* 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 March 31, 2025
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
Victors CCC Buyer LLC (CrossCountry Consulting) | 836,079 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
TSS Buyer, LLC (Technical Safety Services) | 6,685,938 | Services: Business | First Lien Debt | S + 5.50% |
Trilon Group, LLC | 1,883,252 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
TSS Buyer, LLC (Technical Safety Services) | 5,147,191 | Services: Business | First Lien Debt (Delayed Draw) | S + 5.50% |
TSS Buyer, LLC (Technical Safety Services) | 1,866,116 | Services: Business | First Lien Debt | S + 5.50% |
Victors CCC Buyer LLC (CrossCountry Consulting) | 8,151,245 | Services: Business | First Lien Debt | S + 4.75% |
North Haven Spartan US Holdco LLC | 814,973 | Services: Consumer | First Lien Debt (Delayed Draw) | S + 5.75% |
One World Fitness PFF, LLC | 3,798,214 | Services: Consumer | First Lien Debt | 9.65% (Cash) 10.00% (PIK) |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 6,799 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 5.00% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,460,871 | Utilities: Electric | First Lien Debt | S + 5.00% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 1,006,075 | Utilities: Electric | Revolving Loan | S + 5.00% |
DMC Holdco, LLC (DMC Power) | 4,965,072 | Utilities: Electric | First Lien Debt | S + 4.75% |
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 207,807 | Utilities: Electric | Equity Investment | |
DMC Holdco, LLC (DMC Power) | 9,357 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 4.75% |
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (27,055) | Transportation: Consumer | First Lien Debt (Delayed Draw) | S + 5.50% |
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,439,389 | Transportation: Consumer | First Lien Debt | S + 5.50% |
SEKO Global Logistics Network, LLC | 425,583 | Transportation: Cargo | First Lien Debt | S + 8.00% |
REP RO Coinvest IV-A, LP (RoadOne) | 760,247 | Transportation: Cargo | Equity Investment | |
SEKO Global Logistics Network, LLC | 1,626,402 | Transportation: Cargo | First Lien Debt | S + 5.00% |
TI Acquisition NC, LLC | 2,744,229 | Transportation: Cargo | First Lien Debt | S + 4.75% |
ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 142,692 | Transportation: Consumer | Equity Investment | |
American Student Transportation Partners, Inc. | 2,213,984 | Transportation: Consumer | Subordinated Debt | N/A 0.00% |
Pinnacle Supply Partners, LLC | 6,154,737 | Utilities: Electric | First Lien Debt | S + 6.25% |
Pinnacle Supply Partners, LLC | 1,928,059 | Utilities: Electric | First Lien Debt (Delayed Draw) | S + 6.25% |
TPC Wire & Cable Corp. | 2,246,298 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
Micronics Filtration Holdings, Inc. | 2,450,000 | Wholesale | Subordinated Debt | S + 5.50% |
TPC Wire & Cable Corp. | 919,311 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
TPC Wire & Cable Corp. | 1,712,208 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
Revalize Inc. (f/k/a AQ Holdco Inc.) | 3,294,725 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.75% |
World Insurance Associates, LLC | 966,845 | Banking, Finance, Insurance, Real Estate | First Lien Debt | S + 5.00% |
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 March 31, 2025. As of March 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.32%, 4.29%, 4.19%, and 4.01% 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.