* 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 |
---|---|---|---|---|
B2B Packaging (Delayed Draw) | 111,330 | Containers, Packaging & Glass | First Lien Term Loan | S +6.75% |
B2B Packaging | 14,057,893 | Containers, Packaging & Glass | First Lien Term Loan | S +6.75% |
Ascensus Specialties | 8,246,497 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.35% |
Arotech (Delayed Draw) | 731,674 | Aerospace & Defense | First Lien Term Loan | S +6.25% |
Arotech | 15,040,455 | Aerospace & Defense | First Lien Term Loan | S +6.25% |
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) |
Argano, LLC (Delayed Draw) (Incremental) | 1,695,891 | High Tech Industries | First Lien Term Loan | S +6.25% |
Argano, LLC (Delayed Draw) | 2,481,759 | High Tech Industries | First Lien Term Loan | S +6.25% |
Argano, LLC | 5,604,776 | High Tech Industries | First Lien Term Loan | S +6.25% |
Arcadia Consumer Health (Incremental) | 1,945,241 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
Arcadia Consumer Health | 12,490,456 | Consumer Goods: Non-durable | First Lien Term Loan | S +4.50% |
Aramsco (Delayed Draw) | 1,022 | Services: Business | First Lien Term Loan | S +4.75% |
Aramsco | 1,704,556 | Services: Business | First Lien Term Loan | S +4.75% |
Apex Companies Holdings, LLC (Delayed Draw) | 80,334 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Apex Companies Holdings, LLC | 4,004,300 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Apex Companies Holdings, LLC | 133,664 | Services: Business | Equity Investment | |
Anne Arundel (Delayed Draw) | 435,190 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Anne Arundel | 659,977 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Anne Arundel | - | Healthcare & Pharmaceuticals | Equity Investment | |
Anne Arundel | 516,000 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +2.75% |
American Student Transportaton Partners, Inc | 2,097,520 | Transportation: Consumer | Subordinated Debt | 6.00% (Cash) 8.50% (PIK) |
Alternative Logistics Technologies Buyer, LLC (Delayed Draw) | -29,183 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
Alternative Logistics Technologies Buyer, LLC | 10,511,047 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
Allstar Holdings (Delayed Draw) | 2,793,559 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Allstar Holdings (Delayed Draw) | -164,601 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Allstar Holdings | 2,088,607 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
All My Sons | 5,206,643 | Services: Consumer | First Lien Term Loan | S +4.75% |
Ahead Data Blue LLC | 4,891,599 | High Tech Industries | First Lien Term Loan | S +3.75% |
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.