* 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 |
---|---|---|---|---|
Rise Baking (Incremental) | 10,722,098 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
Risk Strategies (Delayed Draw) | 14,617,380 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Coding Solutions Acquisitions (Delayed Draw) | 1,941,771 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +5.50% |
Exterro | 9,530,505 | High Tech Industries | First Lien Term Loan | S +5.50% |
Cornerstone Advisors of Arizona LLC (Delayed Draw) | 209,185 | Services: Business | First Lien Term Loan | S +5.50% |
Cornerstone Advisors of Arizona LLC | 2,283,247 | Services: Business | First Lien Term Loan | S +5.50% |
Cornerstone Advisors of Arizona LLC | 306,764 | Services: Business | First Lien Term Loan | S +5.50% |
E78 | 5,530,244 | Services: Business | First Lien Term Loan | S +5.50% |
Precision Aviation Group | 14,879,026 | Aerospace & Defense | First Lien Term Loan | S +5.50% |
Alternative Logistics Technologies Buyer, LLC | 10,511,047 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
Perennial Services, Group, LLC (Delayed Draw) | 5,970,998 | Services: Consumer | First Lien Term Loan | S +5.50% |
Phaidon International | 13,467,536 | Services: Business | First Lien Term Loan | S +5.50% |
Cornerstone Advisors of Arizona, LLC (Incremental) | 3,440,182 | Services: Business | First Lien Term Loan | S +5.50% |
Technical Safety Services (Incremental) | 1,880,325 | Services: Business | First Lien Term Loan | S +5.50% |
FoodScience | 14,018,031 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.50% |
Alternative Logistics Technologies Buyer, LLC (Delayed Draw) | -29,183 | Transportation: Consumer | First Lien Term Loan | S +5.50% |
Technical Safety Services (Delayed Draw) | 4,752,272 | Services: Business | First Lien Term Loan | S +5.50% |
Insulation Technology Group (Delayed Draw) | -58,045 | Energy: Electricity | First Lien Term Loan | S +5.50% |
Insulation Technology Group | 22,245,757 | Energy: Electricity | First Lien Term Loan | S +5.50% |
Go Engineer | 11,513,298 | High Tech Industries | First Lien Term Loan | S +5.38% |
Go Engineer (Delayed Draw) | 3,135,638 | High Tech Industries | First Lien Term Loan | S +5.38% |
Market Performance Group | 12,713,778 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.25% |
Legacy Service Partners, LLC (“LSP”) | 10,061,590 | Services: Consumer | First Lien Term Loan | S +5.25% |
Market Performance Group (Delayed Draw) | 30,856 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.25% |
Velosio | 6,172,174 | High Tech Industries | First Lien Term Loan | S +5.25% |
ITSavvy LLC | 7,754,399 | High Tech Industries | First Lien Term Loan | S +5.25% |
Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | 4,689,572 | Services: Consumer | First Lien Term Loan | S +5.25% |
ITSavvy LLC (Delayed Draw) | 259,089 | High Tech Industries | First Lien Term Loan | S +5.25% |
Loc Performance Products | 6,373,888 | Aerospace & Defense | First Lien Term Loan | S +5.25% |
Velosio (Delayed Draw) | -12,328 | High Tech Industries | First Lien Term Loan | S +5.25% |
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.