* 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 |
---|---|---|---|---|
CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investments | |
REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investments | |
CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
Covercraft Parent III, Inc. | - | Automotive | Equity Investments | |
Element 78 Partners, LLC (E78) | - | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
Integrated Power Services Holdings, Inc. | - | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
Watermill Express, LLC | - | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
Online Labels Group, LLC | - | Containers, Packaging & Glass | First Lien Debt (Delayed Draw) | S + 5.25% |
360 Holdco, Inc. (360 Training) | - | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.00% |
WPP Fairway Aggregator B, L.P (Fresh Edge) | - | Beverage, Food & Tobacco | Equity Investments | |
Emburse, Inc. | (29) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.25% |
Emburse, Inc. | (31) | High Tech Industries | Revolving Loan | S + 4.25% |
Thompson Safety LLC | (45) | Services: Business | Revolving Loan | S + 5.00% |
RailPros Parent, LLC | (102) | Services: Business | Revolving Loan | S + 4.50% |
Phoenix Topco Holdings LP (S&S Truck Parts) | 137 | Automotive | Equity Investments | |
Rose Paving, LLC | 182 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
RailPros Parent, LLC | (203) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
MEI Buyer LLC | 210 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
Apex Service Partners, LLC | (285) | Services: Consumer | Revolving Loan | S + 5.00% |
Columbia Home Services LLC | (437) | Services: Consumer | Subordinated Debt (Delayed Draw) | 12.00% |
Thompson Safety LLC | (450) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
Vensure Employer Services, Inc. | (474) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
Nellson Nutraceutical, LLC | (676) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
Low Voltage Holdings Inc. | (1,117) | Utilities: Electric | Revolving Loan | S + 4.75% |
Ridge Trail US Bidco, Inc. (Options IT) | (2,173) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
Low Voltage Holdings Inc. | (2,334) | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
Mobile Communications America, Inc. | (3,969) | Telecommunications | First Lien Debt (Delayed Draw) | S + 5.00% |
ADPD Holdings LLC (NearU) | (4,632) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 6.00% |
Big Apple Advisory, LLC | 4,697 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
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.