* 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 |
---|---|---|---|---|
Momentum Telecom II (Incremental) | 1,320,890 | Telecommunications | First Lien Term Loan | S +6.50% |
Pinnacle Supply Partners, LLC (Delayed Draw) | 1,366,478 | Utilities: Electric | First Lien Term Loan | S +6.25% |
Integrated Power Services (Incremental) | 1,397,266 | Services: Business | First Lien Term Loan | S +4.50% |
E78 | 1,419,897 | Services: Business | First Lien Term Loan | S +5.50% |
Prompt Care (Delayed Draw) (Incremental) | 1,425,147 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Genesee Scientific (Delayed Draw) | 1,446,505 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
ITSavvy LLC | 1,477,161 | High Tech Industries | Equity Investment | |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | 1,502,787 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
Gabriel Partners LLC (Delayed Draw) | 1,523,307 | Services: Business | First Lien Term Loan | S +6.25% |
Ovation Holdings, Inc. (Delayed Draw) | 1,546,444 | Capital Equipment | First Lien Term Loan | S +6.25% |
D&H United Fueling Solutions (Delayed Draw) (Incremental) | 1,551,428 | Services: Business | First Lien Term Loan | S +5.75% |
Wellspring Pharmaceutical (Delayed Draw) | 1,555,364 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
Argano, LLC (Delayed Draw) (Incremental) | 1,695,891 | High Tech Industries | First Lien Term Loan | S +6.25% |
S&S Truck Parts (Delayed Draw) | 1,698,181 | Automotive | First Lien Term Loan | S +4.75% |
Aramsco | 1,704,556 | Services: Business | First Lien Term Loan | S +4.75% |
Palmetto Acquisitionco, Inc. (Delayed Draw) | 1,711,077 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Impact Environmental Group (Incremental) | 1,726,983 | Environmental Industries | First Lien Term Loan | S +5.00% |
Solve Industrial Motion Group | 1,744,429 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Ultima Health Holdings, LLC | 1,751,171 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% |
BCM One (Delayed Draw) | 1,817,319 | Telecommunications | First Lien Term Loan | S +4.50% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | 1,837,078 | Services: Business | First Lien Term Loan | S +6.00% |
MBS Holdings, Inc. | 1,837,518 | Telecommunications | First Lien Term Loan | S +6.25% |
Rhino Tool House (Delayed Draw) | 1,843,128 | Capital Equipment | First Lien Term Loan | S +5.25% |
Tinuiti (Delayed Draw) | 1,858,860 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Technical Safety Services (Incremental) | 1,880,325 | Services: Business | First Lien Term Loan | S +5.50% |
Repipe Specialists | 1,895,091 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Heartland Veterinary Partners LLC (Incremental) | 1,902,159 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
GHR Healthcare (Delayed Draw) | 1,906,627 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Bardstown PPC Holdings LLC | 1,932,848 | Beverage, Food & Tobacco | 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.