New Mountain Finance Corp

For the period ended Mar 31, 2025. Filed May 5, 2025.

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.

Mar 31, 2025 · Filed May 5, 2025

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

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Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Assets and Liabilities

	March 31, 2025	December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,276,008 and $2,298,083, respectively)	$2,260,728	$2,277,352
Non-controlled/affiliated investments (cost of $126,927 and $124,254, respectively)	110,558	112,776
Controlled investments (cost of $690,008 and $679,587, respectively)	662,925	700,896
Total investments at fair value (cost of $3,092,943 and $3,101,924, respectively)	3,034,211	3,091,024
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	13,500	13,500
Cash and cash equivalents	85,496	80,320
Interest and dividend receivable	41,239	42,379
Derivative asset at fair value	3,117	—
Receivable from affiliates	247	213
Other assets	18,841	19,265
Total assets	$3,196,651	$3,246,701
Liabilities
Borrowings
Unsecured Notes	$985,227	$978,503
Holdings Credit Facility	270,563	294,363
SBA-guaranteed debentures	262,500	300,000
2022 Convertible Notes	258,846	260,091
NMFC Credit Facility	29,059	27,944
Deferred financing costs (net of accumulated amortization of $66,182 and $63,971, respectively)	(23,343)	(24,191)
Net borrowings	1,782,852	1,836,710
Interest payable	18,437	17,109
Payable for unsettled securities purchased	12,022	—
Payable to broker	10,130	3,230
Management fee payable	9,945	10,467
Incentive fee payable	6,714	8,625
Derivative liability at fair value	3,368	7,423
Deferred tax liability	1,432	1,410
Other liabilities	3,573	2,436
Total liabilities	1,848,473	1,887,410
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 107,851,415 shares issued and outstanding, respectively	1,079	1,079
Paid in capital in excess of par	1,365,824	1,365,852
Accumulated undistributed earnings	(24,691)	(13,592)
Total net assets of New Mountain Finance Corporation	$1,342,212	$1,353,339
Non-controlling interest in New Mountain Net Lease Corporation	5,966	5,952
Total net assets	$1,348,178	$1,359,291
Total liabilities and net assets	$3,196,651	$3,246,701
Number of shares outstanding	107,851,415	107,851,415
Net asset value per share of New Mountain Finance Corporation	$12.45	$12.55

Consolidated Statements of Operations

	Three Months Ended
	March 31, 2025	March 31, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$52,113	$56,237
PIK interest income	2,913	4,683
Dividend income	557	293
Non-cash dividend income	4,434	4,684
Other income	1,312	1,600
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	331	368
PIK interest income	987	836
Non-cash dividend income	1,683	1,244
Other income	63	63
From controlled investments:
Interest income (excluding PIK interest income)	1,485	1,361
PIK interest income	3,688	4,135
Dividend income	12,198	12,683
Non-cash dividend income	2,071	1,496
Other income	1,828	873
Total investment income	85,663	90,556
Expenses
Interest and other financing expenses	31,374	31,016
Management fee	10,233	10,997
Incentive fee	8,247	9,389
Professional fees	1,389	1,067
Administrative expenses	1,104	968
Other general and administrative expenses	516	465
Total expenses	52,863	53,902
Less: management and incentive fees waived (See Note 5)	(1,822)	(901)
Net expenses	51,041	53,001
Net investment income before income taxes	34,622	37,555
Income tax (benefit) expense	(19)	1
Net investment income	34,641	37,554
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(1,074)	(11,858)
Controlled investments	38,899	31
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	4,206	23,160
Non-controlled/affiliated investments	(4,891)	(22,463)
Controlled investments	(48,392)	2,320
Foreign currency	150	(23)
Provision for taxes	(22)	(637)
Net realized and unrealized losses	(11,124)	(9,470)
Net increase in net assets resulting from operations	23,517	28,084
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(104)	(676)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$23,413	$27,408
Basic earnings per share	$0.22	$0.26
Weighted average shares of common stock outstanding - basic (See Note 11)	107,851,415	103,660,370
Diluted earnings per share	$0.22	$0.26
Weighted average shares of common stock outstanding - diluted (See Note 11)	126,852,911	122,443,478
Distributions declared and paid per share	$0.32	$0.36

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