* 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 December 31, 2024
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
Kenco PPC Buyer LLC | 22,073,191 | Transportation: Cargo | First Lien Term Loan | S + 4.25% |
Armstrong Transport Group, LLC | 7,450,303 | Transportation: Cargo | Subordinated Debt | 7.00% (Cash) 7.00% (PIK) |
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,463,640 | Transportation: Consumer | First Lien Term Loan | S + 5.50% |
American Student Transportation Partners, Inc. | 2,211,870 | Transportation: Consumer | Subordinated Debt | 10.00% (Cash) 3.00% (PIK) |
ASTP Holdings CO-Investment LP (American Student Transportation Partners) | 162,410 | Transportation: Consumer | Equity Investment | |
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | -27,663 | Transportation: Consumer | First Lien Term Loan (Delayed Draw) | S + 5.50% |
DMC Holdco, LLC (DMC Power) | 4,978,664 | Utilities: Electric | First Lien Term Loan | S + 5.75% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 7,060 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 5.00% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,488,135 | Utilities: Electric | First Lien Term Loan | S + 5.00% |
Pinnacle Supply Partners, LLC | 1,325,470 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 6.25% |
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 871,508 | Utilities: Electric | Revolving Loan | S + 5.00% |
DMC Holdco, LLC (DMC Power) | 9,691 | Utilities: Electric | First Lien Term Loan (Delayed Draw) | S + 5.75% |
Pinnacle Supply Partners, LLC | 6,167,891 | Utilities: Electric | First Lien Term Loan | S + 6.25% |
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | 212,562 | Utilities: Electric | Equity Investment | |
USA Water Intermediate Holdings, LLC | 7,837,458 | Utilities: Water | First Lien Term Loan | S + 4.75% |
USA Water Intermediate Holdings, LLC | 333,255 | Utilities: Water | First Lien Term Loan (Delayed Draw) | S + 4.75% |
USAW Parent LLC (USA Water) | 566,069 | Utilities: Water | Equity Investment | |
TPC Wire & Cable Corp. | 1,714,176 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
TPC Wire & Cable Corp. | 920,368 | Wholesale | Subordinated Debt (Delayed Draw) | 11.00% (Cash) 1.50% (PIK) |
TPC Wire & Cable Corp. | 2,248,880 | Wholesale | Subordinated Debt | 11.00% (Cash) 1.50% (PIK) |
ISG Enterprises, LLC (Industrial Service Group) | 6,344,119 | Wholesale | First Lien Term Loan | S + 5.75% |
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 2,375 | Wholesale | First Lien Term Loan (Delayed Draw) | S + 6.50% |
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 7,890,196 | Wholesale | First Lien Term Loan | S + 6.50% |
Micronics Filtration Holdings, Inc. | 2,412,760 | Wholesale | Subordinated Debt | S + 5.50% |
ISG Enterprises, LLC (Industrial Service Group) | 3,303,183 | Wholesale | First Lien Term Loan (Delayed Draw) | S + 5.75% |
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 December 31, 2024. As of December 31, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.33%, 4.31%, 4.25%, and 4.18% 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.