New Mountain Finance Corporation (NYSE: NMFC) (the "Company", "we", "us" and "our") today announced its financial results for the third quarter ended September 30, 2011 and reported Adjusted Net Investment Income of New Mountain Finance Holdings, L.L.C. (the “Operating Company”) of $0.29 per share. The Company also announced that its Board of Directors declared a fourth quarter 2011 dividend of $0.30 per share. The fourth quarter dividend will be payable on December 30, 2011 to holders of record as of December 15, 2011 and is in-line with the Operating Company’s estimated Adjusted Net Investment Income per share for the quarter ended December 31, 2011.
Except where noted otherwise, all financial information shown is that of the Operating Company. Also, please note that share and unit are used interchangeably.
|Selected Financial Highlights|
|(in thousands, except per share/unit data)|
|September 30, 2011|
|Net Asset Value (“NAV”)||$||411,921|
|NAV per Share/Unit||$||13.32|
|Investment Portfolio Composition:||September 30, 2011||Percent of Total|
|Equity and Other||$||402||0.1||%|
|Three months ended||Three months ended|
|September 30, 2011||Adjustments *||September 30, 2011|
|Net Investment Income||$||10,002||$||(1,190||)||$||8,812|
|Net Realized and Unrealized Gain (Loss)||$||(21,255||)||$||1,190||$||(20,065||)|
|Net (Decrease) Increase in Capital resulting from Operations||$||(11,253||)||$||(11,253||)|
|Net Investment Income per Share/Unit||$||0.29|
The strength of the Operating Company’s unique investment strategy – which focuses on acyclical “defensive growth” companies that are well researched by New Mountain Capital, L.L.C., a leading private equity firm – is underscored by continued strong credit performance, including the fact that the Operating Company has zero payment defaults, non-performing loans or performance losses since its inception in October 2008.
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