Company: NMFCZ
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001496099-25-000010
Chunk: 271

Company: New Mountain Finance Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 271
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 investments in SLP III and SLP IV, partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the year ended December 31, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 62 different portfolio companies. 

 Operating Expenses Year Ended December 31,(in thousands)20242023Management fee$45,522 $45,610 Less: management fee waiver(3,739)(4,117)Total management fee41,783 41,493 Incentive fee36,385 38,303 Interest and other financing expenses136,636 124,784 Professional fees4,379 3,771 Administrative fees4,222 4,101 Other general and administrative expenses2,039 2,068 Net expenses before income taxes225,444 214,520 Income tax expense262 418 Net expenses after income taxes$225,706 $214,938 

Our total net operating expenses increased by approximately $10.8 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023. Our management fee, net of a management fee waiver, for the year ended December 31, 2024 as compared to the year ended December 31, 2023, remained relatively flat. Our incentive fee decreased by $1.9 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The decrease in incentive fees was attributable to a decrease in net investment income. 

Interest and other financing expenses increased by approximately $11.9 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023, as a result of the acceleration of financing costs upon termination of the DB Credit Facility, an increase in our cost of borrowings due to higher SOFR rates on our floating rate facilities, our 8.250% Unsecured Notes, issued on November 13, 2023 and our 6.875% Unsecured Notes, issued on February 1, 2024, partially offset by the repayment of our 2019A Unsecured Notes on February 5, 2024. Our total professional fees, administrative fees, net of expenses waived and reimbursed, and other general and administrative expenses for the year ended December