* 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 |
|---|---|---|---|---|
| Affinity Hospice Intermediate Holdings, LLC | 6,655,442 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Anne Arundel Dermatology Management, LLC | 863,087 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| Anne Arundel Dermatology Management, LLC | 899,431 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| ACP Maverick Holdings, Inc. | 16,201,943 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| ACP Maverick Holdings, Inc. | (35,932) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,506,966 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 15,946,447 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 924,564 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 539,636 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| Anne Arundel Dermatology Management, LLC | 726,009 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Coding Solutions Acquisition, Inc. | (5,326) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Coding Solutions Acquisition, Inc. | 1,086,889 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,082,030 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| Coding Solutions Acquisition, Inc. | 12,222,184 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Bridges Consumer Healthcare Intermediate LLC | 5,742,209 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Bluebird PM Buyer, Inc. | (10,941) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Bluebird PM Buyer, Inc. | 8,375,333 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | (47,255) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Eyesouth Eye Care Holdco LLC | 7,250,769 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| Promptcare Infusion Buyer, Inc. | 1,261,603 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| TBRS, Inc. | 8,002,388 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Tidi Legacy Products, Inc. | 15,454,246 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Tidi Legacy Products, Inc. | 33,465 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| TBRS, Inc. | 70,742 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| TBRS, Inc. | (21,431) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,758,729 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 9,390,951 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Smile Brands Inc. | 9,390,191 | Healthcare & Pharmaceuticals | Subordinated Debt | S + 8.50% |
| VMG Holdings LLC (VMG Health) | 1,128,436 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 15,709,503 | Healthcare & Pharmaceuticals | First Lien Debt | 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 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.