Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets    
Investments at fair value $ 3,111,903 [1] $ 3,221,247 [2]
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) 16,500 16,539
Cash and cash equivalents 83,265 71,190
Interest and dividend receivable 45,602 36,154
Other assets 22,316 9,797
Total assets 3,279,586 3,354,927
Borrowings    
Unsecured Notes 391,500 531,500
SBA-guaranteed debentures 300,000 300,000
Convertible Notes 260,236 316,853
Deferred financing costs (net of accumulated amortization of $52,507 and $47,531, respectively) (13,515) (17,199)
Net borrowings 1,889,157 1,980,661
Interest payable 23,202 19,627
Management fee payable 10,321 10,524
Incentive fee payable 10,169 6,296
Payable for unsettled securities purchased 4,678 0
Deferred tax liability 2,790 8,487
Total liabilities 1,942,892 2,028,736
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 101,439,649 and 100,937,026 shares issued and outstanding, respectively 1,014 1,009
Paid in capital in excess of par 1,312,352 1,305,945
Accumulated undistributed earnings 11,652 7,519
Total net assets of New Mountain Finance Corporation 1,325,018 1,314,473
Non-controlling interest in New Mountain Net Lease Corporation 11,676 11,718
Total net assets 1,336,694 1,326,191
Total liabilities and net assets $ 3,279,586 $ 3,354,927
Number of shares outstanding (in shares) 101,439,649 100,937,026
Net asset value per share of New Mountain Finance Corporation (in dollars per share) $ 13.06 $ 13.02
Affiliates    
Borrowings    
Payable to affiliates/ Other liabilities $ 256 $ 78
Nonrelated parties    
Borrowings    
Payable to affiliates/ Other liabilities 2,319 3,063
Holdings Credit Facility    
Borrowings    
Credit facility 569,563 618,963
NMFC Credit Facility    
Borrowings    
Credit facility 192,115 40,359
DB Credit Facility    
Borrowings    
Credit facility 186,400 186,400
NMNLC Credit Facility II    
Borrowings    
Credit facility 2,858 3,785
Non-controlled/Non-affiliated    
Assets    
Investments at fair value 2,318,232 2,400,425
Non-controlled/Affiliated    
Assets    
Investments at fair value 135,875 [3] 130,787 [4]
Controlled    
Assets    
Investments at fair value $ 657,796 [5] $ 690,035 [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, 2023 and December 31, 2022 along with transactions during the nine months ended September 30, 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 September 30, 2023Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$— $15,581 $(459)$(10)$15,112 $— $717 $— $— 
Permian Holdco 3, Inc. / Permian Trust— — — — — — — — — 
Sierra Hamilton Holdings Corporation4,000 2 (7)(1,995)2,000 — 1 — 1 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC126,787 4,801 — (12,825)118,763 — 2,228 3,417 188 
Total Non-Controlled/Affiliated Investments$130,787 $20,384 $(466)$(14,830)$135,875 $— $2,946 $3,417 $189 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
[4] Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2022 and December 31, 2021 along with transactions during the year ended December 31, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2021Gross
Additions (A)		Gross
Redemptions
(B)		Net Change In Unrealized Appreciation (Depreciation)Fair Value at December 31, 2022Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Permian Holdco 3, Inc. / Permian Trust$— $— $— $— $— $— $— $— $— 
Sierra Hamilton Holdings Corporation4,000 — — — 4,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC130,775 5,168 — (9,156)126,787 — 2,105 4,109 250 
Total Non-Controlled/Affiliated Investments$134,775 $5,168 $— $(9,156)$130,787 $— $2,105 $4,109 $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 at fair value 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 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 September 30, 2023 and December 31, 2022, along with transactions during the nine months ended September 30, 2023 in which the issuer was a controlled investment, is as follows:
Portfolio Company (1)Fair Value at December 31, 2022Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2023Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC $35,788 $— $— $(33,654)$2,134 $33,815 $— $— $1,530 
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 16,118 — (780)129,484 — 8,474 — 1,125 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.57,564 4,371 — — 61,935 — 3,946 — 381 
NM APP Canada Corp.— — — 7 7 — — — — 
NM CLFX LP16,172 — (259)(4,221)11,692 — — 1,082 — 
NM NL Holdings, L.P.94,305 — — 1,587 95,892 — — 6,318 — 
NM GP Holdco, LLC1,028 — — 13 1,041 — — 65 — 
NM YI LLC9,481 — — (32)9,449 — — 635 — 
NMFC Senior Loan Program III LLC140,000 — — — 140,000 — — 14,700 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 11,381 — 
UniTek Global Services, Inc.103,770 6,558 (26,449)6,883 90,762 2 3,283 3,877 907 
Total Controlled Investments$690,035 $27,047 $(44,112)$(15,174)$657,796 $16,413 $15,703 $38,058 $3,943 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
[6] Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2022 and December 31, 2021 along with transactions during the year ended December 31, 2022 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2021Gross
Additions
(A)		Gross
Redemptions
(B)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2022Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Edmentum Inc.$— $— $— $— $— $54 $— $— $— 
National HME, Inc./NHME Holdings Corp.27,347 (8,161)— (13,805)5,381 — (9,661)— (1,500)
New Benevis Topco, LLC / New Benevis Holdco, Inc.109,595 5,914 — (1,363)114,146 — 8,057 — 1,500 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.34,759 7,805 — 15,000 57,564 — 4,504 — 511 
NM APP CANADA CORP9,422 — (7,345)(2,077)— 4,212 — 620 713 
NM APP US LLC14,891 — (5,080)(9,811)— 4,489 — 255 483 
NM CLFX LP24,676 — — (8,504)16,172 — — 1,596 — 
NM DRVT LLC7,984 — (5,152)(2,832)— 3,439 — 173 475 
NM JRA LLC3,996 — (2,043)(1,953)— 2,049 — 72 188 
NM GLCR LP50,687 — (14,750)(35,937)— 35,713 — 400 2,150 
NM KRLN LLC244 97 (9,319)8,978 — (9,318)— — — 
NM NL Holdings, L.P.107,870 53 (10,885)(2,733)94,305 — — 8,453 — 
NM GP Holdco, LLC1,197 1 (138)(32)1,028 — — 94 — 
NM YI LLC8,286 — — 1,195 9,481 — — 828 — 
NMFC Senior Loan Program III LLC140,000 — — — 140,000 — — 17,485 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 13,173 — 
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC 34,821 3,865 (38,685)35,787 35,788 12,802 6,316 — 1,902 
UniTek Global Services, Inc.67,635 13,378 (1,549)24,306 103,770 — 4,738 4,363 724 
Total Controlled Investments$755,810 $22,952 $(94,946)$6,219 $690,035 $53,440 $13,954 $47,512 $7,146 
(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.