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Financial Highlights | 12 Months Ended
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Dec. 31, 2022
Investment Company [Abstract] |
Financial Highlights | Financial Highlights The following information sets forth the Company's financial highlights for the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018
Per share data(1): |  |  |  |  |  |  |  |  |
Net asset value at the beginning of the period | $ | 13.49 |  |  | $ | 12.62 |  |  | $ | 13.26 |  |  | $ | 13.22 |  |  | $ | 13.63 |
Net investment income | 1.18 |  |  | 1.21 |  |  | 1.20 |  |  | 1.37 |  |  | 1.39 |
Net realized and unrealized (losses) gains(2) | (0.43) |  |  | 0.86 |  |  | (0.60) |  |  | 0.03 |  |  | (0.44) |
Total net increase | 0.75 |  |  | 2.07 |  |  | 0.60 |  |  | 1.40 |  |  | 0.95 |
Distributions declared to stockholders from net investment income | (1.22) |  |  | (1.20) |  |  | (1.24) |  |  | (1.36) |  |  | (1.36) |
Net asset value at the end of the period | $ | 13.02 |  |  | $ | 13.49 |  |  | $ | 12.62 |  |  | $ | 13.26 |  |  | $ | 13.22 |
Per share market value at the end of the period | $ | 12.37 |  |  | $ | 13.70 |  |  | $ | 11.36 |  |  | $ | 13.74 |  |  | $ | 12.58 |
Total return based on market value(3) | (0.56) | % |  | 31.91 | % |  | (5.24) | % |  | 20.45 | % |  | 2.70 | %
Total return based on net asset value(4) | 5.71 | % |  | 16.97 | % |  | 5.52 | % |  | 10.90 | % |  | 7.16 | %
Shares outstanding at end of period | 100,937,026 |  |  | 97,907,441 |  |  | 96,827,342 |  |  | 96,827,342 |  |  | 76,106,372 |
Average weighted shares outstanding for the period | 100,202,847 |  |  | 96,952,959 |  |  | 96,827,342 |  |  | 85,209,378 |  |  | 76,022,375 |
Average net assets for the period | $ | 1,344,266 |  |  | $ | 1,261,338 |  |  | $ | 1,168,043 |  |  | $ | 1,154,615 |  |  | $ | 1,026,313 |
Ratio to average net assets: |  |  |  |  |  |  |  |  |
Net investment income | 8.82 | % |  | 9.32 | % |  | 10.05 | % |  | 10.15 | % |  | 10.33 | %
Total expenses, before waivers/reimbursements | 13.35 | % |  | 13.11 | % |  | 14.56 | % |  | 14.87 | % |  | 12.90 | %
Total expenses, net of waivers/reimbursements | 13.01 | % |  | 12.05 | % |  | 13.39 | % |  | 13.80 | % |  | 12.22 | %
Average debt outstanding—Holdings Credit Facility | $ | 581,367 |  |  | $ | 478,016 |  |  | $ | 526,645 |  |  | $ | 598,129 |  |  | $ | 384,433 |
Average debt outstanding—Convertible Notes (5) | 228,806 |  |  | 201,250 |  |  | 201,250 |  |  | 234,332 |  |  | 197,058 |
Average debt outstanding—SBA-guaranteed debentures | 300,000 |  |  | 300,000 |  |  | 285,852 |  |  | 179,408 |  |  | 158,471 |
Average debt outstanding—Unsecured Notes | 526,829 |  |  | 516,611 |  |  | 453,250 |  |  | 414,949 |  |  | 266,296 |
Average debt outstanding—NMFC Credit Facility(6) | 133,053 |  |  | 132,685 |  |  | 155,497 |  |  | 105,533 |  |  | 117,719 |
Average debt outstanding—DB Credit Facility(7) | 209,898 |  |  | 209,307 |  |  | 233,649 |  |  | 113,967 |  |  | 49,833 |
Average debt outstanding—NMNLC Credit Facility(8) | — |  |  | — |  |  | — |  |  | 1,471 |  |  | 3,570 |
Average debt outstanding—NMNLC Credit Facility II(9) | 7,195 |  |  | 3,501 |  |  | — |  |  | — |  |  | — |
Asset coverage ratio(10) | 177.42 | % |  | 181.21 | % |  | 180.68 | % |  | 173.98 | % |  | 181.37 | %
Portfolio turnover | 18.01 | % |  | 35.33 | % |  | 15.43 | % |  | 11.58 | % |  | 36.75 | %
(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders which is based on actual rate per share). (2)Includes the effect of common stock issuances per share, which for the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018 were $0.01, $(0.01), $0.00, $0.08 and $0.00, respectively. (3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company's dividend reinvestment plan. Total return does not reflect sales load. (4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load. (5)For the year ended December 31, 2022, average debt outstanding includes the 2022 Convertible Notes for the period from November 2, 2022 (issuance of the 2022 Convertible Notes) to December 31, 2022. (6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in GBP of £22,850 and borrowings denominated in EUR of €700 that has been converted to U.S. dollars. As of December 31, 2021, the Company had borrowings denominated in GBP of £16,400 that has been converted to U.S. dollars. (7)For the year ended December 31, 2018, average debt outstanding represents the period from December 14, 2018 (commencement of the DB Credit Facility) to December 31, 2018. (8)For the year ended December 31, 2020, average debt outstanding represents the period from January 1, 2020 to September 23, 2020 (maturity of the NMNLC Credit Facility). For the year ended December 31, 2018, average debt outstanding represents the period from September 21, 2018 (commencement of the NMNLC Credit Facility to December 31, 2018. (9)For the year ended December 31, 2021, average debt outstanding represents the period from February 26, 2021 (commencement of the NMNLC Credit Facility II) to December 31, 2021. (10)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.

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