* 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 |
---|---|---|---|---|
Quorum Health Resources, LLC (Delayed Draw) (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Quorum Health Resources, LLC (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.25% |
Go Engineer (Delayed Draw) | 3,135,638 | High Tech Industries | First Lien Term Loan | S +5.38% |
E78 (Delayed Draw) | 3,107,327 | Services: Business | First Lien Term Loan | S +5.50% |
Royal Holdco Corporation (Incremental) | 3,084,469 | Construction & Building | First Lien Term Loan | S +5.75% |
AEgis Technologies | 3,019,046 | Aerospace & Defense | First Lien Term Loan | S +4.75% |
WSB Engineering Holdings Inc. (Delayed Draw) | 2,975,712 | Construction & Building | First Lien Term Loan | S +6.00% |
Specialized Packaging Group | 2,930,815 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
Impact Environmental Group (Delayed Draw) (Incremental) | 2,879,538 | Environmental Industries | First Lien Term Loan | S +5.00% |
Evergreen Services Group (Delayed Draw) | 2,844,715 | Services: Business | First Lien Term Loan | S +6.25% |
Tinuiti | 2,844,388 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Crete Mechanical Group (Delayed Draw) | 2,842,271 | Capital Equipment | First Lien Term Loan | S +4.75% |
Allstar Holdings (Delayed Draw) | 2,793,559 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Valkyrie | 2,783,222 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
Bounteous (Delayed Draw) | 2,753,444 | Services: Business | First Lien Term Loan | S +4.75% |
KSLB Holdings LLC | 2,748,859 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.50% |
Fairway Lawns | 2,731,770 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
TI ACQUISITION NC LLC | 2,702,257 | Transportation: Cargo | First Lien Term Loan | S +4.75% |
Spectrio II (Delayed Draw) | 2,678,132 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
JEGS Automotive | 2,650,445 | Automotive | First Lien Term Loan | S +6.00% |
Corporate Visions | 2,625,356 | Media: Diversified & Production | First Lien Term Loan | S +4.50% |
Hyperion | 2,579,172 | Capital Equipment | First Lien Term Loan | S +4.50% |
Turbine Engine Specialist, Inc | 2,535,505 | Aerospace & Defense | Subordinated Debt | S +9.50% |
North Haven Spartan US Holdco LLC | 2,489,655 | Services: Consumer | First Lien Term Loan | S +6.25% |
Argano, LLC (Delayed Draw) | 2,481,759 | High Tech Industries | First Lien Term Loan | S +6.25% |
Heartland Home Services (Delayed Draw) | 2,453,287 | Capital Equipment | First Lien Term Loan | S +6.00% |
Fineline Merger | 2,452,731 | High Tech Industries | Subordinated Debt | S +8.75% |
Career Now | 2,445,022 | Services: Business | Subordinated Debt | 13.00% (PIK) |
Micronics | 2,406,390 | Wholesale | Subordinated Debt | S +5.25% |
Oliver Packaging | 2,349,194 | Containers, Packaging & Glass | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
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.