* 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 |
---|---|---|---|---|
Elevation Labs (Delayed Draw) | 921,576 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
Gannett Fleming | 916,397 | Construction & Building | Equity Investment | |
Fresh Edge (Incremental) | 914,800 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
TPC Wire & Cable (Delayed Draw) | 906,189 | Wholesale | Subordinated Debt | 11.00% |
Output Services Group, Inc. | 899,760 | Services: Business | Equity Investment | |
NJEye LLC (Delayed Draw) | 884,856 | Services: Consumer | First Lien Term Loan | S +4.75% |
NJEye LLC (Delayed Draw) | 883,141 | Services: Consumer | First Lien Term Loan | S +4.75% |
Eliassen Group LLC (Delayed Draw) | 864,271 | High Tech Industries | First Lien Term Loan | S +5.75% |
Quantix (Incremental) | 857,727 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
E78 | 845,320 | Services: Business | Equity Investment | |
COP Exterminators Acquisition, Inc. | 838,064 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Output Services Group, Inc. | 837,262 | Services: Business | First Lien Term Loan | S +6.25% |
TPC Wire & Cable Corp (Delayed Draw) (Incremental) | 830,750 | Wholesale | Subordinated Debt | 11.00% |
SEKO Global Logistics | 805,870 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
Fresh Edge (Incremental) | 773,063 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Precision Aviation Group (Delayed Draw) | 770,616 | Aerospace & Defense | First Lien Term Loan | S +5.75% |
Solve Industrial Motion Group | 759,884 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Rhino Tool House | 749,119 | Capital Equipment | First Lien Term Loan | S +5.25% |
Health Management Associates (Delayed Draw) | 738,350 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Arotech (Delayed Draw) | 731,674 | Aerospace & Defense | First Lien Term Loan | S +6.25% |
Crete Mechanical Group | 715,133 | Capital Equipment | Equity Investment | |
Precision Surfacing | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
KRIV Acquisition, Inc | 698,492 | Services: Business | Equity Investment | |
NJEye LLC (Delayed Draw) | 695,622 | Services: Consumer | First Lien Term Loan | S +4.75% |
Fresh Edge - Preferred | 693,878 | Beverage, Food & Tobacco | Equity Investment | |
REP HS Topco Holdings (HemaSource Inc.) | 690,669 | Healthcare & Pharmaceuticals | Equity Investment | |
BroadcastMed Holdco, LLC | 687,340 | Media: Diversified & Production | Equity Investment | |
Anne Arundel | 659,977 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Randys Holdings, Inc (Delayed Draw) | 645,013 | Automotive | First Lien Term Loan | S +6.25% |
AIT Logistics | 626,446 | Transportation: Cargo | 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.