* 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.
$1.9B
Investment portfolio at fair value1
90%
First-lien term loans2
244
Portfolio companies
0.4%
Average position size
$77M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Bridges Consumer Healthcare Intermediate LLC | 2,157,141.13 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Bridges Consumer Healthcare Intermediate LLC | 5,678,268.38 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Bluebird PM Buyer, Inc. | - | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 4,473,522.71 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| GHR Healthcare, LLC | 3,435,315.40 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Genesee Scientific LLC | 5,085,472.24 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Promptcare Infusion Buyer, Inc. | 7,993,952.16 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,408,599.02 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Swoop Intermediate III, Inc. | 10,369,215.24 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Promptcare Infusion Buyer, Inc. | 1,245,362.96 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Health Management Associates, Inc. | 8,199,063.26 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| QHR Health, LLC | 3,162,597.30 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| QHR Health, LLC | 7,474,626.09 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Heartland Veterinary Partners LLC | 3,993,543.72 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 11,000,591.23 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Coding Solutions Acquisition, Inc. | -15,279.33 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
| REP HS Holdings, LLC (HemaSource) | 806,069.00 | Healthcare & Pharmaceuticals | Equity Investment | |
| Heartland Veterinary Partners LLC | 2,200,118.24 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Anne Arundel Dermatology Management, LLC | 2,090,277.47 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Anne Arundel Dermatology Management, LLC | 2,022,736.57 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
| Anne Arundel Dermatology Management, LLC | 572,742.35 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| QHR Health, LLC | 3,162,597.30 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| Anne Arundel Dermatology Management, LLC | 1,336,603.17 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
| Smile Brands Inc. | 7,775,165.96 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.29% (PIK) |
| Wellspring Pharmaceutical Corporation | 1211643.54 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,345,315.57 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Health Management Associates, Inc. | 1,059,733.17 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.25% |
| Real Chemistry Intermediate III, Inc. | 2,151,838.75 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| RCP Nats Co-Investment Fund LP | 1,362,291.00 | Healthcare & Pharmaceuticals | Equity Investment | |
| Wellspring Pharmaceutical Corporation | 2515877.94 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
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, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.65%, 3.73%, 3.85%, and 3.99% 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.