* 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 |
---|---|---|---|---|
Insulation Technology Group | 22,245,757 | Energy: Electricity | First Lien Term Loan | S +5.50% |
InfuCare RX | 9,248,330 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
Infobase Acquisition, Inc. | 4,309,113 | High Tech Industries | First Lien Term Loan | S +5.50% |
Industrial Service Group (Delayed Draw) | 3,346,290 | Wholesale | First Lien Term Loan | S +5.75% |
Industrial Service Group | 6,427,125 | Wholesale | First Lien Term Loan | S +5.75% |
Impact Environmental Group (Incremental) | 1,726,983 | Environmental Industries | First Lien Term Loan | S +5.00% |
Impact Environmental Group (Delayed Draw) (Incremental) | 2,879,538 | Environmental Industries | First Lien Term Loan | S +5.00% |
Impact Environmental Group (Delayed Draw) | 3,149,431 | Environmental Industries | First Lien Term Loan | S +5.00% |
Impact Environmental Group | 6,741,394 | Environmental Industries | First Lien Term Loan | S +5.00% |
Image First (Delayed Draw) | 142,567 | Services: Business | First Lien Term Loan | S +4.25% |
Image First | 7,667,523 | Services: Business | First Lien Term Loan | S +4.25% |
ITSavvy LLC (Delayed Draw) | 259,089 | High Tech Industries | First Lien Term Loan | S +5.25% |
ITSavvy LLC | 7,754,399 | High Tech Industries | First Lien Term Loan | S +5.25% |
ITSavvy LLC | 1,477,161 | High Tech Industries | Equity Investment | |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | 2,573 | Wholesale | First Lien Term Loan | S +6.50% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | 7,894,941 | Wholesale | First Lien Term Loan | S +6.50% |
ICE USA Infrastructure | 6,541,141 | Construction & Building | First Lien Term Loan | S +5.75% |
Hyperion | 2,579,172 | Capital Equipment | First Lien Term Loan | S +4.50% |
HireRight | 6,757,203 | Services: Business | First Lien Term Loan | S +4.00% |
High Bar Brands (Delayed Draw) | -8,112 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
High Bar Brands | 2,059,165 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
High Bar Brands | 331,482 | Automotive | Equity Investment | |
HemaSource Inc. | 5,216,623 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
Heartland Veterinary Partners LLC (Incremental) | 1,902,159 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | 9,510,796 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | -58,229 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Home Services (Delayed Draw) | 5,350,016 | Capital Equipment | First Lien Term Loan | S +6.00% |
Heartland Home Services (Delayed Draw) | 2,453,287 | Capital Equipment | First Lien Term Loan | S +6.00% |
Heartland Home Services | 6,169,754 | Capital Equipment | First Lien Term Loan | S +6.00% |
Health Management Associates (Delayed Draw) | 738,350 | Healthcare & Pharmaceuticals | 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.