* 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 |
---|---|---|---|---|
USA Water | 512,677 | Utilities: Water | Equity Investment | |
Ultima Health Holdings, LLC | 240,363 | Consumer Goods: Non-durable | Equity Investment | |
RoadOne - Common | 1,139,197 | Transportation: Cargo | Equity Investment | |
Gannett Fleming | 916,397 | Construction & Building | Equity Investment | |
Gannett Fleming | 1,228,728 | Construction & Building | Equity Investment | |
Precision Surfacing - Common | 6,449,977 | Capital Equipment | Equity Investment | |
Pinnacle Supply Partners, LLC | 302,341 | Utilities: Electric | 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 | |
FoodScience | - | Consumer Goods: Non-durable | Equity Investment | |
FoodScience | 109,403 | Consumer Goods: Non-durable | Equity Investment | |
Health Management Associates | 495,481 | Healthcare & Pharmaceuticals | Equity Investment | |
Perennial Services Investors LLC | 1,077,551 | Services: Consumer | Equity Investment | |
KRIV Acquisition, Inc | 698,492 | Services: Business | Equity Investment | |
Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
LMI Renaissance | 1,219,904 | Sovereign & Public Finance | Equity Investment | |
NearU | 152,050 | Services: Consumer | Equity Investment | |
ITSavvy LLC | 1,477,161 | High Tech Industries | Equity Investment | |
Output Services Group, Inc. | 899,760 | Services: Business | Equity Investment | |
High Bar Brands | 331,482 | Automotive | Equity Investment | |
Oliver Packaging | 437,586 | Containers, Packaging & Glass | Equity Investment | |
Repipe Specialists | - | Services: Consumer | Equity Investment | |
E-Technologies | 1,000,000 | Capital Equipment | Equity Investment | |
Specialized Packaging Group | 172,490 | Containers, Packaging & Glass | Equity Investment | |
COP Exterminators Investment, LLC | 1,214,855 | Services: Consumer | Equity Investment | |
Solve Industrial Motion Group | 116,190 | High Tech Industries | Equity Investment | |
Covercraft | 180,917 | Automotive | Equity Investment | |
Career Now | - | Services: Business | Equity Investment | |
Career Now | - | Services: Business | Equity Investment |
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.