* 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 |
---|---|---|---|---|
Summit Hill Foods | 9,340,763 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.00% |
Spectrio II (Delayed Draw) | 2,678,132 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
Spectrio II (Delayed Draw) | 406,165 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
Spectrio II | 7,538,585 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
Specialized Packaging Group (Incremental) | 6,843,991 | Containers, Packaging & Glass | First Lien Term Loan | S +6.25% |
Specialized Packaging Group (Incremental) | 4,376,782 | Containers, Packaging & Glass | First Lien Term Loan | S +6.25% |
Specialized Packaging Group (Incremental) | 3,270,920 | Containers, Packaging & Glass | First Lien Term Loan | S +5.75% |
Specialized Packaging Group | 7,147,837 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
Specialized Packaging Group | 2,930,815 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
Specialized Packaging Group | 172,490 | Containers, Packaging & Glass | Equity Investment | |
Spartech | 11,432,915 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.75% |
Southern Veterinary Partners | 4,787,515 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +3.75% |
Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Solve Industrial Motion Group | 116,190 | High Tech Industries | Equity Investment | |
Solve Industrial Motion Group | 1,744,429 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Solve Industrial Motion Group | 759,884 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Soliant Holdings LLC | 11,086,456 | Services: Business | First Lien Term Loan | S +3.75% |
Soliant Health | 3,678,484 | Services: Business | First Lien Term Loan | S +4.00% |
Smile Brands | 9,143,252 | Healthcare & Pharmaceuticals | Subordinated Debt | S +9.50% |
SmartWave | 6,719,802 | High Tech Industries | First Lien Term Loan | S +6.00% |
SmartSign | 9,825,000 | Consumer Goods: Durable | First Lien Term Loan | S +5.50% |
SmartSign | 4,999,500 | Consumer Goods: Durable | First Lien Term Loan | S +5.75% |
Sciens Building Solutions, LLC (Delayed Draw) | 4,878,912 | Construction & Building | First Lien Term Loan | S +5.75% |
Sciens Building Solutions, LLC | 9,237,558 | Construction & Building | First Lien Term Loan | S +5.75% |
Scaled Agile (Delayed Draw) | 353,744 | Services: Business | First Lien Term Loan | S +5.50% |
Scaled Agile | 7,190,999 | Services: Business | First Lien Term Loan | S +5.50% |
Sapphire Telecom Inc | 18,948,031 | Telecommunications | First Lien Term Loan | S +5.00% |
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental) | 9,815,628 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Sandlot Buyer, LLC (Prime Time Healthcare) | 7,793,635 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
SM Wellness Holdings, Inc | 14,328,159 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
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.