New Mountain Finance Corp

Listed Company

NMFCCIK 0001496099NasdaqLarge AcceleratedX1FY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$16.49M

Total Assets

$2.90B

Equity

$1.18B

Shares Out

100.81M

Op. Cash Flow

$378.98M

Business

New Mountain Finance Corp is a closed-end, non-diversified management investment company that operates as a business development company (BDC) and a regulated investment company (RIC), focused on originating and managing private credit investments. It offers senior secured loans (including unitranche and first- and second-lien loans), subordinated and mezzanine debt, and selective equity co-investments, and provides administrative and managerial assistance through affiliated service arrangements. Key operating entities include its Investment Adviser and Administrator, two SBA‑licensed SBIC subsidiaries, and a majority‑owned net lease REIT subsidiary. The company primarily invests in and lends to U.S. sponsor‑backed middle‑market companies and accesses capital through public equity, SBA leverage and credit facilities.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
PIK interest income	30	37	34	17	23
Non-cash dividend income	29	32	27	23	19
Total investment income	327	372	375	295	271
Interest and other financing expenses	124	137	125	92	—
Management fee	39	46	46	47	53
Incentive fee	31	36	38	30	30
Professional fees	5	4	4	3	3
Administrative expenses	4	4	4	4	4
Other general and administrative expenses	2	2	2	2	2
Total expenses	204	229	219	179	165
Less: management and incentive fees waived (see Note 5)	−13	−4	−4	−4	−13
Net expenses	191	225	215	174	152
Net investment income before income taxes	136	146	160	120	119
Income tax expense	21,000	262,000	418,000	825,000	118,000
Net investment income	136	146	160	120	119
Investments	43	−42	−33	53	−4
Foreign currency	0	420,000	13,000	827,000	15,000
Investments	−163	16	10	−84	92
Securities purchased under collateralized agreements to resell	0	−3	−39,000	−5	0
Foreign currency	480,000	−606,000	100,000	−1	−81,000
Provision for taxes	−409,000	−2	−1	−8	−114,000
Net realized and unrealized losses	−119	−31	−24	−45	88
Net increase in net assets resulting from operations	17	115	136	75	207
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	−485,000	−1	−747,000	204,000	−6
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	16	113	135	75	201
Basic earnings per share (in dollars per share)	0.16	1.06	1.34	0.75	2.08
Weighted average shares of common stock outstanding - basic (in shares)	106	107	101	100	97
Diluted earnings per share (in dollars per share)	0.16	1.03	1.24	0.74	1.91
Weighted average shares of common stock outstanding - diluted (in shares)	121	125	123	115	110
Distributions declared per share (in dollars per share)	1.28	1.37	1.49	1.22	1.2
Distributions paid per share (in dollars per share)	1.28	1.37	1.49	1.22	1.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investments at fair value	2,742	—	—	—	3,091
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	14	—	—	—	14
Cash and cash equivalents	81	—	—	—	80
Interest and dividend receivable	39	—	—	—	42
Derivative asset at fair value	6	—	—	—	0
Receivable from unsettled securities sold	4	—	—	—	0
Other assets	18	—	—	—	19
Total assets	2,903	—	—	—	3,247
Unsecured Notes	992	—	—	—	979
SBA-guaranteed debentures	196	—	—	—	300
2022 Convertible Notes	0	—	—	—	260
Deferred financing costs (net of accumulated amortization of $45,302 and $63,971, respectively)	−18	—	—	—	−24
Net borrowings	1,671	—	—	—	1,837
Payable to broker	15	—	—	—	3
Interest payable	12	—	—	—	17
Management fee payable	9	—	—	—	10
Incentive fee payable	3	—	—	—	9
Deferred tax liability	2	—	—	—	1
Payable for unsettled securities purchased	463,000	—	—	—	0
Derivative liability at fair value	366,000	—	—	—	7
Other liabilities	2	—	—	—	2
Total liabilities	1,715	—	—	—	1,887
Commitments and contingencies (See Note 9)	—	—	—	—	—
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	0	—	—	—	0
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 107,851,929 and 107,851,415 shares issued, respectively, and 102,638,388 and 107,851,415 shares outstanding, respectively	1	—	—	—	1
Paid in capital in excess of par	1,355	—	—	—	1,366
Treasury stock at cost, 5,213,541 and 0 shares held, respectively	−52	—	—	—	0
Accumulated overdistributed earnings	−122	—	—	—	−14
Total net assets of New Mountain Finance Corporation	1,182	—	—	—	1,353
Non-controlling interest in New Mountain Net Lease Corporation	6	—	—	—	6
Total net assets	1,188	—	—	—	1,359
Total liabilities and net assets	2,903	—	—	—	3,247
Number of shares outstanding (in shares)	103	—	—	—	108
Net asset value per share of new mountain finance corporation (in dollars per share)	11.52	12.06	12.21	12.45	12.55

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of purchase discount	−9	−7	−6	−6	−9
Amortization of deferred financing costs	9	10	7	7	7
Net change due to hedging activity	−867,000	209,000	0	0	—
Non-cash investment income	−61	−70	−61	−40	−50
Cash paid for purchase of non-controlling interest in NMNLC	0	−5	0	0	—
Cash distribution received for purchase of non-controlling interest in NMNLC	0	244,000	0	0	—
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	238,000	464,000	224,000	370,000	—
Interest and dividend receivable	4	2	−8	−5	−2
Receivable from affiliates	−168,000	−131,000	−82,000	0	117,000
Deferred tax liability (asset)	0	594,000	−594,000	0	101,000
Receivable from unsettled securities sold	−4	0	0	0	9
Other assets	1	−3	−7	1	−5
Interest payable	−5	−3	813,000	2	2
Management fee payable	−1	351,000	−408,000	360,000	−255,000
Incentive fee payable	−6	70,000	2	−1	149,000
Payable for unsettled securities purchased	463,000	0	0	−8	−19
Deferred tax asset (liability)	409,000	1	−8	8	13,000
Payable to affiliates	0	0	−78,000	−478,000	−311,000
Payable to broker	11	3	0	0	—
Other liabilities	−139,000	−349,000	−272,000	397,000	479,000
Net cash flows provided by operating activities	379	42	333	35	−22
Net proceeds from shares sold	0	68	21	40	12
Repurchase of shares under repurchase programs	−52	0	0	—	—
Distributions paid	−136	−147	−151	−121	−114
Offering costs paid	−76,000	−444,000	−409,000	−204,000	−205,000
Proceeds from Unsecured Notes	0	595	115	75	200
Repayment from Unsecured Notes	0	−117	−140	−55	−142
Proceeds from Convertible Notes	0	0	60	200	0
Repayment of Convertible Notes	−260	0	−117	−84	0
Repayment of SBA-guaranteed debentures	−104	0	0	—	—
Distributions related to non-controlling interest in NMNLC	−358,000	−925,000	−693,000	−10	−1
Deferred financing costs paid	−3	−12	−12	−4	−10
Net cash flows used in financing activities	−379	−31	−334	−22	1
Net increase (decrease) in cash and cash equivalents	245,000	11	−1	14	−21
Effect of foreign exchange rate changes on cash and cash equivalents	153,000	−409,000	55,000	−391,000	−32,000
Cash interest paid	115	127	116	82	62
Income taxes (received) paid	−301,000	152,000	12	901,000	—
Non-cash activity on investments	75	26	16	0	35
Conversion of 2022 Convertible Notes to shares	7,000	0	0	—	—
Accrual for offering costs	41,000	106,000	147,000	68,000	21,000
Accrual for deferred financing costs	57,000	108,000	213,000	152,000	11,000

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