Financial Performance - The Net Asset Value (NAV) per share increased to $13.49 as of December 31, 2021, compared to $13.26 on September 30, 2021[17, 20] - The company reported a Net Investment Income (NII) of $0.31 per weighted average share for Q4 2021, exceeding the guidance of $0.30 per share[17] - Gross originations for NMFC reached $355 million in Q4 2021, contributing to a total of $1.1 billion for the full year 2021[17] - Adjusted Net Investment Income (NII) per weighted average share was $0.31 for the quarter ended December 31, 2021, consistent with the previous quarter[20] - New Mountain employees remain the largest shareholder, owning approximately 12% of the company[17, 20] Portfolio & Investment Strategy - The company's investment strategy focuses on "defensive growth" middle market companies with recurring and predictable business models[17, 21] - As of Q4 2021, 87% of the portfolio is characterized as Green, indicating stable performance[27, 28] - The fair value of investments totaled $3.1854 billion as of December 31, 2021, spread across 106 portfolio companies[20] - The company targets investments up to $125 million in middle market companies typically generating $10 - $200 million of EBITDA[21] Credit Market & Interest Rates - 90% of the company's investments are in floating rate instruments, while 47% of its debt is floating rate[42, 43] - An illustrative 2% increase in base interest rates is estimated to increase annual NII by $0.10 per share[45]

FORM 10-K ý Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________________________ o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Exact name of registrant as specified in its charter, addresses of principal executive offices, telephone nu ...

Financial Data and Key Metrics Changes - Net investment income for Q3 2021 was $0.31 per share, fully covering the dividend of $0.30 per share, which was paid in cash on September 30 [5][52] - Net asset value (NAV) as of September 30 was $13.26 per share, a slight decrease of $0.07 from the June 30 NAV of $13.33 per share [6][28] - Total investment income for the quarter was $68.2 million, a $2 million increase from the prior quarter due to higher fee income [52] Business Line Data and Key Metrics Changes - The portfolio had $3 billion in investments at fair value, with total assets of $3.2 billion and total liabilities of $1.9 billion [49] - The average yield of NMFC's portfolio remained stable at approximately 8.8% from Q2 to Q3 [45] Market Data and Key Metrics Changes - Overall conditions in the direct lending market are reported to be very healthy, with transaction volume reaching record levels and increasing deal sizes [32] - Direct lending transactions in excess of $1 billion have become commonplace, particularly in defensive growth sectors such as software and healthcare technology [32] Company Strategy and Development Direction - The company is focused on lending to defensive growth businesses supported by strong sponsors, which is expected to continue serving them well [60] - NMFC is launching an at-the-market (ATM) stock program to opportunistically raise equity and increase liquidity without significantly impacting stock price [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for NMFC, highlighting the stability and predictability of investment income [60] - The company is monitoring labor inflation and availability but does not foresee significant impacts on debt service capabilities [69] Other Important Information - The investment adviser has committed to a management fee of 1.25% for 2021, 2022, and 2023, with a permanent reduction of the maximum potential management fee from 1.75% to 1.4% [10][53] - NMFC has a statutory debt-to-equity ratio of 1.19:1, with a pro forma leverage of 1.13:1 net of available cash [49][30] Q&A Session Summary Question: Regarding the spread difference between second lien loans and first lien loans - Management acknowledged that the incremental return on second lien versus first lien is less than ever and emphasized the need for high conviction in credit quality before pursuing second lien investments [63] Question: Difficulty in winning deals due to market competition - Management indicated that they have more deal flow than ever, benefiting from the expanding scale of the New Mountain platform [65][67] Question: Impact of inflationary pressures on the portfolio - Management noted that while inflation and supply chain issues are limited in impact, they are monitoring labor inflation and availability as potential headwinds [69] Question: Clarification on the new fee structure - Management confirmed that the new fee structure simplifies the previous model, with a flat rate of 1.4% coming into effect after the fee cap expires in 2023 [71]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 2021 o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Commission File Number | Exact name of registrant as specified in its charter, address of principal executive offices, telephone numbers and states or other jurisdictions of incorporation or organi ...

N M F NEW MOUNTAIN FINANCE CORPORATION Q2 2021 Earnings Presentation August 5, 2021 Important Notices and Safe Harbor Statement This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and involve substantial risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry, and the global economy. All forward-looking statements ...

New Mountain Finance (NASDAQ:NMFC) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM ET Company Participants Rob Hamwee ??? Chief Executive Officer Shiraz Kajee ??? Chief Financial Officer Steve Klinsky ??? Chairman of NMFC and Chief Executive Officer of New Mountain Capital John Kline ??? President and Chief Operating Officer Conference Call Participants Finian O'Shea ??? Wells Fargo Ryan Lynch ??? KBW Bryce Rowe ??? Hovde Group Operator Good morning, and welcome to the New Mountain Finance Corporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended June 30, 2021 o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Commission File Number | Exact name of registrant as specified in its charter, address of principal executive offices, telephone numbers and states or other jurisdictions of incorporation or organization | I.R.S ...

New Mountain Finance (NASDAQ:NMFC) Q1 2021 Earnings Conference Call May 6, 2021 10:00 AM ET Company Participants Robert Hamwee - CEO Steven Klinsky - Chairman and CEO, New Mountain Capital John Kline - President and COO Shiraz Kajee - CFO Conference Call Participants Finian O'Shea - Wells Fargo Securities Ryan Lynch - KBW Bryce Rowe - Hovde Operator Good morning, and welcome to the New Mountain Finance Corporation First Quarter 2021 Conference Call. All participants will be in listen-only mode. [Operator In ...

N M F NEW MOUNTAIN FINANCE CORPORATION Q1 2021 Earnings Presentation May 6, 2021 Important Notices and Safe Harbor Statement This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and involve substantial risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry, and the global economy. All forward-looking statements in ...

Financial Performance - As of March 31, 2021, the company's net asset value was approximately $1,244.3 million, with a portfolio fair value of approximately $3,018.6 million across 102 portfolio companies [363]. - The weighted average yield to maturity at cost for income-producing investments was approximately 8.8%, while the yield for all investments was approximately 8.2% [363]. - A second quarter 2021 distribution of $0.30 per share was declared, payable on June 30, 2021 [368]. - The company plans to maintain quarterly distributions of at least $0.30 per share over the next seven quarters, subject to availability of legally distributable funds [369]. - The ongoing COVID-19 pandemic may negatively impact the company's operating results and portfolio companies, with potential for prolonged economic downturns affecting business operations [370]. - As of March 31, 2021, the company's net asset value has recovered compared to March 31, 2020, and is in compliance with asset coverage requirements under the 1940 Act [373]. - For the three months ended March 31, 2021, interest income was $1,966,000, down from $5,122,000 for the same period in 2020 [401]. - Total investment income for the three months ended March 31, 2021, was $1,977,000, compared to $5,161,000 in the prior year [401]. - The net increase in members' capital for the three months ended March 31, 2021, was $2,433,000, contrasting with a decrease of $36,150,000 in the same period of 2020 [401]. - Total investment income for the three months ended March 31, 2021, was approximately $67.7 million, a decrease of $6.4 million or 9% compared to the same period in 2020 [454]. - Total interest income decreased by approximately $14.6 million during the three months ended March 31, 2021, primarily due to lower LIBOR rates and smaller invested balances [454]. - Total dividend income increased to $15.7 million for the three months ended March 31, 2021, compared to $10.5 million in the same period in 2020, mainly due to the reversal of previously recorded PIK dividends [454]. Investment Portfolio - The company is focused on investing in defensive growth companies, with top industry concentrations in software, business services, healthcare services, education, and investment funds as of March 31, 2021 [362]. - The total investments as of March 31, 2021, amount to $3,018,612, with $1,576,600 in first lien, $696,209 in second lien, $37,295 in subordinated, and $708,508 in equity and other [385]. - The fair value of Level III investments as of March 31, 2021, is $2,640,571, with significant contributions from first lien ($1,499,850) and equity and other ($708,508) [385]. - The valuation of investments is influenced by the overall performance and financial stability of portfolio companies, including revenue and EBITDA growth trends [386]. - The company employs a multi-step valuation process for investments without readily available market quotations, involving internal reviews and potential engagement of independent valuation firms [381]. - The fair value measurement inputs are classified into three levels, with Level I including quoted prices in active markets, Level II including observable inputs, and Level III including unobservable inputs [381]. - The EBITDA multiple for first lien investments ranges from 5.0x to 35.0x, with a weighted average of 14.8x as of March 31, 2021 [389]. - The discount rate for first lien investments ranges from 4.8% to 18.4%, with a weighted average of 7.8% [389]. - The healthcare services sector represents a significant portion of the portfolio, with multiple investments including ADG, LLC and YI, LLC [409]. - The portfolio includes a mix of industries, with a focus on business services and healthcare services [409]. - As of March 31, 2021, total investments at fair value were $250,917, down from $271,149 as of December 31, 2020, reflecting a decrease of approximately 7.5% [415]. Debt and Financing - On April 20, 2021, the company amended its Holdings Credit Facility, extending the revolving period to April 20, 2024, with aggregate commitments of $730.0 million [364]. - The outstanding balance on the Holdings Credit Facility was $450.2 million as of March 31, 2021, with a maximum amount of revolving borrowings available of $745.0 million [466]. - Interest expense on the Holdings Credit Facility decreased to $2.7 million for the three months ended March 31, 2021, down from $5.4 million for the same period in 2020 [466]. - The NMFC Credit Facility had an outstanding balance of $107.0 million as of March 31, 2021, with a maximum amount of revolving borrowings available of $188.5 million [470]. - Interest expense on the NMFC Credit Facility decreased to $0.7 million for the three months ended March 31, 2021, compared to $1.9 million for the same period in 2020 [469]. - The DB Credit Facility had a maximum amount of revolving borrowings available of $280.0 million as of March 31, 2021 [472]. - The outstanding balance on the DB Credit Facility as of March 31, 2021, was $201.0 million, down from $244.0 million as of December 31, 2020, indicating a reduction of approximately 17.6% [475]. - The total amount of SBA-guaranteed debentures outstanding as of March 31, 2021, was $300.0 million, with an average interest rate of 2.7% [508]. - The company had outstanding commitments to fund investments totaling $100.3 million as of March 31, 2021, up from $73.1 million as of December 31, 2020 [509]. - The company’s total contractual obligations as of March 31, 2021, amounted to $1,770.9 million, with $953.4 million due within 1 to 3 years [512]. Management and Governance - The Investment Adviser agreed to waive a portion of the base management fee, capping it at 1.25% of gross assets through December 31, 2022 [367]. - The governance of SLP I changed with the Restated SLP I Agreement, which removed the previous managing member and established a board of members for investment decisions [391]. - The management evaluated the effectiveness of disclosure controls and procedures as of March 31, 2021, concluding they were effective [531]. - No changes in internal control over financial reporting were identified during the quarter ended March 31, 2021, that materially affected the internal control [532]. Distributions and Shareholder Returns - Distributions declared and paid to stockholders for the three months ended March 31, 2021 totaled approximately $29.0 million, with a per share amount of $0.30 [517]. - Total distributions for the years ended December 31, 2020 and December 31, 2019 were $120.1 million and $117.4 million, respectively, with ordinary income comprising approximately 84.58% and 72.01% of those distributions [517]. - The company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis [518].