* 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
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| TBRS, Inc. | (28,409) | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| RCP Nats Co-Investment Fund LP | 1,303,702 | Healthcare & Pharmaceuticals | Limited Partnership Interests | |
| TBRS, Inc. | (21,695) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Real Chemistry Intermediate III, Inc. | 1,803,994 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| TBRS, Inc. | 8,964,884 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Tidi Legacy Products, Inc. | 4,074,710 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| QHR Health, LLC | 3,163,306 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Tidi Legacy Products, Inc. | 15,212,250 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 15,400,752 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Wellspring Pharmaceutical Corporation | 2,534,797 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 2,107,199 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Anne Arundel Dermatology Management, LLC | 1,179,799 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| ARC Health OPCO, LLC | 2,399,966 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,553,612 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Midwest Eye Services, LLC | 8,831,314 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Affinity Hospice Intermediate Holdings, LLC | 5,096,366 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,692,482 | Healthcare & Pharmaceuticals | Subordinated Debt | 14.25% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 451,086 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 14.25% (PIK) |
| MDC Group Holdings, LP (Mosaic Dental) | - | Healthcare & Pharmaceuticals | Class A2 Units (Common) | |
| ARC Health OPCO, LLC | (35,751) | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 8.00% (Cash) 5.00% (PIK) |
| Eliassen Group, LLC | 11,625,932 | High Tech Industries | First Lien Debt | S + 5.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | (2,055) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.50% |
| GNX HBS PARENT, LLC | 2,508,019 | High Tech Industries | First Lien Debt | S + 4.75% |
| Solve Industrial Motion Group LLC | 2,027,211 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| Solve Industrial Motion Group LLC | 873,202 | High Tech Industries | Subordinated Debt | 14.50% (PIK) |
| GNX HBS PARENT, LLC | (6,176) | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ridge Trail US Bidco, Inc. (Options IT) | 20,575 | High Tech Industries | Revolving Loan | S + 4.50% |
| Prosci, Inc. | 4,709,667 | High Tech Industries | First Lien Debt | S + 4.50% |
| Emburse, Inc. | 190 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 4.25% |
| Alta Buyer, LLC (GoEngineer) | 3,087,766 | High Tech Industries | First Lien Debt (Delayed Draw) | S + 5.00% |
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 December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% 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.