* 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 |
---|---|---|---|---|
KSLB Holdings LLC | 2,748,859 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.50% |
Acclaim MidCo, LLC (dba ClaimLogiQ) | 7,953,992 | High Tech Industries | First Lien Term Loan | S +6.00% |
KRIV Acquisition, Inc | 10,423,946 | Services: Business | First Lien Term Loan | S +6.50% |
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | -10,964 | High Tech Industries | First Lien Term Loan | S +6.00% |
KRIV Acquisition, Inc (Delayed Draw) | -42,894 | Services: Business | First Lien Term Loan | S +6.50% |
Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
Lion Merger Sub Inc | 7,165,419 | Services: Business | First Lien Term Loan | S +6.00% |
LSCS Holdings Inc. | 14,821,446 | Services: Business | First Lien Term Loan | S +4.50% |
Lynx Franchising, LLC | 9,697,241 | Services: Business | First Lien Term Loan | S +6.75% |
Lynx Franchising, LLC (Incremental) | 6,855,999 | Services: Business | First Lien Term Loan | S +6.75% |
Market Performance Group | 12,713,778 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.25% |
Young Innovations (Delayed Draw) | -32,069 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
Loc Performance Products | 6,373,888 | Aerospace & Defense | First Lien Term Loan | S +5.25% |
Lion Merger Sub Inc (Incremental) | 7,140,967 | Services: Business | First Lien Term Loan | S +6.00% |
360 Training | 3,441,337 | Services: Consumer | First Lien Term Loan | S +5.00% |
LMI Renaissance | 12,208,466 | Sovereign & Public Finance | First Lien Term Loan | S +5.50% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | 1,837,078 | Services: Business | First Lien Term Loan | S +6.00% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) | 9,581,873 | Services: Business | First Lien Term Loan | S +6.00% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | 7,894,941 | Wholesale | First Lien Term Loan | S +6.50% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | 2,573 | Wholesale | First Lien Term Loan | S +6.50% |
Insulation Technology Group | 22,245,757 | Energy: Electricity | First Lien Term Loan | S +5.50% |
AEgis Technologies | 3,019,046 | Aerospace & Defense | First Lien Term Loan | S +4.75% |
InfuCare RX | 9,248,330 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
Infobase Acquisition, Inc. | 4,309,113 | High Tech Industries | First Lien Term Loan | S +5.50% |
Gabriel Partners LLC (Delayed Draw) | 1,523,307 | Services: Business | First Lien Term Loan | S +6.25% |
Industrial Service Group | 6,427,125 | Wholesale | First Lien Term Loan | S +5.75% |
Industrial Service Group (Delayed Draw) | 3,346,290 | Wholesale | First Lien Term Loan | S +5.75% |
Insulation Technology Group (Delayed Draw) | -58,045 | Energy: Electricity | First Lien Term Loan | S +5.50% |
Integrated Power Services (Delayed Draw) | 278,531 | Services: Business | First Lien Term Loan | S +4.50% |
Kenco Group, Inc. | 22,199,006 | Transportation: Cargo | First Lien Term Loan | 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 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.