* 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 |
---|---|---|---|---|
Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
COP Exterminators Acquisition, Inc. (Delayed Draw) | 532,767 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Anne Arundel | 516,000 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +2.75% |
USA Water | 512,677 | Utilities: Water | Equity Investment | |
Health Management Associates | 495,481 | Healthcare & Pharmaceuticals | Equity Investment | |
MDC Intermediate Holdings II, LLC (Delayed Draw) | 448,468 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Erie Construction | 446,718 | Construction & Building | Equity Investment | |
Oliver Packaging | 437,586 | Containers, Packaging & Glass | Equity Investment | |
Anne Arundel (Delayed Draw) | 435,190 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Spectrio II (Delayed Draw) | 406,165 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
SEKO Global Logistics | 380,899 | Transportation: Cargo | Subordinated Debt | S +5.00% |
S&S Truck Parts | 368,908 | Automotive | Equity Investment | |
Scaled Agile (Delayed Draw) | 353,744 | Services: Business | First Lien Term Loan | S +5.50% |
Vital Records Control | 332,323 | Services: Business | First Lien Term Loan | S +5.75% |
High Bar Brands | 331,482 | Automotive | Equity Investment | |
RMA Companies (Delayed Draw) | 326,542 | Construction & Building | First Lien Term Loan | S +5.75% |
Watermill Express, LLC (Delayed Draw) | 311,890 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Cornerstone Advisors of Arizona LLC | 306,764 | Services: Business | First Lien Term Loan | S +5.50% |
Pinnacle Supply Partners, LLC | 302,341 | Utilities: Electric | Equity Investment | |
Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
Integrated Power Services (Delayed Draw) | 278,531 | Services: Business | First Lien Term Loan | S +4.50% |
BusinesSolver (Delayed Draw) | 275,133 | Services: Business | First Lien Term Loan | S +5.50% |
SEKO Global Logistics | 264,335 | Transportation: Cargo | Subordinated Debt | S +5.00% |
ITSavvy LLC (Delayed Draw) | 259,089 | High Tech Industries | First Lien Term Loan | S +5.25% |
Mobile Communications America Inc (Delayed Draw) | 252,597 | Telecommunications | First Lien Term Loan | S +6.00% |
Quantix (Incremental) | 247,086 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
ARMstrong (Delayed Draw) | 243,758 | Services: Business | First Lien Term Loan | S +6.25% |
Ultima Health Holdings, LLC | 240,363 | Consumer Goods: Non-durable | Equity Investment | |
Revalize (Delayed Draw) | 228,710 | High Tech Industries | First Lien Term Loan | S +5.75% |
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.