Portfolio

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.

Key portfolio statistics

$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
202
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2,298M which includes approximately $234M of unfunded investment commitments.
2. 35% of first lien debt are unitranche positions.
3. Weighted based on fair market value of private debt investments as of September 30, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Services: Business 16.5%
Healthcare & Pharmaceuticals 14.2%
High Tech Industries 8.7%
Beverage, Food & Tobacco 8.3%
Capital Equipment 5.6%
Construction & Building 4.9%
Services: Consumer 4.5%
Containers, Packaging & Glass 4.0%
Automotive 3.4%
Banking, Finance, Insurance, Real Estate 2.3%
Others (16) 26.3%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* 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.

Portfolio composition by investment type

Investment type

%

First lien term loan (including DDTLs)** 90%
Subordinated debt 8%
Equity 2%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

** 35% of first lien debt are unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Portfolio Company

%

S&S Truck Parts 1.5%
Handgards, LLC 1.5%
Rise Baking 1.5%
MGM Transformer Company 1.4%
Trilon Group 1.4%
Evergreen Services Group II 1.4%
Good2Grow 1.4%
North Haven CS Acquisition Inc 1.4%
Diligent Corporation 1.3%
Specialized Packaging Group (SPG) 1.2%
Others (192) 86.0%
Total 100%

As of September 30, 2024

For complete information regarding our financials, please refer to our regulatory filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.3%
Fixed rate 5.8%
Total 100%

As of September 30, 2024

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lead Left Arranger

Senior Secured Credit Facility
 

2022

Sole Lead Arranger

Senior Secured Credit Facility
 

2024

Co-Lead Arranger

Unitranche Credit Facility
 

2021

Sole Lead Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

Unitranche Credit Facility
 

2022

Lead Left Arranger

Senior Secured Credit Facility
 

2023

Lead Left Arranger

First Lien Credit Facility
 

2022

Lender

Unitranche Credit Facility
 

2019

Agent Tier

Senior Secured Credit Facility
 

2016

Co-Lead Arranger

Senior Secured Credit Facility
Equity

2020

Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024

Filter by:

Download schedule of investments
Company Fair value ($ in thousands) Industry Asset Types Pricing1
High Bar Brands 395,718 Automotive Equity Investment
S&S Truck Parts 93 Automotive Equity Investment
Bardstown Bourbon Company 2,016,151 Beverage, Food & Tobacco Equity Investment
American Student Transportation Partners 93,788 Transportation: Consumer Equity Investment
USA Water 555,802 Utilities: Water Equity Investment
S&S Truck Parts 71,332 Automotive Equity Investment
E78 899,613 Services: Business Equity Investment
Apex Companies 139,138 Services: Business Equity Investment
S&S Truck Parts 343,005 Automotive Equity Investment
Pinnacle Supply Partners, LLC 251,438 Utilities: Electric Equity Investment
Riveron 775,668 Services: Business Equity Investment
Turbine Engine Specialists 1,727,688 Aerospace & Defense Equity Investment
Career Now - Services: Business Equity Investment
Career Now - Services: Business Equity Investment
ITSavvy 1,790,962 High Tech Industries Equity Investment
Fresh Edge 801,232 Beverage, Food & Tobacco Equity Investment
Covercraft 298,773 Automotive Equity Investment
S&S Truck Parts 976,530 Automotive Equity Investment
Fresh Edge 71,362 Beverage, Food & Tobacco Equity Investment
Covercraft 6,886,169 Automotive Subordinated Debt 10.00% (Cash) 0.75% (PIK)
Oliver Inc 2,359,346 Containers, Packaging & Glass Subordinated Debt 10.00% (Cash) 1.00% (PIK)
Solve Industrial (Delayed Draw) 2,029,444 High Tech Industries Subordinated Debt 10.00% (Cash) 2.00% (PIK)
Solve Industrial 1,771,919 High Tech Industries Subordinated Debt 10.00% (Cash) 2.00% (PIK)
Mosaic Dental 1,724,519 Healthcare & Pharmaceuticals Subordinated Debt 10.00% (Cash) 2.25% (PIK)
Mosaic Dental (Delayed Draw) 451,821 Healthcare & Pharmaceuticals Subordinated Debt 10.00% (Cash) 2.25% (PIK)
Solve Industrial 772,193 High Tech Industries Subordinated Debt 10.00% (Cash) 2.50% (PIK)
Allstar Holdings (Delayed Draw) 4,009,669 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Allstar Holdings 2,106,565 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
Allstar Holdings (Delayed Draw) 5,062,328 Construction & Building Subordinated Debt 10.00% (Cash) 3.00% (PIK)
BroadcastMed 3,465,617 Media: Diversified & Production Subordinated Debt 10.00% (Cash) 3.75% (PIK)

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.