* 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 |
|---|---|---|---|---|
| VRC Companies, LLC (Vital Records Control) | 329,792 | Services: Business | First Lien Debt | S + 5.75% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,461,918 | Services: Business | First Lien Debt | S + 5.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 836,079 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,151,245 | Services: Business | First Lien Debt | S + 4.75% |
| Trilon Group, LLC | 1,883,252 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 5,147,191 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| TSS Buyer, LLC (Technical Safety Services) | 1,866,116 | Services: Business | First Lien Debt | S + 5.50% |
| Sagebrush Buyer, LLC (Province) | 4,748,730 | Services: Business | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 6,685,938 | Services: Business | First Lien Debt | S + 5.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,136,794 | Services: Business | First Lien Debt | S + 6.50% |
| 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% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,159,846 | Services: Business | First Lien Debt | S + 6.50% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 723,495 | Services: Business | Equity Investment | |
| KENG Acquisition, Inc. (Enagage PEO) | (9,452) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| 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% |
| Olympus US Bidco LLC (Phaidon International) | 12,993,474 | Services: Business | First Lien Debt | S + 5.50% |
| OCM System One Buyer CTB, LLC (System One) | 3,189,361 | Services: Business | First Lien Debt | S + 3.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 14,009,132 | Services: Business | First Lien Debt | S + 5.25% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,801,758 | 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% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 833,390 | Services: Business | Equity Investment | |
| Redwood Services Group, LLC (Evergreen Services Group) | (26,296) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| PLZ Corp (PLZ Aeroscience) | 12,239,565 | Services: Business | Subordinated Debt | S + 7.50% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,290,707 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (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 | 3,589,863 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
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.