XML 62 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
Distributions (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Net Assets During the years ended December 31, 2024, December 31, 2023 and December 31, 2022, the Company's reclassifications of amounts for book purposes arising from permanent book/tax differences were as follows:
 Year Ended December 31,
 202420232022
Undistributed net investment income$(3,297)$(5,367)$33,152 
Distributions in excess of net realized gains— 898 (25,449)
Additional paid-in-capital3,297 4,469 (7,703)
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the years ended December 31, 2024, December 31, 2023 and December 31, 2022:
Accumulated Overdistributed Earnings
 Common StockPaid in
Capital in Excess of Par
Accumulated
Net Investment
Income
Accumulated
Net Realized
Gains (Losses)
Net
Unrealized
Appreciation
(Depreciation)
Total
Net Assets of NMFC
Non-Controlling Interest in NMNLCTotal
Net Assets
 SharesPar Amount
Net assets at December 31, 202197,907,441 $979 $1,272,796 $118,330 $(92,099)$21,239 $1,321,245 $21,367 $1,342,612 
Issuances of common stock3,029,585 30 41,074 — — — 41,104 — 41,104 
Offering costs— — (222)— — — — (222)— (222)
Distributions declared— — — (122,386)— — (122,386)(9,569)(131,955)
Contributions related to non-controlling interest in NMNLC— — — — — — — 124 124 
Net increase (decrease) in net assets resulting from operations— — — 118,497 49,476 (93,241)74,732 (204)74,528 
Tax reclassifications related to return of capital distributions (See Note 10)— — (7,703)33,152 (25,449)— — — — 
Net assets at December 31, 2022100,937,026 $1,009 $1,305,945 $147,593 $(68,072)$(72,002)$1,314,473 $11,718 $1,326,191 
Issuances of common stock1,621,833 17 21,224 — — — 21,241 — 21,241 
Offering costs— — (369)— — — (369)— (369)
Distributions declared— — — (150,737)— — (150,737)(693)(151,430)
Net increase (decrease) in net assets resulting from operations— — — 158,918 (32,841)9,266 135,343 747 136,090 
Tax reclassifications related to return of capital distributions (See Note 10)— — 4,469 (5,367)898 — — — — 
Net assets at December 31, 2023102,558,859 $1,026 $1,331,269 $150,407 $(100,015)$(62,736)$1,319,951 $11,772 $1,331,723 
Issuances of common stock5,292,556 53 67,637 — — — 67,690 — 67,690 
Other— — — — — — — 244 244 
Offering costs— — (552)— — — (552)— (552)
Distributions declared— — — (147,193)— — (147,193)(925)(148,118)
Sale of non-controlling interest in NMNLC— — — — — — — (4,666)(4,666)
Realized gain in NMNLC— — — — — — — (1,533)(1,533)
Net increase (decrease) in net assets resulting from operations— — — 145,550 (41,264)9,157 113,443 1,060 114,503 
Tax reclassifications related to return of capital distributions (See Note 10)— — (32,502)32,502 — — — — — 
Net assets at December 31, 2024107,851,415 $1,079 $1,365,852 $181,266 $(141,279)$(53,579)$1,353,339 $5,952 $1,359,291 
Schedule of Tax Character of Distributions The tax character of distributions paid by the Company for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 were estimated to be as follows:
 Year Ended December 31,
 202420232022
Ordinary income (non-qualified)$114,693 $140,397 $86,388 
Ordinary income (qualified)— 10,340 — 
Capital gains— — 25,449 
Return of capital35,799 — 10,549 
Total$150,492 $150,737 $122,386 
The following information is hereby provided with respect to distributions declared during the calendar years ended December 31, 2024, December 31, 2023 and December 31, 2022:
Year Ended December 31,
202420232022
Distributions per share$1.37 $1.49 $1.22 
Ordinary dividends75.68 %93.14 %70.59 %
Long-term capital gains— %— %20.79 %
Qualified dividend income— %6.86 %— %
Dividends received deduction— %6.86 %— %
Interest-related dividends(1)71.22 %88.43 %64.49 %
Qualified short-term capital gains(1)— %— %— %
Return of capital24.32 %— %8.62 %
(1)    Represents the portion of the taxable ordinary dividends eligible for exemption from U.S. withholding tax for
nonresident aliens and foreign corporations.
Schedule of Costs of Investments for Tax Purposes
As of December 31, 2024, December 31, 2023 and December 31, 2022, the costs of investments for the Company for tax purposes were $2,978,976, $2,927,312 and $3,209,491, respectively.
 December 31, 2024(1)(2)December 31, 2023(1)(2)December 31, 2022(1)(2)
Tax cost$2,978,976 $2,927,312 $3,209,491 
Gross unrealized appreciation on investments562,558 466,794 438,214 
Gross unrealized depreciation on investments(437,010)(366,284)(409,919)
Total investments at fair value$3,104,524 $3,027,822 $3,237,786 
(1)Includes securities purchased under collateralized agreement to resell.
(2)Excludes investments attributable to non-controlling interest in NMNLC.
Schedule of Components of Accumulated Earnings (Deficit)
As of December 31, 2024, December 31, 2023 and December 31, 2022, the Company's components of accumulated earnings (deficit) on a tax basis were as follows:
 Year Ended December 31,
 202420232022
Accumulated capital loss carryforwards$(113,250)$(84,427)$— 
Other temporary differences6,179 6,986 8,538 
Undistributed ordinary income— 4,522 — 
Unrealized depreciation (appreciation)93,479 60,575 (1,019)
Total$(13,592)$(12,344)$7,519