New Mountain Finance Corporation (NYSE: NMFC) (the "Company", "we", "us" or "our") today announced its financial results for the quarter and year ended December 31, 2012 and reported fourth quarter Adjusted Net Investment Income of New Mountain Finance Holdings, L.L.C. (the “Operating Company”) of $0.36 per weighted average share. Adjusted net investment income* per weighted average share for the year ended December 31, 2012 was $1.36. At December 31, 2012, net asset value (“NAV”) per share was $14.06, a decrease of $0.04 per share from September 30, 2012 and an increase of $0.46 from December 31, 2011. The NAV increased by $0.10 per share from September 30, 2012 prior to the declaration of the special dividend of $0.14 that was declared on December 27, 2012. The Company also announced that its board of directors declared a first quarter 2013 dividend of $0.34 per share, which will be payable on March 28, 2013 to holders of record as of March 15, 2013.
Additionally, during the fourth quarter we completed a common stock offering that generated approximately $52.8 million in gross proceeds. The Operating Company also amended its two credit facilities to increase the maximum capacity of the Operating Company’s credit facility (the “Holdings Credit Facility”) from $185.0 million to $210.0 million and of the Operating Company’s wholly-owned subsidiary, New Mountain Finance SPV Funding, L.L.C.’s credit facility (the “SLF Credit Facility”) from $200.0 million to $215.0 million.
Except where noted otherwise, all financial information shown is that of the Operating Company. Also, please note that share and unit are used interchangeably.
Selected Financial Highlights
(in thousands, except per share/unit data)
|December 31, 2012|
|NAV per Share/Unit||$||14.06|
|Investment Portfolio Composition||December 31, 2012||Percent of Total|
|Equity and Other||10,097||1.0||%|
|Three months ended||
Three months ended
|December 31, 2012||Adjustments*||
December 31, 2012
|Net Investment Income (1)||$||14,383||$||(823||)||$||13,560|
|Net Realized and Unrealized Gain (Loss)(2)||$||2,617||$||823||$||3,440|
|Net Increase in Capital resulting from Operations||$||17,000||$||17,000|
|Net Investment Income per Weighted Average Share/Unit||$||0.36|
|*||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 $860 thousand accrued for the three months ended December 31, 2012.|
|(2)||Includes the hypothetical capital gains incentive fees of $860 thousand. As of December 31, 2012, no actual capital gains incentive fee was owed under the investment advisory and management agreement, as amended and restated, as cumulative net Adjusted Realized Gains did not exceed cumulative Adjusted Unrealized Depreciation.|
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