* 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 |
---|---|---|---|---|
Dessert Holdings | 5,409,795 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.00% |
Dessert Holdings | 8,122,500 | Beverage, Food & Tobacco | Subordinated Debt | S +7.25% |
Death Wish Coffee | 9,750,000 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.00% |
Sunny Sky Products | 6,993,795 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
Summit Hill Foods | 9,340,763 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.00% |
Fresh Edge - Preferred | 693,878 | Beverage, Food & Tobacco | Equity Investment | |
Fresh Edge - Common | 38,991 | Beverage, Food & Tobacco | Equity Investment | |
Fresh Edge | 3,871,352 | Beverage, Food & Tobacco | Subordinated Debt | S +4.50% |
Tech24 | 1,030,129 | Beverage, Food & Tobacco | Equity Investment | |
Long Term Care Group | 6,220,406 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.62% |
Risk Strategies (Delayed Draw) | 14,617,380 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Patriot Growth Insurance Service (Delayed Draw) (Incremental) | 7,040,362 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.00% |
Coding Solutions Acquisitions | 6,352,645 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Coding Solutions Acquisitions (Delayed Draw) | 1,941,771 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
World Insurance Associates | 14,767,206 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +6.00% |
Vensure Employer Services | 14,543,094 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.75% |
S&S Truck Parts | 368,908 | Automotive | Equity Investment | |
S&S Truck Parts | 1,141,154 | Automotive | First Lien Term Loan | S +4.75% |
S&S Truck Parts | 6,752,228 | Automotive | First Lien Term Loan | S +4.75% |
S&S Truck Parts | 75,401 | Automotive | Equity Investment | |
S&S Truck Parts (Delayed Draw) | 96,794 | Automotive | First Lien Term Loan | S +4.75% |
S&S Truck Parts (Incremental) | 19,925,092 | Automotive | First Lien Term Loan | S +5.00% |
S&S Truck Parts (Delayed Draw) | 1,698,181 | Automotive | First Lien Term Loan | S +4.75% |
Randys Holdings, Inc (Delayed Draw) | 645,013 | Automotive | First Lien Term Loan | S +6.25% |
S&S Truck Parts | 1,000 | Automotive | Equity Investment | |
S&S Truck Parts | 1,000,000 | Automotive | Equity Investment | |
Randys Holdings, Inc | 10,951,599 | Automotive | First Lien Term Loan | S +6.25% |
High Bar Brands (Delayed Draw) | -8,112 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
High Bar Brands | 331,482 | Automotive | Equity Investment | |
Covercraft | 180,917 | Automotive | Equity Investment |
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.