* 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 |
|---|---|---|---|---|
| Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc) | 9,689,774 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,675,000 | Services: Business | First Lien Debt | S + 6.25% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,675,000 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Tinuiti Inc. | 9,599,159 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | S + 5.25% |
| Exterro, Inc. | 9,568,548 | High Tech Industries | First Lien Debt | S + 5.50% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,515,025 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Erie Construction Mid-West, LLC (Erie Construction) | 9,466,689 | Construction & Building | First Lien Debt | S + 4.75% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,461,918 | Services: Business | First Lien Debt | S + 5.00% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,435,918 | Capital Equipment | First Lien Debt | S + 5.25% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,432,035 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,390,951 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Smile Brands Inc. | 9,390,191 | Healthcare & Pharmaceuticals | Subordinated Debt | S + 8.50% |
| ADPD Holdings LLC (NearU) | 9,303,839 | Services: Consumer | First Lien Debt | S + 6.00% |
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,259,562 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,154,977 | Construction & Building | First Lien Debt | S + 5.00% |
| Gloves Buyer, Inc. (PIP) | 9,028,480 | Consumer Goods: Non-durable | First Lien Debt | S + 4.00% |
| FirstCall Mechanical Group, LLC | 8,977,359 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| NFM & J, L.P. (The Facilities Group) | 8,877,945 | Environmental Industries | First Lien Debt | S + 5.75% |
| Big Apple Advisory, LLC | 8,866,431 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 4.50% |
| Midwest Eye Services, LLC | 8,835,600 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Gabriel Partners, LLC | 8,767,310 | Services: Business | First Lien Debt | S + 6.25% |
| good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 8,694,000 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
| Cohen Advisory, LLC | 8,598,886 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 4.50% |
| Heartland Paving Partners, LLC | 8,450,109 | Construction & Building | First Lien Debt | S + 4.50% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 8,414,151 | Environmental Industries | First Lien Debt | S + 5.50% |
| Bluebird PM Buyer, Inc. | 8,375,333 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Olympic Buyer, Inc. (Ascensus) | 8,227,331 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.35% |
| Health Management Associates, Inc. | 8,204,593 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,151,245 | Services: Business | First Lien Debt | 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.