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v3.24.3

Net Assets | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 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 |
Issuances of common stock | 1,562,122 |  |  | 16 |  |  |  |  | 19,756 |  |  | — |  |  | — |  |  | — |  |  | 19,772 |  |  | — |  |  | 19,772 |
Offering costs | — |  |  | — |  |  |  |  | (388) |  |  | — |  |  | — |  |  | — |  |  | (388) |  |  | — |  |  | (388) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (36,669) |  |  | — |  |  | — |  |  | (36,669) |  |  | (165) |  |  | (36,834) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 38,200 |  |  | (31,166) |  |  | 27,437 |  |  | 34,471 |  |  | 313 |  |  | 34,784 |
Net assets at June 30, 2024 | 107,851,415 |  |  | $ | 1,079 |  |  |  |  | $ | 1,398,438 |  |  | $ | 150,998 |  |  | $ | (143,011) |  |  | $ | (33,386) |  |  | $ | 1,374,118 |  |  | $ | 12,399 |  |  | $ | 1,386,517 |
Issuances of common stock | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | 244 |
Offering costs | — |  |  | — |  |  |  |  | (43) |  |  | — |  |  | — |  |  | — |  |  | (43) |  |  | — |  |  | (43) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (36,668) |  |  | — |  |  | — |  |  | (36,668) |  |  | (166) |  |  | (36,834) |
Sale of non-controlling interest in NMNLC | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,666) |  |  | (4,666) |
Net change in unrealized appreciation in NMNLC | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,533) |  |  | (1,533) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 35,526 |  |  | (1,959) |  |  | (9,678) |  |  | 23,889 |  |  | 5 |  |  | 23,894 |
Net assets at September 30, 2024 | 107,851,415 |  |  | $ | 1,079 |  |  |  |  | $ | 1,398,395 |  |  | $ | 149,856 |  |  | $ | (144,970) |  |  | $ | (43,064) |  |  | $ | 1,361,296 |  |  | $ | 6,283 |  |  | $ | 1,367,579 |
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 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 |
Issuances of common stock | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Offering costs | — |  |  | — |  |  |  |  | (91) |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (35,328) |  |  | — |  |  | — |  |  | (35,328) |  |  | (191) |  |  | (35,519) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 39,678 |  |  | 2,567 |  |  | (7,415) |  |  | 34,830 |  |  | 248 |  |  | 35,078 |
Net assets at June 30, 2023 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,305,798 |  |  | $ | 157,756 |  |  | $ | (64,828) |  |  | $ | (73,634) |  |  | $ | 1,326,101 |  |  | $ | 11,861 |  |  | $ | 1,337,962 |
Issuances of common stock | 502,623 |  |  | 5 |  |  |  |  | 6,620 |  |  | — |  |  | — |  |  | — |  |  | 6,625 |  |  | — |  |  | 6,625 |
Offering costs | — |  |  | — |  |  |  |  | (66) |  |  | — |  |  | — |  |  | — |  |  | (66) |  |  | — |  |  | (66) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (36,338) |  |  | — |  |  | — |  |  | (36,338) |  |  | (188) |  |  | (36,526) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 40,445 |  |  | 4,673 |  |  | (16,422) |  |  | 28,696 |  |  | 3 |  |  | 28,699 |
Net assets at September 30, 2023 | 101,439,649 |  |  | $ | 1,014 |  |  |  |  | $ | 1,312,352 |  |  | $ | 161,863 |  |  | $ | (60,155) |  |  | $ | (90,056) |  |  | $ | 1,325,018 |  |  | $ | 11,676 |  |  | $ | 1,336,694 |
On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement originally provided 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. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000. For the three months ended September 30, 2024, the Company did not sell any shares of common stock, under the Distribution Agreement. For the nine months ended September 30, 2024, the Company sold 5,292,556 shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company received total accumulated net proceeds of approximately $67,691, including $12 of offering expenses, from these sales. For the three and nine months ended September 30, 2023, the Company sold 502,623 and 502,623 shares, respectively, of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2023, the Company received total accumulated net proceeds of approximately $6,625 and $6,625, respectively, including $0 and $0, respectively, of offering expenses, from these sales. The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2024, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

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