Portfolio

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.

Key portfolio statistics

$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

As of March 31, 2054

For complete information regarding our financials, see our periodic filings.

1. RRepresents total investment portfolio at fair value. Total par value of debt investment commitments is $2,336M which includes approximately $246M of unfunded debt investment commitments.
2. First lien debt is comprised of 68% traditional first lien positions and 32% unitranche positions.
3. Weighted based on fair market value of private debt investments as of March 31, 2025 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee subject to the oversight of our board of directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Healthcare & Pharmaceuticals 16.5%
Services: Business 16.3%
Beverage, Food & Tobacco 7.5%
High Tech Industries 6.8%
Construction & Building 6.4%
Capital Equipment 5.0%
Services: Consumer 5.0%
Environmental Industries 3.9%
Banking, Finance, Insurance & Real Estate 3.5%
Containers, Packaging & Glass 3.5%
Other (16) 25.7%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

* 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.

Portfolio composition by investment type

Investment type

%

First Lien Term Loan (including DDTLs)** 91%
Subordinated Debt 8%
Equity 2%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

** First lien debt is comprised of 68% traditional first lien positions and 32% unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Trilon Group 1.4%
MGM Transformer Company 1.4%
Good2Grow 1.3%
North Haven CS Acquisition, Inc. 1.3%
Insulation Technology Group 1.3%
Specialized Packaging Group (SPG) 1.2%
Handgards, LLC 1.2%
GHR Healthcare 1.2%
Kenco 1.1%
Others (200) 87.1%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.6%
Fixed rate 5.5%
Total 100%

As of March 31, 2025

For complete information regarding our financials, see our periodic filings.

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

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) 7,783,651 Wholesale First Lien Debt S + 5.50%
HMN Acquirer Corp. 6,517,940 Healthcare & Pharmaceuticals First Lien Debt S + 4.75%
Royal Holdco Corporation (RMA Companies) 16,358,145 Construction & Building First Lien Debt S + 4.50%
DRS Holdings III, Inc. 2,984,055 Consumer Goods: Durable First Lien Debt S + 5.25%
FH DMI Buyer, Inc. 1,968,728 Healthcare & Pharmaceuticals First Lien Debt S + 5.00%
Genesee Scientific LLC 5,112,970 Healthcare & Pharmaceuticals First Lien Debt S + 5.75%
XpressMyself.com LLC (SmartSign) 9,750,000 Consumer Goods: Durable First Lien Debt S + 5.50%
Eyesouth Eye Care Holdco LLC 7,250,769 Healthcare & Pharmaceuticals First Lien Debt S + 5.50%
XpressMyself.com LLC (SmartSign) 4,961,625 Consumer Goods: Durable First Lien Debt S + 5.75%
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) 3,082,030 Healthcare & Pharmaceuticals First Lien Debt S + 4.25%
GHR Healthcare, LLC 6,097,883 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
WSB Engineering Holdings Inc. 6,415,815 Construction & Building First Lien Debt S + 6.00%
Health Management Associates, Inc. 8,204,593 Healthcare & Pharmaceuticals First Lien Debt S + 6.25%
Healthspan Buyer, LLC (Thorne HealthTech) 10,469,533 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
GHR Healthcare, LLC 3,601,529 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
GHR Healthcare, LLC 7,745,902 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
SCIC Buyer, Inc. 14,666,980 Construction & Building First Lien Debt S + 5.00%
GHR Healthcare, LLC 4,747,226 Healthcare & Pharmaceuticals First Lien Debt S + 5.25%
SM Wellness Holdings, Inc. (Solis Mammography) 12,891,154 Healthcare & Pharmaceuticals First Lien Debt S + 4.50%
Cornerstone Advisors of Arizona, LLC 2,265,455 Services: Business First Lien Debt S + 5.50%
Randys Holdings, Inc. (Randy's Worldwide Automotive) 10,857,215 Automotive First Lien Debt S + 5.00%
RA Parent Holdings LP (S&S Truck Parts) 6,691,585 Automotive First Lien Debt S + 4.75%
NJEye LLC 780,003 Services: Consumer First Lien Debt S + 4.75%
NJEye LLC 4,677,688 Services: Consumer First Lien Debt S + 4.75%
Big Apple Advisory, LLC 8,866,431 Banking, Finance, Insurance, Real Estate First Lien Debt S + 4.50%
Ascend Partner Services LLC 7,359,931 Banking, Finance, Insurance, Real Estate First Lien Debt S + 4.50%
North Haven Spartan US Holdco LLC 2,470,000 Services: Consumer First Lien Debt S + 5.75%
One World Fitness PFF, LLC 3,798,214 Services: Consumer First Lien Debt 9.65% (Cash) 10.00% (PIK)
BCM One, Inc. 5,696,661 Telecommunications First Lien Debt S + 4.50%
RA Parent Holdings LP (S&S Truck Parts) 1,130,927 Automotive 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.