Company: NMFCZ
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001496099-25-000018
Chunk: 306

Company: New Mountain Finance Corp
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 306
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 and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of March 31, 2025 and December 31, 2024, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2025 were as follows:   RangeTypeFair Value as of March 31, 2025ApproachUnobservable InputLowHighWeightedAverage(1)First lien$1,885,015 Market & Income ApproachEBITDA multiple6.5x33.0x14.2xRevenue multiple4.0x18.5x9.2x Discount rate6.3 %21.9 %9.3 %44,630 OtherN/A(2)N/AN/AN/ASecond lien125,004 Market & Income ApproachEBITDA multiple8.0x20.0x17.3x Discount rate9.5 %13.3 %9.9 %Subordinated104,948 Market & Income ApproachEBITDA multiple8.0x24.5x15.7x Discount rate12.6 %27.6 %17.6 %Structured Finance Obligations3,232 Income ApproachDiscount Rate11.4 %11.4 %11.4 %Equity and other399,105 Market & Income ApproachEBITDA multiple6.0x23.0x11.7xRevenue multiple5.0x20.0x6.7x Discount rate8.6 %32.6 %9.0 %386,921 Income ApproachDiscount rate6.5 %13.0 %10.0 %7,369 OtherN/A(2)N/AN/AN/A$2,956,224      (1)Unobservable inputs were weighted by the relative fair value of the investments.(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

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