* 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.
Portfolio holdings
Top ten positions
Represents the top ten positions in NCDL based on Fair Value as of June 30, 2024
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
InfuCare RX | 9,248,330 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.50% |
GHR Healthcare (Incremental) | 4,745,124 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Health Management Associates (Delayed Draw) | 738,350 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Genesee Scientific (Delayed Draw) | 1,446,505 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
GHR Healthcare | 6,095,544 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
MDC Intermediate Holdings II, LLC | 1,712,891 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
MDC Intermediate Holdings II, LLC (Delayed Draw) | 448,468 | Healthcare & Pharmaceuticals | Subordinated Debt | 10.00% (Cash) 2.25% (PIK) |
Genesee Scientific | 5,525,787 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
VMG Health | 15,783,425 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
Southern Veterinary Partners | 4,787,515 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +3.75% |
Prompt Care (Delayed Draw) (Incremental) | 1,425,147 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Quorum Health Resources, LLC (Delayed Draw) (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.25% |
Anne Arundel | 245,471 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Anne Arundel | - | Healthcare & Pharmaceuticals | Equity Investment | |
Wellspring Pharmaceutical (Incremental) | 1,243,723 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
PromptCare | 8,127,168 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
PromptCare (Delayed Draw) | 1,265,952 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Smile Brands | 9,143,252 | Healthcare & Pharmaceuticals | Subordinated Debt | S +9.50% |
Anne Arundel (Delayed Draw) | 435,190 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
Anne Arundel | 516,000 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +2.75% |
Anne Arundel | 659,977 | Healthcare & Pharmaceuticals | Subordinated Debt | 11.00% (PIK) |
REP HS Topco Holdings (HemaSource Inc.) | 690,669 | Healthcare & Pharmaceuticals | Equity Investment | |
Quorum Health Resources, LLC (Incremental) | 3,142,128 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.25% |
Wellspring Pharmaceutical (Delayed Draw) (Incremental) | 12,443 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Team Services Group | 6,602,875 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.00% |
US Fertility | 12,661,361 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.75% (PIK) |
Sandlot Buyer, LLC (Prime Time Healthcare) | 7,793,635 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental) | 9,815,628 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +6.00% |
Affinity Hospice | 6,906,592 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +4.75% |
Young Innovations | 16,315,804 | Healthcare & Pharmaceuticals | First Lien Term Loan | S +5.75% |
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, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.