* 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 |
|---|---|---|---|---|
| Matador US Buyer, LLC (Insulation Technology Group) | 5,558,227 | Energy: Electricity | First Lien Debt (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 5,528,571 | Services: Business | First Lien Debt | S + 5.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 5,410,580 | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,323,856 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Alta Buyer, LLC (GoEngineer) | 5,288,092 | High Tech Industries | First Lien Debt | S + 5.00% |
| HemaSource, Inc. | 5,277,484 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
| Bounteous, Inc. | 5,269,261 | Services: Business | First Lien Debt | S + 4.75% |
| AMS Parent, LLC (All My Sons) | 5,166,071 | Services: Consumer | First Lien Debt | S + 5.00% |
| TSS Buyer, LLC (Technical Safety Services) | 5,147,191 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| Genesee Scientific LLC | 5,112,970 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| good2grow LLC | 4,981,276 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| DMC Holdco, LLC (DMC Power) | 4,965,072 | Utilities: Electric | First Lien Debt | S + 4.75% |
| XpressMyself.com LLC (SmartSign) | 4,961,625 | Consumer Goods: Durable | First Lien Debt | S + 5.75% |
| PAG Holding Corp. (Precision Aviation Group) | 4,913,323 | Aerospace & Defense | First Lien Debt (Delayed Draw) | S + 4.75% |
| Momentum Textiles, LLC | 4,912,637 | Consumer Goods: Durable | Subordinated Debt | 8.00% (Cash) 5.50% (PIK) |
| R1 Holdings, LLC (RoadOne) | 4,863,857 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
| NFM & J, L.P. (The Facilities Group) | 4,863,584 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Java Buyer, Inc. (Sciens Building Solutions, LLC) | 4,835,607 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| NFM & J, L.P. (The Facilities Group) | 4,784,553 | Environmental Industries | First Lien Debt | S + 5.75% |
| TJC Spartech Acquisition Corp. | 4,780,617 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.75% |
| Sagebrush Buyer, LLC (Province) | 4,748,730 | Services: Business | First Lien Debt | S + 5.00% |
| GHR Healthcare, LLC | 4,747,226 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Debt | S + 4.50% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 4,699,728 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.50% |
| NJEye LLC | 4,677,688 | Services: Consumer | First Lien Debt | S + 4.75% |
| Legacy Parent Holdings, LLC (Legacy Service Partners) | 4,656,835 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,603,498 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
| VRC Companies, LLC (Vital Records Control) | 4,506,526 | Services: Business | First Lien Debt | S + 5.50% |
| ALKU Intermediate Holdings, LLC | 4,462,248 | Services: Business | First Lien Debt | S + 6.25% |
| North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,323,850 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
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.