* 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 |
|---|---|---|---|---|
| Watermill Express, LLC | 310,109 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.25% |
| Cornerstone Advisors of Arizona, LLC | 304,404 | Services: Business | First Lien Debt | S + 5.50% |
| Archer Acquisition, LLC (ARMstrong) | 293,499 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 290,976 | Services: Business | Equity Investment | |
| Liberty Buyer, Inc. (Liberty Group) | 282,616 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| Businessolver.com, Inc. | 273,059 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Ultima Health Holdings, LLC | 246,790 | Consumer Goods: Non-durable | Equity Investment | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,972 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 228,020 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 214,172 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| JEGS Automotive | 208,719 | Automotive | Revolving Loan | S + 7.00% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 207,807 | Utilities: Electric | Equity Investment | |
| Cornerstone Advisors of Arizona, LLC | 207,568 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Online Labels Group, LLC | 201,725 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| National Renovations LLC (Repipe Specialists) | 196,277 | Services: Consumer | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 10.00% (PIK) |
| FH DMI Buyer, Inc. | 194,325 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Cohen Advisory, LLC | 181,059 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| EFC Holdings, LLC (EFC International) | 175,246 | Capital Equipment | Equity Investment | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 168,507 | Transportation: Cargo | First Lien Debt | S + 5.50% |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 155,823 | Containers, Packaging & Glass | Equity Investment | |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| FS NU Investors, LP (NearU) | 154,819 | Services: Consumer | Equity Investment | |
| Apex Service Partners, LLC | 154,110 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Solve Group Holdings, L.P. (Solve Industrial) | 153,447 | High Tech Industries | Equity Investment | |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 147,299 | Services: Business | Equity Investment | |
| MDC Group Holdings, LP (Mosaic Dental) | 145,701 | Healthcare & Pharmaceuticals | Equity Investment | |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 142,692 | Transportation: Consumer | Equity Investment | |
| EFC Holdings, LLC (EFC International) | 120,888 | Capital Equipment | Equity Investment | |
| AmerCareRoyal, LLC | 113,328 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 109,734 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
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.