* 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 |
---|---|---|---|---|
JEGS Automotive | 2,650,445 | Automotive | First Lien Term Loan | S +6.00% |
ITSavvy LLC (Delayed Draw) | 259,089 | High Tech Industries | First Lien Term Loan | S +5.25% |
Integrated Power Services (Delayed Draw) | 278,531 | Services: Business | First Lien Term Loan | S +4.50% |
Insulation Technology Group (Delayed Draw) | -58,045 | Energy: Electricity | First Lien Term Loan | S +5.50% |
Integrated Power Services (Incremental) | 1,397,266 | Services: Business | First Lien Term Loan | S +4.50% |
ITSavvy LLC | 7,754,399 | High Tech Industries | First Lien Term Loan | S +5.25% |
ITSavvy LLC | 1,477,161 | High Tech Industries | Equity Investment | |
KRIV Acquisition, Inc | 10,423,946 | Services: Business | First Lien Term Loan | S +6.50% |
KRIV Acquisition, Inc | 698,492 | Services: Business | Equity Investment | |
Lion Merger Sub Inc | 7,165,419 | Services: Business | First Lien Term Loan | S +6.00% |
Liberty Buyer (Delayed Draw) | 293,900 | Services: Consumer | First Lien Term Loan | S +5.75% |
Lion Merger Sub Inc (Incremental) | 7,140,967 | Services: Business | First Lien Term Loan | S +6.00% |
LMI Renaissance | 1,219,904 | Sovereign & Public Finance | Equity Investment | |
LMI Renaissance | 12,208,466 | Sovereign & Public Finance | First Lien Term Loan | S +5.50% |
Liberty Buyer | 3,908,697 | Services: Consumer | First Lien Term Loan | S +5.75% |
Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | 4,689,572 | Services: Consumer | First Lien Term Loan | S +5.25% |
KRIV Acquisition, Inc (Delayed Draw) | -42,894 | Services: Business | First Lien Term Loan | S +6.50% |
KSLB Holdings LLC | 2,748,859 | Beverage, Food & Tobacco | First Lien Term Loan | S +4.50% |
Legacy Service Partners, LLC (“LSP”) | 10,061,590 | Services: Consumer | First Lien Term Loan | S +5.25% |
Legacy Service Partners, LLC (“LSP”) | 568,847 | Services: Consumer | Equity Investment | |
Insulation Technology Group | 22,245,757 | Energy: Electricity | First Lien Term Loan | S +5.50% |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | 2,573 | Wholesale | First Lien Term Loan | S +6.50% |
High Bar Brands | 2,059,165 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
HemaSource Inc. | 5,216,623 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
High Bar Brands | 331,482 | Automotive | Equity Investment | |
High Bar Brands (Delayed Draw) | -8,112 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
HireRight | 6,757,203 | Services: Business | First Lien Term Loan | S +4.00% |
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) | 9,510,796 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Heartland Home Services | 6,169,754 | Capital Equipment | 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.