* 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 |
|---|---|---|---|---|
| PT Intermediate Holdings III, LLC | 7,498,174 | Capital Equipment | First Lien Debt | 7.55% (Cash) 1.75% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 404,822 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 7,458,056 | Media: Diversified & Production | First Lien Debt | 7.81% (Cash) 2.50% (PIK) |
| MSM Acquisitions, Inc. (Spectrio) | 2,654,359 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,603,498 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | (64,000) | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,323,850 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| Momentum Textiles, LLC | 4,912,637 | Consumer Goods: Durable | Subordinated Debt | 8.00% (Cash) 5.50% (PIK) |
| HemaSource, Inc. | 5,277,484 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
| R1 Holdings, LLC (RoadOne) | 4,863,857 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 802,685 | Beverage, Food & Tobacco | Subordinated Debt | 8.90% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 4,019,694 | Beverage, Food & Tobacco | Subordinated Debt | 8.90% (Cash) 5.13% (PIK) |
| IF&P Holding Company, LLC (Fresh Edge) | 949,853 | Beverage, Food & Tobacco | Subordinated Debt | 8.90% (Cash) 5.13% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 641,357 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 839,696 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| One World Fitness PFF, LLC | 3,798,214 | Services: Consumer | First Lien Debt | 9.65% (Cash) 10.00% (PIK) |
| American Student Transportation Partners, Inc. | 2,213,984 | Transportation: Consumer | Subordinated Debt | N/A 0.00% |
| Ultima Health Holdings, Inc. | 1,767,108 | Consumer Goods: Non-durable | Subordinated Debt | N/A 0.00% |
| High Bar Brands Operating, LLC | 2,061,670 | Automotive | Subordinated Debt | N/A 0.00% |
| Rose Paving, LLC | 2,905,867 | Construction & Building | Subordinated Debt | N/A 0.00% |
| High Bar Brands Operating, LLC | (7,396) | Automotive | Subordinated Debt (Delayed Draw) | N/A 0.00% |
| Rose Paving, LLC | (1,995) | Construction & Building | Subordinated Debt (Delayed Draw) | N/A 0.00% |
| Signia Aerospace, LLC | (294) | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 3.00% |
| Signia Aerospace, LLC | 1,466,439 | Aerospace & Defense | First Lien Debt | S + 3.00% |
| Quartz Holding Company (Quickbase) | 6,799,595 | High Tech Industries | First Lien Debt | S + 3.50% |
| OCM System One Buyer CTB, LLC (System One) | 3,189,361 | Services: Business | First Lien Debt | S + 3.75% |
| Gloves Buyer, Inc. (PIP) | 9,028,480 | Consumer Goods: Non-durable | First Lien Debt | S + 4.00% |
| Wrench Group LLC | 9,712,945 | Services: Consumer | First Lien Debt | S + 4.00% |
| BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 10,264,504 | Beverage, Food & Tobacco | First Lien Debt | S + 4.00% |
| Ensono, Inc. | 13,823,864 | High Tech Industries | First Lien Debt | S + 4.00% |
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.