* 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 March 31, 2025
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
PT Intermediate Holdings III, LLC | (4,397) | Capital Equipment | First Lien Debt (Delayed Draw) | 7.55% (Cash) 1.75% (PIK) |
Palmetto Acquisitionco, Inc. (Tech24) | 12,844,010 | Beverage, Food & Tobacco | First Lien Debt | S + 5.75% |
Palmetto Acquisitionco, Inc. (Tech24) | 2,986,985 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
Patriot Growth Insurance Services, LLC | 7,082,320 | Banking, Finance, Insurance, Real Estate | First Lien Debt (Delayed Draw) | S + 5.00% |
Pegasus Aggregator Holdings LP (S&S Truck Parts) | 657,833 | Automotive | Equity Investment | |
Perennial Services Group, LLC | 6,714,824 | Services: Consumer | First Lien Debt | S + 5.50% |
Perennial Services Group, LLC | 6,009,272 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
Perennial Services Investors LLC (Perennial Services Group) | 1,029,861 | Services: Consumer | Equity Investment | |
Phoenix Topco Holdings LP (S&S Truck Parts) | 1,092,465 | Automotive | Equity Investment | |
Phoenix Topco Holdings LP (S&S Truck Parts) | 166 | Automotive | Equity Investment | |
Pinnacle Supply Partners, LLC | 1,928,059 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
Pinnacle Supply Partners, LLC | 6,154,737 | Utilities: Electric | First Lien Debt | S + 6.25% |
Promptcare Infusion Buyer, Inc. | 1,261,603 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
Promptcare Infusion Buyer, Inc. | 8,098,860 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
Promptcare Infusion Buyer, Inc. | 1,426,566 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Debt | S + 4.50% |
QHR Health, LLC | 3,206,880 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
QHR Health, LLC | 3,206,880 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
QHR Health, LLC | 7,581,316 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
Quartz Holding Company (Quickbase) | 6,799,595 | High Tech Industries | First Lien Debt | S + 3.50% |
R1 Holdings, LLC (RoadOne) | 4,863,857 | Transportation: Cargo | Subordinated Debt | 8.75% (Cash) 5.00% (PIK) |
RA Parent Holdings LP (S&S Truck Parts) | 95,940 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
RA Parent Holdings LP (S&S Truck Parts) | 1,683,007 | Automotive | First Lien Debt (Delayed Draw) | S + 4.75% |
RA Parent Holdings LP (S&S Truck Parts) | 6,691,585 | Automotive | First Lien Debt | S + 4.75% |
RA Parent Holdings LP (S&S Truck Parts) | 1,130,927 | Automotive | First Lien Debt | S + 4.75% |
RA Parent Holdings LP (S&S Truck Parts) | 19,749,203 | Automotive | First Lien Debt | S + 4.75% |
RCP Nats Co-Investment Fund LP | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investment | |
REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
REP HS Holdings, LLC (HemaSource) | 800,299 | Healthcare & Pharmaceuticals | Equity Investment | |
REP RO Coinvest IV-A, LP (RoadOne) | 760,247 | Transportation: Cargo | Equity Investment |
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 March 31, 2025. As of March 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.19%, and 4.01% respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.