New Mountain Finance Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026, with NASDAQ:NMFC, on November 2, 2026, reporting a net decrease in net assets from operations of $30,192 thousand for the nine months ended September 30, 2026.

Key Highlights

  • Net asset value per share fell to $10.67 as of September 30, 2026, down from $11.52 as of December 31, 2025, according to the filing.
  • Total investments at fair value were $2,259,962 thousand as of September 30, 2026, compared with $2,742,013 thousand as of December 31, 2025.
  • Net investment income for the nine months ended September 30, 2026 was $78,946 thousand, compared with $103,268 thousand for the same period in 2025.
  • Net realized and unrealized losses totaled $108,439 thousand for the nine months ended September 30, 2026, according to the filing.
  • Shares outstanding declined to 94,452,390 as of November 2, 2026, with treasury stock holdings rising to 13,399,539 shares at a cost of $117,515 thousand.
  • Management and incentive fees waived totaled $8,932 thousand for the nine months ended September 30, 2026, per the filing.

New Mountain Finance Reports Nine-Month Net Loss as Portfolio Contracts in 2026

New Mountain Finance Corporation, a business development company listed on the NASDAQ Global Select Market under the symbol NMFC, reported a net decrease in net assets resulting from operations attributable to the company of $30,192 thousand for the nine months ended September 30, 2026, according to the quarterly filing. This compares with a net increase of $43,734 thousand for the same period in 2025. Total net assets attributable to New Mountain Finance Corporation stood at $1,008,047 thousand at quarter end, down from $1,182,177 thousand at December 31, 2025.

The filing disclosed total investment income of $190,683 thousand for the nine months ended September 30, 2026, versus $249,682 thousand for the nine months ended September 30, 2025. Net expenses for the same nine-month period were $111,714 thousand after fee waivers. Net realized losses on non-controlled/non-affiliated investments were $58,933 thousand and on controlled investments were $18,593 thousand for the nine months ended September 30, 2026. Unrealized depreciation on non-controlled/non-affiliated investments was $46,117 thousand over the same period, while controlled investments saw unrealized appreciation of $18,937 thousand.

Total assets were reported at $2,352,701 thousand and total liabilities at $1,338,493 thousand as of September 30, 2026. Net borrowings stood at $1,304,201 thousand, down from $1,671,052 thousand at year-end 2025. The company's total investment portfolio cost basis was $2,453,990 thousand, compared with a fair value of $2,259,962 thousand, reflecting an unrealized depreciation gap of approximately $194,028 thousand. Cash and cash equivalents were $41,912 thousand at quarter end. Accumulated overdistributed earnings increased to $230,243 thousand from $121,676 thousand at December 31, 2025.

What Was Disclosed

New Mountain Finance Corporation disclosed its unaudited financial results for the quarter and nine months ended September 30, 2026, including a decline in net asset value per share to $10.67, lower investment income, net realized losses across multiple portfolio categories, and a reduction in total assets and borrowings compared with year-end 2025.