Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 24

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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 appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended September 30, 2025 was primarily driven by unrealized depreciation in TVG-Edmentum Holdings, LLC ("Edmentum"), ACI Parent Inc. and TMK Hawk Parent, Corp, partially offset by unrealized appreciation on Dealer Tire Holdings, LLC. The provision for income taxes was attributable to equity investments that are held as of September 30, 2025 in eight of our corporate subsidiaries. The net loss for the three months ended September 30, 2024 was primarily driven by unrealized depreciation in New Permian Holdco, Inc., Edmentum and AAC, partially offset by unrealized appreciation in HB Wealth Management, LLC ("Homrich"), NM NL Holdings, L.P. and NM YI, LLC. The provision for income taxes was attributable to 

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equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")

 Three Months Ended(in thousands)September 30, 2025September 30, 2024Total investment income$80,529 $95,327 Net expenses after income taxes46,487 59,939 Net investment income34,042 35,388 Less: Net investment income related to non-controlling interest in NMNLC117 (138)Net investment income related to NMFC$33,925 $35,526 Net change in realized gains (losses) on investments9 (531)Net change in realized losses on foreign currency— (1,455)Less: Net change in realized losses on investments related to non-controlling interest in NMNLC— (27)Net change in realized gains (losses) of investments related to NMFC$9 $(1,959)Net change in unrealized depreciation of investments(21,564)(11,694)Net change in unrealized appreciation in NMNLC— 1,533 Net change in unrealized (depreciation) appreciation on foreign currency(120)1,690 Provision for taxes(25)(1,037)Less: Net change in