* 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 |
---|---|---|---|---|
National Renovations LLC (Repipe Specialists) | 196,277 | Services: Consumer | Subordinated Debt (Delayed Draw) | 1.00% (Cash) 10.00% (PIK) |
Rose Paving, LLC | (1,995) | Construction & Building | Subordinated Debt (Delayed Draw) | N/A 0.00% |
MDC Intermediate Holdings II, LLC (Mosaic Dental) | 457,146 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
Heartland Veterinary Partners LLC | 10,176,414 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
Heartland Veterinary Partners LLC | 3,694,344 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | 641,357 | Services: Consumer | Subordinated Debt (Delayed Draw) | 9.00% (Cash) 4.00% (PIK) |
Athlete Buyer, LLC (Allstar Holdings) | (84,097) | Services: Consumer | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
North Haven Fairway Buyer, LLC (Fairway Lawns) | (64,000) | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
High Bar Brands Operating, LLC | (7,396) | Automotive | Subordinated Debt (Delayed Draw) | N/A 0.00% |
North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,323,850 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
TPC Wire & Cable Corp. | 1,712,208 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
Athlete Buyer, LLC (Allstar Holdings) | 4,264,073 | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
Solve Industrial Motion Group LLC | 2,063,398 | High Tech Industries | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
TPC Wire & Cable Corp. | 919,311 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
North Haven Fairway Buyer, LLC (Fairway Lawns) | 4,603,498 | Services: Consumer | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 3.50% (PIK) |
Athlete Buyer, LLC (Allstar Holdings) | 5,410,580 | Construction & Building | Subordinated Debt (Delayed Draw) | 14.00% (PIK) |
Athlete Buyer, LLC (Allstar Holdings) | 2,240,222 | Construction & Building | Subordinated Debt | 14.00% (PIK) |
CDL Marketing Group, LLC (Career Now) | 2,518,122 | Services: Business | Subordinated Debt | 13.00% (PIK) |
Ultima Health Holdings, Inc. | 1,767,108 | Consumer Goods: Non-durable | Subordinated Debt | N/A 0.00% |
National Renovations LLC (Repipe Specialists) | 615,264 | Services: Consumer | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
National Renovations LLC (Repipe Specialists) | 2,271,088 | Services: Consumer | Subordinated Debt | 1.00% (Cash) 10.00% (PIK) |
Oliver Packaging, LLC | 463,117 | Containers, Packaging & Glass | Subordinated Debt | 13.00% (PIK) |
Rose Paving, LLC | 2,905,867 | Construction & Building | Subordinated Debt | N/A 0.00% |
Momentum Textiles, LLC | 4,912,637 | Consumer Goods: Durable | Subordinated Debt | 8.00% (Cash) 5.50% (PIK) |
Anne Arundel Dermatology Management, LLC | 899,431 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
Esquire Deposition Solutions, LLC | 1,844,320 | Services: Business | Subordinated Debt | 14.00% (PIK) |
Smile Brands Inc. | 9,390,191 | Healthcare & Pharmaceuticals | Subordinated Debt | S + 8.50% |
Solve Industrial Motion Group LLC | 1,801,480 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
Solve Industrial Motion Group LLC | 785,735 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
Caldwell & Gregory LLC | 1,081,834 | Services: Business | Subordinated Debt | 13.55% (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 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.