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

Filter by:

Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Heartland Veterinary Partners LLC (Incremental) 1,902,159 Healthcare & Pharmaceuticals Subordinated Debt 7.50% (Cash) 7.00% (PIK)
COP Exterminators Acquisition, Inc. (Delayed Draw) 532,767 Services: Consumer Subordinated Debt 9.00% (Cash) 4.00% (PIK)
COP Exterminators Acquisition, Inc. 838,064 Services: Consumer Subordinated Debt 9.00% (Cash) 4.00% (PIK)
Solve Industrial Motion Group (Delayed Draw) 1,998,052 High Tech Industries Subordinated Debt 5.00% (Cash) 8.00% (PIK)
Solve Industrial Motion Group 759,884 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 (Delayed Draw) (Incremental) 9,510,796 Healthcare & Pharmaceuticals Subordinated Debt 7.50% (Cash) 7.00% (PIK)
Solve Industrial Motion Group 1,744,429 High Tech Industries Subordinated Debt 5.00% (Cash) 8.00% (PIK)
HemaSource Inc. 5,216,623 Healthcare & Pharmaceuticals Subordinated Debt 8.50% (Cash) 5.00% (PIK)
High Bar Brands 2,059,165 Automotive Subordinated Debt 9.00% (Cash) 4.00% (PIK)
Bardstown PPC Holdings LLC 9,198,580 Beverage, Food & Tobacco Subordinated Debt S +7.75%
Armstrong Transport Group 7,205,170 Transportation: Cargo Subordinated Debt 7.00% (Cash) 7.00% (PIK)
Armstrong Transport Group 996,541 Transportation: Cargo Subordinated Debt 17.00% (PIK)
Oliver Packaging 2,349,194 Containers, Packaging & Glass Subordinated Debt 10.00% (Cash) 1.00% (PIK)
BroadcastMed Holdco, LLC 3,456,218 Media: Diversified & Production Subordinated Debt 10.00% (Cash) 3.75% (PIK)
High Bar Brands (Delayed Draw) -8,112 Automotive Subordinated Debt 9.00% (Cash) 4.00% (PIK)
Repipe Specialists 1,895,091 Services: Consumer Subordinated Debt 3.33% (Cash) 9.17% (PIK)
Smile Brands 9,143,252 Healthcare & Pharmaceuticals Subordinated Debt S +9.50%
Covercraft 6,791,495 Automotive Subordinated Debt 10.00% (Cash) 0.75% (PIK)
Fineline Merger 2,452,731 High Tech Industries Subordinated Debt S +8.75%
Fresh Edge 3,871,352 Beverage, Food & Tobacco Subordinated Debt S +4.50%
Fresh Edge (Incremental) 773,063 Beverage, Food & Tobacco Subordinated Debt S +4.50%
Fairway Lawns (Delayed Draw) (Incremental) -151,314 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) 6,154,405 Services: Consumer Subordinated Debt 8.00% (Cash) 5.00% (PIK)
Repipe Specialists (Delayed Draw) 163,783 Services: Consumer Subordinated Debt 3.33% (Cash) 9.17% (PIK)
Fresh Edge (Incremental) 914,800 Beverage, Food & Tobacco Subordinated Debt S +4.50%
RoadOne 4,681,593 Transportation: Cargo Subordinated Debt 8.75% (Cash) 5.00% (PIK)
SEKO Global Logistics 380,899 Transportation: Cargo Subordinated Debt S +5.00%
SEKO Global Logistics 264,335 Transportation: Cargo Subordinated Debt 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.