* 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 |
---|---|---|---|---|
TPC Wire & Cable Corp (Delayed Draw) (Incremental) | 830,750 | Wholesale | Subordinated Debt | 11.00% |
TPC Wire & Cable (Delayed Draw) | 906,189 | Wholesale | Subordinated Debt | 11.00% |
Ultima Health Holdings, LLC | 1,751,171 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% |
EFC Holdings, LLC | 3,204,283 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
Anne Arundel (Delayed Draw) | 435,190 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Anne Arundel | 659,977 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Career Now | 2,445,022 | Services: Business | Subordinated Debt | 13.00% (PIK) |
US Fertility | 12,661,361 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.75% (PIK) |
Precision Surfacing | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
Armstrong Transport Group | 996,541 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
Repipe Specialists (Delayed Draw) | 163,783 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Repipe Specialists | 1,895,091 | Services: Consumer | Subordinated Debt | 3.33% (Cash) 9.17% (PIK) |
Solve Industrial Motion Group | 1,744,429 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Solve Industrial Motion Group | 759,884 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
American Student Transportaton Partners, Inc | 2,097,520 | Transportation: Consumer | Subordinated Debt | 6.00% (Cash) 8.50% (PIK) |
Armstrong Transport Group | 7,205,170 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Incremental) | 1,902,159 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | -58,229 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | 9,510,796 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Fairway Lawns (Delayed Draw) (Incremental) | -151,314 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (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) |
HemaSource Inc. | 5,216,623 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
RoadOne | 4,681,593 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
RoadOne (Delayed Draw) | -39,803 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
High Bar Brands | 2,059,165 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
COP Exterminators Acquisition, Inc. | 838,064 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
High Bar Brands (Delayed Draw) | -8,112 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (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.