Latest news with #NMFC
Daily Maverick
6 days ago
- Health
- Daily Maverick
Frustrated Free State doctors face unemployment after Cuban medical training in systemic crisis
A cohort of young doctors whose training was funded by the Free State government through the Nelson Mandela-Fidel Castro Bursary programme have been unable to find work in the public health sector upon completing their community service, despite a contractual obligation to serve the province that supported their studies. More than 20 young doctors from the Free State who received training in Cuba through the Nelson Mandela-Fidel Castro (NMFC) Bursary programme, funded by the provincial health department, have been unable to find work in the public health sector due to a lack of posts. Across South Africa, provincial health departments provide funding for individuals from their respective regions to study medicine through the NMFC Bursary programme. Upon returning from Cuba and completing their internship, beneficiaries are required to serve their local government in the health sector for the number of years for which they were funded. However, about 24 Free State NMFC Bursary holders who completed their community service requirement over the past year have not been able to fulfil their contractual obligation to continue working in the province's public sector, according to *Thabo, a beneficiary of the programme who chose to remain anonymous out of concern for backlash. 'We've been to the [health] MEC's office. We've been to the premier's office. We've spoken with the [head of the Free State health department], and no one seems to be taking accountability. It's just one person bouncing you to the next person… and there's no real sense of urgency about what's happening on the ground in the hospitals, with the [staff] shortages, the patients or even us, as their investments,' he said. Waiving obligations The cohort of NMFC Bursary beneficiaries sent a memorandum of demands to the Free State premier and MEC for health in January, pushing for immediate appointments in local health facilities. In a letter responding to this memorandum, seen by Daily Maverick, head of the Free State health department Masechaba Sesing stated: 'It is true that the bursary policy places a contractual obligation on both parties to either offer employment to bursary holders upon completion of their studies, provided that there are vacant funded posts in the department, and on the bursary holder to work back the bursary for the period of the bursary granted, should the department offer a post within three months from date of completion of the studies. 'Should the department not be in a position to offer employment within three months from date of completion, the bursary holder is released from the bursary obligation.' Thabo claimed that the three-month limit on the state's obligation to employ post-community service bursary holders was a new development, not featured in beneficiaries' original contracts. In a second letter from the NMFC Bursary cohort, addressed to Sesing and dated 7 March 2025, the graduates entreated the provincial health department to find a strategy to retain them in the public sector. 'For [the] Free State, each graduate costing approximately R1,137,500 to R1,750,000 is a tailored asset to address our province's dire healthcare gaps. Yet, without a robust retention strategy, we risk losing these doctors to urban centres or other provinces, undermining… the province's investment, the ANC mandate and the vision of Mandela and Castro,' stated the letter. Thabo claimed that the Free State health department had not advertised any positions for young, post-community service doctors since January. Driving away assets It's not only NMFC Bursary holders who are struggling to get public sector posts, but also those from other state-funded bursary programmes that support medical training in Russia, China and South Africa, according to Thabo. 'We're adults now — some of us have families, some of us are married, some of us have kids. Even if you have savings and you're projecting that for at least three months you'll be okay… then three months pass by and there's still nothing,' he said. 'With the number of unemployed post-community service medical officers, you can only imagine how many of us are looking for work.' The situation had taken its toll on the mental wellbeing of graduates, said Thabo, with many experiencing depression and anxiety. 'You become hopeful and it gets crushed. You reach out for help and you're treated like… a nobody, like you don't have any value… And you know the skillset you possess, you know the impact you make,' he said. 'You hear from your colleagues [in the public sector]… how overwhelmed they are, and you have the ability to help, but you can't because you're not in the system.' Since completing his community service last year, Thabo has found work outside the Free State in the private sector. However, he noted that the large number of young doctors flocking to private facilities increased the likelihood of exploitation. 'The issue with private, now, is… they know we're unemployed, we're desperate. Instead of giving us the rate per hour that they normally give, they reduce it because they know we'll take whatever we can get. So, it's tough financially,' he said. 'I'd love to come back home [to the Free State]. There's so much potential. We're running behind on so many things — the infrastructure, the development. I'd like to be there and be able to contribute to the primary healthcare system in general… But if I'm not allowed the opportunity, then obviously self-preservation is going to come into play.' Free State Department of Health Mondli Mvambi, the spokesperson for the Free State Department of Health, acknowledged that there were graduates of the NMFC Bursary programme that the department hadn't been able to employ. 'The necessary human resources processes must be followed in appointing the students. Posts must be advertised and each person [has] to apply. The department does not get enough funding from the Division of Revenue to meet all its human resources and other pressing service delivery needs,' said Mvambi. 'The department has commenced the process to identify savings within the Compensation of Employees' budget to identify posts that can be filled within the [Medium-Term Expenditure Framework] period.' If the Free State Department of Health is unable to employ bursary beneficiaries within three months of them completing their studies, the young doctors are permitted to 'ply their trade' in other provinces, the private sector, the national Department of Health or overseas, according to Mvambi. 'This [NMFC Bursary] programme contributes immensely to the human resources development strategy of the country… The role of the state is… to create an enabling environment, and training is one such enabling environment. The creation of employment opportunities is beneficial to the development needs of all our provincial citizens, South Africans, Africans and the international community,' he said. Broader challenges The Free State is not the only province struggling to provide posts for state-funded bursary holders who have completed their community service requirement. Dr Percy Mahlathi, deputy director-general for hospital services and human resources in the national Department of Health, told Daily Maverick that the department was 'fully aware' of the issue. 'It is not limited to students who were studying overseas or in Cuba. Even those who are studying in our own medical schools, funded by the various provinces, are facing the same challenge,' he said. Health officials, including the current and previous ministers of health, have engaged with the National Treasury about prioritising doctors who have just completed their community service, according to Mahlathi. However, he noted that employing these young professionals after internship and community service was not a statutory obligation. 'The moral obligation is there, but a contractual obligation is no longer there. I'm saying moral obligation because when you've got such a huge… patient load in the public health system, you would like to have… as many health professionals as possible. But the problem we then have is: When you don't have enough financial resources, what do you do?' said Mahlathi. Processes around the budget that was tabled on 21 May have yet to be finalised in Parliament. Once complete, Mahlathi said he hoped there would be a funding allocation that would allow the health departments to employ 'most, if not all' the doctors who had recently completed their community service. 'I do know that once the provinces get funding allocations, they are going to prioritise those who they have funded to study… I know when you are a doctor out there, funded or not, you want a job, but if we look from the public value point of view, there's been an investment in those who are given bursaries, and therefore they should be prioritised,' he said. At this stage, Mahlathi was unable to confirm when budget allocations would allow for the employment of post-community service doctors, or how many young professionals would receive opportunities. He estimated there were close to 1,300 such doctors awaiting employment. 'With all these ups and downs with the budget… it actually became a serious problem for the provinces. Very few people were able to be employed,' he said. The national Department of Health had asked provincial health departments to work on 'various scenarios' pending the finalisation of funding allocations in the budget, according to Mahlathi. 'They must work out the scenarios so that they don't wait until the allocation lands to start doing the technical work. That's what they are busy with now,' he said. Mahlathi said he was against any changes to the country's bursary programmes for medicine, such as a reduction in the number of beneficiaries. 'There are young, brilliant minds of all races that would not be able to study if they did not have that bursary… I don't think it would be a good idea for governments to say, 'Look, we don't have money now, we're going to stop educating South Africans', because we will feel a terrible impact in about eight to 10 years, when we've actually got less [graduates],' he said. Dr Aslam Dasoo, the convenor of the Progressive Health Forum, said unemployed graduates of the NMFC Bursary programme were 'organising themselves', and that the forum had reached out to them. 'The bursary is underwritten by the state and the forum will support their stance on the bursary being written off, provided [the graduates] take up positions in the public service for a specified period when posts become available,' said Dasoo. 'It's really the inchoate health department and its political heads who are the obstacle here.' DM
Business Wire
19-06-2025
- Business
- Business Wire
C.H. Robinson Launches an AI Agent to Help Shippers Adapt to the New National System for Classifying LTL Freight
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--With the national classifications for less-than-truckload freight changing in July, global logistics provider C.H. Robinson has created a new AI agent that automates the process of determining how freight should be classified. C.H. Robinson moves more LTL freight than any other 3PL in North America, and this proprietary tech will help shippers smoothly transition to the new national system. It also represents a new frontier for the company's innovation with generative artificial intelligence. 'We have a fleet of over 30 AI agents performing tasks that had defied automation for decades,' said Arun Rajan, Chief Strategy and Innovation Officer. 'Now we're building AI agents that help our AI agents.' Because LTL shipping involves freight sharing a truck, the National Motor Freight Classification (NMFC) system provides thousands of classes and codes that help LTL carriers know how much space and weight to plan for each individual shipment – depending on whether it's bulky auto parts or a pallet of retail goods like socks. LTL carriers charge based on the NMFC classifications, and those will change starting July 19. 'Many LTL shippers are unaware or uncertain of the classification for their freight,' said Greg West, Vice President for LTL. 'So when they email us a tender, the freight class and code might be missing or incorrect. This is bound to increase with the massive overhaul of the national LTL freight classification system. So we built an AI agent that determines the correct class and code for a shipment and assists another of our AI agents in turning that tender into an accurate order in our system.' The new AI agent helps shippers avoid the delays that can come with misclassified freight being held by the carrier for inspection, reinvoicing and potentially higher charges. It has already helped significantly increase LTL automation at C.H. Robinson, resulting in enhanced service and greater speed-to-market for LTL customers. 'Before generative AI, half of our LTL orders were automated by way of customers using our global shipper platform or direct connectivity between our tech and their tech. We have the freight classifications for those shippers baked into our system,' West said. 'Where this new AI agent is particularly useful is assisting with orders for our small-to-medium business customers, who are heavy users of both LTL shipping and email. Now that this agent is helping with shipping requests that come in by email, over 75% of all our LTL orders are automated.' In the AI agent's first few months, it has been determining the freight class and code for about 2,000 orders a day. 'Manually looking up or confirming the freight class and code for every emailed LTL tender can easily take a person 10 minutes or more per shipment,' Rajan said. 'For shipments the AI agent is reasoning through for the first time, it can choose a freight classification in about 10 seconds. After getting more training on that type of freight from our LTL experts, it takes only three seconds. Unlike a person, the AI agent can also handle hundreds of LTL shipments at once and determine the freight classification for all of them simultaneously. So far, that's saving over 300 hours a day. Our customers' freight gets on the road faster, and our people can devote more time to helping customers manage disruptions and operate their supply chains more strategically.' The day the new freight classification system goes into effect, the AI agent will be able to apply the new classes and codes. Customers who tender LTL freight by email or any other method are advised to prepare by making sure they know the accurate weight and dimensions for their freight. Both are essential for applying the correct NMFC classification. Dimensioner technology can help, and C.H. Robinson has collaborated with dimensioner vendors to provide discounts for its customers. 'C.H. Robinson's track record of LTL innovation sets the standard for our industry,' said Michael Castagnetto, President of North American Surface Transportation. 'We were first to adopt the new electronic bill of lading. We're using AI-powered tech to help customers predict and save on their accessorial charges. Now with generative AI, the agents we've built are giving our customers an advantage by responding to LTL quote requests and processing LTL orders in numbers that are growing every day.' ABOUT C.H. ROBINSON C.H. Robinson delivers logistics like no one else™. Companies around the world look to us to reimagine supply chains, advance freight technology and solve logistics challenges—from the simple to the most complex. 83,000 customers and 450,000 contract carriers in our network trust us to manage 37 million shipments and $23 billion in freight annually. Through our unmatched expertise, unrivaled scale and tailored solutions, we ensure the seamless delivery of goods across industries and continents via truckload, less-than-truckload, ocean, air and beyond. As a responsible global citizen, we make supply chains more sustainable and proudly contribute millions to the causes that matter most to our employees. For more information, go to (Nasdaq: CHRW)
San Francisco Chronicle
05-05-2025
- Business
- San Francisco Chronicle
New Mountain: Q1 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — New Mountain Finance Corp. (NMFC) on Monday reported first-quarter profit of $23.4 million. The New York-based company said it had profit of 22 cents per share. Earnings, adjusted for investment costs, were 32 cents per share. The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 32 cents per share. The business development company posted revenue of $85.7 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $86.8 million.
Yahoo
05-05-2025
- Business
- Yahoo
New Mountain: Q1 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — New Mountain Finance Corp. (NMFC) on Monday reported first-quarter profit of $23.4 million. The New York-based company said it had profit of 22 cents per share. Earnings, adjusted for investment costs, were 32 cents per share. The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 32 cents per share. The business development company posted revenue of $85.7 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $86.8 million. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on NMFC at Sign in to access your portfolio
Business Wire
05-05-2025
- Business
- Business Wire
New Mountain Finance Corporation Announces Financial Results for the Quarter Ended March 31, 2025
NEW YORK--(BUSINESS WIRE)--New Mountain Finance Corporation (NASDAQ: NMFC) ('New Mountain,' 'New Mountain Finance' or the 'Company') today announced its financial results for the quarter ended March 31, 2025. First Quarter and Recent Highlights 1 Net investment income of $34.5 million, or $0.32 per weighted average share Net asset value of $12.45 per share compared to $12.55 per share as of December 31, 2024 Sustained strong credit performance with ~96.5% of the portfolio rated green Reduced cost of debt from SOFR + 2.15% to SOFR + 1.95% on our Holdings Credit Facility Increased senior oriented asset mix to 77%, compared to 75% as of December 31, 2024 Declared a second quarter 2025 distribution of $0.32 per share, payable on June 30, 2025, to holders of record as of June 16, 2025 March 31, 2025 December 31, 2024 Investment Portfolio 5 $ 3,047.7 $ 3,104.5 NAV per Share $ 12.45 $ 12.55 Statutory Debt/Equity 3 1.15x 1.15x Statutory Debt/Equity (Net of Available Cash) 3 1.09x 1.11x Expand Management Comments on First Quarter Performance 'New Mountain's strategy of investing in defensive sectors positions NMFC for continued success in what has become a more volatile operating environment,' said Steven B. Klinsky, NMFC Chairman and New Mountain Capital CEO. 'We believe that, relative to other credit funds, NMFC is notably well positioned for tariff and other political issues.' John R. Kline, NMFC CEO, added: 'NMFC maintained strong credit performance in Q1, with over 96% of the portfolio rated green. Looking ahead, we remain confident in NMFC's ability to deliver consistent yield with an enhanced margin of safety. Additionally, we have made meaningful progress on our strategic priorities including PIK reduction, diversifying our top investments and reducing the cost of our liabilities.' Portfolio and Investment Activity 5 As of March 31, 2025, the Company's NAV 1 was $1,342.2 million and its portfolio had a fair value of $3,047.7 million of investments in 119 portfolio companies, with a weighted average YTM at Cost 6 of approximately 10.2%. For the three months ended March 31, 2025, the Company originated $120.8 million of investments 2, offset by $160.4 million of repayments 2 and $26.3 million of asset sales. Portfolio and Asset Quality NMFC's mandate is to primarily target businesses in the middle market that, consistent with New Mountain's private equity platform, are high quality, defensive growth companies in industries that are well-researched by New Mountain. The Company's focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams. Portfolio Industry Composition based on Fair Value 8 The Company monitors the performance and financial trends of its portfolio companies on at least a quarterly basis. The Company attempts to identify any developments within the portfolio company, the industry, or the macroeconomic environment that may alter any material element of the Company's original investment strategy. As described more fully in the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission, the portfolio monitoring procedures are designed to provide a simple, yet comprehensive analysis of the Company's portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating. The Risk Rating is expressed in categories of Green, Yellow, Orange and Red with Green reflecting an investment that is in-line with or above expectations and Red reflecting an investment performing materially below expectations. The following table shows the Risk Rating of the Company's portfolio companies as of March 31, 2025: As of March 31, 2025, all investments in the Company's portfolio had a Green Risk Rating, with the exception of five portfolio companies that had a Yellow Risk Rating and six portfolio companies that had an Orange Risk Rating. As of March 31, 2025, there were no portfolio companies that had a Red Risk Rating. The following table shows the Company's investment portfolio composition as of March 31, 2025: Liquidity and Capital Resources As of March 31, 2025, the Company had cash and cash equivalents of $85.5 million and total statutory debt outstanding of $1,543.7 million 3. The Company's statutory debt to equity was 1.15x (or 1.09x net of available cash) as of March 31, 2025. Additionally, the Company had $262.5 million of SBA-guaranteed debentures outstanding as of March 31, 2025. As of March 31, 2025, the Company had $1,168.8 million of available capacity on its Holdings Credit Facility, NMFC Credit Facility and Unsecured Management Company Revolver. First Quarter 2025 Conference Call New Mountain Finance Corporation will host an earnings conference call and webcast at 10:00 am Eastern Time on Tuesday, May 6, 2025. To participate in the live earning conference call, please use the following dial-in numbers or visit the audio webcast link. To avoid any delays, please join at least fifteen minutes prior to the start of the call. United States: +1 (877) 443-9109 International: +1 (412) 317-1082 Live Audio Webcast A replay of the conference call can be accessed one hour after the end of the conference call through August 6, 2025. The full webcast replay will be available through May 6, 2026. To access the earnings webcast replay please visit the New Mountain Investor Relations website. United States: +1 (877) 344-7529 International: +1 (412) 317-0088 Access Code: 7848158 For additional details related to the quarter ended March 31, 2025, please refer to the New Mountain Finance Corporation Quarterly Report on Form 10-Q filed with the SEC and the supplemental investor presentation which can be found on the Company's website at ____________________________________________ (1) Excludes non-controlling interest in New Mountain Net Lease Corporation ('NMNLC'). (2) Originations exclude payment-in-kind ('PIK'); originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains / losses. (3) Excludes the Company's United States Small Business Administration ('SBA') guaranteed debentures. (4) Dividend yield calculation uses the closing stock price of $9.97 on May 2, 2025 and $12.72 on April 29, 2024 and includes regular dividends for Q1 2025 and regular and supplemental dividends for Q1 2024. (5) Includes collateral for securities purchased under collateralized agreements to resell. (6) References to 'YTM at Cost' assume the accruing investments, including secured collateralized agreements, in the Company's portfolio as of a certain date, the ''Portfolio Date'', are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity. This calculation excludes the impact of existing leverage. YTM at Cost uses the Sterling Overnight Interbank Average Rate ("SONIA'), Euro Interbank Offered Rate ("EURIBOR") and Secured Overnight Financing Rate ('SOFR') curves at each quarter's respective end date. The actual yield to maturity may be higher or lower due to the future selection of SONIA, EURIBOR and SOFR contracts by the individual companies in the Company's portfolio or other factors. (7) Includes investments held in NMNLC. (8) Excludes NMFC Senior Loan Program III LLC ("SLP III"), NMFC Senior Loan Program IV LLC ("SLP IV") and NMNLC. (9) Includes investments classified as structured finance obligations. Expand New Mountain Finance Corporation Consolidated Statements of Assets and Liabilities (in thousands, except shares and per share data) (unaudited) December 31, 2024 Assets Investments at fair value Non-controlled/non-affiliated investments (cost of $2,276,008 and $2,298,083, respectively) $ 2,260,728 $ 2,277,352 Non-controlled/affiliated investments (cost of $126,927 and $124,254, respectively) 110,558 112,776 Controlled investments (cost of $690,008 and $679,587, respectively) 662,925 700,896 Total investments at fair value (cost of $3,092,943 and $3,101,924, respectively) 3,034,211 3,091,024 Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) 13,500 13,500 Cash and cash equivalents 85,496 80,320 Interest and dividend receivable 41,239 42,379 Derivative asset at fair value 3,117 — Receivable from affiliates 247 213 Other assets 18,841 19,265 Total assets $ 3,196,651 $ 3,246,701 Liabilities Borrowings Unsecured Notes $ 985,227 $ 978,503 Holdings Credit Facility 270,563 294,363 SBA-guaranteed debentures 262,500 300,000 2022 Convertible Notes 258,846 260,091 NMFC Credit Facility 29,059 27,944 Deferred financing costs (net of accumulated amortization of $66,182 and $63,971, respectively) (23,343 ) (24,191 ) Net borrowings 1,782,852 1,836,710 Interest payable 18,437 17,109 Payable for unsettled securities purchased 12,022 — Payable to broker 10,130 3,230 Management fee payable 9,945 10,467 Incentive fee payable 6,714 8,625 Derivative liability at fair value 3,368 7,423 Deferred tax liability 1,432 1,410 Other liabilities 3,573 2,436 Total liabilities 1,848,473 1,887,410 Commitments and contingencies Net assets Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued — — Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 107,851,415 and 107,851,415 shares issued and outstanding, respectively 1,079 1,079 Paid in capital in excess of par 1,365,824 1,365,852 Accumulated undistributed earnings (24,691 ) (13,592 ) Total net assets of New Mountain Finance Corporation $ 1,342,212 $ 1,353,339 Non-controlling interest in New Mountain Net Lease Corporation 5,966 5,952 Total net assets $ 1,348,178 $ 1,359,291 Total liabilities and net assets $ 3,196,651 $ 3,246,701 Number of shares outstanding 107,851,415 107,851,415 Net asset value per share of New Mountain Finance Corporation $ 12.45 $ 12.55 Expand New Mountain Finance Corporation Consolidated Statements of Operations (in thousands, except shares and per share data) (unaudited) Three Months Ended March 31, 2025 March 31, 2024 Investment income From non-controlled/non-affiliated investments: Interest income (excluding Payment-in-kind ("PIK") interest income) $ 52,113 $ 56,237 PIK interest income 2,913 4,683 Dividend income 557 293 Non-cash dividend income 4,434 4,684 Other income 1,312 1,600 From non-controlled/affiliated investments: Interest income (excluding PIK interest income) 331 368 PIK interest income 987 836 Non-cash dividend income 1,683 1,244 Other income 63 63 From controlled investments: Interest income (excluding PIK interest income) 1,485 1,361 PIK interest income 3,688 4,135 Dividend income 12,198 12,683 Non-cash dividend income 2,071 1,496 Other income 1,828 873 Total investment income 85,663 90,556 Expenses Interest and other financing expenses 31,374 31,016 Management fee 10,233 10,997 Incentive fee 8,247 9,389 Professional fees 1,389 1,067 Administrative expenses 1,104 968 Other general and administrative expenses 516 465 Total expenses 52,863 53,902 Less: management and incentive fees waived (1,822 ) (901 ) Net expenses 51,041 53,001 Net investment income before income taxes 34,622 37,555 Income tax (benefit) expense (19 ) 1 Net investment income 34,641 37,554 Net realized (losses) gains: Non-controlled/non-affiliated investments (1,074 ) (11,858 ) Controlled investments 38,899 31 Net change in unrealized appreciation (depreciation): Non-controlled/non-affiliated investments 4,206 23,160 Non-controlled/affiliated investments (4,891 ) (22,463 ) Controlled investments (48,392 ) 2,320 Foreign currency 150 (23 ) Provision for taxes (22 ) (637 ) Net realized and unrealized losses (11,124 ) (9,470 ) Net increase in net assets resulting from operations 23,517 28,084 Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation (104 ) (676 ) Net increase in net assets resulting from operations related to New Mountain Finance Corporation $ 23,413 $ 27,408 Basic earnings per share $ 0.22 $ 0.26 Weighted average shares of common stock outstanding - basic 107,851,415 103,660,370 Diluted earnings per share $ 0.22 $ 0.26 Weighted average shares of common stock outstanding - diluted 126,852,911 122,443,478 Distributions declared and paid per share $ 0.32 $ 0.36 Expand ABOUT NEW MOUNTAIN FINANCE CORPORATION New Mountain Finance Corporation (NASDAQ: NMFC) is focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital, a global investment firm with over $55 billion of assets under management. ABOUT NEW MOUNTAIN CAPITAL New Mountain Capital ("NMC") is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit Statements included herein may contain 'forward-looking statements', which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including changes in base interest rates and significant volatility on our business, portfolio companies, our industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.
