* 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 |
|---|---|---|---|---|
| GHR Healthcare, LLC | 5,814,542.86 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| VMG Holdings LLC (VMG Health) | 1,116,459.04 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Sandlot Buyer, LLC (Prime Time Healthcare) | 7,322,415.87 | Healthcare & Pharmaceuticals | First Lien Debt | S + 6.25% |
| Genesee Scientific LLC | 5,085,472.24 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Genesee Scientific LLC | 1,331,608.25 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.75% |
| Smile Brands Inc. | 7,775,165.96 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.29% (PIK) |
| HMN Acquirer Corp. | 635,020.25 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Tidi Legacy Products, Inc. | 4,040,437.74 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| OneSmile, LLC (Smile Brands) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| Lavie Group, Inc. | 4,569,541.78 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| Lavie Group, Inc. | 451,189.53 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.00% |
| Wellspring Pharmaceutical Corporation | 1527883.65 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Tidi Legacy Products, Inc. | 15,082,943.96 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Swoop Intermediate III, Inc. | 17,763.61 | Healthcare & Pharmaceuticals | Revolving Loan | S + 4.50% |
| MDC Intermediate Holdings II, LLC (Mosaic Dental) | 137,097.73 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.25% (PIK) |
| MDC Group Holdings, LP (Mosaic Dental) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| QHR Health, LLC | 3,162,597.30 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.25% |
| OneSmile, LLC (Smile Brands) | - | Healthcare & Pharmaceuticals | Equity Investment | |
| Lavie Group, Inc. | 2,706,182.90 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.00% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | 1,349,473.86 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 5.25% |
| 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% |
| Anne Arundel Dermatology Management, LLC | 572,742.35 | Healthcare & Pharmaceuticals | First Lien Debt | 4.71% (PIK) |
| ACP Maverick Holdings, Inc. | 2,918,660.47 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.75% |
| ACP Maverick Holdings, Inc. | 16,105,145.32 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Affinity Hospice Intermediate Holdings, LLC | 4,473,522.71 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| Wellspring Pharmaceutical Corporation | 2515877.94 | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| Anne Arundel Dermatology Management, LLC | 2,090,277.47 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 13.25% (PIK) |
| YI, LLC (Young Innovations) | 15860358.52 | Healthcare & Pharmaceuticals | First Lien Debt | S + 5.75% |
| Wellspring Pharmaceutical Corporation | 2969791.07 | Healthcare & Pharmaceuticals | First Lien Debt | 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.