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
ISG Enterprises, LLC (Industrial Service Group) 3,297,496 Wholesale First Lien Debt (Delayed Draw) S + 5.75%
ISG Enterprises, LLC (Industrial Service Group) 6,333,089 Wholesale First Lien Debt S + 5.75%
USA Water Intermediate Holdings, LLC 611,143 Utilities: Water First Lien Debt (Delayed Draw) S + 4.75%
USA Water Intermediate Holdings, LLC 7,817,716 Utilities: Water First Lien Debt S + 4.75%
USAW Parent LLC (USA Water) 565,411 Utilities: Water Equity Investment
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 3,738,481 Wholesale First Lien Debt S + 5.50%
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 1,959,499 Wholesale First Lien Debt (Delayed Draw) S + 5.50%
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 1,242,918 Transportation: Cargo Equity Investment
Red Griffin TopCo, LLC (Seko Global Logistics LLC) 2,366,478 Transportation: Cargo Equity Investment
BCM One, Inc. 1,803,382 Telecommunications First Lien Debt (Delayed Draw) S + 4.50%
BCM One, Inc. 5,696,661 Telecommunications First Lien Debt S + 4.50%
MBS Holdings, Inc. 1,823,159 Telecommunications First Lien Debt S + 6.25%
MBS Holdings, Inc. 9,924,639 Telecommunications First Lien Debt S + 5.75%
Mobile Communications America, Inc. 18,364,313 Telecommunications First Lien Debt S + 5.25%
MBS Holdings, Inc. 1,310,909 Telecommunications First Lien Debt S + 6.50%
Renaissance Buyer, LLC (LMI Consulting, LLC) 12,203,536 Sovereign & Public Finance First Lien Debt S + 5.50%
CMP Ren Partners I-A LP (LMI Consulting, LLC) 1,205,830 Sovereign & Public Finance Equity Investment
Perennial Services Group, LLC 6,009,272 Services: Consumer First Lien Debt (Delayed Draw) S + 5.50%
Perennial Services Group, LLC 6,714,824 Services: Consumer First Lien Debt S + 5.50%
Perennial Services Investors LLC (Perennial Services Group) 1,029,861 Services: Consumer Equity Investment
Repipe Aggregator, LLC (Repipe Specialists) 66,439 Services: Consumer Equity Investment
Wrench Group LLC 9,712,945 Services: Consumer First Lien Debt S + 4.00%
Mobile Communications America, Inc. 1,739,477 Telecommunications First Lien Debt (Delayed Draw) S + 5.25%
Sapphire Telecom, Inc. 19,143,094 Telecommunications First Lien Debt S + 5.00%
FSK Pallet Holding Corp. (Kamps Pallets) 9,515,025 Transportation: Cargo First Lien Debt S + 6.00%
Armstrong Transport Group, LLC 7,596,186 Transportation: Cargo Subordinated Debt 7.00% (Cash) 7.00% (PIK)
Kenco PPC Buyer LLC 21,613,083 Transportation: Cargo First Lien Debt S + 4.75%
Kenco PPC Buyer LLC 1,037,170 Transportation: Cargo First Lien Debt (Delayed Draw) S + 4.75%
R1 Holdings, LLC (RoadOne) 4,863,857 Transportation: Cargo Subordinated Debt 8.75% (Cash) 5.00% (PIK)
Kenco PPC Buyer LLC (40,290) Transportation: Cargo First Lien Debt (Delayed Draw) 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.