* 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 |
|---|---|---|---|---|
| Cobalt Service Partners, LLC | 711,076 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 709,402 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | 676,972 | High Tech Industries | First Lien Debt | S + 4.50% |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 657,833 | Automotive | Equity Investment | |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 654,000 | Capital Equipment | Equity Investment | |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 641,357 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Gabriel Partners, LLC | 639,421 | Services: Business | First Lien Debt | S + 6.25% |
| BroadcastMed Holdco, LLC | 636,700 | Media: Diversified & Production | Equity Investment | |
| Apex Service Partners, LLC | 628,346 | Services: Consumer | First Lien Debt | S + 5.00% |
| National Renovations LLC (Repipe Specialists) | 615,264 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| NJEye LLC | 613,119 | Services: Consumer | 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% |
| Safety Infrastructure Services Intermediate LLC | 598,963 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 591,653 | Services: Consumer | Equity Investment | |
| Erie Construction, LLC (Erie Construction) | 570,531 | Construction & Building | Equity Investment | |
| WPP Fairway Aggregator B, L.P (Fresh Edge) | 568,853 | Beverage, Food & Tobacco | Equity Investment | |
| USAW Parent LLC (USA Water) | 565,411 | Utilities: Water | Equity Investment | |
| Anne Arundel Dermatology Management, LLC | 539,636 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| NFM & J, L.P. (The Facilities Group) | 532,842 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Excel Fitness Holdings, Inc. | 473,048 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| Oliver Packaging, LLC | 463,117 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 457,146 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
| HMA Equity, LP (Health Management Associates) | 445,893 | Healthcare & Pharmaceuticals | Equity Investment | |
| SEKO Global Logistics Network, LLC | 425,583 | Transportation: Cargo | First Lien Debt | S + 8.00% |
| Oliver Investors, LP (Oliver Packaging) | 423,024 | Containers, Packaging & Glass | Equity Investment | |
| MSM Acquisitions, Inc. (Spectrio) | 404,822 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| Buckeye Group Holdings, L.P. (JEGS Automotive) | 402,710 | Automotive | Equity Investment | |
| HBB Parent, LLC (High Bar Brands) | 340,572 | Automotive | Equity Investment | |
| Scaled Agile, Inc. | 333,511 | Services: Business | First Lien Debt (Delayed Draw) | 6.65% (Cash) 3.75% (PIK) |
| VRC Companies, LLC (Vital Records Control) | 329,792 | Services: Business | First Lien Debt | S + 5.75% |
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.