Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

The following information sets forth the Company's financial highlights for the three months ended March 31, 2024 and March 31, 2023:


	Three Months Ended
	March 31, 2024			March 31, 2023
Per share data(1):
Net asset value, January 1, 2024 and January 1, 2023, respectively	$	12.87		$	13.02
Net investment income	0.36			0.38
Net realized and unrealized (losses) gains	(0.10)			0.06
Total net increase	0.26			0.44
Distributions declared to stockholders from net investment income	(0.36)			(0.32)
Net asset value, March 31, 2024 and March 31, 2023, respectively	$	12.77		$	13.14
Per share market value, March 31, 2024 and March 31, 2023, respectively	$	12.67		$	12.17
Total return based on market value(2)	2.45		%	0.94		%
Total return based on net asset value(3)	1.99		%	3.39		%
Shares outstanding at end of period	106,289,293			100,937,026
Average weighted shares outstanding for the period	103,660,370			100,937,026
Average net assets for the period	$	1,334,024		$	1,314,609
Ratio to average net assets(4):
Net investment income	11.25		%	11.76		%
Total expenses, before waivers/reimbursements	16.25		%	16.85		%
Total expenses, net of waivers/reimbursements	15.97		%	16.52		%
Average debt outstanding—Unsecured Notes	$	632,610		$	471,500
Average debt outstanding—Holdings Credit Facility	358,489			634,146
Average debt outstanding—SBA-guaranteed debentures	300,000			300,000
Average debt outstanding—Convertible Notes	260,000			328,816
Average debt outstanding—DB Credit Facility	185,095			186,400
Average debt outstanding—NMFC Credit Facility(5)	35,729			101,025
Average debt outstanding—NMNLC Credit Facility II	2,371			2,973
Asset coverage ratio(6)	192.25		%	177.55		%
Portfolio turnover	4.83		%	2.10		%

(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)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.

(3)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.

(4)Interim periods are annualized.

(5)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2024 and March 31, 2023, the Company had borrowings denominated in GBP of £22,850 and £22,850, respectively, and borrowings denominated in EUR of €17,400 and €700, respectively, that have been converted to U.S. dollars.

(6)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.