* 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 |
|---|---|---|---|---|
| Impact Advisors, LLC | 124 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMA Equity, LP (Health Management Associates) | 405,902 | Healthcare & Pharmaceuticals | Class A Common Units | |
| HMN Acquirer Corp. | 6,473,505 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| FH DMI Buyer, Inc. | 1,101,159 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Bluebird PM Buyer, Inc. | 10,522 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Coding Solutions Acquisition, Inc. | (4,478) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,003,776 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| ACP Maverick Holdings, Inc. | 2,929,487 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 996,455 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,078,230 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HemaSource, Inc. | 5,235,146 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.50% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 8,866,357 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Wellspring Pharmaceutical Corporation | 1,539,474 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 3,099,342 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Promptcare Infusion Buyer, Inc. | 1,415,786 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 8,035,915 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| QHR Health, LLC | 7,477,107 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Promptcare Infusion Buyer, Inc. | 1,251,859 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Wellspring Pharmaceutical Corporation | 7,238,549 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 2,036,670 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| NP/BF Holdings, L.P. | 1,000,000 | Healthcare & Pharmaceuticals | Partnership Interests | |
| Anne Arundel Dermatology Management, LLC | 559,365 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| REP HS Holdings, LLC (HemaSource) | 784,143 | Healthcare & Pharmaceuticals | LP Interests | |
| REP Coinvest III AAD, L.P. (Anne Arundel) | - | Healthcare & Pharmaceuticals | AA Equity Co-Invest | |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,455,425 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,142,448 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| QHR Health, LLC | 3,163,306 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Real Chemistry Intermediate III, Inc. | 7,424,830 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Real Chemistry Intermediate III, Inc. | 6,585 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Wellspring Pharmaceutical Corporation | 1,220,835 | Healthcare & Pharmaceuticals | First Lien Debt | 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.