New Mountain Finance Corporation (NYSE: NMFC) (the "Company", "we", "us" and "our") today announced its financial results for the quarter and year ended December 31, 2011 and reported fourth quarter Adjusted Net Investment Income of New Mountain Finance Holdings, L.L.C. (the “Operating Company”) of $0.30 per share. At year end, net asset value (“NAV”) per share was $13.60. The Company also announced that its board of directors declared a first quarter 2012 dividend of $0.32 per share, which will be payable on March 30, 2012 to holders of record as of March 15, 2012. The dividend declared is in-line with the Operating Company’s first quarter 2012 estimated Adjusted Net Investment Income range of approximately $9.7 - $10.0 million.
Except where noted otherwise, all financial information shown is that of the Operating Company. Also, please note that share and unit are used interchangeably.
|Selected Financial Highlights|
|(in thousands, except per share/unit data)|
|December 31, 2011|
|NAV per Share/Unit||$||13.60|
|Investment Portfolio Composition:||December 31, 2011||Percent of Total|
|Equity and Other||$||2,850||0.4%|
|Three months ended||Three months ended|
|December 31, 2011||Adjustments *||December 31, 2011|
|Net Investment Income||$||9,541||$||(271)||$||9,270|
|Net Realized and Unrealized Gain (Loss)||$||8,316||$||271||$||8,587|
|Net Increase in Capital resulting from Operations||$||17,857||$||17,857|
|Net Investment Income per Share/Unit||$||0.30|
|*Adjusted for unrecognized gains built into the portfolio held as of the date of our initial public offering (May 19, 2011).|
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 had only one non-performing loan representing less than 0.4% of the cost of all investments since its inception in October 2008.