* 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 |
|---|---|---|---|---|
| Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 3,250,957 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Online Labels Group, LLC | 3,286,859 | Containers, Packaging & Glass | First Lien Debt | S + 5.25% |
| Online Labels Group, LLC | 201,725 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| Oliver Packaging, LLC | 463,117 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
| Oliver Packaging, LLC | 2,381,311 | Containers, Packaging & Glass | Subordinated Debt | 11.50% (PIK) |
| Oliver Investors, LP (Oliver Packaging) | 423,024 | Containers, Packaging & Glass | Equity Investment | |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,703,125 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| Gloves Buyer, Inc. (PIP) | 9,028,480 | Consumer Goods: Non-durable | First Lien Debt | S + 4.00% |
| ACP Tara Holdings, Inc. | 1,376,388 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 928,125 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.25% |
| ACP Tara Holdings, Inc. | 12,442,810 | Consumer Goods: Non-durable | First Lien Debt | S + 4.50% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,595,345 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| Ultima Health Holdings, LLC | 246,790 | Consumer Goods: Non-durable | Equity Investment | |
| Ultima Health Holdings, Inc. | 1,767,108 | Consumer Goods: Non-durable | Subordinated Debt | N/A 0.00% |
| MPG Parent Holdings, LLC (Market Performance Group) | 3,092,256 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.00% |
| DRS Holdings III, Inc. | 2,984,055 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| XpressMyself.com LLC (SmartSign) | 9,750,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Momentum Textiles, LLC | 4,912,637 | Consumer Goods: Durable | Subordinated Debt | 8.00% (Cash) 5.50% (PIK) |
| XpressMyself.com LLC (SmartSign) | 4,961,625 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| Heartland Paving Partners, LLC | (52,571) | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Gannett Fleming, Inc. | (20,248) | Construction & Building | Revolving Loan | S + 4.75% |
| Heartland Paving Partners, LLC | 2,233,143 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,835,607 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| ICE USA Infrastructure, Inc. | 6,497,327 | Construction & Building | First Lien Debt | S + 5.75% |
| Gannett Fleming, Inc. | 17,610,420 | Construction & Building | First Lien Debt | S + 4.75% |
| Heartland Paving Partners, LLC | 8,450,109 | Construction & Building | First Lien Debt | S + 4.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,410,580 | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
| Athlete Buyer, LLC (Allstar Holdings) | 4,264,073 | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,154,977 | Construction & Building | First Lien Debt | S + 5.00% |
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.