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Borrowings (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2023 and June 30, 2022:
 Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense$10,718 $4,269 $21,005 $7,203 
Non-usage fee$146 $182 $264 $404 
Amortization of financing costs$469 $799 $933 $1,588 
Weighted average interest rate7.0 %2.9 %6.8 %2.6 %
Effective interest rate7.4 %3.6 %7.2 %3.3 %
Average debt outstanding$612,623 $583,817 $623,325 $567,033 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and six months ended June 30, 2023 and June 30, 2022:
 Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense$1,184 $1,055 $2,801 $1,926 
Non-usage fee$122 $50 $214 $93 
Amortization of financing costs$53 $53 $106 $115 
Weighted average interest rate6.8 %2.9 %6.6 %2.6 %
Effective interest rate7.9 %3.2 %7.4 %2.9 %
Average debt outstanding$69,445 $144,278 $85,148 $148,401 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and six months ended June 30, 2023 and June 30, 2022:
 Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense(1)$3,712 $2,107 $7,198 $3,873 
Non-usage fee(1)$133 $80 $235 $133 
Amortization of financing costs$270 $270 $537 $537 
Weighted average interest rate8.0 %3.9 %7.8 %3.4 %
Effective interest rate8.9 %4.5 %8.6 %4.0 %
Average debt outstanding$186,400 $217,157 $186,400 $227,156 
(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 Facility II for the three and six months ended June 30, 2023 and June 30, 2022:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense$43 $82 $96 $200 
Non-usage fee$1 $— $1 $1 
Amortization of financing costs$22 $8 $45 $35 
Weighted average interest rate7.3 %3.4 %7.2 %3.2 %
Effective interest rate10.9 %3.7 %10.6 %3.8 %
Average debt outstanding$2,386 $9,747 $2,678 $12,459 
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and six months ended June 30, 2023 and June 30, 2022:
 Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense$5,291 $6,154 $10,958 $12,112 
Amortization of financing costs$172 $206 $381 $405 
Weighted average interest rate4.8 %4.7 %4.8 %4.7 %
Effective interest rate5.0 %4.8 %5.0 %4.8 %
Average debt outstanding$439,852 $524,687 $455,091 $518,130 
The following table summarizes the Company’s SBA-guaranteed debentures as of June 30, 2023:
Issuance DateMaturity DateDebenture AmountInterest RateSBA Annual Charge
Fixed SBA-guaranteed debentures(1):    
March 25, 2015March 1, 2025$37,500 2.517 %0.355 %
September 23, 2015September 1, 202537,500 2.829 %0.355 %
September 23, 2015September 1, 202528,795 2.829 %0.742 %
March 23, 2016March 1, 202613,950 2.507 %0.742 %
September 21, 2016September 1, 20264,000 2.051 %0.742 %
September 20, 2017September 1, 202713,000 2.518 %0.742 %
March 21, 2018March 1, 202815,255 3.187 %0.742 %
Fixed SBA-guaranteed debentures(2):
September 19, 2018September 1, 202815,000 3.548 %0.222 %
September 25, 2019September 1, 202919,000 2.283 %0.222 %
March 25, 2020March 1, 203041,000 2.078 %0.222 %
March 25, 2020March 1, 203024,000 2.078 %0.275 %
September 23, 2020September 1, 203051,000 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 and six months ended June 30, 2023 and June 30, 2022:
 Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense$2,021 $2,021 $4,019 $4,019 
Amortization of financing costs$250 $250 $497 $497 
Weighted average interest rate2.7 %2.7 %2.7 %2.7 %
Effective interest rate3.0 %3.0 %3.0 %3.0 %
Average debt outstanding$300,000 $300,000 $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 June 30, 2023:
2018 Convertible Notes2022 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 rate at June 30, 2023(1)(2)65.9307 70.9454 
Conversion price at June 30, 2023(2)(3)$15.17 $14.10 
Last conversion price calculation dateJune 16, 2023June 16, 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 June 30, 2023 on the Convertible Notes was calculated on June 16, 2023.
The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the three and six months ended June 30, 2023 and June 30, 2022:
 Three Months EndedSix Months Ended
 June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest expense$6,554 $2,893 $12,196 $5,786 
Amortization of financing costs$455 $99 $829 $196 
Amortization of premium$(31)$(25)$(49)$(51)
Weighted average interest rate7.0 %5.8 %6.9 %5.8 %
Effective interest rate7.4 %5.9 %7.4 %5.9 %
Average debt outstanding$376,816 $201,250 $352,949 $201,250