interest income) 349 884 1,093 1,576
PIK interest income 971 265 2,680 1,370
Non-cash dividend income 1,593 1,173 4,211 3,417
Other income 63 63 188 189
From controlled investments:
Interest income (excluding PIK
interest income) 1,651 1,351 4,395 4,038
PIK interest income 3,739 3,591 11,595 11,665
Dividend income 11,789 11,041 36,812 34,179
Non-cash dividend income 1,649 1,357 4,715 3,879
Other income 679 1,373 2,049 3,943
----------- ----------- ----------- -----------
Total investment income 95,327 94,349 280,471 281,794
----------- ----------- ----------- -----------
Expenses
Interest and other financing
expenses 37,661 31,425 101,790 93,921
Management fee 11,700 11,334 34,048 34,549
Incentive fee 8,821 10,169 27,760 29,748
Administrative expenses 1,059 995 3,135 2,996
Professional fees 1,019 850 3,213 2,818
Other general and administrative
expenses 531 542 1,523 1,543
----------- ----------- ----------- -----------
Total expenses 60,791 55,315 171,469 165,575
Less: management fee waived (970) (1,013) (2,732) (3,172)
----------- ----------- ----------- -----------
Net expenses 59,821 54,302 168,737 162,403
----------- ----------- ----------- -----------
Net investment income before
income taxes 35,506 40,047 111,734 119,391
Income tax expense (benefit) 118 (627) 353 401
----------- ----------- ----------- -----------
Net investment income 35,388 40,674 111,381 118,990
Net realized (losses) gains:
Non-controlled/non-affiliated
investments (75) 113 (46,899) (8,509)
Controlled investments (456) 4,560 3,375 16,413
Foreign currency (1,455) -- (1,455) 13
Net change in unrealized
appreciation (depreciation):
Non-controlled/non-affiliated
investments 419 12,419 56,474 11,664
Non-controlled/affiliated
investments (7,853) (14,815) (34,396) (14,830)
Controlled investments (4,260) (14,483) (243) (15,174)
Securities purchased under
collateralized agreements to
resell -- -- (3,000) (39)
New Mountain Net Lease
Corporation 1,533 -- 1,533 --
Foreign currency 1,690 (60) 1,796 (5)
(Provision) benefit for taxes (1,037) 291 (1,804) 66
----------- ----------- ----------- -----------
Net realized and unrealized
losses (11,494) (11,975) (24,619) (10,401)
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations 23,894 28,699 86,762 108,589
Less: Net increase in net assets
resulting from operations
related to non-controlling
interest in New Mountain Net
Lease Corporation (5) (3) (994) (490)
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations
related to New Mountain Finance
Corporation $ 23,889 $ 28,696 $ 85,768 $ 108,099
=========== =========== =========== ===========
Basic earnings per share $ 0.22 $ 0.28 $ 0.81 $ 1.07
Weighted average shares of common
stock outstanding - basic 107,851,415 100,954,898 106,140,789 100,943,049
Diluted earnings per share $ 0.22 $ 0.27 $ 0.78 $ 0.98
Weighted average shares of common
stock outstanding - diluted 126,779,819 123,183,269 125,000,872 124,595,709
Distributions declared and paid per
share $ 0.34 $ 0.36 $ 1.04 $ 1.03
ABOUT NEW MOUNTAIN FINANCE CORPORATION
New Mountain Finance Corporation $(NMFC)$ is a leading business development company $(BDC)$ focused on providing direct lending solutions to U.S. middle market companies backed by top private equity sponsors. Our portfolio consists primarily of senior secured loans, and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital, a global investment firm with over $55 billion of assets under management.
ABOUT NEW MOUNTAIN CAPITAL
New Mountain Capital ("NMC") is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.
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/20241030797709/en/
CONTACT: New Mountain Finance Corporation
Investor Relations
Laura C. Holson, Authorized Representative
NMFCIR@newmountaincapital.com
(212) 220-3505
(END) Dow Jones Newswires
October 30, 2024 16:10 ET (20:10 GMT)
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