Portfolio

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.

Key portfolio statistics

$2.1B
Investment portfolio at fair value1
91%
First-lien term loans2
210
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3

As of March 31, 2054

For complete information regarding our financials, see our periodic filings.

1. RRepresents total investment portfolio at fair value. Total par value of debt investment commitments is $2,336M which includes approximately $246M of unfunded debt investment commitments.
2. First lien debt is comprised of 68% traditional first lien positions and 32% unitranche positions.
3. Weighted based on fair market value of private debt investments as of March 31, 2025 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee subject to the oversight of our board of directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Healthcare & Pharmaceuticals 16.5%
Services: Business 16.3%
Beverage, Food & Tobacco 7.5%
High Tech Industries 6.8%
Construction & Building 6.4%
Capital Equipment 5.0%
Services: Consumer 5.0%
Environmental Industries 3.9%
Banking, Finance, Insurance & Real Estate 3.5%
Containers, Packaging & Glass 3.5%
Other (16) 25.7%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

* 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.

Portfolio composition by investment type

Investment type

%

First Lien Term Loan (including DDTLs)** 91%
Subordinated Debt 8%
Equity 2%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

** First lien debt is comprised of 68% traditional first lien positions and 32% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Trilon Group 1.4%
MGM Transformer Company 1.4%
Good2Grow 1.3%
North Haven CS Acquisition, Inc. 1.3%
Insulation Technology Group 1.3%
Specialized Packaging Group (SPG) 1.2%
Handgards, LLC 1.2%
GHR Healthcare 1.2%
Kenco 1.1%
Others (200) 87.1%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.6%
Fixed rate 5.5%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Lead Left Arranger

Unitranche Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

First Lien Credit Facility
 

2022

Lender

Unitranche Credit Facility
 

2019

Lead Left Arranger

Senior Secured Credit Facility
 

2024

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

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Represents the top ten positions in NCDL based on Fair Value as of March 31, 2025

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Ultima Health Holdings, LLC 246,790 Consumer Goods: Non-durable Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 1,092,465 Automotive Equity Investment
MDC Group Holdings, LP (Mosaic Dental) 145,701 Healthcare & Pharmaceuticals Equity Investment
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) 928,568 Services: Consumer Equity Investment
Geds Equity Investors, LP (Esquire Deposition Services) 290,976 Services: Business Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 166 Automotive Equity Investment
Pegasus Aggregator Holdings LP (S&S Truck Parts) 657,833 Automotive Equity Investment
BroadcastMed Holdco, LLC 636,700 Media: Diversified & Production Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 2,366,478 Transportation: Cargo Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 1,242,918 Transportation: Cargo Equity Investment
Conversion Holdings, L.P. (Specialized Packaging Group) 155,823 Containers, Packaging & Glass Equity Investment
WPP Fairway Aggregator B, L.P (Fresh Edge) 568,853 Beverage, Food & Tobacco Equity Investment
RPI Investments LP (Rose Paving) 98,047 Construction & Building Equity Investment
Solve Group Holdings, L.P. (Solve Industrial) 153,447 High Tech Industries Equity Investment
FS NU Investors, LP (NearU) 154,819 Services: Consumer Equity Investment
HMA Equity, LP (Health Management Associates) 445,893 Healthcare & Pharmaceuticals Equity Investment
North Haven Terrapin IntermediateCo, LLC (Apex Companies) 147,299 Services: Business Equity Investment
OSG Topco Holdings, LLC (Output Services Group, Inc.) 833,390 Services: Business Equity Investment
Oceansound Partners Co-Invest II, LP (Gannett Fleming) 1,312,847 Construction & Building Equity Investment
OSP Gannett Aggregator, LP (Gannett Fleming) 923,235 Construction & Building Equity Investment
KRIV Co-Invest Holdings, L.P. (Riveron) 723,495 Services: Business Equity Investment
Perennial Services Investors LLC (Perennial Services Group) 1,029,861 Services: Consumer Equity Investment
Legacy Parent Holdings, LLC (Legacy Service Partners) 591,653 Services: Consumer Equity Investment
Legacy Parent Holdings, LLC (Legacy Service Partners) 14,547 Services: Consumer Equity Investment
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,205,830 Sovereign & Public Finance Equity Investment
VCP Tech24 Co-Invest Aggregator LP (Tech24) 840,737 Beverage, Food & Tobacco Equity Investment
Repipe Aggregator, LLC (Repipe Specialists) 66,439 Services: Consumer Equity Investment
REP RO Coinvest IV-A, LP (RoadOne) 760,247 Transportation: Cargo Equity Investment
WPP Fairway Aggregator B, L.P (Fresh Edge) - Beverage, Food & Tobacco Equity Investment
CDL Marketing Group, LLC (Career Now) - Services: Business Equity Investment

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 March 31, 2025. As of March 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.19%, and 4.01% 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.