* 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
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
First Lien Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
June 2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
November 2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 12,203,536 | Sovereign & Public Finance | First Lien Debt | S + 5.50% |
| Wrench Group LLC | 9,712,945 | Services: Consumer | First Lien Debt | S + 4.00% |
| Perennial Services Group, LLC | 6,714,824 | Services: Consumer | First Lien Debt | S + 5.50% |
| RA Parent Holdings LP (S&S Truck Parts) | 19,749,203 | Automotive | First Lien Debt | S + 4.75% |
| Liberty Buyer, Inc. (Liberty Group) | 3,758,545 | Services: Consumer | First Lien Debt | S + 5.75% |
| Legacy Service Partners, LLC | 2,913,960 | Services: Consumer | First Lien Debt | S + 5.25% |
| AmerCareRoyal, LLC | 711,593 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| AMS Parent, LLC (All My Sons) | 5,166,071 | Services: Consumer | First Lien Debt | S + 5.00% |
| ADPD Holdings LLC (NearU) | 9,303,839 | Services: Consumer | First Lien Debt | S + 6.00% |
| 360 Holdco, Inc. (360 Training) | 3,428,870 | Services: Consumer | First Lien Debt | S + 5.00% |
| VRC Companies, LLC (Vital Records Control) | 4,506,526 | Services: Business | First Lien Debt | S + 5.50% |
| VRC Companies, LLC (Vital Records Control) | 329,792 | Services: Business | First Lien Debt | S + 5.75% |
| Bullhorn, Inc. | 13,670,866 | Services: Business | First Lien Debt | S + 5.00% |
| Vensure Employer Services, Inc. | 2,735,452 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 5.00% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 9,991,193 | Services: Consumer | First Lien Debt | S + 5.25% |
| Cohen Advisory, LLC | 8,598,886 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 4.50% |
| Illumifin Corporation (Long Term Care Group) | 6,826,471 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 6.00% |
| Excel Fitness Holdings, Inc. | 9,825,000 | Services: Consumer | First Lien Debt | S + 5.25% |
| Apex Service Partners, LLC | 628,346 | Services: Consumer | First Lien Debt | S + 5.00% |
| Smith & Howard Advisory LLC | 2,886,873 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 4.75% |
| MBS Holdings, Inc. | 1,823,159 | Telecommunications | First Lien Debt | S + 6.25% |
| MBS Holdings, Inc. | 9,924,639 | Telecommunications | First Lien Debt | S + 5.75% |
| Pinnacle Supply Partners, LLC | 6,154,737 | Utilities: Electric | First Lien Debt | S + 6.25% |
| USA Water Intermediate Holdings, LLC | 7,817,716 | Utilities: Water | First Lien Debt | S + 4.75% |
| DMC Holdco, LLC (DMC Power) | 4,965,072 | Utilities: Electric | First Lien Debt | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,460,871 | Utilities: Electric | First Lien Debt | S + 5.00% |
| TI Acquisition NC, LLC | 2,744,229 | Transportation: Cargo | First Lien Debt | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,439,389 | Transportation: Consumer | First Lien Debt | S + 5.50% |
| STS Holding, Inc. | 3,833,681 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 3,738,481 | Wholesale | First Lien Debt | S + 5.50% |
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 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.