Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 443

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 443
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 investments held. Other income during the three months ended September 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 15 different portfolio companies.

128

Operating Expenses

 Three Months Ended(in thousands)September 30, 2025September 30, 2024Management fee$9,619 $11,700 Less: management fee waiver— (970)Total management fee9,619 10,730 Incentive fee7,345 8,821 Less: incentive fee waiver(4,544)— Total incentive fee2,801 8,821 Interest and other financing expenses31,720 37,661 Professional fees924 1,019 Administrative expenses916 1,059 Other general and administrative expenses478 531 Total expenses46,458 59,821 Income tax expense29 118 Net expenses after income taxes$46,487 $59,939     

Our total net operating expenses decreased by approximately $13.5 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Our management fee, net of a management fee waiver, decreased by approximately $1.1 million for the three months ended September 30, 2025 as compared to the three 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 $6.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Advisor, along with a decrease in investment income. Interest and other financing expenses decreased by approximately $5.9 million for the three months ended September 30, 2025 as compared to the three 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 three months ended September 30, 2025 as compared to the three months ended September 30, 2024 remained relatively flat. 

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