* 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 |
|---|---|---|---|---|
| Davidson Hotel Company LLC | 3,128,693 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| Davidson Hotel Company LLC | (9,133) | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| Tinuiti Inc. | 9,599,159 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Tinuiti Inc. | 1,874,924 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Tinuiti Inc. | 2,868,682 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.25% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,295,859 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.75% |
| MSM Acquisitions, Inc. (Spectrio) | 2,654,359 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 7,458,056 | Media: Diversified & Production | First Lien Debt | 7.81% (Cash) 2.50% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 404,822 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,013,552 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (PIK) |
| BroadcastMed Holdco, LLC | 636,700 | Media: Diversified & Production | Equity Investment | |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,290,707 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (PIK) |
| BroadcastMed Holdco, LLC | 3,589,863 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 833,390 | Services: Business | Equity Investment | |
| KENG Acquisition, Inc. (Enagage PEO) | 9,461,918 | Services: Business | First Lien Debt | S + 5.00% |
| Redwood Services Group, LLC (Evergreen Services Group) | (26,296) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Safety Infrastructure Services Intermediate LLC | 598,963 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,801,758 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 14,009,132 | Services: Business | First Lien Debt | S + 5.25% |
| Olympus US Bidco LLC (Phaidon International) | 12,993,474 | Services: Business | First Lien Debt | S + 5.50% |
| PLZ Corp (PLZ Aeroscience) | 12,239,565 | Services: Business | Subordinated Debt | S + 7.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,136,794 | Services: Business | First Lien Debt | S + 6.50% |
| KENG Acquisition, Inc. (Enagage PEO) | (9,452) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Enagage PEO) | 5,688,475 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Safety Infrastructure Services Intermediate LLC | 6,879,335 | Services: Business | First Lien Debt | S + 4.75% |
| KRIV Acquisition, Inc. (Riveron) | 10,578,153 | Services: Business | First Lien Debt | S + 5.75% |
| KRIV Acquisition, Inc. (Riveron) | 1,586,823 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 147,299 | Services: Business | Equity Investment | |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,159,846 | Services: Business | First Lien Debt | S + 6.50% |
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.