* 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 |
---|---|---|---|---|
MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
MDC Intermediate Holdings II, LLC (Delayed Draw) | 448,468 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Fresh Edge | 3,871,352 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Repipe Specialists (Delayed Draw) | 163,783 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
RoadOne (Delayed Draw) | -39,803 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
American Student Transportaton Partners, Inc | 2,097,520 | Transportation: Consumer | Subordinated Debt | 6.00% (Cash) 8.50% (PIK) |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Allstar Holdings (Delayed Draw) | -164,601 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Allstar Holdings (Delayed Draw) | 2,793,559 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Fresh Edge (Incremental) | 773,063 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Allstar Holdings | 2,088,607 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Anne Arundel | 659,977 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
EFC Holdings, LLC | 3,204,283 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
COP Exterminators Acquisition, Inc. | 838,064 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
COP Exterminators Acquisition, Inc. (Delayed Draw) | 532,767 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Solve Industrial Motion Group | 759,884 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
High Bar Brands (Delayed Draw) | -8,112 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Smile Brands | 9,143,252 | Healthcare & Pharmaceuticals | Subordinated Debt | S +9.50% |
Solve Industrial Motion Group | 1,744,429 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
High Bar Brands | 2,059,165 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
HemaSource Inc. | 5,216,623 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
Plaze | 12,641,782 | Services: Business | Subordinated Debt | S +7.50% |
Covercraft | 6,791,495 | Automotive | Subordinated Debt | 10.00% (Cash) 0.75% (PIK) |
Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | -58,229 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Incremental) | 1,902,159 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | 9,510,796 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Career Now | 2,445,022 | Services: Business | Subordinated Debt | 13.00% (PIK) |
Dessert Holdings | 8,122,500 | Beverage, Food & Tobacco | Subordinated Debt | S +7.25% |
Turbine Engine Specialist, Inc | 2,535,505 | Aerospace & Defense | Subordinated Debt | S +9.50% |
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.