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Distributions (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Net Assets | During the years ended December 31, 2023, December 31, 2022 and December 31, 2021, the Company's reclassifications of amounts for book purposes arising from permanent book/tax differences primarily related to return of capital distributions were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Undistributed net investment income | $ | (5,367) |  |  | $ | 33,152 |  |  | $ | 10,476 |
Distributions in excess of net realized gains | 898 |  |  | (25,449) |  |  | — |
Additional paid-in-capital | 4,469 |  |  | (7,703) |  |  | (10,476) |
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the years ended December 31, 2023, December 31, 2022 and December 31, 2021:
|  |  |  |  |  |  |  |  |  |  |  |  | Accumulated Overdistributed Earnings |  |  |  |  |  |
|  | Common Stock |  |  |  |  | Paid in Capital in Excess of Par |  |  | Accumulated Net Investment Income |  |  | Accumulated Net Realized Gains (Losses) |  |  | Net Unrealized Appreciation (Depreciation) |  | Total Net Assets of NMFC |  | Non-Controlling Interest in NMNLC |  | Total Net Assets
|  | Shares |  |  | Par Amount |  |  |  |  |  |  |  |  |  |  |  |
Net assets at December 31, 2020 |  | 96,827,342 |  |  |  | $ | 968 |  |  |  |  |  | $ | 1,269,671 |  |  |  | $ | 105,981 |  |  |  | $ | (88,250) |  |  |  | $ | (66,495) |  |  | $ | 1,221,875 |  |  | $ | 15,014 |  |  | $ | 1,236,889 |
Issuances of common stock |  | 1,080,099 |  |  |  | 11 |  |  |  |  |  | 14,644 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | 14,655 |  |  | — |  |  | 14,655 |
Offering costs |  | — |  |  |  | — |  |  |  |  |  | (231) |  |  |  | — |  |  | — |  | — |  |  |  | — |  |  | (231) |  |  | — |  |  | (231) |
Distributions declared |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | (116,453) |  |  |  | — |  |  |  | — |  |  | (116,453) |  |  | (1,222) |  |  | (117,675) |
Contributions related to non-controlling interest in NMNLC |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | 1,792 |  |  | 1,792 |
Net increase (decrease) in net assets resulting from operations |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | 117,514 |  |  |  | (3,849) |  |  |  | 87,734 |  |  | 201,399 |  |  | 5,783 |  |  | 207,182 |
Tax reclassifications related to return of capital distributions (See Note 10) |  | — |  |  |  | — |  |  |  |  |  | (11,288) |  |  |  | 11,288 |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |
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 |  | 3,029,585 |  |  |  | 30 |  |  |  |  |  | 41,074 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | 41,104 |  |  | — |  |  | 41,104 |
Offering costs |  | — |  |  |  | — |  |  |  |  |  | (222) |  |  |  | — |  |  |  | — |  |  |  | — |  |  | (222) |  |  | — |  |  | (222) |
Distributions declared |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | (122,386) |  |  |  | — |  |  |  | — |  |  | (122,386) |  |  | (9,569) |  |  | (131,955) |
Contributions related to non-controlling interest in NMNLC |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | 124 |  |  | 124 |
Net increase (decrease) in net assets resulting from operations |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | 118,497 |  |  |  | 49,476 |  |  |  | (93,241) |  |  | 74,732 |  |  | (204) |  |  | 74,528 |
Tax reclassifications related to return of capital distributions (See Note 10) |  | — |  |  |  | — |  |  |  |  |  | (7,703) |  |  |  | 33,152 |  |  |  | (25,449) |  |  |  | — |  |  | — |  |  | — |  |  | — |
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 |  | 1,621,833 |  |  |  | 17 |  |  |  |  |  | 21,224 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | 21,241 |  |  | — |  |  | 21,241 |
Offering costs |  | — |  |  |  | — |  |  |  |  |  | (369) |  |  |  | — |  |  |  | — |  |  |  | — |  |  | (369) |  |  | — |  |  | (369) |
Distributions declared |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | (150,737) |  |  |  | — |  |  |  | — |  |  | (150,737) |  |  | (693) |  |  | (151,430) |
Contributions related to non-controlling interest in NMNLC |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |
Net increase (decrease) in net assets resulting from operations |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | 158,918 |  |  |  | (32,841) |  |  |  | 9,266 |  |  | 135,343 |  |  | 747 |  |  | 136,090 |
Tax reclassifications related to return of capital distributions (See Note 10) |  | — |  |  |  | — |  |  |  |  |  | 4,469 |  |  |  | (5,367) |  |  |  | 898 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Net assets at December 31, 2023 |  | 102,558,859 |  |  |  | $ | 1,026 |  |  |  |  |  | $ | 1,331,269 |  |  |  | $ | 150,407 |  |  |  | $ | (100,015) |  |  |  | $ | (62,736) |  |  | $ | 1,319,951 |  |  | $ | 11,772 |  |  | $ | 1,331,723 |
Schedule of Tax Character of Distributions | The tax character of distributions paid by the Company for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 were estimated to be as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Ordinary income (non-qualified) | $ | 140,397 |  |  | $ | 86,388 |  |  | $ | 105,963 |
Ordinary income (qualified) | 10,340 |  |  | — |  |  | — |
Capital gains | — |  |  | 25,449 |  |  | — |
Return of capital | — |  |  | 10,549 |  |  | 10,490 |
Total | $ | 150,737 |  |  | $ | 122,386 |  |  | $ | 116,453 |
The following information is hereby provided with respect to distributions declared during the calendar years ended December 31, 2023, December 31, 2022 and December 31, 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Distributions per share | $ | 1.49 |  |  | $ | 1.22 |  |  | $ | 1.20 |
Ordinary dividends | 93.14 | % |  | 70.59 | % |  | 90.99 | %
Long-term capital gains | — | % |  | 20.79 | % |  | — | %
Qualified dividend income | 6.86 | % |  | — | % |  | — | %
Dividends received deduction | 6.86 | % |  | — | % |  | — | %
Interest-related dividends(1) | 88.43 | % |  | 64.49 | % |  | 74.53 | %
Qualified short-term capital gains(1) | — | % |  | — | % |  | — | %
Return of capital | — | % |  | 8.62 | % |  | 9.01 | %
(1) Represents the portion of the taxable ordinary dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.
Schedule of Costs of Investments for Tax Purposes | As of December 31, 2023, December 31, 2022 and December 31, 2021, the costs of investments for the Company for tax purposes were $2,927,312, $3,209,491 and $3,114,145, respectively.
| December 31, 2023(1)(2) |  | December 31, 2022(1)(2) |  | December 31, 2021(1)(2)
Tax cost | $ | 2,927,312 |  |  | $ | 3,209,491 |  |  | $ | 3,114,145 |
Gross unrealized appreciation on investments | 466,794 |  |  | 438,214 |  |  | 343,520 |
Gross unrealized depreciation on investments | (366,284) |  |  | (409,919) |  |  | (298,616) |
Total investments at fair value | $ | 3,027,822 |  |  | $ | 3,237,786 |  |  | $ | 3,159,049 |
(1)Includes securities purchased under collateralized agreement to resell. (2)Excludes investments attributable to non-controlling interest in NMNLC.
Schedule of Components of Accumulated Earnings (Deficit) | As of December 31, 2023, December 31, 2022 and December 31, 2021, the Company's components of accumulated earnings (deficit) on a tax basis were as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Accumulated capital loss carryforwards | $ | (84,427) |  |  | $ | — |  |  | $ | (25,837) |
Other temporary differences | 6,986 |  |  | 8,538 |  |  | 9,722 |
Undistributed ordinary income | 4,522 |  |  | — |  |  | — |
Unrealized depreciation (appreciation) | 60,575 |  |  | (1,019) |  |  | 63,585 |
Total | $ | (12,344) |  |  | $ | 7,519 |  |  | $ | 47,470 |

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