* 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 |
|---|---|---|---|---|
| North Haven Fairway Buyer, LLC (Fairway Lawns) | (64,000) | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Repipe Aggregator, LLC (Repipe Specialists) | 66,439 | Services: Consumer | Equity Investment | |
| GHR Healthcare, LLC | (68,324) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| TBRS, Inc. | 70,742 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| Impact Advisors, LLC | (70,776) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Athlete Buyer, LLC (Allstar Holdings) | (84,097) | Services: Consumer | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
| RA Parent Holdings LP (S&S Truck Parts) | 95,940 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| Apex Service Partners, LLC | 97,451 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| RPI Investments LP (Rose Paving) | 98,047 | Construction & Building | Equity Investment | |
| Tau Buyer, LLC | 104,660 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | 109,734 | Containers, Packaging & Glass | First Lien Debt | S + 6.75% |
| AmerCareRoyal, LLC | 113,328 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
| EFC Holdings, LLC (EFC International) | 120,888 | Capital Equipment | Equity Investment | |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 142,692 | Transportation: Consumer | Equity Investment | |
| MDC Group Holdings, LP (Mosaic Dental) | 145,701 | Healthcare & Pharmaceuticals | Equity Investment | |
| North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 147,299 | Services: Business | Equity Investment | |
| Solve Group Holdings, L.P. (Solve Industrial) | 153,447 | High Tech Industries | Equity Investment | |
| Apex Service Partners, LLC | 154,110 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
| FS NU Investors, LP (NearU) | 154,819 | Services: Consumer | Equity Investment | |
| Output Services Group, Inc. | 155,000 | Services: Business | First Lien Debt | S + 8.00% |
| Conversion Holdings, L.P. (Specialized Packaging Group) | 155,823 | Containers, Packaging & Glass | Equity Investment | |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 168,507 | Transportation: Cargo | First Lien Debt | S + 5.50% |
| EFC Holdings, LLC (EFC International) | 175,246 | Capital Equipment | Equity Investment | |
| Cohen Advisory, LLC | 181,059 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| FH DMI Buyer, Inc. | 194,325 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| National Renovations LLC (Repipe Specialists) | 196,277 | Services: Consumer | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 10.00% (PIK) |
| Online Labels Group, LLC | 201,725 | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
| Cornerstone Advisors of Arizona, LLC | 207,568 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 207,807 | Utilities: Electric | Equity Investment | |
| JEGS Automotive | 208,719 | Automotive | Revolving Loan | S + 7.00% |
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.