v3.26.1
Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Investments at fair value $ 2,313,379 [1] $ 2,742,013 [2]
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) 5,700 13,500
Cash and cash equivalents 51,130 80,718
Interest and dividend receivable 34,233 38,549
Derivative asset at fair value 2,958 5,647
Receivable from unsettled securities sold 0 4,138
Other assets 19,376 17,907
Total assets 2,427,217 2,902,853
Borrowings    
Unsecured Notes 787,704 991,585
SBA-guaranteed debentures 169,255 196,205
Deferred financing costs (net of accumulated amortization of $48,735 and $45,302, respectively) (15,310) (17,875)
Net borrowings 1,326,640 1,671,052
Payable for unsettled securities purchased 18,490 463
Payable to broker 10,080 14,630
Management fee payable 7,173 9,176
Interest payable 6,780 11,892
Derivative liability at fair value 1,936 366
Deferred tax liability 1,731 1,819
Incentive fee payable 0 3,018
Other liabilities 4,417 2,181
Total liabilities 1,377,247 1,714,597
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 107,851,929 shares issued, respectively, and 95,575,151 and 102,638,388 shares outstanding, respectively 1,079 1,079
Paid in capital in excess of par 1,354,726 1,354,726
Treasury stock at cost, 12,276,778 and 5,213,541 shares held, respectively (108,549) (51,952)
Accumulated overdistributed earnings (203,754) (121,676)
Total net assets of New Mountain Finance Corporation 1,043,502 1,182,177
Non-controlling interest in New Mountain Net Lease Corporation 6,468 6,079
Total net assets 1,049,970 1,188,256
Total liabilities and net assets $ 2,427,217 $ 2,902,853
Number of shares outstanding (in shares) 95,575,151 102,638,388
Net asset value per share of New Mountain Finance Corporation (in dollars per share) $ 10.92 $ 11.52
Holdings Credit Facility    
Borrowings    
Credit facility $ 354,446 $ 420,063
NMFC Credit Facility    
Borrowings    
Credit facility 30,545 81,074
Affiliates    
Assets    
Receivable from affiliates 441 381
Non-controlled/Non-affiliated    
Assets    
Investments at fair value 1,628,080 2,002,306
Non-controlled/Affiliated    
Assets    
Investments at fair value 65,699 [3] 60,702 [4]
Controlled    
Assets    
Investments at fair value $ 619,600 [5] $ 679,005 [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 March 31, 2026 and December 31, 2025, along with transactions during the three months ended March 31, 2026 in which the issuer was a non-controlled/affiliated investment, is as follows:
Portfolio Company Fair Value at December 31, 2025 Gross Additions (A) Gross Redemptions (B) Net Change In Unrealized Appreciation (Depreciation) Fair Value at March 31, 2026 Net Realized Gains (Losses) Interest Income Dividend Income Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC $ 18,337  $ —  $ —  $ 3,482  $ 21,819  $ —  $ 311  $ 413  $ — 
Sierra Hamilton Holdings Corporation 2,000  —  —  1  2,001  —  —  —  — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC 40,365  1,518  —  (4) 41,879  —  1,192  327  63 
Total Non-Controlled/Affiliated Investments $ 60,702  $ 1,518  $ —  $ 3,479  $ 65,699  $ —  $ 1,503  $ 740  $ 63 
(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, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio Company Fair Value at December 31, 2024 Gross
Additions (A)		 Gross
Redemptions
(B)		 Net Change In Unrealized Appreciation (Depreciation) Fair Value at December 31, 2025 Net Realized Gains (Losses) Interest
Income		 Dividend
Income		 Other
Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC $ 19,156  $ —  $ —  $ (819) $ 18,337  $ —  $ 1,321  $ —  $ — 
Sierra Hamilton Holdings Corporation 2,000  —  —  —  2,000  —  —  —  — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC 91,620  6,967  —  (58,222) 40,365  —  4,357  2,594  250 
Total Non-Controlled/Affiliated Investments $ 112,776  $ 6,967  $ —  $ (59,041) $ 60,702  $ —  $ 5,678  $ 2,594  $ 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 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.
[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 March 31, 2026 and December 31, 2025, along with transactions during the three months ended March 31, 2026 in which the issuer was a controlled investment, is as follows:
Portfolio Company Fair Value at December 31, 2025 Gross Additions (A) Gross Redemptions (B) Net Change In Unrealized Appreciation (Depreciation) Fair Value at March 31, 2026 Net Realized Gains (Losses) Interest Income Dividend Income Other Income
National HME, Inc./NHME Holdings Corp. $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
New Benevis Topco, LLC / New Benevis Holdco, Inc. 154,464  5,538  (76,831) 5,329  88,500  (5,718) 3,395  —  — 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C. 63,833  1,463  —  (1,000) 64,296  —  1,463  —  125 
NM NL Holdings, L.P. 106,096  5,926  —  1,247  113,269  —  —  2,111  — 
NM GP Holdco, LLC 390  75  —  (53) 412  —  —  11  — 
NM YI LLC 8,641  —  —  93  8,734  —  —  235  — 
NMFC Senior Loan Program III LLC 160,000  —  —  (2,128) 157,872  —  —  5,760  — 
NMFC Senior Loan Program IV LLC 112,400  —  —  (6,868) 105,532  —  —  3,794  — 
UniTek Global Services, Inc. 73,181  3,223  —  4,581  80,985  —  —  3,224  250 
Total Controlled Investments $ 679,005  $ 16,225  $ (76,831) $ 1,201  $ 619,600  $ (5,718) $ 4,858  $ 15,135  $ 375 
(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 “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 December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a controlled investment, is as follows:
Portfolio Company Fair Value at December 31, 2024 Gross
Additions
(A)		 Gross
Redemptions
(B)		 Net Change In
Unrealized
Appreciation
(Depreciation)		 Fair Value at December 31, 2025 Net Realized Gains (Losses) Interest
Income		 Dividend
Income		 Other
Income
National HME, Inc./NHME Holdings Corp. $ 3,000  $ —  $ —  $ (3,000) $ —  $ —  $ —  $ —  $ — 
New Benevis Topco, LLC / New Benevis Holdco, Inc. 140,102  21,456  —  (7,094) 154,464  —  14,309  —  1,383 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C. 63,076  7,657  —  (6,900) 63,833  —  5,759  —  500 
NM NL Holdings, L.P. 104,512  —  —  1,584  106,096  —  —  8,740  — 
NM GP Holdco, LLC 322  —  —  68  390  —  —  44  — 
NM YI LLC 9,960  —  —  (1,319) 8,641  —  —  886  — 
NMFC Senior Loan Program III LLC 160,000  —  —  —  160,000  —  —  22,600  — 
NMFC Senior Loan Program IV LLC 112,400  —  —  —  112,400  —  —  15,315  — 
UniTek Global Services, Inc. 107,524  72,385  (60,582) (46,146) 73,181  38,898  516  10,851  1,070 
Total Controlled Investments $ 700,896  $ 101,498  $ (60,582) $ (62,807) $ 679,005  $ 38,898  $ 20,584  $ 58,436  $ 2,953 

(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.

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