* 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 |
|---|---|---|---|---|
| MSM Acquisitions, Inc. (Spectrio) | 7,458,056 | Media: Diversified & Production | First Lien Debt | 7.81% (Cash) 2.50% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 404,822 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 2,654,359 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| Matador US Buyer, LLC (Insulation Technology Group) | 22,076,133 | Energy: Electricity | First Lien Debt | S + 5.00% |
| Matador US Buyer, LLC (Insulation Technology Group) | 5,558,227 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| Micronics Filtration Holdings, Inc. | 2,450,000 | Wholesale | Subordinated Debt | S + 5.50% |
| Midwest Eye Services, LLC | 8,835,600 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Mobile Communications America, Inc. | 18,364,313 | Telecommunications | First Lien Debt | S + 5.25% |
| Mobile Communications America, Inc. | 1,739,477 | Telecommunications | First Lien Debt (Delayed Draw) | S + 5.25% |
| Momentum Textiles, LLC | 4,912,637 | Consumer Goods: Durable | Subordinated Debt | 8.00% (Cash) 5.50% (PIK) |
| NFM & J, L.P. (The Facilities Group) | 532,842 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,784,553 | Environmental Industries | First Lien Debt | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 8,877,945 | Environmental Industries | First Lien Debt | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,863,584 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| NJEye LLC | 780,003 | Services: Consumer | First Lien Debt | S + 4.75% |
| NJEye LLC | 613,119 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| NJEye LLC | 784,844 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| NJEye LLC | 4,677,688 | Services: Consumer | First Lien Debt | S + 4.75% |
| National Renovations LLC (Repipe Specialists) | 615,264 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 196,277 | Services: Consumer | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 10.00% (PIK) |
| National Renovations LLC (Repipe Specialists) | 2,271,088 | Services: Consumer | Subordinated Debt | 1.00% (Cash) 10.00% (PIK) |
| North Haven CS Acquisition, Inc. | 22,130,983 | High Tech Industries | First Lien Debt | S + 5.25% |
| North Haven CS Acquisition, Inc. | 5,699,167 | High Tech Industries | First Lien Debt | S + 5.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | (64,000) | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,323,850 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,603,498 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Spartan US Holdco LLC | 214,172 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Spartan US Holdco LLC | 2,470,000 | Services: Consumer | First Lien Debt | S + 5.75% |
| North Haven Spartan US Holdco LLC | 814,973 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 147,299 | Services: Business | Equity Investment |
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.