* 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 |
|---|---|---|---|---|
| National Renovations LLC (Repipe Specialists) | 615,264 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Apex Service Partners, LLC | 628,346 | Services: Consumer | First Lien Debt | S + 5.00% |
| BroadcastMed Holdco, LLC | 636,700 | Media: Diversified & Production | Equity Investment | |
| Gabriel Partners, LLC | 639,421 | Services: Business | First Lien Debt | S + 6.25% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 641,357 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
| E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 654,000 | Capital Equipment | Equity Investment | |
| Pegasus Aggregator Holdings LP (S&S Truck Parts) | 657,833 | Automotive | Equity Investment | |
| Ridge Trail US Bidco, Inc. (Options IT) | 676,972 | High Tech Industries | First Lien Debt | S + 4.50% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 709,402 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Cobalt Service Partners, LLC | 711,076 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.75% |
| AmerCareRoyal, LLC | 711,593 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| KRIV Co-Invest Holdings, L.P. (Riveron) | 723,495 | Services: Business | Equity Investment | |
| Anne Arundel Dermatology Management, LLC | 726,009 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| REP RO Coinvest IV-A, LP (RoadOne) | 760,247 | Transportation: Cargo | Equity Investment | |
| NJEye LLC | 780,003 | Services: Consumer | First Lien Debt | S + 4.75% |
| NJEye LLC | 784,844 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| Solve Industrial Motion Group LLC | 785,735 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| REP HS Holdings, LLC (HemaSource) | 800,299 | Healthcare & Pharmaceuticals | Equity Investment | |
| IF&P Holding Company, LLC (Fresh Edge) | 802,685 | Beverage, Food & Tobacco | Subordinated Debt | 8.90% (Cash) 5.13% (PIK) |
| CMG HoldCo, LLC (Crete) | 813,517 | Capital Equipment | Equity Investment | |
| North Haven Spartan US Holdco LLC | 814,973 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 833,048 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| OSG Topco Holdings, LLC (Output Services Group, Inc.) | 833,390 | Services: Business | Equity Investment | |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 836,079 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Output Services Group, Inc. | 837,262 | Services: Business | First Lien Debt | S + 6.25% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 839,696 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| VCP Tech24 Co-Invest Aggregator LP (Tech24) | 840,737 | Beverage, Food & Tobacco | Equity Investment | |
| Eliassen Group, LLC | 854,705 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Anne Arundel Dermatology Management, LLC | 863,087 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| ERA Industries, LLC (BTX Precision) | 886,645 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 5.00% |
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.