* 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 |
|---|---|---|---|---|
| JEGS Automotive | 1,256,489 | Automotive | First Lien Debt | S + 7.00% |
| Promptcare Infusion Buyer, Inc. | 1,261,603 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,265,458 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| MBS Holdings, Inc. | 1,310,909 | Telecommunications | First Lien Debt | S + 6.50% |
| Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,312,847 | Construction & Building | Equity Investment | |
| Genesee Scientific LLC | 1,338,576 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Chroma Color Corporation | 1,366,414 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
| ACP Tara Holdings, Inc. | 1,376,388 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
| Element 78 Partners, LLC (E78) | 1,419,524 | Services: Business | First Lien Debt | S + 5.50% |
| Promptcare Infusion Buyer, Inc. | 1,426,566 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Gabriel Partners, LLC | 1,460,604 | Services: Business | First Lien Debt (Delayed Draw) | S + 6.25% |
| Signia Aerospace, LLC | 1,466,439 | Aerospace & Defense | First Lien Debt | S + 3.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,506,966 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 1,523,602 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| ERA Industries, LLC (BTX Precision) | 1,547,739 | Aerospace & Defense | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,549,075 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Orion Group FM Holdings, LLC (Leo Facilities) | 1,579,364 | Environmental Industries | First Lien Debt | S + 5.50% |
| KRIV Acquisition, Inc. (Riveron) | 1,586,823 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.75% |
| SEKO Global Logistics Network, LLC | 1,626,402 | Transportation: Cargo | First Lien Debt | S + 5.00% |
| RA Parent Holdings LP (S&S Truck Parts) | 1,683,007 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
| Impact Parent Corporation (Impact Environmental Group) | 1,702,620 | Environmental Industries | First Lien Debt | S + 5.25% |
| TPC Wire & Cable Corp. | 1,712,208 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,715,220 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| Mobile Communications America, Inc. | 1,739,477 | Telecommunications | First Lien Debt (Delayed Draw) | S + 5.25% |
| Refresh Buyer, LLC (Sunny Sky Products) | 1,753,511 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ultima Health Holdings, Inc. | 1,767,108 | Consumer Goods: Non-durable | Subordinated Debt | N/A 0.00% |
| Solve Industrial Motion Group LLC | 1,801,480 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| BCM One, Inc. | 1,803,382 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
| MEI Buyer LLC | 1,805,189 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 1,813,820 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.25% |
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.