New Mountain Finance (US:NMFC)2025-05-06 11:40Financial Performance - Adjusted Net Investment Income (NII) for Q1 2025 was $0.32 per share, covering the dividend of $0.32 per share[14, 15] - Net Asset Value (NAV) as of March 31, 2025, was $12.45 per share, a decrease from $12.55 per share on December 31, 2024[14, 15] - The company permanently waived $1.5 million of incentive fees in connection with the dividend protection program[14] - The fair value of investments decreased to $3.0477 billion as of March 31, 2025, compared to $3.1045 billion as of December 31, 2024[16] Portfolio Composition and Risk - 96.5% of the portfolio is rated green on the company's heatmap, with no names rated red[14, 35] - The company's employees and senior advisors own approximately 13% of the company[14, 15] - Only <1% of the portfolio fair value is meaningfully exposed to global tariffs, compared to 13% on average amongst peers[25] - The company's portfolio consists of 93% first lien debt[65] Investment Activity - Gross originations for Q1 2025 were $120.8 million, while repayments totaled $160.4 million, resulting in net originations of -$39.5 million[16, 63] - The company repaid approximately $42 million, primarily from full redemption of UniTek's PIK 2nd Lien Term Loan and PIK Super Senior Preferred II[14] Leverage and Liquidity - Pro forma statutory debt to equity ratio is 1.09x as of March 31, 2025[15, 87]