* 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 |
|---|---|---|---|---|
| Ovation Holdings, Inc | 7,925,951 | Capital Equipment | First Lien Debt | S + 5.00% |
| Ovation Holdings, Inc | 1,875,599 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,154,977 | Construction & Building | First Lien Debt | S + 5.00% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,835,607 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| MEI Buyer LLC | 210 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| MEI Buyer LLC | 11,288,770 | Construction & Building | First Lien Debt | S + 5.00% |
| MEI Buyer LLC | 1,805,189 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| WCHG Buyer, Inc. (Handgards, LLC) | 24,035,208 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Apex Service Partners, LLC | 628,346 | Services: Consumer | First Lien Debt | S + 5.00% |
| AMS Parent, LLC (All My Sons) | 5,166,071 | Services: Consumer | First Lien Debt | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | (43,990) | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,460,871 | Utilities: Electric | First Lien Debt | S + 5.00% |
| 360 Holdco, Inc. (360 Training) | 3,428,870 | Services: Consumer | First Lien Debt | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 10,180,504 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 2,983,827 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| CLS Management Services, LLC (Contract Land Staff) | 7,422,082 | Environmental Industries | First Lien Debt | S + 5.00% |
| Matador US Buyer, LLC (Insulation Technology Group) | 22,076,133 | Energy: Electricity | First Lien Debt | S + 5.00% |
| Apex Service Partners, LLC | 46,323 | Services: Consumer | Revolving Loan | S + 5.00% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,558,227 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 154,110 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Apex Service Partners, LLC | 97,451 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| Transit Buyer, LLC (Propark Mobility) | 2,689,100 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| FH DMI Buyer, Inc. | 1,968,728 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Bullhorn, Inc. | 13,670,866 | Services: Business | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,548,642 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,228,449 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| SEKO Global Logistics Network, LLC | 1,626,402 | Transportation: Cargo | First Lien Debt | S + 5.00% |
| Davidson Hotel Company LLC | 3,128,693 | Hotel, Gaming & Leisure | First Lien Debt | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,411,311 | Automotive | First Lien Debt | S + 5.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,521,438 | Automotive | 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.