Net Assets

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the years ended December 31, 2022, December 31, 2021 and December 31, 2020:


								Accumulated Overdistributed Earnings
	Common Stock			Paid in Capital in Excess of Par			Accumulated Net Investment Income			Accumulated Net Realized Gains (Losses)			Net Unrealized Appreciation (Depreciation)			Total Net Assets of NMFC			Non-Controlling Interest in NMNLC			Total Net Assets
	Shares	Par Amount
Net assets at December 31, 2019	96,827,342	$	968		$	1,287,853		$	91,333		$	(85,448)		$	(11,238)		$	1,283,468		$	—		$	1,283,468



Distributions declared	—	—			—			(120,066)			—			—			(120,066)			(726)			(120,792)
Purchase of non-controlling interest in NMNLC	—	—			—			—			—			—			—			12,376			12,376
Net increase (decrease) in net assets resulting from operations	—	—			—			116,532			(2,802)			(55,257)			58,473			3,364			61,837
Tax reclassifications related to return of capital distributions (See Note 10)	—	—			(18,182)			18,182			—			—			—			—			—
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
Issuances of common stock	1,080,099	11			14,644			—			—			—			14,655			—			14,655


Offering costs	—	—			(231)			—			—			—			(231)			—			(231)
Distributions declared	—	—			—			(116,453)			—			—			(116,453)			(1,222)			(117,675)
Contributions related to non-controlling interest in NMNLC	—	—			—			—			—			—			—			1,792			1,792
Net increase (decrease) in net assets resulting from operations	—	—			—			117,514			(3,849)			87,734			201,399			5,783			207,182
Tax reclassifications related to return of capital distributions (See Note 10)	—	—			(11,288)			11,288			—			—			—			—			—
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	3,029,585	30			41,074			—			—			—			41,104			—			41,104



Offering costs	—	—			(222)			—			—			—			(222)			—			(222)
Distributions declared	—	—			—			(122,386)			—			—			(122,386)			(9,569)			(131,955)
Contributions related to non-controlling interest in NMNLC	—	—			—			—			—			—			—			124			124
Net increase (decrease) in net assets resulting from operations	—	—			—			118,497			49,476			(93,241)			74,732			(204)			74,528
Tax reclassifications related to return of capital distributions (See Note 10)	—	—			(7,703)			33,152			(25,449)			—			—			—			—
Net assets at December 31, 2022	100,937,026	$	1,009		$	1,305,945		$	147,593		$	(68,072)		$	(72,002)		$	1,314,473		$	11,718		$	1,326,191

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 year ended December 31, 2022, the Company sold 2,950,300 shares of common stock under the Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $40,007, including $439 of offering expenses, from these sales. For the year ended December 31, 2021, the Company sold 914,175 shares of common stock under the Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $12,427, including $189 of offering expenses, from these sales.

The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of December 31, 2022 and December 31, 2021, shares representing approximately $196,938 and $237,384, respectively, of its common stock remain available for issuance and sale under the Distribution Agreement.