* 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 |
---|---|---|---|---|
Exterro, Inc. | 9,529,442 | High Tech Industries | First Lien Debt | S + 5.50% |
KENG Acquisition, Inc. (Enagage PEO) | 9,441,773 | Services: Business | First Lien Debt | S + 5.00% |
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 9,392,126 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,339,922 | Capital Equipment | First Lien Debt | S + 5.25% |
Erie Construction Mid-West, LLC (Erie Construction) | 9,329,442 | Construction & Building | First Lien Debt | S + 4.75% |
ADPD Holdings LLC (NearU) | 9,300,214 | Services: Consumer | First Lien Debt | S + 6.00% |
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 9,261,190 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.75% |
Sandlot Buyer, LLC (Prime Time Healthcare) | 9,254,704 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
Java Buyer, Inc. (Sciens Building Solutions, LLC) | 9,134,374 | Construction & Building | First Lien Debt | S + 5.00% |
FSK Pallet Holding Corp. (Kamps Pallets) | 9,127,138 | Transportation: Cargo | First Lien Debt | S + 6.00% |
Ascend Partner Services LLC | 9,040,455 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
Big Apple Advisory, LLC | 8,956,817 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
Gabriel Partners, LLC | 8,866,155 | Services: Business | First Lien Debt | 6.28% (Cash) 4.45% (PIK) |
BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | 8,853,976 | Beverage, Food & Tobacco | Subordinated Debt | S + 7.25% |
Midwest Eye Services, LLC | 8,805,082 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
NFM & J, L.P. (The Facilities Group) | 8,725,892 | Environmental Industries | First Lien Debt | S + 5.75% |
good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
Cohen Advisory, LLC | 8,578,715 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
Heartland Paving Partners, LLC | 8,431,429 | Construction & Building | First Lien Debt | S + 4.75% |
Orion Group FM Holdings, LLC (Leo Facilities) | 8,429,008 | Environmental Industries | First Lien Debt | S + 5.50% |
Bluebird PM Buyer, Inc. | 8,370,277 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
Olympic Buyer, Inc. (Ascensus) | 8,323,274 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
Health Management Associates, Inc. | 8,207,072 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
Victors CCC Buyer LLC (CrossCountry Consulting) | 8,049,793 | Services: Business | First Lien Debt | S + 4.75% |
Promptcare Infusion Buyer, Inc. | 7,915,455 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
Ovation Holdings, Inc | 7,905,732 | Capital Equipment | First Lien Debt | S + 5.00% |
TBRS, Inc. | 7,888,024 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
USA Water Intermediate Holdings, LLC | 7,797,975 | Utilities: Water | First Lien Debt | S + 4.75% |
Smart Wave Technologies, Inc. | 7,763,507 | High Tech Industries | First Lien Debt | S + 6.00% |
Sandlot Buyer, LLC (Prime Time Healthcare) | 7,750,905 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
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.