* 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
236
Portfolio companies
0.4%
Average position size
$76M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Lead Left Arranger
Senior Secured Credit Facility
2023
Represents the top ten positions in NCDL based on Fair Value as of March 31, 2026
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Impact Advisors, LLC | 12,575,726 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Impact Advisors, LLC | -42,915 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMA Equity, LP (Health Management Associates) | 600,656 | Healthcare & Pharmaceuticals | Class A Common Units | |
| HLSG Intermediate, LLC | 75,072 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Heartland Veterinary Partners LLC | 2,162,528 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Bridges Consumer Healthcare Intermediate LLC | 2,146,736 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| Heartland Veterinary Partners LLC | 3,925,311 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| ACP Maverick Holdings, Inc. | 16,127,245 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Bridges Consumer Healthcare Intermediate LLC | 5,659,383 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| HemaSource, Inc. | 3,643,750 | Healthcare & Pharmaceuticals | Subordinated Debt | 9.75% |
| Eyesouth Eye Care Holdco LLC | 7,199,234 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.50% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 2,052,143 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HLSG Intermediate, LLC | -110 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 5,928,413 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| ACP Maverick Holdings, Inc. | 2,921,844 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| TBRS, Inc. | -20,943 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| Wellspring Pharmaceutical Corporation | 2,508,028 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1,523,166 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Smile Brands Inc. | 8,103,489 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.28% (PIK) |
| Wellspring Pharmaceutical Corporation | 1,207,903 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Anne Arundel Dermatology Management, LLC | 2,090,848 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| Promptcare Infusion Buyer, Inc. | 8,014,934 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.00% |
| Promptcare Infusion Buyer, Inc. | 1,412,192 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 6.00% |
| Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | 3,066,824 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.25% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 1,708,607 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| Swoop Intermediate III, Inc. | 49,279 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Swoop Intermediate III, Inc. | 17,764 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| Swoop Intermediate III, Inc. | 7,051,066 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Wellspring Pharmaceutical Corporation | 3,065,910 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| ARC Health OPCO, LLC | 2,433,082 | Healthcare & Pharmaceuticals | Subordinated Debt | 8.00% (Cash) 5.00% (PIK) |
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.