* 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 |
|---|---|---|---|---|
| FH DMI Buyer, Inc. | 1,960,071 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| HMN Acquirer Corp. | 6,449,254 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Eyesouth Eye Care Holdco LLC | 2,368,386 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 7,223,959 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Impact Advisors, LLC | 12,811,512 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Impact Advisors, LLC | 10,416 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMN Acquirer Corp. | (36,626) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMA Equity, LP (Health Management Associates) | 414,300 | Healthcare & Pharmaceuticals | Equity Investments | |
| Heartland Veterinary Partners LLC | 2,093,429 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 10,467,145 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Coding Solutions Acquisition, Inc. | (3,716) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| HemaSource, Inc. | 5,230,383 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% |
| Coding Solutions Acquisition, Inc. | 13,446,143 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| VMG Holdings LLC (VMG Health) | 1,123,587 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| MDC Group Holdings, LP (Mosaic Dental) | 45,657 | Healthcare & Pharmaceuticals | Equity Investments | |
| Smile Brands Inc. | 10,145,775 | Healthcare & Pharmaceuticals | Subordinated Debt | S + 8.50% |
| Wellspring Pharmaceutical Corporation | 3,108,947 | 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% |
| Promptcare Infusion Buyer, Inc. | 8,043,413 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Lavie Group, Inc. | (6,775) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 2,541,214 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 1,247,373 | Healthcare & Pharmaceuticals | Subordinated Debt | 4.71% (PIK) |
| QHR Health, LLC | 7,524,476 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Anne Arundel Dermatology Management, LLC | 552,686 | Healthcare & Pharmaceuticals | First Lien Debt | 13.25% (PIK) |
| Real Chemistry Intermediate III, Inc. | 7,390,802 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 1,704,973 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Real Chemistry Intermediate III, Inc. | (1,602) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,017,556 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| RCP Nats Co-Investment Fund LP | 1,194,281 | Healthcare & Pharmaceuticals | Equity Investments | |
| Bluebird PM Buyer, Inc. | 3,034 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
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 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.