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v3.23.3

Net Assets | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Net Assets | Net Assets The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2023:
|  |  |  |  |  |  |  |  | Accumulated Overdistributed Earnings |  |  |  |  |  |
| Common Stock |  |  |  | Paid in Capital in Excess |  | Accumulated Net Investment |  | Accumulated Net Realized |  | Net Unrealized Appreciation |  | Total Net Assets |  | Non- Controlling Interest in |  | Total
| Shares |  | Par Amount |  |  |  | of Par |  | Income |  | (Losses) Gains |  | (Depreciation) |  | of NMFC |  | NMNLC |  | Net Assets
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 |
Issuances of common stock | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Offering costs | — |  |  | — |  |  |  |  | (56) |  |  | — |  |  | — |  |  | — |  |  | (56) |  |  | — |  |  | (56) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (32,300) |  |  | — |  |  | — |  |  | (32,300) |  |  | (153) |  |  | (32,453) |
Net increase in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 38,113 |  |  | 677 |  |  | 5,783 |  |  | 44,573 |  |  | 239 |  |  | 44,812 |
Net assets at March 31, 2023 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,305,889 |  |  | $ | 153,406 |  |  | $ | (67,395) |  |  | $ | (66,219) |  |  | $ | 1,326,690 |  |  | $ | 11,804 |  |  | $ | 1,338,494 |
Issuances of common stock | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Offering costs | — |  |  | — |  |  |  |  | (91) |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (35,328) |  |  | — |  |  | — |  |  | (35,328) |  |  | (191) |  |  | (35,519) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 39,678 |  |  | 2,567 |  |  | (7,415) |  |  | 34,830 |  |  | 248 |  |  | 35,078 |
Net assets at June 30, 2023 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,305,798 |  |  | $ | 157,756 |  |  | $ | (64,828) |  |  | $ | (73,634) |  |  | $ | 1,326,101 |  |  | $ | 11,861 |  |  | $ | 1,337,962 |
Issuances of common stock | 502,623 |  |  | 5 |  |  |  |  | 6,620 |  |  | — |  |  | — |  |  | — |  |  | 6,625 |  |  | — |  |  | 6,625 |
Offering costs | — |  |  | — |  |  |  |  | (66) |  |  | — |  |  | — |  |  | — |  |  | (66) |  |  | — |  |  | (66) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (36,338) |  |  | — |  |  | — |  |  | (36,338) |  |  | (188) |  |  | (36,526) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 40,445 |  |  | 4,673 |  |  | (16,422) |  |  | 28,696 |  |  | 3 |  |  | 28,699 |
Net assets at September 30, 2023 | 101,439,649 |  |  | $ | 1,014 |  |  |  |  | $ | 1,312,352 |  |  | $ | 161,863 |  |  | $ | (60,155) |  |  | $ | (90,056) |  |  | $ | 1,325,018 |  |  | $ | 11,676 |  |  | $ | 1,336,694 |
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2022:
|  |  |  |  |  |  |  |  | Accumulated Undistributed (Overdistributed) Earnings |  |  |  |  |  |
| Common Stock |  |  |  | Paid in Capital in Excess |  | Accumulated Net Investment |  | Accumulated Net Realized (Losses) |  | Net Unrealized Appreciation |  | Total Net Assets |  | Non-Controlling Interest in |  | Total
| Shares |  | Par Amount |  |  |  | of Par |  | Income |  | Gains |  | (Depreciation) |  | of NMFC |  | NMNLC |  | Net Assets
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 | 1,591,121 |  |  | 16 |  |  |  |  | 21,556 |  |  | — |  |  | — |  |  | — |  |  | 21,572 |  |  | — |  |  | 21,572 |
Offering costs | — |  |  | — |  |  |  |  | (52) |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | (52) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (29,589) |  |  | — |  |  | — |  |  | (29,589) |  |  | (3,750) |  |  | (33,339) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 29,573 |  |  | 17,596 |  |  | (10,977) |  |  | 36,192 |  |  | 855 |  |  | 37,047 |
Net assets at March 31, 2022 | 99,498,562 |  |  | $ | 995 |  |  |  |  | $ | 1,294,300 |  |  | $ | 118,314 |  |  | $ | (74,503) |  |  | $ | 10,262 |  |  | $ | 1,349,368 |  |  | $ | 18,472 |  |  | $ | 1,367,840 |
Issuances of common stock | 1,218,366 |  |  | 12 |  |  |  | 16,565 |  |  | — |  |  | — |  |  | — |  |  | 16,577 |  |  | — |  |  | 16,577 |
Offering costs | — |  |  | — |  |  |  |  | (74) |  |  | — |  |  | — |  |  | — |  |  | (74) |  |  | — |  |  | (74) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (30,215) |  |  | — |  |  | — |  |  | (30,215) |  |  | (4,190) |  |  | (34,405) |
Contributions related to non-controlling interest in NMNLC | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 123 |  |  | 123 |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 31,396 |  |  | 14,849 |  |  | (30,291) |  |  | 15,954 |  |  | (814) |  |  | 15,140 |
Net assets at June 30, 2022 | 100,716,928 |  |  | $ | 1,007 |  |  |  |  | $ | 1,310,791 |  |  | $ | 119,495 |  |  | $ | (59,654) |  |  | $ | (20,029) |  |  | $ | 1,351,610 |  |  | $ | 13,591 |  |  | $ | 1,365,201 |
Issuances of common stock | 220,098 |  |  | 2 |  |  |  |  | 2,953 |  |  | — |  |  | — |  |  | — |  |  | 2,955 |  |  | — |  |  | 2,955 |
Offering costs | — |  |  | — |  |  |  |  | (34) |  |  | — |  |  | — |  |  | — |  |  | (34) |  |  | — |  |  | (34) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (30,281) |  |  | — |  |  | — |  |  | (30,281) |  |  | (257) |  |  | (30,538) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 32,527 |  |  | (390) |  |  | (24,432) |  |  | 7,705 |  |  | (191) |  |  | 7,514 |
Net assets at September 30, 2022 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,313,710 |  |  | $ | 121,741 |  |  | $ | (60,044) |  |  | $ | (44,461) |  |  | $ | 1,331,955 |  |  | $ | 13,143 |  |  | $ | 1,345,098 |
On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023 (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 three and nine months ended September 30, 2023, the Company sold 502,623 and 502,623, respectively, shares of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2023, the Company received total accumulated net proceeds of approximately $6,625 and $6,625, respectively, including $0 and $0, respectively, of offering expenses, from these sales. For the three and nine months ended September 30, 2022, the Company sold 220,098 and 2,950,300, respectively, shares of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2022, the Company received total accumulated net proceeds of approximately $2,956 and $40,007, respectively, including $12 and $439 of offering expenses, from these sales. The Company generally uses net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2023, shares representing approximately $190,314 of the Company's common stock remain available for issuance and sale under the Distribution Agreement.

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