New Mountain Finance Corp Q2 2024 10-Q Filing

Ticker: NMFCZ · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1496099

New Mountain Finance Corp 10-Q Filing Summary
FieldDetail
CompanyNew Mountain Finance Corp (NMFCZ)
Form Type10-Q
Filed DateJul 31, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, regulatory-filing, debt-securities

Related Tickers: NMFC, NMFCZ

TL;DR

NMFC filed its Q2 10-Q, confirming compliance and detailing its NASDAQ-listed securities.

AI Summary

New Mountain Finance Corporation (NMFC) filed its quarterly report for the period ending June 30, 2024. The company, incorporated in Delaware and headquartered in New York, reported on its common stock and 8.250% Notes due 2028, both traded on the NASDAQ Global Select Market. NMFC confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

This filing provides investors with an update on New Mountain Finance Corporation's financial status and regulatory compliance for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing that confirms compliance and provides basic information about the company's listed securities.

Key Numbers

  • 8.250% — Note Interest Rate (Interest rate on the 8.250% Notes due 2028)

Key Players & Entities

  • New Mountain Finance Corporation (company) — Registrant
  • NMFC (company) — Trading Symbol for Common Stock
  • NMFCZ (company) — Trading Symbol for 8.250% Notes due 2028
  • NASDAQ Global Select Market (company) — Exchange where securities are registered
  • June 30, 2024 (date) — Quarterly Period End Date
  • Delaware (location) — State of Incorporation
  • New York (location) — Headquarters Location

FAQ

What is the primary purpose of this Form 10-Q filing?

The primary purpose is to provide a quarterly report on the financial condition and operations of New Mountain Finance Corporation for the period ended June 30, 2024, and to confirm compliance with SEC filing requirements.

What are the main securities of New Mountain Finance Corporation registered on an exchange?

The common stock (NMFC) and the 8.250% Notes due 2028 (NMFCZ) are registered 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 by Section 13 or 15(d) of the Exchange Act during the preceding 12 months.

What is the state of incorporation for New Mountain Finance Corporation?

New Mountain Finance Corporation is incorporated in Delaware.

Where is the principal executive office of New Mountain Finance Corporation located?

The principal executive offices are located at 1633 Broadway, 48th Floor, New York, New York 10019.

Filing Stats: 4,737 words · 19 min read · ~16 pages · Grade level 6.9 · Accepted 2024-07-31 17:11:41

Key Financial Figures

  • $0.01 — ich registered Common stock, par value $0.01 per share NMFC NASDAQ Global Select Mar

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements New Mountain Finance Corporation Consolidated Statements of Assets and Liabilities as of June 3 0 , 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) 4 Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 (unaudited) and June 30 , 2023 (unaudited) 6 Consolidated Schedule of Investments as of June 30 , 2024 (unaudited) 7 Consolidated Schedule of Investments as of December 31, 2023 36 Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited) 62 Report of Independent Registered Public Accounting Firm 112 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 113 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 133 Item 4.

Controls and Procedures

Controls and Procedures 134

OTHER INFORMATION

PART II. OTHER INFORMATION 135 Item 1.

Legal Proceedings

Legal Proceedings 135 Item 1A.

Risk Factors

Risk Factors 135 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 137 Item 3. Defaults Upon Senior Securities 137 Item 4. Mine Safety Disclosures 137 Item 5. Other Information 137 Item 6. Exhibits 139

Signatures

Signatures 141 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) June 30, 2024 December 31, 2023 Assets Investments at fair value Non-controlled/non-affiliated investments (cost of $ 2,429,377 and $ 2,283,490 , respectively) $ 2,411,396 $ 2,209,867 Non-controlled/affiliated investments (cost of $ 119,130 and $ 107,895 , respectively) 118,351 133,659 Controlled investments (cost of $ 659,042 and $ 646,823 , respectively) 684,033 667,796 Total investments at fair value (cost of $ 3,207,549 and $ 3,038,208 , respectively) 3,213,780 3,011,322 Securities purchased under collateralized agreements to resell (cost of $ 30,000 and $ 30,000 , respectively) 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 $ 58,243 and $ 54,263 , respectively) ( 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 (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 s

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