* 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 |
---|---|---|---|---|
Allstar Holdings | 2,088,607 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Allstar Holdings (Delayed Draw) | -164,601 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Tencate | 7,075,320 | Construction & Building | First Lien Term Loan | S +4.00% |
Erie Construction | 446,718 | Construction & Building | Equity Investment | |
Gannett Fleming | 1,228,728 | Construction & Building | Equity Investment | |
MEI Rigging & Crating | 11,375,863 | Construction & Building | First Lien Term Loan | S +5.00% |
Gannett Fleming | 916,397 | Construction & Building | Equity Investment | |
Gannett Fleming | 9,905,160 | Construction & Building | First Lien Term Loan | S +6.25% |
WSB Engineering Holdings Inc. (Delayed Draw) | 2,975,712 | Construction & Building | First Lien Term Loan | S +6.00% |
MEI Rigging & Crating (Delayed Draw) | 363 | Construction & Building | First Lien Term Loan | S +5.00% |
Erie Construction | 9,816,197 | Construction & Building | First Lien Term Loan | S +4.75% |
WSB Engineering Holdings Inc. | 6,398,502 | Construction & Building | First Lien Term Loan | S +6.00% |
Chroma Color Corporation (dba Chroma Color) | 6,234,476 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +6.00% |
Spartech | 11,432,915 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.75% |
Ascensus Specialties | 8,246,497 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.35% |
Boulder Scientific Company LLC | 1,967,996 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +5.00% |
Chroma Color Corporation (dba Chroma Color) (Delayed Draw) | -10,484 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +6.00% |
Precision Surfacing - Common | 6,449,977 | Capital Equipment | Equity Investment | |
Heartland Home Services (Delayed Draw) | 5,350,016 | Capital Equipment | First Lien Term Loan | S +6.00% |
Precision Surfacing | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
Ovation Holdings, Inc. | 7,987,408 | Capital Equipment | First Lien Term Loan | S +6.25% |
Heartland Home Services | 6,169,754 | Capital Equipment | First Lien Term Loan | S +6.00% |
PT Intermediate Holdings III, LLC | 12,013,765 | Capital Equipment | First Lien Term Loan | S +3.25% |
Ovation Holdings, Inc. (Delayed Draw) | 1,546,444 | Capital Equipment | First Lien Term Loan | S +6.25% |
PT Intermediate Holdings III, LLC (Delayed Draw) | -2,168 | Capital Equipment | First Lien Term Loan | S +3.25% |
Firstcall Mechanical Group | 9,900,259 | Capital Equipment | First Lien Term Loan | S +4.75% |
Heartland Home Services (Delayed Draw) | 2,453,287 | Capital Equipment | First Lien Term Loan | S +6.00% |
E-Technologies | 7,245,836 | Capital Equipment | First Lien Term Loan | S +5.50% |
E-Technologies | 1,000,000 | Capital Equipment | Equity Investment | |
MSHC Inc | 7,968,817 | Capital Equipment | First Lien Term Loan | S +4.00% |
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.