Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 296

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 296
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288)(2,732)Total management fee29,323 31,316 Incentive fee23,563 27,760 Less: incentive fee waiver(8,664)— Total incentive fee14,899 27,760 Interest and other financing expenses94,232 101,790 Professional fees3,413 3,213 Administrative expenses3,204 3,135 Other general and administrative expenses1,325 1,523 Total expenses146,396 168,737 Income tax expense18 353 Net expenses after income taxes$146,414 $169,090     

Our total net operating expenses decreased by approximately $22.7 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Our management fee, net of a management fee waiver, decreased by approximately $2.0 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in management fee was primarily attributable to a lower invested asset base. Our incentive fee, net of an incentive fee waiver, decreased by approximately $12.9 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Adviser along with a decrease in investment income. Our interest and other financing expenses decreased by approximately $7.6 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 remained relatively flat. 

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

 Nine Months Ended(in thousands)September 30, 2025September 30, 2024Net realized gains (losses) on investments$51,223 $(43,524)Net realized losses on foreign currency— (1,455)Net change in unrealized (depreciation) appreciation of investments(111,171)21,835 Net change