* 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 |
---|---|---|---|---|
Solve Industrial Motion Group | 116,190 | High Tech Industries | Equity Investment | |
Apex Companies Holdings, LLC | 133,664 | Services: Business | Equity Investment | |
Image First (Delayed Draw) | 142,567 | Services: Business | First Lien Term Loan | S +4.25% |
NearU | 152,050 | Services: Consumer | Equity Investment | |
EFC Holdings, LLC | 153,036 | Capital Equipment | Equity Investment | |
Output Services Group, Inc. | 155,000 | Services: Business | First Lien Term Loan | S +8.00% |
Repipe Specialists (Delayed Draw) | 163,783 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
EFC Holdings, LLC | 164,366 | Capital Equipment | Equity Investment | |
Specialized Packaging Group | 172,490 | Containers, Packaging & Glass | Equity Investment | |
Quantix (Incremental) | 173,492 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Covercraft | 180,917 | Automotive | Equity Investment | |
AG MDC Holdings, Inc | 196,169 | Healthcare & Pharmaceuticals | Equity Investment | |
Cornerstone Advisors of Arizona LLC (Delayed Draw) | 209,185 | Services: Business | First Lien Term Loan | S +5.50% |
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,869 | Services: Consumer | First Lien Term Loan | S +6.25% |
Revalize (Delayed Draw) | 228,710 | High Tech Industries | First Lien Term Loan | S +5.75% |
Ultima Health Holdings, LLC | 240,363 | Consumer Goods: Non-durable | Equity Investment | |
ARMstrong (Delayed Draw) | 243,758 | Services: Business | First Lien Term Loan | S +6.25% |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Quantix (Incremental) | 247,086 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Mobile Communications America Inc (Delayed Draw) | 252,597 | Telecommunications | First Lien Term Loan | S +6.00% |
ITSavvy LLC (Delayed Draw) | 259,089 | High Tech Industries | First Lien Term Loan | S +5.25% |
SEKO Global Logistics | 264,335 | Transportation: Cargo | Subordinated Debt | S +5.00% |
BusinesSolver (Delayed Draw) | 275,133 | Services: Business | First Lien Term Loan | S +5.50% |
Integrated Power Services (Delayed Draw) | 278,531 | Services: Business | First Lien Term Loan | S +4.50% |
Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
Pinnacle Supply Partners, LLC | 302,341 | Utilities: Electric | Equity Investment | |
Cornerstone Advisors of Arizona LLC | 306,764 | Services: Business | First Lien Term Loan | S +5.50% |
Watermill Express, LLC (Delayed Draw) | 311,890 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
RMA Companies (Delayed Draw) | 326,542 | Construction & Building | First Lien Term Loan | S +5.75% |
High Bar Brands | 331,482 | Automotive | Equity Investment |
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.