New Mountain Finance Corporation (NYSE: NMFC) (the "Company", "we", "us" or "our") today announced its financial results for the quarter ended September 30, 2012 and reported third quarter Adjusted Net Investment Income of New Mountain Finance Holdings, L.L.C. (the “Operating Company”) of $0.32 per share (in line with the $0.31 to $0.33 range given on August 9, 2012). At September 30, 2012, net asset value (“NAV”) per share was $14.10, an increase of $0.27 per share from June 30, 2012. The Company also announced that its board of directors declared a fourth quarter 2012 dividend of $0.34 per share, which will be payable on December 28, 2012 to holders of record as of December 14, 2012.
Except where noted otherwise, all financial information shown is that of the Operating Company. Also, please note that share and unit are used interchangeably.
|Selected Financial Highlights|
|(in thousands, except per share/unit data)|
|September 30, 2012|
|NAV per Share/Unit||$||14.10|
|Investment Portfolio Composition||September 30, 2012||Percent of Total|
|Equity and Other||6,388||0.7||%|
|Three months ended||Three months ended|
|September 30, 2012||Adjustments*||September 30, 2012|
|Net Investment Income (1)||$||12,719||$||(806||)||$||11,913|
|Net Realized and Unrealized Gain (Loss)||$||12,109||$||806||$||12,915|
|Net Capital Gains Incentive Fee (2)||$||(2,583||)||$||(2,583||)|
|Net Increase in Capital resulting from Operations||$||22,245||$||22,245|
|Net Investment Income per Share/Unit||$||0.32|
|* Adjusted for unrecognized gains built into the portfolio held as of the date of our initial public offering (May 19, 2011).|
|(1)||Excludes hypothetical capital gains incentive fees of $2,583 thousand accrued for the three months ended September 30, 2012.|
|(2)||As of September 30, 2012, no actual capital gains incentive fee would be owed under the investment advisory and management agreement, as amended and restated, as cumulative adjusted net realized gains did not exceed cumulative adjusted unrealized depreciation.|
We believe that 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. The Operating Company has had only one portfolio company, representing $5.9 million of loans, or less than 0.4% of the cost of all investments made since its inception in October 2008, go on non-accrual.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV