Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2025

The following information sets forth the Company's financial highlights for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Per share data(1):
Net asset value, January 1, 2025 and January 1, 2024, respectively	$	12.55		$	12.87
Net investment income	0.32			0.36
Net realized and unrealized losses	(0.10)			(0.10)
Total net increase	0.22			0.26
Distributions declared to stockholders from net investment income	(0.32)			(0.36)
Net asset value, March 31, 2025 and March 31, 2024, respectively	$	12.45		$	12.77
Per share market value, March 31, 2025 and March 31, 2024, respectively	$	11.03		$	12.67
Total return based on market value(2)	0.77		%	2.45		%
Total return based on net asset value(3)	1.73		%	1.99		%
Shares outstanding at end of period	107,851,415			106,289,293
Average weighted shares outstanding for the period	107,851,415			103,660,370
Average net assets for the period	$	1,353,216		1,334,024
Ratio to average net assets(4):
Net investment income	10.35		%	11.25		%
Total expenses, before waivers/reimbursements	15.84		%	16.25		%
Total expenses, net of waivers/reimbursements	15.29		%	15.97		%
Average debt outstanding—Unsecured Notes	$	990,000		$	632,610
Average debt outstanding—Holdings Credit Facility	310,636			358,489
Average debt outstanding—SBA-guaranteed debentures	287,083			300,000
Average debt outstanding—2022 Convertible Notes	259,514			260,000
Average debt outstanding—NMFC Credit Facility(5)	28,302			35,729
Average debt outstanding—DB Credit Facility (6)	—			185,095
Average debt outstanding—NMNLC Credit Facility II (7)	—			2,371
Asset coverage ratio(8)	186.95		%	192.25		%
Portfolio turnover	3.92		%	4.83		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).

(2)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.

(3)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.

(4)Interim periods are annualized.

(5)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and March 31, 2024, the Company had borrowings denominated in EUR of €16,512 and €17,400, respectively, and borrowings denominated in GBP of £8,666 and £22,850, respectively, that have been converted to U.S. dollars.

(6)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.

(7)On November 22, 2024, the Company repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II.

(8)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.