* 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 |
---|---|---|---|---|
Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (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) |
Armstrong Transport Group | 996,541 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
Precision Surfacing | 712,666 | Capital Equipment | First Lien Term Loan | 15.00% |
US Fertility | 12,661,361 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.75% (PIK) |
Career Now | 2,445,022 | Services: Business | Subordinated Debt | 13.00% (PIK) |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Anne Arundel | 659,977 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Anne Arundel (Delayed Draw) | 435,190 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
EFC Holdings, LLC | 3,204,283 | Capital Equipment | Subordinated Debt | 11.00% (Cash) 2.50% (PIK) |
TPC Wire & Cable Corp (Delayed Draw) (Incremental) | 830,750 | Wholesale | Subordinated Debt | 11.00% |
Ultima Health Holdings, LLC | 1,751,171 | Consumer Goods: Non-durable | Subordinated Debt | 11.00% |
TPC Wire & Cable | 2,214,233 | Wholesale | Subordinated Debt | 11.00% |
TPC Wire & Cable (Delayed Draw) | 906,189 | Wholesale | Subordinated Debt | 11.00% |
Valkyrie | 2,783,222 | Aerospace & Defense | Subordinated Debt | 10.50% (Cash) 1.00% (PIK) |
BroadcastMed Holdco, LLC | 3,456,218 | Media: Diversified & Production | Subordinated Debt | 10.00% (Cash) 3.75% (PIK) |
Allstar Holdings (Delayed Draw) | -164,601 | 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) |
Allstar Holdings (Delayed Draw) | 2,793,559 | Construction & Building | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
Apex Companies Holdings, LLC (Delayed Draw) | 80,334 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Apex Companies Holdings, LLC | 4,004,300 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
MDC Intermediate Holdings II, LLC (Delayed Draw) | 448,468 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Oliver Packaging | 2,349,194 | Containers, Packaging & Glass | Subordinated Debt | 10.00% (Cash) 1.00% (PIK) |
Covercraft | 6,791,495 | Automotive | Subordinated Debt | 10.00% (Cash) 0.75% (PIK) |
Fresh Edge - Preferred | 693,878 | Beverage, Food & Tobacco | Equity Investment | |
FoodScience | 109,403 | Consumer Goods: Non-durable | Equity Investment | |
Fresh Edge - Common | 38,991 | Beverage, Food & Tobacco | Equity Investment | |
Solve Industrial Motion Group | 116,190 | High Tech Industries | Equity Investment |
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.