* 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.
Portfolio holdings
Top ten positions
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
Health Management Associates (Delayed Draw) | 738,350 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.25% |
Heartland Veterinary Partners (Delayed Draw) | 1,370,773 | Healthcare & Pharmaceuticals | Subordinated Debt | 14.50% |
Heartland Veterinary Partners (Delayed Draw) | 9,760,307 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
Mosaic Dental | 211,863 | Healthcare & Pharmaceuticals | Equity Investment | |
GHR Healthcare | 3,664,246 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
GHR Healthcare | 7,880,789 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
GHR Healthcare (Delayed Draw) | -45,202 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
GHR Healthcare (Delayed Draw) | 1,940,841 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
GHR Healthcare (Delayed Draw) | -15,061 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
Health Management Associates | 485,483 | Healthcare & Pharmaceuticals | Equity Investment | |
GHR Healthcare | 4,830,328 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
Heartland Veterinary Partners | 1,952,061 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
HemaSource | 5,275,897 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.50% (Cash) 5.00% (PIK) |
Prompt Care (Delayed Draw) | 1,264,405 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
Prompt Care | 8,117,110 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
QHR Holdco, Inc. | 7,677,891 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
QHR Holdco, Inc. (Delayed Draw) | 3,247,389 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
QHR Holdco, Inc. | 3,247,389 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
Prompt Care (Delayed Draw) | 1,425,390 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
Prime Time Healthcare | 9,699,872 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
Midwest Eye Services, LLC | 8,945,627 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.50% |
Infucare | 6,941,534 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
Mosaic Dental | 1,724,519 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Mosaic Dental (Delayed Draw) | 451,821 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Prime Time Healthcare | 7,803,064 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 6.00% |
GHR Healthcare | 6,204,874 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
Genesee Scientific LLC (Delayed Draw) | 1,395,017 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.75% |
The Facilities Group | 8,898,950 | Environmental Industries | First Lien Term Loan | S + 5.75% |
The Facilities Group | 4,793,470 | Environmental Industries | First Lien Term Loan | S + 5.75% |
The Facilities Group (Delayed Draw) | 4,872,527 | Environmental Industries | First Lien Term Loan | S + 5.75% |
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 June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.