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Borrowings (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and June 30, 2023:
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense$6,495 $10,718 $13,582 $21,005 
Non-usage fee$500 $146 $1,008 $264 
Amortization of financing costs$576 $469 $1,152 $933 
Weighted average interest rate7.8 %7.0 %7.8 %6.8 %
Effective interest rate9.3 %7.4 %9.2 %7.2 %
Average debt outstanding$328,651 $612,623 $343,570 $623,325 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and six months ended June 30, 2024 and June 30, 2023:
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense$1,101 $1,184 $1,754 $2,801 
Non-usage fee$128 $122 $282 $214 
Amortization of financing costs$53 $53 $107 $106 
Weighted average interest rate7.0 %6.8 %7.1 %6.6 %
Effective interest rate8.2 %7.9 %8.7 %7.4 %
Average debt outstanding$63,131 $69,445 $49,430 $85,148 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and six months ended June 30, 2024 and June 30, 2023:
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense(1)$3,704 $3,712 $7,485 $7,198 
Non-usage fee(1)$111 $133 $219 $235 
Amortization of financing costs$192 $270 $383 $537 
Weighted average interest rate8.1 %8.0 %8.1 %7.8 %
Effective interest rate8.9 %8.9 %8.9 %8.6 %
Average debt outstanding$182,000 $186,400 $183,547 $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 and six months ended June 30, 2024 and June 30, 2023:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense$49 $43 $94 $96 
Non-usage fee$1 $1 $1 $1 
Amortization of financing costs$22 $22 $43 $45 
Weighted average interest rate7.6 %7.3 %7.6 %7.2 %
Effective interest rate11.2 %10.9 %11.3 %10.6 %
Average debt outstanding$2,505 $2,386 $2,438 $2,678 
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and six months ended June 30, 2024 and June 30, 2023:
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense(1)$11,874 $5,291 $21,488 $10,958 
Amortization of financing costs$518 $172 $1,013 $381 
Amortization of discount$155 $— $257 $— 
Weighted average interest rate6.7 %4.8 %6.3 %4.8 %
Effective interest rate7.3 %5.0 %6.9 %5.0 %
Average debt outstanding$690,000 $439,852 $661,305 $455,091 
(1)Interest expense includes net expense recognized on fair value hedge.
The following table summarizes the Company’s SBA-guaranteed debentures as of June 30, 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 and six months ended June 30, 2024 and June 30, 2023:
 Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense$2,021 $2,021 $4,041 $4,019 
Amortization of financing costs$250 $250 $500 $497 
Weighted average interest rate2.7 %2.7 %2.7 %2.7 %
Effective interest rate3.0 %3.0 %3.0 %3.0 %
Average debt outstanding$300,000 $300,000 $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 June 30, 2024:
2022 Convertible Notes
Initial conversion premium(1)14.7 %
Initial conversion rate(2)70.4225 
Initial conversion price$14.20 
Conversion rate at June 30, 2024(1)(2)72.7619 
Conversion price at June 30, 2024(2)(3)$13.74 
Last conversion price calculation dateJune 14, 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 June 30, 2024 on the 2022 Convertible Notes was calculated on June 14, 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 and six months ended June 30, 2024 and June 30, 2023:
 Three Months EndedSix Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest expense$4,875 $6,554 $9,750 $12,196 
Amortization of financing costs$404 $455 $800 $829 
Amortization of premium$(28)$(31)$(57)$(49)
Weighted average interest rate7.5 %7.0 %7.5 %6.9 %
Effective interest rate8.1 %7.4 %8.1 %7.4 %
Average debt outstanding$260,000 $376,816 $260,000 $352,949 
Schedule of Effect of Hedging Derivative Instruments
The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative$(1,017)$(1,081)
Losses recognized on derivative(1,128)(1,552)
Gains recognized on hedged item844 1,175 
Net expense recognized on fair value hedge$(1,301)$(1,458)
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 June 30, 2024.
DescriptionCarrying ValueCumulative Amount of Basis Adjustment
6.875% Unsecured Notes
$295,974 $1,175