* 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 |
|---|---|---|---|---|
| NJEye LLC | 4,677,688 | Services: Consumer | First Lien Debt | S + 4.75% |
| NJEye LLC | 613,119 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| RA Parent Holdings LP (S&S Truck Parts) | 6,691,585 | Automotive | First Lien Debt | S + 4.75% |
| NJEye LLC | 784,844 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 4.75% |
| NJEye LLC | 780,003 | Services: Consumer | First Lien Debt | S + 4.75% |
| Refresh Buyer, LLC (Sunny Sky Products) | 6,926,367 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc) | 9,689,774 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| Gannett Fleming, Inc. | (20,248) | Construction & Building | Revolving Loan | S + 4.75% |
| Watermill Express, LLC | 1,099,367 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.75% |
| Smith & Howard Advisory LLC | 2,886,873 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 1,128,436 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 15,709,503 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Smith & Howard Advisory LLC | 1,088,009 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
| SI Solutions, LLC | 11,856,921 | Environmental Industries | First Lien Debt | S + 4.75% |
| Gannett Fleming, Inc. | 17,610,420 | Construction & Building | First Lien Debt | S + 4.75% |
| Bounteous, Inc. | 2,727,175 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 3,525,159 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| HMN Acquirer Corp. | (23,286) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bounteous, Inc. | 2,156,745 | Services: Business | First Lien Debt | S + 4.75% |
| Bounteous, Inc. | 5,269,261 | Services: Business | First Lien Debt | S + 4.75% |
| HMN Acquirer Corp. | 6,517,940 | 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% |
| DMC Holdco, LLC (DMC Power) | 4,965,072 | Utilities: Electric | First Lien Debt | S + 4.75% |
| ACP Maverick Holdings, Inc. | 16,201,943 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 6,655,442 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| FirstCall Mechanical Group, LLC | 8,977,359 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 4.75% |
| FirstCall Mechanical Group, LLC | 9,833,690 | Capital Equipment | First Lien Debt | S + 4.75% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,376,725 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 611,143 | Utilities: Water | First Lien Debt (Delayed Draw) | S + 4.75% |
| USA Water Intermediate Holdings, LLC | 7,817,716 | Utilities: Water | 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.