Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 446

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 446
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 nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily due to a lower invested asset base, along with slightly lower yields on the portfolio. The decrease in dividend income of approximately $3.5 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily due to decrease in equity investments held along with a cash distribution received in 2024 from our common shares investment in OA Topco, L.P. Other income during the nine 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 33 different portfolio companies.

130

Operating Expenses

 Nine Months Ended(in thousands)September 30, 2025September 30, 2024Management fee$29,611 $34,048 Less: management fee waiver(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