* 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
$78M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2023
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2023
Lender
Unitranche Credit Facility
2019
Lead Left Arranger
First Lien Credit Facility
2022
Agent Tier
Senior Secured Credit Facility
2016
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2024
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Wellspring Pharmaceutical Corporation | 2,526,374 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.00% |
| YI, LLC (Young Innovations) | 16,243,647 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.75% |
| Wellspring Pharmaceutical Corporation | 1,222,143 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 533,330 | Healthcare & Pharmaceuticals | First Lien Term Loan | 4.71% (PIK) |
| Eyesouth Eye Care Holdco LLC | 2,381,386 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.50% |
| Eyesouth Eye Care Holdco LLC | 7,264,135 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
| VMG Holdings LLC (VMG Health) | 15,744,206 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
| Wellspring Pharmaceutical Corporation | 3,313,677 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
| HemaSource, Inc. | 5,276,955 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% |
| QHR Health, LLC | 7,675,143 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| MDC Group Holdings, LP (Mosaic Dental) | 191,452 | Healthcare & Pharmaceuticals | Equity Investment | |
| Anne Arundel Dermatology Management, LLC | 780,398 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 179,968 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| Genesee Scientific LLC | 5,175,647 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.75% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,719,404 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 458,261 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 12.25% |
| Midwest Eye Services, LLC | 8,923,088 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.50% |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
| REP HS Holdings, LLC (HemaSource) | 794,529 | Healthcare & Pharmaceuticals | Equity Investment | |
| QHR Health, LLC | 3,246,398 | Healthcare & Pharmaceuticals | First Lien Term Loan (Delayed Draw) | S + 5.25% |
| Anne Arundel Dermatology Management, LLC | 581,443 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| VMG Holdings LLC (VMG Health) | 1,128,094 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
| Solve Industrial Motion Group LLC | 2,046,466 | High Tech Industries | First Lien Term Loan (Delayed Draw) | 10.00% (Cash) 2.00% (PIK) |
| Ensono, Inc. | 14,095,236 | High Tech Industries | First Lien Term Loan | S + 4.00% |
| Eliassen Group, LLC | 859,896 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.75% |
| Venture Buyer, LLC (Velosio) | 6,206,964 | High Tech Industries | First Lien Term Loan | S + 5.25% |
| Solve Industrial Motion Group LLC | 778,991 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.50% (PIK) |
| Solve Industrial Motion Group LLC | 1,786,698 | High Tech Industries | Subordinated Debt | 10.00% (Cash) 2.00% (PIK) |
| Venture Buyer, LLC (Velosio) | 1,284 | High Tech Industries | First Lien Term Loan (Delayed Draw) | S + 5.25% |
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, 2024. As of December 31, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.33%, 4.31%, 4.25%, and 4.18% 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.