Ultima Health Holdings, LLC | 212,139 | Consumer Goods: Non-durable | Equity Investment | |
| US MetalCo Holdings LLC (MGM Transformer Company) | 6,392,627 | Energy: Electricity | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| USA Water Intermediate Holdings, LLC | 7,837,458 | Utilities: Water | First Lien Term Loan | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 333,255 | Utilities: Water | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,834,097 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 6.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 11,844,798 | Services: Business | First Lien Term Loan | S + 6.25% |
| National Renovations LLC (Repipe Specialists) | 2,200,475 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 395,563 | Media: Diversified & Production | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| National Renovations LLC (Repipe Specialists) | 190,174 | Services: Consumer | Subordinated Debt (Delayed Draw) | 3.33% (Cash) 9.17% (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.