* 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
213
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| GHR Healthcare, LLC | (89,520) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| GHR Healthcare, LLC | (29,827) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| GHR Healthcare, LLC | 7,619,888 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Lavie Group, Inc. | (6,775) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Genesee Scientific LLC | 1,370,903 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Genesee Scientific LLC | 5,236,087 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| FH DMI Buyer, Inc. | 1,960,071 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| FH DMI Buyer, Inc. | 477,798 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 997,620 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| ACP Maverick Holdings, Inc.Ê | (32,852) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| ACP Maverick Holdings, Inc.Ê | 16,134,724 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| GHR Healthcare, LLC | 3,542,938 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| HMN Acquirer Corp. | (36,626) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 477,609 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 14.25% (PIK) |
| Lavie Group, Inc. | 2,722,596 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 1,414,598 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| REP HS Holdings, LLC (HemaSource) | 782,989 | Healthcare & Pharmaceuticals | Equity Investments | |
| Real Chemistry Intermediate III, Inc. | (1,602) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,791,996 | Healthcare & Pharmaceuticals | Subordinated Debt | 14.25% (PIK) |
| Bluebird PM Buyer, Inc. | 8,435,426 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Bluebird PM Buyer, Inc. | 3,034 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Anne Arundel Dermatology Management, LLC | 1,704,973 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investments | |
| Promptcare Infusion Buyer, Inc. | 8,043,413 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| RCP Nats Co-Investment Fund LP | 1,194,281 | Healthcare & Pharmaceuticals | Equity Investments | |
| Real Chemistry Intermediate III, Inc. | 7,390,802 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| MDC Group Holdings, LP (Mosaic Dental) | 45,657 | Healthcare & Pharmaceuticals | Equity Investments | |
| Midwest Eye Services, LLC | 8,807,483 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| QHR Health, LLC | 3,183,175 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Promptcare Infusion Buyer, Inc. | 1,253,006 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
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 September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.13%, 3.98%, 3.85%, and 3.66% 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.