* 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 |
---|---|---|---|---|
Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Rhino Tool House | 749,119 | Capital Equipment | First Lien Term Loan | S +5.25% |
One World Fitness PFF LLC | 3,718,680 | Services: Consumer | First Lien Term Loan | S +5.25% |
Rhino Tool House (Delayed Draw) | 1,843,128 | Capital Equipment | First Lien Term Loan | S +5.25% |
Tinuiti | 2,844,388 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Online Labels Group | 3,311,822 | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Online Labels Group (Delayed Draw) | - | Containers, Packaging & Glass | First Lien Term Loan | S +5.25% |
Excel Fitness (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S +5.25% |
Quorum Health Resources, LLC (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.25% |
Rhino Tool House | 8,025,418 | Capital Equipment | First Lien Term Loan | S +5.25% |
Tinuiti (Delayed Draw) | 1,858,860 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | 6,343,178 | Environmental Industries | First Lien Term Loan | S +5.25% |
D&H United Fueling Solutions (Delayed Draw) | 2,314,942 | Services: Business | First Lien Term Loan | S +5.25% |
Micronics | 2,406,390 | Wholesale | Subordinated Debt | S +5.25% |
Excel Fitness | 9,761,696 | Services: Consumer | First Lien Term Loan | S +5.25% |
Tinuiti (Delayed Draw) (Incremental) | 9,516,687 | Media: Advertising, Printing & Publishing | First Lien Term Loan | S +5.25% |
SEKO Global Logistics | 264,335 | Transportation: Cargo | Subordinated Debt | S +5.00% |
SEKO Global Logistics (Delayed Draw) (Incremental) | 3,212,337 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
SEKO Global Logistics (Delayed Draw) | 59,515 | Transportation: Cargo | Subordinated Debt | S +5.00% |
Bounteous (Delayed Draw) | 3,558,438 | Services: Business | First Lien Term Loan | S +5.00% |
SEKO Global Logistics | 380,899 | Transportation: Cargo | Subordinated Debt | S +5.00% |
VMG Health | 15,783,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
SEKO Global Logistics (Incremental) | 1,086,793 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
S&S Truck Parts (Incremental) | 19,925,092 | Automotive | First Lien Term Loan | S +5.00% |
Impact Environmental Group (Incremental) | 1,726,983 | Environmental Industries | First Lien Term Loan | S +5.00% |
SEKO Global Logistics | 805,870 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
360 Training | 3,441,337 | Services: Consumer | First Lien Term Loan | S +5.00% |
Boulder Scientific Company LLC | 1,967,996 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +5.00% |
Impact Environmental Group | 6,741,394 | Environmental Industries | First Lien Term Loan | S +5.00% |
Impact Environmental Group (Delayed Draw) | 3,149,431 | Environmental Industries | First Lien Term Loan | S +5.00% |
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.