* 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.
Portfolio holdings
Top ten positions
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2024
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
Quantix (Incremental) | 247,086 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
PT Intermediate Holdings III, LLC | 12,013,765 | Capital Equipment | First Lien Term Loan | S +3.25% |
Protective Industrial Products (“PIP”) | 9,076,188 | Consumer Goods: Non-durable | First Lien Term Loan | S +4.00% |
Quantix (Incremental) | 857,727 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Term Loan | S +4.25% |
Precision Surfacing | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
Proampac | 4,518,867 | Containers, Packaging & Glass | First Lien Term Loan | S +4.00% |
Revalize (Delayed Draw) | 1,016,084 | High Tech Industries | First Lien Term Loan | S +5.75% |
Quorum Health Resources, LLC (Delayed Draw) (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Quorum Health Resources, LLC (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.25% |
Revalize (Delayed Draw) | 228,710 | High Tech Industries | First Lien Term Loan | S +5.75% |
Quantix (Incremental) | 1,302,822 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Press Ganey | 5,800,640 | Services: Business | First Lien Term Loan | S +3.50% |
Quickbase | 6,306,091 | High Tech Industries | First Lien Term Loan | S +4.00% |
Quantix (Incremental) | 173,492 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Randys Holdings, Inc | 10,951,599 | Automotive | First Lien Term Loan | S +6.25% |
Revalize (Delayed Draw) | 3,956,298 | High Tech Industries | First Lien Term Loan | S +5.75% |
Randys Holdings, Inc (Delayed Draw) | 645,013 | Automotive | First Lien Term Loan | S +6.25% |
Quantix (Incremental) | 4,187,200 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Repipe Specialists | 1,895,091 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Fresh Edge (Incremental) | 914,800 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Apex Companies Holdings, LLC | 4,004,300 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Anne Arundel (Delayed Draw) | 435,190 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Apex Companies Holdings, LLC (Delayed Draw) | 80,334 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
RoadOne | 4,681,593 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
Micronics | 2,406,390 | Wholesale | Subordinated Debt | S +5.25% |
Fairway Lawns (Delayed Draw) | 6,154,405 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Fairway Lawns | 2,731,770 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Fairway Lawns (Delayed Draw) (Incremental) | -151,314 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Fineline Merger | 2,452,731 | High Tech Industries | Subordinated Debt | S +8.75% |
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 June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.