* 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 |
---|---|---|---|---|
Lynx Franchising, LLC | 9,697,241 | Services: Business | First Lien Term Loan | S +6.75% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) | 9,581,873 | Services: Business | First Lien Term Loan | S +6.00% |
Exterro | 9,530,505 | High Tech Industries | First Lien Term Loan | S +5.50% |
Tinuiti (Delayed Draw) (Incremental) | 9,516,687 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | 9,510,796 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
FSK Pallet Holding Corp. (DBA Kamps Pallets) | 9,502,740 | Transportation: Cargo | First Lien Term Loan | S +6.00% |
Summit Hill Foods | 9,340,763 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.00% |
InfuCare RX | 9,248,330 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
Sciens Building Solutions, LLC | 9,237,558 | Construction & Building | First Lien Term Loan | S +5.75% |
Bardstown PPC Holdings LLC | 9,198,580 | Beverage, Food & Tobacco | Subordinated Debt | S +7.75% |
Gabriel Partners LLC | 9,143,857 | Services: Business | First Lien Term Loan | S +6.25% |
Smile Brands | 9,143,252 | Healthcare & Pharmaceuticals | Subordinated Debt | S +9.50% |
Good2Grow | 9,134,086 | Containers, Packaging & Glass | First Lien Term Loan | S +4.50% |
Protective Industrial Products (“PIP”) | 9,076,188 | Consumer Goods: Non-durable | First Lien Term Loan | S +4.00% |
Midwest Eye Consultants | 8,964,918 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
The Facilities Group | 8,889,057 | Environmental Industries | First Lien Term Loan | S +5.75% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | 8,395,699 | Environmental Industries | First Lien Term Loan | S +6.25% |
Ascensus Specialties | 8,246,497 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.35% |
Health Management Associates | 8,241,782 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
PromptCare | 8,127,168 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Dessert Holdings | 8,122,500 | Beverage, Food & Tobacco | Subordinated Debt | S +7.25% |
CrossCountry Consulting | 8,093,170 | Services: Business | First Lien Term Loan | S +4.75% |
Rhino Tool House | 8,025,418 | Capital Equipment | First Lien Term Loan | S +5.25% |
Ovation Holdings, Inc. | 7,987,408 | Capital Equipment | First Lien Term Loan | S +6.25% |
MSHC Inc | 7,968,817 | Capital Equipment | First Lien Term Loan | S +4.00% |
NearU | 7,958,103 | Services: Consumer | First Lien Term Loan | S +6.00% |
Acclaim MidCo, LLC (dba ClaimLogiQ) | 7,953,992 | High Tech Industries | First Lien Term Loan | S +6.00% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | 7,894,941 | Wholesale | First Lien Term Loan | S +6.50% |
USA Water | 7,819,011 | Utilities: Water | First Lien Term Loan | S +4.75% |
Sandlot Buyer, LLC (Prime Time Healthcare) | 7,793,635 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
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.