Portfolio

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.

Key portfolio statistics

$1.8B
Investment portfolio at fair value1
89%
First-lien term loans2
195
Portfolio companies
0.5%
Average position size
$77M
Weight average annual EBITDA3

As of March 31, 2024

For complete information regarding our financials, please refer to our regulatory filings.

1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $1,986M which includes approximately $179M of unfunded delayed draw term loan commitments.
2. 35% of first lien term loans are unitranche positions.
3. Weighted based on fair market value of private debt investments as of March 31, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.


View reconciliation

Portfolio composition

Portfolio diversification by industry*

Industry

%

Services: Business 19.0%
Healthcare & Pharmaceuticals 11.9%
High Tech Industries 10.6%
Beverage, Food & Tobacco 7.3%
Services: Consumer 5.0%
Capital Equipment 4.6%
Construction & Building 4.5%
Containers, Packaging & Glass 3.9%
Automotive 3.8%
Banking, Finance, Insurance, Real Estate 3.6%
Others* 25.7%
Total 100%

As of March 31, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* 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.

Portfolio composition by investment type<sup>*</sup>

Investment type

%

First lien term loan (including DDTLs)** 89.0%
Subordinated debt 9.3%
Equity 1.8%
Total 100%

As of March 31, 2024

For complete information regarding our financials, please refer to our regulatory filings.

* Investment type reflects classification at issuance.
** 35% of first lien term loans are unitranche positions.

Portfolio composition by issuer concentration (at Fair Value)

Issuer

%

North Haven CS Acquisition Inc 1.6%
Evergreen Services Group II 1.6%
Trilon Group 1.5%
MGM Transformer Company 1.3%
Classic Collision 1.3%
Specialized Packaging Group (SPG) 1.2%
Rise Baking 1.1%
The Facilities Group 1.1%
Prime Time Healthcare 1.0%
Mobile Communications America Inc 1.0%
Others (169) 87.4%
Total 100%

As of March 31, 2024

For complete information regarding our financials, please refer to our regulatory filings.

% of debt investments with floating rate

Floating Rate

%

Floating rate 94.7%
Fixed rate 5.3%
Total 100%

As of March 31, 2024

For complete information regarding our financials, see our periodic filings.

Portfolio holdings

Top ten positions

Lender

Unitranche Credit Facility

2019

Lead Left Arranger

Senior Secured Credit Facility

2023

Lead Left Arranger

Unitranche Credit Facility

2022

Sole Lead Arranger

Senior Secured Credit Facility

2023

Co-Lead Arranger

Senior Secured Credit Facility

2021

Co-Lead Arranger

Senior&nbsp;Secured&nbsp;Credit&nbsp;Facility&nbsp;Equity

2020

Co-Lead Arranger

Unitranche Credit Facility

2021

Lead Left Arranger

Unitranche Credit Facility

2021

Lead Left Arranger

Senior Secured Credit Facility

2022

Agent Tier

Senior Secured Credit Facility

2023

Represents the top ten positions in NCDL based on Fair Value as of March 31, 2024

Filter by:

Company Fair value ($ in thousands) Industry Asset Types Pricing
Gabriel Partners LLC (Delayed Draw) 1,527,276 Services: Business First Lien Term Loan S +6.25%
Gabriel Partners LLC 9,167,737 Services: Business First Lien Term Loan S +6.25%
Gabriel Partners LLC (Incremental) 3,784,263 Services: Business First Lien Term Loan S +5.75%
Gannett Fleming 9,887,838 Construction & Building First Lien Term Loan S +6.60%
Gannett Fleming 618,850 Construction & Building Equity Investment N/A
FSK Pallet Holding Corp. (DBA Kamps Pallets) 9,500,325 Transportation: Cargo First Lien Term Loan S +6.00%
Fresh Edge (Incremental) 902,270 Beverage, Food & Tobacco Subordinated Debt S +4.50%
Fresh Edge 3,818,328 Beverage, Food & Tobacco Subordinated Debt S +4.50%
Fresh Edge - Common 46,100 Beverage, Food & Tobacco Equity Investment N/A
Fresh Edge - Preferred 789,729 Beverage, Food & Tobacco Equity Investment N/A
Fresh Edge (Incremental) 762,474 Beverage, Food & Tobacco Subordinated Debt S +4.50%
Gannett Fleming 829,769 Construction & Building Equity Investment N/A
Genesee Scientific 5,756,339 Healthcare & Pharmaceuticals First Lien Term Loan S +5.50%
Good2Grow 6,409,278 Containers, Packaging & Glass First Lien Term Loan S +6.00%
Good2Grow 9,251,703 Containers, Packaging & Glass First Lien Term Loan S +4.50%
Halo Buyer Inc 4,142,775 Consumer Goods: Durable First Lien Term Loan S +4.50%
Handgards 14,475,000 Beverage, Food & Tobacco First Lien Term Loan S +7.00%
Health Management Associates 8,262,122 Healthcare & Pharmaceuticals First Lien Term Loan S +6.25%
Go Engineer (Delayed Draw) 3,129,480 High Tech Industries First Lien Term Loan S +5.38%
Go Engineer 11,490,910 High Tech Industries First Lien Term Loan S +5.38%
Genesee Scientific (Delayed Draw) 1,506,806 Healthcare & Pharmaceuticals First Lien Term Loan S +5.50%
GHR Healthcare 6,251,068 Healthcare & Pharmaceuticals First Lien Term Loan S +5.00%
GHR Healthcare (Delayed Draw) 1,955,257 Healthcare & Pharmaceuticals First Lien Term Loan S +5.00%
GHR Healthcare (Incremental) 4,866,098 Healthcare & Pharmaceuticals First Lien Term Loan S +5.00%
Forefront Dermatology 3,235,936 Healthcare & Pharmaceuticals First Lien Term Loan S +4.25%
FoodScience 79,736 Consumer Goods: Non-durable Equity Investment N/A
Eliassen Group LLC 12,053,603 High Tech Industries First Lien Term Loan S +5.50%
Elevation Labs (Delayed Draw) 892,905 Consumer Goods: Non-durable First Lien Term Loan S +5.75%
Eliassen Group LLC (Delayed Draw) 869,843 High Tech Industries First Lien Term Loan S +5.50%
Erie Construction 9,956,152 Construction & Building First Lien Term Loan S +4.75%