New Mountain Finance Corporation Announces Financial Results for the Quarter Ended June 30, 2024
New Mountain Finance (NASDAQ: NMFC) reported its financial results for Q2 2024. Key highlights include:
- Net investment income of $38.2 million, or $0.36 per share
- Net asset value of $12.74 per share
- $437.3 million in gross originations and $299.1 million in repayments
- 97.0% of portfolio rated green on internal risk rating system
- Declared regular Q3 2024 distribution of $0.32 per share and supplemental distribution of $0.02 per share
The company maintained a strong credit performance and improved its asset mix. NMFC's investment portfolio had a fair value of $3.23 billion across 123 companies, with a weighted average yield to maturity at cost of 11.1%. The company's statutory debt to equity ratio was 1.21x as of June 30, 2024.
New Mountain Finance (NASDAQ: NMFC) ha reso noti i suoi risultati finanziari per il secondo trimestre del 2024. Principali punti salienti includono:
- Reddito netto da investimenti di 38,2 milioni di dollari, ovvero 0,36 dollari per azione
- Valore netto degli attivi di 12,74 dollari per azione
- 437,3 milioni di dollari in originazioni lorde e 299,1 milioni di dollari in rimborsi
- Il 97,0% del portafoglio è classificato come verde secondo il sistema interno di valutazione del rischio
- Dichiarata una distribuzione regolare per il terzo trimestre del 2024 di 0,32 dollari per azione e una distribuzione supplementare di 0,02 dollari per azione
L'azienda ha mantenuto una solida performance creditizia e ha migliorato la sua composizione degli attivi. Il portafoglio investimenti di NMFC aveva un valore equo di 3,23 miliardi di dollari distribuiti su 123 società, con un rendimento medio ponderato alla scadenza del costo dell'11,1%. Il rapporto debito-capitale statutario dell'azienda era di 1,21x al 30 giugno 2024.
New Mountain Finance (NASDAQ: NMFC) ha comunicado sus resultados financieros para el segundo trimestre de 2024. Los puntos destacados incluyen:
- Ingresos netos por inversiones de 38,2 millones de dólares, o 0,36 dólares por acción
- Valor neto de los activos de 12,74 dólares por acción
- 437,3 millones de dólares en originaciones brutas y 299,1 millones de dólares en pagos
- El 97,0% de la cartera calificada como verde en el sistema interno de calificación de riesgos
- Declarada una distribución regular para el tercer trimestre de 2024 de 0,32 dólares por acción y una distribución suplementaria de 0,02 dólares por acción
La empresa mantuvo un sólido desempeño crediticio y mejoró su mezcla de activos. La cartera de inversiones de NMFC tenía un valor razonable de 3,23 mil millones de dólares en 123 empresas, con un rendimiento medio ponderado a vencimiento a costo del 11,1%. El ratio de deuda a capital estatutario de la empresa era de 1,21x al 30 de junio de 2024.
뉴 마운틴 파이낸스 (NASDAQ: NMFC)는 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는:
- 순 투자 수익 3820만 달러, 주당 0.36 달러
- 주당 순 자산 가치 12.74 달러
- 총 4억 3730만 달러의 원천 및 2억 9910만 달러의 상환
- 포트폴리오의 97.0%가 내부 위험 평가 시스템에서 '녹색' 등급
- 2024년 3분기 정기 배당금 주당 0.32 달러 및 추가 배당금 주당 0.02 달러 선언
회사는 강력한 신용 실적을 유지하고 자산 구성을 개선했습니다. NMFC의 투자 포트폴리오는 123개 회사에 걸쳐 공정 가치가 32억 3000만 달러이며, 비용 대비 만기 가중 평균 수익률은 11.1%입니다. 회사의 법적 부채 대비 자본 비율은 2024년 6월 30일 기준 1.21배였습니다.
New Mountain Finance (NASDAQ: NMFC) a annoncé ses résultats financiers pour le deuxième trimestre de 2024. Les points clés incluent :
- Revenu net d'investissement de 38,2 millions de dollars, soit 0,36 dollar par action
- Valeur nette des actifs de 12,74 dollars par action
- 437,3 millions de dollars d'origination brute et 299,1 millions de dollars de remboursements
- 97,0% du portefeuille classé vert selon le système interne d'évaluation des risques
- Distribution régulière déclarée pour le troisième trimestre 2024 de 0,32 dollar par action et distribution complémentaire de 0,02 dollar par action
L'entreprise a maintenu une solide performance crédit et a amélioré son mélange d'actifs. Le portefeuille d'investissement de NMFC avait une valeur équitable de 3,23 milliards de dollars répartie sur 123 entreprises, avec un rendement moyen pondéré à l'échéance de 11,1% au coût. Le ratio de dette à capitaux propres de l'entreprise était de 1,21x au 30 juin 2024.
New Mountain Finance (NASDAQ: NMFC) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht. Wichtige Highlights sind:
- Nettoanlageertrag von 38,2 Millionen Dollar, bzw. 0,36 Dollar pro Aktie
- Nettovermögenswert von 12,74 Dollar pro Aktie
- 437,3 Millionen Dollar an Bruttooriginierungen und 299,1 Millionen Dollar an Rückzahlungen
- 97,0% des Portfolios hat im internen Risikobewertungssystem eine grüne Bewertung erhalten
- Reguläre Ausschüttung für das 3. Quartal 2024 von 0,32 Dollar pro Aktie und zusätzliche Ausschüttung von 0,02 Dollar pro Aktie erklärt
Das Unternehmen hat eine starke Kreditperformance beibehalten und seine Vermögensstruktur verbessert. Das Anlageportfolio von NMFC hatte zum 30. Juni 2024 einen fairen Wert von 3,23 Milliarden Dollar bei 123 Unternehmen, mit einer gewichteten durchschnittlichen Rendite bis zur Fälligkeit von 11,1%. Das gesetzliche Verhältnis von Schulden zu Eigenkapital des Unternehmens betrug 1,21x.
- Net investment income of $38.2 million, or $0.36 per share
- 97.0% of portfolio rated green on internal risk rating system, up from 96.5% in Q1
- Increased portfolio velocity with $437.3 million of gross originations
- Successful repricing of Wells Fargo Credit Facility, reducing spread from S + 2.50% to S + 2.15%
- Declared regular Q3 2024 distribution of $0.32 per share and supplemental distribution of $0.02 per share
- Slight decrease in net asset value from $12.77 per share in Q1 to $12.74 per share in Q2
- Increase in statutory debt/equity ratio from 1.08x in Q1 to 1.21x in Q2
Insights
New Mountain Finance 's Q2 2024 results demonstrate solid performance in a challenging market environment. The company reported
The company's net asset value (NAV) remained relatively stable at
NMFC's investment activity was robust, with
The company's focus on first lien loans (
The reduction in the base management fee to
Overall, while there are some signs of pressure on earnings, NMFC's conservative portfolio management and focus on defensive sectors position it well for the current economic environment.
NMFC's Q2 results reflect the broader trends in the BDC sector, where rising interest rates are creating both opportunities and challenges. The company's yield-to-maturity at cost of
The company's focus on defensive growth businesses is particularly noteworthy. Their target companies exhibit characteristics such as acyclicality, sustainable secular growth drivers and recurring revenue. This strategy could provide resilience in an uncertain economic environment.
The portfolio's industry composition shows a strong tilt towards software (
However, investors should note the increase in the company's statutory debt-to-equity ratio to 1.21x from 1.08x in the previous quarter. While still within acceptable ranges for a BDC, this increase in leverage could amplify risks in a downturn scenario.
The company's ability to reprice its Wells Fargo Credit Facility at more favorable terms (reducing spread from S +
In summary, NMFC's results and strategy position it as a relatively stable player in the BDC market, potentially attractive to investors seeking yield in a higher interest rate environment, but with the caveat of increased leverage.
Reports Net Investment Income of
Declares a Regular Third Quarter Distribution of
Second Quarter Highlights1
-
Net investment income of
$38.2 million $0.36 -
Net asset value of
$12.74 $12.77 -
Plan to permanently reduce base management fee to
1.25% - Amending and extending the dividend protection program
-
Continued strong credit performance with approximately
97.0% of the portfolio rated green on our internal risk rating system, up from96.5% at March 31, 2024 -
Increased portfolio velocity with
$437.3 million $299.1 million $5.5 million - Significant first lien loan originations contributed to asset mix improvement
-
Successful repricing of the Wells Fargo Credit Facility, reducing the spread from S +
2.50% to S +2.15% -
Declared a regular third quarter 2024 distribution of
$0.32 $0.02
($ in millions, except per share data) |
Q2 2024 |
Q2 2023 |
||||
Net Investment Income per Weighted Average Share |
$ |
0.36 |
|
$ |
0.39 |
|
Dividends Paid per Share4 |
$ |
0.34 |
|
$ |
0.35 |
|
Annualized Dividend Yield5 |
|
11.0 |
% |
|
11.0 |
% |
|
June 30, 2024 |
March 31, 2024 |
||
Investment Portfolio6 |
$ |
3,227.3 |
$ |
3,086.5 |
NAV per Share |
$ |
12.74 |
$ |
12.77 |
Statutory Debt/Equity3 |
1.21x |
1.08x |
||
Statutory Debt/Equity (Net of Available Cash)3 |
1.14x |
1.03x |
||
Management Comments on Second Quarter Performance
“Our second quarter results reflect another good quarter for NMFC,” said Steven B. Klinsky, NMFC Chairman. “NMFC’s consistent book value and dividend coverage reflect the benefit of our disciplined, defensive growth strategy focused on end markets that perform well across economic cycles.”
John R. Kline, CEO, commented: “We delivered solid performance with stable sequential NII and strong originations totaling more than
Portfolio and Investment Activity6
As of June 30, 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 Value10
Software |
|
Business Services |
||||
|
ERP |
8.2 % |
|
|
Engineering & Consulting Services |
5.4 % |
|
IT Infrastructure & Security |
6.9 % |
|
|
Real Estate Services |
4.5 % |
|
Human Capital Management |
5.3 % |
|
|
Misc Services |
3.3 % |
|
Ecommerce & Logistics |
4.0 % |
|
|
Insurance & Benefits Services |
3.0 % |
|
Finance & Accounting |
3.2 % |
|
|
Utility Services |
2.3 % |
|
Governance, Risk & Compliance |
3.0 % |
|
|
Digital Transformation |
1.6 % |
|
Integrated Payments |
1.4 % |
|
|
Data & Information Services |
0.2 % |
Total Software |
32.0 % |
|
Total Business Services |
20.3 % |
||
|
|
|
|
|
|
|
Healthcare |
|
Other Industries |
|
|||
|
Healthcare Services |
9.6 % |
|
|
Education |
7.0 % |
|
Healthcare Software |
6.0 % |
|
|
Consumer Services |
6.8 % |
|
Tech-Enabled Healthcare |
1.0 % |
|
|
Distribution & Logistics |
4.3 % |
|
Pharma Services |
0.9 % |
|
|
Financial Services |
4.1 % |
|
Healthcare Products |
0.2 % |
|
|
Packaging |
2.4 % |
|
|
|
|
|
Other |
5.6 % |
Total Healthcare |
17.7 % |
|
Total Other Industries |
30.2 % |
||
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 Quarterly Report on Form 10-Q filed with the
The following table shows the Risk Rating of the Company’s portfolio companies as of June 30, 2024:
(in millions) |
As of June 30, 2024 |
|||||||||||
Risk Rating |
|
Cost |
|
Percent |
|
Fair Value |
|
Percent |
|
Weighted Average Mark |
||
Green9 |
|
$ |
3,078.3 |
|
95.1 % |
|
$ |
3,130.3 |
|
97.0 % |
|
98.1 % |
Yellow6 |
|
|
87.0 |
|
2.7 % |
|
|
58.2 |
|
1.8 % |
|
66.8 % |
Orange |
|
|
59.4 |
|
1.8 % |
|
|
35.8 |
|
1.1 % |
|
74.3 % |
Red |
|
|
12.9 |
|
0.4 % |
|
|
3.0 |
|
0.1 % |
|
36.2 % |
Total |
|
$ |
3,237.6 |
|
100.0 % |
|
$ |
3,227.3 |
|
100.0 % |
|
|
As of June 30, 2024, all investments in the Company’s portfolio had a Green Risk Rating, with the exception of four portfolio companies that had a Yellow Risk Rating, five portfolio companies that had an Orange Risk Rating and one portfolio company that had a Red Risk Rating.
The following table shows the Company’s investment portfolio composition as of June 30, 2024:
(in millions) |
|
|
|
|
|
Investment Portfolio Composition |
|
June 30, 2024 |
|
Percent of Total |
|
First Lien |
|
$ |
2,017.6 |
|
63 % |
Senior Loan Funds & NMNLC11 |
|
|
376.0 |
|
12 % |
Second Lien6 |
|
|
290.5 |
|
9 % |
Subordinated |
|
|
106.8 |
|
3 % |
Preferred Equity |
|
|
224.4 |
|
6 % |
Common Equity and Other |
|
|
212.0 |
|
7 % |
Total |
|
$ |
3,227.3 |
|
100 % |
Liquidity and Capital Resources
As of June 30, 2024, the Company had cash and cash equivalents of
For the three months ended June 30, 2024, the Company sold 1,562,122 shares of common stock under its equity distribution agreement. For the same period, the Company received total accumulated net proceeds of approximately
Second Quarter 2024 Conference Call
New Mountain Finance Corporation will host an earnings conference call and webcast at 10:00 am Eastern Time on Thursday, August 1, 2024. 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 November 1, 2024. The full webcast replay will be available through August 1, 2025. 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: 8717497
For additional details related to the quarter ended June 30, 2024, please refer to the New Mountain Finance Corporation Quarterly Report on Form 10-Q 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”). For the quarter ended June 30, 2024 and 2023, |
|
(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) |
Includes the regular quarter distribution and the supplemental distribution paid in the quarter. |
|
(5) |
Dividend yield calculation uses the closing stock price of |
|
(6) |
Includes collateral for securities purchased under collateralized agreements to resell. |
|
(7) |
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. |
|
(8) |
Includes investments in joint ventures. |
|
(9) |
Includes investments held in NMNLC. |
|
(10) |
Excludes NMFC Senior Loan Program III LLC ("SLP III"), NMFC Senior Loan Program IV LLC ("SLP IV") and NMNLC. |
|
(11) |
Senior Loan Funds includes SLP III and SLP IV. |
|
New Mountain Finance Corporation |
|||||||
Consolidated Statements of Assets and Liabilities |
|||||||
(in thousands, except shares and per share data) |
|||||||
(unaudited) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Investments at fair value |
|
|
|
||||
Non-controlled/non-affiliated investments (cost of |
$ |
2,411,396 |
|
|
$ |
2,209,867 |
|
Non-controlled/affiliated investments (cost of |
|
118,351 |
|
|
|
133,659 |
|
Controlled investments (cost of |
|
684,033 |
|
|
|
667,796 |
|
Total investments at fair value (cost of |
|
3,213,780 |
|
|
|
3,011,322 |
|
Securities purchased under collateralized agreements to resell (cost of |
|
13,500 |
|
|
|
16,500 |
|
Cash and cash equivalents |
|
119,607 |
|
|
|
70,090 |
|
Interest and dividend receivable |
|
48,071 |
|
|
|
44,107 |
|
Deferred tax asset |
|
— |
|
|
|
594 |
|
Receivable from affiliates |
|
154 |
|
|
|
82 |
|
Other assets |
|
28,506 |
|
|
|
16,519 |
|
Total assets |
$ |
3,423,618 |
|
|
$ |
3,159,214 |
|
Liabilities |
|
|
|
||||
Borrowings |
|
|
|
||||
Unsecured Notes |
$ |
685,974 |
|
|
$ |
506,500 |
|
Holdings Credit Facility |
|
386,563 |
|
|
|
515,063 |
|
SBA-guaranteed debentures |
|
300,000 |
|
|
|
300,000 |
|
Convertible Notes |
|
260,150 |
|
|
|
260,207 |
|
DB Credit Facility |
|
182,000 |
|
|
|
186,400 |
|
NMFC Credit Facility |
|
141,840 |
|
|
|
36,813 |
|
NMNLC Credit Facility II |
|
2,948 |
|
|
|
2,853 |
|
Deferred financing costs (net of accumulated amortization of |
|
(22,516 |
) |
|
|
(22,387 |
) |
Net borrowings |
|
1,936,959 |
|
|
|
1,785,449 |
|
Payable for unsettled securities purchased |
|
51,199 |
|
|
|
— |
|
Interest payable |
|
22,937 |
|
|
|
20,440 |
|
Management fee payable |
|
10,490 |
|
|
|
10,116 |
|
Incentive fee payable |
|
9,550 |
|
|
|
8,555 |
|
Payable to broker |
|
1,650 |
|
|
|
— |
|
Derivative liability at fair value |
|
1,552 |
|
|
|
— |
|
Deferred tax liability |
|
63 |
|
|
|
— |
|
Other liabilities |
|
2,701 |
|
|
|
2,931 |
|
Total liabilities |
|
2,037,101 |
|
|
|
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 |
|
1,398,438 |
|
|
|
1,331,269 |
|
Accumulated undistributed earnings |
|
(25,399 |
) |
|
|
(12,344 |
) |
Total net assets of New Mountain Finance Corporation |
$ |
1,374,118 |
|
|
$ |
1,319,951 |
|
Non-controlling interest in New Mountain Net Lease Corporation |
|
12,399 |
|
|
|
11,772 |
|
Total net assets |
$ |
1,386,517 |
|
|
$ |
1,331,723 |
|
Total liabilities and net assets |
$ |
3,423,618 |
|
|
$ |
3,159,214 |
|
Number of shares outstanding |
|
107,851,415 |
|
|
|
102,558,859 |
|
Net asset value per share of New Mountain Finance Corporation |
$ |
12.74 |
|
|
$ |
12.87 |
|
New Mountain Finance Corporation |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(in thousands, except shares and per share data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Investment income |
|
|
|
|
|
|
|
||||||||
From non-controlled/non-affiliated investments: |
|
|
|
|
|
|
|
||||||||
Interest income (excluding Payment-in-kind ("PIK") interest income) |
$ |
57,583 |
|
|
$ |
64,649 |
|
|
$ |
113,820 |
|
|
$ |
125,407 |
|
PIK interest income |
|
4,437 |
|
|
|
3,767 |
|
|
|
9,120 |
|
|
|
7,711 |
|
Dividend income |
|
2,284 |
|
|
|
47 |
|
|
|
2,577 |
|
|
|
94 |
|
Non-cash dividend income |
|
4,797 |
|
|
|
4,305 |
|
|
|
9,481 |
|
|
|
8,471 |
|
Other income |
|
3,291 |
|
|
|
686 |
|
|
|
4,891 |
|
|
|
2,604 |
|
From non-controlled/affiliated investments: |
|
|
|
|
|
|
|
||||||||
Interest income (excluding PIK interest income) |
|
376 |
|
|
|
683 |
|
|
|
744 |
|
|
|
692 |
|
PIK interest income |
|
873 |
|
|
|
414 |
|
|
|
1,709 |
|
|
|
1,105 |
|
Non-cash dividend income |
|
1,374 |
|
|
|
1,139 |
|
|
|
2,618 |
|
|
|
2,244 |
|
Other income |
|
62 |
|
|
|
63 |
|
|
|
125 |
|
|
|
126 |
|
From controlled investments: |
|
|
|
|
|
|
|
||||||||
Interest income (excluding PIK interest income) |
|
1,383 |
|
|
|
1,243 |
|
|
|
2,744 |
|
|
|
2,687 |
|
PIK interest income |
|
3,721 |
|
|
|
3,686 |
|
|
|
7,856 |
|
|
|
8,074 |
|
Dividend income |
|
12,340 |
|
|
|
12,143 |
|
|
|
25,023 |
|
|
|
23,138 |
|
Non-cash dividend income |
|
1,570 |
|
|
|
1,292 |
|
|
|
3,066 |
|
|
|
2,522 |
|
Other income |
|
497 |
|
|
|
1,375 |
|
|
|
1,370 |
|
|
|
2,570 |
|
Total investment income |
|
94,588 |
|
|
|
95,492 |
|
|
|
185,144 |
|
|
|
187,445 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Interest and other financing expenses |
|
33,113 |
|
|
|
31,700 |
|
|
|
64,129 |
|
|
|
62,496 |
|
Management fee |
|
11,351 |
|
|
|
11,577 |
|
|
|
22,348 |
|
|
|
23,215 |
|
Incentive fee |
|
9,550 |
|
|
|
9,982 |
|
|
|
18,939 |
|
|
|
19,579 |
|
Professional fees |
|
1,127 |
|
|
|
1,003 |
|
|
|
2,194 |
|
|
|
1,968 |
|
Administrative expenses |
|
1,108 |
|
|
|
953 |
|
|
|
2,076 |
|
|
|
2,001 |
|
Other general and administrative expenses |
|
527 |
|
|
|
513 |
|
|
|
992 |
|
|
|
1,001 |
|
Total expenses |
|
56,776 |
|
|
|
55,728 |
|
|
|
110,678 |
|
|
|
110,260 |
|
Less: management fee waived |
|
(861 |
) |
|
|
(1,096 |
) |
|
|
(1,762 |
) |
|
|
(2,159 |
) |
Net expenses |
|
55,915 |
|
|
|
54,632 |
|
|
|
108,916 |
|
|
|
108,101 |
|
Net investment income before income taxes |
|
38,673 |
|
|
|
40,860 |
|
|
|
76,228 |
|
|
|
79,344 |
|
Income tax expense |
|
234 |
|
|
|
932 |
|
|
|
235 |
|
|
|
1,028 |
|
Net investment income |
|
38,439 |
|
|
|
39,928 |
|
|
|
75,993 |
|
|
|
78,316 |
|
Net realized (losses) gains: |
|
|
|
|
|
|
|
||||||||
Non-controlled/non-affiliated investments |
|
(34,966 |
) |
|
|
(7,314 |
) |
|
|
(46,824 |
) |
|
|
(8,622 |
) |
Controlled investments |
|
3,800 |
|
|
|
9,880 |
|
|
|
3,831 |
|
|
|
11,853 |
|
Foreign currency |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
13 |
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
||||||||
Non-controlled/non-affiliated investments |
|
32,895 |
|
|
|
2,174 |
|
|
|
56,055 |
|
|
|
(755 |
) |
Non-controlled/affiliated investments |
|
(4,080 |
) |
|
|
1 |
|
|
|
(26,543 |
) |
|
|
(15 |
) |
Controlled investments |
|
1,697 |
|
|
|
(9,488 |
) |
|
|
4,017 |
|
|
|
(691 |
) |
Securities purchased under collateralized agreements to resell |
|
(3,000 |
) |
|
|
(39 |
) |
|
|
(3,000 |
) |
|
|
(39 |
) |
Foreign currency |
|
129 |
|
|
|
29 |
|
|
|
106 |
|
|
|
55 |
|
Provision for taxes |
|
(130 |
) |
|
|
(94 |
) |
|
|
(767 |
) |
|
|
(225 |
) |
Net realized and unrealized (losses) gains |
|
(3,655 |
) |
|
|
(4,850 |
) |
|
|
(13,125 |
) |
|
|
1,574 |
|
Net increase in net assets resulting from operations |
|
34,784 |
|
|
|
35,078 |
|
|
|
62,868 |
|
|
|
79,890 |
|
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation |
|
(313 |
) |
|
|
(248 |
) |
|
|
(989 |
) |
|
|
(487 |
) |
Net increase in net assets resulting from operations related to New Mountain Finance Corporation |
$ |
34,471 |
|
|
$ |
34,830 |
|
|
$ |
61,879 |
|
|
$ |
79,403 |
|
Basic earnings per share |
$ |
0.32 |
|
|
$ |
0.35 |
|
|
$ |
0.59 |
|
|
$ |
0.79 |
|
Weighted average shares of common stock outstanding - basic |
|
106,891,784 |
|
|
|
100,937,026 |
|
|
|
105,276,077 |
|
|
|
100,937,026 |
|
Diluted earnings per share |
$ |
0.31 |
|
|
$ |
0.32 |
|
|
$ |
0.56 |
|
|
$ |
0.71 |
|
Weighted average shares of common stock outstanding - diluted |
|
125,759,769 |
|
|
|
127,016,910 |
|
|
|
124,101,624 |
|
|
|
125,313,634 |
|
Distributions declared and paid per share |
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.70 |
|
|
$ |
0.67 |
|
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/20240731979861/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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