* 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 |
---|---|---|---|---|
Industrial Service Group | 6,427,125 | Wholesale | First Lien Term Loan | S +5.75% |
Micronics | 2,406,390 | Wholesale | Subordinated Debt | S +5.25% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | 2,573 | Wholesale | First Lien Term Loan | S +6.50% |
Industrial Service Group (Delayed Draw) | 3,346,290 | Wholesale | First Lien Term Loan | S +5.75% |
TPC Wire & Cable Corp (Delayed Draw) (Incremental) | 830,750 | Wholesale | Subordinated Debt | 11.00% |
TPC Wire & Cable | 2,214,233 | Wholesale | Subordinated Debt | 11.00% |
TPC Wire & Cable (Delayed Draw) | 906,189 | Wholesale | Subordinated Debt | 11.00% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | 7,894,941 | Wholesale | First Lien Term Loan | S +6.50% |
USA Water | 7,819,011 | Utilities: Water | First Lien Term Loan | S +4.75% |
USA Water | 512,677 | Utilities: Water | Equity Investment | |
USA Water (Delayed Draw) | -22,337 | Utilities: Water | First Lien Term Loan | S +4.75% |
Pinnacle Supply Partners, LLC | 6,258,420 | Utilities: Electric | First Lien Term Loan | S +6.25% |
Pinnacle Supply Partners, LLC (Delayed Draw) | 1,366,478 | Utilities: Electric | First Lien Term Loan | S +6.25% |
DMC HoldCo LLC (DMC Power) | 5,005,365 | Utilities: Electric | First Lien Term Loan | S +5.75% |
Pinnacle Supply Partners, LLC | 302,341 | Utilities: Electric | Equity Investment | |
DMC HoldCo LLC (DMC Power) (Delayed Draw) | 10,192 | Utilities: Electric | First Lien Term Loan | S +5.75% |
American Student Transportaton Partners, Inc | 2,097,520 | Transportation: Consumer | Subordinated Debt | 6.00% (Cash) 8.50% (PIK) |
Alternative Logistics Technologies Buyer, LLC (Delayed Draw) | -29,183 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
Alternative Logistics Technologies Buyer, LLC | 10,511,047 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
ASTP Holdings Co-Investment LP | 87,932 | Transportation: Consumer | Equity Investment | |
RoadOne - Common | 1,139,197 | Transportation: Cargo | Equity Investment | |
RoadOne | 4,681,593 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
Armstrong Transport Group | 7,205,170 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
RoadOne (Delayed Draw) | -39,803 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
Armstrong Transport Group | 996,541 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
AIT Logistics | 626,446 | Transportation: Cargo | First Lien Term Loan | S +4.75% |
SEKO Global Logistics | 380,899 | Transportation: Cargo | Subordinated Debt | S +5.00% |
SEKO Global Logistics (Delayed Draw) | 59,515 | Transportation: Cargo | Subordinated Debt | S +5.00% |
SEKO Global Logistics | - | Transportation: Cargo | Equity Investment | |
TI ACQUISITION NC LLC | 2,702,257 | Transportation: Cargo | First Lien Term Loan | S +4.75% |
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.