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New Mountain Finance Corporation
Pro Forma Consolidated Statements of Assets and Liabilities
             
in thousands December 31, 2025   Pro Forma Adjustments (1)   Pro Forma December 31, 2025
Assets          
  Total investments at fair value                         2,742,013                             (467,980)   (2)                                2,274,033
  Cash and cash equivalents                             80,718                                60,355   (3)                                   141,073
  All other assets                             80,122                                       -                                          80,122
  Total assets  $                     2,902,853    $                       (407,625)    $                             2,495,228
             
Liabilities          
  Borrowings          
  Unsecured Notes                           991,585                                       -                                        991,585
  Holdings Credit Facility                           420,063                             (232,116)                                     187,947
  Other borrowings                           259,404                             (140,287)                                     119,117
  Net borrowings                         1,671,052                             (372,403)                                  1,298,649
  All other liabilities                             43,545                                       -                                          43,545
  Total liabilities                         1,714,597                             (372,403)                                  1,342,194
             
Net Assets          
  Paid in capital in excess of par                         1,354,726                                       -                                     1,354,726
  Accumulated overdistributed earnings                          (121,676)                               (35,222)                                    (156,898)
  Other                             (50,873)                                       -                                         (50,873)
       Total net assets of New Mountain Finance Corporation                         1,182,177                               (35,222)                                  1,146,955
  Non-controlling interest in New Mountain Net Lease Corporation                               6,079                                       -                                            6,079
       Total net assets                         1,188,256                               (35,222)                                  1,153,034
                                       -           
  Total liabilities and net assets                         2,902,853                             (407,625)                                  2,495,228
             
             
  (1) Pro forma adjustment represents the impact of the Asset Sale at 94% of December 31, 2025 fair value
  (2) Fair value of assets sold as of December 31, 2025, inclusive of partial paydown received by the Company and asset purchase made by the Company on 3/12
  (3) Includes estimated seller and transaction expenses

 

 
 

 

 

New Mountain Finance Corporation
             
Pro Forma Consolidated Statements of Operations 
             
    Year ended       Year ended
in thousands December 31, 2025   Pro Forma Adjustments (1)   Pro Forma December 31, 2025
             
Investment income          
  From non-controlled/non-affiliated investments  $                   236,589                                         -       $                               236,589
  From non-controlled/affiliated investments                           8,522                                         -                                           8,522
  From controlled investments                         81,973                                         -                                         81,973
  Total investment income                       327,084                                         -                                       327,084
             
Expenses          
  Total incentive fees                         30,761                                         -                                         30,761
  Management fee                         38,787                                         -                                         38,787
  Interest and other financing expenses                       123,718                                         -                                       123,718
  All other expenses                          (2,540)                                         -                                          (2,540)
  Net expenses including income tax expense                       190,726                                         -                                       190,726
  Net investment income                       136,358                                         -                                       136,358
             
  Net realized and unrealized losses                      (119,385)                                 (35,222)                                   (154,607)
  Net increase (decrease) in net assets resulting from operations                         16,973                                 (35,222)                                     (18,249)
  Less: Net increase in net assets resulting from operations related to non-controlling interests in New Mountain Net Lease Corporation                            (485)                                         -                                            (485)
  Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation  $                     16,488    $                           (35,222)    $                               (18,734)
             
  (1) Pro forma adjustment represents the impact of the Asset Sale at 94% of December 31, 2025 fair value