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Midas Edge

New Mountain Finance Corp

For the period ended Sep 30, 2024. Filed Oct 30, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 30, 2024

NMFC$6.88-0.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Assets and Liabilities

September 30, 2024December 31, 2023
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,459,913 and $2,283,490, respectively)$2,446,773$2,209,867
Non-controlled/affiliated investments (cost of $121,649 and $107,895, respectively)113,017133,659
Controlled investments (cost of $684,751 and $646,823, respectively)705,481667,796
Total investments at fair value (cost of $3,266,313 and $3,038,208, respectively)3,265,2713,011,322
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)13,50016,500
Cash and cash equivalents61,94370,090
Interest and dividend receivable45,90544,107
Derivative asset at fair value8,320—
Receivable from affiliates13982
Deferred tax asset—594
Other assets19,17816,519
Total assets$3,414,256$3,159,214
Liabilities
Borrowings
Unsecured Notes$993,577$506,500
Holdings Credit Facility407,563515,063
SBA-guaranteed debentures300,000300,000
Convertible Notes260,120260,207
NMFC Credit Facility55,03136,813
NMNLC Credit Facility II2,9082,853
DB Credit Facility—186,400
Deferred financing costs (net of accumulated amortization of $61,723 and $54,263, respectively)(26,229)(22,387)
Net borrowings1,992,9701,785,449
Interest payable18,48520,440
Management fee payable10,73010,116
Payable to broker10,370—
Incentive fee payable8,8218,555
Deferred tax liability1,100—
Derivative liability at fair value781—
Other liabilities3,4202,931
Total liabilities2,046,6771,827,491
Commitments and contingencies (See Note 9)
Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued——
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 107,851,415 and 102,558,859 shares issued and outstanding, respectively1,0791,026
Paid in capital in excess of par1,398,3951,331,269
Accumulated undistributed earnings(38,178)(12,344)
Total net assets of New Mountain Finance Corporation$1,361,296$1,319,951
Non-controlling interest in New Mountain Net Lease Corporation6,28311,772
Total net assets$1,367,579$1,331,723
Total liabilities and net assets$3,414,256$3,159,214
Number of shares outstanding107,851,415102,558,859
Net asset value per share of New Mountain Finance Corporation$12.62$12.87

Consolidated Statements of Operations

Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$61,788$63,892$175,608$189,299
PIK interest income4,3404,06113,46011,772
Dividend income185492,762143
Non-cash dividend income5,0774,45814,55812,929
Other income1,4547916,3453,395
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)3498841,0931,576
PIK interest income9712652,6801,370
Non-cash dividend income1,5931,1734,2113,417
Other income6363188189
From controlled investments:
Interest income (excluding PIK interest income)1,6511,3514,3954,038
PIK interest income3,7393,59111,59511,665
Dividend income11,78911,04136,81234,179
Non-cash dividend income1,6491,3574,7153,879
Other income6791,3732,0493,943
Total investment income95,32794,349280,471281,794
Expenses
Interest and other financing expenses37,66131,425101,79093,921
Management fee11,70011,33434,04834,549
Incentive fee8,82110,16927,76029,748
Administrative expenses1,0599953,1352,996
Professional fees1,0198503,2132,818
Other general and administrative expenses5315421,5231,543
Total expenses60,79155,315171,469165,575
Less: management fee waived (See Note 5)(970)(1,013)(2,732)(3,172)
Net expenses59,82154,302168,737162,403
Net investment income before income taxes35,50640,047111,734119,391
Income tax expense (benefit)118(627)353401
Net investment income35,38840,674111,381118,990
Net realized (losses) gains:
Non-controlled/non-affiliated investments(75)113(46,899)(8,509)
Controlled investments(456)4,5603,37516,413
Foreign currency(1,455)—(1,455)13
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments41912,41956,47411,664
Non-controlled/affiliated investments(7,853)(14,815)(34,396)(14,830)
Controlled investments(4,260)(14,483)(243)(15,174)
Securities purchased under collateralized agreements to resell——(3,000)(39)
New Mountain Net Lease Corporation1,533—1,533—
Foreign currency1,690(60)1,796(5)
(Provision) benefit for taxes(1,037)291(1,804)66
Net realized and unrealized losses(11,494)(11,975)(24,619)(10,401)
Net increase in net assets resulting from operations23,89428,69986,762108,589
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(5)(3)(994)(490)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation$23,889$28,696$85,768$108,099
Basic earnings per share$0.22$0.28$0.81$1.07
Weighted average shares of common stock outstanding - basic (See Note 11)107,851,415100,954,898106,140,789100,943,049
Diluted earnings per share$0.22$0.27$0.78$0.98
Weighted average shares of common stock outstanding - diluted (See Note 11)126,779,819123,183,269125,000,872124,595,709
Distributions declared and paid per share$0.34$0.36$1.04$1.03
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.