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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Information Related to Borrowings
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three months ended March 31, 2024 and March 31, 2023:
 Three Months Ended
 March 31, 2024March 31, 2023
Interest expense$7,087 $10,287 
Non-usage fee$508 $118 
Amortization of financing costs$576 $464 
Weighted average interest rate7.8 %6.6 %
Effective interest rate9.2 %7.0 %
Average debt outstanding$358,489 $634,146 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three months ended March 31, 2024 and March 31, 2023:
 Three Months Ended
 March 31, 2024March 31, 2023
Interest expense$653 $1,617 
Non-usage fee$154 $92 
Amortization of financing costs$54 $53 
Weighted average interest rate7.3 %6.5 %
Effective interest rate9.7 %7.1 %
Average debt outstanding$35,729 $101,025 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three months ended March 31, 2024 and March 31, 2023:
 Three Months Ended
 March 31, 2024March 31, 2023
Interest expense(1)$3,781 $3,486 
Non-usage fee(1)$108 $102 
Amortization of financing costs$191 $267 
Weighted average interest rate8.1 %7.6 %
Effective interest rate8.9 %8.4 %
Average debt outstanding$185,095 $186,400 
(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facility II for the three months ended March 31, 2024 and March 31, 2023:
Three Months Ended
March 31, 2024March 31, 2023
Interest expense$45 $53 
Non-usage fee$— $— 
Amortization of financing costs$21 $23 
Weighted average interest rate7.6 %7.2 %
Effective interest rate11.4 %10.4 %
Average debt outstanding$2,371 $2,973 
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2024 and March 31, 2023:
 Three Months Ended
 March 31, 2024March 31, 2023
Interest expense(1)$9,614 $5,667 
Amortization of financing costs$495 $209 
Amortization of discount$102 $— 
Weighted average interest rate6.0 %4.8 %
Effective interest rate6.4 %5.0 %
Average debt outstanding$632,610 $471,500 
(1)Interest expense includes net expense recognized on fair value hedges.
The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2024:
Issuance DateMaturity DateDebenture AmountInterest RateSBA Annual Charge
Fixed SBA-guaranteed debentures(1):    
March 25, 2015March 1, 2025$37,500 2.517 %0.355 %
September 23, 2015September 1, 202537,500 2.829 %0.355 %
September 23, 2015September 1, 202528,795 2.829 %0.742 %
March 23, 2016March 1, 202613,950 2.507 %0.742 %
September 21, 2016September 1, 20264,000 2.051 %0.742 %
September 20, 2017September 1, 202713,000 2.518 %0.742 %
March 21, 2018March 1, 202815,255 3.187 %0.742 %
Fixed SBA-guaranteed debentures(2):
September 19, 2018September 1, 202815,000 3.548 %0.222 %
September 25, 2019September 1, 202919,000 2.283 %0.222 %
March 25, 2020March 1, 203041,000 2.078 %0.222 %
March 25, 2020March 1, 203024,000 2.078 %0.275 %
September 23, 2020September 1, 203051,000 1.034 %0.275 %
Total SBA-guaranteed debentures $300,000   
(1)SBA-guaranteed debentures are held by SBIC I.
(2)SBA-guaranteed debentures are held by SBIC II.
The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three months ended March 31, 2024 and March 31, 2023:
 Three Months Ended
March 31, 2024March 31, 2023
Interest expense$2,020 $1,998 
Amortization of financing costs$250 $247 
Weighted average interest rate2.7 %2.7 %
Effective interest rate3.0 %3.0 %
Average debt outstanding$300,000 $300,000 
Schedule of Information Related to Convertible Notes
The following table summarizes certain key terms related to the convertible features of the 2022 Convertible Notes as of March 31, 2024:
2022 Convertible Notes
Initial conversion premium(1)14.7 %
Initial conversion rate(2)70.4225 
Initial conversion price$14.20 
Conversion rate at March 31, 2024(1)(2)72.5249 
Conversion price at March 31, 2024(2)(3)$13.79 
Last conversion price calculation dateMarch 15, 2024
(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2022 Convertible Notes converted.
(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
(3)The conversion price in effect at March 31, 2024 on the 2022 Convertible Notes was calculated on March 15, 2024.
The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2018 Convertible Notes and 2022 Convertible Notes (together, the "Convertible Notes") for the three months ended March 31, 2024 and March 31, 2023:
 Three Months Ended
 March 31, 2024March 31, 2023
Interest expense$4,875 $5,642 
Amortization of financing costs$396 $374 
Amortization of premium$(29)$(18)
Weighted average interest rate7.5 %6.9 %
Effective interest rate8.1 %7.3 %
Average debt outstanding$260,000 $328,816 
Schedule of Effect of Hedging Derivative Instruments
The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:
Three Months Ended
March 31, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative$(64)
Losses recognized on derivative(424)
Gains recognized on hedged item331 
Net expense recognized on fair value hedge$(157)
Schedule of Carrying value of Hedged Assets and Liabilities
The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values, as of March 31, 2024.
DescriptionCarrying ValueCumulative Amount of Basis Adjustment
6.875% Unsecured Notes
$296,663 $331