* 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.
$2.0B
Investment portfolio at fair value1
90%
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 |
|---|---|---|---|---|
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,136,794 | Services: Business | First Lien Debt | S + 6.50% |
| LRN Corporation (Lion Merger Sub, Inc.) | 7,159,846 | Services: Business | First Lien Debt | S + 6.50% |
| KENG Acquisition, Inc. (Enagage PEO) | (9,452) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| KENG Acquisition, Inc. (Enagage PEO) | 5,688,475 | 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% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 723,495 | Services: Business | Equity Investment | |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,237,832 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,361,075 | Services: Business | First Lien Debt | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 293,499 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Archer Acquisition, LLC (ARMstrong) | 11,200,001 | Services: Business | First Lien Debt | S + 5.00% |
| Bounteous, Inc. | 5,269,261 | Services: Business | First Lien Debt | S + 4.75% |
| Bounteous, Inc. | 2,156,745 | Services: Business | First Lien Debt | S + 4.75% |
| Bounteous, Inc. | 3,525,159 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 2,727,175 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| All4 Buyer, LLC | 2,834,830 | Services: Business | First Lien Debt | S + 4.50% |
| All4 Buyer, LLC | (22,388) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| MSM Acquisitions, Inc. (Spectrio) | 7,458,056 | Media: Diversified & Production | First Lien Debt | 7.81% (Cash) 2.50% (PIK) |
| Corporate Visions, Inc. (CVI Parent, Inc.) | 2,290,707 | Media: Diversified & Production | First Lien Debt | 5.40% (Cash) 4.00% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 2,654,359 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 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) |
| ALKU Intermediate Holdings, LLC | 4,462,248 | Services: Business | First Lien Debt | S + 6.25% |
| Bullhorn, Inc. | 13,670,866 | Services: Business | First Lien Debt | S + 5.00% |
| Businessolver.com, Inc. | 7,642,424 | Services: Business | First Lien Debt | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 207,568 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 2,265,455 | Services: Business | First Lien Debt | S + 5.50% |
| Cornerstone Advisors of Arizona, LLC | 3,414,316 | Services: Business | First Lien Debt | S + 5.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 7,264,752 | Services: Business | 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.