* 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 |
---|---|---|---|---|
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,869 | Services: Consumer | First Lien Term Loan | S +6.25% |
Cornerstone Advisors of Arizona LLC (Delayed Draw) | 209,185 | Services: Business | First Lien Term Loan | S +5.50% |
AG MDC Holdings, Inc | 196,169 | Healthcare & Pharmaceuticals | Equity Investment | |
Covercraft | 180,917 | Automotive | Equity Investment | |
Quantix (Incremental) | 173,492 | Transportation: Cargo | First Lien Term Loan | S +6.75% |
Specialized Packaging Group | 172,490 | Containers, Packaging & Glass | Equity Investment | |
EFC Holdings, LLC | 164,366 | Capital Equipment | Equity Investment | |
Repipe Specialists (Delayed Draw) | 163,783 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Output Services Group, Inc. | 155,000 | Services: Business | First Lien Term Loan | S +8.00% |
EFC Holdings, LLC | 153,036 | Capital Equipment | Equity Investment | |
NearU | 152,050 | Services: Consumer | Equity Investment | |
Image First (Delayed Draw) | 142,567 | Services: Business | First Lien Term Loan | S +4.25% |
Apex Companies Holdings, LLC | 133,664 | Services: Business | Equity Investment | |
Solve Industrial Motion Group | 116,190 | High Tech Industries | Equity Investment | |
B2B Packaging (Delayed Draw) | 111,330 | Containers, Packaging & Glass | First Lien Term Loan | S +6.75% |
FoodScience | 109,403 | Consumer Goods: Non-durable | Equity Investment | |
The Facilities Group (Delayed Draw) | 104,507 | Environmental Industries | First Lien Term Loan | S +5.75% |
S&S Truck Parts (Delayed Draw) | 96,794 | Automotive | First Lien Term Loan | S +4.75% |
ASTP Holdings Co-Investment LP | 87,932 | Transportation: Consumer | Equity Investment | |
Apex Companies Holdings, LLC (Delayed Draw) | 80,334 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
S&S Truck Parts | 75,401 | Automotive | Equity Investment | |
SEKO Global Logistics (Delayed Draw) | 59,515 | Transportation: Cargo | Subordinated Debt | S +5.00% |
Fresh Edge - Common | 38,991 | Beverage, Food & Tobacco | Equity Investment | |
Kenco Group, Inc. (Delayed Draw) (Incremental) | 38,234 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
Kenco Group, Inc. (Delayed Draw) | 35,698 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
Market Performance Group (Delayed Draw) | 30,856 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.25% |
TIDI Products (Delayed Draw) | 27,093 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.50% |
Wellspring Pharmaceutical (Delayed Draw) (Incremental) | 12,443 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
DMC HoldCo LLC (DMC Power) (Delayed Draw) | 10,192 | Utilities: Electric | First Lien Term Loan | S +5.75% |
Tencate (Delayed Draw) | 9,149 | Construction & Building | First Lien Term Loan | S +4.00% |
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.