Portfolio

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.

Key portfolio statistics

$2.0B
Investment portfolio at fair value1
91%
First-lien term loans2
198
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3

As of June 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2,225M which includes approximately $211M of unfunded delayed draw term loan commitments.
2. 33% of first lien term loans are unitranche positions.
3. Weighted based on fair market value of private debt investments as of June 30, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Services: Business 17.5%
Healthcare & Pharmaceuticals 12.7%
High Tech Industries 10.0%
Beverage, Food & Tobacco 8.4%
Capital Equipment 5.1%
Services: Consumer 4.6%
Containers, Packaging & Glass 4.3%
Construction & Building 4.2%
Automotive 3.4%
Banking, Finance, Insurance, Real Estate 3.3%
Others (16) 26.6%
Total 100%

As of June 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* 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.

Portfolio composition by investment type

Investment type

%

First lien term loan (including DDTLs)* 91.0%
Subordinated debt 8.0%
Equity 2.0%
Total 100%

As of June 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* 33% of first lien term loans are unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.6%
Rise Baking 1.5%
Good2Grow 1.5%
Handgards, LLC 1.5%
MGM Transformer Company 1.5%
Evergreen Services Group II 1.5%
North Haven CS Acquisition Inc 1.4%
Trilon Group 1.4%
Diligent Corporation 1.3%
Specialized Packaging Group (SPG) 1.2%
Others (188) 85.6%
Total 100%

As of June 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.8%
Fixed rate 5.2%
Total 100%

As of June 30, 2024

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Co-Lead Arranger

Unitranche Credit Facility
 

2021

Lead Left Arranger

First Lien Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Lender

Unitranche Credit Facility
 

2019

Lead Left Arranger

Unitranche Credit Facility
 

2022

Agent Tier

Senior Secured Credit Facility
 

2016

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Represents the top ten positions in NCDL based on Fair Value as of June 30, 2024

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
High Bar Brands 331,482 Automotive Equity Investment
Repipe Specialists - Services: Consumer Equity Investment
Fresh Edge - Preferred 693,878 Beverage, Food & Tobacco Equity Investment
Fresh Edge - Common 38,991 Beverage, Food & Tobacco Equity Investment
REP HS Topco Holdings (HemaSource Inc.) 690,669 Healthcare & Pharmaceuticals Equity Investment
Gannett Fleming 916,397 Construction & Building Equity Investment
Health Management Associates 495,481 Healthcare & Pharmaceuticals Equity Investment
Precision Surfacing - Common 6,449,977 Capital Equipment Equity Investment
Gannett Fleming 1,228,728 Construction & Building Equity Investment
BPC Kodiak LLC (Turbine Engine Specialist, Inc) 1,974,447 Aerospace & Defense Equity Investment
S&S Truck Parts 75,401 Automotive Equity Investment
AG MDC Holdings, Inc 196,169 Healthcare & Pharmaceuticals Equity Investment
Bardstown PPC Holdings LLC 1,932,848 Beverage, Food & Tobacco Equity Investment
USA Water 512,677 Utilities: Water Equity Investment
ASTP Holdings Co-Investment LP 87,932 Transportation: Consumer Equity Investment
Apex Companies Holdings, LLC 133,664 Services: Business Equity Investment
Ultima Health Holdings, LLC 240,363 Consumer Goods: Non-durable Equity Investment
Anne Arundel - Healthcare & Pharmaceuticals Equity Investment
Health Management Associates (Delayed Draw) 738,350 Healthcare & Pharmaceuticals First Lien Term Loan S +6.25%
Heartland Home Services 6,169,754 Capital Equipment First Lien Term Loan S +6.00%
Heartland Home Services (Delayed Draw) 5,350,016 Capital Equipment First Lien Term Loan S +6.00%
Impact Environmental Group 6,741,394 Environmental Industries First Lien Term Loan S +5.00%
Impact Environmental Group (Delayed Draw) 3,149,431 Environmental Industries First Lien Term Loan S +5.00%
ALKU Intermediate Holdings, LLC 4,538,489 Services: Business First Lien Term Loan S +6.25%
AIT Logistics 626,446 Transportation: Cargo First Lien Term Loan S +4.75%
Heartland Home Services (Delayed Draw) 2,453,287 Capital Equipment First Lien Term Loan S +6.00%
Ahead Data Blue LLC 4,891,599 High Tech Industries First Lien Term Loan S +3.75%
Hyperion 2,579,172 Capital Equipment First Lien Term Loan S +4.50%
ICE USA Infrastructure 6,541,141 Construction & Building First Lien Term Loan S +5.75%
Image First (Delayed Draw) 142,567 Services: Business First Lien Term Loan S +4.25%

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 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.