* 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 |
|---|---|---|---|---|
| Anne Arundel Dermatology Management, LLC | 899,431 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Concord FG Holdings, LP (E78) | 906,602 | Services: Business | Equity Investment | |
| TPC Wire & Cable Corp. | 919,311 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| OSP Gannett Aggregator, LP (Gannett Fleming) | 923,235 | Construction & Building | Equity Investment | |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 924,564 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| KL Bronco Acquisition, Inc. (Elevation Labs) | 928,125 | Consumer Goods: Non-durable | First Lien Debt (Delayed Draw) | S + 5.25% |
| Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 928,568 | Services: Consumer | Equity Investment | |
| Ovation Holdings, Inc | 944,760 | Capital Equipment | First Lien Debt | S + 5.00% |
| IF&P Holding Company, LLC (Fresh Edge) | 949,853 | Beverage, Food & Tobacco | Subordinated Debt | 8.90% (Cash) 5.13% (PIK) |
| World Insurance Associates, LLC | 966,845 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 5.00% |
| Clean Solutions Buyer, Inc. | 985,846 | Capital Equipment | First Lien Debt | S + 4.50% |
| RCP Nats Co-Investment Fund LP | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investment | |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 1,006,075 | Utilities: Electric | Revolving Loan | S + 5.00% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 1,028,364 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Perennial Services Investors LLC (Perennial Services Group) | 1,029,861 | Services: Consumer | Equity Investment | |
| Kenco PPC Buyer LLC | 1,037,170 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.75% |
| Health Management Associates, Inc. | 1,063,441 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Thermostat Purchaser III, Inc. | 1,079,212 | Capital Equipment | First Lien Debt | S + 4.25% |
| Caldwell & Gregory LLC | 1,081,834 | Services: Business | Subordinated Debt | 13.55% (PIK) |
| Coding Solutions Acquisition, Inc. | 1,086,889 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Smith & Howard Advisory LLC | 1,088,009 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Phoenix Topco Holdings LP (S&S Truck Parts) | 1,092,465 | Automotive | Equity Investment | |
| Watermill Express, LLC | 1,099,367 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 1,128,436 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,130,927 | Automotive | First Lien Debt | S + 4.75% |
| Armstrong Midco, LLC (Armstrong Transport Group) | 1,131,872 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
| Vessco Midco Holdings, LLC | 1,159,645 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,205,830 | Sovereign & Public Finance | Equity Investment | |
| Wellspring Pharmaceutical Corporation | 1,228,449 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,242,918 | Transportation: Cargo | Equity Investment |
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.