Business
New Mountain Finance Corporation Announces Third Quarter Financial Results
Reports Net Investment Income of $0.40 per share Declares a Regular Fourth Quarter Distribution of $0.32 per Share and a Supplemental Distribution of $0.04
About this update from New Mountain Finance Corporation
[{"type":"text","content":"\nReports Net Investment Income of $0.40 per share\n\n\nDeclares a Regular Fourth Quarter Distribution of $0.32 per Share and a Supplemental Distribution of $0.04 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 September 30, 2023. The Company reported third quarter net investment income (\"NII\") of $0.40 per weighted average share, representing a 25% year-over-year increase, and net asset value (“NAV”) per share of $13.06. The Company also announced that its board of directors declared a fourth quarter regular distribution of $0.32 per share and a supplemental distribution of $0.04, which will be payable on December 29, 2023 to holders of record as of December 15, 2023.\n\n\nSelected Financial Highlights\n\n\n\n\n(in thousands, except per share data)\n\n\n\n\n\n\nSeptember 30, 2023\n\n\n\n\n\n\n\n\nInvestment Portfolio1\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,128,403\n\n\n\n\n\n\n\n\nTotal Assets\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,279,586\n\n\n\n\n\n\n\n\nTotal Statutory Debt2\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,602,672\n\n\n\n\n\n\n\n\nNAV3\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,325,018\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNAV per Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n13.06\n\n\n\n\n\n\n\n\nNet Investment Income per Weighted Average Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.40\n\n\n\n\n\n\n\n\nRegular Third Quarter Distribution Paid per Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.32\n\n\n\n\n\n\n\n\nSupplemental Distribution Paid per Share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.04\n\n\n\n\n\n\n\n\nStatutory Debt/Equity\n\n\n\n\n\n\n1.21x\n\n\n\n\n\n\n\n\nStatutory Debt/Equity (net of available cash)\n\n\n\n\n\n\n1.16x\n\n\n\n\n\n\n\nManagement Comments on Third Quarter Performance\n\n\n“Our third quarter results reflect another successful quarter for 2023 with year-over-year net investment income per share growth of approximately 25%. We believe our credit performance remains strong even in a more difficult market environment,” said Steven B. Klinsky, NMFC Chairman. “New Mountain continues to benefit from our disciplined, defensive growth strategy that is focused on end markets that perform well in all economic cycles.”\n\n\nJohn R. Kline, CEO, commented: “NMFC reported another strong quarter, outearning its ...