* 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 |
---|---|---|---|---|
Patriot Growth Insurance Service (Delayed Draw) (Incremental) | 7,040,362 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.00% |
Risk Strategies (Delayed Draw) | 14,617,380 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Long Term Care Group | 6,220,406 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.62% |
Vensure Employer Services | 14,543,094 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.75% |
World Insurance Associates | 14,767,206 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +6.00% |
Sunny Sky Products | 6,993,795 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
Summit Hill Foods | 9,340,763 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.00% |
Sunny Sky Products (Delayed Draw) | -16,138 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental) | 2,008,622 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Tech24 | 1,030,129 | Beverage, Food & Tobacco | Equity Investment | |
Bardstown PPC Holdings LLC | 1,932,848 | Beverage, Food & Tobacco | Equity Investment | |
Bardstown PPC Holdings LLC | 9,198,580 | Beverage, Food & Tobacco | Subordinated Debt | S +7.75% |
Watermill Express, LLC | 3,230,036 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Rise Baking (Incremental) | 10,722,098 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
Death Wish Coffee | 9,750,000 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.00% |
Watermill Express, LLC (Delayed Draw) | 311,890 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Rise Baking (Delayed Draw) | 4,381,032 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
Rise Baking | 14,747,024 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.25% |
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) | 16,977,267 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Handgards, LLC | 29,722,192 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
KSLB Holdings LLC | 2,748,859 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.50% |
Watermill Express (Incremental) | 6,326,882 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Fresh Edge - Preferred | 693,878 | Beverage, Food & Tobacco | Equity Investment | |
Watermill Express (Delayed Draw) (Incremental) | 3,170,260 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Fresh Edge | 3,871,352 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Fresh Edge - Common | 38,991 | Beverage, Food & Tobacco | Equity Investment | |
Fresh Edge (Incremental) | 773,063 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Dessert Holdings | 5,409,795 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.00% |
Palmetto Acquisitionco, Inc. (Delayed Draw) | 1,711,077 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
Palmetto Acquisitionco, Inc. | 13,036,942 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
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.