Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 293

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 293
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$46,487 $59,939     

Our total net operating expenses decreased by approximately $13.5 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Our management fee, net of a management fee waiver, decreased by approximately $1.1 million for the three months ended September 30, 2025 as compared to the three 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 $6.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Advisor, along with a decrease in investment income. Interest and other financing expenses decreased by approximately $5.9 million for the three months ended September 30, 2025 as compared to the three months ended September 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 three months ended September 30, 2025 as compared to the three months ended September 30, 2024 remained relatively flat. 

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

 Three Months Ended(in thousands)September 30, 2025September 30, 2024Net realized gains (losses) on investments$9 $(531)Net realized losses on foreign currency— (1,455)Net change in unrealized depreciation of investments(21,564)(11,694)Net change in unrealized appreciation in NMNLC— 1,533 Net change in unrealized (depreciation) appreciation on foreign currency(120)1,690 Provision for taxes(25)(1,037)Net realized and unrealized losses$(21,700)$(11,494)

Our net realized gains and unrealized losses resulted in a net loss of approximately $21.7 million for the three months ended September 30, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $11.5 million for the same period in 2024. As movement in unreal