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
90%
First-lien term loans2
202
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3

As of September 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 $2,298M which includes approximately $234M of unfunded investment commitments.
2. 35% of first lien debt are unitranche positions.
3. Weighted based on fair market value of private debt investments as of September 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 16.5%
Healthcare & Pharmaceuticals 14.2%
High Tech Industries 8.7%
Beverage, Food & Tobacco 8.3%
Capital Equipment 5.6%
Construction & Building 4.9%
Services: Consumer 4.5%
Containers, Packaging & Glass 4.0%
Automotive 3.4%
Banking, Finance, Insurance, Real Estate 2.3%
Others (16) 26.3%
Total 100%

As of September 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)** 90%
Subordinated debt 8%
Equity 2%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

** 35% of first lien debt are unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Handgards, LLC 1.5%
Rise Baking 1.5%
MGM Transformer Company 1.4%
Trilon Group 1.4%
Evergreen Services Group II 1.4%
Good2Grow 1.4%
North Haven CS Acquisition Inc 1.4%
Diligent Corporation 1.3%
Specialized Packaging Group (SPG) 1.2%
Others (192) 86.0%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.3%
Fixed rate 5.8%
Total 100%

As of September 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

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Unitranche Credit Facility
 

2021

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

Unitranche Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

First Lien Credit Facility
 

2022

Lender

Unitranche Credit Facility
 

2019

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 September 30, 2024

Filter by:

Company Fair value ($ in thousands) Industry Asset Types Pricing1
Apex Services (Delayed Draw) -1,549 Services: Consumer First Lien Term Loan S + 5.00%
Apex Services (Delayed Draw) 15,615 Services: Consumer First Lien Term Loan S + 5.00%
Apex Services -548 Services: Consumer Revolving Loan S + 5.00%
Apex Services -6,314 Services: Consumer First Lien Term Loan S + 5.00%
Apex Companies 139,138 Services: Business Equity Investment
Anne Arundel (Delayed Draw) 539,157 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Anne Arundel 745,581 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Anne Arundel 539,839 Healthcare & Pharmaceuticals Subordinated Debt 12.75% (PIK)
Anne Arundel - Healthcare & Pharmaceuticals Equity Investment
Anne Arundel 516,000 Healthcare & Pharmaceuticals First Lien Term Loan 4.71% (PIK)
American Student Transportation Partners 2,161,071 Transportation: Consumer Subordinated Debt 6.00% (Cash) 8.50% (PIK)
American Student Transportation Partners 93,788 Transportation: Consumer Equity Investment
AmerCareRoyal (Delayed Draw) -1,126 Beverage, Food & Tobacco First Lien Term Loan S + 5.00%
AmerCareRoyal (Delayed Draw) -1,623 Beverage, Food & Tobacco First Lien Term Loan S + 5.00%
AmerCareRoyal 712,932 Beverage, Food & Tobacco First Lien Term Loan S + 5.00%
Alternative Logistics Technologies Buyer, LLC (Delayed Draw) -29,487 Transportation: Consumer First Lien Term Loan S + 5.25%
Alternative Logistics Technologies Buyer, LLC 10,483,645 Transportation: Consumer First Lien Term Loan S + 5.25%
Allstar Holdings (Delayed Draw) 4,009,669 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Allstar Holdings (Delayed Draw) 5,062,328 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Allstar Holdings 2,106,565 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
All My Sons 5,186,225 Services: Consumer First Lien Term Loan S + 4.75%
Affinity Hospice 6,881,011 Healthcare & Pharmaceuticals First Lien Term Loan S + 4.75%
Action Behavior Centers (Delayed Draw) -26,154 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.25%
Action Behavior Centers 15,529,106 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.25%
ARMstrong (Delayed Draw) 289,726 Services: Business First Lien Term Loan S + 5.75%
ARMstrong 11,315,788 Services: Business First Lien Term Loan S + 5.75%
AQ Holdco Inc. (Delayed Draw) 229,639 High Tech Industries First Lien Term Loan S + 5.75%
AQ Holdco Inc. (Delayed Draw) 1,017,593 High Tech Industries First Lien Term Loan S + 5.75%
AQ Holdco Inc. (Delayed Draw) 3,962,181 High Tech Industries First Lien Term Loan S + 5.75%
ALKU 4,526,160 Services: Business First Lien Term Loan S + 6.25%

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.