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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
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 months ended March 31, 2025 and March 31, 2024:
 Three Months Ended
 March 31, 2025March 31, 2024
Interest expense$5,033 $7,087 
Non-usage fee$578 $508 
Amortization of financing costs$577 $576 
Weighted average interest rate6.5 %7.8 %
Effective interest rate8.1 %9.2 %
Average debt outstanding$310,636 $358,489 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three months ended March 31, 2025 and March 31, 2024:
 Three Months Ended
 March 31, 2025March 31, 2024
Interest expense$376 $653 
Non-usage fee$574 $154 
Amortization of financing costs$184 $54 
Weighted average interest rate5.3 %7.3 %
Effective interest rate16.2 %9.7 %
Average debt outstanding$28,302 $35,729 
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three months ended March 31, 2024:
 Three Months Ended
 March 31, 2024(2)
Interest expense(1)$3,781 
Non-usage fee(1)$108 
Amortization of financing costs$191 
Weighted average interest rate8.1 %
Effective interest rate8.9 %
Average debt outstanding$185,095 
(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.
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 months ended March 31, 2025 and March 31, 2024:
Three Months Ended
March 31, 2024(1)
Interest expense$45 
Non-usage fee$— 
Amortization of financing costs$21 
Weighted average interest rate7.6 %
Effective interest rate11.4 %
Average debt outstanding$2,371 
(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 three months ended March 31, 2025 and March 31, 2024:
 Three Months Ended
 March 31, 2025March 31, 2024
Interest expense(1)$15,395 $9,614 
Amortization of financing costs$802 $495 
Amortization of discount$307 $102 
Weighted average interest rate6.5 %6.0 %
Effective interest rate6.7 %6.4 %
Average debt outstanding$990,000 $632,610 
(1)Interest expense includes net expense recognized on fair value hedges.
The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2025:
Issuance DateMaturity DateDebenture AmountInterest RateSBA Annual Charge
Fixed SBA-guaranteed debentures(1):    
September 23, 2015September 1, 2025$37,500 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 $262,500   
(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 months ended March 31, 2025 and March 31, 2024:
 Three Months Ended
March 31, 2025March 31, 2024
Interest expense$1,907 $2,020 
Amortization of financing costs$237 $250 
Weighted average interest rate2.7 %2.7 %
Effective interest rate3.0 %3.0 %
Average debt outstanding$287,083 $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 March 31, 2025:
2022 Convertible Notes
Initial conversion premium(1)14.7 %
Initial conversion rate(2)70.4225 
Initial conversion price$14.20 
Conversion rate at March 31, 2025(1)(2)73.3323 
Conversion price at March 31, 2025(2)(3)$13.64 
Last conversion price calculation dateMarch 17, 2025
(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 March 31, 2025 on the 2022 Convertible Notes was calculated on March 17, 2025.
The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2022 Convertible Notes for the three months ended March 31, 2025 and March 31, 2024:
 Three Months Ended
 March 31, 2025March 31, 2024
Interest expense$4,865 $4,875 
Amortization of financing costs$426 $396 
Amortization of premium$(17)$(29)
Weighted average interest rate7.5 %7.5 %
Effective interest rate8.1 %8.1 %
Average debt outstanding$259,514 $260,000 
Schedule of Effect of Hedging Derivative Instruments
The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:
Three Months EndedThree Months Ended
March 31, 2025March 31, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative$(928)$(64)
Gains (Losses) recognized on derivative7,172 (424)
(Losses) Gains recognized on hedged item(6,417)331 
Net expense recognized on fair value hedge$(173)$(157)
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 March 31, 2025 and December 31, 2024.
As of
March 31, 2025December 31, 2024
DescriptionCarrying ValueCumulative Amount of Basis AdjustmentCarrying ValueCumulative Amount of Basis Adjustment
6.875% Unsecured Notes
$300,053 $(2,438)$296,590 $871 
6.200% Unsecured Notes
$295,174 $3,235 $291,913 $6,343