* 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 |
---|---|---|---|---|
VMG Health | 15,783,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Quorum Health Resources, LLC | 7,429,405 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental) | - | Services: Consumer | First Lien Term Loan | S +6.25% |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | 6,343,178 | Environmental Industries | First Lien Term Loan | S +5.25% |
OEP Glass Purchaser | 12,562,500 | Automotive | First Lien Term Loan | S +5.00% |
Wpromote | 4,361,846 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.75% |
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,869 | Services: Consumer | First Lien Term Loan | S +6.25% |
North Haven Spartan US Holdco LLC | 2,489,655 | Services: Consumer | First Lien Term Loan | S +6.25% |
NJEye LLC (Delayed Draw) | 884,856 | Services: Consumer | First Lien Term Loan | S +4.75% |
North Haven CS Acquisition Inc | 5,773,594 | High Tech Industries | First Lien Term Loan | S +5.50% |
North Haven CS Acquisition Inc (Incremental) | 22,384,077 | High Tech Industries | First Lien Term Loan | S +5.50% |
One World Fitness PFF LLC | 3,718,680 | Services: Consumer | First Lien Term Loan | S +5.25% |
Online Labels Group | 3,311,822 | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Output Services Group, Inc. | 837,262 | Services: Business | First Lien Term Loan | S +6.25% |
World Insurance Associates | 14,767,206 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +6.00% |
Quickbase | 6,306,091 | High Tech Industries | First Lien Term Loan | S +4.00% |
Ovation Holdings, Inc. | 7,987,408 | Capital Equipment | First Lien Term Loan | S +6.25% |
Output Services Group, Inc. | 155,000 | Services: Business | First Lien Term Loan | S +8.00% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw) | 4,672,929 | Environmental Industries | First Lien Term Loan | S +6.25% |
Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | 8,395,699 | Environmental Industries | First Lien Term Loan | S +6.25% |
NJEye LLC (Delayed Draw) | 883,141 | Services: Consumer | First Lien Term Loan | S +4.75% |
NJEye LLC (Delayed Draw) | 695,622 | Services: Consumer | First Lien Term Loan | S +4.75% |
Mobile Communications America Inc (Delayed Draw) | 252,597 | Telecommunications | First Lien Term Loan | S +6.00% |
Momentum Telecom II | 9,984,556 | Telecommunications | First Lien Term Loan | S +5.75% |
WSB Engineering Holdings Inc. | 6,398,502 | Construction & Building | First Lien Term Loan | S +6.00% |
Momentum Telecom II (Incremental) | 1,320,890 | Telecommunications | First Lien Term Loan | S +6.50% |
Mobile Communications America Inc | 18,271,440 | Telecommunications | First Lien Term Loan | S +5.50% |
WSB Engineering Holdings Inc. (Delayed Draw) | 2,975,712 | Construction & Building | First Lien Term Loan | S +6.00% |
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.