v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net (decrease) increase in net assets resulting from operations $ (50,749) $ 23,517
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net realized losses (gains) on investments 32,010 (37,825)
Net change in unrealized depreciation of investments and New Mountain Net Lease Corporation 41,557 49,077
Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies 100 (150)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell 7,800 0
Amortization of purchase discount (1,366) (1,578)
Amortization of deferred financing costs 3,433 2,227
Net change due to hedging activity 71 (755)
Non-cash investment income (15,418) (14,021)
(Increase) decrease in operating assets:    
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities 17 97
Interest and dividend receivable 4,335 1,200
Receivable from unsettled securities sold 4,138 0
Receivable from affiliates (60) (34)
Other assets (1,468) 454
(Decrease) increase in operating liabilities:    
Management fee payable (2,003) (522)
Incentive fee payable (3,018) (1,911)
Payable for unsettled securities purchased 18,027 12,022
Interest payable (5,114) 1,424
Deferred tax liability (88) 22
Payable to broker (4,550) 6,900
Other liabilities 2,223 1,174
Net cash flows provided by operating activities 401,412 103,916
Cash flows from financing activities    
Repurchase of shares under repurchase program (56,597) 0
Offering costs paid 0 (75)
Distributions paid (31,150) (34,512)
Repayment of 2022 Convertible Notes 0 (1,216)
Repayment of Unsecured Notes (200,000) 0
Repayment of SBA-guaranteed debentures (26,950) (37,500)
Contributions related to non-controlling interest in NMNLC 300 0
Distributions related to non-controlling interest in NMNLC (90) (90)
Deferred financing costs paid (855) (1,405)
Net cash flows used in financing activities (430,958) (98,598)
Net (decrease) increase in cash and cash equivalents (29,546) 5,318
Effect of foreign exchange rate changes on cash and cash equivalents (42) (142)
Cash and cash equivalents at the beginning of the period 80,718 80,320
Cash and cash equivalents at the end of the period 51,130 85,496
Supplemental disclosure of cash flow information    
Cash interest paid 27,937 27,085
Income taxes received 0 (390)
Non-cash operating activities:    
Non-cash activity on investments 0 61,007
Non-cash financing activities:    
Accrual for offering costs 41 84
Accrual for deferred financing costs 69 94
Investments including delayed draw facilities    
(Increase) decrease in operating assets:    
Cash paid for purchase of investments (117,397) (121,120)
Investments excluding drawn revolvers    
(Increase) decrease in operating assets:    
Proceeds from sale of investment 492,026 186,901
Drawn revolvers    
(Increase) decrease in operating assets:    
Cash paid for purchase of investments (8,522) (7,524)
Proceeds from sale of investment 5,121 4,051
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) 0 (17)
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) 307 307
Holdings Credit Facility    
Cash flows from financing activities    
Proceeds from credit facility 177,000 93,000
Repayments of credit facility (242,616) (116,800)
NMFC Credit Facility    
Cash flows from financing activities    
Proceeds from credit facility 90,000 0
Repayments of credit facility $ (140,000) $ 0

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