* 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 |
---|---|---|---|---|
KRIV Acquisition, Inc | 698,492 | Services: Business | Equity Investment | |
ITSavvy LLC | 1,477,161 | High Tech Industries | Equity Investment | |
S&S Truck Parts | 1,000,000 | Automotive | Equity Investment | |
S&S Truck Parts | 75,401 | Automotive | Equity Investment | |
Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
S&S Truck Parts | 368,908 | Automotive | Equity Investment | |
Career Now | - | Services: Business | Equity Investment | |
Specialized Packaging Group | 172,490 | Containers, Packaging & Glass | Equity Investment | |
Anne Arundel | - | Healthcare & Pharmaceuticals | Equity Investment | |
ASTP Holdings Co-Investment LP | 87,932 | Transportation: Consumer | Equity Investment | |
BPC Kodiak LLC (Turbine Engine Specialist, Inc) | 1,974,447 | Aerospace & Defense | Equity Investment | |
Apex Companies Holdings, LLC | 133,664 | Services: Business | Equity Investment | |
USA Water | 512,677 | Utilities: Water | Equity Investment | |
Bardstown PPC Holdings LLC | 1,932,848 | Beverage, Food & Tobacco | Equity Investment | |
Career Now | - | Services: Business | Equity Investment | |
BroadcastMed Holdco, LLC | 687,340 | Media: Diversified & Production | Equity Investment | |
Ultima Health Holdings, LLC | 240,363 | Consumer Goods: Non-durable | Equity Investment | |
AG MDC Holdings, Inc | 196,169 | Healthcare & Pharmaceuticals | Equity Investment | |
Covercraft | 6,791,495 | Automotive | Subordinated Debt | 10.00% (Cash) 0.75% (PIK) |
Oliver Packaging | 2,349,194 | Containers, Packaging & Glass | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
MDC Intermediate Holdings II, LLC (Delayed Draw) | 448,468 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Apex Companies Holdings, LLC | 4,004,300 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Apex Companies Holdings, LLC (Delayed Draw) | 80,334 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Allstar Holdings (Delayed Draw) | -164,601 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Allstar Holdings (Delayed Draw) | 2,793,559 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Allstar Holdings | 2,088,607 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
BroadcastMed Holdco, LLC | 3,456,218 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
Valkyrie | 2,783,222 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
TPC Wire & Cable | 2,214,233 | Wholesale | Subordinated Debt | 11.00% |
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.