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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): February 27, 2023

 

 

New Mountain Finance Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware   814-00832   27-2978010
(State or other jurisdiction of
incorporation or organization)
  (Commission
File Number)
  (IRS Employer
Identification Number)

 

1633 Broadway, 48th Floor, New York, NY 10019

(Address of principal executive offices) (Zip code)

 

Registrant’s telephone number, including area code: (212) 720-0300

 

None

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  

Trading

Symbol(s)

  Name of each exchange on which registered
Common stock, par value $0.01 per share   NMFC   NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02.

Results of Operations and Financial Condition

 

On February 27, 2023, New Mountain Finance Corporation (“NMFC” or the “Company”) issued a press release announcing financial results for its quarter and year ended December 31, 2022. The press release is included as Exhibit 99.1 and incorporated herein by reference.

 

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information provided herein shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On February 27, 2023, the Company’s board of directors received and accepted the resignation of Shiraz Y. Kajee as Chief Financial Officer and Treasurer, to become effective April 1, 2023. In submitting his resignation, Mr. Kajee did not express any disagreement on any matter relating to the Company’s operations, policies or practices.

 

The Company’s board of directors will appoint Laura C. Holson as the interim Chief Financial Officer and Treasurer of the Company upon Mr. Kajee’s departure, which would become effective April 1, 2023, until the Company completes its search for Mr. Kajee’s permanent successor. In addition, Ms. Holson would continue in her role as Chief Operating Officer of the Company. Ms. Holson joined New Mountain Capital, L.L.C. (“New Mountain Capital”) in 2009, and she currently serves as a Managing Director. Ms. Holson is primarily dedicated to the credit business and has been the Chief Operating Officer of New Mountain Capital’s credit platform since January 1, 2022, and the Chief Operating Officer of the Company since February 2022. Ms. Holson previously held a variety of roles within New Mountain Capital, including Head of Capital Markets, and has been a member of its credit team for over 10 years. There is no arrangement or understanding between Ms. Holson and any other person pursuant to which she was appointed as the interim Chief Financial Officer.

 

The Company’s investment adviser, New Mountain Finance Advisers BDC, L.L.C., believes that its management team, with the overall support of New Mountain Capital, is adequately staffed to support the Company.

 

Item 7.01.Regulation FD Disclosure

 

On February 27, 2023, NMFC issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter 2023 distribution of $0.32 per share, payable on March 31, 2023 to holders of record as of March 17, 2023. Additionally, on February 27, 2023, NMFC made available on its website, http://www.newmountainfinance.com, a supplemental investor presentation with respect to the earnings release.

 

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information provided herein shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

d) Exhibits.

 

Exhibit

Number

  Description
   
99.1   Press Release, dated February 27, 2023
104   Cover Page Interactive Data File (embedded within the Inline XBRL document). 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NEW MOUNTAIN FINANCE CORPORATION
     
Date: February 27, 2023 By:

/s/ Joseph W. Hartswell

    Name: Joseph W. Hartswell
    Title: Chief Compliance Officer and Corporate Secretary

 

 

 

Exhibit 99.1

 

New Mountain Finance Corporation Announces Financial Results for the Quarter and Year Ended December 31, 2022

 

Reports Adjusted Net Investment Income of $0.35 per share

 

Declares a First Quarter Distribution to $0.32 per Share and Announces a Supplemental Dividend Program

 

NEW YORK--(BUSINESS WIRE) — February 27, 2023 -- New Mountain Finance Corporation (NASDAQ: NMFC) (“New Mountain,” “New Mountain Finance” or the “Company”) today announced its financial results for the quarter and year ended December 31, 2022. The Company reported fourth quarter adjusted net investment income1 of $0.35 per weighted average share and net asset value (“NAV”) per share of $13.02, compared to $13.20 on September 30, 2022. The Company also announced that its board of directors declared a first quarter distribution of $0.32 per share, which will be payable on March 31, 2023 to holders of record as of March 17, 2023.

 

Selected Financial Highlights

 

(in thousands, except per share data)  December 31, 2022 
Investment Portfolio2  $3,237,786 
Total Assets  $3,354,927 
Total Statutory Debt3  $1,697,860 
NAV4  $1,314,473 
      
NAV per Share  $13.02 
Adjusted Net Investment Income per Weighted Average Share  $0.35 
Distribution Paid per Share  $0.32 
Statutory Debt/Equity   1.29x
Statutory Debt/Equity (net of available cash)   1.25x

 

Supplemental Information Regarding Adjusted Net Investment Income

 

   Three Months Ended December 31, 2022 
(in millions, except per share data)  GAAP   Non-recurring
Adjustments1
   Adjusted1 
Net investment income ("NII")  $25.0   $10.5   $35.5 
Net investment income per weighted average share  $0.25   $0.10   $0.35 

 

Management Comments on Fourth Quarter Performance

 

“New Mountain delivered strong results in 2022 highlighting the power of our 'defensive growth' strategy focused on sectors that drive attractive risk-adjusted earnings in any economic landscape,” said Steven B. Klinsky, NMFC Chairman. “We have a deep team with discipline and industry knowledge to capitalize in the direct lending market as we execute against our strategic initiatives in the coming years.”

 

John R. Kline, CEO, commented: “As the rate environment continues to provide an earnings tailwind, our adjusted net investment income per share outpaced our quarterly distributions in Q4 and will provide us with capital allocation optionality in 2023. We are confident that our consistent operating performance, enhanced strength from our differentiated underwriting model and a rising interest rate environment will result in net investment income per share exceeding our quarterly dividend for the foreseeable future. Additionally, we introduced a supplemental dividend program to ensure we are optimizing our ability to return capital to shareholders in 2023.”

 

Robert A. Hamwee, Vice Chairman, added: “NMFC’s portfolio continues to be well positioned as a result of our defensive growth investment strategy. We delivered ample dividend coverage with Q4 adjusted net investment income of $0.35 per share. Additionally, our team has maintained excellent credit quality even in this challenging economic environment, with over 92% of the portfolio rated Green on our risk rating scale.”

 

 

 

 

Portfolio and Investment Activity2

 

As of December 31, 2022, the Company’s NAV4 was $1,314.5 million and its portfolio had a fair value of $3,237.8 million in 108 portfolio companies, with a weighted average YTM at Cost5 of approximately 11.3%. For the three months ended December 31, 2022, the Company generated $93.9 million of originations6, and had $8.1 million of asset sales and cash repayments6 of $93.0 million.

 

Consolidated Results of Operations7

 

Quarterly Results

 

The Company’s total investment income for the three months ended December 31, 2022 and 2021 was $73.9 million and $67.8 million, respectively. The Company’s total net expenses, after income tax expense, for the three months ended December 31, 2022 and 2021 were $48.9 million and $38.2 million, respectively. The Company's NII for the three months ended December 31, 2022 and 2021 was $25.0 million and $29.6 million, respectively. The Company's NII per share for the three months ended December 31, 2022 and 2021 was $0.25 and $0.31, respectively. For the three months ended December 31, 2022 and 2021, the Company recorded $(10.2) million and $22.6 million, respectively, of net realized and unrealized (losses) gains .

 

Annual Results

 

The Company’s total investment income for the years ended December 31, 2022 and 2021 was $293.4 million and $269.6 million, respectively. The Company’s total net expenses, after income tax expense, for the years ended December 31, 2022 and 2021 were $174.9 million and $152.1 million, respectively. For the years ended December 31, 2022 and 2021, the Company recorded $(43.8) million and $83.9 million, respectively, of net realized and unrealized (losses) gains.

 

Liquidity and Capital Resources

 

As of December 31, 2022, the Company had cash and cash equivalents of $71.2 million and total statutory debt outstanding of $1,697.9 million3. The Company's statutory debt to equity was 1.29x as of December 31, 2022. Additionally, the Company had $300.0 million of SBA-guaranteed debentures outstanding as of December 31, 2022. For the year ended December 31, 2022, the Company sold 2,950,300 shares of common stock under its equity distribution agreement. For the same period, the Company received total accumulated net proceeds of approximately $40.0 million, net of offering expenses, from these sales.

 

Portfolio and Asset Quality2

 

The Company monitors the performance and financial trends of its portfolio companies on at least a quarterly basis. The Company attempts to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of the Company’s original investment strategy. As described more fully in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, the portfolio monitoring procedures are designed to provide a simple, yet comprehensive analysis of the Company’s portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating. The Risk Rating is expressed in categories of Red, Orange, Yellow and Green with Red reflecting an investment performing materially below expectations and Green reflecting an investment that is in-line with or above expectations.

 

2 

 

 

The following table shows the Risk Rating of the Company’s portfolio companies as of December 31, 2022:

 

(in millions)  December 31, 2022 
Risk Rating  Cost   Percent   Fair Value   Percent 
Red  $72.0    2.2%  $24.3    0.7%
Orange   66.5    2.0%   42.7    1.3%
Yellow2   216.0    6.6%   184.0    5.8%
Green8   2,935.5    89.2%   2,986.8    92.2%
 Total  $3,290.0    100.0%  $3,237.8    100.0%

 

As of December 31, 2022, all investments in the Company’s portfolio had a Green Risk Rating with the exception of nine portfolio companies that had a Yellow Risk Rating, five portfolio companies that had an Orange Risk Rating and two portfolio companies that had a Red Risk Rating.

 

The following table shows the Company’s investment portfolio composition as of December 31, 2022:

 

(in thousands, except per share data)        
Investment Portfolio Composition  December 31, 2022   Percent of Total 
First Lien  $1,753,967    54.2%
Second Lien2   577,746    17.8%
Subordinated   76,659    2.4%
Preferred Equity   184,276    5.7%
Investment Fund   252,400    7.8%
Common Equity and Other8   392,738    12.1%
Total  $3,237,786    100.0%

 

Recent Developments

 

On January 24, 2023, the Company’s board of directors declared a first quarter 2023 distribution of $0.32 per share payable on March 31, 2023 to holders of record as of March 17, 2023.

 

For future 2023 distributions, in addition to a quarterly base dividend of $0.32 per share, New Mountain's Board of Directors expects to declare, when applicable, a variable quarterly supplemental dividend in an amount to be determined each quarter. For quarters that adjusted net investment income per share exceeds the base dividend, New Mountain will pay supplemental dividends per share equal to one half of the earnings in excess of the dividend. More information about the go-forward dividend program is available in New Mountain’s investor presentation, distributed in parallel with today’s financial results.

 

On January 30, 2023, the Company caused notices to be issued to holders of the 2018A Unsecured Notes regarding the exercise of the Company's option to repay all of the $90.0 million in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023.

 

 

 

(1)Adjusted net investment income for Q4 2022 includes $10.4 million of non-recurring interest, other income, other general and administrative expense and incentive fee adjustment related to National HME, Inc. and NHME Holdings Corp. and $0.1 million of accelerated deferred financing costs related to the tender offer on the 2018 Convertible Notes.

(2)Includes collateral for securities purchased under collateralized agreements to resell.

(3)Excludes the Company’s United States Small Business Administration (“SBA”) guaranteed debentures.

(4)Excludes non-controlling interest in New Mountain Net Lease Corporation (“NMNLC”).

(5)References to “YTM at Cost” assume the accruing investments, including secured collateralized agreements, in the Company's portfolio as of a certain date, the ‘‘Portfolio Date’’, are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity. This calculation excludes the impact of existing leverage. YTM at Cost uses the London Interbank Offered Rate (“LIBOR”), Sterling Overnight Interbank Average Rate ("SONIA”), Euro Interbank Offered Rate ("EURIBOR") and Secured Overnight Financing Rate (“SOFR”) curves at each quarter’s respective end date. The actual yield to maturity may be higher or lower due to the future selection of LIBOR, SONIA, EURIBOR and SOFR contracts by the individual companies in the Company’s portfolio or other factors.

(6)Originations exclude payment-in-kind (“PIK”); originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains / losses.

(7)Excludes net income related to non-controlling interests in NMNLC. For the quarter ended December 31, 2022 and 2021, $0.2 million and $0.5 million, respectively, of dividend income is excluded from investment income, $0.0 million and $0.1 million, respectively, of net direct and indirect professional, administrative, other general and administrative is excluded from net expenses, and $(0.2) million and $0.7 million, respectively, of realized and unrealized losses and gains, is excluded from net realized and unrealized gains and losses. For the years ended December 31, 2022 and 2021, $1.2 million and $1.4 million, respectively, of dividend income is excluded from investment income, $0.1 million and $0.1 million, respectively, of net direct and indirect professional, administrative, other general and administrative is excluded from net expenses, and $(1.3) million and $4.5 million, respectively, of realized and unrealized (losses) and gains, is excluded from net realized and unrealized gains and losses.

(8)Includes investment held in NMNLC.

 

3 

 

 

Finance Team Update

 

New Mountain also announced that Shiraz Y. Kajee, Chief Financial Officer and Treasurer, resigned from the Company, effective April 1, 2023. Mr. Kajee’s departure is not related to any disagreement relating to the Company's accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise). Mr. Kajee will remain in his current capacity through his departure on April 1, 2023. The Company has engaged an executive search firm to find its next Chief Financial Officer.

 

New Mountain Finance’s board of directors will appoint Laura C. Holson as the interim Chief Financial Officer and Treasurer of the Company upon Mr. Kajee’s departure, effective April 1, 2023, until the Company completes its search for Mr. Kajee’s permanent successor. In addition, Ms. Holson will continue in her role as Chief Operating Officer of the Company.

 

The Company’s investment adviser, believes that its management team, with the overall support of New Mountain Capital, is adequately staffed to support the Company.

 

Fourth Quarter 2022 Conference Call

 

New Mountain Finance Corporation will host an earnings conference call and webcast at 10:00 am Eastern Time on Tuesday, February 28, 2023. To participate in the live earning conference call, please use the following dial-in numbers or visit the audio webcast link. To avoid any delays, please join at least fifteen minutes prior to the start of the call.

 

United States: (877) 443-9109

International: +1 (412) 317-1082

Live Audio Webcast

 

A replay of the conference call can be accessed one hour after the end of the conference call through February 28, 2024. To access the earnings webcast replay please visit the New Mountain Investor Relations website.

 

For additional details related to the quarter and year ended December 31, 2022, please refer to the New Mountain Finance Corporation Form 10-K filed with the SEC and the supplemental investor presentation which can be found on the Company's website at http://www.newmountainfinance.com.

 

4 

 

 

New Mountain Finance Corporation 

Consolidated Statements of Assets and Liabilities 

(in thousands, except shares and per share data)

 

   December 31,
2022
   December 31,
2021
 
Assets          
Investments at fair value          
Non-controlled/non-affiliated investments (cost of $2,523,522 and $2,323,224, respectively)  $2,400,425   $2,283,779 
Non-controlled/affiliated investments (cost of $85,971 and $80,801, respectively)   130,787    134,775 
Controlled investments (cost of $650,474 and $722,467, respectively)   690,035    755,810 
Total investments at fair value (cost of $3,259,967 and $3,126,492, respectively)   3,221,247    3,174,364 
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)   16,539    21,422 
Cash and cash equivalents   71,190    58,077 
Interest and dividend receivable   36,154    30,868 
Other assets   9,797    11,081 
Total assets  $3,354,927   $3,295,812 
Liabilities          
Borrowings          
Holdings Credit Facility  $618,963   $545,263 
Unsecured Notes   531,500    511,500 
Convertible Notes   316,853    201,417 
SBA-guaranteed debentures   300,000    300,000 
DB Credit Facility   186,400    226,300 
NMFC Credit Facility   40,359    127,192 
NMNLC Credit Facility II   3,785    15,200 
Deferred financing costs (net of accumulated amortization of $47,531 and $40,713, respectively)   (17,199)   (19,684)
Net borrowings   1,980,661    1,907,188 
Management fee payable   10,524    10,164 
Incentive fee payable   6,296    7,503 
Interest payable   19,627    17,388 
Payable for unsettled securities purchased       7,910 
Payable to affiliates   78    556 
Deferred tax liability   8,487    13 
Other liabilities   3,063    2,478 
Total liabilities   2,028,736    1,953,200 
Commitments and contingencies          
Net assets          
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued        
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 100,937,026 and 97,907,441 shares issued and outstanding, respectively   1,009    979 
Paid in capital in excess of par   1,305,945    1,272,796 
Accumulated undistributed earnings   7,519    47,470 
Total net assets of New Mountain Finance Corporation  $1,314,473   $1,321,245 
Non-controlling interest in New Mountain Net Lease Corporation   11,718    21,367 
Total net assets  $1,326,191   $1,342,612 
Total liabilities and net assets  $3,354,927   $3,295,812 
Number of shares outstanding   100,937,026    97,907,441 
Net asset value per share of New Mountain Finance Corporation  $13.02   $13.49 

 

5 

 

 

New Mountain Finance Corporation

Consolidated Statements of Operations 

(in thousands, except shares and per share data)

 

   Year ended December 31, 
   2022   2021   2020 
Investment income               
From non-controlled/non-affiliated investments:               
Interest income (excluding Payment-in-kind ("PIK") interest income)  $184,367   $159,189   $184,705 
PIK interest income   11,767    8,582    9,057 
Dividend income   193    915     
Non-cash dividend income   14,071    10,153    9,235 
Other income   9,156    14,106    5,133 
From non-controlled/affiliated investments:               
Interest income (excluding PIK interest income)   1,062    1,579    2,042 
PIK interest income   1,043    434    (1,083)
Dividend income       288    2,611 
Non-cash dividend income   4,109    4,835    (3,085)
Other income   250    345    1,282 
From controlled investments:               
Interest income (excluding PIK interest income)   9,438    5,470    7,803 
PIK interest income   4,516    14,327    9,028 
Dividend income   43,149    41,659    32,347 
Non-cash dividend income   4,363    4,497    7,297 
Other income   7,146    4,580    7,339 
Total investment income   294,630    270,959    273,711 
Expenses               
Interest and other financing expenses   92,421    73,098    78,047 
Management fee   46,617    52,960    53,032 
Incentive fee   29,901    29,710    29,211 
Professional fees   3,433    3,197    3,537 
Administrative expenses   4,131    4,461    4,408 
Other general and administrative expenses   2,338    1,923    1,845 
Total expenses   178,841    165,349    170,080 
Less: management and incentive fees waived   (4,402)   (13,104)   (12,811)
Less: expenses waived and reimbursed   (238)   (244)   (924)
Net expenses   174,201    152,001    156,345 
Net investment income before income taxes   120,429    118,958    117,366 
Income tax expense   825    118    22 
Net investment income   119,604    118,840    117,344 
Net realized gains (losses):               
Non-controlled/non-affiliated investments   (737)   (3,167)   (4,305)
Non-controlled/affiliated investments       8,338    (3,497)
Controlled investments   53,440    (9,035)   4,188 
New Mountain Net Lease Corporation           812 
Foreign currency   827    15     
Net change in unrealized (depreciation) appreciation:               
Non-controlled/non-affiliated investments   (81,197)   (23,466)   (47,907)
Non-controlled/affiliated investments   (9,156)   66,505    (3,233)
Controlled investments   6,219    49,347    (1,766)
Securities purchased under collateralized agreements to resell   (4,883)        
Foreign currency   (1,115)   (81)    
New Mountain Net Lease Corporation           (812)
(Provision) benefit for taxes   (8,474)   (114)   1,013 
Net realized and unrealized (losses) gains   (45,076)   88,342    (55,507)
Net increase in net assets resulting from operations   74,528    207,182    61,837 
Less: Net increase (decrease) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation   204    (5,783)   (3,364)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation  $74,732   $201,399   $58,473 
Basic earnings per share  $0.75   $2.08   $0.60 
Weighted average shares of common stock outstanding - basic   100,202,847    96,952,959    96,827,342 
Diluted earnings per share  $0.74   $1.91   $0.60 
Weighted average shares of common stock outstanding - diluted   115,426,198    110,210,545    110,084,927 
Distributions declared and paid per share  $1.22   $1.20   $1.24 

 

6 

 

 

ABOUT NEW MOUNTAIN FINANCE CORPORATION

 

New Mountain Finance Corporation is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The Company’s first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent it invests in the “last out” tranche. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. In some cases, the investments may also include small equity interests. The Company’s investment activities are managed by its Investment Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. More information about New Mountain Finance Corporation can be found on the Company’s website at http://www.newmountainfinance.com.

 

ABOUT NEW MOUNTAIN CAPITAL

 

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $37 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.

 

FORWARD-LOOKING STATEMENTS

 

Statements included herein may contain “forward-looking statements”, which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19, the current conflict between Russia and Ukraine, and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.

 

CONTACT

 

New Mountain Finance Corporation

Investor Relations 

Shiraz Y. Kajee, Authorized Representative

NMFCIR@newmountaincapital.com

(212) 220-3505

 

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