New Mountain Finance Corp
For the period ended Jun 30, 2026. Filed Aug 3, 2026.
View on SEC.govAbout 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.
Jun 30, 2026 · Filed Aug 3, 2026
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 exhibitsContents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Assets and Liabilities
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Investments at fair value | ||
| Non-controlled/non-affiliated investments (cost of $1,680,189 and $2,060,391, respectively) | $1,589,609 | $2,002,306 |
| Non-controlled/affiliated investments (cost of $134,340 and $131,221, respectively) | 69,953 | 60,702 |
| Controlled investments (cost of $649,899 and $720,503, respectively) | 630,243 | 679,005 |
| Total investments at fair value (cost of $2,464,428 and $2,912,115, respectively) | 2,289,805 | 2,742,013 |
| Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 5,700 | 13,500 |
| Cash and cash equivalents | 64,799 | 80,718 |
| Interest and dividend receivable | 33,600 | 38,549 |
| Receivable from affiliates | 182 | 381 |
| Derivative asset at fair value | 34 | 5,647 |
| Receivable from unsettled securities sold | — | 4,138 |
| Other assets | 21,333 | 17,907 |
| Total assets | $2,415,453 | $2,902,853 |
| Liabilities | ||
| Borrowings | ||
| Unsecured Notes | $784,045 | $991,585 |
| Holdings Credit Facility | 378,146 | 420,063 |
| SBA-guaranteed debentures | 169,255 | 196,205 |
| NMFC Credit Facility | 30,356 | 81,074 |
| Deferred financing costs (net of accumulated amortization of $48,929 and $45,302, respectively) | (15,416) | (17,875) |
| Net borrowings | 1,346,386 | 1,671,052 |
| Payable to broker | 7,490 | 14,630 |
| Management fee payable | 7,414 | 9,176 |
| Interest payable | 7,395 | 11,892 |
| Incentive fee payable | 4,324 | 3,018 |
| Derivative liability at fair value | 2,968 | 366 |
| Deferred tax liability | 1,670 | 1,819 |
| Payable for unsettled securities purchased | 313 | 463 |
| Other liabilities | 2,678 | 2,181 |
| Total liabilities | 1,380,638 | 1,714,597 |
| 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, 107,851,929 and 107,851,929 shares issued, respectively, and 94,452,390 and 102,638,388 shares outstanding, respectively | 1,079 | 1,079 |
| Paid in capital in excess of par | 1,354,726 | 1,354,726 |
| Treasury stock at cost, 13,399,539 and 5,213,541 shares held, respectively | (117,515) | (51,952) |
| Accumulated overdistributed earnings | (210,109) | (121,676) |
| Total net assets of New Mountain Finance Corporation | $1,028,181 | $1,182,177 |
| Non-controlling interest in New Mountain Net Lease Corporation | 6,634 | 6,079 |
| Total net assets | $1,034,815 | $1,188,256 |
| Total liabilities and net assets | $2,415,453 | $2,902,853 |
| Number of shares outstanding | 94,452,390 | 102,638,388 |
| Net asset value per share of New Mountain Finance Corporation | $10.89 | $11.52 |
Consolidated Statements of Operations
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Investment income | ||||
| From non-controlled/non-affiliated investments: | ||||
| Interest income (excluding Payment-in-kind ("PIK") interest income) | $35,949 | $53,584 | $75,198 | $105,697 |
| PIK interest income | 2,532 | 2,931 | 4,895 | 5,844 |
| Dividend income | 352 | 506 | 2,157 | 1,063 |
| Non-cash dividend income | 835 | 3,972 | 2,192 | 8,406 |
| Other income | 1,673 | 892 | 3,019 | 2,204 |
| From non-controlled/affiliated investments: | ||||
| Interest income (excluding PIK interest income) | 320 | 336 | 635 | 667 |
| PIK interest income | 1,256 | 1,057 | 2,444 | 2,044 |
| Non-cash dividend income | 661 | 292 | 1,401 | 1,975 |
| Other income | 62 | 62 | 125 | 125 |
| From controlled investments: | ||||
| Interest income (excluding PIK interest income) | 1,645 | 2,022 | 4,917 | 3,507 |
| PIK interest income | 1,627 | 2,900 | 3,213 | 6,588 |
| Dividend income | 10,703 | 12,183 | 22,614 | 24,381 |
| Non-cash dividend income | 3,386 | 2,378 | 6,610 | 4,449 |
| Other income | 474 | 375 | 849 | 2,203 |
| Total investment income | 61,475 | 83,490 | 130,269 | 169,153 |
| Expenses | ||||
| Interest and other financing expenses | 22,454 | 31,138 | 49,978 | 62,512 |
| Management fee | 7,414 | 9,759 | 15,568 | 19,992 |
| Incentive fee | 5,766 | 7,971 | 11,869 | 16,218 |
| Professional fees | 1,056 | 1,100 | 2,084 | 2,489 |
| Administrative expenses | 970 | 1,184 | 1,965 | 2,288 |
| Other general and administrative expenses | 616 | 331 | 1,074 | 847 |
| Total expenses | 38,276 | 51,483 | 82,538 | 104,346 |
| Less: management and incentive fees waived (See Note 5) | (1,442) | (2,586) | (7,545) | (4,408) |
| Net expenses | 36,834 | 48,897 | 74,993 | 99,938 |
| Net investment income before income taxes | 24,641 | 34,593 | 55,276 | 69,215 |
| Income tax expense (benefit) | 19 | 8 | 23 | (11) |
| Net investment income | 24,622 | 34,585 | 55,253 | 69,226 |
| Net realized (losses) gains: | ||||
| Non-controlled/non-affiliated investments | (32,111) | 13,390 | (58,403) | 12,316 |
| Controlled investments | (12,873) | (1) | (18,591) | 38,898 |
| Net change in unrealized appreciation (depreciation): | ||||
| Non-controlled/non-affiliated investments | 14,528 | (29,012) | (31,709) | (24,806) |
| Non-controlled/affiliated investments | 2,653 | (8,928) | 6,132 | (13,819) |
| Controlled investments | 20,641 | (2,590) | 21,842 | (50,982) |
| Securities purchased under collateralized agreements to resell | — | — | (7,800) | — |
| Foreign currency | (6) | 452 | (106) | 602 |
| Benefit (provision) for taxes | 59 | (21) | 146 | (43) |
| Net realized and unrealized losses | (7,109) | (26,710) | (88,489) | (37,834) |
| Net increase (decrease) in net assets resulting from operations | 17,513 | 7,875 | (33,236) | 31,392 |
| Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (256) | (101) | (435) | (205) |
| Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation | $17,257 | $7,774 | $(33,671) | $31,187 |
| Basic earnings (loss) per share | $0.18 | $0.07 | $(0.35) | $0.29 |
| Weighted average shares of common stock outstanding - basic (See Note 11) | 94,551,023 | 107,750,160 | 97,497,589 | 107,800,508 |
| Diluted earnings (loss) per share | $0.18 | $0.07 | $(0.35) | $0.29 |
| Weighted average shares of common stock outstanding - diluted (See Note 11) | 94,551,023 | 126,733,459 | 97,497,589 | 126,792,855 |
| Distributions declared and paid per share | $0.25 | $0.32 | $0.57 | $0.64 |
Consolidated Statements of Changes in Net Assets
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Increase (decrease) in net assets resulting from operations: | ||||
| Net investment income | $24,622 | $34,585 | $55,253 | $69,226 |
| Net realized (losses) gains on investments and foreign currency | (44,984) | 13,389 | (76,994) | 51,214 |
| Net change in unrealized appreciation (depreciation) of investments, foreign currency and New Mountain Net Lease Corporation | 37,816 | (40,078) | (3,841) | (89,005) |
| Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | — | — | (7,800) | — |
| Benefit (provision) for taxes | 59 | (21) | 146 | (43) |
| Net increase (decrease) in net assets resulting from operations | 17,513 | 7,875 | (33,236) | 31,392 |
| Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC") | (256) | (101) | (435) | (205) |
| Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation | 17,257 | 7,774 | (33,671) | 31,187 |
| Capital transactions | ||||
| Repurchase of shares under the repurchase programs | (8,966) | (9,642) | (65,563) | (9,642) |
| Offering costs | — | 14 | — | (14) |
| Distributions declared to stockholders from net investment income | (23,612) | (34,499) | (54,762) | (69,011) |
| Total net decrease in net assets resulting from capital transactions | (32,578) | (44,127) | (120,325) | (78,667) |
| Net decrease in net assets | (15,321) | (36,353) | (153,996) | (47,480) |
| New Mountain Finance Corporation net assets at the beginning of the period | 1,043,502 | 1,342,212 | 1,182,177 | 1,353,339 |
| New Mountain Finance Corporation net assets at the end of the period | 1,028,181 | 1,305,859 | 1,028,181 | 1,305,859 |
| Non-controlling interest in NMNLC | 6,634 | 5,977 | 6,634 | 5,977 |
| Net assets at the end of the period | $1,034,815 | $1,311,836 | $1,034,815 | $1,311,836 |
| Capital share activity | ||||
| Conversion of 2022 Convertible Notes to Shares | — | 514 | — | 514 |
| Shares repurchased under the repurchase programs | (1,122,761) | (925,216) | (8,185,998) | (925,216) |
| Net decrease in shares outstanding | (1,122,761) | (924,702) | (8,185,998) | (924,702) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.