* 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 |
---|---|---|---|---|
CHS Investors, LLC | 82,812 | Services: Consumer | Equity Investments | |
CMG HoldCo, LLC (Crete) | 854,347 | Capital Equipment | Equity Investments | |
Buckeye Group Holdings, L.P. (JEGS Automotive) | 6,620 | Automotive | Equity Investments | |
Buckeye Group Holdings, L.P. (JEGS Automotive) | 422,661 | Automotive | Equity Investments | |
Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | 2,580,032 | Beverage, Food & Tobacco | Equity Investments | |
ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 128,460 | Transportation: Consumer | Equity Investments | |
BayPine Monarch Co-Invest, LP | 100,409 | Services: Business | Equity Investments | |
BPC Kodiak LLC (Turbine Engine Specialists) | 2,007,872 | Aerospace & Defense | Equity Investments | |
BroadcastMed Holdco, LLC | 565,576 | Media: Diversified & Production | Equity Investments | |
CMP Ren Partners I-A LP (LMI Consulting, LLC) | 1,309,232 | Sovereign & Public Finance | Equity Investments | |
Concord FG Holdings, LP (E78) | 865,394 | Services: Business | Equity Investments | |
FS NU Investors, LP (NearU) | 173,282 | Services: Consumer | Equity Investments | |
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | 885,000 | Capital Equipment | Equity Investments | |
Geds Equity Investors, LP (Esquire Deposition Services) | 270,253 | Services: Business | Equity Investments | |
Oceansound Partners Co-Invest II, LP (Gannett Fleming) | 1,836,969 | Construction & Building | Equity Investments | |
GreyLion TGNL Holdings | 1,000,000 | Construction & Building | Equity Investments | |
Erie Construction, LLC (Erie Construction) | 911,335 | Construction & Building | Equity Investments | |
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 1,010,499 | Services: Consumer | Equity Investments | |
Conversion Holdings, L.P. (Specialized Packaging Group) | 176,640 | Containers, Packaging & Glass | Equity Investments | |
Covercraft Parent III, Inc. | - | Automotive | Equity Investments | |
EFC Holdings, LLC (EFC International) | 66,696 | Capital Equipment | Equity Investments | |
EFC Holdings, LLC (EFC International) | 178,790 | Capital Equipment | Equity Investments | |
Solve Group Holdings, L.P. (Solve Industrial) | 107,904 | High Tech Industries | Equity Investments | |
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | 5,552,856 | Capital Equipment | Equity Investments | |
VCP Tech24 Co-Invest Aggregator LP (Tech24) | 965,549 | Beverage, Food & Tobacco | Equity Investments | |
USAW Parent LLC (USA Water) | 646,419 | Utilities: Water | Equity Investments | |
WPP Fairway Aggregator B, L.P (Fresh Edge) | 474,815 | Beverage, Food & Tobacco | Equity Investments | |
WPP Fairway Aggregator B, L.P (Fresh Edge) | - | Beverage, Food & Tobacco | Equity Investments | |
Ultima Health Holdings, LLC | 254,105 | Consumer Goods: Non-durable | Equity Investments | |
Covercraft Parent III, Inc. | 4,001,035 | Automotive | Subordinated Debt | 10.00% (Cash) 0.75% (PIK) |
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.