* 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 |
---|---|---|---|---|
Fairway Lawns (Delayed Draw) | 2,728,995 | Services: Consumer | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
Legacy Service Partners | 10,037,127 | Services: Consumer | First Lien Term Loan | S + 5.25% |
NJEye, LLC | 5,297,989 | Services: Consumer | First Lien Term Loan | S + 4.75% |
NJEye, LLC (Delayed Draw) | 694,378 | Services: Consumer | First Lien Term Loan | S + 4.75% |
Palmetto Exterminators | 843,057 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
One World Fitness PFF, LLC | 3,670,222 | Services: Consumer | First Lien Term Loan | S + 5.25% |
Repipe Specialists | 11,580 | Services: Consumer | Equity Investment | |
Palmetto Exterminators (Delayed Draw) | 644,119 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Perennial Services Group | 6,748,909 | Services: Consumer | First Lien Term Loan | S + 5.50% |
North Haven Spartan US Holdco LLC (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S + 5.75% |
Perennial Services Group | 1,124,641 | Services: Consumer | Equity Investment | |
NJEye, LLC | 883,309 | Services: Consumer | First Lien Term Loan | S + 4.75% |
NJEye, LLC (Delayed Draw) | 884,245 | Services: Consumer | First Lien Term Loan | S + 4.75% |
North Haven Spartan US Holdco LLC | 2,483,104 | Services: Consumer | First Lien Term Loan | S + 5.75% |
North Haven Spartan US Holdco LLC (Delayed Draw) | 215,303 | Services: Consumer | First Lien Term Loan | S + 5.75% |
Palmetto Exterminators | 1,202,276 | Services: Consumer | Equity Investment | |
Excel Fitness (Delayed Draw) | - | Services: Consumer | First Lien Term Loan | S + 5.50% |
Excel Fitness | 9,761,191 | Services: Consumer | First Lien Term Loan | S + 5.25% |
Scaled Agile | 7,047,941 | Services: Business | First Lien Term Loan | S + 5.50% |
Safety Infrastructure Services | 7,035,374 | Services: Business | First Lien Term Loan | S + 4.75% |
Scaled Agile (Delayed Draw) | 346,717 | Services: Business | First Lien Term Loan | S + 5.50% |
Esquire Deposition Services | 242,379 | Services: Business | Equity Investment | |
Technical Safety Services | 6,720,313 | Services: Business | First Lien Term Loan | S + 5.50% |
System One | 3,212,184 | Services: Business | First Lien Term Loan | S + 3.75% |
Riveron (Delayed Draw) | 1,586,484 | Services: Business | First Lien Term Loan | S + 6.25% |
Riveron | 10,576,161 | Services: Business | First Lien Term Loan | S + 6.25% |
Riveron | 775,668 | Services: Business | Equity Investment | |
Propark Mobility | 6,766,458 | Services: Business | First Lien Term Loan | S + 5.00% |
Propark Mobility (Delayed Draw) | 2,689,891 | Services: Business | First Lien Term Loan | S + 5.00% |
Propark Mobility (Delayed Draw) | 10,189,850 | Services: Business | 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.