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Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Investments at fair value $ 3,265,271 [1] $ 3,011,322 [2]
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) 13,500 16,500
Cash and cash equivalents 61,943 70,090
Interest and dividend receivable 45,905 44,107
Derivative asset at fair value 8,320 0
Deferred tax asset 0 594
Other assets 19,178 16,519
Total assets 3,414,256 3,159,214
Borrowings    
Unsecured Notes 993,577 506,500
SBA-guaranteed debentures 300,000 300,000
Convertible Notes 260,120 260,207
Deferred financing costs (net of accumulated amortization of $61,723 and $54,263, respectively) (26,229) (22,387)
Net borrowings 1,992,970 1,785,449
Interest payable 18,485 20,440
Management fee payable 10,730 10,116
Payable to broker 10,370 0
Incentive fee payable 8,821 8,555
Deferred tax liability 1,100 0
Derivative liability at fair value 781 0
Total liabilities 2,046,677 1,827,491
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 107,851,415 and 102,558,859 shares issued and outstanding, respectively 1,079 1,026
Paid in capital in excess of par 1,398,395 1,331,269
Accumulated undistributed earnings (38,178) (12,344)
Total net assets of New Mountain Finance Corporation 1,361,296 1,319,951
Non-controlling interest in New Mountain Net Lease Corporation 6,283 11,772
Total net assets 1,367,579 1,331,723
Total liabilities and net assets $ 3,414,256 $ 3,159,214
Number of shares outstanding (in shares) 107,851,415 102,558,859
Net asset value per share of New Mountain Finance Corporation (in dollars per share) $ 12.62 $ 12.87
Holdings Credit Facility    
Borrowings    
Credit facility $ 407,563 $ 515,063
NMFC Credit Facility    
Borrowings    
Credit facility 55,031 36,813
NMNLC Credit Facility II    
Borrowings    
Credit facility 2,908 2,853
DB Credit Facility    
Borrowings    
Credit facility 0 186,400
Affiliates    
Assets    
Receivable from affiliates 139 82
Nonrelated parties    
Borrowings    
Other liabilities 3,420 2,931
Non-controlled/Non-affiliated    
Assets    
Investments at fair value 2,446,773 2,209,867
Non-controlled/Affiliated    
Assets    
Investments at fair value 113,017 [3] 133,659 [4]
Controlled    
Assets    
Investments at fair value $ 705,481 [5] $ 667,796 [6]
[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 a portfolio company of 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 September 30, 2024 and December 31, 2023, along with transactions during the nine months ended September 30, 2024 in which the issuer was a non-controlled/affiliated investment, is as follows:
Portfolio CompanyFair Value at December 31, 2023Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2024Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$17,873 $— $(50)$1,333 $19,156 $— $1,088 $— $— 
Sierra Hamilton Holdings Corporation2,000 — — — 2,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC113,786 13,804 — (35,729)91,861 — 2,685 4,211 188 
Total Non-Controlled/Affiliated Investments$133,659 $13,804 $(50)$(34,396)$113,017 $— $3,773 $4,211 $188 
[4] Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2023 and December 31, 2022 along with transactions during the year ended December 31, 2023 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2022Gross
Additions
(A)		Gross
Redemptions
(B)		Net Change In Unrealized Appreciation (Depreciation)Fair Value at December 31, 2023Net 
Realized
Gains
(Losses)		Interest
Income		Dividend
Income		Other
Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$— $15,581 $(459)$2,751 $17,873 $— $1,084 $— $— 
Sierra Hamilton Holdings Corporation4,000 2 (7)(1,995)2,000 — 2 — 1 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC126,787 6,807 — (19,808)113,786 — 3,048 4,625 250 
Total Non-Controlled/Affiliated Investments$130,787 $22,390 $(466)$(19,052)$133,659 $— $4,134 $4,625 $251 
(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 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 portfolio companies which the Company "controls", 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 September 30, 2024 and December 31, 2023, along with transactions during the nine months ended September 30, 2024 in which the issuer was a controlled investment, is as follows:
Portfolio Company (1)Fair Value at December 31, 2023Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2024Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC $3,419 $— $— $(2,765)$654 $3,895 $— $— $30 
National HME, Inc./NHME Holdings Corp.3,000 — — — 3,000 — — — — 
New Benevis Topco, LLC / New Benevis Holdco, Inc.135,401 7,411 — (5,639)137,173 — 9,679 — 375 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.63,170 5,637 — (5,999)62,808 — 4,010 — 375 
NM APP Canada Corp.7 — — (7)— 31 — — — 
NM CLFX LP11,731 — — (1,700)10,031 — — 601 — 
NM NL Holdings, L.P.96,071 — (2,123)9,291 103,239 (548)— 6,133 181 
NM GP Holdco, LLC1,048 — (11)612 1,649 (3)— 67 — 
NM YI LLC9,550 — — 411 9,961 — — 654 — 
NMFC Senior Loan Program III LLC140,000 20,000 — — 160,000 — — 17,204 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 12,153 — 
UniTek Global Services, Inc.91,999 7,014 — 5,553 104,566 — 2,301 4,715 1,088 
Total Controlled Investments$667,796 $40,062 $(2,134)$(243)$705,481 $3,375 $15,990 $41,527 $2,049 
[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, 2023 and December 31, 2022 along with transactions during the year ended December 31, 2023 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2022Gross
Additions
(A)		Gross
Redemptions
(B)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2023Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC $35,788 $— $— $(32,369)$3,419 $33,815 $— $— $2,041 
National HME, Inc./NHME Holdings Corp.5,381 — (17,404)15,023 3,000 (17,404)— — — 
New Benevis Topco, LLC / New Benevis Holdco, Inc.114,146 26,153 — (4,898)135,401 — 11,632 — 1,500 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.57,564 5,606 — — 63,170 — 5,197 — 506 
NM APP CANADA CORP— — — 7 7 — — — — 
NM CLFX LP16,172 — (259)(4,182)11,731 — — 1,252 — 
NM NL Holdings, L.P.94,305 — — 1,766 96,071 — — 8,191 — 
NM GP Holdco, LLC1,028 — — 20 1,048 — — 88 — 
NM YI LLC9,481 — — 69 9,550 — — 853 — 
NMFC Senior Loan Program III LLC140,000 — — — 140,000 — — 20,038 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 15,483 — 
UniTek Global Services, Inc.103,770 8,699 (26,446)5,976 91,999 2 4,000 5,303 1,268 
Total Controlled Investments$690,035 $40,458 $(44,109)$(18,588)$667,796 $16,413 $20,829 $51,208 $5,315 

(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.