* 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 |
|---|---|---|---|---|
| Legacy Service Partners, LLC | 10,014,669 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| Legacy Service Partners, LLC | 4,667,752 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Legacy Service Partners, LLC | 2,920,676 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| KRIV Acquisition, Inc. (Riveron) | 1,583,467 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| KRIV Acquisition, Inc. (Riveron) | 10,555,915 | Services: Business | First Lien Term Loan | S + 5.75% |
| KENG Acquisition, Inc. (Engage PEO) | 4,060,631 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Engage PEO) | 9,483,001 | Services: Business | First Lien Term Loan | S + 5.00% |
| KENG Acquisition, Inc. (Engage PEO) | -9,774 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,721,232 | Consumer Goods: Non-durable | First Lien Term Loan | S + 5.25% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 930,896 | Consumer Goods: Non-durable | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| LHS Acquistion, LLC (Summit Hill Foods) | 8,023,951 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.75% |
| Liberty Buyer, Inc. (Liberty Group) | 3,841,946 | Services: Consumer | First Lien Term Loan | S + 5.75% |
| MBS Holdings, Inc. | 1,314,236 | Telecommunications | First Lien Term Loan | S + 6.50% |
| MBS Holdings, Inc. | 9,950,418 | Telecommunications | First Lien Term Loan | S + 5.75% |
| MDC Group Holdings, LP (Mosaic Dental) | 191,452 | Healthcare & Pharmaceuticals | Equity Investment | |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,719,404 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| MEI Buyer LLC | 11,318,554 | Construction & Building | First Lien Term Loan | S + 5.00% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 458,261 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% |
| MBS Holdings, Inc. | 1,827,774 | Telecommunications | First Lien Term Loan | S + 6.25% |
| Matador US Buyer, LLC (Insulation Technology Group) | -52,757 | Energy: Electricity | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,193,260 | Services: Business | First Lien Term Loan | S + 6.50% |
| Liberty Buyer, Inc. (Liberty Group) | 283,484 | Services: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,169,750 | Services: Business | First Lien Term Loan | S + 6.50% |
| LSCS Holdings, Inc. (Dohmen) | 9,991,075 | Services: Business | First Lien Term Loan | S + 4.50% |
| Matador US Buyer, LLC (Insulation Technology Group) | 22,154,521 | Energy: Electricity | First Lien Term Loan | S + 5.00% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,677,951 | Construction & Building | Equity Investment | |
| OCM System One Buyer CTB, LLC (System One) | 3,203,884 | Services: Business | First Lien Term Loan | S + 3.75% |
| Promptcare Infusion Buyer, Inc. | 8,119,841 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
| PLZ Corp (PLZ Aeroscience) | 12,272,238 | Services: Business | Subordinated Debt | S + 7.50% |
| Promptcare Infusion Buyer, Inc. | 1,430,159 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 6.00% |
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.