* 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
$78M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
First Lien Credit Facility
2022
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| NFM & J, L.P. (The Facilities Group) | 8,920,039 | Environmental Industries | First Lien Term Loan | S + 5.75% |
| NFM & J, L.P. (The Facilities Group) | 4,806,030 | Environmental Industries | First Lien Term Loan | S + 5.75% |
| Olympus US Bidco LLC (Phaidon International) | 13,024,784 | Services: Business | First Lien Term Loan | S + 5.50% |
| Davidson Hotel Company LLC | 3,126,289 | Hotel, Gaming & Leisure | First Lien Term Loan | S + 5.00% |
| good2grow LLC | 14,408,469 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.75% |
| Halo Buyer, Inc. | 5,347,639 | Consumer Goods: Durable | First Lien Term Loan | S + 4.50% |
| Health Management Associates, Inc. | 8,264,095 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.25% |
| good2grow LLC | 4,981,276 | Containers, Packaging & Glass | First Lien Term Loan | S + 5.50% |
| good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.50% |
| Erie Construction Mid-West, LLC (Erie Construction) | 9,603,936 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Gloves Buyer, Inc. (PIP) | 9,051,819 | Consumer Goods: Non-durable | First Lien Term Loan | S + 4.00% |
| ERA Industries, LLC (BTX Precision) | 1,548,617 | Aerospace & Defense | First Lien Term Loan | S + 5.00% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,494,983 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,700,000 | Services: Business | First Lien Term Loan | S + 6.25% |
| Eliassen Group, LLC | 11,947,222 | High Tech Industries | First Lien Term Loan | S + 5.75% |
| Element 78 Partners, LLC (E78) | 1,423,173 | Services: Business | First Lien Term Loan | S + 5.50% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,793,593 | Services: Business | First Lien Term Loan | S + 6.75% |
| Heartland Paving Partners, LLC | 8,468,775 | Construction & Building | First Lien Term Loan | S + 4.75% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,122,808 | Capital Equipment | First Lien Term Loan | S + 6.00% |
| Ensono, Inc. | 14,095,236 | High Tech Industries | First Lien Term Loan | S + 4.00% |
| GHR Healthcare, LLC | 3,651,783 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| GHR Healthcare, LLC | 7,853,983 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| FoodScience, LLC | 5,869,834 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.75% |
| Excel Fitness Holdings, Inc. | 9,825,598 | Services: Consumer | First Lien Term Loan | S + 5.25% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,510,098 | Transportation: Cargo | First Lien Term Loan | S + 6.00% |
| Five Star Lower Holding LLC (Five Star Packaging) | 7,467,635 | Containers, Packaging & Glass | First Lien Term Loan | S + 4.25% |
| FirstCall Mechanical Group, LLC | 9,856,470 | Capital Equipment | First Lien Term Loan | S + 4.75% |
| FH DMI Buyer, Inc. | 1,969,006 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| Exterro, Inc. | 9,568,548 | High Tech Industries | First Lien Term Loan | S + 5.50% |
| Gabriel Partners, LLC | 652,995 | Services: Business | First Lien Term Loan | S + 6.25% |
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 December 31, 2024. As of December 31, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.33%, 4.31%, 4.25%, and 4.18% 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.