* 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 |
|---|---|---|---|---|
| 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% |
| Contract Land Staff (Delayed Draw) | -29,347 | Environmental Industries | First Lien Term Loan | S +5.00% |
| COP Exterminators Acquisition, Inc. | 838,064 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| COP Exterminators Acquisition, Inc. (Delayed Draw) | 532,767 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| COP Exterminators Investment, LLC | 1,214,855 | Services: Consumer | Equity Investment | |
| Loc Performance Products | 6,373,888 | Aerospace & Defense | First Lien Term Loan | S +5.25% |
| Long Term Care Group | 6,220,406 | Banking, Finance, Insurance, Real Estate | First Lien Term Loan | S +4.62% |
| Solve Industrial Motion Group (Delayed Draw) | 1,998,052 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
| Solve Industrial Motion Group | 759,884 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
| Southern Veterinary Partners | 4,787,515 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +3.75% |
| Spartech | 11,432,915 | Chemicals, Plastics & Rubber | First Lien Term Loan | S +4.75% |
| Specialized Packaging Group | 2,930,815 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
| Solve Industrial Motion Group | 1,744,429 | High Tech Industries | Subordinated Debt | 5.00% (Cash) 8.00% (PIK) |
| Solve Industrial Motion Group | 116,190 | High Tech Industries | Equity Investment | |
| SmartWave | 6,719,802 | High Tech Industries | First Lien Term Loan | S +6.00% |
| SmartSign | 4,999,500 | Consumer Goods: Durable | First Lien Term Loan | S +5.75% |
| Smile Brands | 9,143,252 | Healthcare & Pharmaceuticals | Subordinated Debt | S +9.50% |
| Soliant Health | 3,678,484 | Services: Business | First Lien Term Loan | S +4.00% |
| Soliant Holdings LLC | 11,086,456 | Services: Business | First Lien Term Loan | S +3.75% |
| Specialized Packaging Group | 7,147,837 | Containers, Packaging & Glass | First Lien Term Loan | S +5.50% |
| Specialized Packaging Group | 172,490 | Containers, Packaging & Glass | Equity Investment | |
| Sunny Sky Products (Delayed Draw) | -16,138 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
| Sunny Sky Products | 6,993,795 | Beverage, Food & Tobacco | First Lien Term Loan | S +5.50% |
| Syndigo | 5,771,502 | Retail | First Lien Term Loan | S +4.50% |
| System One | 3,223,731 | Services: Business | First Lien Term Loan | S +3.75% |
| Team Services Group | 6,602,875 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
| Summit Hill Foods | 9,340,763 | Beverage, Food & Tobacco | First Lien Term Loan | S +6.00% |
| Spectrio II (Delayed Draw) | 406,165 | Media: Diversified & Production | First Lien Term Loan | S +6.00% |
| Specialized Packaging Group (Incremental) | 6,843,991 | Containers, Packaging & Glass | First Lien Term Loan | S +6.25% |
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.