* 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.
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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 |
---|---|---|---|---|
Evergreen Services Group II | 16,282,122 | High Tech Industries | First Lien Term Loan | S +5.75% |
Evergreen Services Group II (Delayed Draw) | 13,160,473 | High Tech Industries | First Lien Term Loan | S +6.00% |
Excel Fitness | 9,761,696 | Services: Consumer | First Lien Term Loan | S +5.25% |
E-Technologies | 1,000,000 | Capital Equipment | Equity Investment | |
E-Technologies | 7,245,836 | Capital Equipment | First Lien Term Loan | S +5.50% |
Eliassen Group LLC | 12,008,333 | High Tech Industries | First Lien Term Loan | S +5.75% |
Elevation Labs (Delayed Draw) | 921,576 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.75% |
Eliassen Group LLC (Delayed Draw) | 864,271 | High Tech Industries | First Lien Term Loan | S +5.75% |
Erie Construction | 9,816,197 | Construction & Building | First Lien Term Loan | S +4.75% |
Erie Construction | 446,718 | Construction & Building | Equity Investment | |
Excel Fitness (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S +5.25% |
Exterro | 9,530,505 | High Tech Industries | First Lien Term Loan | S +5.50% |
FoodScience | 14,018,031 | Consumer Goods: Non-durable | First Lien Term Loan | S +5.50% |
Five Star Packing | 6,996,085 | Containers, Packaging & Glass | First Lien Term Loan | S +4.25% |
FoodScience | - | Consumer Goods: Non-durable | Equity Investment | |
FoodScience | 109,403 | Consumer Goods: Non-durable | Equity Investment | |
Forefront Dermatology | 3,203,661 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.25% |
Firstcall Mechanical Group (Delayed Draw) | -199,483 | Capital Equipment | First Lien Term Loan | S +4.75% |
Firstcall Mechanical Group | 9,900,259 | Capital Equipment | First Lien Term Loan | S +4.75% |
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) |
Fairway Lawns (Delayed Draw) (Incremental) | -151,314 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Fineline Merger | 2,452,731 | High Tech Industries | Subordinated Debt | S +8.75% |
Health Management Associates | 8,241,782 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Health Management Associates | 495,481 | Healthcare & Pharmaceuticals | Equity Investment | |
Kenco Group, Inc. (Delayed Draw) | 35,698 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
Kenco Group, Inc. | 22,199,006 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
Kenco Group, Inc. (Delayed Draw) (Incremental) | 38,234 | Transportation: Cargo | First Lien Term Loan | S +5.00% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) | 9,581,873 | Services: Business | First Lien Term Loan | S +6.00% |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | 1,837,078 | Services: Business | First Lien Term Loan | S +6.00% |
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.