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.
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