* 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 |
---|---|---|---|---|
NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
North Haven Terrapin IntermediateCo, LLC (Apex Companies) | 176,824 | Services: Business | Equity Investments | |
Oliver Investors, LP (Oliver Packaging) | 14,884 | Containers, Packaging & Glass | Equity Investments | |
Oliver Investors, LP (Oliver Packaging) | 387,127 | Containers, Packaging & Glass | Equity Investments | |
OSG Topco Holdings, LLC (Output Services Group, Inc.) | 788,290 | Services: Business | Equity Investments | |
New Spartech Holdings LLC | 400,135 | Chemicals, Plastics & Rubber | Equity Investments | |
New Spartech Holdings LLC | 1,195,340 | Chemicals, Plastics & Rubber | Equity Investments | |
KRIV Co-Invest Holdings, L.P. (Riveron) | 953,625 | Services: Business | Equity Investments | |
HMA Equity, LP (Health Management Associates) | 429,097 | Healthcare & Pharmaceuticals | Equity Investments | |
Legacy Parent Holdings, LLC (Legacy Service Partners) | 15,734 | Services: Consumer | Equity Investments | |
Legacy Parent Holdings, LLC (Legacy Service Partners) | 639,948 | Services: Consumer | Equity Investments | |
MDC Group Holdings, LP (Mosaic Dental) | 99,620 | Healthcare & Pharmaceuticals | Equity Investments | |
OSP Gannett Aggregator, LP (Gannett Fleming) | 1,291,813 | Construction & Building | Equity Investments | |
Pegasus Aggregator Holdings LP (S&S Truck Parts) | 621,280 | Automotive | Equity Investments | |
REP HS Holdings, LLC (HemaSource) | 762,217 | Healthcare & Pharmaceuticals | Equity Investments | |
REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investments | |
REP RO Coinvest IV-A, LP (RoadOne) | 829,701 | Transportation: Cargo | Equity Investments | |
Repipe Aggregator, LLC (Repipe Specialists) | 85,666 | Services: Consumer | Equity Investments | |
RPI Investments LP (Rose Paving) | 104,617 | Construction & Building | Equity Investments | |
Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 895,952 | Transportation: Cargo | Equity Investments | |
Red Griffin TopCo, LLC (Seko Global Logistics LLC) | 1,705,866 | Transportation: Cargo | Equity Investments | |
Perennial Services Investors LLC (Perennial Services Group) | 1,049,872 | Services: Consumer | Equity Investments | |
Phoenix Topco Holdings LP (S&S Truck Parts) | 1,133,728 | Automotive | Equity Investments | |
Phoenix Topco Holdings LP (S&S Truck Parts) | 137 | Automotive | Equity Investments | |
RCP Nats Co-Investment Fund LP | 999,974 | Healthcare & Pharmaceuticals | Equity Investments | |
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 226,826 | Utilities: Electric | Equity Investments | |
HBB Parent, LLC (High Bar Brands) | 305,121 | Automotive | Equity Investments | |
CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments | |
Buckeye Group Holdings, L.P. (JEGS Automotive) | - | Automotive | Equity Investments | |
CDL Marketing Group, LLC (Career Now) | - | Services: Business | Equity Investments |
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.