* 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 |
|---|---|---|---|---|
| Genesee Scientific LLC | 1,361,225 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| HMN Acquirer Corp. | (37,597) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMA Equity, LP (Health Management Associates) | 429,097 | Healthcare & Pharmaceuticals | Equity Investments | |
| GHR Healthcare, LLC | 3,538,646 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Bridges Consumer Healthcare Intermediate LLC | (103,672) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Heartland Veterinary Partners LLC | 3,731,790 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| GHR Healthcare, LLC | 1,873,997 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Coding Solutions Acquisition, Inc. | (5,172) | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 1,233,053 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 7,915,455 | Healthcare & Pharmaceuticals | First Lien Debt | 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% |
| QHR Health, LLC | 3,198,720 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Promptcare Infusion Buyer, Inc. | 1,365,460 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Health Management Associates, Inc. | 1,064,782 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Tidi Legacy Products, Inc. | 15,442,762 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| YI, LLC (Young Innovations) | 15957815.1 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| TBRS, Inc. | 7,888,024 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| TBRS, Inc. | 56,971 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| TBRS, Inc. | 811,919 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Swoop Intermediate III, Inc. | 6,951,448 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Swoop Intermediate III, Inc. | (7,584) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 1,237,200 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| Anne Arundel Dermatology Management, LLC | 1,199,241 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investments | |
| REP HS Holdings, LLC (HemaSource) | 762,217 | Healthcare & Pharmaceuticals | Equity Investments | |
| Smile Brands Inc. | 9,752,639 | Healthcare & Pharmaceuticals | Subordinated Debt | 6.40% (Cash) 6.50%(PIK) |
| Real Chemistry Intermediate III, Inc. | 7,365,877 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | (7,598) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 1,090,132 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
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.