Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2023

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2023 and September 30, 2022:


	Nine Months Ended
	September 30, 2023			September 30, 2022
Per share data(1):
Net asset value, January 1, 2023 and January 1, 2022, respectively	$	13.02		$	13.49
Net investment income	1.17			0.94
Net realized and unrealized losses (2)	(0.10)			(0.33)
Total net increase	1.07			0.61
Distributions declared to stockholders from net investment income	(1.03)			(0.90)
Net asset value, September 30, 2023 and September 30, 2022, respectively	$	13.06		$	13.20
Per share market value, September 30, 2023 and September 30, 2022, respectively	$	12.95		$	11.53
Total return based on market value(3)	13.49		%	(9.64)		%
Total return based on net asset value(4)	8.39		%	4.54		%
Shares outstanding at end of period	101,439,649			100,937,026
Average weighted shares outstanding for the period	100,943,049			99,955,432
Average net assets for the period	$	1,322,558		$	1,348,479
Ratio to average net assets(5):
Net investment income	11.95		%	9.27		%
Total expenses, before waivers/reimbursements	16.77		%	12.85		%
Total expenses, net of waivers/reimbursements	16.45		%	12.50		%
Average debt outstanding—Holdings Credit Facility	$	603,154		$	580,699
Average debt outstanding—Unsecured Notes	433,661			525,456
Average debt outstanding—SBA-guaranteed debentures	300,000			300,000
Average debt outstanding—DB Credit Facility	186,429			217,817
Average debt outstanding—Convertible Notes	340,881			201,250
Average debt outstanding—NMFC Credit Facility(6)	104,227			156,303
Average debt outstanding—NMNLC Credit Facility II	2,480			8,939
Asset coverage ratio(7)	182.68		%	179.28		%
Portfolio turnover	4.36		%	14.38		%

(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 accretive effect of common stock issuances per share, which for the nine months ended September 30, 2023 and September 30, 2022 were $0.00 and $0.01, 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)Interim periods are annualized.

(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and September 30, 2022, the Company had borrowings denominated in GBP of £22,850 and £22,850, respectively, and borrowings denominated in EUR of €700 and €700, respectively, that have been converted to U.S. dollars.

(7)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.