v3.26.3
Net Assets
 9 Months Ended
Sep. 30, 2026
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, 2026:
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, 2025102,638,388 $1,079 $(51,952)$1,354,726 $192,583 $(98,121)$(216,138)$1,182,177 $6,079 $1,188,256 
Repurchases of common
stock under the
Repurchase Program		(7,063,237)— (56,597)— — — — (56,597)— (56,597)
Distributions declared — — — — (31,150)— — (31,150)(90)(31,240)
Contributions related to non-controlling interest in NMNLC— — — — — — — — 300 300 
Net increase (decrease) in net assets resulting from operations— — — — 30,517 (32,010)(49,435)(50,928)179 (50,749)
Net assets at March 31, 202695,575,151 $1,079 $(108,549)$1,354,726 $191,950 $(130,131)$(265,573)$1,043,502 $6,468 $1,049,970 
Repurchases of common
stock under the
Repurchase Program		(1,122,761)— (8,966)— — — — (8,966)— (8,966)
Distributions declared— — — — (23,612)— — (23,612)(90)(23,702)
Net increase (decrease) in net assets resulting from operations— — — — 24,502 (44,984)37,739 17,257 256 17,513 
Net assets at June 30, 202694,452,390 $1,079 $(117,515)$1,354,726 $192,840 $(175,115)$(227,834)$1,028,181 $6,634 $1,034,815 
Distributions declared — — — — (23,613)— — (23,613)(737)(24,350)
Net increase (decrease) in net assets resulting from operations— — — — 23,580 (532)(19,569)3,479 264 3,743 
Net assets at September 30, 202694,452,390 $1,079 $(117,515)$1,354,726 $192,807 $(175,647)$(247,403)$1,008,047 $6,161 $1,014,208 
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 
(Losses)		Net 
Unrealized Appreciation		Total Net AssetsNon-Controlling Interest inTotal
SharesPar Amountat Costof ParIncomeGains(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 Shares		514 — — — — — — — — — 
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 
On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of common stock (the "Old Repurchase Program"). The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50,000 of common stock. On October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100,000 worth of common stock (the "Repurchase Program"). On April 28, 2026, the Company's board of directors authorized the repurchase of up to an additional $50,000 of the Company's common stock.
Under the Old Repurchase Program and the Repurchase Program, the Company is permitted, but not obligated, to repurchase outstanding common stock in the open market from time to time, provided that the Company complied with its code
of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases are conducted in accordance with the 1940 Act. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2027 or until $150,000 worth of common stock has been repurchased.
During the three and nine months ended September 30, 2026, no shares and approximately $65,563 of common stock was repurchased under the Repurchase Program, respectively. As of September 30, 2026, approximately $79,538 remained available under the Repurchase Program.
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, 2026 and September 30, 2025, the Company did not sell any shares of common stock under the Distribution Agreement.
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, 2026, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.