Company: NMFCZ
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001496099-25-000027
Chunk: 25

Company: New Mountain Finance Corp
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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99,927 $109,151     

Our total net operating expenses decreased by approximately $9.2 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Our management fee, net of a management fee waiver, remained relatively flat for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Our incentive fee, net of an incentive fee waiver, decreased by approximately $6.8 million for the six months ended June 30, 2025 as compared to the six months ended June 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 expenses decreased by approximately $1.6 million during the six months ended June 30, 2025 as compared to the six months ended June 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 six months ended June 30, 2025 as compared to the six months ended June 30, 2024 remained relatively flat. 

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

 Six Months Ended(in thousands)June 30, 2025June 30, 2024Net realized gains (losses) on investments$51,214 $(42,993)Net change in unrealized (depreciation) appreciation of investments(89,607)33,529 Net change in unrealized depreciation securities purchased under collateralizedagreements to resell— (3,000)Net change in unrealized appreciation on foreign currency602 106 Provision for taxes(43)(767)Net realized and unrealized losses$(37,834)$(13,125)

Our net realized gains and unrealized gains and losses resulted in a net loss of approximately $37.8 million for the six months ended June 30, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $13.1 million for the same period in 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together.