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Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Investments at fair value $ 2,943,619 [1] $ 3,091,024 [2]
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) 13,500 13,500
Cash and cash equivalents 63,684 80,320
Interest and dividend receivable 44,169 42,379
Derivative asset at fair value 5,834 0
Other assets 17,769 19,265
Total assets 3,088,909 3,246,701
Borrowings    
Unsecured Notes 990,999 978,503
2022 Convertible Notes 258,782 260,091
SBA-guaranteed debentures 196,205 300,000
Deferred financing costs (net of accumulated amortization of $48,017 and $63,971, respectively) (19,698) (24,191)
Net borrowings 1,765,383 1,836,710
Interest payable 18,072 17,109
Payable to broker 13,460 3,230
Payable for unsettled securities purchased 10,412 0
Management fee payable 9,619 10,467
Incentive fee payable 2,801 8,625
Deferred tax liability 1,478 1,410
Derivative liability at fair value 821 7,423
Total liabilities 1,826,243 1,887,410
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, 107,851,929 and 107,851,415 shares issued, respectively, and 104,189,336 and 107,851,415 shares outstanding, respectively 1,079 1,079
Paid in capital in excess of par 1,365,849 1,365,852
Treasury stock at cost, 3,662,593 and 0 shares held, respectively (37,253) 0
Accumulated undistributed earnings (73,049) (13,592)
Total net assets of New Mountain Finance Corporation 1,256,626 1,353,339
Non-controlling interest in New Mountain Net Lease Corporation 6,040 5,952
Total net assets 1,262,666 1,359,291
Total liabilities and net assets $ 3,088,909 $ 3,246,701
Number of shares outstanding (in shares) 104,189,336 107,851,415
Net asset value per share of new mountain finance corporation (in dollars per share) $ 12.06 $ 12.55
Holdings Credit Facility    
Borrowings    
Credit facility $ 308,063 $ 294,363
NMFC Credit Facility    
Borrowings    
Credit facility 31,032 27,944
Affiliates    
Assets    
Receivable from affiliates 334 213
Nonrelated parties    
Borrowings    
Other liabilities 4,197 2,436
Non-controlled/Non-affiliated    
Assets    
Investments at fair value 2,173,373 2,277,352
Non-controlled/Affiliated    
Assets    
Investments at fair value 94,686 [3] 112,776 [4]
Controlled    
Assets    
Investments at fair value $ 675,560 [5] $ 700,896 [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 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 September 30, 2025 and December 31, 2024, along with transactions during the nine months ended September 30, 2025 in which the issuer was a non-controlled/affiliated investment, is as follows:
Portfolio CompanyFair Value at December 31, 2024Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2025Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$19,156 $— $— $(820)$18,336 $— $994 $— $— 
Sierra Hamilton Holdings Corporation2,000 — — — 2,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC91,620 5,465 — (22,735)74,350 — 3,171 2,279 188 
Total Non-Controlled/Affiliated Investments$112,776 $5,465 $— $(23,555)$94,686 $— $4,165 $2,279 $188 
(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 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.
[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, 2024 and December 31, 2023 along with transactions during the year ended December 31, 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 December 31, 2024Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$17,873 $— $(50)$1,333 $19,156 $— $1,432 $— $— 
Sierra Hamilton Holdings Corporation2,000 — — — 2,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC113,786 16,409 — (38,575)91,620 — 3,659 5,843 250 
Total Non-Controlled/Affiliated Investments$133,659 $16,409 $(50)$(37,242)$112,776 $— $5,091 $5,843 $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 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 "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, 2025 and December 31, 2024, along with transactions during the nine months ended September 30, 2025 in which the issuer was a controlled investment, is as follows:
Portfolio Company (1)Fair Value at December 31, 2024Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2025Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
National HME, Inc./NHME Holdings Corp.$3,000 $— $— $— $3,000 $— $— $— $— 
New Benevis Topco, LLC / New Benevis Holdco, Inc.140,102 13,606 — (1,916)151,792 — 10,489 — 1,383 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.63,076 6,159 — (5,901)63,334 — 4,260 — 375 
NM NL Holdings, L.P.104,512 — — 1,366 105,878 — — 6,564 — 
NM GP Holdco, LLC322 — — 71 393 — — 33 — 
NM YI LLC9,960 — — (1,287)8,673 — — 674 — 
NMFC Senior Loan Program III LLC160,000 — — — 160,000 — — 17,000 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 11,521 — 
UniTek Global Services, Inc.107,524 69,314 (60,582)(46,166)70,090 38,898 516 7,781 820 
Total Controlled Investments$700,896 $89,079 $(60,582)$(53,833)$675,560 $38,898 $15,265 $43,573 $2,578 
(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, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a controlled 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 December 31, 2024Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC $3,419 $— $— $(3,419)$— $4,981 $— $— $41 
National HME, Inc./NHME Holdings Corp.3,000 — — — 3,000 — — — — 
New Benevis Topco, LLC / New Benevis Holdco, Inc.135,401 10,595 — (5,894)140,102 — 12,934 — 375 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.63,170 7,005 — (7,099)63,076 — 5,382 — 500 
NM APP CANADA CORP7 — — (7)— 31 — — — 
NM CLFX LP11,731 — (12,279)548 — (2,461)— 24 845 
NM NL Holdings, L.P.96,071 — (2,123)10,564 104,512 (548)— 8,116 181 
NM GP Holdco, LLC1,048 — (11)(715)322 (3)— 89 — 
NM YI LLC9,550 — — 410 9,960 — — 879 — 
NMFC Senior Loan Program III LLC140,000 20,000 — — 160,000 — — 23,304 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 16,228 — 
UniTek Global Services, Inc.91,999 9,577 — 5,948 107,524 — 3,133 6,446 1,450 
Total Controlled Investments$667,796 $47,177 $(14,413)$336 $700,896 $2,000 $21,449 $55,086 $3,392 

(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.