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Net Assets | 3 Months Ended
--- | ---
Mar. 31, 2024
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 months ended March 31, 2024:
|  |  |  |  |  |  |  |  | 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, 2023 | 102,558,859 |  |  | $ | 1,026 |  |  |  |  | $ | 1,331,269 |  |  | $ | 150,407 |  |  | $ | (100,015) |  |  | $ | (62,736) |  |  | $ | 1,319,951 |  |  | $ | 11,772 |  |  | $ | 1,331,723 |
Issuances of common stock | 3,730,434 |  |  | 37 |  |  |  |  | 47,882 |  |  | — |  |  | — |  |  | — |  |  | 47,919 |  |  | — |  |  | 47,919 |
Offering costs | — |  |  | — |  |  |  |  | (81) |  |  | — |  |  | — |  |  | — |  |  | (81) |  |  | — |  |  | (81) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (38,265) |  |  | — |  |  | — |  |  | (38,265) |  |  | (197) |  |  | (38,462) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 37,325 |  |  | (11,830) |  |  | 1,913 |  |  | 27,408 |  |  | 676 |  |  | 28,084 |
Net assets at March 31, 2024 | 106,289,293 |  |  | $ | 1,063 |  |  |  |  | $ | 1,379,070 |  |  | $ | 149,467 |  |  | $ | (111,845) |  |  | $ | (60,823) |  |  | $ | 1,356,932 |  |  | $ | 12,251 |  |  | $ | 1,369,183 |
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2023:
|  |  |  |  |  |  |  |  | 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, 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 |
On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023 and August 23, 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 months ended March 31, 2024, the Company sold 3,730,434 shares of common stock under the Distribution Agreement. For the three months ended March 31, 2024, the Company received total accumulated net proceeds of approximately $47,919, including $7, of offering expenses, from these sales. For the three months ended March 31, 2023, the Company did not sell any shares of common stock under the Distribution Agreement. The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of March 31, 2024, shares representing approximately $127,768 of its common stock remain available for issuance and sale under the Distribution Agreement.

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