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v3.23.1

Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2023
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 three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
Interest expense | $ | 10,287 |  |  | $ | 2,934 |  |  |  |  |
Non-usage fee | $ | 118 |  |  | $ | 222 |  |  |  |  |
Amortization of financing costs | $ | 464 |  |  | $ | 789 |  |  |  |  |
Weighted average interest rate | 6.6 | % |  | 2.2 | % |  |  |  |
Effective interest rate | 7.0 | % |  | 2.9 | % |  |  |  |
Average debt outstanding | $ | 634,146 |  |  | $ | 550,063 |  |  |  |  |
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
Interest expense | $ | 1,617 |  |  | $ | 871 |  |  |  |  |
Non-usage fee | $ | 92 |  |  | $ | 43 |  |  |  |  |
Amortization of financing costs | $ | 53 |  |  | $ | 62 |  |  |  |  |
Weighted average interest rate | 6.5 | % |  | 2.3 | % |  |  |  |
Effective interest rate | 7.1 | % |  | 2.6 | % |  |  |  |
Average debt outstanding | $ | 101,025 |  |  | $ | 152,570 |  |  |  |  |
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
Interest expense(1) | $ | 3,486 |  |  | $ | 1,766 |  |  |  |  |
Non-usage fee(1) | $ | 102 |  |  | $ | 53 |  |  |  |  |
Amortization of financing costs | $ | 267 |  |  | $ | 267 |  |  |  |  |
Weighted average interest rate | 7.6 | % |  | 3.0 | % |  |  |  |
Effective interest rate | 8.4 | % |  | 3.6 | % |  |  |  |
Average debt outstanding | $ | 186,400 |  |  | $ | 237,267 |  |  |  |  |
(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 three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended
| March 31, 2023 |  | March 31, 2022
Interest expense | $ | 53 |  |  | $ | 118 |
Non-usage fee | $ | — |  |  | $ | 1 |
Amortization of financing costs | $ | 23 |  |  | $ | 27 |
Weighted average interest rate | 7.2 | % |  | 3.1 | %
Effective interest rate | 10.4 | % |  | 3.9 | %
Average debt outstanding | $ | 2,973 |  |  | $ | 15,200 |
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
Interest expense | $ | 5,667 |  |  | $ | 5,958 |  |  |  |  |
Amortization of financing costs | $ | 209 |  |  | $ | 199 |  |  |  |  |
Weighted average interest rate | 4.8 | % |  | 4.7 | % |  |  |  |
Effective interest rate | 5.0 | % |  | 4.8 | % |  |  |  |
Average debt outstanding | $ | 471,500 |  |  | $ | 511,500 |  |  |  |  |
The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2023:
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 three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
Interest expense | $ | 1,998 |  |  | $ | 1,998 |  |  |  |  |
Amortization of financing costs | $ | 247 |  |  | $ | 247 |  |  |  |  |
Weighted average interest rate | 2.7 | % |  | 2.7 | % |  |  |  |
Effective interest rate | 3.0 | % |  | 3.0 | % |  |  |  |
Average debt outstanding | $ | 300,000 |  |  | $ | 300,000 |  |  |  |  |
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 (together, the "Convertible Notes") as of March 31, 2023:
|  |  | 2018 Convertible Notes |  | 2022 Convertible Notes
Initial conversion premium(1) |  |  | 10.0 | % |  | 14.7 | %
Initial conversion rate(2) |  |  | 65.8762 |  |  | 70.4225 |
Initial conversion price |  |  | $ | 15.18 |  |  | $ | 14.20 |
Conversion premium at March 31, 2023 |  |  | 10.0 | % |  | 14.7 | %
Conversion rate at March 31, 2023(1)(2) |  |  | 65.8762 |  |  | 70.6582 |
Conversion price at March 31, 2023(2)(3) |  |  | $ | 15.18 |  |  | $ | 14.15 |
Last conversion price calculation date |  |  | August 20, 2022 |  | March 17, 2023
(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 March 31, 2023 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 March 31, 2023 on the 2022 Convertible Notes was calculated on March 17, 2023. The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the three months ended March 31, 2023 and March 31, 2022:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
Interest expense | $ | 5,642 |  |  | $ | 2,893 |  |  |  |  |
Amortization of financing costs | $ | 374 |  |  | $ | 97 |  |  |  |  |
Amortization of premium | $ | (18) |  |  | $ | (26) |  |  |  |  |
Weighted average interest rate | 6.9 | % |  | 5.8 | % |  |  |  |
Effective interest rate | 7.3 | % |  | 5.9 | % |  |  |  |
Average debt outstanding | $ | 328,816 |  |  | $ | 201,250 |  |  |  |  |

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