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
TPC Wire & Cable Corp. 1,712,208 Wholesale Subordinated Debt (Delayed Draw) 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 919,311 Wholesale Subordinated Debt (Delayed Draw) 11.00% (Cash) 1.50% (PIK)
TPC Wire & Cable Corp. 2,246,298 Wholesale Subordinated Debt 11.00% (Cash) 1.50% (PIK)
TSS Buyer, LLC (Technical Safety Services) 6,685,938 Services: Business First Lien Debt 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%
Tau Buyer, LLC (16,272) Services: Business Revolving Loan S + 4.75%
Tau Buyer, LLC 104,660 Services: Business First Lien Debt (Delayed Draw) S + 4.75%
Tau Buyer, LLC 9,759,752 Services: Business First Lien Debt S + 4.75%
Thermostat Purchaser III, Inc. 2,833 Capital Equipment First Lien Debt (Delayed Draw) S + 4.25%
Thermostat Purchaser III, Inc. 1,079,212 Capital Equipment First Lien Debt S + 4.25%
Tidi Legacy Products, Inc. 33,465 Healthcare & Pharmaceuticals First Lien Debt (Delayed Draw) S + 5.25%
Tidi Legacy Products, Inc. 15,454,246 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
Tinuiti Inc. 1,874,924 Media: Advertising, Printing & Publishing First Lien Debt (Delayed Draw) S + 5.25%
Tinuiti Inc. 9,599,159 Media: Advertising, Printing & Publishing First Lien Debt (Delayed Draw) S + 5.25%
Tinuiti Inc. 2,868,682 Media: Advertising, Printing & Publishing First Lien Debt S + 5.25%
Transit Buyer, LLC (Propark Mobility) 10,180,504 Services: Business 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%
Transit Buyer, LLC (Propark Mobility) 6,759,734 Services: Business First Lien Debt S + 5.00%
Trilon Group, LLC 1,883,252 Services: Business First Lien Debt (Delayed Draw) S + 5.50%
Trilon Group, LLC 27,882,437 Services: Business First Lien Debt S + 5.50%
Turbine Engine Specialists, Inc. 2,534,159 Aerospace & Defense Subordinated Debt S + 9.50%
Tyto Athene, LLC 6,977,723 Telecommunications First Lien Debt S + 4.75%
US MetalCo Holdings LLC (MGM Transformer Company) 6,358,239 Energy: Electricity First Lien Debt (Delayed Draw) S + 5.50%
US MetalCo Holdings LLC (MGM Transformer Company) 23,383,964 Energy: Electricity First Lien Debt S + 5.50%
USA Water Intermediate Holdings, LLC 7,817,716 Utilities: Water First Lien Debt S + 4.75%
USA Water Intermediate Holdings, LLC 611,143 Utilities: Water First Lien Debt (Delayed Draw) S + 4.75%
USAW Parent LLC (USA Water) 565,411 Utilities: Water Equity Investment
Ultima Health Holdings, Inc. 1,767,108 Consumer Goods: Non-durable Subordinated Debt N/A 0.00%
Ultima Health Holdings, LLC 246,790 Consumer Goods: Non-durable 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.