Net Assets

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2022:


						Accumulated Overdistributed Earnings
	Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized		Net Unrealized Appreciation		Total Net Assets		Non- Controlling Interest in		Total
	Shares	Par Amount		of Par		Income		(Losses) Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2021	97,907,441	$	979	$	1,272,796	$	118,330	$	(92,099)	$	21,239	$	1,321,245	$	21,367	$	1,342,612
Issuances of common stock	1,591,121	16		21,556		—		—		—		21,572		—		21,572



Offering costs	—	—		(52)		—		—		—		(52)		—		(52)
Distributions declared	—	—		—		(29,589)		—		—		(29,589)		(3,750)		(33,339)

Net increase (decrease) in net assets resulting from operations	—	—		—		29,573		17,596		(10,977)		36,192		855		37,047
Net assets at March 31, 2022	99,498,562	$	995	$	1,294,300	$	118,314	$	(74,503)	$	10,262	$	1,349,368	$	18,472	$	1,367,840
Issuances of common stock	1,218,366	12		16,565		—		—		—		16,577		—		16,577



Offering costs	—	—		(74)		—		—		—		(74)				(74)
Distributions declared	—	—		—		(30,215)		—		—		(30,215)		(4,190)		(34,405)
Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		123		123
Net increase (decrease) in net assets resulting from operations	—	—		—		31,396		14,849		(30,291)		15,954		(814)		15,140
Net assets at June 30, 2022	100,716,928	$	1,007	$	1,310,791	$	119,495	$	(59,654)	$	(20,029)	$	1,351,610	$	13,591	$	1,365,201
Issuances of common stock	220,098	2		2,953		—		—		—		2,955		—		2,955



Offering costs	—	—		(34)		—		—		—		(34)		—		(34)
Distributions declared	—	—		—		(30,281)		—		—		(30,281)		(257)		(30,538)
Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		—		—
Net increase (decrease) in net assets resulting from operations	—	—		—		32,527		(390)		(24,432)		7,705		(191)		7,514
Net assets at September 30, 2022	100,937,026	$	1,009	$	1,313,710	$	121,741	$	(60,044)	$	(44,461)	$	1,331,955	$	13,143	$	1,345,098

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2021:


						Accumulated Undistributed (Overdistributed) Earnings
	Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized (Losses)		Net Unrealized Appreciation		Total Net Assets		Non-Controlling Interest in		Total
	Shares	Par Amount		of Par		Income		Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2020	96,827,342	$	968	$	1,269,671	$	105,981	$	(88,250)	$	(66,495)	$	1,221,875	$	15,014	$	1,236,889





Distributions declared	—	—		—		(29,048)		—		—		(29,048)		(301)		(29,349)
Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		3,403		3,403
Net increase (decrease) in net assets resulting from operations	—	—		—		28,668		(10,496)		33,318		51,490		365		51,855
Net assets at March 31, 2021	96,827,342	$	968	$	1,269,671	$	105,601	$	(98,746)	$	(33,177)	$	1,244,317	$	18,481	$	1,262,798
Issuances of common stock	79,646	1		1,048		—		—		—		1,049		—		1,049




Distributions declared	—	—		—		(29,048)		—		—		(29,048)		(330)		(29,378)
Distributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		(2,561)		(2,561)
Net increase in net assets resulting from operations	—	—		—		28,845		180		46,787		75,812		3,366		79,178
Net assets at June 30, 2021	96,906,988	$	969	$	1,270,719	$	105,398	$	(98,566)	$	13,610	$	1,292,130	$	18,956	$	1,311,086





Distributions declared	—	—		—		(29,072)		—		—		(29,072)		(278)		(29,350)
Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		317		317
Net increase (decrease) in net assets resulting from operations	—	—		—		30,338		23,008		(31,499)		21,847		1,058		22,905
Net assets at September 30, 2021	96,906,988	$	969	$	1,270,719	$	106,664	$	(75,558)	$	(17,889)	$	1,284,905	$	20,053	$	1,304,958

On November 3, 2021, the Company entered into an equity distribution agreement (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings.

For the three and nine months ended September 30, 2022, the Company sold 220,098 and 2,950,300, respectively, shares of common stock under the Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $2,956 and $40,007, respectively, including $12 and $439, respectively, of offering expenses, from these sales.

The Company generally uses net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2022, shares representing approximately $196,938 of its common stock remain available for issuance and sale under the Distribution Agreement.