XML 29 R6.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 169 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Cash flows from operating activities              
Net increase in net assets resulting from operations $ 7,875 $ 23,517 $ 34,784 $ 28,084 $ 31,392 $ 62,868  
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:              
Net realized (gains) losses on investments         (51,214) 42,993  
Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation         89,607 (33,529)  
Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies (452)   (129)   (602) (106)  
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell 0   3,000   0 3,000  
Amortization of purchase discount         (5,841) (4,014)  
Amortization of deferred financing costs         4,539 4,001  
Net change due to hedging activity         (851) 377  
Non-cash investment income         (27,171) (29,404)  
(Increase) decrease in operating assets:              
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities         204 397  
Deferred tax asset         0 594  
Interest and dividend receivable         (763) (3,966)  
Receivable from unsettled securities sold         (4,386) 0  
Receivable from affiliates         (200) (72)  
Other assets         (15,120) (12,231)  
(Decrease) increase in operating liabilities:              
Management fee payable         (708) 374  
Incentive fee payable         (3,241) 995  
Payable for unsettled securities purchased         29,562 51,132  
Interest payable         (1,551) 2,497  
Deferred tax liability         43 63  
Payable to broker         10,670 1,650  
Other liabilities         758 (79)  
Net cash flows provided by operating activities         144,253 (91,604)  
Cash flows from financing activities              
Net proceeds from shares sold         0 67,691 $ 1,034,550
Repurchase of shares under repurchase program         (9,642) 0  
Offering costs paid         (75) (178)  
Distributions paid         (69,011) (74,934)  
Repayment of 2022 Convertible Notes         (1,223) 0  
Proceeds from Unsecured Notes         0 296,892  
Repayment of Unsecured Notes         0 (116,500)  
Repayment of SBA-guaranteed debentures         (37,500) 0  
Distributions related to non-controlling interest in NMNLC         (180) (362)  
Deferred financing costs paid         (1,464) (4,299)  
Net cash flows used in financing activities         (167,395) 140,941  
Net increase in cash and cash equivalents         (23,142) 49,337  
Effect of foreign exchange rate changes on cash and cash equivalents         212 180  
Cash and cash equivalents at the beginning of the period   $ 80,320   $ 70,090 80,320 70,090  
Cash and cash equivalents at the end of the period $ 57,390   $ 119,607   57,390 119,607 $ 57,390
Supplemental disclosure of cash flow information              
Cash interest paid         57,134 55,658  
Income taxes (received) paid         (313) 145  
Non-cash operating activities:              
Non-cash activity on investments         61,007 26,350  
Non-cash financing activities:              
Accrual for offering costs         114 195  
Accrual for deferred financing costs         109 14  
Investments including delayed draw facilities              
(Increase) decrease in operating assets:              
Cash paid for purchase of investments         (243,438) (630,519)  
Investments excluding drawn revolvers              
(Increase) decrease in operating assets:              
Proceeds from sale of investment         342,004 454,546  
Drawn revolving credit facilities              
(Increase) decrease in operating assets:              
Cash paid for purchase of investments         0 (48)  
Drawn revolvers              
(Increase) decrease in operating assets:              
Cash paid for purchase of investments         (18,844) (20,360)  
Proceeds from sale of investment         8,831 17,037  
2022 Convertible Notes              
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:              
Amortization of debt discount (premium)         (45) (57)  
Unsecured Notes              
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:              
Amortization of debt discount (premium)         618 257  
Holdings Credit Facility              
Cash flows from financing activities              
Proceeds from credit facility         221,500 446,100  
Repayments of credit facility         (269,800) (574,600)  
NMFC Credit Facility              
Cash flows from financing activities              
Proceeds from credit facility         0 112,386  
Repayments of credit facility         0 (6,950)  
Repayment of DB Credit Facility              
Cash flows from financing activities              
Repayments of credit facility         0 (4,400)  
NMNLC Credit Facility II              
Cash flows from financing activities              
Proceeds from credit facility         0 2,090  
Repayments of credit facility         $ 0 $ (1,995)