New Mountain Finance Corporation Announces December 31, 2024 Financial Results
New Mountain Finance (NASDAQ: NMFC) has reported its Q4 2024 financial results, with net investment income of $34.5 million, or $0.32 per weighted average share. The company's net asset value stood at $12.55 per share, compared to $12.62 per share in Q3 2024.
Key highlights include maintaining strong credit performance with approximately 97% of the portfolio rated green, and reduced statutory debt/equity to 1.15x. NMFC declared a Q1 2025 distribution of $0.32 per share, payable March 31, 2025.
The company partially exited its UniTek Global Services investment, receiving $42 million repayment. As of December 31, 2024, NMFC's portfolio had a fair value of $3.1 billion across 121 portfolio companies, with a weighted average yield to maturity at cost of 11.0%. The company maintained strong liquidity with $80.3 million in cash and $1.15 billion available credit facility capacity.
New Mountain Finance (NASDAQ: NMFC) ha riportato i risultati finanziari del quarto trimestre 2024, con un reddito netto da investimenti di 34,5 milioni di dollari, ovvero 0,32 dollari per azione media ponderata. Il valore netto degli attivi dell'azienda si attestava a 12,55 dollari per azione, rispetto ai 12,62 dollari per azione del terzo trimestre 2024.
I punti salienti includono il mantenimento di un forte rendimento creditizio con circa il 97% del portafoglio classificato come verde e una riduzione del debito/equità statutario a 1,15x. NMFC ha dichiarato una distribuzione per il primo trimestre 2025 di 0,32 dollari per azione, pagabile il 31 marzo 2025.
L'azienda ha parzialmente disinvestito dalla sua partecipazione in UniTek Global Services, ricevendo un rimborso di 42 milioni di dollari. Al 31 dicembre 2024, il portafoglio di NMFC aveva un valore equo di 3,1 miliardi di dollari distribuiti su 121 aziende del portafoglio, con un rendimento medio ponderato alla scadenza del costo del 11,0%. L'azienda ha mantenuto una forte liquidità con 80,3 milioni di dollari in contante e 1,15 miliardi di dollari di capacità di credito disponibile.
New Mountain Finance (NASDAQ: NMFC) ha reportado sus resultados financieros del cuarto trimestre de 2024, con un ingreso neto por inversiones de 34.5 millones de dólares, o 0.32 dólares por acción promedio ponderada. El valor neto de los activos de la compañía se situó en 12.55 dólares por acción, en comparación con 12.62 dólares por acción en el tercer trimestre de 2024.
Los aspectos destacados incluyen el mantenimiento de un sólido rendimiento crediticio con aproximadamente el 97% de la cartera calificada como verde, y una reducción de la relación deuda/capital a 1.15x. NMFC declaró una distribución para el primer trimestre de 2025 de 0.32 dólares por acción, pagadera el 31 de marzo de 2025.
La compañía salió parcialmente de su inversión en UniTek Global Services, recibiendo un reembolso de 42 millones de dólares. Al 31 de diciembre de 2024, la cartera de NMFC tenía un valor justo de 3.1 mil millones de dólares en 121 empresas de la cartera, con un rendimiento promedio ponderado hasta el vencimiento del costo del 11.0%. La compañía mantuvo una sólida liquidez con 80.3 millones de dólares en efectivo y 1.15 mil millones de dólares en capacidad de crédito disponible.
뉴 마운틴 파이낸스 (NASDAQ: NMFC)가 2024년 4분기 재무 결과를 발표했습니다. 순 투자 수익은 3,450만 달러로, 가중 평균 주당 0.32달러에 해당합니다. 회사의 순 자산 가치는 주당 12.55달러로, 2024년 3분기 주당 12.62달러와 비교됩니다.
주요 하이라이트로는 포트폴리오의 약 97%가 녹색 등급을 유지하며 강력한 신용 성과를 유지하고, 법정 부채/자본 비율을 1.15배로 줄였다는 점입니다. NMFC는 2025년 1분기 주당 0.32달러의 배당금을 선언했으며, 이는 2025년 3월 31일에 지급될 예정입니다.
회사는 UniTek Global Services에 대한 투자의 일부를 매각하여 4,200만 달러의 상환금을 받았습니다. 2024년 12월 31일 기준으로 NMFC의 포트폴리오는 121개 포트폴리오 회사에서 31억 달러의 공정 가치를 보유하고 있으며, 비용 기준으로 만기까지의 가중 평균 수익률은 11.0%입니다. 회사는 8,030만 달러의 현금과 11억 5천만 달러의 가용 신용 한도로 강력한 유동성을 유지하고 있습니다.
New Mountain Finance (NASDAQ: NMFC) a publié ses résultats financiers pour le quatrième trimestre 2024, avec un revenu net d'investissement de 34,5 millions de dollars, soit 0,32 dollar par action moyenne pondérée. La valeur nette des actifs de la société s'élevait à 12,55 dollars par action, contre 12,62 dollars par action au troisième trimestre 2024.
Les points forts incluent le maintien d'une solide performance de crédit avec environ 97% du portefeuille classé vert, et une réduction de la dette/statut d'équité à 1,15x. NMFC a déclaré une distribution pour le premier trimestre 2025 de 0,32 dollar par action, payable le 31 mars 2025.
L'entreprise a partiellement sorti son investissement dans UniTek Global Services, recevant un remboursement de 42 millions de dollars. Au 31 décembre 2024, le portefeuille de NMFC avait une valeur juste de 3,1 milliards de dollars répartis sur 121 entreprises du portefeuille, avec un rendement moyen pondéré à l'échéance de 11,0%. L'entreprise a maintenu une forte liquidité avec 80,3 millions de dollars en espèces et 1,15 milliard de dollars de capacité de crédit disponible.
New Mountain Finance (NASDAQ: NMFC) hat seine finanziellen Ergebnisse für das 4. Quartal 2024 veröffentlicht, mit einem Nettoinvestitionsertrag von 34,5 Millionen Dollar, oder 0,32 Dollar pro gewichtetem Durchschnittsanteil. Der Nettoinventarwert des Unternehmens lag bei 12,55 Dollar pro Aktie, verglichen mit 12,62 Dollar pro Aktie im 3. Quartal 2024.
Zu den wichtigsten Highlights gehört die Aufrechterhaltung einer starken Kreditperformance mit etwa 97% des Portfolios, das als grün eingestuft ist, und eine Reduzierung des gesetzlichen Verhältnisses von Schulden zu Eigenkapital auf 1,15x. NMFC erklärte eine Ausschüttung für das 1. Quartal 2025 von 0,32 Dollar pro Aktie, zahlbar am 31. März 2025.
Das Unternehmen hat sich teilweise von seiner Investition in UniTek Global Services zurückgezogen und einen Rückzahlungsbetrag von 42 Millionen Dollar erhalten. Zum 31. Dezember 2024 hatte das Portfolio von NMFC einen fairen Wert von 3,1 Milliarden Dollar über 121 Portfoliounternehmen, mit einer gewichteten durchschnittlichen Rendite bis zur Fälligkeit von 11,0%. Das Unternehmen hielt eine starke Liquidität mit 80,3 Millionen Dollar in bar und 1,15 Milliarden Dollar an verfügbarer Kreditlinie.
- Strong credit performance with 97% of portfolio rated green
- Reduced debt/equity ratio to 1.15x
- Maintained stable quarterly distribution of $0.32 per share
- Portfolio yield of 11.0% at cost
- Strong liquidity position with $1.15B available credit facility capacity
- NAV decline from $12.62 to $12.55 per share quarter-over-quarter
- Lower originations ($33.1M) compared to repayments ($158.9M)
- Multiple companies (11) rated Yellow or Orange in risk rating
Insights
NMFC's Q4 2024 results demonstrate a focus on portfolio quality and strategic repositioning. The company reported net investment income of $0.32 per share, fully covering the declared Q1 2025 distribution of the same amount - a key metric for BDC sustainability. While NAV slightly decreased to $12.55 from $12.62 quarter-over-quarter, the 97% "green" rated portfolio indicates exceptional credit quality compared to BDC peers who typically report 85-90% performing assets.
The significant portfolio contraction (originations of just $33.1 million versus $217.8 million in combined repayments and sales) reflects NMFC's strategic shift toward higher-quality assets rather than growth at any cost. This disciplined approach has allowed NMFC to reduce leverage to 1.15x debt-to-equity (1.11x net of cash), providing increased financial flexibility and a greater safety margin than many competitors operating closer to regulatory limits.
The partial exit from UniTek represents a significant milestone. The $42 million repayment primarily from PIK investments addresses a key investor concern by converting non-cash income to actual liquidity. The transaction's implied $370 million valuation exceeding NMFC's carrying value suggests potential NAV upside from the remaining 31% stake. Management's stated focus on exiting additional PIK positions should further improve earnings quality and reduce non-cash income risk.
NMFC's investment strategy targeting defensive growth businesses with recurring revenue, sustainable secular growth drivers, and strong free cash flow positions the portfolio well for potential economic uncertainty. The 11.0% weighted average yield-to-maturity demonstrates strong income generation potential while maintaining credit discipline. The company's strategic priorities of top position diversification, liability optimization, and PIK reduction address the primary areas that sophisticated BDC investors typically scrutinize.
Reports Fourth Quarter Net Investment Income of
Fourth Quarter and Recent Highlights1
-
Net investment income of
$34.5 million $0.32 -
Net asset value of
$12.55 $12.62 -
Sustained strong credit performance with approximately
97% of the portfolio rated green - Reduced statutory debt/equity3 to 1.15x (or 1.11x net of available cash)
-
Declared a first quarter 2025 distribution of
$0.32 -
On February 25, 2025, NMFC partially exited its investment in UniTek Global Services, Inc. ("UniTek"). NMFC was repaid
$42 million
| ($ in millions, except per share data) |
|
Q4 2024 |
|
Q4 2023 |
||||
Net Investment Income per Weighted Average Share |
|
$ |
0.32 |
|
|
$ |
0.40 |
|
Regular & Supplemental Dividends Paid per Share in Quarter |
|
$ |
0.33 |
|
|
$ |
0.36 |
|
Annualized Dividend Yield4 |
|
|
10.7 |
% |
|
|
11.3 |
% |
|
|
December 31, 2024 |
|
September 30, 2024 |
||
Investment Portfolio5 |
|
$ |
3,104.5 |
|
$ |
3,278.8 |
NAV per Share |
|
$ |
12.55 |
|
$ |
12.62 |
Statutory Debt/Equity3 |
|
1.15x |
|
1.26x |
||
Statutory Debt/Equity (Net of Available Cash)3 |
|
1.11x |
|
1.23x |
||
Management Comments on Fourth Quarter Performance
"NMFC is off to a strong start in 2025," said Steven B. Klinsky, NMFC Chairman. "The partial sale of UniTek is an important milestone for NMFC. The transaction values UniTek at
John R. Kline, CEO, commented: "NMFC delivered steady results while preserving excellent credit performance in the fourth quarter of 2024. Over the course of 2024, we made meaningful progress on increasing our senior-oriented asset mix. Building on that momentum, the recently announced UniTek transaction highlighted the New Mountain team’s business building capabilities and deal execution skills. In 2025, we will remain focused on our strategic priorities which include diversifying NMFC’s top positions, optimizing the fund’s liabilities, and exiting PIK positions."
Portfolio and Investment Activity5
As of December 31, 2024, the Company’s NAV1 was
Portfolio and Asset Quality
NMFC’s mandate is to primarily target businesses in the middle market that, consistent with New Mountain’s private equity platform, are high quality, defensive growth companies in industries that are well-researched by New Mountain. The Company’s focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.
Portfolio Industry Composition based on Fair Value8
Software |
|
Business Services |
||||||
|
ERP |
7.2 |
% |
|
|
Engineering & Consulting Services |
5.8 |
% |
|
IT Infrastructure & Security |
5.7 |
% |
|
|
Real Estate Services |
4.4 |
% |
|
Human Capital Management |
5.5 |
% |
|
|
Misc Services |
3.7 |
% |
|
Ecommerce & Logistics |
4.2 |
% |
|
|
Digital Transformation |
2.1 |
% |
|
Governance, Risk & Compliance |
3.7 |
% |
|
|
Insurance & Benefits Services |
1.8 |
% |
|
Finance & Accounting |
3.2 |
% |
|
|
Utility Services |
1.0 |
% |
|
Integrated Payments |
1.7 |
% |
|
|
Data & Information Services |
0.2 |
% |
Total Software |
31.2 |
% |
|
Total Business Services |
19.0 |
% |
||
|
|
|
|
|
|
|
||
Healthcare |
|
Other Industries |
|
|||||
|
Healthcare Services |
10.5 |
% |
|
|
Consumer Services |
7.1 |
% |
|
Healthcare Software |
5.9 |
% |
|
|
Education |
6.9 |
% |
|
Pharma Services |
1.1 |
% |
|
|
Financial Services |
4.6 |
% |
|
Tech-Enabled Healthcare |
0.8 |
% |
|
|
Distribution & Logistics |
4.4 |
% |
|
Healthcare Products |
0.2 |
% |
|
|
Packaging |
2.5 |
% |
|
|
|
|
|
Other |
5.8 |
% |
|
Total Healthcare |
18.5 |
% |
|
Total Other Industries |
31.3 |
% |
||
The Company monitors the performance and financial trends of its portfolio companies on at least a quarterly basis. The Company attempts to identify any developments within the portfolio company, the industry, or the macroeconomic environment that may alter any material element of the Company’s original investment strategy. As described more fully in the Company's Annual Report on Form 10-K filed with the
The following table shows the Risk Rating of the Company’s portfolio companies as of December 31, 2024:
(in millions) |
As of December 31, 2024 |
||||||||||||||
Risk Rating |
|
Cost |
|
Percent |
|
Fair Value |
|
Percent |
|
Weighted Average Mark |
|||||
Green7 |
|
$ |
2,951.6 |
|
94.3 |
% |
|
$ |
2,996.7 |
|
96.5 |
% |
|
98.5 |
% |
Yellow5 |
|
|
107.2 |
|
3.4 |
% |
|
|
70.3 |
|
2.3 |
% |
|
65.5 |
% |
Orange |
|
|
73.1 |
|
2.3 |
% |
|
|
37.5 |
|
1.2 |
% |
|
65.1 |
% |
Red |
|
|
— |
|
— |
|
|
|
— |
|
— |
|
|
— |
|
Total |
|
$ |
3,131.9 |
|
100.0 |
% |
|
$ |
3,104.5 |
|
100.0 |
% |
|
|
|
As of December 31, 2024, all investments in the Company’s portfolio had a Green Risk Rating, with the exception of five portfolio companies that had a Yellow Risk Rating and six portfolio companies that had an Orange Risk Rating. As of December 31, 2024, there were no portfolio companies that had a Red Risk Rating.
The following table shows the Company’s investment portfolio composition as of December 31, 2024:
(in millions) |
|
|
|
|
||
Investment Portfolio Composition |
|
December 31, 2024 |
|
Percent of Total |
||
First Lien |
|
$ |
1,956.6 |
|
62.9 |
% |
Senior Loan Funds (SLP III & SLP IV) & NMNLC |
|
|
387.2 |
|
12.5 |
% |
Second Lien5 |
|
|
210.6 |
|
6.8 |
% |
Subordinated |
|
|
102.0 |
|
3.3 |
% |
Preferred Equity |
|
|
247.3 |
|
8.0 |
% |
Common Equity and Other9 |
|
|
200.8 |
|
6.5 |
% |
Total |
|
$ |
3,104.5 |
|
100.0 |
% |
Liquidity and Capital Resources
As of December 31, 2024, the Company had cash and cash equivalents of
Fourth Quarter 2024 Conference Call
New Mountain Finance Corporation will host an earnings conference call and webcast at 10:00 am Eastern Time on Thursday, February 27, 2025. To participate in the live earning conference call, please use the following dial-in numbers or visit the audio webcast link. To avoid any delays, please join at least fifteen minutes prior to the start of the call.
-
United States : +1 (877) 443-9109 - International: +1 (412) 317-1082
- Live Audio Webcast
A replay of the conference call can be accessed one hour after the end of the conference call through May 27, 2025. The full webcast replay will be available through February 27, 2026. To access the earnings webcast replay please visit the New Mountain Investor Relations website.
-
United States : +1 (877) 344-7529 - International: +1 (412) 317-0088
- Access Code: 1746429
For additional details related to the quarter ended December 31, 2024, please refer to the New Mountain Finance Corporation Annual Report on Form 10-K filed with the SEC and the supplemental investor presentation which can be found on the Company's website at http://www.newmountainfinance.com.
| _______________________________________________________________ | ||
| (1) | Excludes non-controlling interest in New Mountain Net Lease Corporation (“NMNLC”). |
|
| (2) | Originations exclude payment-in-kind (“PIK”); originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains / losses. |
|
| (3) | Excludes the Company’s United States Small Business Administration (“SBA”) guaranteed debentures. |
|
| (4) |
Dividend yield calculation uses the closing stock price of |
|
| (5) | Includes collateral for securities purchased under collateralized agreements to resell. |
|
| (6) | References to “YTM at Cost” assume the accruing investments, including secured collateralized agreements, in the Company's portfolio as of a certain date, the ‘‘Portfolio Date’’, are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity. This calculation excludes the impact of existing leverage. YTM at Cost uses the Sterling Overnight Interbank Average Rate ("SONIA”), Euro Interbank Offered Rate ("EURIBOR") and Secured Overnight Financing Rate (“SOFR”) curves at each quarter’s respective end date. The actual yield to maturity may be higher or lower due to the future selection of SONIA, EURIBOR and SOFR contracts by the individual companies in the Company’s portfolio or other factors. |
|
| (7) | Includes investments held in NMNLC. |
|
| (8) | Excludes NMFC Senior Loan Program III LLC ("SLP III"), NMFC Senior Loan Program IV LLC ("SLP IV") and NMNLC. |
|
| (9) | Includes investments classified as structured finance obligations. |
|
New Mountain Finance Corporation Consolidated Statements of Assets and Liabilities (in thousands, except shares and per share data) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Investments at fair value |
|
|
|
||||
Non-controlled/non-affiliated investments (cost of |
$ |
2,277,352 |
|
|
$ |
2,209,867 |
|
Non-controlled/affiliated investments (cost of |
|
112,776 |
|
|
|
133,659 |
|
Controlled investments (cost of |
|
700,896 |
|
|
|
667,796 |
|
Total investments at fair value (cost of |
|
3,091,024 |
|
|
|
3,011,322 |
|
Securities purchased under collateralized agreements to resell (cost of |
|
13,500 |
|
|
|
16,500 |
|
Cash and cash equivalents |
|
80,320 |
|
|
|
70,090 |
|
Interest and dividend receivable |
|
42,379 |
|
|
|
44,107 |
|
Receivable from affiliates |
|
213 |
|
|
|
82 |
|
Deferred tax asset |
|
— |
|
|
|
594 |
|
Other assets |
|
19,265 |
|
|
|
16,519 |
|
Total assets |
$ |
3,246,701 |
|
|
$ |
3,159,214 |
|
Liabilities |
|
|
|
||||
Borrowings |
|
|
|
||||
Unsecured Notes |
$ |
978,503 |
|
|
$ |
506,500 |
|
SBA-guaranteed debentures |
|
300,000 |
|
|
|
300,000 |
|
Holdings Credit Facility |
|
294,363 |
|
|
|
515,063 |
|
Convertible Notes |
|
260,091 |
|
|
|
260,207 |
|
NMFC Credit Facility |
|
27,944 |
|
|
|
36,813 |
|
DB Credit Facility |
|
— |
|
|
|
186,400 |
|
NMNLC Credit Facility II |
|
— |
|
|
|
2,853 |
|
Deferred financing costs (net of accumulated amortization of |
|
(24,191 |
) |
|
|
(22,387 |
) |
Net borrowings |
|
1,836,710 |
|
|
|
1,785,449 |
|
Interest payable |
|
17,109 |
|
|
|
20,440 |
|
Management fee payable |
|
10,467 |
|
|
|
10,116 |
|
Incentive fee payable |
|
8,625 |
|
|
|
8,555 |
|
Derivative liability at fair value |
|
7,423 |
|
|
|
— |
|
Payable to broker |
|
3,230 |
|
|
|
— |
|
Deferred tax liability |
|
1,410 |
|
|
|
— |
|
Other liabilities |
|
2,436 |
|
|
|
2,931 |
|
Total liabilities |
|
1,887,410 |
|
|
|
1,827,491 |
|
Commitments and contingencies |
|
|
|
||||
Net assets |
|
|
|
||||
Preferred stock, par value |
|
— |
|
|
|
— |
|
Common stock, par value |
|
1,079 |
|
|
|
1,026 |
|
Paid in capital in excess of par |
|
1,365,852 |
|
|
|
1,331,269 |
|
Accumulated undistributed earnings |
|
(13,592 |
) |
|
|
(12,344 |
) |
Total net assets of New Mountain Finance Corporation |
$ |
1,353,339 |
|
|
$ |
1,319,951 |
|
Non-controlling interest in New Mountain Net Lease Corporation |
|
5,952 |
|
|
|
11,772 |
|
Total net assets |
$ |
1,359,291 |
|
|
$ |
1,331,723 |
|
Total liabilities and net assets |
$ |
3,246,701 |
|
|
$ |
3,159,214 |
|
Number of shares outstanding |
|
107,851,415 |
|
|
|
102,558,859 |
|
Net asset value per share of New Mountain Finance Corporation |
$ |
12.55 |
|
|
$ |
12.87 |
|
New Mountain Finance Corporation Consolidated Statements of Operations (in thousands, except shares and per share data) |
||||||||||||
|
Year ended December 31, |
|
||||||||||
|
2024 |
|
2023 |
|
2022 |
|
||||||
Investment income |
|
|
|
|
|
|
||||||
From non-controlled/non-affiliated investments: |
|
|
|
|
|
|
||||||
Interest income (excluding Payment-in-kind ("PIK") interest income) |
$ |
232,023 |
|
|
$ |
249,851 |
|
|
$ |
184,367 |
|
|
PIK interest income |
|
17,573 |
|
|
|
15,968 |
|
|
|
11,767 |
|
|
Dividend income |
|
3,987 |
|
|
|
193 |
|
|
|
193 |
|
|
Non-cash dividend income |
|
19,286 |
|
|
|
17,481 |
|
|
|
14,071 |
|
|
Other income |
|
7,686 |
|
|
|
4,981 |
|
|
|
9,156 |
|
|
From non-controlled/affiliated investments: |
|
|
|
|
|
|
||||||
Interest income (excluding PIK interest income) |
|
1,443 |
|
|
|
1,951 |
|
|
|
1,062 |
|
|
PIK interest income |
|
3,648 |
|
|
|
2,183 |
|
|
|
1,043 |
|
|
Non-cash dividend income |
|
5,843 |
|
|
|
4,625 |
|
|
|
4,109 |
|
|
Other income |
|
250 |
|
|
|
251 |
|
|
|
250 |
|
|
From controlled investments: |
|
|
|
|
|
|
||||||
Interest income (excluding PIK interest income) |
|
5,800 |
|
|
|
5,386 |
|
|
|
9,438 |
|
|
PIK interest income |
|
15,649 |
|
|
|
15,443 |
|
|
|
4,516 |
|
|
Dividend income |
|
48,640 |
|
|
|
45,905 |
|
|
|
43,149 |
|
|
Non-cash dividend income |
|
6,446 |
|
|
|
5,303 |
|
|
|
4,363 |
|
|
Other income |
|
3,392 |
|
|
|
5,315 |
|
|
|
7,146 |
|
|
Total investment income |
|
371,666 |
|
|
|
374,836 |
|
|
|
294,630 |
|
|
Expenses |
|
|
|
|
|
|
||||||
Interest and other financing expenses |
|
136,636 |
|
|
|
124,784 |
|
|
|
92,421 |
|
|
Management fee |
|
45,522 |
|
|
|
45,610 |
|
|
|
46,617 |
|
|
Incentive fee |
|
36,385 |
|
|
|
38,303 |
|
|
|
29,901 |
|
|
Administrative expenses |
|
4,222 |
|
|
|
4,101 |
|
|
|
4,131 |
|
|
Professional fees |
|
4,379 |
|
|
|
3,771 |
|
|
|
3,433 |
|
|
Other general and administrative expenses |
|
2,039 |
|
|
|
2,068 |
|
|
|
2,338 |
|
|
Total expenses |
|
229,183 |
|
|
|
218,637 |
|
|
|
178,841 |
|
|
Less: management fee waived |
|
(3,739 |
) |
|
|
(4,117 |
) |
|
|
(4,402 |
) |
|
Less: expenses waived and reimbursed |
|
— |
|
|
|
— |
|
|
|
(238 |
) |
|
Net expenses |
|
225,444 |
|
|
|
214,520 |
|
|
|
174,201 |
|
|
Net investment income before income taxes |
|
146,222 |
|
|
|
160,316 |
|
|
|
120,429 |
|
|
Income tax expense |
|
262 |
|
|
|
418 |
|
|
|
825 |
|
|
Net investment income |
|
145,960 |
|
|
|
159,898 |
|
|
|
119,604 |
|
|
Net realized (losses) gains: |
|
|
|
|
|
|
||||||
Non-controlled/non-affiliated investments |
|
(45,365 |
) |
|
|
(49,267 |
) |
|
|
(737 |
) |
|
Controlled investments |
|
2,000 |
|
|
|
16,413 |
|
|
|
53,440 |
|
|
New Mountain Net Lease Corporation |
|
1,533 |
|
|
|
— |
|
|
|
— |
|
|
Foreign currency |
|
420 |
|
|
|
13 |
|
|
|
827 |
|
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
||||||
Non-controlled/non-affiliated investments |
|
52,581 |
|
|
|
47,956 |
|
|
|
(81,197 |
) |
|
Non-controlled/affiliated investments |
|
(37,242 |
) |
|
|
(19,052 |
) |
|
|
(9,156 |
) |
|
Controlled investments |
|
336 |
|
|
|
(18,588 |
) |
|
|
6,219 |
|
|
Securities purchased under collateralized agreements to resell |
|
(3,000 |
) |
|
|
(39 |
) |
|
|
(4,883 |
) |
|
Foreign currency |
|
(606 |
) |
|
|
100 |
|
|
|
(1,115 |
) |
|
Provision for taxes |
|
(2,114 |
) |
|
|
(1,344 |
) |
|
|
(8,474 |
) |
|
Net realized and unrealized losses |
|
(31,457 |
) |
|
|
(23,808 |
) |
|
|
(45,076 |
) |
|
Net increase in net assets resulting from operations |
|
114,503 |
|
|
|
136,090 |
|
|
|
74,528 |
|
|
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation |
|
(1,060 |
) |
|
|
(747 |
) |
|
|
204 |
|
|
Net increase in net assets resulting from operations related to New Mountain Finance Corporation |
$ |
113,443 |
|
|
$ |
135,343 |
|
|
$ |
74,732 |
|
|
Basic earnings per share |
$ |
1.06 |
|
|
$ |
1.34 |
|
|
$ |
0.75 |
|
|
Weighted average shares of common stock outstanding - basic |
|
106,570,782 |
|
|
|
101,118,302 |
|
|
|
100,202,847 |
|
|
Diluted earnings per share |
$ |
1.03 |
|
|
$ |
1.24 |
|
|
$ |
0.74 |
|
|
Weighted average shares of common stock outstanding - diluted |
|
125,463,389 |
|
|
|
123,488,882 |
|
|
|
115,426,198 |
|
|
Distributions declared and paid per share |
$ |
1.37 |
|
|
$ |
1.49 |
|
|
$ |
1.22 |
|
|
ABOUT NEW MOUNTAIN FINANCE CORPORATION
New Mountain Finance Corporation (NASDAQ: NMFC) is a leading business development company (BDC) focused on providing direct lending solutions to
ABOUT NEW MOUNTAIN CAPITAL
New Mountain Capital ("NMC") is a
FORWARD-LOOKING STATEMENTS
Statements included herein may contain “forward-looking statements”, which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including changes in base interest rates and significant volatility on our business, portfolio companies, our industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226159788/en/
New Mountain Finance Corporation
Investor Relations
Laura C. Holson, Authorized Representative
NMFCIR@newmountaincapital.com
(212) 220-3505
Source: New Mountain Finance Corporation
FAQ
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