* 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 |
|---|---|---|---|---|
| Gannett Fleming, Inc. | (20,248) | Construction & Building | Revolving Loan | S + 4.75% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | (20,140) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Big Apple Advisory, LLC | (17,222) | Banking, Finance, Insurance, Real Estate | Revolving Loan | S + 4.50% |
| Vessco Midco Holdings, LLC | (16,396) | Capital Equipment | Revolving Loan | S + 4.75% |
| Tau Buyer, LLC | (16,272) | Services: Business | Revolving Loan | S + 4.75% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 14,547 | Services: Consumer | Equity Investment | |
| FoodScience, LLC | (13,325) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (12,766) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| ADPD Holdings LLC (NearU) | (11,316) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 6.00% |
| Bluebird PM Buyer, Inc. | (10,941) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| KENG Acquisition, Inc. (Enagage PEO) | (9,452) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| DMC Holdco, LLC (DMC Power) | 9,357 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
| Davidson Hotel Company LLC | (9,133) | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
| High Bar Brands Operating, LLC | (7,396) | Automotive | Subordinated Debt (Delayed Draw) | N/A 0.00% |
| Lavie Group, Inc. | (7,317) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,799 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
| SI Solutions, LLC | 6,721 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Coding Solutions Acquisition, Inc. | (5,326) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| PT Intermediate Holdings III, LLC | (4,397) | Capital Equipment | First Lien Debt (Delayed Draw) | 7.55% (Cash) 1.75% (PIK) |
| Secretariat Advisors LLC | (4,257) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.00% |
| Vensure Employer Services, Inc. | (3,155) | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
| Thermostat Purchaser III, Inc. | 2,833 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.25% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,197) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| Rose Paving, LLC | (1,995) | Construction & Building | Subordinated Debt (Delayed Draw) | N/A 0.00% |
| AmerCareRoyal, LLC | (1,521) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| Venture Buyer, LLC (Velosio) | 1,284 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| Signia Aerospace, LLC | (294) | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 3.00% |
| MEI Buyer LLC | 210 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 166 | Automotive | Equity Investment | |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | 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.