Business
New Mountain Finance Corporation Announces Financial Results for the Quarter Ended March 31, 2024
Reports Net Investment Income of $0.36 per Share Declares a Regular Second Quarter Distribution of $0.32 per Share and a Supplemental Distribution of $0.02
About this update from New Mountain Finance Corporation
[{"type":"text","content":"\nReports Net Investment Income of $0.36 per Share\n\n\nDeclares a Regular Second Quarter Distribution of $0.32 per Share and a Supplemental Distribution of $0.02 per Share\n\n\n NEW YORK--(BUSINESS WIRE)--\nNew Mountain Finance Corporation (NASDAQ: NMFC) (“New Mountain,” “New Mountain Finance” or the “Company”) today announced its financial results for the quarter ended March 31, 2024.\n\n\nFirst Quarter Highlights1\n\n\n\nNet investment income of $37.3 million, or $0.36 per weighted average share\n\n\n\nNet asset value of $12.77 per share compared to $12.87 per share as of December 31, 2023. The 0.8% decline is driven by stable core credit performance, offset by a decrease in value in one of the Company's equity positions\n\n\n\nInternal risk rating improved with 96.5% of the portfolio rated green as of March 31, 2024, compared to 94.5% as of December 31, 2023\n\n\n\nGenerated $191.8 million of originations2, partially offset by cash repayments2 of $144.9 million\n\n\n\nDe-levered from 1.14x3 as of December 31, 2023 to 1.08x3 as of March 31, 2024\n\n\n\nDeclared a regular second quarter 2024 distribution of $0.32 per share and a supplemental distribution related to first quarter earnings of $0.02 per share, which will be payable on June 28, 2024 to holders of record as of June 14, 2024\n\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\n\n\nNet Investment Income per Weighted Average Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.36\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.38\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nDividends per Share4\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.34\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.35\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nAnnualized Dividend Yield5\n\n\n\n\n\n\n \n\n\n\n\n\n\n10.7\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n12.1\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n\n \n\n \n \n\n\n\n \n\n\n\n\n\n\nMarch 31, 2024\n\n\n\n\n\n \n\n\nDecember 31, 2023\n\n\n\n\n\n \n\n\n\nInvestment Portfolio6\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,086.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,027.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNAV per Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n12.77\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n12.87\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nStatutory Debt/Equity3\n\n\n\n\n\n\n1.08x\n\n\n\n\n\n \n\n\n1.14x\n\n\n\n\n\n \n\n\n\nStatutory Debt/Equity (Net of Available Cas...