<SEC-DOCUMENT>0001157523-20-000479.txt : 20200407
<SEC-HEADER>0001157523-20-000479.hdr.sgml : 20200407
<ACCEPTANCE-DATETIME>20200407083038
ACCESSION NUMBER:		0001157523-20-000479
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200407
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200407
DATE AS OF CHANGE:		20200407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Mountain Finance Corp
		CENTRAL INDEX KEY:			0001496099
		IRS NUMBER:				272978010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00832
		FILM NUMBER:		20778464

	BUSINESS ADDRESS:	
		STREET 1:		787 SEVENTH AVENUE, 48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 720-0300

	MAIL ADDRESS:	
		STREET 1:		787 SEVENTH AVENUE, 48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Mountain Guardian Corp
		DATE OF NAME CHANGE:	20100706
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52200042.htm
<DESCRIPTION>NEW MOUNTAIN FINANCE CORP. 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">FORM&#160;8-K</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 or 15(d)&#160;of the</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Date of Report (Date of Earliest Event Reported):<font style="font-weight: bold;">&#160; April 7, 2020</font></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 18pt; font-weight: bold;">New Mountain Finance Corporation</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">(Exact name of registrant as specified in its charter)</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z96b2bebeb2d7427e9fe0bd0198c0df22">

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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Delaware</div>
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          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt; font-weight: bold;">&#160;</div>
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          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">814-00832</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">27-2978010</div>
          </td>
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          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">(State or other jurisdiction of</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">incorporation or organization)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">(Commission</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">File Number)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">(IRS Employer</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">Identification Number)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">787 7<font style="font-size: 6.5pt;">th</font>&#160;Avenue, 48<font style="font-size: 6.5pt;">th</font>&#160;Floor, New York, NY 10019</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">(Address of principal executive offices)</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Registrant&#8217;s telephone number, including area code<font style="font-weight: bold;"> (212) 720-0300</font></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-indent: 246.35pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 2pt;">&#160;
      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 4.5pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6a937b906afa45a08e174ce98f5a2d25">

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            <div>&#9744;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
        </tr>

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    <div style="font-family: 'Times New Roman', serif; font-size: 4.5pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z782aa68d433147578fa600c20929e70a">

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          <td style="width: 4%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
        </tr>

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    <div style="font-family: 'Times New Roman', serif; font-size: 4.5pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z959ac22b19ba427e8dec41166ffca9eb">

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          <td style="width: 4%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>

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    <div style="font-family: 'Times New Roman', serif; font-size: 4.5pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf40284b1401d48ca82ff8d5987ad2949">

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          <td style="width: 4%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

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    <div>&#160;<br>
      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div>&#160;</div>
    <div>
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            <td style="width: 34%; vertical-align: top;">&#160;</td>
            <td style="width: 28%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-size: 8pt; font-weight: bold;">Trading</font></div>
            </td>
            <td style="width: 38%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 8pt; font-weight: bold;">Title of each class</div>
            </td>
            <td style="width: 28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 8pt; font-weight: bold;">Symbol(s)</div>
            </td>
            <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 8pt; font-weight: bold;">Name of each exchange on which registered<br>
              </div>
            </td>
          </tr>
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            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">Common stock, par value $0.01 per share</div>
            </td>
            <td style="width: 28%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">NMFC<br>
              </div>
            </td>
            <td style="width: 38%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">New York Stock Exchange</div>
            </td>
          </tr>
          <tr>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">5.75% Notes due 2023</div>
            </td>
            <td style="width: 28%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">NMFX<br>
              </div>
            </td>
            <td style="width: 38%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">New York Stock Exchange</div>
            </td>
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    </div>
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  <div> <br>
  </div>
  <div>&#160;
    <div style="background-color: #FFFFFF;">
      <div style="color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities
        Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>
    </div>
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      <div style="color: #000000; font-family: 'Times New Roman', serif;">Emerging growth company <font style="font-family: 'MS Gothic', '&#8218;l&#8218;r &#402;S&#402;V&#402;b&#402;N', monospace;">&#9744;</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
      financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family: 'MS Gothic', '&#8218;l&#8218;r &#402;S&#402;V&#402;b&#402;N', monospace;">&#9744;</font></div>
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            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Item 7.01.</div>
          </td>
          <td style="width: 92%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Regulation FD Disclosure</div>
          </td>
        </tr>

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    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="background-color: #FFFFFF;">&#160;</font></div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">On April 7, 2020, New Mountain Finance Corporation issued a press release, the text of which is attached hereto as Exhibit 99.1.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">The information disclosed under this Item 7.01, including Exhibit&#160;99.1 hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for
        purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information provided herein shall not be deemed incorporated by reference into any filing made under the
        Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.</div>
    </div>
    <div><br>
    </div>
    <div>
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              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;">Item 9.01.</div>
            </td>
            <td style="width: 92%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: bold;"><font style="font-weight: bold;">Financial Statements and Exhibits.</font></div>
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    <div style="text-align: justify;"><font style="text-indent: 0px;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',serif; font-weight: bold;"><br>
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    <div style="text-align: justify; font-family: 'Times New Roman',serif;">(d) Exhibits.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',serif;">&#160;</div>
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            <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Exhibit</div>
            <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">No.</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">&#160;&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: bottom;">
            <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Description</div>
          </td>
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        <tr>
          <td style="width: 7%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a href="a52200042ex99_1.htm">99.1</a></div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a href="a52200042ex99_1.htm">Press Release dated April 7, 2020</a></div>
          </td>
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    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 49pt; font-family: 'Times New Roman',serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
      authorized.</div>
    <div style="font-family: 'Times New Roman',serif;">&#160;</div>
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        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="width: 5%; vertical-align: top;">New Mountain Finance Corporation</td>
        </tr>
        <tr>
          <td colspan="1" rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 45%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',serif;">/s/ Karrie J. Jerry</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif;">Name:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',serif;">Karrie J. Jerry</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif;">Title:</div>
          </td>
          <td style="width: 45%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',serif;">Corporate Secretary</div>
          </td>
        </tr>

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    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',serif;">Date: April 7, 2020</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52200042ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div><br>
  </div>
  <div class="bw-release">
    <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> New Mountain Finance Corporation Issues Letter to Stakeholders </h1>
    <div class="bw-release-body">
      <div class="bw-release-table-js bw-release-story">
        <p>NEW YORK--(BUSINESS WIRE)--April 7, 2020--New Mountain Finance Corporation (NYSE:NMFC) </p>
        <p> Dear Fellow Stakeholders: </p>
        <p> As the COVID-19 pandemic continues and as we now have finished our first quarter end during this crisis, we are writing to keep you informed about New Mountain Finance Corporation (&#8220;NMFC&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, or &#8220;our&#8221;) and its progress.
        </p>
        <p> Before we do, we want to begin by recognizing the human toll of the COVID-19 crisis and want to wish good health and safety to all of you and your families. We sincerely hope you stay well throughout this dangerous time. </p>
        <p> Turning to business, New Mountain has long sought to emphasize "defensive growth" industries in both its private equity and credit efforts. As a result, NMFC has had an annualized realized default rate from the time of our 2011 IPO until now of
          under 50 basis points, while paying over $700 million of cash dividends, equivalent to $12.33 per share. We, as the managers of NMFC, are the company&#8217;s largest shareholder and own approximately 12% of NMFC's stock personally and have continued to
          add shares during open window periods when allowable. Our objective is to continue to manage NMFC safely through the crisis, and to resume our normal operations as the crisis ends. </p>
        <p> It is too soon for us to formally report on the quarter ended March 31, 2020, but we believe we can now make the following observations: </p>
        <p> <u>Portfolio:</u> </p>
        <ul style="list-style-type: disc;">
          <li> Every one of NMFC's borrowers paid interest for the first quarter of 2020, except for two. One, representing under 1% of total assets, has paid 50% of its cash interest and has agreed to pay the balance within days. The second, which we
            still hope may pay interest soon, accounts for just over 1% of our total assets. </li>
          <li> We estimate that approximately 1% of our total portfolio, in aggregate, is in the areas of restaurants, gyms, hospitality, leisure, commercial aviation, automotive manufacturing, home building and discretionary consumer products. Less than
            2% of our assets are in companies that are exposed to oil and gas. Our largest area of lending has been to software companies, which typically have large installed bases of repeat users, and with on average about 50% of the capital structure
            junior to our loans at the time our loan was made. </li>
          <li> Our most impacted loans &#8211; about 11% of assets &#8211; are in the dental practice, dermatology and eye care industries, which we expect will be necessary services again when the pandemic is contained. New Mountain has extensive ownership experience
            in the dental practice and optical supply industries through its private equity efforts. </li>
          <li> Our portfolio is well diversified overall; as of December 31, 2019, our largest individual position was 2.7% in fair value and our top 15 positions accounted for 31.7% of fair value. </li>
          <li> Over 66% of our portfolio is in the senior securities of the borrower, rather than in the second lien, preferred equity or common equity. </li>
        </ul>
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        <p> <u>Valuation and Leverage:</u> </p>
        <ul style="list-style-type: disc;">
          <li> While we are in the early stages of determining our March 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> investment values, based on observable 3/31 marks, comparable 3/31 yields, third party draft valuations and the current condition of our portfolio articulated above,
            we expect to be well within our statutory leverage requirements. As always, our board of directors, including independent board members, will have the final approval of the fair value of our portfolio. </li>
          <li> We currently have approximately $1,028 million outstanding under our three secured credit facilities, $655 million outstanding under various unsecured notes, and $300 million under the SBA program. Note: SBA-guaranteed debentures are not
            included in the calculation of statutory leverage under the Investment Company Act of 1940. We have an active and constructive dialogue with our lenders, with whom we have deep and longstanding institutional relationships. </li>
        </ul>
        <p> <u>Liquidity: </u> </p>
        <ul style="list-style-type: disc;">
          <li> Based on currently known funding requirements and fund inflows, we expect to have approximately $150 million of cash and immediately available other liquidity during the current quarter to handle incremental needs from borrowers or lenders.
            We are monitoring the potential needs of our portfolio companies and any impacts on our secured credit facility borrowing bases on a daily basis. </li>
          <li> We have approximately $50 million of undrawn revolver commitments across more than 30 borrowers. We went into this crisis with approximately $75 million undrawn so we have seen a draw rate of approximately 30%. Based on conversations with
            the borrowers, we would currently expect some portion, but not the majority, of the remaining $50 million to be drawn in the weeks ahead. </li>
          <li> We have approximately $100 million of undrawn delayed draw term loan exposure outstanding across more than 15 borrowers. We have seen limited draws on these facilities in recent weeks as the significant majority of this exposure can only be
            drawn for certain defined purposes (typically to fund acquisitions) which have been limited in the current environment. </li>
          <li> Our loan assets generate over $60 million of cash interest income per quarter while our borrowings require modestly over $20 million quarterly to service, so we generate approximately $40 million of cash net interest margin per quarter
            (before the impact of any potential future borrower payment defaults). </li>
        </ul>
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        <p> <u>New Mountain Finance Advisers BDC, L.L.C. (&#8220;Advisor&#8221;) Support:</u> </p>
        <ul style="list-style-type: disc;">
          <li> The management team at NMFC is the largest shareholder of the Company, with ownership of approximately 12%. In order to further support NMFC, the Advisor and its affiliates to date have taken the following actions:
            <ol style="list-style-type: lower-roman;">
              <li> Deferred collection of Q4 2019 management and incentive fees ($17 million) typically paid in cash in March. First quarter management and incentive payments will likewise be deferred. </li>
              <li> Provided a $30 million unsecured revolver for NMFC. </li>
              <li> Intends to purchase a minority stake in NMFC&#8217;s REIT subsidiary for up to $33 million at a price in excess of NMFC&#8217;s cost. </li>
            </ol>
          </li>
          <li> The Advisor continues to evaluate incremental supportive actions. </li>
        </ul>
        <p> New Mountain's management team has experience dating back to 1981, including the 1987 crash, the 1990 junk bond crash, the events of 9/11, the 2007 and 2008 crash and others. We hope to manage successfully through this challenge as well, and
          will do our best to keep you informed as events develop. </p>
        <p> We thank you as always for your friendship and support. </p>
        <p> Sincerely yours, </p>
        <p> Steven B. Klinsky, Chairman of the Board of Directors </p>
        <p> Robert A. Hamwee, Chief Executive Officer </p>
        <p> John R. Kline, President &amp; Chief Operating Officer </p>
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        </div>
        <p> <b>About New Mountain Finance Corporation</b> </p>
        <p> New Mountain Finance Corporation is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company&#8217;s
          investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine
          securities. The Company&#8217;s first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated
          loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent it invests in the &#8220;last out&#8221; tranche. In some cases, the investments may also include small equity interests. The
          Company&#8217;s investment activities are managed by its investment adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. </p>
        <p> <b>Forward-Looking Statements</b> </p>
        <p> Statements included herein may constitute &#8220;forward-looking statements&#8221;, which relate to future events or our future operations, performance or financial condition. These statements are not guarantees of future performance, condition or results
          and involve a number of risks and uncertainties, including the impact of COVID-19 and related 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. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein, unless required to do so by law. All forward-looking statements speak only as of the time of this press release.
        </p>
      </div>
      <div class="bw-release-contact">
        <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
        <p> Shiraz Y. Kajee, Authorized Representative <br>
          NMFCIR@newmountaincapital.com<br>
          (212) 220-3505 </p>
      </div>
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