* 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.
$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
207
Portfolio companies
0.5%
Average position size
$73M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| ACP Maverick Holdings, Inc. | (34,966) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Eyesouth Eye Care Holdco LLC | 7,236,641 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,105,937 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Affinity Hospice Intermediate Holdings, LLC | 6,321,282 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Coding Solutions Acquisition, Inc. | (5,172) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| HMA Equity, LP (Health Management Associates) | 429,097 | Healthcare & Pharmaceuticals | Equity Investments | |
| Tidi Legacy Products, Inc. | 15,442,762 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| TBRS, Inc. | 811,919 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Promptcare Infusion Buyer, Inc. | 7,915,455 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,365,460 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| QHR Health, LLC | 7,561,624 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| QHR Health, LLC | 3,198,720 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Real Chemistry Intermediate III, Inc. | (14,037) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| RCP Nats Co-Investment Fund LP | 999,974 | Healthcare & Pharmaceuticals | Equity Investments | |
| QHR Health, LLC | 3,198,720 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| MDC Group Holdings, LP (Mosaic Dental) | 99,620 | Healthcare & Pharmaceuticals | Equity Investments | |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,816,961 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| Swoop Intermediate III, Inc. | 6,951,448 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investments | |
| TBRS, Inc. | 56,971 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| Swoop Intermediate III, Inc. | (7,584) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Swoop Intermediate III, Inc. | (21,039) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 484,262 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
| Smile Brands Inc. | 9,752,639 | Healthcare & Pharmaceuticals | Subordinated Debt | 6.40% (Cash) 6.50%(PIK) |
| Midwest Eye Services, LLC | 8,805,082 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | (7,598) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Promptcare Infusion Buyer, Inc. | 1,233,053 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Lavie Group, Inc. | 2,728,059 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Real Chemistry Intermediate III, Inc. | 7,365,877 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Lavie Group, Inc. | (7,144) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
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.