* 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 |
|---|---|---|---|---|
| Bridges Consumer Healthcare Intermediate LLC | -27,319 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| BroadcastMed Holdco, LLC | 3,480,077 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 399,324 | Automotive | Equity Investment | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investment | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 404,114 | Automotive | Equity Investment | |
| Bridges Consumer Healthcare Intermediate LLC | 5,756,022 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| BPC Kodiak LLC (Turbine Engine Specialists) | 1,774,676 | Aerospace & Defense | Equity Investment | |
| Bounteous, Inc. | 5,286,635 | Services: Business | First Lien Term Loan | S + 4.75% |
| Boulder Scientific Company, LLC | 1,974,671 | Chemicals, Plastics & Rubber | First Lien Term Loan | S + 4.75% |
| Bounteous, Inc. | 2,163,842 | Services: Business | First Lien Term Loan | S + 4.75% |
| Bounteous, Inc. | 2,736,162 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 3,536,551 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 4.75% |
| Bullhorn, Inc. | 13,807,575 | Services: Business | First Lien Term Loan | S + 5.00% |
| Businessolver.com, Inc. | 7,662,121 | Services: Business | First Lien Term Loan | S + 5.50% |
| Chroma Color Corporation | 6,204,864 | Chemicals, Plastics & Rubber | First Lien Term Loan | S + 6.00% |
| Cedar Services Group, LLC (Evergreen Services Group II) | 12,930,599 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Chroma Color Corporation | 1,369,425 | Chemicals, Plastics & Rubber | First Lien Term Loan (Delayed Draw) | S + 6.00% |
| Clean Solutions Buyer, Inc. | 988,124 | Capital Equipment | First Lien Term Loan | S + 4.50% |
| CLS Management Services, LLC (Contract Land Staff) | 7,438,572 | Environmental Industries | First Lien Term Loan | S + 5.00% |
| Cedar Services Group, LLC (Evergreen Services Group II) | 15,993,980 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| CDL Marketing Group, LLC (Career Now) | 2,672,778 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Caldwell & Gregory LLC | 1,033,576 | Services: Business | Subordinated Debt | S + 9.25% |
| Businessolver.com, Inc. | 273,750 | Services: Business | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,339,327 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S + 5.75% |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investment | |
| CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investment | |
| Kenco PPC Buyer LLC | 33,395 | Transportation: Cargo | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Kenco PPC Buyer LLC | 35,767 | Transportation: Cargo | First Lien Term Loan (Delayed Draw) | S + 4.25% |
| Smart Wave Technologies, Inc. | 7,578,803 | High Tech Industries | First Lien Term Loan | S + 6.00% |
| SM Wellness Holdings, Inc. (Solis Mammography) | 12,919,533 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.50% |
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.