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Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2024:

			Total						Level I						Level II						Level III
First lien			$	1,956,608					$	—					$	53,998					$	1,902,610
Second lien			197,050						—						46,716						150,334
Subordinated			102,034						—						—						102,034
Structured Finance Obligations			3,232						—						3,232						—
Equity and other			832,100						—						—						832,100
Total investments			$	3,091,024					$	—					$	103,946					$	2,987,078

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2023:

			Total						Level I						Level II						Level III
First lien			$	1,683,952					$	—					$	46,063					$	1,637,889
Second lien			424,513						—						18,333						406,180
Subordinated			90,948						—						8,077						82,871
Equity and other			811,909						—						—						811,909
Total investments			$	3,011,322					$	—					$	72,473					$	2,938,849

Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the year ended December 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at December 31, 2024:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair value, December 31, 2023			$	2,938,849					$	1,637,889					$	406,180					$	82,871					$	811,909
Total gains or losses included in earnings:
Net realized (losses) gains on investments			(46,487)						(13,477)						(35,085)						3						2,072
Net change in unrealized appreciation (depreciation) of investments			28,410						15,927						41,203						(1,607)						(27,113)
Purchases, including capitalized PIK and revolver fundings(1)			848,075						750,811						5,555						21,059						70,650
Proceeds from sales and paydowns of investments(1)			(785,213)						(516,980)						(242,523)						(292)						(25,418)
Transfers into Level III(2)			28,440						28,440						—						—						—
Transfers out of Level III(2)			(24,996)						—						(24,996)						—						—
Fair value, December 31, 2024			$	2,987,078					$	1,902,610					$	150,334					$	102,034					$	832,100
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(23,320)					$	1,670					$	1,135					$	(1,607)					$	(24,518)

(1)Includes non-cash reorganizations and restructurings.

(2)As of December 31, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the year ended December 31, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at December 31, 2023:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair value, December 31, 2022			$	3,136,291					$	1,753,967					$	480,068					$	72,842					$	829,414
Total gains or losses included in earnings:
Net realized (losses) gains on investments			(33,048)						(41,767)						(24,627)						—						33,346
Net change in unrealized appreciation (depreciation) of investments			17,017						41,311						24,005						(112)						(48,187)
Purchases, including capitalized PIK and revolver fundings(1)			349,003						302,949						4,484						10,141						31,429
Proceeds from sales and paydowns of investments(1)			(582,011)						(407,081)						(140,837)						—						(34,093)
Transfers into Level III(2)			63,087						—						63,087						—						—
Transfers out of Level III(2)			(11,490)						(11,490)						—						—						—
Fair value, December 31, 2023			$	2,938,849					$	1,637,889					$	406,180					$	82,871					$	811,909
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(34,144)					$	12,890					$	1,625					$	(4)					$	(48,655)

(1)Includes non-cash reorganizations and restructurings

(2)As of December 31, 2023, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:

																					Range
Type			Fair Value as of December 31, 2024						Approach						Unobservable Input						Low						High						Weighted Average (1)
First lien			$	1,884,611					Market & income approach						EBITDA multiple						6.0x						35.0x						14.8x
															Revenue multiple						3.0x						19.5x						6.9x
															Discount rate						6.8		%				22.1		%				9.8		%
			17,999						Other						N/A(2)						N/A						N/A						N/A
Second lien			144,003						Market & income approach						EBITDA multiple						7.0x						20.0x						15.2x
															Discount rate						10.1		%				20.6		%				12.2		%
			6,331						Other						N/A(2)						N/A						N/A						N/A
Subordinated			102,034						Market & income approach						EBITDA multiple						8.0x						21.0x						15.4x
															Discount rate						12.5		%				25.9		%				16.8		%
Equity and other			422,851						Market & income approach						EBITDA multiple						5.5x						26.5x						12.8x
															Revenue multiple						9.0x						19.5x						14.1x
															Discount rate						8.2		%				44.6		%				8.9		%
			387,194						Income approach						Discount rate						6.4		%				12.2		%				9.9		%
			22,055						Other						N/A(2)						N/A						N/A						N/A
			$	2,987,078

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows:

																					Range
Type			Fair Value as of December 31, 2023						Approach						Unobservable Input						Low						High						Weighted Average (1)
First lien			$	1,559,300					Market & income approach						EBITDA multiple						5.0x						24.0x						15.1x
															Revenue multiple						5.0x						19.5x						10.6x
															Discount rate						8.6		%				22.0		%				10.2		%
			78,589						Other						N/A(2)						N/A						N/A						N/A
Second lien			403,180						Market & income approach						EBITDA multiple						7.0x						20.0x						14.4x
															Discount rate						9.2		%				30.0		%				12.1		%
			3,000						Other						N/A(2)						N/A						N/A						N/A
Subordinated			82,871						Market & income approach						EBITDA multiple						8.0x						22.0x						16.0x
															Discount rate						12.9		%				20.9		%				11.9		%
Equity and other			430,828						Market & income approach						EBITDA multiple						5.5x						34.0x						12.6x
															Revenue multiple						9.0x						11.0x						10.0x
															Discount rate						9.8		%				43.1		%				12.2		%
			370,807						Income approach						Discount rate						6.4		%				12.6		%				10.1		%
			10,274						Other						N/A(2)						N/A						N/A						N/A
			$	2,938,849

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

Schedule of Principal Amounts and Fair Values of Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of December 31, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.

						As of
						December 31, 2024												December 31, 2023
						Principal Amount						Fair Value						Principal Amount						Fair Value
Unsecured Notes						$	990,000					$	991,624					$	506,500					$	490,200
SBA-guaranteed debentures						300,000						270,548						300,000						259,811
Holdings Credit Facility						294,363						298,435						515,063						511,511
Convertible Notes						260,000						261,811						260,000						264,706
NMFC Credit Facility (1)						27,944						26,812						36,813						36,507
DB Credit Facility(2)						—						—						186,400						184,506
NMNLC Credit Facility II(3)						—						—						2,853						2,846
Total Borrowings						$	1,872,307					$	1,849,230					$	1,807,629					$	1,750,087

(1)     As of December 31, 2024, the principal amount of the NMFC Credit Facility was $27,944, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the fair value of the NMFC Credit Facility was $26,812, which included €15,379 denominated in EUR and £8,700 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2023, the principal amount of the NMFC Credit Facility was $36,813, which included £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of December 31, 2023, the fair value of the NMFC Credit Facility was $36,507, which included £22,660 denominated in GBP and €694 denominated in EUR that has been converted to U.S. dollars.

(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)     On November 14, 2024, NMNLC and NM CLFX LP 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.

Schedule of Notional Amounts and Fair Values of our Derivative Instruments

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of December 31, 2024. The Company's derivative instruments are considered Level II investments.

						As of December 31, 2024
						Notional Amount						Fair Value
												Asset						Liability
Derivatives in fair value hedging relationships:
Interest rate swaps						$	600,000					$	—					$	(7,423)
Total derivatives designated as hedging instruments						$	600,000					$	—					$	(7,423)
Total derivatives						$	600,000					$	—					$	(7,423)
Total net derivatives(1)						$	600,000					$	—					$	(7,423)

(1)As of December 31, 2024, the Company had net derivative liabilities at fair value subject to such enforceable master netting arrangement in the amount of $7,423 and a collateral balance of $3,230, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. If the Company had elected to offset, the net amount would be $0.

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