| NC SLF Inc. | ||||||||||||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) | ||||||||||||||||||
| September 30, 2022 | ||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||
Portfolio Company (1) (2) | Footnotes | Investment | Spread Above Reference Rate (3) | Interest Rate (3) | Maturity Date | Par Amount | Amortized Cost | Fair Value | % of Net Assets (5) | |||||||||
| Investments | ||||||||||||||||||
| Debt Investments | ||||||||||||||||||
| Automobiles | ||||||||||||||||||
| American Auto Auction Group | First Lien Term Loan | S + 5.00% | 8.59% | 12/30/2027 | 10,654 | 10,556 | 9,908 | 4.2% | ||||||||||
| Total Automobiles | 10,556 | 9,908 | 4.2% | |||||||||||||||
| Chemicals | ||||||||||||||||||
| Ascensus Specialties | (4) (7) | First Lien Term Loan | L + 4.25% | 7.39% | 6/30/2028 | 14,327 | 14,085 | 13,824 | 5.9% | |||||||||
| Total Chemicals | 14,085 | 13,824 | 5.9% | |||||||||||||||
| Commercial Services & Supplies | ||||||||||||||||||
| Integrated Power Services | (4) | First Lien Term Loan | L + 4.50% | 7.64% | 11/22/2028 | 5,055 | 5,024 | 4,890 | 2.1% | |||||||||
| Phaidon International | (4) (8) | First Lien Term Loan | S + 5.50% | 8.54% | 8/22/2029 | 19,500 | 19,306 | 19,312 | 8.2% | |||||||||
| Total Commercial Services & Supplies | 24,330 | 24,202 | 10.3% | |||||||||||||||
| Construction Materials | ||||||||||||||||||
| Sciens Building Solutions, LLC | (4) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 12/15/2027 | 10,145 | 9,964 | 9,973 | 4.3% | |||||||||
| Sciens Building Solutions, LLC (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 12/15/2027 | 5,315 | 1,716 | 1,672 | 0.7% | |||||||||
| Total Construction Materials | 11,680 | 11,645 | 5.0% | |||||||||||||||
| Containers & Packaging | ||||||||||||||||||
| Five Star Packing | (4) | First Lien Term Loan | S + 4.25% | 8.24% | 5/5/2029 | 5,607 | 5,526 | 5,499 | 2.3% | |||||||||
| Pelican Products | (4) (7) | First Lien Term Loan | L + 4.25% | 8.48% | 12/29/2028 | 7,940 | 7,868 | 7,323 | 3.1% | |||||||||
| Resource Label Group | (4) (7) | First Lien Term Loan | L + 4.00% | 7.14% | 7/7/2028 | 4,915 | 4,899 | 4,637 | 2.0% | |||||||||
| Spartech | (4) (7) | First Lien Term Loan | L + 4.75% | 8.50% | 5/8/2028 | 9,950 | 9,950 | 9,802 | 4.2% | |||||||||
| Total Containers & Packaging | 28,243 | 27,261 | 11.6% | |||||||||||||||
| Diversified Consumer Services | ||||||||||||||||||
| Apex Services Partners, LLC (Delayed Draw) (Incremental) | (4) (6) (7) | First Lien Term Loan | S + 5.50% | 9.09% | 7/31/2025 | 4,875 | (24) | (47) | 0.0% | |||||||||
| Apex Services Partners, LLC (Incremental) | (4) (7) | First Lien Term Loan | S + 5.50% | 9.09% | 7/31/2025 | 4,875 | 4,827 | 4,828 | 2.1% | |||||||||
| Excel Fitness | (4) | First Lien Term Loan | S + 5.25% | 8.84% | 4/27/2029 | 12,000 | 11,868 | 11,377 | 4.9% | |||||||||
| Total Diversified Consumer Services | 16,671 | 16,158 | 7.0% | |||||||||||||||
| Gas Utilities | ||||||||||||||||||
| D&H United Fueling Solutions | (4) | First Lien Term Loan | S + 5.25% | 8.84% | 9/16/2028 | 7,396 | 7,249 | 7,248 | 3.1% | |||||||||
| D&H United Fueling Solutions | (4) (6) | First Lien Term Loan | S + 5.25% | 8.84% | 9/16/2028 | 2,354 | (23) | (47) | 0.0% | |||||||||
| Total Gas Utilities | 7,226 | 7,201 | 3.1% | |||||||||||||||
| Health Care Providers & Services | ||||||||||||||||||
| Forefront Dermatology | (4) (7) | First Lien Term Loan | S + 4.25% | 7.29% | 4/2/2029 | 3,927 | 3,851 | 3,784 | 1.6% | |||||||||
| Forefront Dermatology (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 4.25% | 7.29% | 4/2/2029 | 736 | 312 | 285 | 0.1% | |||||||||
| Gastro Health | (4) | First Lien Term Loan | L + 4.50% | 8.25% | 7/3/2028 | 6,262 | 6,219 | 6,013 | 2.6% | |||||||||
| Gastro Health (Delayed Draw) | (4) | First Lien Term Loan | L + 4.50% | 8.25% | 7/3/2028 | 2,085 | 2,071 | 2,002 | 0.9% | |||||||||
| PromptCare | (4) (7) | First Lien Term Loan | L + 6.00% | 9.14% | 9/1/2027 | 9,332 | 9,189 | 9,020 | 3.9% | |||||||||
| PromptCare (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | L + 6.00% | 9.14% | 9/1/2027 | 3,400 | 874 | 793 | 0.3% | |||||||||
| Sandlot Buyer, LLC (Prime Time Healthcare) | (4) | First Lien Term Loan | S + 6.00% | 9.99% | 9/19/2028 | 20,000 | 19,403 | 19,402 | 8.3% | |||||||||
| Soliant Health | (4) | First Lien Term Loan | L + 4.00% | 7.14% | 3/31/2028 | 7,270 | 7,256 | 7,318 | 3.1% | |||||||||
| Southern Veterinary Partners | (4) (7) | First Lien Term Loan | S + 5.50% | 8.54% | 10/5/2027 | 8,978 | 8,802 | 8,781 | 3.7% | |||||||||
| Total Health Care Providers & Services | 57,977 | 57,398 | 24.5% | |||||||||||||||
| Household Durables | ||||||||||||||||||
| All My Sons | (4) | First Lien Term Loan | L + 4.75% | 8.98% | 10/25/2028 | 5,931 | 5,878 | 5,837 | 2.4% | |||||||||
| Petmate | (4) (7) | First Lien Term Loan | L + 5.50% | 9.25% | 9/15/2028 | 12,916 | 12,800 | 12,093 | 5.2% | |||||||||
| Total Household Durables | 18,678 | 17,930 | 7.6% | |||||||||||||||
| Insurance | ||||||||||||||||||
| Patriot Growth Insurance Service (Delayed Draw) (Incremental) | (4) (6) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 10/14/2028 | 9,000 | (87) | (84) | 0.0% | |||||||||
| Risk Strategies (Delayed Draw) | (4) (7) | First Lien Term Loan | S + 5.50% | 9.09% | 11/1/2026 | 2,025 | 2,025 | 1,978 | 0.8% | |||||||||
| Risk Strategies (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 5.50% | 9.09% | 11/1/2026 | 9,375 | 96 | (32) | 0.0% | |||||||||
| Total Insurance | 2,034 | 1,862 | 0.8% | |||||||||||||||
| Internet and Direct Marketing Retain | ||||||||||||||||||
| Xpressmyself.com LLC (a/k/a SmartSign) | (4) | First Lien Term Loan | S + 5.00% | 8.59% | 9/7/2028 | 7,400 | 7,327 | 7,328 | 3.1% | |||||||||
| Total Internet and Direct Marketing Retain | 7,327 | 7,328 | 3.1% | |||||||||||||||
| IT Services | ||||||||||||||||||
| Evergreen Services Group | (4) (7) | First Lien Term Loan | S + 6.00% | 9.59% | 6/15/2029 | 9,209 | 9,030 | 9,006 | 3.8% | |||||||||
| Evergreen Services Group (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 6.00% | 9.59% | 6/15/2029 | 2,191 | (21) | (48) | 0.0% | |||||||||
| Total IT Services | 9,009 | 8,958 | 3.8% | |||||||||||||||
| Leisure Products | ||||||||||||||||||
| TouchTunes Interactive | (4) | First Lien Term Loan | S + 5.75% | 9.34% | 4/2/2029 | 7,651 | 7,577 | 7,370 | 3.2% | |||||||||
| Total Leisure Products | 7,577 | 7,370 | 3.2% | |||||||||||||||
| Machinery | ||||||||||||||||||
| Hyperion | First Lien Term Loan | L + 4.50% | 8.25% | 8/28/2028 | 4,304 | 4,287 | 4,046 | 1.7% | ||||||||||
| Total Machinery | 4,287 | 4,046 | 1.7% | |||||||||||||||
| Pharmaceuticals | ||||||||||||||||||
| Wellspring Pharmaceutical | (4) | First Lien Term Loan | S + 5.75% | 8.79% | 8/22/2028 | 3,421 | 3,353 | 3,354 | 1.4% | |||||||||
| Wellspring Pharmaceutical (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 5.75% | 8.79% | 8/22/2028 | 1,579 | (12) | (31) | 0.0% | |||||||||
| Total Pharmaceuticals | 3,341 | 3,323 | 1.4% | |||||||||||||||
| Professional Services | ||||||||||||||||||
| AG Group Holdings, Inc. | (4) | First Lien Term Loan | S + 4.00% | 7.04% | 12/29/2028 | 10,482 | 10,458 | 10,244 | 4.4% | |||||||||
| LSCS Holdings Inc. | (4) | First Lien Term Loan | L + 4.50% | 8.25% | 12/16/2028 | 11,225 | 11,173 | 10,804 | 4.6% | |||||||||
| Total Professional Services | 21,631 | 21,048 | 9.0% | |||||||||||||||
| Software | ||||||||||||||||||
| Businessolver | (4) (7) | First Lien Term Loan | L + 5.50% | 9.73% | 12/1/2027 | 8,937 | 8,857 | 8,698 | 3.7% | |||||||||
| Businessolver (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 12/1/2027 | 2,418 | (10) | (64) | 0.0% | |||||||||
| Revalize (Delayed Draw) | (4) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 4/15/2027 | 1,293 | 1,282 | 1,219 | 0.5% | |||||||||
| Revalize (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 4/15/2027 | 1,872 | (8) | (106) | 0.0% | |||||||||
| Revalize (Delayed Draw) | (4) (7) | First Lien Term Loan | L + 5.75% | 9.50% | 4/15/2027 | 5,050 | 5,035 | 4,763 | 2.0% | |||||||||
| Total Software | 15,156 | 14,510 | 6.2% | |||||||||||||||
| Total Debt Investments | 259,808 | 253,972 | 108.4% | |||||||||||||||
| Total Investments | $ 259,808 | $ 253,972 | 108.4% | |||||||||||||||
(1) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities. | ||||||||||||||||||
(2) Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States. | ||||||||||||||||||
(3) All of the investments bear interest at rates that may be determined by reference to London Interbank Offered Rate (“LIBOR” or "L"), as well as Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over LIBOR and SOFR and the current contractual interest rate in effect at September 30, 2022. As of September 30, 2022, the effective rates for the 1M L and 3M L are 3.14%, and 3.75%, respectively. As of September 30, 2022, the effective rates for 1M S, 3M S and 6M S are 3.04%, 3.59% and 3.99%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2022. Certain investments are subject to a LIBOR floor. For fixed rate loans, a spread above a reference rate is not applicable. | ||||||||||||||||||
(4) Investment valued using unobservable inputs (Level 3). | ||||||||||||||||||
(5) Percentage is based on net assets of $234,295 as of September 30, 2022 | ||||||||||||||||||
(6) Position is an unfunded loan commitment, and no interest is being earned. The investment may be subject to an unused/letter of credit facility fee. | ||||||||||||||||||
(7) Investment is a unitranche position. | ||||||||||||||||||
| (8) This portfolio company is not domiciled in the United States. The principal place of business for Phaidon International is the United Kingdom. | ||||||||||||||||||
