* 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
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Tidi Legacy Products, Inc. | 15,173,443 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Lavie Group, Inc. | 2,711,649 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Health Management Associates, Inc. | 1,062,009 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,369,760 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Lavie Group, Inc. | 4,578,655 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 451,959 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| WE Select Fund 3, L.P. | 676,775 | Healthcare & Pharmaceuticals | Partnership Interest | |
| Tidi Legacy Products, Inc. | 4,064,498 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| TBRS, Inc. | 8,948,648 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Genesee Scientific LLC | 1,364,011 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Genesee Scientific LLC | 5,209,400 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Anne Arundel Dermatology Management, LLC | 1,282,693 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| MDC Group Holdings, LP (Mosaic Dental) | 3,281 | Healthcare & Pharmaceuticals | Class A2 Units (Common) | |
| GHR Healthcare, LLC | 5,864,129 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 1,834,353 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| GHR Healthcare, LLC | 7,450,934 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,362,994 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| TBRS, Inc. | -27,425 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.75% |
| GHR Healthcare, LLC | 4,565,614 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| GHR Healthcare, LLC | 3,464,381 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Heartland Veterinary Partners LLC | 10,812,638 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| VMG Holdings LLC (VMG Health) | 1,118,761 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| VMG Holdings LLC (VMG Health) | 15,574,020 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Eyesouth Eye Care Holdco LLC | 2,360,395 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.50% |
| HMN Acquirer Corp. | 6,459,113 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| HMN Acquirer Corp. | -20,860 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| FH DMI Buyer, Inc. | 1,967,536 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| FH DMI Buyer, Inc. | 1,098,398 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 132,016 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| Bridges Consumer Healthcare Intermediate LLC | -68,472 | Healthcare & Pharmaceuticals | First Lien Debt (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 March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73% 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.