* 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 |
---|---|---|---|---|
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental) | 9,815,628 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
SmartWave | 6,719,802 | High Tech Industries | First Lien Term Loan | S +6.00% |
NearU (Delayed Draw) | -79,809 | Services: Consumer | First Lien Term Loan | S +6.00% |
Evergreen Services Group II (Delayed Draw) | 13,160,473 | High Tech Industries | First Lien Term Loan | S +6.00% |
Spectrio II (Delayed Draw) | 2,678,132 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
NearU (Delayed Draw) | -86,749 | Services: Consumer | First Lien Term Loan | S +6.00% |
MGM Transformer Company | 23,274,621 | Energy: Electricity | First Lien Term Loan | S +6.00% |
Summit Hill Foods | 9,340,763 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.00% |
Spectrio II (Delayed Draw) | 406,165 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
Sandlot Buyer, LLC (Prime Time Healthcare) | 7,793,635 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Spectrio II | 7,538,585 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
JEGS Automotive | 2,650,445 | Automotive | First Lien Term Loan | S +6.00% |
NearU (Delayed Draw) (Incremental) | -17,854 | Services: Consumer | First Lien Term Loan | S +6.00% |
Heartland Home Services | 6,169,754 | Capital Equipment | First Lien Term Loan | S +6.00% |
FSK Pallet Holding Corp. (DBA Kamps Pallets) | 9,502,740 | Transportation: Cargo | First Lien Term Loan | S +6.00% |
Heartland Home Services (Delayed Draw) | 5,350,016 | Capital Equipment | First Lien Term Loan | S +6.00% |
Heartland Home Services (Delayed Draw) | 2,453,287 | Capital Equipment | First Lien Term Loan | S +6.00% |
Propark Mobility (Delayed Draw) | 1,290,613 | Services: Business | First Lien Term Loan | S +6.25% |
Propark Mobility | 6,721,851 | Services: Business | First Lien Term Loan | S +6.25% |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | 8,395,699 | Environmental Industries | First Lien Term Loan | S +6.25% |
Argano, LLC (Delayed Draw) (Incremental) | 1,695,891 | High Tech Industries | First Lien Term Loan | S +6.25% |
Argano, LLC (Delayed Draw) | 2,481,759 | High Tech Industries | First Lien Term Loan | S +6.25% |
Argano, LLC | 5,604,776 | High Tech 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% |
Specialized Packaging Group (Incremental) | 6,843,991 | Containers, Packaging & Glass | First Lien Term Loan | S +6.25% |
Gannett Fleming | 9,905,160 | Construction & Building | First Lien Term Loan | S +6.25% |
Quorum Health Resources, LLC (Delayed Draw) (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
ALKU Intermediate Holdings, LLC | 4,538,489 | Services: Business | First Lien Term Loan | S +6.25% |
Health Management Associates (Delayed Draw) | 738,350 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,869 | Services: Consumer | 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.