* 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 |
---|---|---|---|---|
AmerCareRoyal, LLC | (4,795) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 5,005 | Utilities: Electric | Revolving Loan | S + 5.00% |
Coding Solutions Acquisition, Inc. | (5,172) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
Coding Solutions Acquisition, Inc. | (5,950) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
Buckeye Group Holdings, L.P. (JEGS Automotive) | 6,620 | Automotive | Equity Investments | |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,799 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
Lavie Group, Inc. | (7,144) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
Swoop Intermediate III, Inc. | (7,584) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
Real Chemistry Intermediate III, Inc. | (7,598) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
Bluebird PM Buyer, Inc. | (8,769) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
DMC Holdco, LLC (DMC Power) | 8,856 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
KENG Acquisition, Inc. (Enagage PEO) | (9,022) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
Big Apple Advisory, LLC | 11,624 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
Orion Group FM Holdings, LLC (Leo Facilities) | 12,102 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.50% |
Real Chemistry Intermediate III, Inc. | (14,037) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
Oliver Investors, LP (Oliver Packaging) | 14,884 | Containers, Packaging & Glass | Equity Investments | |
Gannett Fleming, Inc. | (15,346) | Construction & Building | Revolving Loan | S + 4.75% |
Legacy Parent Holdings, LLC (Legacy Service Partners) | 15,734 | Services: Consumer | Equity Investments | |
Vessco Midco Holdings, LLC | (15,878) | Capital Equipment | Revolving Loan | S + 4.75% |
High Bar Brands Operating, LLC | (17,774) | Automotive | Subordinated Debt (Delayed Draw) | 13.00% |
SCIC Buyer, Inc. | (18,034) | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
Ridge Trail US Bidco, Inc. (Options IT) | 20,535 | High Tech Industries | Revolving Loan | S + 4.50% |
Swoop Intermediate III, Inc. | (21,039) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
All4 Buyer, LLC | (23,132) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (26,447) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
GHR Healthcare, LLC | (32,136) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
ACP Maverick Holdings, Inc. | (34,966) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
Davidson Hotel Company LLC | 37,369 | Hotel, Gaming & Leisure | First Lien Debt (Delayed Draw) | S + 5.00% |
HMN Acquirer Corp. | (37,597) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
Kenco PPC Buyer LLC | (38,645) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.75% |
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.