* 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 |
|---|---|---|---|---|
| Ivex Holdco Inc. (Specialized Packaging Group) | 4,311,842 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| Calienger Acquisition, L.L.C. (Wpromote, LLC) | 4,295,859 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.75% |
| Infobase Acquisition, Inc. | 4,276,136 | High Tech Industries | First Lien Debt | S + 5.50% |
| Athlete Buyer, LLC (Allstar Holdings) | 4,264,073 | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
| Infucare Rx Inc | 4,250,272 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 4,237,832 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Ovation Holdings, Inc | 4,195,248 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 5.00% |
| Element 78 Partners, LLC (E78) | 4,156,786 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 4,066,402 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| IF&P Holding Company, LLC (Fresh Edge) | 4,019,694 | Beverage, Food & Tobacco | Subordinated Debt | 8.90% (Cash) 5.13% (PIK) |
| Integrated Power Services Holdings, Inc. | 3,973,223 | Services: Business | First Lien Debt | S + 4.50% |
| STS Holding, Inc. | 3,833,681 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| One World Fitness PFF, LLC | 3,798,214 | Services: Consumer | First Lien Debt | 9.65% (Cash) 10.00% (PIK) |
| WSB Engineering Holdings Inc. | 3,777,691 | Construction & Building | First Lien Debt (Delayed Draw) | S + 6.00% |
| Liberty Buyer, Inc. (Liberty Group) | 3,758,545 | Services: Consumer | First Lien Debt | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 3,738,481 | Wholesale | First Lien Debt | S + 5.50% |
| Heartland Veterinary Partners LLC | 3,694,344 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Gabriel Partners, LLC | 3,619,268 | Services: Business | First Lien Debt | S + 6.25% |
| GHR Healthcare, LLC | 3,601,529 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Ascend Partner Services LLC | 3,600,506 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| BroadcastMed Holdco, LLC | 3,589,863 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
| Bounteous, Inc. | 3,525,159 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| 360 Holdco, Inc. (360 Training) | 3,428,870 | Services: Consumer | First Lien Debt | S + 5.00% |
| Cornerstone Advisors of Arizona, LLC | 3,414,316 | Services: Business | First Lien Debt | S + 5.50% |
| DH United Holdings, LLC (D&H United Fueling Solutions) | 3,361,075 | Services: Business | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 3,330,709 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| ISG Enterprises, LLC (Industrial Service Group) | 3,297,496 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.75% |
| Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,294,725 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
| Online Labels Group, LLC | 3,286,859 | Containers, Packaging & Glass | First Lien Debt | S + 5.25% |
| Engineered Fastener Company, LLC (EFC International) | 3,286,709 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (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.