Portfolio

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.

Key portfolio statistics

$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
202
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2,298M which includes approximately $234M of unfunded investment commitments.
2. 35% of first lien debt are unitranche positions.
3. Weighted based on fair market value of private debt investments as of September 30, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Services: Business 16.5%
Healthcare & Pharmaceuticals 14.2%
High Tech Industries 8.7%
Beverage, Food & Tobacco 8.3%
Capital Equipment 5.6%
Construction & Building 4.9%
Services: Consumer 4.5%
Containers, Packaging & Glass 4.0%
Automotive 3.4%
Banking, Finance, Insurance, Real Estate 2.3%
Others (16) 26.3%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* 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.

Portfolio composition by investment type

Investment type

%

First lien term loan (including DDTLs)** 90%
Subordinated debt 8%
Equity 2%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

** 35% of first lien debt are unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Handgards, LLC 1.5%
Rise Baking 1.5%
MGM Transformer Company 1.4%
Trilon Group 1.4%
Evergreen Services Group II 1.4%
Good2Grow 1.4%
North Haven CS Acquisition Inc 1.4%
Diligent Corporation 1.3%
Specialized Packaging Group (SPG) 1.2%
Others (192) 86.0%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.3%
Fixed rate 5.8%
Total 100%

As of September 30, 2024

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Unitranche Credit Facility
 

2021

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

Unitranche Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

First Lien Credit Facility
 

2022

Lender

Unitranche Credit Facility
 

2019

Agent Tier

Senior Secured Credit Facility
 

2016

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Fresh Edge 801,232 Beverage, Food & Tobacco Equity Investment
Seko Global Logistics LLC 788,363 Transportation: Cargo First Lien Term Loan S + 8.00%
Fresh Edge 783,478 Beverage, Food & Tobacco Subordinated Debt S + 4.50%
Riveron 775,668 Services: Business Equity Investment
Solve Industrial 772,193 High Tech Industries Subordinated Debt 10.00% (Cash) 2.50% (PIK)
Anne Arundel 745,581 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Oliver Inc 742,279 Containers, Packaging & Glass Equity Investment
BroadcastMed 741,394 Media: Diversified & Production Equity Investment
Health Management Associates (Delayed Draw) 738,350 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.25%
Arotech Corporation (Delayed Draw) 729,943 Aerospace & Defense First Lien Term Loan S + 6.25%
HemaSource 726,443 Healthcare & Pharmaceuticals Equity Investment
AmerCareRoyal 712,932 Beverage, Food & Tobacco First Lien Term Loan S + 5.00%
Precision Surfacing Solutions 712,666 Capital Equipment First Lien Term Loan 15.00%
NJEye, LLC (Delayed Draw) 694,378 Services: Consumer First Lien Term Loan S + 4.75%
Options IT 678,189 High Tech Industries First Lien Term Loan S + 4.75%
Seko Global Logistics LLC 675,293 Transportation: Cargo Subordinated Debt S + 9.62%
Palmetto Exterminators (Delayed Draw) 644,119 Services: Consumer Subordinated Debt 9.00% (Cash) 4.00% (PIK)
Vessco (Delayed Draw) 627,203 Capital Equipment First Lien Term Loan S + 5.25%
Legacy Service Partners 606,107 Services: Consumer Equity Investment
Watermill Express (Delayed Draw) 579,639 Beverage, Food & Tobacco First Lien Term Loan S + 5.75%
USA Water 555,802 Utilities: Water Equity Investment
Anne Arundel 539,839 Healthcare & Pharmaceuticals Subordinated Debt 12.75% (PIK)
Anne Arundel (Delayed Draw) 539,157 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Erie Construction 527,828 Construction & Building Equity Investment
Anne Arundel 516,000 Healthcare & Pharmaceuticals First Lien Term Loan 4.71% (PIK)
Health Management Associates 485,483 Healthcare & Pharmaceuticals Equity Investment
Oliver Inc 459,929 Containers, Packaging & Glass Subordinated Debt 12.50%
Mosaic Dental (Delayed Draw) 451,821 Healthcare & Pharmaceuticals Subordinated Debt 10.00% (Cash) 2.25% (PIK)
Spectrio (Delayed Draw) 400,314 Media: Diversified & Production First Lien Term Loan S + 6.00%
High Bar Brands 395,718 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.