* 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 |
---|---|---|---|---|
NJEye LLC | 5,307,652 | Services: Consumer | First Lien Term Loan | S +4.75% |
North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental) | - | Services: Consumer | First Lien Term Loan | S +6.25% |
Repipe Specialists | 1,895,091 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Repipe Specialists | - | Services: Consumer | Equity Investment | |
Repipe Specialists (Delayed Draw) | 163,783 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Perennial Services, Group, LLC (Delayed Draw) | 5,970,998 | Services: Consumer | First Lien Term Loan | S +5.50% |
Perennial Services, Group, LLC | 6,672,166 | Services: Consumer | First Lien Term Loan | S +5.50% |
NearU (Delayed Draw) | -79,809 | Services: Consumer | First Lien Term Loan | S +6.00% |
One World Fitness PFF LLC | 3,718,680 | Services: Consumer | First Lien Term Loan | S +5.25% |
Perennial Services Investors LLC | 1,077,551 | Services: Consumer | Equity Investment | |
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,869 | Services: Consumer | First Lien Term Loan | S +6.25% |
NearU | 7,958,103 | Services: Consumer | First Lien Term Loan | S +6.00% |
360 Training | 3,441,337 | Services: Consumer | First Lien Term Loan | S +5.00% |
Excel Fitness | 9,761,696 | Services: Consumer | First Lien Term Loan | S +5.25% |
Excel Fitness (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S +5.25% |
COP Exterminators Investment, LLC | 1,214,855 | Services: Consumer | Equity Investment | |
COP Exterminators Acquisition, Inc. (Delayed Draw) | 532,767 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Wrench Group | 4,498,388 | Services: Consumer | First Lien Term Loan | S +4.00% |
COP Exterminators Acquisition, Inc. | 838,064 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Fairway Lawns | 2,731,770 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Fairway Lawns (Delayed Draw) | 6,154,405 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
360 Training (Delayed Draw) | -12,947 | Services: Consumer | First Lien Term Loan | S +5.00% |
All My Sons | 5,206,643 | Services: Consumer | First Lien Term Loan | S +4.75% |
Liberty Buyer | 3,908,697 | Services: Consumer | First Lien Term Loan | S +5.75% |
Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
Fairway Lawns (Delayed Draw) (Incremental) | -151,314 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Legacy Service Partners, LLC (“LSP”) | 10,061,590 | Services: Consumer | First Lien Term Loan | S +5.25% |
NearU | 152,050 | Services: Consumer | Equity Investment | |
Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | 4,689,572 | Services: Consumer | First Lien Term Loan | S +5.25% |
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.