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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Information Related to Borrowings | The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Interest expense | $ | 22,542 |  |  | $ | 10,210 |  |  | $ | 14,164 |
Non-usage fee | $ | 743 |  |  | $ | 1,282 |  |  | $ | 1,304 |
Amortization of financing costs | $ | 2,956 |  |  | $ | 2,852 |  |  | $ | 1,507 |
Weighted average interest rate | 3.9 | % |  | 2.1 | % |  | 2.7 | %
Effective interest rate | 4.5 | % |  | 3.0 | % |  | 3.2 | %
Average debt outstanding | $ | 581,367 |  |  | $ | 478,016 |  |  | $ | 526,645 |
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Interest expense | $ | 4,608 |  |  | $ | 3,171 |  |  | $ | 5,023 |
Non-usage fee | $ | 247 |  |  | $ | 213 |  |  | $ | 126 |
Amortization of financing costs | $ | 229 |  |  | $ | 199 |  |  | $ | 137 |
Weighted average interest rate | 3.5 | % |  | 2.4 | % |  | 3.2 | %
Effective interest rate | 3.8 | % |  | 2.7 | % |  | 3.4 | %
Average debt outstanding | $ | 133,053 |  |  | $ | 132,685 |  |  | $ | 155,497 |
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Interest expense(1) | $ | 9,816 |  |  | $ | 5,985 |  |  | $ | 8,499 |
Non-usage fee(1) | $ | 355 |  |  | $ | 362 |  |  | $ | 236 |
Amortization of financing costs | $ | 1,082 |  |  | $ | 981 |  |  | $ | 641 |
Weighted average interest rate | 4.7 | % |  | 2.9 | % |  | 3.6 | %
Effective interest rate | 5.4 | % |  | 3.5 | % |  | 4.0 | %
Average debt outstanding | $ | 209,898 |  |  | $ | 209,307 |  |  | $ | 233,649 |
(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facillity II for the years ended December 31, 2022 and December 31, 2021.
| Year Ended December 31,
| 2022 |  | 2021
Interest expense | $ | 252 |  |  | $ | 93 |
Non-usage fee | $ | 3 |  |  | $ | 3 |
Amortization of financing costs | $ | 58 |  |  | $ | 83 |
Weighted average interest rate | 3.5 | % |  | 2.7 | %
Effective interest rate | 4.4 | % |  | 5.1 | %
Average debt outstanding | $ | 7,195 |  |  | $ | 3,501 |
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
| Year Ended December 31,
| 2022(1) |  | 2021(2) |  | 2020
Interest expense | $ | 25,033 |  |  | $ | 24,401 |  |  | $ | 23,839 |
Amortization of financing costs | $ | 801 |  |  | $ | 1,864 |  |  | $ | 1,276 |
Weighted average interest rate | 4.8 | % |  | 4.7 | % |  | 5.3 | %
Effective interest rate | 4.9 | % |  | 5.1 | % |  | 5.5 | %
Average debt outstanding | $ | 526,829 |  |  | $ | 516,611 |  |  | $ | 453,250 |
(1)For the year ended December 31, 2022, amounts reported include interest and amortization of financing costs related to the 2022A Unsecured Notes for the period from June 15, 2022 (issuance date of the 2022A Unsecured Notes) to December 31, 2022. (2)For the year ended December 31, 2021, amounts reported include interest and amortization of financing costs related to the 2021A Unsecured Notes for the period from January 29, 2021 (issuance date of the 2021A Unsecured Notes) to December 31, 2021. The following table summarizes the Company’s SBA-guaranteed debentures as of December 31, 2022.
Issuance Date |  | Maturity Date |  | Debenture Amount |  | Interest Rate |  | SBA Annual Charge
Fixed SBA-guaranteed debentures(1): |  |  |  |  |  |  |  |
March 25, 2015 |  | March 1, 2025 |  | $ | 37,500 |  |  | 2.517 | % |  | 0.355 | %
September 23, 2015 |  | September 1, 2025 |  | 37,500 |  |  | 2.829 | % |  | 0.355 | %
September 23, 2015 |  | September 1, 2025 |  | 28,795 |  |  | 2.829 | % |  | 0.742 | %
March 23, 2016 |  | March 1, 2026 |  | 13,950 |  |  | 2.507 | % |  | 0.742 | %
September 21, 2016 |  | September 1, 2026 |  | 4,000 |  |  | 2.051 | % |  | 0.742 | %
September 20, 2017 |  | September 1, 2027 |  | 13,000 |  |  | 2.518 | % |  | 0.742 | %
March 21, 2018 |  | March 1, 2028 |  | 15,255 |  |  | 3.187 | % |  | 0.742 | %
Fixed SBA-guaranteed debentures(2): |  |  |  |  |  |  |  |
September 19, 2018 |  | September 1, 2028 |  | 15,000 |  |  | 3.548 | % |  | 0.222 | %
September 25, 2019 |  | September 1, 2029 |  | 19,000 |  |  | 2.283 | % |  | 0.222 | %
March 25, 2020 |  | March 1, 2030 |  | 41,000 |  |  | 2.078 | % |  | 0.222 | %
March 25, 2020 |  | March 1, 2030 |  | 24,000 |  |  | 2.078 | % |  | 0.275 | %
September 23, 2020 |  | September 1, 2030 |  | 51,000 |  |  | 1.034 | % |  | 0.275 | %
Total SBA-guaranteed debentures |  |  |  | $ | 300,000 |  |  |  |  |
(1)SBA-guaranteed debentures are held in SBIC I. (2)SBA-guaranteed debentures are held in SBIC II. The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Interest expense | $ | 8,104 |  |  | $ | 8,104 |  |  | $ | 8,006 |
Amortization of financing costs | $ | 1,002 |  |  | $ | 1,002 |  |  | $ | 958 |
Weighted average interest rate | 2.7 | % |  | 2.7 | % |  | 2.8 | %
Effective interest rate | 3.0 | % |  | 3.0 | % |  | 3.1 | %
Average debt outstanding | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 285,852 |
Schedule of Information Related to Convertible Notes | The following table summarizes certain key terms related to the convertible features of the Company’s 2018 Convertible Notes and the 2022 Convertible Notes (the "Convertible Notes") as of December 31, 2022.
|  | 2018 Convertible Notes |  | 2022 Convertible Notes
Initial conversion premium |  | 10.0 | % |  | N/A
Initial conversion rate(1) |  | 65.8762 |  |  | 70.4225 |
Initial conversion price |  | $ | 15.18 |  |  | $ | 14.20 |
Conversion premium at December 31, 2022 |  | 10.0 | % |  | N/A
Conversion rate at December 31, 2022(1)(2) |  | 65.8762 |  |  | 70.5365 |
Conversion price at December 31, 2022(2)(3) |  | $ | 15.18 |  |  | $ | 14.18 |
Last conversion price calculation date |  | August 20, 2022 |  | December 16, 2022
(1)Conversion rates denominated in shares of common stock per $1 principal amount of the Convertible Notes converted. (2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date. (3)The conversion price in effect at December 31, 2022 on the 2018 Convertible Notes was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary. The conversion price in effect at December 31, 2022 on the 2022 Convertible Notes was calculated on December 16, 2022. The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
| Year Ended December 31,
| 2022(1) |  | 2021 |  | 2020
Interest expense | $ | 13,734 |  |  | $ | 11,572 |  |  | $ | 11,572 |
Amortization of financing costs | $ | 694 |  |  | $ | 395 |  |  | $ | 396 |
Amortization of premium | $ | (130) |  |  | $ | (103) |  |  | $ | (103) |
Weighted average interest rate | 6.0 | % |  | 5.8 | % |  | 5.8 | %
Effective interest rate | 6.2 | % |  | 5.9 | % |  | 5.9 | %
Average debt outstanding | $ | 228,806 |  |  | $ | 201,250 |  |  | $ | 201,250 |
(1)For the year ended December 31, 2022, amounts reported include interest and amortization of financing costs related to the 2022 Convertible Notes for the period from November 2, 2022 (issuance of the 2022 Convertible Notes) to December 31, 2022.

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