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NET ASSETS
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
NET ASSETS NET ASSETS
The Company has the authority to issue 500,000,000 shares of common stock, par value $0.01 per share.
IPO and Private Offerings
On January 29, 2024, the Company closed its IPO, issuing 5,500,000 shares of its common stock at a public offering price of $18.05 per share. The Company received total cash proceeds of $99,275. The Company's common stock began trading on the NYSE under the symbol “NCDL” on January 25, 2024.
Prior to April 28, 2023, in connection with the Private Offerings, the Company entered into subscription agreements (“Subscription Agreements”) with investors, pursuant to which investors were required to fund drawdowns to purchase the Company's shares of common stock up to the amount of their respective capital commitment each time the Company delivered a drawdown notice. Following the final drawdown notice dated December 21, 2023 and due on January 5, 2024, all capital commitments had been drawn.
The following table summarizes total shares issued and proceeds received in connection with the IPO and the Company's capital drawdowns delivered pursuant to the Subscription Agreements from inception through September 30, 2024:
DateShares IssuedProceeds ReceivedIssuance Price per Share
January 29, 20245,500,000$99,275$18.05
January 5, 20247,888,094$142,382$18.05
November 3, 20235,497,609$100,000$18.19
July 17, 20234,357,515$78,565$18.03
April 20, 20232,205,038$40,000$18.14
December 21, 20223,193,195$60,000$18.79
August 1, 20222,652,775$50,082$18.88
April 25, 20221,800,426$34,964$19.42
January 21, 20221,541,568$30,000$19.46
December 9, 20211,491,676$29,207$19.58
November 1, 20211,546,427$30,000$19.40
August 23, 20212,593,357$50,000$19.28
July 26, 20211,564,928$30,000$19.17
June 22, 20211,034,668$20,000$19.33
April 23, 20211,845,984$35,000$18.96
March 11, 2021785,751$15,000$19.09
November 6, 20201,870,660$35,000$18.71
October 16, 20201,057,641$20,000$18.91
August 6, 20201,105,425$20,000$18.09
May 7, 20201,069,522$20,000$18.70
December 31, 20193,310,540$66,211$20.00
December 19, 201950$1$20.00
Distributions
The following table summarizes the Company's distributions declared from inception through September 30, 2024:
Date DeclaredRecord DatePayment DateDividend per Share
July 31, 2024September 30, 2024October 28, 2024$0.45
May 1, 2024June 28, 2024July 29, 2024$0.45
January 10, 2024February 12, 2025April 28, 2025
    $0.10 (3)
January 10, 2024November 11, 2024January 28, 2025
    $0.10 (3)
January 10, 2024August 12, 2024October 28, 2024
    $0.10 (3)
January 10, 2024May 13, 2024July 29, 2024
    $0.10 (3)
January 10, 2024March 30, 2024April 29, 2024$0.45
December 28, 2023December 29, 2023January 10, 2024$0.50
December 28, 2023December 29, 2023January 10, 2024
    $0.05 (2)
September 28, 2023September 28, 2023October 12, 2023$0.50
September 28, 2023September 28, 2023October 12, 2023
     $0.05 (2)
June 28, 2023June 28, 2023July 12, 2023$0.50
June 28, 2023June 28, 2023July 12, 2023
     $0.05 (2)
March 30, 2023March 30, 2023April 12, 2023$0.50
March 30, 2023March 30, 2023April 12, 2023
     $0.26 (1)
December 29, 2022December 29, 2022January 17, 2023$0.50
September 28, 2022September 28, 2022October 11, 2022$0.47
June 30, 2022June 30, 2022July 12, 2022$0.43
March 30, 2022March 31, 2022April 12, 2022$0.41
December 29, 2021December 29, 2021January 18, 2022$0.40
September 29, 2021September 29, 2021October 11, 2021$0.38
June 29, 2021June 29, 2021July 12, 2021$0.31
March 29, 2021March 29, 2021April 19, 2021$0.30
December 29, 2020December 29, 2020January 18, 2021$0.28
November 4, 2020November 4, 2020November 11, 2020$0.23
August 4, 2020August 4, 2020August 11, 2020$0.28
April 16, 2020April 16, 2020April 21, 2020$0.17
________________
(1)    Represents a special dividend and a supplemental dividend.
(2)    Represents a supplemental dividend.
(3)    Represents a special dividend.

The distributions declared were derived from investment company taxable income and net capital gain, if any. The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year.
The following table reflects the shares issued pursuant to the dividend reinvestment from inception through September 30, 2024:
Date DeclaredRecord DatePayment Date
Shares Issued1
May 1, 2024June 28, 2024July 29, 2024168,527
January 10, 2024May 13, 2024July 29, 202437,333
January 10, 2024March 30, 2024April 29, 2024189,256
December 28, 2023December 29, 2023January 10, 2024185,541
September 28, 2023September 28, 2023October 12, 2023158,545
June 28, 2023June 28, 2023July 12, 2023128,818
March 30, 2023March 30, 2023April 12, 2023150,703
December 29, 2022December 29, 2022January 17, 202393,329
September 28, 2022September 28, 2022October 11, 202268,093
June 30, 2022June 30, 2022July 12, 202245,341
March 30, 2022March 31, 2022April 12, 202232,320
December 29, 2021December 29, 2021January 18, 202223,017
September 29, 2021September 29, 2021October 11, 202110,639
June 29, 2021June 29, 2021July 12, 20213,039
March 29, 2021March 29, 2021April 19, 20211,824
December 29, 2020December 29, 2020January 18, 20211,550
November 4, 2020November 4, 2020November 11, 202098
August 4, 2020August 4, 2020August 11, 202034
________________
(1)    All shares issued to shareholders are newly issued shares.

Share Repurchase Plan

On March 5, 2024, the Company entered into a share repurchase plan (the “Company 10b5-1 Plan”), pursuant to which the Company may purchase up to $99,275 in the aggregate of its outstanding shares of common stock in the open market at prices below its NAV per share over a specified period. Any purchase of the shares pursuant to the Company 10b5-1 Plan are conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company adopted the Company 10b5-1 Plan because it believes that, if its common stock is trading below its then-current NAV per share, it will be in the best interest of its stockholders for the Company to reinvest in its portfolio.

The Company 10b5-1 Plan is designed to allow the Company to repurchase its shares of common stock at times when the Company otherwise might be prevented from doing so under insider trading laws. The Company 10b5-1 Plan requires BofA Securities, Inc., as agent, to repurchase shares of common stock on the Company's behalf when the market price per share is below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of the shares of the Company's common stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of the Company's common stock and trading volumes, and no assurance can be given that any particular amount of shares of the common stock will be repurchased.

The purchase of shares of common stock pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances.

The Company 10b5-1 Plan became effective on March 29, 2024 and commenced on April 1, 2024. The 10b5-1 Plan will terminate upon the earliest to occur of (i) 12-months from the effective date (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan equals $99,275 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.
The following table reflects the shares repurchased pursuant to the Company 10b5-1 Plan for each month from inception through September 30, 2024 (dollar amounts in thousands, except per share data):

Period
Total Number of Shares Repurchased
Average Price Paid per Share
Approximate Dollar Value of Shares that have been Purchased Under the Plan
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
April 1, 2024 - April 30, 2024104,075 $17.57 $1,828 $97,447 
May 1, 2024 - May 31, 202496,598 $17.56 1,696 95,751 
June 1, 2024 - June 30, 202491,637 $17.73 1,625 94,126 
July 1, 2024 - July 31, 202475,675 $17.61 1,333 92,793 
August 1, 2024 - August 31, 2024154,668 $17.24 2,666 90,127 
September 1, 2024 - September 30, 2024109,150 $17.69 1,931 88,196 
Total631,803 $11,079