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Net Assets
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Net Assets Net Assets
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2025:
Accumulated Undistributed (Overdistributed) Earnings
 Common StockTreasury StockPaid in
Capital in
Excess		Accumulated
Net Investment		Accumulated Net Realized Net 
Unrealized Appreciation		Total Net AssetsNon-
Controlling
Interest in		Total
 SharesPar Amountat Costof ParIncome(Losses) Gains(Depreciation)of NMFCNMNLCNet Assets
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 
Offering costs— — — (28)— — — (28)— (28)
Distributions declared — — — — (34,512)— — (34,512)(90)(34,602)
Net increase (decrease) in net assets resulting from operations— — — — 34,524 37,825 (48,936)23,413 104 23,517 
Net assets at March 31, 2025107,851,415 $1,079 $— $1,365,824 $181,278 $(103,454)$(102,515)$1,342,212 $5,966 $1,348,178 
Repurchases of common stock under Old Repurchase Program(925,216)— (9,642)— — — — (9,642)— (9,642)
Conversion of 2022 Convertible Notes to Shares514 — — — — — — — — — 
Offering costs— — — 14 — — — 14 — 14 
Distributions declared— — — — (34,499)— — (34,499)(90)(34,589)
Net increase (decrease) in net assets resulting from operations— — — — 34,468 13,389 (40,083)7,774 101 7,875 
Net assets at June 30, 2025106,926,713 $1,079 $(9,642)$1,365,838 $181,247 $(90,065)$(142,598)$1,305,859 $5,977 $1,311,836 
Repurchases of common stock under Old Repurchase Program(2,737,377)— (27,611)— — — — (27,611)— (27,611)
Conversion of 2022 Convertible Notes to Shares— — — 7 — — — 7 — 7 
Offering costs— — — 4 — — — 4 — 4 
Distributions declared — — — — (33,822)— — (33,822)(90)(33,912)
Net increase (decrease) in net assets resulting from operations— — — — 33,925 9 (21,745)12,189 153 12,342 
Net assets at September 30, 2025104,189,336 $1,079 $(37,253)$1,365,849 $181,350 $(90,056)$(164,343)$1,256,626 $6,040 $1,262,666 
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2024:
Accumulated Undistributed (Overdistributed) Earnings
 Common StockPaid in
Capital in Excess		Accumulated
Net Investment		Accumulated Net Realized 
(Losses)		Net 
Unrealized Appreciation		Total Net AssetsNon-Controlling Interest inTotal
 SharesPar Amountof ParIncomeGains(Depreciation)of NMFCNMNLCNet Assets
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 stock3,730,434 37 47,882 — — — 47,919 — 47,919 
Offering costs— — (81)— — — (81)— (81)
Distributions declared— — — (38,265)— — (38,265)(197)(38,462)
Net increase (decrease) in net assets resulting from operations— — — 37,325 (11,830)1,913 27,408 676 28,084 
Net assets at March 31, 2024106,289,293 $1,063 $1,379,070 $149,467 $(111,845)$(60,823)$1,356,932 $12,251 $1,369,183 
Issuances of common stock1,562,122 16 19,756 — — — 19,772 — 19,772 
Offering costs— — (388)— — — (388)— (388)
Distributions declared— — — (36,669)— — (36,669)(165)(36,834)
Net increase (decrease) in net assets resulting from operations— — — 38,200 (31,166)27,437 34,471 313 34,784 
Net assets at June 30, 2024107,851,415 $1,079 $1,398,438 $150,998 $(143,011)$(33,386)$1,374,118 $12,399 $1,386,517 
Issuances of common stock— — — — — — — — — 
Other— — — — — — — 244 244 
Offering costs— — (43)— — — (43)— (43)
Distributions declared— — — (36,668)— — (36,668)(166)(36,834)
Sale of non - controlling interest
in NMNLC		— — — — — — — (4,666)(4,666)
Net change in unrealized appreciation in NMNLC
— — — — — — — (1,533)(1,533)
Net increase (decrease) in net assets resulting from operations— — — 35,526 (1,959)(9,678)23,889 5 23,894 
Net assets at September 30, 2024107,851,415 $1,079 $1,398,395 $149,856 $(144,970)$(43,064)$1,361,296 $6,283 $1,367,579 
On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000.
For the three and nine months ended September 30, 2025, the Company did not sell any shares of common stock under the Distribution Agreement. For the three months ended September 30, 2024, the Company did not sell any shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company sold 5,292,556 shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company received total accumulated net proceeds of approximately $67,691, including $12 of offering expenses, from these sales.
The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2025, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.