* 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 |
---|---|---|---|---|
National Power (Delayed Draw) | -12,203 | Energy: Electricity | First Lien Term Loan | S +6.00% |
The Facilities Group | 8,889,057 | Environmental Industries | First Lien Term Loan | S +5.75% |
Impact Environmental Group (Delayed Draw) | 3,149,431 | Environmental Industries | First Lien Term Loan | S +5.00% |
Impact Environmental Group (Incremental) | 1,726,983 | Environmental Industries | First Lien Term Loan | S +5.00% |
Impact Environmental Group (Delayed Draw) (Incremental) | 2,879,538 | Environmental Industries | First Lien Term Loan | S +5.00% |
The Facilities Group (Delayed Draw) | 4,865,839 | Environmental Industries | First Lien Term Loan | S +5.75% |
Impact Environmental Group | 6,741,394 | Environmental Industries | First Lien Term Loan | S +5.00% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | 8,395,699 | Environmental Industries | First Lien Term Loan | S +6.25% |
Contract Land Staff | 7,471,519 | Environmental Industries | First Lien Term Loan | S +5.00% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw) | 4,672,929 | Environmental Industries | First Lien Term Loan | S +6.25% |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | 6,343,178 | Environmental Industries | First Lien Term Loan | S +5.25% |
Contract Land Staff (Delayed Draw) | -29,347 | Environmental Industries | First Lien Term Loan | S +5.00% |
The Facilities Group (Delayed Draw) | 104,507 | Environmental Industries | First Lien Term Loan | S +5.75% |
The Facilities Group | 4,786,951 | Environmental Industries | First Lien Term Loan | S +5.75% |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | -58,229 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
HemaSource Inc. | 5,216,623 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
Midwest Eye Consultants | 8,964,918 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
Wellspring Pharmaceutical | 3,344,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
Forefront Dermatology | 3,203,661 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.25% |
Wellspring Pharmaceutical (Delayed Draw) | 1,555,364 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
Heartland Veterinary Partners LLC (Incremental) | 1,902,159 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | 9,510,796 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Health Management Associates | 495,481 | Healthcare & Pharmaceuticals | Equity Investment | |
GHR Healthcare (Delayed Draw) (Incremental) | -27,816 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
GHR Healthcare (Delayed Draw) (Incremental) | -83,483 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Health Management Associates | 8,241,782 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Young Innovations (Delayed Draw) | -32,069 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
GHR Healthcare (Incremental) | 7,741,431 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
GHR Healthcare (Incremental) | 3,599,451 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
GHR Healthcare (Delayed Draw) | 1,906,627 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
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.