* 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.
Portfolio holdings
Top ten positions
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
World Insurance Associates, LLC | 14,754,743 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 6.00% |
Long Term Care Group | 6,465,113 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 1.00% |
Ascend (Delayed Draw) | -120,419 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.50% |
S&S Truck Parts | 93 | Automotive | Equity Investment | |
S&S Truck Parts | 976,530 | Automotive | Equity Investment | |
S&S Truck Parts (Delayed Draw) | 1,694,422 | Automotive | First Lien Term Loan | S + 5.00% |
S&S Truck Parts | 19,881,706 | Automotive | First Lien Term Loan | S + 5.00% |
Ascend | 7,287,691 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.50% |
AmerCareRoyal | 712,932 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
AmerCareRoyal (Delayed Draw) | -1,623 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
Dessert Holdings | 5,262,621 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.00% |
Dessert Holdings | 8,013,735 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
Fresh Edge | 3,923,508 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
Fresh Edge | 783,478 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
Fresh Edge | 927,125 | Beverage, Food & Tobacco | Subordinated Debt | S + 4.50% |
Fresh Edge | 801,232 | Beverage, Food & Tobacco | Equity Investment | |
Fresh Edge | 71,362 | Beverage, Food & Tobacco | Equity Investment | |
Bardstown Bourbon Company | 9,213,863 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
AmerCareRoyal (Delayed Draw) | -1,126 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.00% |
Commercial Bakeries | 16,936,219 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
Commercial Bakeries | 2,003,803 | Beverage, Food & Tobacco | First Lien Term Loan | S + 5.50% |
Death Wish Coffee | 9,725,000 | Beverage, Food & Tobacco | First Lien Term Loan | S + 4.75% |
S&S Truck Parts (Delayed Draw) | 96,584 | Automotive | First Lien Term Loan | S + 5.00% |
S&S Truck Parts | 1,138,618 | Automotive | First Lien Term Loan | S + 5.00% |
Precision Aviation Group (Delayed Draw) | 4,897,989 | Aerospace & Defense | First Lien Term Loan | S + 5.25% |
Precision Aviation Group | 14,775,378 | Aerospace & Defense | First Lien Term Loan | S + 5.25% |
Prime Buyer, L.L.C. | 6,501,119 | Aerospace & Defense | First Lien Term Loan | S + 5.25% |
Turbine Engine Specialists | 1,727,688 | Aerospace & Defense | Equity Investment | |
Turbine Engine Specialists | 2,532,981 | Aerospace & Defense | Subordinated Debt | S + 9.50% |
BTX Precision (Delayed Draw) | -4,269 | Aerospace & Defense | First Lien Term Loan | S + 5.00% |
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.