* 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 |
---|---|---|---|---|
Legacy Service Partners, LLC (“LSP”) | 10,061,590 | Services: Consumer | First Lien Term Loan | S +5.25% |
Wrench Group | 4,498,388 | Services: Consumer | First Lien Term Loan | S +4.00% |
Liberty Buyer | 3,908,697 | Services: Consumer | First Lien Term Loan | S +5.75% |
Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | 4,689,572 | Services: Consumer | First Lien Term Loan | S +5.25% |
Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
NearU | 7,958,103 | Services: Consumer | First Lien Term Loan | S +6.00% |
Fairway Lawns (Delayed Draw) (Incremental) | -151,314 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,869 | Services: Consumer | First Lien Term Loan | S +6.25% |
North Haven Spartan US Holdco LLC | 2,489,655 | Services: Consumer | First Lien Term Loan | S +6.25% |
North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental) | - | Services: Consumer | First Lien Term Loan | S +6.25% |
One World Fitness PFF LLC | 3,718,680 | Services: Consumer | First Lien Term Loan | S +5.25% |
Perennial Services Investors LLC | 1,077,551 | Services: Consumer | Equity Investment | |
NearU | 152,050 | Services: Consumer | Equity Investment | |
NJEye LLC (Delayed Draw) | 884,856 | Services: Consumer | First Lien Term Loan | S +4.75% |
NearU (Delayed Draw) | -79,809 | Services: Consumer | First Lien Term Loan | S +6.00% |
NJEye LLC (Delayed Draw) | 695,622 | Services: Consumer | First Lien Term Loan | S +4.75% |
NearU (Delayed Draw) | -86,749 | Services: Consumer | First Lien Term Loan | S +6.00% |
NearU (Delayed Draw) (Incremental) | -17,854 | Services: Consumer | First Lien Term Loan | S +6.00% |
NJEye LLC | 5,307,652 | Services: Consumer | First Lien Term Loan | S +4.75% |
LMI Renaissance | 1,219,904 | Sovereign & Public Finance | Equity Investment | |
LMI Renaissance | 12,208,466 | Sovereign & Public Finance | First Lien Term Loan | S +5.50% |
BCM One (Delayed Draw) | 1,817,319 | Telecommunications | First Lien Term Loan | S +4.50% |
BCM One | 5,860,710 | Telecommunications | First Lien Term Loan | S +4.50% |
Mobile Communications America Inc | 18,271,440 | Telecommunications | First Lien Term Loan | S +5.50% |
Momentum Telecom II | 9,984,556 | Telecommunications | First Lien Term Loan | S +5.75% |
Momentum Telecom II (Incremental) | 1,320,890 | Telecommunications | First Lien Term Loan | S +6.50% |
MBS Holdings, Inc. | 1,837,518 | Telecommunications | First Lien Term Loan | S +6.25% |
Mobile Communications America Inc (Delayed Draw) | 252,597 | Telecommunications | First Lien Term Loan | S +6.00% |
Tyto Athene, LLC | 6,567,781 | Telecommunications | First Lien Term Loan | S +5.50% |
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.