Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
148 Months Ended |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
| Cash flows from operating activities |
|
|
|
|
|
|
|
| Net increase in net assets resulting from operations |
$ 28,699
|
$ 44,812
|
$ 7,514
|
$ 37,047
|
$ 108,589
|
$ 59,701
|
|
| Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
| Net realized gains on investments |
|
|
|
|
(7,904)
|
(35,468)
|
|
| Net realized gains on translation of assets and liabilities in foreign currencies |
0
|
|
166
|
|
(13)
|
(219)
|
|
| Net change in unrealized depreciation of investments |
|
|
|
|
18,340
|
67,634
|
|
| Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies |
60
|
|
10
|
|
5
|
625
|
|
| Net change in unrealized depreciation of securities purchased under collateralized agreements to resell |
0
|
|
0
|
|
39
|
2,021
|
|
| Amortization of purchase discount |
|
|
|
|
(4,082)
|
(4,437)
|
|
| Amortization of deferred financing costs |
|
|
|
|
5,002
|
5,082
|
|
| Amortization of premium on Convertible Notes |
|
|
|
|
(101)
|
(77)
|
|
| Non-cash investment income |
|
|
|
|
(42,456)
|
(35,585)
|
|
| Decrease (Increase) in operating assets: |
|
|
|
|
|
|
|
| Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities |
|
|
|
|
110
|
321
|
|
| Interest and dividend receivable |
|
|
|
|
(9,429)
|
(3,050)
|
|
| Other assets |
|
|
|
|
(12,408)
|
(275)
|
|
| Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
| Management fee payable |
|
|
|
|
(203)
|
438
|
|
| Incentive fee payable |
|
|
|
|
3,873
|
699
|
|
| Payable for unsettled securities purchased |
|
|
|
|
4,678
|
(7,910)
|
|
| Payable to affiliates |
|
|
|
|
178
|
(281)
|
|
| Interest payable |
|
|
|
|
3,575
|
(5,174)
|
|
| Deferred tax liability |
|
|
|
|
(5,697)
|
127
|
|
| Other liabilities |
|
|
|
|
(628)
|
4,240
|
|
| Net cash flows provided by (used in) operating activities |
|
|
|
|
207,046
|
(8,849)
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
| Net proceeds from shares sold |
|
|
|
|
6,625
|
40,006
|
$ 952,242
|
| Offering costs paid |
|
|
|
|
(306)
|
(132)
|
|
| Distributions paid |
|
|
|
|
(103,966)
|
(88,987)
|
|
| Proceeds from Convertible Notes |
|
|
|
|
60,300
|
0
|
|
| Repayment of Convertible Notes |
|
|
|
|
(116,816)
|
0
|
|
| Proceeds from Unsecured Notes |
|
|
|
|
0
|
75,000
|
|
| Repayment of Unsecured Notes |
|
|
|
|
(140,000)
|
(55,000)
|
|
| Contributions related to non-controlling interest in NMNLC |
|
|
|
|
0
|
124
|
|
| Distributions related to non-controlling interest in NMNLC |
|
|
|
|
(532)
|
(8,197)
|
|
| Deferred financing costs paid |
|
|
|
|
(1,450)
|
(710)
|
|
| Net cash flows (used in) provided by financing activities |
|
|
|
|
(194,972)
|
45
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
|
|
12,074
|
(8,804)
|
|
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
|
|
1
|
(354)
|
|
| Cash and cash equivalents at the beginning of the period |
|
$ 71,190
|
|
$ 58,077
|
71,190
|
58,077
|
|
| Cash and cash equivalents at the end of the period |
$ 83,265
|
|
$ 48,919
|
|
83,265
|
48,919
|
$ 83,265
|
| Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
| Cash interest paid |
|
|
|
|
84,116
|
63,006
|
|
| Income taxes paid |
|
|
|
|
6,808
|
74
|
|
| Non-cash operating activities: |
|
|
|
|
|
|
|
| Non-cash activity on investments |
|
|
|
|
15,772
|
0
|
|
| Non-cash financing activities: |
|
|
|
|
|
|
|
| Value of shares reissued from repurchase program in connection with the distribution reinvestment plan |
|
|
|
|
0
|
1,098
|
|
| Accrual for offering costs |
|
|
|
|
104
|
30
|
|
| Accrual for deferred financing costs |
|
|
|
|
2
|
15
|
|
| Holdings Credit Facility |
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
| Proceeds from Credit Facility |
|
|
|
|
109,600
|
164,400
|
|
| Repayments of Credit Facility |
|
|
|
|
(159,000)
|
(79,000)
|
|
| NMFC Credit Facility |
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
| Proceeds from Credit Facility |
|
|
|
|
348,500
|
162,707
|
|
| Repayments of Credit Facility |
|
|
|
|
(197,000)
|
(158,000)
|
|
| DB Credit Facility |
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
| Proceeds from Credit Facility |
|
|
|
|
8,000
|
108,600
|
|
| Repayments of Credit Facility |
|
|
|
|
(8,000)
|
(148,500)
|
|
| NMNLC Credit Facility II |
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
| Proceeds from Credit Facility |
|
|
|
|
5,750
|
2,934
|
|
| Repayments of Credit Facility |
|
|
|
|
(6,677)
|
(15,200)
|
|
| Investments including delayed draw facilities |
|
|
|
|
|
|
|
| Decrease (Increase) in operating assets: |
|
|
|
|
|
|
|
| Cash paid for purchase of investments |
|
|
|
|
(140,568)
|
(526,743)
|
|
| Investments excluding drawn revolvers |
|
|
|
|
|
|
|
| Decrease (Increase) in operating assets: |
|
|
|
|
|
|
|
| Proceeds from paydowns of investments |
|
|
|
|
282,741
|
466,516
|
|
| Drawn revolving credit facilities |
|
|
|
|
|
|
|
| Decrease (Increase) in operating assets: |
|
|
|
|
|
|
|
| Cash paid for purchase of investments |
|
|
|
|
0
|
(185)
|
|
| Drawn revolvers |
|
|
|
|
|
|
|
| Decrease (Increase) in operating assets: |
|
|
|
|
|
|
|
| Cash paid for purchase of investments |
|
|
|
|
(20,865)
|
(30,438)
|
|
| Proceeds from paydowns of investments |
|
|
|
|
$ 24,270
|
$ 33,589
|
|