* 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 |
---|---|---|---|---|
Tencate (Delayed Draw) | 9,149 | Construction & Building | First Lien Term Loan | S +4.00% |
The Facilities Group | 8,889,057 | Environmental Industries | First Lien Term Loan | S +5.75% |
The Facilities Group | 4,786,951 | Environmental Industries | First Lien Term Loan | S +5.75% |
The Facilities Group (Delayed Draw) | 104,507 | Environmental Industries | First Lien Term Loan | S +5.75% |
The Facilities Group (Delayed Draw) | 4,865,839 | Environmental Industries | First Lien Term Loan | S +5.75% |
Thorne HealthTech | 10,619,001 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.50% |
Tinuiti | 2,844,388 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Tinuiti (Delayed Draw) | 1,858,860 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Tinuiti (Delayed Draw) (Incremental) | 9,516,687 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
TouchTunes Interactive | 9,872,124 | Services: Business | First Lien Term Loan | S +4.75% |
Trilon Group, LLC | 27,623,475 | Services: Business | First Lien Term Loan | S +5.50% |
Trilon Group, LLC (Delayed Draw) | -18,318 | Services: Business | First Lien Term Loan | S +5.50% |
Turbine Engine Specialist, Inc | 2,535,505 | Aerospace & Defense | Subordinated Debt | S +9.50% |
Tyto Athene, LLC | 6,567,781 | Telecommunications | First Lien Term Loan | S +5.50% |
US Fertility | 12,661,361 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.75% (PIK) |
USA Water | 7,819,011 | Utilities: Water | First Lien Term Loan | S +4.75% |
USA Water | 512,677 | Utilities: Water | Equity Investment | |
USA Water (Delayed Draw) | -22,337 | Utilities: Water | First Lien Term Loan | S +4.75% |
Ultima Health Holdings, LLC | 240,363 | Consumer Goods: Non-durable | Equity Investment | |
Ultima Health Holdings, LLC | 1,751,171 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% |
VMG Health | 15,783,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Valkyrie | 2,783,222 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
Velosio | 6,172,174 | High Tech Industries | First Lien Term Loan | S +5.25% |
Velosio (Delayed Draw) | -12,328 | High Tech Industries | First Lien Term Loan | S +5.25% |
Vensure Employer Services | 14,543,094 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.75% |
Vistage | 7,016,791 | Services: Business | First Lien Term Loan | S +4.75% |
Vital Records Control | 332,323 | Services: Business | First Lien Term Loan | S +5.75% |
Vital Records Control | 4,558,480 | Services: Business | First Lien Term Loan | S +5.50% |
WSB Engineering Holdings Inc. | 6,398,502 | Construction & Building | First Lien Term Loan | S +6.00% |
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.