* 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 |
---|---|---|---|---|
D&H United Fueling Solutions (Delayed Draw) | 2,314,942 | Services: Business | First Lien Term Loan | S +5.25% |
Corporate Visions | 2,307,712 | Media: Diversified & Production | First Lien Term Loan | S +4.50% |
Cornerstone Advisors of Arizona LLC | 2,283,247 | Services: Business | First Lien Term Loan | S +5.50% |
TPC Wire & Cable | 2,214,233 | Wholesale | Subordinated Debt | 11.00% |
Bounteous | 2,177,487 | Services: Business | First Lien Term Loan | S +4.75% |
American Student Transportaton Partners, Inc | 2,097,520 | Transportation: Consumer | Subordinated Debt | 6.00% (Cash) 8.50% (PIK) |
Allstar Holdings | 2,088,607 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
High Bar Brands | 2,059,165 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental) | 2,008,622 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
BPC Kodiak LLC (Turbine Engine Specialist, Inc) | 1,974,447 | Aerospace & Defense | Equity Investment | |
Boulder Scientific Company LLC | 1,967,996 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +5.00% |
Arcadia Consumer Health (Incremental) | 1,945,241 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
Coding Solutions Acquisitions (Delayed Draw) | 1,941,771 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Bardstown PPC Holdings LLC | 1,932,848 | Beverage, Food & Tobacco | Equity Investment | |
GHR Healthcare (Delayed Draw) | 1,906,627 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Heartland Veterinary Partners LLC (Incremental) | 1,902,159 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Repipe Specialists | 1,895,091 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Technical Safety Services (Incremental) | 1,880,325 | Services: Business | First Lien Term Loan | S +5.50% |
Tinuiti (Delayed Draw) | 1,858,860 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Rhino Tool House (Delayed Draw) | 1,843,128 | Capital Equipment | First Lien Term Loan | S +5.25% |
MBS Holdings, Inc. | 1,837,518 | Telecommunications | First Lien Term Loan | S +6.25% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | 1,837,078 | Services: Business | First Lien Term Loan | S +6.00% |
BCM One (Delayed Draw) | 1,817,319 | Telecommunications | First Lien Term Loan | S +4.50% |
Ultima Health Holdings, LLC | 1,751,171 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% |
Solve Industrial Motion Group | 1,744,429 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Impact Environmental Group (Incremental) | 1,726,983 | Environmental Industries | First Lien Term Loan | S +5.00% |
MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Palmetto Acquisitionco, Inc. (Delayed Draw) | 1,711,077 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Aramsco | 1,704,556 | Services: Business | First Lien Term Loan | S +4.75% |
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.