New Mountain Finance Corporation reported its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, Net Investment Income (NII) per weighted average share was $0.32, compared to $0.40 in Q4 2023. The company declared a first quarter distribution of $0.32 per share, maintaining its regular dividend.
For the full year 2024, total investment income was $371.666 million, a slight decrease from $374.836 million in 2023. Net investment income for the year was $145.960 million, down from $159.898 million in the prior year. Net asset value (NAV) per share was $12.55 as of December 31, 2024, a modest decline from $12.62 in the previous quarter.
The company's portfolio quality remained robust, with 96.5% of investments rated 'Green' on its internal risk heatmap by fair value. Originations for Q4 2024 totaled $33.1 million, alongside $158.9 million in cash repayments and $58.9 million in asset sales. The statutory debt-to-equity ratio stood at 1.15x, indicating a managed leverage position.
A notable event in the quarter was the partial sale of UniTek, which valued the company at $370 million, exceeding NMFC's current mark. NMFC and its affiliates will retain a 31% ownership stake in UniTek, signaling continued confidence in its future prospects related to fiber deployment and AI infrastructure. This transaction highlights the New Mountain team’s business building capabilities and deal execution skills.
For investors, the full year results indicate a slight decline in overall investment income and net investment income compared to 2023. However, the company maintained its dividend coverage and demonstrated strong portfolio quality. The strategic partial sale of UniTek at a favorable valuation underscores active portfolio management and value creation efforts.
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