New Mountain Finance Corporation
Inside New Mountain Finance Corporation’s $3.9B private-credit portfolio — 628 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| NMFC Senior Loan Program III LLC | Common Equity | $160,000,000 | $157,872,000 | |||
| NM NL Holdings, L.P. | Common Equity | $80,174,000 | $113,269,000 | |||
| NMFC Senior Loan Program IV LLC | Common Equity | $112,400,000 | $105,532,000 | |||
| UniTek Global Services, Inc. | Preferred Equity | (PIK 20.00%) | $64,386,000 | $67,710,000 | ||
| Healthspan Buyer, LLC | First Lien Senior Secured | SOFR + 4.75% | $52,932,000 | $53,463,000 | ||
| Model N, Inc. | First Lien Senior Secured | SOFR + 4.75% | $43,488,000 | $43,664,000 | ||
| CentralSquare Technologies, LLC | First Lien Senior Secured | SOFR + 5.75% | $36,091,000 | $36,409,000 | ||
| Auctane Inc. (fka Stamps.com Inc.) | First Lien Senior Secured | SOFR + 5.75% | $35,998,000 | $36,155,000 | ||
| Deca Dental Holdings LLC | First Lien Senior Secured | SOFR + 5.75% | $36,461,000 | $34,787,000 | ||
| Einstein Parent, Inc. | First Lien Senior Secured | SOFR + 5.25% | $35,292,000 | $34,295,000 | ||
| IG Investments Holdings, LLC | First Lien Senior Secured | SOFR + 5.00% | $32,259,000 | $32,389,000 | ||
| New Permian Holdco, L.L.C. | First Lien Senior Secured | SOFR + 6.00% | $29,960,000 | $29,960,000 | ||
| Associations, Inc. | First Lien Senior Secured | SOFR + 6.50% | $29,938,000 | $29,947,000 | ||
| TigerConnect, Inc. | First Lien Senior Secured | SOFR + 6.25% | $29,737,000 | $29,313,000 | ||
| Fortis Solutions Group, LLC | First Lien Senior Secured | SOFR + 5.50% | $29,031,000 | $29,158,000 | ||
| Edmentum Ultimate Holdings, LLC | Subordinated Debt Subordinated | (PIK 14.00%) | $27,788,000 | $27,833,000 | ||
| New Benevis Holdco, Inc. | Subordinated Debt Subordinated | (PIK 12.00%) | $27,423,000 | $27,693,000 | ||
| Dealer Tire Holdings, LLC | Preferred Equity | (PIK 7.00%) | $27,082,000 | $25,967,000 | ||
| New Benevis Holdco, Inc. | First Lien Senior Secured | (PIK 12.00%) | $24,904,000 | $24,904,000 | ||
| New Benevis Topco, LLC | Common Equity | $27,154,000 | $24,447,000 | |||
| Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First Lien Senior Secured | SOFR + 6.09% | $24,048,000 | $24,172,000 | ||
| PetVet Care Centers, LLC | First Lien Senior Secured | SOFR + 6.00% | $27,584,000 | $23,861,000 | ||
| New Permian Holdco, L.L.C. | First Lien Senior Secured | SOFR + 9.00% | $23,336,000 | $23,336,000 | ||
| Foundational Education Group, Inc. | Second Lien Subordinated | SOFR + 6.50% | $22,440,000 | $22,500,000 | ||
| PPV Intermediate Holdings, LLC | First Lien Senior Secured | SOFR + 5.75% | $22,065,000 | $21,706,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 14 | — | — | — |
| 2022-09-30 | 10 | — | — | — |
| 2023-03-31 | 0 | — | — | — |
| 2023-06-30 | 211 | 5.62 | 94.1 | $2.1B |
| 2023-09-30 | 100 | 6.35 | 92.1 | $1.4B |
| 2023-12-31 | 100 | 6.06 | 94.0 | $1.4B |
| 2024-03-31 | 99 | 6.06 | 93.5 | $1.3B |
| 2024-06-30 | 104 | 5.70 | 96.0 | $1.5B |
| 2024-09-30 | 110 | 5.78 | 95.9 | $1.5B |
| 2024-12-31 | 106 | 5.57 | 95.6 | $1.5B |
| 2025-03-31 | 102 | 5.56 | 94.7 | $1.4B |
| 2025-06-30 | 108 | 5.53 | 96.0 | $1.4B |
| 2025-09-30 | 107 | 5.44 | 96.0 | $1.4B |
| 2025-12-31 | 124 | 4.11 | 83.0 | $1.3B |
| 2026-03-31 | 438 | 4.39 | 85.1 | $3.3B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About New Mountain Finance Corporation
New Mountain Finance Corporation (NMFC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. New Mountain Finance Corporation discloses its full loan portfolio through SEC filings.
Learn how BDCs work
New to business development companies? These free Oxford Ledge lessons explain the mechanics behind the figures on this page: What is a BDC?, reading a Schedule of Investments, and non-accruals — the #1 BDC credit metric.
Explore other BDCs
Compare NMFC with other Business Development Companies and their loan portfolios: Ares Capital Corporation (ARCC) · Ares Strategic Income Fund (AGTC) · Bain Capital Specialty Finance (BCSF) · Barings BDC Inc (BBDC) · BlackRock TCP Capital Corp (TCPC) · Blackstone Secured Lending Fund (BXSL) · Blue Owl Capital Corp (OBDC) · Blue Owl Capital Corp II (OBDE) · Capital Southwest Corporation (CSWC) · Carlyle Secured Lending (CGBD) · CION Investment Corp (CION) · Crescent Capital BDC Inc (CCAP) · Fidus Investment Corporation (FDUS) · Franklin BSP Lending Corp (FBLK) · FS KKR Capital Corp (FSK) · Gladstone Capital Corporation (GLAD) · Gladstone Investment Corporation (GAIN) · Goldman Sachs BDC Inc (GSBD)