XML 17 R3.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Assets and Liabilities
€ in Thousands, £ in Thousands, $ in Thousands
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2022
GBP (£)
shares
Dec. 31, 2022
EUR (€)
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2021
GBP (£)
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Dec. 31, 2018
USD ($)
$ / shares
shares
Dec. 31, 2017
USD ($)
$ / shares
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Investments at fair value $ 3,221,247 [1]     $ 3,174,364 [2]                
Assets                        
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) 16,539     21,422                
Cash and cash equivalents 71,190     58,077                
Interest and dividend receivable 36,154     30,868                
Other assets 9,797     11,081                
Total assets 3,354,927     3,295,812                
Borrowings                        
Unsecured Notes 531,500     511,500   $ 453,250            
Convertible Notes 316,853     201,417                
SBA-guaranteed debentures 300,000     300,000   300,000 $ 225,000 $ 165,000 $ 150,000 $ 121,700 $ 117,700 $ 37,500
Deferred financing costs (net of accumulated amortization of $47,531 and $40,713, respectively) (17,199)     (19,684)                
Net borrowings 1,980,661     1,907,188                
Management fee payable 10,524     10,164                
Incentive fee payable 6,296     7,503                
Interest payable 19,627     17,388                
Payable for unsettled securities purchased 0     7,910                
Payable to affiliates 78     556                
Deferred tax liability 8,487     13                
Other liabilities 3,063     2,478                
Total liabilities 2,028,736     1,953,200                
Commitments and contingencies (See Note 9)                    
Net assets                        
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued 0     0                
Common stock, par value $0.01 per share, 200,000,000 shares authorized and $100,937,026 and $97,907,441 shares issued and outstanding, respectively 1,009     979                
Paid in capital in excess of par 1,305,945     1,272,796                
Accumulated undistributed earnings 7,519     47,470   (48,764)            
Total net assets of New Mountain Finance Corporation 1,314,473     1,321,245                
Non-controlling interest in New Mountain Net Lease Corporation 11,718     21,367                
Total net assets 1,326,191     1,342,612   $ 1,236,889 $ 1,283,468          
Total liabilities and net assets $ 3,354,927     $ 3,295,812                
Number of shares outstanding (in shares) | shares 100,937,026 100,937,026 100,937,026 97,907,441 97,907,441 96,827,342 96,827,342 76,106,372        
Net asset value per share of New Mountain Finance Corporation (in dollars per share) | $ / shares $ 13.02     $ 13.49   $ 12.62 $ 13.26 $ 13.22 $ 13.63      
Holdings Credit Facility | Revolving Credit Facility                        
Credit facility $ 618,963     $ 545,263   $ 450,163            
DB Credit Facility | Revolving Credit Facility                        
Credit facility 186,400     226,300   244,000            
NMFC Credit Facility | Revolving Credit Facility                        
Credit facility 40,359 £ 22,900 € 700 127,192 £ 16,400 165,500            
NMNLC Credit Facility II | Revolving Credit Facility                        
Credit facility 3,785     15,200                
Non-controlled/Non-affiliated                        
Investments at fair value 2,400,425     2,283,779                
Non-controlled/Affiliated                        
Investments at fair value 130,787 [3]     134,775 [4]   103,012            
Controlled                        
Investments at fair value $ 690,035 [5]     $ 755,810 [6]   $ 600,875            
[1] New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[2] New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[3] Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2022 and December 31, 2021 along with transactions during the year ended December 31, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2021Gross
Additions (A)		Gross
Redemptions
(B)		Net Change In Unrealized Appreciation (Depreciation)Fair Value at December 31, 2022Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Permian Holdco 3, Inc. / Permian Trust$— $— $— $— $— $— $— $— $— 
Sierra Hamilton Holdings Corporation4,000 — — — 4,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC130,775 5,168 — (9,156)126,787 — 2,105 4,109 250 
Total Non-Controlled/Affiliated Investments$134,775 $5,168 $— $(9,156)$130,787 $— $2,105 $4,109 $250 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement at fair value of an existing portfolio company into this category from a different category.
(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
[4] Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2021 and December 31, 2020 along with transactions during the year ended December 31, 2021 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2020Gross
Additions (A)		Gross
Redemptions
(B)		Net
Realized
Gains
(Losses)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2021Interest
Income		Dividend
Income		Other
Income
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. / Permian Trust$— $225 $(12,438)$(12,213)$12,213 $— $— $— $— 
Sierra Hamilton Holdings Corporation4,776 11 (828)2 41 4,000 188 — 24 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC98,236 5,575 (27,287)20,549 54,251 130,775 1,825 5,123 321 
Total Non-Controlled/Affiliated Investments$103,012 $5,811 $(40,553)$8,338 $66,505 $134,775 $2,013 $5,123 $345 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement at fair value of an existing portfolio company into this category from a different category.
(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
[5] Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2022 and December 31, 2021 along with transactions during the year ended December 31, 2022 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2021Gross
Additions
(A)		Gross
Redemptions
(B)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2022Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Edmentum Inc.$— $— $— $— $— $54 $— $— $— 
National HME, Inc./NHME Holdings Corp.27,347 (8,161)— (13,805)5,381 — (9,661)— (1,500)
New Benevis Topco, LLC / New Benevis Holdco, Inc.109,595 5,914 — (1,363)114,146 — 8,057 — 1,500 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.34,759 7,805 — 15,000 57,564 — 4,504 — 511 
NM APP CANADA CORP9,422 — (7,345)(2,077)— 4,212 — 620 713 
NM APP US LLC14,891 — (5,080)(9,811)— 4,489 — 255 483 
NM CLFX LP24,676 — — (8,504)16,172 — — 1,596 — 
NM DRVT LLC7,984 — (5,152)(2,832)— 3,439 — 173 475 
NM JRA LLC3,996 — (2,043)(1,953)— 2,049 — 72 188 
NM GLCR LP50,687 — (14,750)(35,937)— 35,713 — 400 2,150 
NM KRLN LLC244 97 (9,319)8,978 — (9,318)— — — 
NM NL Holdings, L.P.107,870 53 (10,885)(2,733)94,305 — — 8,453 — 
NM GP Holdco, LLC1,197 1 (138)(32)1,028 — — 94 — 
NM YI LLC8,286 — — 1,195 9,481 — — 828 — 
NMFC Senior Loan Program III LLC140,000 — — — 140,000 — — 17,485 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 13,173 — 
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC 34,821 3,865 (38,685)35,787 35,788 12,802 6,316 — 1,902 
UniTek Global Services, Inc.67,635 13,378 (1,549)24,306 103,770 — 4,738 4,363 724 
Total Controlled Investments$755,810 $22,952 $(94,946)$6,219 $690,035 $53,440 $13,954 $47,512 $7,146 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
[6] Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2021 and December 31, 2020 along with transactions during the year ended December 31, 2021 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2020Gross
Additions
(A)		Gross
Redemptions
(B)		Net 
Realized
Gains
(Losses)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2021Interest
Income		Dividend
Income		Other
Income
Edmentum Inc.$— $— $— $2,207 $— $— $— $— $1,200 
National HME, Inc./NHME Holdings Corp.27,530 8,094 — — (8,277)27,347 4,594 — 500 
New Benevis Topco, LLC / New Benevis Holdco, Inc.98,442 5,417 — — 5,736 109,595 6,956 — 1,500 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.29,336 5,423 — — — 34,759 3,522 — 634 
NM APP CANADA CORP12,302 — — — (2,880)9,422 — 978 — 
NM APP US LLC7,410 — — — 7,481 14,891 — 561 — 
NM CLFX LP14,885 — — — 9,791 24,676 — 1,521 — 
NM DRVT LLC7,084 — — — 900 7,984 — 466 — 
NM JRA LLC3,830 — — — 166 3,996 — 268 — 
NM GLCR LP29,130 — — — 21,557 50,687 — 1,892 — 
NM KRLN LLC1,501 641 — — (1,898)244 — — — 
NM NL Holdings, L.P.67,132 32,757 — — 7,981 107,870 — 7,414 — 
NM GP Holdco, LLC703 415 — — 79 1,197 — 52 — 
NM YI LLC6,852 — — — 1,434 8,286 — 877 — 
NMFC Senior Loan Program I LLC23,000 10,000 (33,000)— — — — 741 — 
NMFC Senior Loan Program II LLC79,400 — (79,400)— — — — 2,410 — 
NMFC Senior Loan Program III LLC120,000 20,000 — — — 140,000 — 16,712 — 
NMFC Senior Loan Program IV LLC— 112,400 — — — 112,400 — 7,767 — 
Tenawa Resource Management LLC / Tenawa Resource Holdings LLC / QID TRH Holdings LLC (C)— 64,776 (45,892)(11,243)15,937 34,821 845 — 8 
UniTek Global Services, Inc.72,338 6,669 (2,712)1 (8,660)67,635 3,880 4,497 738 
Total Controlled Investments$600,875 $266,592 $(161,004)$(9,035)$49,347 $755,810 $19,797 $46,156 $4,580 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
(C)Portfolio company moved into the controlled category from the non-controlled/non-affiliated investment category.