* 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 |
---|---|---|---|---|
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 648,981 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 849,678 | Services: Consumer | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
Infucare Rx Inc | 2,712,408 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,105,937 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
Prosci, Inc. | 4,733,333 | High Tech Industries | First Lien Debt | S + 4.25% |
Chroma Color Corporation | 6,127,348 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
Olympic Buyer, Inc. (Ascensus) | 8,323,274 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.25% |
Chroma Color Corporation | 1,352,420 | Chemicals, Plastics & Rubber | First Lien Debt (Delayed Draw) | S + 4.25% |
Emburse, Inc. | (31) | High Tech Industries | Revolving Loan | S + 4.25% |
Emburse, Inc. | (29) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.25% |
Emburse, Inc. | 72,821 | High Tech Industries | First Lien Debt | S + 4.25% |
WSB Engineering Holdings Inc. | 6,357,793 | Construction & Building | First Lien Debt | S + 4.50% |
HMN Acquirer Corp. | (37,597) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
good2grow LLC | 8,698,585 | Containers, Packaging & Glass | First Lien Debt | S + 4.50% |
Big Apple Advisory, LLC | 8,956,817 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
HMN Acquirer Corp. | 6,462,873 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
Clean Solutions Buyer, Inc. | 974,251 | Capital Equipment | First Lien Debt | S + 4.50% |
Ascend Partner Services LLC | 9,040,455 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
BCM One, Inc. | 1,798,736 | Telecommunications | First Lien Debt (Delayed Draw) | S + 4.50% |
Big Apple Advisory, LLC | 11,624 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
BCM One, Inc. | 5,680,692 | Telecommunications | First Lien Debt | S + 4.50% |
Boulder Scientific Company, LLC | 1,963,336 | Chemicals, Plastics & Rubber | First Lien Debt | S + 4.50% |
WSB Engineering Holdings Inc. | 3,740,151 | Construction & Building | First Lien Debt (Delayed Draw) | S + 4.50% |
Ascend Partner Services LLC | 7,340,753 | Banking, Finance, Insurance & Real Estate | First Lien Debt | S + 4.50% |
FoodScience, LLC | 5,793,665 | Beverage, Food & Tobacco | First Lien Debt | S + 4.50% |
Midwest Eye Services, LLC | 8,805,082 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
Watermill Express, LLC | - | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
FoodScience, LLC | 1,741,730 | Beverage, Food & Tobacco | First Lien Debt (Delayed Draw) | S + 4.50% |
Big Apple Advisory, LLC | 4,697 | Banking, Finance, Insurance & Real Estate | Revolving Loan | S + 4.50% |
Hyperion Materials & Technologies, Inc. | 2,526,911 | Capital Equipment | First Lien Debt | S + 4.50% |
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.