Portfolio

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.

Key portfolio statistics

$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

As of March 31, 2054

For complete information regarding our financials, see our periodic filings.

1. RRepresents total investment portfolio at fair value. Total par value of debt investment commitments is $2,336M which includes approximately $246M of unfunded debt investment commitments.
2. First lien debt is comprised of 68% traditional first lien positions and 32% unitranche positions.
3. Weighted based on fair market value of private debt investments as of March 31, 2025 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee subject to the oversight of our board of directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Healthcare & Pharmaceuticals 16.5%
Services: Business 16.3%
Beverage, Food & Tobacco 7.5%
High Tech Industries 6.8%
Construction & Building 6.4%
Capital Equipment 5.0%
Services: Consumer 5.0%
Environmental Industries 3.9%
Banking, Finance, Insurance & Real Estate 3.5%
Containers, Packaging & Glass 3.5%
Other (16) 25.7%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

* 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.

Portfolio composition by investment type

Investment type

%

First Lien Term Loan (including DDTLs)** 91%
Subordinated Debt 8%
Equity 2%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

** First lien debt is comprised of 68% traditional first lien positions and 32% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Trilon Group 1.4%
MGM Transformer Company 1.4%
Good2Grow 1.3%
North Haven CS Acquisition, Inc. 1.3%
Insulation Technology Group 1.3%
Specialized Packaging Group (SPG) 1.2%
Handgards, LLC 1.2%
GHR Healthcare 1.2%
Kenco 1.1%
Others (200) 87.1%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.6%
Fixed rate 5.5%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

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

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Vensure Employer Services, Inc. (3,155) Banking, Finance, Insurance, Real Estate First Lien Debt (Delayed Draw) S + 5.00%
World Insurance Associates, LLC 13,706,704 Banking, Finance, Insurance, Real Estate First Lien Debt S + 5.00%
Illumifin Corporation (Long Term Care Group) 6,826,471 Banking, Finance, Insurance, Real Estate First Lien Debt S + 6.00%
Vensure Employer Services, Inc. 2,735,452 Banking, Finance, Insurance, Real Estate First Lien Debt S + 5.00%
World Insurance Associates, LLC 966,845 Banking, Finance, Insurance, Real Estate First Lien Debt S + 5.00%
Smith & Howard Advisory LLC 2,886,873 Banking, Finance, Insurance, Real Estate First Lien Debt S + 4.75%
Smith & Howard Advisory LLC 1,088,009 Banking, Finance, Insurance, Real Estate First Lien Debt (Delayed Draw) S + 4.75%
High Bar Brands Operating, LLC (7,396) Automotive Subordinated Debt (Delayed Draw) N/A 0.00%
High Bar Brands Operating, LLC 2,061,670 Automotive Subordinated Debt N/A 0.00%
JEGS Automotive 1,256,489 Automotive First Lien Debt S + 7.00%
JEGS Automotive 208,719 Automotive Revolving Loan S + 7.00%
HBB Parent, LLC (High Bar Brands) 340,572 Automotive Equity Investment
Covercraft Parent III, Inc. - Automotive Equity Investment
Buckeye Group Holdings, L.P. (JEGS Automotive) 402,710 Automotive Equity Investment
OEP Glass Purchaser, LLC (PGW Auto Glass) 12,521,438 Automotive First Lien Debt S + 5.00%
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive Equity Investment
Buckeye Group Holdings, L.P. (JEGS Automotive) - Automotive Equity Investment
Covercraft Parent III, Inc. 5,801,542 Automotive Subordinated Debt 10.00% (Cash) 0.75% (PIK)
Randys Holdings, Inc. (Randy's Worldwide Automotive) 2,089,063 Automotive First Lien Debt (Delayed Draw) S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 1,683,007 Automotive First Lien Debt (Delayed Draw) S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 6,691,585 Automotive First Lien Debt S + 4.75%
Randys Holdings, Inc. (Randy's Worldwide Automotive) 10,857,215 Automotive First Lien Debt S + 5.00%
OEP Glass Purchaser, LLC (PGW Auto Glass) 2,411,311 Automotive First Lien Debt S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 19,749,203 Automotive First Lien Debt S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 95,940 Automotive First Lien Debt (Delayed Draw) S + 4.75%
RA Parent Holdings LP (S&S Truck Parts) 1,130,927 Automotive First Lien Debt S + 4.75%
Phoenix Topco Holdings LP (S&S Truck Parts) 1,092,465 Automotive Equity Investment
Pegasus Aggregator Holdings LP (S&S Truck Parts) 657,833 Automotive Equity Investment
Phoenix Topco Holdings LP (S&S Truck Parts) 166 Automotive Equity Investment
PAG Holding Corp. (Precision Aviation Group) 14,821,257 Aerospace & Defense First Lien Debt S + 4.75%

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.