* 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 |
---|---|---|---|---|
The Facilities Group (Delayed Draw) | 4,865,839 | Environmental Industries | First Lien Term Loan | S +5.75% |
The Facilities Group | 8,889,057 | Environmental Industries | First Lien Term Loan | S +5.75% |
Contract Land Staff (Delayed Draw) | -29,347 | Environmental Industries | First Lien Term Loan | S +5.00% |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | 6,343,178 | Environmental Industries | First Lien Term Loan | S +5.25% |
The Facilities Group (Delayed Draw) | 104,507 | 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% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | 8,395,699 | Environmental Industries | First Lien Term Loan | S +6.25% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw) | 4,672,929 | Environmental Industries | First Lien Term Loan | S +6.25% |
Impact Environmental Group | 6,741,394 | Environmental Industries | First Lien Term Loan | S +5.00% |
The Facilities Group | 4,786,951 | Environmental Industries | First Lien Term Loan | S +5.75% |
Contract Land Staff | 7,471,519 | 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% |
Impact Environmental Group (Incremental) | 1,726,983 | Environmental Industries | First Lien Term Loan | S +5.00% |
MGM Transformer Company (Delayed Draw) | 6,328,268 | Energy: Electricity | First Lien Term Loan | S +5.50% |
Insulation Technology Group | 22,245,757 | Energy: Electricity | First Lien Term Loan | S +5.50% |
National Power (Delayed Draw) | -12,203 | Energy: Electricity | First Lien Term Loan | S +6.00% |
National Power | 5,623,520 | Energy: Electricity | First Lien Term Loan | S +6.00% |
MGM Transformer Company | 23,274,621 | Energy: Electricity | First Lien Term Loan | S +6.00% |
Insulation Technology Group (Delayed Draw) | -58,045 | Energy: Electricity | First Lien Term Loan | S +5.50% |
Specialized Packaging Group | 2,930,815 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
B2B Packaging (Delayed Draw) | 111,330 | Containers, Packaging & Glass | First Lien Term Loan | S +6.75% |
Oliver Packaging | 437,586 | Containers, Packaging & Glass | Equity Investment | |
Specialized Packaging Group | 7,147,837 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Online Labels Group | 3,311,822 | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Five Star Packing | 6,996,085 | Containers, Packaging & Glass | First Lien Term Loan | S +4.25% |
Good2Grow (Incremental) | 14,240,248 | Containers, Packaging & Glass | First Lien Term Loan | S +4.75% |
Oliver Packaging | 2,349,194 | Containers, Packaging & Glass | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
Specialized Packaging Group (Incremental) | 6,843,991 | Containers, Packaging & Glass | First Lien Term Loan | S +6.25% |
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.