* 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 |
|---|---|---|---|---|
| Micronics Filtration Holdings, Inc. | 2,450,000 | Wholesale | Subordinated Debt | S + 5.50% |
| ISG Enterprises, LLC (Industrial Service Group) | 3,297,496 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,959,499 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 3,738,481 | Wholesale | First Lien Debt | S + 5.50% |
| TPC Wire & Cable Corp. | 2,246,298 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
| ISG Enterprises, LLC (Industrial Service Group) | 6,333,089 | Wholesale | First Lien Debt | S + 5.75% |
| TPC Wire & Cable Corp. | 919,311 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| TPC Wire & Cable Corp. | 1,712,208 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 7,783,651 | Wholesale | First Lien Debt | S + 5.50% |
| USA Water Intermediate Holdings, LLC | 7,817,716 | Utilities: Water | First Lien Debt | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 611,143 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| USAW Parent LLC (USA Water) | 565,411 | Utilities: Water | Equity Investment | |
| DMC Holdco, LLC (DMC Power) | 4,965,072 | Utilities: Electric | First Lien Debt | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 1,006,075 | Utilities: Electric | Revolving Loan | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,799 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| DMC Holdco, LLC (DMC Power) | 9,357 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,460,871 | Utilities: Electric | First Lien Debt | S + 5.00% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 207,807 | Utilities: Electric | Equity Investment | |
| Pinnacle Supply Partners, LLC | 1,928,059 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
| Pinnacle Supply Partners, LLC | 6,154,737 | Utilities: Electric | First Lien Debt | S + 6.25% |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 142,692 | Transportation: Consumer | Equity Investment | |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,439,389 | Transportation: Consumer | First Lien Debt | S + 5.50% |
| American Student Transportation Partners, Inc. | 2,213,984 | Transportation: Consumer | Subordinated Debt | N/A 0.00% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (27,055) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,131,872 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,515,025 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Kenco PPC Buyer LLC | 21,613,083 | Transportation: Cargo | First Lien Debt | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,265,458 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 168,507 | Transportation: Cargo | First Lien Debt | S + 5.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,972 | Transportation: Cargo | 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.