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Financial Highlights | 12 Months Ended
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Dec. 31, 2023
Investment Company [Abstract] |
Financial Highlights | Financial Highlights The following information sets forth the Company's financial highlights for the years ended December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019
Per share data(1): |  |  |  |  |  |  |  |  |
Net asset value at the beginning of the period | $ | 13.02 |  |  | $ | 13.49 |  |  | $ | 12.62 |  |  | $ | 13.26 |  |  | $ | 13.22 |
Net investment income | 1.57 |  |  | 1.18 |  |  | 1.21 |  |  | 1.20 |  |  | 1.37 |
Net realized and unrealized (losses) gains(2) | (0.23) |  |  | (0.43) |  |  | 0.86 |  |  | (0.60) |  |  | 0.03 |
Total net increase | 1.34 |  |  | 0.75 |  |  | 2.07 |  |  | 0.60 |  |  | 1.40 |
Distributions declared to stockholders from net investment income | (1.49) |  |  | (1.22) |  |  | (1.20) |  |  | (1.24) |  |  | (1.36) |
Net asset value at the end of the period | $ | 12.87 |  |  | $ | 13.02 |  |  | $ | 13.49 |  |  | $ | 12.62 |  |  | $ | 13.26 |
Per share market value at the end of the period | $ | 12.72 |  |  | $ | 12.37 |  |  | $ | 13.70 |  |  | $ | 11.36 |  |  | $ | 13.74 |
Total return based on market value(3) | 15.48 | % |  | (0.56) | % |  | 31.91 | % |  | (5.24) | % |  | 20.45 | %
Total return based on net asset value(4) | 10.64 | % |  | 5.71 | % |  | 16.97 | % |  | 5.52 | % |  | 10.90 | %
Shares outstanding at end of period | 102,558,859 |  |  | 100,937,026 |  |  | 97,907,441 |  |  | 96,827,342 |  |  | 96,827,342 |
Average weighted shares outstanding for the period | 101,118,302 |  |  | 100,202,847 |  |  | 96,952,959 |  |  | 96,827,342 |  |  | 85,209,378 |
Average net assets for the period | $ | 1,323,778 |  |  | $ | 1,344,266 |  |  | $ | 1,261,338 |  |  | $ | 1,168,043 |  |  | $ | 1,154,615 |
Ratio to average net assets: |  |  |  |  |  |  |  |  |
Net investment income | 12.00 | % |  | 8.82 | % |  | 9.32 | % |  | 10.05 | % |  | 10.15 | %
Total expenses, before waivers/reimbursements | 16.54 | % |  | 13.35 | % |  | 13.11 | % |  | 14.56 | % |  | 14.87 | %
Total expenses, net of waivers/reimbursements | 16.23 | % |  | 13.01 | % |  | 12.05 | % |  | 13.39 | % |  | 13.80 | %
Average debt outstanding—Holdings Credit Facility | $ | 577,759 |  |  | $ | 581,367 |  |  | $ | 478,016 |  |  | $ | 526,645 |  |  | $ | 598,129 |
Average debt outstanding—Unsecured Notes (5) | 438,473 |  |  | 526,829 |  |  | 516,611 |  |  | 453,250 |  |  | 414,949 |
Average debt outstanding—Convertible Notes (6) | 320,494 |  |  | 228,806 |  |  | 201,250 |  |  | 201,250 |  |  | 234,332 |
Average debt outstanding—SBA-guaranteed debentures | 300,000 |  |  | 300,000 |  |  | 300,000 |  |  | 285,852 |  |  | 179,408 |
Average debt outstanding—DB Credit Facility | 186,422 |  |  | 209,898 |  |  | 209,307 |  |  | 233,649 |  |  | 113,967 |
Average debt outstanding—NMFC Credit Facility(7) | 103,244 |  |  | 133,053 |  |  | 132,685 |  |  | 155,497 |  |  | 105,533 |
Average debt outstanding—NMNLC Credit Facility II(8) | 2,506 |  |  | 7,195 |  |  | 3,501 |  |  | — |  |  | — |
Average debt outstanding—NMNLC Credit Facility(9) | — |  |  | — |  |  | — |  |  | — |  |  | 1,471 |
Asset coverage ratio(10) | 187.54 | % |  | 177.42 | % |  | 181.21 | % |  | 180.68 | % |  | 173.98 | %
Portfolio turnover | 8.87 | % |  | 18.01 | % |  | 35.33 | % |  | 15.43 | % |  | 11.58 | %
(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 effect of common stock issuances per share, which for the years ended December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 were $0.00, $0.01, $(0.01), $0.00 and $0.08, 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)For the year ended December 31, 2023, average debt outstanding includes the 2018A Unsecured Notes for the period from January 1, 2023 to January 30, 2023 (repayment of the 2018A Unsecured Notes), the 2018B Unsecured Notes for the period from January 1, 2023 to June 28, 2023 (repayment of the 2018B Unsecured Notes) and the 8.250% Unsecured Notes for the period from November 13, 2023 (issuance of the 8.250% Unsecured Notes) to December 31, 2023. For the year ended December 31, 2022, average debt outstanding includes the 2017A Unsecured Notes for the period from January 1, 2022 to July 14, 2022 (repayment of the 2017A Unsecured Notes). (6)For the year ended December 31, 2023, average debt outstanding includes the 2018 Convertible Notes for the period from January 1, 2023 to August 15, 2023 (repayment of the 2018 Convertible Notes). For the year ended December 31, 2022, average debt outstanding includes the 2022 Convertible Notes for the period from November 2, 2022 (issuance of the 2022 Convertible Notes) to December 31, 2022. (7)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2023, the Company had borrowings denominated in GBP of £22,850 and borrowings denominated in EUR of €700 that has been converted to U.S. dollars. As of December 31, 2022, the Company had borrowings denominated in GBP of £22,850 and borrowings denominated in EUR of €700 that has been converted to U.S. dollars. As of December 31, 2021, the Company had borrowings denominated in GBP of £16,400 that has been converted to U.S. dollars. (8)For the year ended December 31, 2021, average debt outstanding represents the period from February 26, 2021 (commencement of the NMNLC Credit Facility II) to December 31, 2021. (9)For the year ended December 31, 2020, average debt outstanding represents the period from January 1, 2020 to September 23, 2020 (maturity of the NMNLC Credit Facility). (10)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. Senior Securities Information about our senior securities as of December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014 are shown in the following table
Class and Year (1) |  | Total Amount Outstanding Exclusive of Treasury Securities (2) |  | Asset Coverage Per Unit (3) |  | Involuntary Liquidating Preference Per Unit (4) |  | Average Market Value Per Unit (5)
December 31, 2023 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | $ | 515.1 |  |  | $ | 1,875 |  |  | — |  |  | N/A
Unsecured Notes (not including the 8.250% Unsecured Notes) |  | 391.5 |  | 1,875 |  |  | — |  |  | N/A
2022 Convertible Notes |  | 260.0 |  | 1,875 |  |  | — |  |  | N/A
DB Credit Facility |  | 186.4 |  | 1,875 |  |  | — |  |  | N/A
8.250% Unsecured Notes |  | 115.0 |  | 1,875 |  |  | — |  |  | $ | 25.88 |
NMFC Credit Facility(6) |  | 36.8 |  | 1,875 |  |  | — |  |  | N/A
NMNLC Credit Facility II |  | 2.9 |  | 1,875 |  |  | — |  |  | N/A
December 31, 2022 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 619.0 |  |  | 1,774 |  |  | — |  |  | N/A
2018 Convertible Notes |  | 116.8 |  | 1,774 |  |  | — |  |  | N/A
2022 Convertible Notes |  | 200.0 |  | 1,774 |  |  | — |  |  | N/A
Unsecured Notes |  | 531.5 |  | 1,774 |  |  | — |  |  | N/A
NMFC Credit Facility(6) |  | 40.4 |  | 1,774 |  |  | — |  |  | N/A
DB Credit Facility |  | 186.4 |  | 1,774 |  |  | — |  |  | N/A
NMNLC Credit Facility II |  | 3.8 |  | 1,774 |  |  | — |  |  | N/A
December 31, 2021 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 545.3 |  |  | 1,812 |  |  | — |  |  | N/A
2018 Convertible Notes |  | 201.2 |  | 1,812 |  |  | — |  |  | N/A
Unsecured Notes |  | 511.5 |  | 1,812 |  |  | — |  |  | N/A
NMFC Credit Facility(6) |  | 127.2 |  | 1,812 |  |  | — |  |  | N/A
DB Credit Facility |  | 226.3 |  | 1,812 |  |  | — |  |  | N/A
NMNLC Credit Facility II |  | 15.2 |  | 1,812 |  |  | — |  |  | N/A
December 31, 2020 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 450.2 |  |  | 1,807 |  |  | — |  |  | N/A
2018 Convertible Notes |  | 201.2 |  |  | 1,807 |  |  | — |  |  | N/A
Unsecured Notes (not including the 5.75% Unsecured Notes) |  | 401.5 |  |  | 1,807 |  |  | — |  |  | N/A
5.75% Unsecured Notes |  | 51.8 |  |  | 1,807 |  |  | — |  |  | $ | 24.50 |
NMFC Credit Facility |  | 165.5 |  |  | 1,807 |  |  | — |  |  | N/A
DB Credit Facility |  | 244.0 |  |  | 1,807 |  |  | — |  |  | N/A
December 31, 2019 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 661.6 |  |  | 1,740 |  |  | — |  |  | N/A
2018 Convertible Notes |  | 201.2 |  |  | 1,740 |  |  | — |  |  | N/A
Unsecured Notes (not including the 5.75% Unsecured Notes) |  | 401.5 |  |  | 1,740 |  |  | — |  |  | N/A
5.75% Unsecured Notes |  | 51.8 |  |  | 1,740 |  |  | — |  |  | $ | 25.60 |
NMFC Credit Facility |  | 188.5 |  |  | 1,740 |  |  | — |  |  | N/A
DB Credit Facility |  | 230.0 |  |  | 1,740 |  |  | — |  |  | N/A
December 31, 2018 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | $ | 512.6 |  |  | $ | 1,814 |  |  | — |  |  | N/A
2014 Convertible Notes |  | 155.3 |  |  | 1,814 |  |  | — |  |  | N/A
2018 Convertible Notes |  | 115.0 |  |  | 1,814 |  |  | — |  |  | N/A
Unsecured Notes (not including the 5.75% Unsecured Notes) |  | 285.0 |  |  | 1,814 |  |  | — |  |  | N/A
5.75% Unsecured Notes |  | 51.8 |  |  | 1,814 |  |  | — |  |  | $ | 24.70 |
NMFC Credit Facility |  | 60.0 |  |  | 1,814 |  |  | — |  |  | N/A
DB Credit Facility |  | 57.0 |  |  | 1,814 |  |  | — |  |  | N/A
December 31, 2017 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 312.4 |  |  | 2,408 |  |  | — |  |  | N/A
2014 Convertible Notes |  | 155.3 |  |  | 2,408 |  |  | — |  |  | N/A
Unsecured Notes |  | 145.0 |  |  | 2,408 |  |  | — |  |  | N/A
NMFC Credit Facility |  | 122.5 |  |  | 2,408 |  |  | — |  |  | N/A
December 31, 2016 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 333.5 |  |  | 2,593 |  |  | — |  |  | N/A
2014 Convertible Notes |  | 155.3 |  |  | 2,593 |  |  | — |  |  | N/A
Unsecured Notes |  | 90.0 |  |  | 2,593 |  |  | — |  |  | N/A
NMFC Credit Facility |  | 10.0 |  |  | 2,593 |  |  | — |  |  | N/A
December 31, 2015 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 419.3 |  |  | 2,341 |  |  | — |  |  | N/A
2014 Convertible Notes |  | 115.0 |  |  | 2,341 |  |  | — |  |  | N/A
NMFC Credit Facility |  | 90.0 |  |  | 2,341 |  |  | — |  |  | N/A
December 31, 2014 |  |  |  |  |  |  |  |
Holdings Credit Facility |  | 468.1 |  |  | 2,267 |  |  | — |  |  | N/A
2014 Convertible Notes |  | 115.0 |  |  | 2,267 |  |  | — |  |  | N/A
NMFC Credit Facility |  | 50.0 |  |  | 2,267 |  |  | — |  |  | N/A
(1)The company has excluded the SBA-guaranteed debentures from this table as a result of the SEC exemptive relief that permits the Company to exclude such debentures from the definition of senior securities in the 150.0% asset coverage ratio that are required to maintain under the 1940 Act. At December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, December 31, 2015 and December 31, 2014, the Company had $300.0 million, $300.0 million, $300.0 million,$300.0 million, $225.0 million, $165.0 million, $150.0 million, $121.7 million, $117.7 million and $37.5 million, respectively, in SBA-guaranteed debentures outstanding. Total asset coverage per unit including the SBA-guaranteed debentures as of December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, December 31, 2015 and December 31, 2014 is $1,730, $1,658, $1,686, $1,673, $1,655, $1,718, $2,169, $2,320, $2,128 and $2,196, respectively, and unchanged for the prior years. (2)Total amount of each class of senior securities outstanding at the end of the period presented. (3)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (4)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (5)Not applicable for any of the senior securities (except the 5.75% Unsecured Notes and the 8.250% Unsecured Notes) as they were not registered for public trading. For the 5.75% Unsecured Notes, the amounts represent the average of the daily closing prices on the New York Stock Exchange, or NASDAQ, as applicable, for (a) the period from September 28, 2018 (date of listing) through December 31, 2018, with respect to the year ended December 31, 2018, (b) the entire 2019 fiscal year, with respect to the year ended December 31, 2019 (c) the entire 2020 fiscal year, with respect to the year ended December 31, 2020. On March 8, 2021, the 5.75% Unsecured Notes were redeemed. For the 8.250% Unsecured Notes, the amounts represent the average of the daily closing prices on NASDAQ from the period from November 24, 2023 through December 31, 2023 with respect to the year ended December 31, 2023. (6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2023, the Company had borrowings denominated in GBP of £22.9 million and in EUR of €0.7 million that have been converted to U.S. dollars. As of December 31, 2022, the Company had borrowings denominated in GBP of £22.9 million and in EUR of €0.7 million that has been converted to U.S. dollars. As of December 31, 2021, the Company had borrowing denominated in GBP of £16.4 million and in EUR of €0.0 million that has been converted to U.S. dollars.

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