* 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 |
---|---|---|---|---|
Coding Solutions Acquisitions (Delayed Draw) | 1,941,771 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Arcadia Consumer Health (Incremental) | 1,945,241 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
Boulder Scientific Company LLC | 1,967,996 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +5.00% |
BPC Kodiak LLC (Turbine Engine Specialist, Inc) | 1,974,447 | Aerospace & Defense | Equity Investment | |
Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental) | 2,008,622 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
High Bar Brands | 2,059,165 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Allstar Holdings | 2,088,607 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
American Student Transportaton Partners, Inc | 2,097,520 | Transportation: Consumer | Subordinated Debt | 6.00% (Cash) 8.50% (PIK) |
Bounteous | 2,177,487 | Services: Business | First Lien Term Loan | S +4.75% |
TPC Wire & Cable | 2,214,233 | Wholesale | Subordinated Debt | 11.00% |
Cornerstone Advisors of Arizona LLC | 2,283,247 | Services: Business | First Lien Term Loan | S +5.50% |
Corporate Visions | 2,307,712 | Media: Diversified & Production | First Lien Term Loan | S +4.50% |
D&H United Fueling Solutions (Delayed Draw) | 2,314,942 | Services: Business | First Lien Term Loan | S +5.25% |
Oliver Packaging | 2,349,194 | Containers, Packaging & Glass | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
Micronics | 2,406,390 | Wholesale | Subordinated Debt | S +5.25% |
Career Now | 2,445,022 | Services: Business | Subordinated Debt | 13.00% (PIK) |
Fineline Merger | 2,452,731 | High Tech Industries | Subordinated Debt | S +8.75% |
Heartland Home Services (Delayed Draw) | 2,453,287 | Capital Equipment | First Lien Term Loan | S +6.00% |
Argano, LLC (Delayed Draw) | 2,481,759 | High Tech Industries | First Lien Term Loan | S +6.25% |
North Haven Spartan US Holdco LLC | 2,489,655 | Services: Consumer | First Lien Term Loan | S +6.25% |
Turbine Engine Specialist, Inc | 2,535,505 | Aerospace & Defense | Subordinated Debt | S +9.50% |
Hyperion | 2,579,172 | Capital Equipment | First Lien Term Loan | S +4.50% |
Corporate Visions | 2,625,356 | Media: Diversified & Production | First Lien Term Loan | S +4.50% |
JEGS Automotive | 2,650,445 | Automotive | First Lien Term Loan | S +6.00% |
Spectrio II (Delayed Draw) | 2,678,132 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
TI ACQUISITION NC LLC | 2,702,257 | Transportation: Cargo | First Lien Term Loan | S +4.75% |
Fairway Lawns | 2,731,770 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
KSLB Holdings LLC | 2,748,859 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.50% |
Bounteous (Delayed Draw) | 2,753,444 | Services: Business | First Lien Term Loan | S +4.75% |
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.