New Mountain Finance Corporation (NYSE: NMFC) (the "Company", "we", "us" and "our") today announced that its Board of Directors declared a second quarter 2011 dividend of $0.27 per share and a third quarter 2011 dividend of $0.29 per share. The second quarter dividend will be payable on August 31, 2011 to holders of record as of August 22, 2011 and represents the Adjusted Net Investment Income per share for the quarter ended June 30, 2011. The third quarter dividend will be payable on September 30, 2011 to holders of record as of September 15, 2011 and represents an estimate of the Adjusted Net Investment Income per share for the quarter ending September 30, 2011. New Mountain Finance Corporation also announced today its financial results for the second quarter ended June 30, 2011.
Except where noted otherwise, all financial information shown is that of New Mountain Finance Holdings, L.L.C. (the " Operating Company " ).
|Selected Financial Highlights|
|(in thousands, except per share/unit data)|
|June 30, 2011|
|Net Asset Value||$||440,605|
|Net Asset Value per Share/Unit||$||14.25|
|NAV per Share/Unit, Net of Q2 2011 Dividend||$||13.98|
|Investment Portfolio Composition:||% of Total|
|Equity and Other||$||476||0.1||%|
|Three months ended||Three months ended|
|June 30, 2011||Adjustments *||June 30, 2011|
|Net Investment Income||$||9,554||$||(1,117||)||$||8,437|
|Net Realized and Unrealized Gain (Loss)||$||(899||)||$||1,117||$||218|
|Net Increase in Capital resulting from Operations||$||8,655||$||8,655|
|Net Investment Income per Share/Unit||$||0.27|
|*Adjusted for unrecognized gains built into the portfolio held as of the date of our initial public offering (May 19, 2011).|
The strength of New Mountain Finance Corporation’s unique investment strategy – which focuses on acyclical “defensive growth” companies well researched by New Mountain Capital, a leading private equity firm – is underscored by the Company’s book value of $13.98 per share as of June 30, 2011 (after reserving for the second quarter dividend) and the fact that the Company has had 0% defaults, non-performing loans or performance losses since its inception in October 2008.
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