SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of June 30, 2026, except as discussed below. CLO-III Redemption On July 7, 2026 (the "Redemption Date"), the Company, acting in its capacity as the collateral manager, exercised its optional redemption right pursuant to the CLO-III Indenture. Pursuant to the optional redemption, all outstanding tranches of the 2024 Notes issued by CLO-III were redeemed in full on the Redemption Date, at par value, plus accrued and unpaid interest. The aggregate principal balance plus accrued and unpaid interest of the redeemed 2024 Notes was $297,895. In connection with the redemption, total proceeds collected, including principal and interest, were $302,487. Proceeds were applied in accordance with the priority of payments set forth in the CLO-III Indenture. As a result of the redemption, the Company no longer holds any investment in or retains any management role with respect to CLO-III. Joint Venture Transaction On July 7, 2026, the Company and an unaffiliated institutional investor (the "JV Partner") formed NCDL Senior Loan Fund I LLC (the "Joint Venture"), a joint venture established for the purpose of making portfolio company investments, including first-lien senior secured debt, junior secured loans, subordinated or unsecured loans or other debt or equity investments, either directly or indirectly through its wholly owned subsidiary, NCDL Senior Loan Fund I SPV LLC (the "JV SPV"). Certain material management and investment decisions of the Joint Venture require unanimous approval of the Joint Venture's investment committee or board of managers, as applicable, each of which consists of an equal number of representatives of the Company and the JV Partner. Because the Company does not control the Joint Venture, the Company will not consolidate its investment in the Joint Venture. Pursuant to the terms of the limited liability company agreement of the Joint Venture, the Company and the JV Partner have committed to provide capital to the Joint Venture by contributing directly to the Joint Venture and/or funding debt obligations issued by subsidiaries of the JV (including the JV SPV), totaling $92,750 and $13,250, representing an equity ownership interest of 87.5% and 12.5%, respectively. On July 9, 2026, the Company and the JV Partner initially contributed $40,688 and $5,812, respectively, by contributing equity capital to the Joint Venture and funding debt obligations issued by the JV SPV (as described below), and the Joint Venture simultaneously acquired a portfolio of first lien debt from the Company with an aggregate fair value of $148,882. On July 9, 2026, the JV SPV entered into a senior secured credit facility (the "JV Credit Facility") with PNC Bank National Association, as administrative agent, providing for total commitments of up to $231,000. The JV Credit Facility, together with certain debt issued by the JV SPV acquired by the Company and the JV Partner, are secured by substantially all of the assets of the JV SPV. Additional 2030 Notes Offering On July 10, 2026, the Company issued an additional $100,000 (the "Additional 2030 Notes") in aggregate principal amount of its 2030 Notes. The Additional 2030 Notes were issued at a price of 100.12% of the aggregate principal amount of the Additional 2030 Notes, resulting in a yield-to-maturity of approximately 6.61% at issuance. The Additional 2030 Notes are treated as a single series with the 2030 Notes and have the same terms as the 2030 Notes (except for the issue date, offering price, and initial interest payment date), and are fungible and rank equally with, the 2030 Notes. In connection with the issuance of the Additional 2030 Notes, the Company entered into an interest rate swap agreement with Wells Fargo for a total notional amount of $100,000, effective September 15, 2026 and maturing March 15, 2030, pursuant to which the Company will receive a fixed interest rate of 6.65% and pay a floating interest rate of three-month Term SOFR + 2.55%. Upon the issuance of the Additional 2030 Notes, the outstanding aggregate principal amount of the 2030 Notes is $400,000. Dividend Declaration On July 29, 2026, the Board declared a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share, payable on or around October 27, 2026 to shareholders of record as of September 30, 2026.

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of June 30, 2026, except as discussed below.

On July 7, 2026 (the "Redemption Date"), the Company, acting in its capacity as the collateral manager, exercised its optional redemption right pursuant to the CLO-III Indenture. Pursuant to the optional redemption, all outstanding tranches of the 2024 Notes issued by CLO-III were redeemed in full on the Redemption Date, at par value, plus accrued and unpaid interest. The aggregate principal balance plus accrued and unpaid interest of the redeemed 2024 Notes was $297,895.

In connection with the redemption, total proceeds collected, including principal and interest, were $302,487. Proceeds were applied in accordance with the priority of payments set forth in the CLO-III Indenture. As a result of the redemption, the Company no longer holds any investment in or retains any management role with respect to CLO-III.

On July 7, 2026, the Company and an unaffiliated institutional investor (the "JV Partner") formed NCDL Senior Loan Fund I LLC (the "Joint Venture"), a joint venture established for the purpose of making portfolio company investments, including first-lien senior secured debt, junior secured loans, subordinated or unsecured loans or other debt or equity investments, either directly or indirectly through its wholly owned subsidiary, NCDL Senior Loan Fund I SPV LLC (the "JV SPV"). Certain material management and investment decisions of the Joint Venture require unanimous approval of the Joint Venture's investment committee or board of managers, as applicable, each of which consists of an equal number of representatives of the Company and the JV Partner. Because the Company does not control the Joint Venture, the Company will not consolidate its investment in the Joint Venture.

Pursuant to the terms of the limited liability company agreement of the Joint Venture, the Company and the JV Partner have committed to provide capital to the Joint Venture by contributing directly to the Joint Venture and/or funding debt obligations issued by subsidiaries of the JV (including the JV SPV), totaling $92,750 and $13,250, representing an equity ownership interest of 87.5% and 12.5%, respectively. On July 9, 2026, the Company and the JV Partner initially contributed $40,688 and $5,812, respectively, by contributing equity capital to the Joint Venture and funding debt obligations issued by the JV SPV (as described below), and the Joint Venture simultaneously acquired a portfolio of first lien debt from the Company with an aggregate fair value of $148,882.

On July 9, 2026, the JV SPV entered into a senior secured credit facility (the "JV Credit Facility") with PNC Bank National Association, as administrative agent, providing for total commitments of up to $231,000. The JV Credit Facility, together with certain debt issued by the JV SPV acquired by the Company and the JV Partner, are secured by substantially all of the assets of the JV SPV.

On July 10, 2026, the Company issued an additional $100,000 (the "Additional 2030 Notes") in aggregate principal amount of its 2030 Notes. The Additional 2030 Notes were issued at a price of 100.12% of the aggregate principal amount of the Additional 2030 Notes, resulting in a yield-to-maturity of approximately 6.61% at issuance. The Additional 2030 Notes are treated as a single series with the 2030 Notes and have the same terms as the 2030 Notes (except for the issue date, offering price, and initial interest payment date), and are fungible and rank equally with, the 2030 Notes. In connection with the issuance of the Additional 2030 Notes, the Company entered into an interest rate swap agreement with Wells Fargo for a total notional amount of $100,000, effective September 15, 2026 and maturing March 15, 2030, pursuant to which the Company will receive a fixed interest rate of 6.65% and pay a floating interest rate of three-month Term SOFR + 2.55%. Upon the issuance of the Additional 2030 Notes, the outstanding aggregate principal amount of the 2030 Notes is $400,000.

On July 29, 2026, the Board declared a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share, payable on or around October 27, 2026 to shareholders of record as of September 30, 2026.