* 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.
$2.0B
Investment portfolio at fair value1
91%
First-lien term loans2
198
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Unitranche Credit Facility
2021
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2023
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Unitranche Credit Facility
2022
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Argano, LLC | 5,604,776 | High Tech Industries | First Lien Term Loan | S +6.25% |
| Arotech (Delayed Draw) | 731,674 | Aerospace & Defense | First Lien Term Loan | S +6.25% |
| Ascensus Specialties | 8,246,497 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.35% |
| BCM One (Delayed Draw) | 1,817,319 | Telecommunications | First Lien Term Loan | S +4.50% |
| BCM One | 5,860,710 | Telecommunications | First Lien Term Loan | S +4.50% |
| Boulder Scientific Company LLC | 1,967,996 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +5.00% |
| Bounteous | 5,320,042 | Services: Business | First Lien Term Loan | S +4.75% |
| Bounteous | 2,177,487 | Services: Business | First Lien Term Loan | S +4.75% |
| Bardstown PPC Holdings LLC | 9,198,580 | Beverage, Food & Tobacco | Subordinated Debt | S +7.75% |
| Bardstown PPC Holdings LLC | 1,932,848 | Beverage, Food & Tobacco | Equity Investment | |
| B2B Packaging | 14,057,893 | Containers, Packaging & Glass | First Lien Term Loan | S +6.75% |
| ASTP Holdings Co-Investment LP | 87,932 | Transportation: Consumer | Equity Investment | |
| B2B Packaging (Delayed Draw) | 111,330 | Containers, Packaging & Glass | First Lien Term Loan | S +6.75% |
| Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) | 16,977,267 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
| Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental) | 2,008,622 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.75% |
| Apex Companies Holdings, LLC (Delayed Draw) | 80,334 | Services: Business | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| Apex Companies Holdings, LLC | 133,664 | Services: Business | Equity Investment | |
| Ahead Data Blue LLC | 5,141,491 | High Tech Industries | First Lien Term Loan | S +4.25% |
| AG MDC Holdings, Inc | 196,169 | Healthcare & Pharmaceuticals | Equity Investment | |
| Ahead Data Blue LLC | 4,891,599 | High Tech Industries | First Lien Term Loan | S +3.75% |
| AIT Logistics | 626,446 | Transportation: Cargo | First Lien Term Loan | S +4.75% |
| ALKU Intermediate Holdings, LLC | 4,538,489 | Services: Business | First Lien Term Loan | S +6.25% |
| Affinity Hospice | 6,906,592 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.75% |
| AEgis Technologies | 3,019,046 | Aerospace & Defense | First Lien Term Loan | S +4.75% |
| 360 Training (Delayed Draw) | -12,947 | Services: Consumer | First Lien Term Loan | S +5.00% |
| 360 Training | 3,441,337 | Services: Consumer | First Lien Term Loan | S +5.00% |
| Acclaim MidCo, LLC (dba ClaimLogiQ) | 7,953,992 | High Tech Industries | First Lien Term Loan | S +6.00% |
| Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | -10,964 | High Tech Industries | First Lien Term Loan | S +6.00% |
| AEgis Technologies | 14,531,630 | Aerospace & Defense | First Lien Term Loan | S +4.75% |
| All My Sons | 5,206,643 | Services: Consumer | First Lien Term Loan | S +4.75% |
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.