* 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 |
---|---|---|---|---|
KENG Acquisition, Inc. (Enagage PEO) | (9,022) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
DMC Holdco, LLC (DMC Power) | 8,856 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
Bluebird PM Buyer, Inc. | (8,769) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
Real Chemistry Intermediate III, Inc. | (7,598) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
Swoop Intermediate III, Inc. | (7,584) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
Lavie Group, Inc. | (7,144) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,799 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
Buckeye Group Holdings, L.P. (JEGS Automotive) | 6,620 | Automotive | Equity Investments | |
Coding Solutions Acquisition, Inc. | (5,950) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
Coding Solutions Acquisition, Inc. | (5,172) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 5,005 | Utilities: Electric | Revolving Loan | S + 5.00% |
AmerCareRoyal, LLC | (4,795) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.00% |
Big Apple Advisory, LLC | 4,697 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
ADPD Holdings LLC (NearU) | (4,632) | Services: Consumer | First Lien Debt (Delayed Draw) | S + 6.00% |
Mobile Communications America, Inc. | (3,969) | Telecommunications | First Lien Debt (Delayed Draw) | S + 5.00% |
Low Voltage Holdings Inc. | (2,334) | Utilities: Electric | First Lien Debt (Delayed Draw) | 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. | (1,117) | Utilities: Electric | Revolving Loan | S + 4.75% |
Nellson Nutraceutical, LLC | (676) | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 5.75% |
Vensure Employer Services, Inc. | (474) | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.75% |
Thompson Safety LLC | (450) | Services: Business | First Lien Debt (Delayed Draw) | S + 5.00% |
Columbia Home Services LLC | (437) | Services: Consumer | Subordinated Debt (Delayed Draw) | 12.00% |
Apex Service Partners, LLC | (285) | Services: Consumer | Revolving Loan | S + 5.00% |
MEI Buyer LLC | 210 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
RailPros Parent, LLC | (203) | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
Rose Paving, LLC | 182 | Construction & Building | Subordinated Debt (Delayed Draw) | 12.00% |
Phoenix Topco Holdings LP (S&S Truck Parts) | 137 | Automotive | Equity Investments | |
RailPros Parent, LLC | (102) | Services: Business | Revolving Loan | S + 4.50% |
Thompson Safety LLC | (45) | Services: Business | Revolving Loan | S + 5.00% |
Emburse, Inc. | (31) | High Tech Industries | Revolving Loan | S + 4.25% |
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.