* 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 June 30, 2025
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
Armstrong Transport Group, LLC | 7,710,876 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
Armstrong Midco, LLC (Armstrong Transport Group) | 1,177,379 | Transportation: Cargo | Subordinated Debt | 17.00% (PIK) |
Archer Acquisition, LLC (ARMstrong) | 11,176,157 | Services: Business | First Lien Debt | S + 5.00% |
Archer Acquisition, LLC (ARMstrong) | 385,869 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
Apex Service Partners, LLC | 153,196 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
Apex Service Partners, LLC | 153,744 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
Apex Service Partners, LLC | (285) | Services: Consumer | Revolving Loan | S + 5.00% |
Apex Service Partners, LLC | 626,854 | Services: Consumer | First Lien Debt | S + 5.00% |
Anne Arundel Dermatology Management, LLC | 1,237,200 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Anne Arundel Dermatology Management, LLC | 546,086 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
Anne Arundel Dermatology Management, LLC | 1,199,241 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
Anne Arundel Dermatology Management, LLC | 1,090,132 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
American Student Transportation Partners, Inc. | 2,251,935 | Transportation: Consumer | Subordinated Debt | 13.50% |
AmerCareRoyal, LLC | 695,624 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
AmerCareRoyal, LLC | (4,795) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
AmerCareRoyal, LLC | 110,785 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
Alta Buyer, LLC (GoEngineer) | 11,395,213 | High Tech Industries | First Lien Debt | S + 5.00% |
Alta Buyer, LLC (GoEngineer) | 3,103,723 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
Alta Buyer, LLC (GoEngineer) | 5,310,931 | High Tech Industries | First Lien Debt | S + 5.00% |
All4 Buyer, LLC | 2,826,853 | Services: Business | First Lien Debt | S + 4.50% |
All4 Buyer, LLC | (23,132) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
Affinity Hospice Intermediate Holdings, LLC | 6,321,282 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 128,460 | Transportation: Consumer | Equity Investments | |
AMS Parent, LLC (All My Sons) | 5,156,688 | Services: Consumer | First Lien Debt | S + 4.75% |
ALKU Intermediate Holdings, LLC | 4,433,119 | Services: Business | First Lien Debt | S + 6.25% |
ADPD Holdings LLC (NearU) | 9,300,214 | Services: Consumer | First Lien Debt | S + 6.00% |
ADPD Holdings LLC (NearU) | (4,632) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 6.00% |
ADPD Holdings LLC (NearU) | (65,742) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 6.00% |
ACP Tara Holdings, Inc. | 12,410,575 | Consumer Goods: Non-durable | First Lien Debt | S + 4.50% |
ACP Tara Holdings, Inc. | 1,046,632 | Consumer Goods: Non-durable | First Lien Debt | S + 5.75% |
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, 2025. As of June 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.15%, and 3.88% 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.