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N-2 | 3 Months Ended
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Mar. 31, 2023
Cover [Abstract] |
Entity Central Index Key | 0001496099
Amendment Flag | false
Securities Act File Number | 814-00832
Document Type | 10-Q
Entity Registrant Name | New Mountain Finance Corporation
Entity Address, Address Line One | 1633 Broadway, 48th Floor
Entity Address, City or Town | New York
Entity Address, State or Province | NY
Entity Address, Postal Zip Code | 10019
City Area Code | 212
Local Phone Number | 720-0300
Entity Emerging Growth Company | false
General Description of Registrant [Abstract] |
Investment Objectives and Practices [Text Block] | Our 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, primarily consisting of senior secured loans, and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The 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. In some cases, our investments may also include equity interests. Our primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to us, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under our investment criteria. However, SBIC I's and SBIC II's investments must be in SBA-eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of March 31, 2023, our top five industry concentrations were software, business services, healthcare, investment funds (which includes our investments in our joint ventures) and education.
Strain On Banking System [Member] |
General Description of Registrant [Abstract] |
Risk Factors [Table Text Block] | Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us. The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.

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