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Borrowings (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest expense$7,835 $10,340 $21,417 $31,345 
Non-usage fee$409 $209 $1,417 $473 
Amortization of financing costs$585 $475 $1,737 $1,408 
Weighted average interest rate7.6 %7.2 %7.7 %6.9 %
Effective interest rate8.7 %7.8 %9.0 %7.4 %
Average debt outstanding$405,661 $563,470 $364,418 $603,154 
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 nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest expense$2,538 $2,680 $4,292 $5,481 
Non-usage fee$56 $55 $338 $269 
Amortization of financing costs$63 $56 $170 $162 
Weighted average interest rate7.2 %7.4 %7.1 %7.0 %
Effective interest rate7.5 %7.8 %8.0 %7.6 %
Average debt outstanding$140,385 $141,764 $79,969 $104,227 
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 nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024(2)September 30, 2023September 30, 2024(2)September 30, 2023
Interest expense(1)$3,718 $3,864 $11,203 $11,062 
Non-usage fee(1)$112 $120 $331 $355 
Amortization of financing costs(3)$1,641 $277 $2,024 $814 
Weighted average interest rate8.1 %8.1 %8.1 %7.8 %
Effective interest rate(3)12.1 %9.1 %9.9 %8.8 %
Average debt outstanding$180,022 $186,487 $182,364 $186,429 
(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.
(2)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.
(3)Three and nine months ended September 30, 2024 includes accelerated deferred financing costs due to DB Credit Facility termination on September 30, 2024.
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 nine months ended September 30, 2024 and September 30, 2023:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest expense$41 $40 $135 $136 
Non-usage fee$— $— $1 $1 
Amortization of financing costs$21 $21 $64 $66 
Weighted average interest rate7.6 %7.5 %7.6 %7.1 %
Effective interest rate11.7 %11.7 %11.4 %10.9 %
Average debt outstanding$2,151 $2,091 $2,341 $2,480 
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest expense(1)$12,277 $4,644 $33,765 $15,602 
Amortization of financing costs$526 $143 $1,539 $524 
Amortization of discount$165 $— $422 $— 
Weighted average interest rate6.7 %4.7 %6.5 %4.8 %
Effective interest rate7.3 %4.9 %7.0 %5.0 %
Average debt outstanding$706,304 $391,500 $676,414 $433,661 
(1)Interest expense includes net expense recognized on fair value hedges.
The following table summarizes the Company’s SBA-guaranteed debentures as of September 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 nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest expense$2,043 $2,042 $6,084 $6,061 
Amortization of financing costs$253 $253 $753 $750 
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 September 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 September 30, 2024(1)(2)73.0051 
Conversion price at September 30, 2024(2)(3)$13.70 
Last conversion price calculation dateSeptember 16, 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 September 30, 2024 on the 2022 Convertible Notes was calculated on September 16, 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 nine months ended September 30, 2024 and September 30, 2023:
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest expense$4,875 $5,696 $14,625 $17,892 
Amortization of financing costs$410 $447 $1,210 $1,276 
Amortization of premium$(30)$(52)$(87)$(101)
Weighted average interest rate7.5 %7.2 %7.5 %7.0 %
Effective interest rate8.1 %7.7 %8.1 %7.5 %
Average debt outstanding$260,000 $317,138 $260,000 $340,881 
Schedule of Effect of Hedging Derivative Instruments
The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative$(1,189)$(2,270)
Gains recognized on derivative9,092 7,539 
Losses recognized on hedged item(9,350)(8,175)
Net expense recognized on fair value hedge$(1,447)$(2,906)
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 September 30, 2024.
DescriptionCarrying ValueCumulative Amount of Basis Adjustment
6.875% Unsecured Notes
$306,122 $(8,817)
6.200% Unsecured Notes
$297,455 $642