Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 291

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 291
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 first lien term loans in Notorious Topco, LLC ("BIG") on non-accrual status. As of  September 30, 2025, our positions in BIG had an aggregate cost basis of $21.8 million, and aggregate fair value of $13.7 million and total and total unearned income of $0.9 million and $0.9 million, respectively, for the three and nine months then ended. As of September 30, 2025, our investment in BIG had a Red Risk Rating.

127

During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of September 30, 2025, our investment in this security had a Yellow Risk Rating and had an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $13.5 million.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $2,943.6 million in 126 portfolio companies at September 30, 2025 and approximately $3,091.0 million in 120 portfolio companies at December 31, 2024.

The following table shows our portfolio and investment activity for the nine months ended September 30, 2025 and September 30, 2024:

 Nine Months Ended(in millions)September 30, 2025September 30, 2024Investments in 48 and 67 new and existing portfolio companies, respectively$370.5 $777.2 Debt repayments in existing portfolio companies461.6 546.7 Sales of securities in 7 and 3 portfolio companies, respectively57.6 11.0 Change in unrealized appreciation on 40 and 73 portfolio companies, respectively12.5 84.3 Change in unrealized depreciation on 87 and 59 portfolio companies, respectively(123.7)(62.5)

Recent Accounting Standards Updates

See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended September 30, 2025 and September 30, 2024 

Revenue

 Three Months Ended(in thousands)September 30, 2025September 30,