As of September 30, 2024, New Mountain Finance Corporation (NMFC) reported total investments at fair value of approximately $3,265.3 million, an increase from $3,011.3 million as of December 31, 2023. Total assets rose to $3,414.3 million from $3,159.2 million, while total net assets increased to $1,361.3 million from $1,319.9 million during the same period. However, the net asset value per share decreased to $12.62 from $12.87.
In terms of financial performance, NMFC's interest income (excluding Payment-in-kind interest) for the third quarter of 2024 was $61.8 million, down from $63.9 million in Q3 2023. For the nine months ended September 30, 2024, interest income totaled $175.6 million, compared to $189.3 million for the same period in 2023. Conversely, dividend income from non-controlled/non-affiliated investments surged to $185,000 in Q3 2024 from $49,000 in Q3 2023, and for the nine months, it rose to $2.8 million from $143,000. Total investment income for Q3 2024 was $95.3 million, slightly up from $94.3 million in Q3 2023.
Total expenses for Q3 2024 increased to $60.8 million from $55.3 million in Q3 2023, leading to a net investment income before income taxes of $35.5 million, down from $40.0 million in the prior year. The net investment income for Q3 2024 was $35.4 million, compared to $40.7 million in Q3 2023. For the nine months ended September 30, 2024, net investment income was $111.4 million, down from $119.0 million in 2023.
The company reported a net increase in net assets resulting from operations of $23.9 million for Q3 2024, down from $28.7 million in Q3 2023. For the nine months, this figure decreased to $86.8 million from $108.6 million. The net loss for the nine months ended September 30, 2024, was approximately $24.6 million, compared to a net loss of $10.4 million for the same period in 2023.
Strategically, NMFC has been active in its investment activities, with new investments totaling $777.2 million in 67 portfolio companies during the nine months ended September 30, 2024, compared to $140.5 million in 32 companies in the same period of 2023. The company also reported significant debt repayments of $546.7 million in existing portfolio companies, up from $112.0 million in the prior year.
As of September 30, 2024, NMFC's cash and cash equivalents were approximately $61.9 million, down from $70.1 million at the end of 2023. The company had outstanding commitments to fund investments totaling $277.4 million, an increase from $156.8 million as of December 31, 2023. The board declared a regular fourth quarter 2024 distribution of $0.32 per share, along with a supplemental distribution of $0.01 per share, both payable on December 31, 2024.
About New Mountain Finance Corp
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