Portfolio

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.

Key portfolio statistics

$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
202
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2,298M which includes approximately $234M of unfunded investment commitments.
2. 35% of first lien debt are unitranche positions.
3. Weighted based on fair market value of private debt investments as of September 30, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Services: Business 16.5%
Healthcare & Pharmaceuticals 14.2%
High Tech Industries 8.7%
Beverage, Food & Tobacco 8.3%
Capital Equipment 5.6%
Construction & Building 4.9%
Services: Consumer 4.5%
Containers, Packaging & Glass 4.0%
Automotive 3.4%
Banking, Finance, Insurance, Real Estate 2.3%
Others (16) 26.3%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* 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.

Portfolio composition by investment type

Investment type

%

First lien term loan (including DDTLs)** 90%
Subordinated debt 8%
Equity 2%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

** 35% of first lien debt are unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Handgards, LLC 1.5%
Rise Baking 1.5%
MGM Transformer Company 1.4%
Trilon Group 1.4%
Evergreen Services Group II 1.4%
Good2Grow 1.4%
North Haven CS Acquisition Inc 1.4%
Diligent Corporation 1.3%
Specialized Packaging Group (SPG) 1.2%
Others (192) 86.0%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.3%
Fixed rate 5.8%
Total 100%

As of September 30, 2024

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Unitranche Credit Facility
 

2021

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

Unitranche Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

First Lien Credit Facility
 

2022

Lender

Unitranche Credit Facility
 

2019

Agent Tier

Senior Secured Credit Facility
 

2016

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024

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Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
Impact Environmental Group 1,722,633 Environmental Industries First Lien Term Loan S + 5.00%
Impact Environmental Group 6,724,328 Environmental Industries First Lien Term Loan S + 5.00%
Impact Environmental Group (Delayed Draw) 3,144,512 Environmental Industries First Lien Term Loan S + 5.00%
Mosaic Dental 211,863 Healthcare & Pharmaceuticals Equity Investment
Heartland Veterinary Partners (Delayed Draw) 9,760,307 Healthcare & Pharmaceuticals Subordinated Debt 7.50% (Cash) 7.00% (PIK)
HemaSource 5,275,897 Healthcare & Pharmaceuticals Subordinated Debt 8.50% (Cash) 5.00% (PIK)
Heartland Veterinary Partners (Delayed Draw) 1,370,773 Healthcare & Pharmaceuticals Subordinated Debt 14.50%
Heartland Veterinary Partners 1,952,061 Healthcare & Pharmaceuticals Subordinated Debt 7.50% (Cash) 7.00% (PIK)
GHR Healthcare 3,664,246 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.25%
Infucare 6,941,534 Healthcare & Pharmaceuticals First Lien Term Loan S + 4.25%
Health Management Associates 8,241,782 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.25%
HemaSource 726,443 Healthcare & Pharmaceuticals Equity Investment
Health Management Associates (Delayed Draw) 738,350 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.25%
Prime Time Healthcare 9,699,872 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.00%
Prompt Care (Delayed Draw) 1,264,405 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.00%
QHR Holdco, Inc. 7,677,891 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.25%
QHR Holdco, Inc. (Delayed Draw) 3,247,389 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.25%
QHR Holdco, Inc. 3,247,389 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.25%
Prompt Care 8,117,110 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.00%
Prompt Care (Delayed Draw) 1,425,390 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.00%
Mosaic Dental 1,724,519 Healthcare & Pharmaceuticals Subordinated Debt 10.00% (Cash) 2.25% (PIK)
Mosaic Dental (Delayed Draw) 451,821 Healthcare & Pharmaceuticals Subordinated Debt 10.00% (Cash) 2.25% (PIK)
Prime Time Healthcare 7,803,064 Healthcare & Pharmaceuticals First Lien Term Loan S + 6.00%
GHR Healthcare 7,880,789 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.00%
Midwest Eye Services, LLC 8,945,627 Healthcare & Pharmaceuticals First Lien Term Loan S + 4.50%
GHR Healthcare (Delayed Draw) 1,940,841 Healthcare & Pharmaceuticals First Lien Term Loan S + 5.00%
Anne Arundel - Healthcare & Pharmaceuticals Equity Investment
Anne Arundel 516,000 Healthcare & Pharmaceuticals First Lien Term Loan 4.71% (PIK)
Anne Arundel (Delayed Draw) 539,157 Healthcare & Pharmaceuticals Subordinated Debt 13.25% (PIK)
Coding Solutions Acquisition Inc. 11,881,162 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.