* 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
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
First Lien Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| North Haven Spartan US Holdco LLC | 214,172 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 228,020 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,972 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Ultima Health Holdings, LLC | 246,790 | Consumer Goods: Non-durable | Equity Investment | |
| Businessolver.com, Inc. | 273,059 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Liberty Buyer, Inc. (Liberty Group) | 282,616 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 290,976 | Services: Business | Equity Investment | |
| Archer Acquisition, LLC (ARMstrong) | 293,499 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Cornerstone Advisors of Arizona, LLC | 304,404 | Services: Business | First Lien Debt | S + 5.50% |
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.25% |
| VRC Companies, LLC (Vital Records Control) | 329,792 | Services: Business | First Lien Debt | S + 5.75% |
| Scaled Agile, Inc. | 333,511 | Services: Business | First Lien Debt (Delayed Draw) | 6.65% (Cash) 3.75% (PIK) |
| HBB Parent, LLC (High Bar Brands) | 340,572 | Automotive | Equity Investment | |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 402,710 | Automotive | Equity Investment | |
| MSM Acquisitions, Inc. (Spectrio) | 404,822 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| Oliver Investors, LP (Oliver Packaging) | 423,024 | Containers, Packaging & Glass | Equity Investment | |
| SEKO Global Logistics Network, LLC | 425,583 | Transportation: Cargo | First Lien Debt | S + 8.00% |
| HMA Equity, LP (Health Management Associates) | 445,893 | Healthcare & Pharmaceuticals | Equity Investment | |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 457,146 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
| Oliver Packaging, LLC | 463,117 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| Excel Fitness Holdings, Inc. | 473,048 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| NFM & J, L.P. (The Facilities Group) | 532,842 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Anne Arundel Dermatology Management, LLC | 539,636 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| USAW Parent LLC (USA Water) | 565,411 | Utilities: Water | Equity Investment | |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 568,853 | Beverage, Food & Tobacco | Equity Investment | |
| Erie Construction, LLC (Erie Construction) | 570,531 | Construction & Building | Equity Investment | |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 591,653 | Services: Consumer | Equity Investment | |
| Safety Infrastructure Services Intermediate LLC | 598,963 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 611,143 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| NJEye LLC | 613,119 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
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.