* 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 |
---|---|---|---|---|
Gabriel Partners LLC | 9,143,857 | Services: Business | First Lien Term Loan | S +6.25% |
Gabriel Partners LLC (Incremental) | 3,774,482 | Services: Business | First Lien Term Loan | S +6.25% |
HireRight | 6,757,203 | Services: Business | First Lien Term Loan | S +4.00% |
Image First | 7,667,523 | Services: Business | First Lien Term Loan | S +4.25% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | 1,837,078 | Services: Business | First Lien Term Loan | S +6.00% |
TouchTunes Interactive | 9,872,124 | Services: Business | First Lien Term Loan | S +4.75% |
KRIV Acquisition, Inc (Delayed Draw) | -42,894 | Services: Business | First Lien Term Loan | S +6.50% |
KRIV Acquisition, Inc | 698,492 | Services: Business | Equity Investment | |
Technical Safety Services (Incremental) | 1,880,325 | Services: Business | First Lien Term Loan | S +5.50% |
Technical Safety Services | 6,737,500 | Services: Business | First Lien Term Loan | S +5.50% |
System One | 3,223,731 | Services: Business | First Lien Term Loan | S +3.75% |
Technical Safety Services (Delayed Draw) | 4,752,272 | Services: Business | First Lien Term Loan | S +5.50% |
KRIV Acquisition, Inc | 10,423,946 | Services: Business | First Lien Term Loan | S +6.50% |
Soliant Holdings LLC | 11,086,456 | Services: Business | First Lien Term Loan | S +3.75% |
All My Sons | 5,206,643 | Services: Consumer | First Lien Term Loan | S +4.75% |
Perennial Services, Group, LLC (Delayed Draw) | 5,970,998 | Services: Consumer | First Lien Term Loan | S +5.50% |
Repipe Specialists (Delayed Draw) | 163,783 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
360 Training | 3,441,337 | Services: Consumer | First Lien Term Loan | S +5.00% |
360 Training (Delayed Draw) | -12,947 | Services: Consumer | First Lien Term Loan | S +5.00% |
Repipe Specialists | 1,895,091 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Repipe Specialists | - | Services: Consumer | Equity Investment | |
COP Exterminators Acquisition, Inc. (Delayed Draw) | 532,767 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
COP Exterminators Acquisition, Inc. | 838,064 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
COP Exterminators Investment, LLC | 1,214,855 | Services: Consumer | Equity Investment | |
NJEye LLC (Delayed Draw) | 883,141 | Services: Consumer | First Lien Term Loan | S +4.75% |
Excel Fitness | 9,761,696 | Services: Consumer | First Lien Term Loan | S +5.25% |
Perennial Services, Group, LLC | 6,672,166 | Services: Consumer | First Lien Term Loan | S +5.50% |
Excel Fitness (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S +5.25% |
Fairway Lawns | 2,731,770 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Fairway Lawns (Delayed Draw) | 6,154,405 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (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.