* 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 |
|---|---|---|---|---|
| World Insurance Associates, LLC | 966,845 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 5.00% |
| BlueHalo Global Holdings, LLC (AEgis Technologies) | 19,915,839 | Aerospace & Defense | First Lien Debt | S + 6.00% |
| ERA Industries, LLC (BTX Precision) | 1,547,739 | Aerospace & Defense | First Lien Debt | S + 5.00% |
| PAG Holding Corp. (Precision Aviation Group) | 14,821,257 | Aerospace & Defense | First Lien Debt | S + 4.75% |
| Signia Aerospace, LLC | 1,466,439 | Aerospace & Defense | First Lien Debt | S + 3.00% |
| ISG Enterprises, LLC (Industrial Service Group) | 6,333,089 | Wholesale | First Lien Debt | S + 5.75% |
| SEKO Global Logistics Network, LLC | 1,626,402 | Transportation: Cargo | First Lien Debt | S + 5.00% |
| SEKO Global Logistics Network, LLC | 425,583 | Transportation: Cargo | First Lien Debt | S + 8.00% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 239,972 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 833,048 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| Tyto Athene, LLC | 6,977,723 | Telecommunications | First Lien Debt | S + 4.75% |
| Sapphire Telecom, Inc. | 19,143,094 | Telecommunications | First Lien Debt | S + 5.00% |
| MBS Holdings, Inc. | 1,310,909 | Telecommunications | First Lien Debt | S + 6.50% |
| Mobile Communications America, Inc. | 18,364,313 | Telecommunications | First Lien Debt | S + 5.25% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 168,507 | Transportation: Cargo | First Lien Debt | S + 5.50% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 4,066,402 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 12,521,438 | Automotive | First Lien Debt | S + 5.00% |
| JEGS Automotive | 1,256,489 | Automotive | First Lien Debt | S + 7.00% |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,411,311 | Automotive | First Lien Debt | S + 5.00% |
| Kenco PPC Buyer LLC | 21,613,083 | Transportation: Cargo | First Lien Debt | S + 4.75% |
| A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | 1,265,458 | Transportation: Cargo | First Lien Debt | S + 6.75% |
| FSK Pallet Holding Corp. (Kamps Pallets) | 9,515,025 | Transportation: Cargo | First Lien Debt | S + 6.00% |
| Victors CCC Buyer LLC (CrossCountry Consulting) | 8,151,245 | Services: Business | First Lien Debt | S + 4.75% |
| World Insurance Associates, LLC | 13,706,704 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 5.00% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 6,705,939 | Services: Business | First Lien Debt | S + 6.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 14,009,132 | Services: Business | First Lien Debt | S + 5.25% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,376,725 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,432,035 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Gabriel Partners, LLC | 639,421 | Services: Business | First Lien Debt | S + 6.25% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,675,000 | Services: Business | First Lien Debt | S + 6.25% |
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.