New Mountain Finance Corp Q1 2024 Update
Ticker: NMFCZ · Form: 10-Q · Filed: May 1, 2024 · CIK: 1496099
| Field | Detail |
|---|---|
| Company | New Mountain Finance Corp (NMFCZ) |
| Form Type | 10-Q |
| Filed Date | May 1, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, regulatory-filing
TL;DR
NMFC filed its Q1 2024 10-Q, showing compliance and trading activity on NASDAQ.
AI Summary
New Mountain Finance Corporation (NMFC) reported its quarterly results for the period ending March 31, 2024. The company, incorporated in Delaware, is registered with the SEC and trades on the NASDAQ Global Select Market under the ticker NMFC for its common stock and NMFCZ for its 8.250% Notes due 2028. NMFC has filed all required reports for the preceding 12 months and submitted interactive data files electronically.
Why It Matters
This filing provides investors with the latest financial performance and regulatory compliance status of New Mountain Finance Corporation, crucial for investment decisions.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate financial distress or significant new risks.
Key Numbers
- 8.250% — Notes Interest Rate (Interest rate on the company's notes due 2028)
Key Players & Entities
- New Mountain Finance Corporation (company) — Registrant
- NMFC (company) — Common stock trading symbol
- NMFCZ (company) — Notes due 2028 trading symbol
- NASDAQ Global Select Market (company) — Exchange where securities are traded
- March 31, 2024 (date) — Quarterly period end date
FAQ
What is the primary business of New Mountain Finance Corporation?
The filing does not explicitly state the primary business, but it is a finance corporation with publicly traded common stock and notes.
What is the par value of New Mountain Finance Corporation's common stock?
The par value of the common stock is $0.01 per share.
On which exchange are New Mountain Finance Corporation's securities traded?
The common stock (NMFC) and 8.250% Notes due 2028 (NMFCZ) are traded on the NASDAQ Global Select Market.
Has New Mountain Finance Corporation filed all required reports for the preceding 12 months?
Yes, the filing indicates that the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months.
What is the maturity date for the 8.250% Notes?
The notes are due in 2028.
Filing Stats: 4,667 words · 19 min read · ~16 pages · Grade level 6.7 · Accepted 2024-05-01 17:09:15
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share NMFC NASDAQ Global Select Mar
Filing Documents
- nmfc-20240331.htm (10-Q) — 9705KB
- wells-newmountainslfivxa.htm (EX-10.1) — 92KB
- wells-newmountainnmfcxte.htm (EX-10.2) — 10KB
- nmfc-033124xex311.htm (EX-31.1) — 10KB
- nmfc-033124xex312.htm (EX-31.2) — 10KB
- nmfc-033124xex321.htm (EX-32.1) — 6KB
- nmfc-033124xex322.htm (EX-32.2) — 6KB
- nmfc-20240331_g1.jpg (GRAPHIC) — 9KB
- wells-newmountainnmfcxte001.jpg (GRAPHIC) — 674KB
- wells-newmountainnmfcxte002.jpg (GRAPHIC) — 162KB
- wells-newmountainnmfcxte003.jpg (GRAPHIC) — 84KB
- wells-newmountainslfivxa001.jpg (GRAPHIC) — 654KB
- wells-newmountainslfivxa002.jpg (GRAPHIC) — 325KB
- wells-newmountainslfivxa003.jpg (GRAPHIC) — 700KB
- wells-newmountainslfivxa004.jpg (GRAPHIC) — 1103KB
- wells-newmountainslfivxa005.jpg (GRAPHIC) — 1041KB
- wells-newmountainslfivxa006.jpg (GRAPHIC) — 1095KB
- wells-newmountainslfivxa007.jpg (GRAPHIC) — 1136KB
- wells-newmountainslfivxa008.jpg (GRAPHIC) — 1149KB
- wells-newmountainslfivxa009.jpg (GRAPHIC) — 292KB
- 0001496099-24-000023.txt ( ) — 60295KB
- nmfc-20240331.xsd (EX-101.SCH) — 99KB
- nmfc-20240331_cal.xml (EX-101.CAL) — 83KB
- nmfc-20240331_def.xml (EX-101.DEF) — 870KB
- nmfc-20240331_lab.xml (EX-101.LAB) — 930KB
- nmfc-20240331_pre.xml (EX-101.PRE) — 843KB
- nmfc-20240331_htm.xml (XML) — 9051KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements New Mountain Finance Corporation Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 4 Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 6 Consolidated Schedule of Investments as of March 31, 2024 (unaudited) 7 Consolidated Schedule of Investments as of December 31, 2023 34 Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited) 60 Report of Independent Registered Public Accounting Firm 107 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 108 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 126 Item 4.
Controls and Procedures
Controls and Procedures 127
OTHER INFORMATION
PART II. OTHER INFORMATION 128 Item 1.
Legal Proceedings
Legal Proceedings 128 Item 1A.
Risk Factors
Risk Factors 128 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 130 Item 3. Defaults Upon Senior Securities 130 Item 4. Mine Safety Disclosures 130 Item 5. Other Information 130 Item 6. Exhibits 131
Signatures
Signatures 133 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements New Mountain Finance Corporation Consolidated Statements of Assets and Liabilities (in thousands, except shares and per share data) (unaudited) March 31, 2024 December 31, 2023 Assets Investments at fair value Non-controlled/non-affiliated investments (cost of $ 2,330,396 and $ 2,283,490 , respectively) $ 2,279,598 $ 2,209,867 Non-controlled/affiliated investments (cost of $ 109,980 and $ 107,895 , respectively) 113,281 133,659 Controlled investments (cost of $ 653,810 and $ 646,823 , respectively) 677,103 667,796 Total investments at fair value (cost of $ 3,094,186 and $ 3,038,208 , respectively) 3,069,982 3,011,322 Securities purchased under collateralized agreements to resell (cost of $ 30,000 and $ 30,000 , respectively) 16,500 16,500 Cash and cash equivalents 107,467 70,090 Interest and dividend receivable 43,171 44,107 Receivable from broker 960 — Deferred tax asset 68 594 Receivable from affiliates 50 82 Other assets 17,409 16,519 Total assets $ 3,255,607 $ 3,159,214 Liabilities Borrowings Unsecured Notes $ 686,663 $ 506,500 SBA-guaranteed debentures 300,000 300,000 Holdings Credit Facility 291,563 515,063 Convertible Notes 260,178 260,207 DB Credit Facility 182,000 186,400 NMFC Credit Facility 47,618 36,813 NMNLC Credit Facility II 2,938 2,853 Deferred financing costs (net of accumulated amortization of $ 56,248 and $ 54,263 , respectively) ( 24,370 ) ( 22,387 ) Net borrowings 1,746,590 1,785,449 Payable for unsettled securities purchased 94,079 — Interest payable 23,071 20,440 Management fee payable 10,096 10,116 Incentive fee payable 9,389 8,555 Other liabilities 3,199 2,931 Total liabilities 1,886,424 1,827,491 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, and 106,289,293 and 102,558,859 shares issued and out