* 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.
$2.1B
Investment portfolio at fair value1
91%
First-lien term loans2
210
Portfolio companies
0.5%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
First Lien Credit Facility
2022
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| YI, LLC (Young Innovations) | 16,132,345 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| YI, LLC (Young Innovations) | (44,828) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| HMN Acquirer Corp. | (23,286) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Wellspring Pharmaceutical Corporation | 1,228,449 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,548,642 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 7,282,992 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 3,330,709 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,549,075 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| REP HS Holdings, LLC (HemaSource) | 800,299 | Healthcare & Pharmaceuticals | Equity Investment | |
| SM Wellness Holdings, Inc. (Solis Mammography) | 12,891,154 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,015,240 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| Lavie Group, Inc. | 2,734,245 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| MDC Group Holdings, LP (Mosaic Dental) | 145,701 | Healthcare & Pharmaceuticals | Equity Investment | |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | (20,140) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Infucare Rx Inc | 4,250,272 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| HMN Acquirer Corp. | 6,517,940 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Impact Advisors, LLC | (70,776) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Impact Advisors, LLC | 12,729,746 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,715,220 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| Lavie Group, Inc. | (7,317) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| QHR Health, LLC | 3,206,880 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| QHR Health, LLC | 3,206,880 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 457,146 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 10.00% (Cash) 2.25% (PIK) |
| QHR Health, LLC | 7,581,316 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| RCP Nats Co-Investment Fund LP | 1,000,000 | Healthcare & Pharmaceuticals | Equity Investment | |
| Promptcare Infusion Buyer, Inc. | 8,098,860 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,426,566 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Midwest Eye Services, LLC | 8,835,600 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Impact Parent Corporation (Impact Environmental Group) | 6,729,942 | Environmental Industries | 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 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.