* 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 |
|---|---|---|---|---|
| Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 2,374,064 | Beverage, Food & Tobacco | Equity Investment | |
| Eyesouth Eye Care Holdco LLC | 2,377,061 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| Oliver Packaging, LLC | 2,381,311 | Containers, Packaging & Glass | Subordinated Debt | 11.50% (PIK) |
| OEP Glass Purchaser, LLC (PGW Auto Glass) | 2,411,311 | Automotive | First Lien Debt | S + 5.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,441,217 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Micronics Filtration Holdings, Inc. | 2,450,000 | Wholesale | Subordinated Debt | S + 5.50% |
| North Haven Spartan US Holdco LLC | 2,470,000 | Services: Consumer | First Lien Debt | S + 5.75% |
| CDL Marketing Group, LLC (Career Now) | 2,518,122 | Services: Business | Subordinated Debt | 13.00% (PIK) |
| Turbine Engine Specialists, Inc. | 2,534,159 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
| Hyperion Materials & Technologies, Inc. | 2,538,491 | Capital Equipment | First Lien Debt | S + 4.50% |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) | 2,540,484 | High Tech Industries | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,548,642 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| MSM Acquisitions, Inc. (Spectrio) | 2,654,359 | Media: Diversified & Production | First Lien Debt (Delayed Draw) | 7.81% (Cash) 2.50% (PIK) |
| Transit Buyer, LLC (Propark Mobility) | 2,689,100 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bounteous, Inc. | 2,727,175 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Lavie Group, Inc. | 2,734,245 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Vensure Employer Services, Inc. | 2,735,452 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 5.00% |
| TI Acquisition NC, LLC | 2,744,229 | Transportation: Cargo | First Lien Debt | S + 4.75% |
| Redwood Services Group, LLC (Evergreen Services Group) | 2,801,758 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.25% |
| Valkyrie Intermediate, LLC | 2,832,344 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
| All4 Buyer, LLC | 2,834,830 | Services: Business | First Lien Debt | S + 4.50% |
| Tinuiti Inc. | 2,868,682 | Media: Advertising, Printing & Publishing | First Lien Debt | S + 5.25% |
| Smith & Howard Advisory LLC | 2,886,873 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 4.75% |
| Rose Paving, LLC | 2,905,867 | Construction & Building | Subordinated Debt | N/A 0.00% |
| Legacy Service Partners, LLC | 2,913,960 | Services: Consumer | First Lien Debt | S + 5.25% |
| CLS Management Services, LLC (Contract Land Staff) | 2,983,827 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
| DRS Holdings III, Inc. | 2,984,055 | Consumer Goods: Durable | First Lien Debt | S + 5.25% |
| Palmetto Acquisitionco, Inc. (Tech24) | 2,986,985 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,082,030 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Alta Buyer, LLC (GoEngineer) | 3,090,536 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
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.