| Important Footnotes & Disclosures
Footnotes
1 Based on fair value as of 6/30/2023; excludes SLP III, SLP IV, and Net Lease
2 Includes members of senior management and other New Mountain employees; excludes independent directors; ownership %
based on total shares outstanding on 6/30/2023
3 Excludes SLP III, SLP IV, Net Lease and ATI
4 Net realized gains is a GAAP figure; please refer to Q2-23 earnings presentation for further details
5 Based on annualized regular and supplemental dividends earned in Q2-23 and closing price of $12.75 per share on 7/31/2023
6 Represents annualized cash-on-cash return to a shareholder since IPO
7 Based on outstanding par balance (excludes assets on non-accrual, unfunded commitments, and non-interest-bearing equity
investments); includes £23.5m converted at 1.27 GBP/USD exchange rate as of 6/30/2023 and €0.7m converted at 1.09
EUR/USD exchange rate as of 6/30/2023
8 Adjustments to cumulative GAAP NII to arrive at cumulative Adj. NII include non-controlling interest in NMNLC, non-cash
adjustments related to NMFC’s IPO, non-cash capital gains incentive fee, and other non-recurring income or expense. IPO to
date the total cumulative adjustments equate to approximately $12 million.
Disclosures
This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and
involve substantial risks and uncertainties, including the current conflict between Russia and Ukraine, and related changes in base
interest rates and significant volatility on our business, portfolio companies, our industry, and the global economy. All forward-looking statements included in this presentation are made only as of the date hereof and are subject to change without notice.
Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors
beyond the control of New Mountain Finance Corporation (“NMFC”), including those listed in the "Risk Factors" section of our filings
with the United States Securities and Exchange Commission (“SEC”). Any such forward-looking statements are made pursuant to
the safe harbor provisions available under applicable securities laws and NMFC assumes no obligation to update or revise any
such forward-looking statements unless required by law. Certain information discussed in this presentation (including information
relating to portfolio companies) was derived from third party sources and has not been independently verified and, accordingly,
NMFC makes no representation or warranty with respect to this information. The information contained in this presentation is
summary information that is intended to be considered in the context of our SEC filings and other public announcements that we
may make, by press release or otherwise, from time to time. In addition, information related to past performance, while helpful as an
evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the
past performance of NMFC, or information about the market, as indicative of NMFC’s future results. This presentation does not
constitute an offer to sell or the solicitation of an offer to buy any securities of NMFC. There can be no assurances that future
dividends will match or exceed historic ones, or that they will be made at all. Net returns give effect to all fees and expenses.
Unless otherwise noted, information included herein is presented as of the date indicated on the cover page and may change at any
time without notice. Figures shown herein are unaudited and may not add due to rounding. This presentation contains non-GAAP
financial information. NMFC’s management uses this information in its internal analysis of results and believes that this information
may be informative to investors in gauging the quality of NMFC’s financial performance, identifying trends in our results and
providing meaningful period-to-period comparisons. However, these non-GAAP measures should not be considered in isolation or
as a substitute for or superior to any measures of financial performance calculated and presented in accordance with GAAP. Other
companies may calculate this or similarly titled non-GAAP measures differently than we do. The term Adjusted Net Investment
Income as used throughout this presentation is not defined under GAAP and is not a measure of operating income, operating
performance or liquidity presented in accordance with GAAP. In evaluating its business, NMFC considers and uses Adjusted Net
Investment Income as a measure of its operating performance. Adjusted Net Investment Income is defined as net investment
income adjusted to reflect income as if the cost basis of investments held at NMFC’s IPO date had stepped-up to fair market value
as of the IPO date. Under GAAP, NMFC’s IPO did not step-up the cost basis of the predecessor operating company’s existing
investments to fair market value. Since the total value of the predecessor operating company’s investments at the time of the IPO
was greater than the investments’ cost basis, a larger amount of amortization of purchase or issue discount, and different amounts
in realized gains and unrealized appreciation, may be recognized under GAAP in each period than if a step-up had occurred. For
purposes of the incentive fee calculation, NMFC adjusts income as if each investment was purchased at the date of the IPO (or
stepped-up to fair market value). To view the reconciliation of Adjusted Net Investment Income, please see Appendix C at the end
of NMFC’s earnings presentation.
Before you invest in any of NMFC's securities, you should read the registration statement, the prospectus and the applicable
prospectus supplements(s) in order to fully understand all of the implications and risks of an offering of NMFC's securities. You
should also read other documents NMFC has filed with the SEC for more complete information about NMFC and its securities
offerings. You may access these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, NMFC
will arrange to send you any applicable prospectus and prospectus supplement if you request such materials by calling us at (212)
720-0300. These materials are also made available, free of charge, on our website at www. newmountainfinance.com. Information
contained on our website is not incorporated by reference into this communication. |