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Borrowings (Tables) | 12 Months Ended
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Dec. 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 years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense | $ | 28,154 |  |  | $ | 41,176 |  |  | $ | 22,542 |
Non-usage fee | $ | 1,856 |  |  | $ | 760 |  |  | $ | 743 |
Amortization of financing costs | $ | 2,322 |  |  | $ | 1,912 |  |  | $ | 2,956 |
Weighted average interest rate | 7.5 | % |  | 7.0 | % |  | 3.9 | %
Effective interest rate | 8.8 | % |  | 7.6 | % |  | 4.5 | %
Average debt outstanding | $ | 369,292 |  |  | $ | 577,759 |  |  | $ | 581,367 |
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense | $ | 5,174 |  |  | $ | 7,380 |  |  | $ | 4,608 |
Non-usage fee | $ | 900 |  |  | $ | 363 |  |  | $ | 247 |
Amortization of financing costs | $ | 348 |  |  | $ | 216 |  |  | $ | 229 |
Weighted average interest rate | 7.0 | % |  | 7.1 | % |  | 3.5 | %
Effective interest rate | 8.7 | % |  | 7.7 | % |  | 3.8 | %
Average debt outstanding | $ | 74,245 |  |  | $ | 103,244 |  |  | $ | 133,053 |
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024(2) |  | 2023 |  | 2022
Interest expense(1) | $ | 11,203 |  |  | $ | 14,964 |  |  | $ | 9,816 |
Non-usage fee(1) | $ | 331 |  |  | $ | 466 |  |  | $ | 355 |
Amortization of financing costs(3) | $ | 2,047 |  |  | $ | 1,113 |  |  | $ | 1,082 |
Weighted average interest rate | 8.1 | % |  | 7.9 | % |  | 4.7 | %
Effective interest rate(4) | 9.9 | % |  | 8.9 | % |  | 5.4 | %
Average debt outstanding(4) | $ | 182,364 |  |  | $ | 186,422 |  |  | $ | 209,898 |
(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 in 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)The year ended December 31, 2024 includes accelerated deferred financing costs due to DB Credit Facility termination on September 30, 2024. (4)For the year ended December 31, 2024, average debt outstanding represents the period from January 1, 2024 to September 30, 2024 (repayment and termination 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 years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024(1) |  | 2023 |  | 2022
Interest expense | $ | 161 |  |  | $ | 186 |  |  | $ | 252 |
Non-usage fee | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |
Amortization of financing costs | $ | 81 |  |  | $ | 87 |  |  | $ | 58 |
Weighted average interest rate | 7.5 | % |  | 7.2 | % |  | 3.5 | %
Effective interest rate | 11.6 | % |  | 11.0 | % |  | 4.4 | %
Average debt outstanding | $ | 2,362 |  |  | $ | 2,506 |  |  | $ | 7,195 |
(1)On November 14, 2024, NMNLC repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II on November 22, 2024. The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024(1) |  | 2023(2) |  | 2022(3)
Interest expense (4) | $ | 50,333 |  |  | $ | 21,511 |  |  | $ | 25,033 |
Amortization of financing costs | $ | 2,368 |  |  | $ | 770 |  |  | $ | 801 |
Amortization of discount | $ | 736 |  |  | $ | — |  |  | $ | — |
Weighted average interest rate | 6.6 | % |  | 4.9 | % |  | 4.8 | %
Effective interest rate | 7.1 | % |  | 5.1 | % |  | 4.9 | %
Average debt outstanding | $ | 755,239 |  |  | $ | 438,473 |  |  | $ | 526,829 |
(1)For the year ended December 31, 2024, amounts reported include interest and amortization of financing costs related to the 6.875% Unsecured Notes for the period from February 1, 2024 (issuance date of the 6.875% Unsecured Notes ) to December 31, 2024 and the 6.200% Unsecured Notes for the period from September 26, 2024 (issuance date of the 6.200% Unsecured Notes ) to December 31, 2024 . (2)For the year ended December 31, 2023, amounts reported include interest and amortization of financing costs related to the 8.250% Unsecured Notes for the period from November 13, 2023 (issuance date of the 8.250% Unsecured Notes) to December 31, 2023. (3)For the year ended December 31, 2022, amounts reported include interest and amortization of financing costs related to the 2022A Unsecured Notes for the period from June 15, 2022 (issuance date of the 2022A Unsecured Notes) to December 31, 2022. (4)Interest expense includes net expense recognized on fair value hedges. The following table summarizes the Company’s SBA-guaranteed debentures as of December 31, 2024.
Issuance Date |  | Maturity Date |  | Debenture Amount |  | Interest Rate |  | SBA Annual Charge
Fixed SBA-guaranteed debentures(1): |  |  |  |  |  |  |  |
March 25, 2015 |  | March 1, 2025 |  | $ | 37,500 |  |  | 2.517 | % |  | 0.355 | %
September 23, 2015 |  | September 1, 2025 |  | 37,500 |  |  | 2.829 | % |  | 0.355 | %
September 23, 2015 |  | September 1, 2025 |  | 28,795 |  |  | 2.829 | % |  | 0.742 | %
March 23, 2016 |  | March 1, 2026 |  | 13,950 |  |  | 2.507 | % |  | 0.742 | %
September 21, 2016 |  | September 1, 2026 |  | 4,000 |  |  | 2.051 | % |  | 0.742 | %
September 20, 2017 |  | September 1, 2027 |  | 13,000 |  |  | 2.518 | % |  | 0.742 | %
March 21, 2018 |  | March 1, 2028 |  | 15,255 |  |  | 3.187 | % |  | 0.742 | %
Fixed SBA-guaranteed debentures(2): |  |  |  |  |  |  |  |
September 19, 2018 |  | September 1, 2028 |  | 15,000 |  |  | 3.548 | % |  | 0.222 | %
September 25, 2019 |  | September 1, 2029 |  | 19,000 |  |  | 2.283 | % |  | 0.222 | %
March 25, 2020 |  | March 1, 2030 |  | 41,000 |  |  | 2.078 | % |  | 0.222 | %
March 25, 2020 |  | March 1, 2030 |  | 24,000 |  |  | 2.078 | % |  | 0.275 | %
September 23, 2020 |  | September 1, 2030 |  | 51,000 |  |  | 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 years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense | $ | 8,126 |  |  | $ | 8,104 |  |  | $ | 8,104 |
Amortization of financing costs | $ | 1,005 |  |  | $ | 1,002 |  |  | $ | 1,002 |
Weighted average interest rate | 2.7 | % |  | 2.7 | % |  | 2.7 | %
Effective interest rate | 3.0 | % |  | 3.0 | % |  | 3.0 | %
Average debt outstanding | $ | 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 Company’s 2022 Convertible Notes as of December 31, 2024.
|  | 2022 Convertible Notes
Initial conversion premium |  | 14.7 | %
Initial conversion rate(1) |  | 70.4225 |
Initial conversion price |  | $ | 14.20 |
Conversion rate at December 31, 2024(1)(2) |  | 73.1972 |
Conversion price at December 31, 2024(2)(3) |  | $ | 13.66 |
Last conversion price calculation date |  | December 17, 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 December 31, 2024 on the 2022 Convertible Notes was calculated on December 17, 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 years ended December 31, 2024, December 31, 2023 and December 31, 2022.
| Year Ended December 31,
| 2024 |  | 2023(1) |  | 2022(2)
Interest expense | $ | 19,500 |  |  | $ | 22,767 |  |  | $ | 13,734 |
Amortization of financing costs | $ | 1,619 |  |  | $ | 1,676 |  |  | $ | 694 |
Amortization of premium | $ | (116) |  |  | $ | (130) |  |  | $ | (130) |
Weighted average interest rate | 7.5 | % |  | 7.1 | % |  | 6.0 | %
Effective interest rate | 8.1 | % |  | 7.6 | % |  | 6.2 | %
Average debt outstanding | $ | 260,000 |  |  | $ | 320,494 |  |  | $ | 228,806 |
(1)For the year ended December 31, 2023, amounts reported include interest and amortization of financing costs related to the 2018 Convertible Notes for the period from January 1, 2023 to August 15, 2023 (repayment of the 2018 Convertible Notes). (2)For the year ended December 31, 2022, amounts reported include interest and amortization of financing costs related to the 2022 Convertible Notes for the period from November 2, 2022 (issuance of the 2022 Convertible Notes) to December 31, 2022.
Derivative Instruments, Gain (Loss) | 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:
|  | Year Ended
|  | December 31, 2024(1)
(Losses) gains on fair value hedging relationship: |  |
Interest rate swap contract: |  |
Interest expense recognized on derivative |  | $ | (4,043) |
Losses recognized on derivative |  | (7,423) |
Gains recognized on hedged item |  | 7,214 |
Net expense recognized on fair value hedge |  | $ | (4,252) |
(1)For the year ended December 31, 2024, the Company entered into a hedge relationship from February 1, 2024 to December 31, 2024 for the 6.875% Unsecured Notes and from September 26, 2024 to December 31, 2024 for the 6.200% Unsecured Notes.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 December 31, 2024.
Description | Carrying Value | Cumulative Amount of Basis Adjustment
6.875% Unsecured Notes | $ | 296,590 |  | $ | 871 |
6.200% Unsecured Notes | $ | 291,913 |  | $ | 6,343 |

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