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December 11, 2021

Berkshire Hathaway Finance Corporation — Moody’s affirms Berkshire Hathaway’s Aa2 senior debt rating, stable outlook

Rating Action:

Moody’s affirms Berkshire Hathaway’s Aa2 senior debt

rating, stable outlook

10 December 2021

New York, December 10, 2021 – Moody’s Investors Service has affirmed the Aa2 senior unsecured

debt rating and Prime-1 short-term issuer rating of Berkshire Hathaway Inc. (Berkshire, NYSE: BRK)

as well as the ratings on subsidiary debts that are unconditionally and irrevocably guaranteed by

Berkshire (see list below). The rating outlook for Berkshire is stable.
RATINGS RATIONALE
According to Moody’s, the rating affirmation reflects Berkshire’s extraordinarily well capitalized

(re)insurance operations, its highly diversified earnings and cash flow from regulated and non-

regulated businesses, and its conservative financial policy, by which it maintains of a large liquidity

pool and moderate financial leverage. Partly offsetting these strengths are potential earnings

and capital volatility related to the company’s large, concentrated stock investments and its large

individual (re)insurance transactions. Other challenges include enterprise risk management given

the vast business portfolio, and leadership succession given the critical role CEO Warren Buffett has

played in developing Berkshire’s culture and financial performance.
Berkshire reported net operating earnings of $20.2 billion for the first nine months of 2021, up

19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} versus the prior year period, reflecting strong double-digit increases in the railroad, utilities

and energy, and manufacturing, service and retailing segments, partly offset by a double-digit

decline in the (re)insurance segment. The year-to-date decline in (re)insurance results reflects

lower underwriting income, partly because of higher catastrophe losses, along with slightly lower

investment income. Moody’s expects that Berkshire will benefit from the recovering economy in 2022

and will continue to grow its operating earnings, cash flow and capital base over time.
As of September 30, 2021, Berkshire had consolidated cash and equivalents totaling $149 billion, a

majority held within the (re)insurance segment. The company had total borrowings of $115 billion, a

majority issued by the railroad and utilities and energy segments. Consolidated total leverage, which

incorporates all reported debt plus Moody’s adjustments for pensions and leases, was about 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at

September 30, 2021, within Moody’s rating expectations. Berkshire generates healthy pretax interest

coverage, averaging more than 10 times over the past five years. The company holds at least $30

billion of cash and equivalents at or readily available to the parent to address potential needs or

opportunities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade of Berkshire’s ratings include (i) meaningful improvement in

standalone credit profiles of major operating units, and (ii) continued holdings of substantial cash and

equivalents at or readily available to the parent company relative to outstanding indebtedness.
Factors that could lead to a rating downgrade include: (i) meaningful deterioration in standalone

credit profiles(s) of one or more major operating units, (ii) a shift towards a less conservative

financial profile (for example, total consolidated leverage exceeding 30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, or total leverage excluding

railroad, utilities and energy exceeding 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), (iii) losses from (re)insurance underwriting and/or

investments causing a 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decline in shareholders’ equity in a given year, or (iv) a significant

decline in cash and equivalents at or readily available to the parent (for example, declining toward

$30 billion, which management cites as a minimum balance).
Moody’s has affirmed the following ratings:
Berkshire Hathaway Inc. — long-term issuer rating and senior unsecured debt at Aa2, senior

unsecured shelf at (P)Aa2, short-term issuer rating at Prime-1;
Berkshire Hathaway Finance Corporation — backed senior unsecured debt at Aa2, backed senior

unsecured shelf at (P)Aa2;
The Lubrizol Corporation — backed senior unsecured debt at Aa2;
Precision Castparts Corp. — backed senior unsecured debt at Aa2.
The rating outlook for these companies is stable.
The methodologies used in these ratings were Property and Casualty Insurers

Methodology published in September 2021 and available at

https://www.moodys.com/

researchdocumentcontentpage.aspx?docid=PBC_1254163

, and Reinsurers Methodology published

in November 2019 and available at

https://www.moodys.com/researchdocumentcontentpage.aspx?

docid=PBC_1187551

. Alternatively, please see the Rating Methodologies page on www.moodys.com

for a copy of these methodologies.
Based in Omaha, Nebraska, Berkshire is a holding company engaged through subsidiaries in

diversified businesses that fall into four broad segments: (re)insurance; railroad; utilities and

energy; and manufacturing, service and retailing. Berkshire also holds sizable minority interests in

several publicly traded firms through its portfolio of common stocks, held mainly by its (re)insurance

subsidiaries. Berkshire generated total revenue of $204 billion, net operating earnings of $20.2

billion, and net income attributable to Berkshire of $50.1 billion for the first nine months of 2021.

The main differences between net income and operating earnings are that net income includes

unrealized gains on stock investments plus a smaller amount of realized investment gains. Berkshire

had total assets of $921 billion and Berkshire shareholders’ equity of $472 billion as of September

30, 2021.
REGULATORY DISCLOSURES
For further specification of Moody’s key rating assumptions and sensitivity analysis, see

the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure

form. Moody’s Rating Symbols and Definitions can be found at:

https://www.moodys.com/

researchdocumentcontentpage.aspx?docid=PBC_79004

For ratings issued on a program, series, category/class of debt or security this announcement

provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or

note of the same series, category/class of debt, security or pursuant to a program for which the

ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices.

For ratings issued on a support provider, this announcement provides certain regulatory disclosures

in relation to the credit rating action on the support provider and in relation to each particular credit

rating action for securities that derive their credit ratings from the support provider’s credit rating.

For provisional ratings, this announcement provides certain regulatory disclosures in relation to the

provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent

to the final issuance of the debt, in each case where the transaction structure and terms have not

changed prior to the assignment of the definitive rating in a manner that would have affected the

rating. For further information please see the ratings tab on the issuer/entity page for the respective

issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies)

of this credit rating action, and whose ratings may change as a result of this credit rating action, the

associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach

exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated

entity, Disclosure from rated entity.
The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no

amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited

Credit Ratings available on its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the

related rating outlook or rating review.
Moody’s general principles for assessing environmental, social and governance (ESG) risks in

our credit analysis can be found at

http://www.moodys.com/researchdocumentcontentpage.aspx?

docid=PBC_1288235

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s

affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt

am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No

1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the

Moody’s office that issued the credit rating is available on www.moodys.com.
The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s

affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada

Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK.

Further information on the UK endorsement status and on the Moody’s office that issued the credit

rating is available on www.moodys.com.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the

Moody’s legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory

disclosures for each credit rating.
Bruce Ballentine

VP-Sr Credit Officer

Financial Institutions Group

Moody’s Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653
Sarah Hibler

Associate Managing Director

Financial Institutions Group

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653
Releasing Office:

Moody’s Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

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November 22, 2021

Toyota Motor Credit Corporation to Provide Consumer Financing Solutions for Great American Outdoors Group, Parent Company of Bass Pro Shops, Cabela’s and White River Marine Group

PLANO, Texas, Nov. 21, 2021 /PRNewswire/ — Today, Toyota Motor Credit Corporation (TMCC) announced the entry into a letter of intent with Great American Outdoors LLC, the parent company of Bass Pro Shops, Cabela’s and the White River Marine Group—makers of such legendary boat brands as Tracker, Ranger, Mako, Hatteras and others. This agreement will expand Toyota’s relationship with Bass Pro Shops and Cabela’s to include offering financial services for the company’s boats, all-terrain vehicle products and other mobility products. Starting in May 2022, Bass Pro Shops Financial Services expects to provide inventory financing for Bass Pro Shops and Cabela’s, its affiliates and authorized independent dealers. Over time, the services are expected to expand to include consumer financing and voluntary protection products and services.

Toyota Motor Credit Corporation Logo

“With this agreement, our commitment to improving the customer experience now extends to every aspect of boat and vehicle ownership,” says Johnny Morris, founder and leader of the Great American Outdoors Group. “Our new agreement with Toyota gives our customers and industry leading independent dealer network access to the world’s best financing options, backed by decades of integrity and service. What excites us the most, however, is further aligning with Toyota, a truly world class company with truly world class, genuine people.”

“We couldn’t be happier to grow our business with Bass Pro Shops and Cabela’s, recognized as North America’s premier outdoor and conservation company,” said Mark Templin, president of TMCC. “We’ve developed a comprehensive suite of proprietary financial services products, exceptional customer service capabilities and best-in-class solutions that are attractive to brands who recognize the need to harness technology and a customer-first mindset in support of growing their brand loyalty, retention and profitability.”

A Longstanding Partnership

In 2020, Toyota and Bass Pro Shops and Cabela’s announced the renewal of their longstanding partnership for an additional five years, which will lead the brands into 20 years of collaboration together. Toyota is the Official Vehicle and Mobility Category Partner of Bass Pro Shops and Cabela’s, and is proud to partner with a brand that aligns with Toyota’s brand ethos, “Let’s Go Places.” In similar style, at Bass Pro Shops and Cabela’s, “Your Adventure Starts Here” helps customers connect with the outdoors through the gear, apparel and expertise they need. Visit the Toyota Newsroom for more information on the Toyota-Bass Pro Shops and Cabela’s history including the new private label relationship.

About Toyota Motor Credit Corporation
Toyota Motor Credit Corporation (TMCC) operates in the United States to offer retail auto financing and leasing to customers through auto dealerships. TMCC has a range of products to meet dealers’ financing needs and also offers extended service contracts and other vehicle and payment protection products through Toyota Motor Insurance Services (TMIS) and its subsidiaries. TMCC offers its finance and protection products to Toyota customers and dealers using the Toyota Financial Services brand name. Lexus Financial Services is the brand for finance and protection products for Lexus dealers and customers. TMCC also offers private label financial services to other mobility product providers, including under the Mazda Financial Services brand. As of March 31, 2021, TMCC employed approximately 3,600 team members nationwide, and has assets totaling nearly $133 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.

We announce material financial information using the investor relations section of our website (www.toyotafinancial.com) and SEC filings. We use these channels, press releases, and social media to communicate about our company, our services and other issues. While not all information we post on social media is of a material nature, some information could be material. Therefore, we encourage those interested in our company to review our messages on Twitter at www.twitter.com/toyotafinancial and posts on Facebook at www.facebook.com/toyotafinancial/.

Media Contacts:

Aurelia Vasquez
469-292-3153
aurelia.vasquez@toyota.com

Vince Bray
469-486-9065
vincent.bray@toyota.com

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/toyota-motor-credit-corporation-to-provide-consumer-financing-solutions-for-great-american-outdoors-group-parent-company-of-bass-pro-shops-cabelas-and-white-river-marine-group-301429510.html

SOURCE Toyota Motor Credit Corporation

November 21, 2021

Are Institutions Heavily Invested In Laboratory Corporation of America Holdings’ (NYSE:LH) Shares?

The big shareholder groups in Laboratory Corporation of America Holdings (NYSE:LH) have power over the company. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. Companies that used to be publicly owned tend to have lower insider ownership.

Laboratory Corporation of America Holdings has a market capitalization of US$27b, so it’s too big to fly under the radar. We’d expect to see both institutions and retail investors owning a portion of the company. Our analysis of the ownership of the company, below, shows that institutions own shares in the company. Let’s take a closer look to see what the different types of shareholders can tell us about Laboratory Corporation of America Holdings.

View our latest analysis for Laboratory Corporation of America Holdings

What Does The Institutional Ownership Tell Us About Laboratory Corporation of America Holdings?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it’s included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

As you can see, institutional investors have a fair amount of stake in Laboratory Corporation of America Holdings. This suggests some credibility amongst professional investors. But we can’t rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there’s always a risk that they are in a ‘crowded trade’. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Laboratory Corporation of America Holdings’ historic earnings and revenue below, but keep in mind there’s always more to the story.

Institutional investors own over 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company, so together than can probably strongly influence board decisions. We note that hedge funds don’t have a meaningful investment in Laboratory Corporation of America Holdings. The Vanguard Group, Inc. is currently the largest shareholder, with 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of shares outstanding. For context, the second largest shareholder holds about 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the shares outstanding, followed by an ownership of 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} by the third-largest shareholder.

Looking at the shareholder registry, we can see that 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the ownership is controlled by the top 24 shareholders, meaning that no single shareholder has a majority interest in the ownership.

Researching institutional ownership is a good way to gauge and filter a stock’s expected performance. The same can be achieved by studying analyst sentiments. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.

Insider Ownership Of Laboratory Corporation of America Holdings

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our information suggests that Laboratory Corporation of America Holdings insiders own under 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company. It is a very large company, so it would be surprising to see insiders own a large proportion of the company. Though their holding amounts to less than 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, we can see that board members collectively own US$144m worth of shares (at current prices). Arguably recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.

General Public Ownership

The general public– including retail investors — own 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} stake in the company, and hence can’t easily be ignored. While this group can’t necessarily call the shots, it can certainly have a real influence on how the company is run.

Next Steps:

It’s always worth thinking about the different groups who own shares in a company. But to understand Laboratory Corporation of America Holdings better, we need to consider many other factors. For example, we’ve discovered 2 warning signs for Laboratory Corporation of America Holdings (1 is potentially serious!) that you should be aware of before investing here.

Ultimately the future is most important. You can access this free report on analyst forecasts for the company.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

November 15, 2021

Ready Capital Corporation Announces Pricing of RCMF 2021-FL7, a Securitization of $927.2 Million in Bridge Loans

On Closing, Transaction Will be the Firm’s Seventh CRE CLO Due to the fact Inception and Major CRE CLO Issued to Day

NEW YORK, Nov. 15, 2021 /PRNewswire/ — Prepared Money Corporation (NYSE: RC) (“Ready Capital” or the “Business”) now declared the pricing of a $927.2 million commercial home loan collateralized personal loan obligation (“CRE CLO“) transaction with the restricted proper to get all or aspect of $135.2 million in future funding participation passions.

Moody’s Investor Support, Inc. (“Moody’s”) and DBRS, Inc. (“DBRS”) assigned a “AAA” score, to the senior most certificates, with DBRS furnishing scores to the remaining classes of the transaction.

Upon closing, the transaction, issued by Ready Capital Mortgage loan Financing 2021-FL7, LLC (“RCMF FL7”), will signify the Company’s seventh CRE CLO because inception and greatest CRE CLO to day, with the Firm’s complete CRE CLO issuance backed by a put together $3.39 billion of collateral UPB. The transaction was fulfilled with significant need from investors with roughly 45 one of a kind accounts collaborating.

RCMF 2021-FL7 is made up of 76 RC-originated floating fee financial loans secured by 89 attributes across the United States. The portfolio consists of property finance loan financial loans mainly secured by multifamily (91.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), and industrial (4.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) qualities across 22 states.

“The closing of RCMF 2021-FL7 marks the most recent in a series of major milestones for Completely ready Cash in 2021,” explained Tim Geraghty, Head of Cash Marketplaces. “We’re extremely happy with the execution and investor reception and eager to carry on increasing our CRE lending platform.”

The pending CRE CLO was organized by a bank syndicate such as J.P. Morgan Securities LLC as sole structuring agent, Credit history Suisse Securities (United states) LLC and Deutsche Bank Securities Inc. as co-lead administrators and Amherst Pierpont Securities LLC and Piper Sandler & Co as co-supervisors.

About Ready Funds Company
All set Cash Company (NYSE: RC) is a multi-system real estate finance business that originates, acquires, funds and solutions smaller to medium balance industrial loans. All set Money specializes in loans backed by professional true estate, which include company multifamily, trader and bridge as effectively as SBA 7(a) small business financial loans. Headquartered in New York, New York, Prepared Cash employs about 500 lending experts nationwide. The enterprise is externally managed and advised by Waterfall Asset Administration, LLC.

Get in touch with
Trader Relations
All set Cash Corporation
212-257-4666
InvestorRelations@readycapital.com

Ready Funds Media Relations
PR@readycapital.com

Cision

See primary written content:https://www.prnewswire.com/news-releases/ready-funds-corporation-announces-pricing-of-rcmf-2021-fl7–a-securitization-of-927-2-million-in-bridge-loans-301424103.html

Resource Completely ready Money Company

November 7, 2021

Portman Ridge Finance Corporation Reports Third Quarter 2021 Earnings Results; Declares Quarterly Distribution of $0.62 Per Share

NEW YORK, Nov. 04, 2021 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the third quarter ended September 30, 2021 and declared a quarterly stockholder distribution of $0.62 per share for the fourth quarter of 2021, payable on November 30, 2021 to stockholders of record at the close of business on November 15, 2021. This is an increase of $0.02 per share from $0.60 per share last quarter.

Third Quarter 2021 Highlights

Completed a 1-for-10 reverse stock split of the Company’s common stock effective August 26, 2021.
Net investment income for the quarter was $1.50 per share, or $13.7 million.
Net asset value (“NAV”) per share increased to $29.71 from $29.28⁽²⁾ quarter-to-quarter, reflecting broad-based improvements in the debt portfolio and joint ventures.
As of September 30, 2021, the fair value of the Company’s investments excluding derivatives totaled $562 million, of which the Company’s debt securities portfolio totaled $455 million and was comprised of investments in 145 portfolio companies.
During the quarter, the Company acquired approximately $62.0million par value of investment portfolio assets. Also, during the quarter, the Company received approximately $37.1 million in sale and repayment proceeds, which includes a $0.5 million increase relative to the carrying value of those assets sold.
Net leverage⁽¹⁾ was 1.1x as of September 30, 2021, compared to 0.9x as of June 30, 2021, driven primarily by the timing of investments in the pipeline. During the quarter, the Company redeemed in full the aggregate amount outstanding of $28.75 million of the HCAP 6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2022.

Under its share buyback program, the Company repurchased approximately $1.4 million of its shares during the quarter.
The quarterly distribution for the third quarter was $0.60 per share and was paid on August 31, 2021.
Subsequent to quarter-end, on October 22, 2021, the Company entered into a purchase and sale agreement to purchase $18.1 million of portfolio assets from two wholly-owned subsidiaries of JMP Group LLC in exchange for $1.4 million in cash and 556,852 shares of its common stock issued at NAV. The closing of the transaction occurred in the fourth quarter of 2021.

Management Commentary

Ted Goldthorpe, Chief Executive Officer of Portman Ridge commented, “Our third quarter results reflect continued strong earnings, distribution coverage, and robust origination. Net assets per share increased to $29.71 and represents the sixth straight quarter-to-quarter increase. We also continued to maintain expenses at a stable level relative to our asset base, which has grown significantly over the past year, and we expect further leveraging of operating expenses over time. Our solid performance has allowed us to increase our quarterly distribution this by $0.02 to $0.62 per share. Overall, our objective is to deliver consistently strong performance each quarter for shareholders, and we believe we are well positioned to continue executing on this goal.”

Selected Financial Highlights (unaudited)

	Three Months Ended			Three Months Ended
(in $ millions, except per share data)	September 30, 2021			June 30, 2021
Investment Income:
Interest from investments in debt securities	$	18.7		$	18.0
Investment income on CLO Fund Securities		0.7			0.8
Investment income – Joint Ventures		2.4			2.5
Capital structuring service fees		1.0			0.2
Total investment income		22.9			21.5
Net expenses		9.2			9.8
Net Investment Income	$	13.7		$	11.7

Net realized and unrealized gains (losses)		(4.6	)		(0.9	)
Realized losses on debt extinguishment		‒			‒
Net increase in net assets resulting from operations	$	9.1		$	10.8
Net increase in net assets resulting from operations per share (basic and diluted)⁽²⁾	$	1.00		$	1.40
Net investment income per share (basic and diluted)⁽²⁾	$	1.50		$	1.51

Weighted average shares outstanding (in millions)⁽²⁾		9.1			7.7
Distribution per share	$	0.60		$	0.60

Total investment income for the three months ended September 30, 2021 and June 30, 2021 was $22.9 million and $21.5 million, respectively. Investment income increased quarter-to-quarter primarily due to higher interest income on debt securities and higher capital structuring fees.

Total expenses for the three months ended September 30, 2021 and June 30, 2021 were $9.2 million and $9.8 million, respectively. The decrease quarter-to-quarter was driven primarily by lower incentive fees, lower professional fees, and lower general and administrative expenses. Interest expense and amortization of debt issuance costs decreased slightly quarter-to-quarter, from $3.5 million to $3.4 million due to the impact of a lower weighted average cost of debt.

Net investment income for the three months ended September 30, 2021 and June 30, 2021 was $13.7 million or $1.50 per share, and $11.7 million or $1.51⁽²⁾ per share, respectively.

Net realized and unrealized depreciation on investments for the three months ended September 30, 2021 was $(4.6) million, as compared to net realized and unrealized appreciation of $(0.9) million for the three months ended June 30, 2021.

Portfolio

The fair value of our portfolio was $560 million ($562 million excluding derivatives) as of September 30, 2021. The composition of our investment portfolio at September 30, 2021 and December 31, 2020 at cost and fair value was as follows:

	September 30, 2021
	(Unaudited)								December 31, 2020
Security Type	Cost/Amortized Cost		Fair Value			{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}¹			Cost/Amortized Cost		Fair Value			{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}¹
Senior Secured Loan		367,212,162		380,960,592			68			304,539,184		328,845,612			68
Junior Secured Loan		82,973,411		74,076,080			13			87,977,057		75,807,477			16
Senior Unsecured Bond		416,171		43,204			0			416,170		207,766			0
CLO Fund Securities		33,964,238		17,173,634			3			45,727,813		19,582,555			4
Equity Securities		29,041,687		22,298,759			4			24,593,639		13,944,876			3
Asset Manager Affiliates²		17,791,230		—			—			17,791,230		—			—
Joint Ventures		70,558,377		67,629,114			12			54,932,458		49,349,163			10
Derivatives		30,609		(1,982,091	)		—			30,609		(1,108,618	)		—
Total	$	601,987,885	$	560,199,292			100	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	$	536,008,160	$	486,628,831			100	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

¹ Represents percentage of total portfolio at fair value.
² Represents the equity investment in the Asset Manager Affiliates.

As of September 30, 2021, six of the Company’s debt investments were on non-accrual status. As of June 30, 2021, eight of the Company’s investments were on non-accrual status. Investments on non-accrual status were 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s investment portfolio at fair value and amortized cost as of September 30, 2021, respectively, compared to 1.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of June 30, 2021.

Liquidity and Capital Resources

As of September 30, 2021, we had $340.9 million (par value) of borrowings outstanding ($335.4 million net of capitalized costs) with a combined weighted average interest rate of 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This balance was comprised of $69.1 million of outstanding borrowings under the Senior Secured Revolving Credit Facility, $163.9 million of 2018-2 Secured Notes due 2029, and $108.0 million of 4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2026.

As of September 30, 2021, the Company had unrestricted cash of $28.5 million, restricted cash of $21.1 million, $45.9 million of available borrowing capacity under the Senior Secured Revolving Credit Facility, and $25.0 million of borrowing capacity under the 2018-2 Revolving Credit Facility. Total assets and stockholders’ equity at September 30, 2021 were $627 million and $271 million, respectively. Aggregate unfunded commitments stood at $48.7 million as of September 30, 2021.
Conference Call and Webcast

We will hold a conference call on Friday November 5, 2021 at 11:00 a.m. Eastern Time to discuss our third quarter 2021 financial results. Stockholders, prospective stockholders and analysts are welcome to listen to the call or attend the webcast.

To access the call please dial (866) 757-5630 approximately 10 minutes prior to the start of the conference call and reference the conference ID 7445538. A replay of the conference call will be available from November 5, 2021 until November 12, 2021. The dial in number for the replay is (855) 859-2056 and the conference ID is 7445538.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on our Company’s website www.portmanridge.com in the Investor Relations section under Events and Presentations. The webcast can also be accessed by clicking the following link: Portman Ridge Third Quarter 2021 Conference Call. The online archive of the webcast will be available on the Company’s website shortly after the call.

About Portman Ridge Finance Corporation

Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.

Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.

About BC Partners Advisors L.P. and BC Partners Credit

BC Partners is a leading international investment firm with over $40 billion of assets under management in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. Since inception, BC Partners has completed 117 private equity investments in companies with a total enterprise value of €149 billion and is currently investing its eleventh private equity fund. For more information, please visit www.bcpartners.com.

BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.

Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with the transaction in which Garrison Capital Inc. merged with and into the Company; (3) the ability of the Company and/or BC Partners to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions, including but not limited to the impact of the COVID-19 pandemic, and their impact on the industries in which we invest; (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC; and (15) expected synergies and savings associated with the transaction in which HCAP merged with and into the Company. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.

⁽¹⁾Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV.
⁽²⁾The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, share and per share amounts have been adjusted retroactively to reflect the split for all periods presented.

Contacts:
Portman Ridge Finance Corporation
650 Madison Avenue, 23rd floor
New York, NY 10022
info@portmanridge.com

Jason Roos
Jason.Roos@bcpartners.com
(212) 891-2880

Jeehae Linford
The Equity Group Inc.
jlinford@equityny.com
(212) 836-9615

PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED BALANCE SHEETS

	September 30, 2021			December 31, 2020
	(Unaudited)
ASSETS
Investments at fair value:
Debt securities (amortized cost: 2021 – $450,601,744; 2020 – $392,932,411)	$	455,079,876		$	404,860,855
CLO Fund Securities managed by non-affiliates (amortized cost: 2021 – $33,964,238; 2020 – $45,727,813)		17,173,634			19,582,555
Equity securities (cost: 2021 – $29,041,687; 2020 – $24,593,639)		22,298,759			13,944,876
Asset Manager Affiliates (cost: 2021 – $17,791,230; 2020 – $17,791,230)		—			—
Joint Ventures (cost: 2021 – $70,558,377; 2020 – $54,932,458)		67,629,114			49,349,163
Total Investments at Fair Value, excluding derivatives (cost: 2021 – $601,957,277; 2020 – $535,977,551)		562,181,383			487,737,449
Cash and cash equivalents		28,539,989			6,990,008
Restricted cash		21,050,857			75,913,411
Interest receivable		4,228,748			2,972,546
Receivable for unsettled trades		7,070,394			25,107,598
Due from affiliates		464,342			357,168
Other assets		3,568,698			1,100,241
Total Assets	$	627,104,411		$	600,178,421
LIABILITIES
6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes Due 2022 (net of offering costs of: 2020 – $1,058,351)	$	–		$	75,667,624
2018-2 Secured Notes (net of discount of: 2021 – $1,446,983; 2020 – $2,444,512)		162,415,715		$	249,418,186
4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes Due 2026 (net of discount of: 2021 – $2,266,656; 2020 – $0, net of offering costs of: 2021 – $948,071; 2020 – $0)		104,785,273			—
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of offering costs of: 2021 – $823,375; 2020 – $1,097,815)		68,247,523			48,223,083
Derivative liabilities (cost: 2021 – $30,609; 2020 – $30,609)		1,982,091			1,108,618
Payable for unsettled trades		4,903,384			—
Accounts payable, accrued expenses and other liabilities		3,961,666			1,788,908
Accrued interest payable		3,345,558			1,089,531
Due to affiliates		760,112			1,374,739
Management and incentive fees payable		5,654,814			5,243,869
Total Liabilities		356,056,136			383,914,558
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,291,578 issued, and 9,123,275 outstanding at September 30, 2021, and 7,609,349 issued, and 7,516,423 outstanding at December 31, 2020		91,233			75,164
Capital in excess of par value		680,451,474			639,136,026
Total distributable (loss) earnings		(409,494,432	)		(422,947,327	)
Total Stockholders’ Equity		271,048,275			216,263,863
Total Liabilities and Stockholders’ Equity	$	627,104,411		$	600,178,421
NET ASSET VALUE PER COMMON SHARE ⁽¹⁾	$	29.71		$	28.77

(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the common shares and net asset value per common share have been adjusted retroactively to reflect the split for all periods presented.

PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Investment income:
Interest from investments in debt securities	$	17,391,146		$	4,517,268		$	48,736,532		$	13,910,567
Payment-in-kind investment income		1,296,496			434,446			3,172,910			1,125,343
Interest from cash and time deposits		–			–			–			15,279
Investment income on CLO Fund Securities managed by affiliates		–			587,239			–			2,493,600
Investment income on CLO Fund Securities managed by non-affiliates		748,449			42,341			2,211,092			247,302
Investment income – Joint Ventures		2,442,703			2,182,466			7,012,167			4,760,485
Capital structuring service fees		1,032,346			23,602			1,628,155			302,887
Total investment income		22,911,140			7,787,362			62,760,856			22,855,463
Expenses:
Management fees		2,064,733			1,043,645			5,771,636			3,063,719
Performance-based incentive fees		1,939,170			571,846			6,332,646			1,128,726
Interest and amortization of debt issuance costs		3,408,445			2,239,911			10,315,528			6,984,852
Professional fees		490,284			439,503			2,680,458			1,810,450
Insurance		198,011			177,154			574,973			478,058
Administrative services expense		760,112			470,435			2,091,769			1,361,700
Other general and administrative expenses		332,534			147,818			1,352,737			522,091
Total expenses		9,193,289			5,090,312			29,119,747			15,349,596
Management and performance-based incentive fees waived		—									(556,880	)
Net Expenses		9,193,289			5,090,312			29,119,747			14,792,716
Net Investment Income		13,717,851			2,697,050			33,641,109			8,062,747
Realized And Unrealized Gains (Losses) On Investments:
Net realized (losses) gains from investment transactions		(3,931,280	)		(1,890,090	)		(11,372,803	)		(3,819,851	)
Net change in unrealized appreciation (depreciation) on:
Debt securities		(4,447,878	)		4,553,027			(7,448,405	)		(3,945,277	)
Equity securities		1,215,013			337,258			3,905,834			411,276
CLO Fund Securities managed by affiliates		—			1,573,272			—			(12,168,189	)
CLO Fund Securities managed by non-affiliates		706,935			363,430			9,354,655			(491,863	)
Joint Venture Investments		2,063,261			1,146,355			2,654,032			(4,654,363	)
Derivatives		(179,416	)		(461,629	)		(873,473	)		(999,612	)
Total net change in unrealized appreciation (depreciation)		(642,085	)		7,511,713			7,592,643			(21,848,028	)
Net realized and unrealized appreciation (depreciation) on investments		(4,573,365	)		5,621,623			(3,780,160	)		(25,667,879	)
Realized (losses) gains on extinguishments of Debt		—			—			(1,834,963	)		154,571
Net Increase (Decrease) In Stockholders’ Equity Resulting From Operations	$	9,144,486		$	8,318,673		$	28,025,986		$	(17,450,561	)
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share ⁽¹⁾:
Basic:	$	1.00		$	1.87		$	3.41		$	(3.91	)
Diluted:	$	1.00		$	1.87		$	3.41		$	(3.91	)
Net Investment Income Per Common Share⁽¹⁾:
Basic:	$	1.50		$	0.61		$	4.10		$	1.81
Diluted:	$	1.50		$	0.61		$	4.10		$	1.81
Weighted Average Shares of Common Stock Outstanding—Basic ⁽¹⁾		9,131,456			4,441,778			8,213,661			4,461,650
Weighted Average Shares of Common Stock Outstanding—Diluted ⁽¹⁾		9,131,456			4,441,778			8,213,661			4,461,650

(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the weighted average shares outstanding and per share values have been adjusted retroactively to reflect the split for all periods presented.

November 4, 2021

New Mountain Finance Corporation Announces Financial Results for the Quarter Ended September 30, 2021

Reports Net Investment Income of $0.31 per Share, Exceeding Previous Guidance

Announces a Permanent Decrease in the Base Management Fee from 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 1.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Extends Previously Announced Dividend Protection Program

NEW YORK, November 03, 2021–(BUSINESS WIRE)–New Mountain Finance Corporation (NASDAQ: NMFC) (the “Company”, “we”, “us” or “our”) today announced its financial results for the quarter ended September 30, 2021 and reported third quarter net investment income of $0.31 per weighted average share. At September 30, 2021, net asset value (“NAV”) per share was $13.26, compared to $13.33 at June 30, 2021. The Company also announced that its board of directors declared a fourth quarter distribution of $0.30 per share, which will be payable on December 30, 2021 to holders of record as of December 16, 2021. For additional details related to the quarter ended September 30, 2021, please refer to the New Mountain Finance Corporation Form 10-Q filed with the SEC and the supplemental investor presentation which can be found on the Company’s website at http://www.newmountainfinance.com.

Selected Financial Highlights

(in thousands, except per share data)	September 30, 2021
Investment Portfolio⁽¹⁾	$	3,033,076
Total Assets	$	3,168,111
Total Statutory Debt⁽³⁾	$	1,529,828
NAV⁽²⁾	$	1,284,905

NAV per Share	$	13.26
Statutory Debt/Equity		1.19x

Investment Portfolio Composition	September 30, 2021		Percent of Total
First Lien	$	1,472,741	48.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Second Lien⁽¹⁾		743,040	24.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Subordinated		38,863	1.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Preferred Equity		147,313	4.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Investment Fund		252,400	8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Common Equity and Other⁽⁴⁾		378,719	12.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total	$	3,033,076	100.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

_____________________________

⁽¹⁾Includes collateral for securities purchased under collateralized agreements to resell.
⁽²⁾ Excludes non-controlling interest in New Mountain Net Lease Corporation (“NMNLC”).
⁽³⁾ Excludes the Company’s United States (“U.S.”) Small Business Administration (“SBA”)-guaranteed debentures. Includes premium received on additional convertible notes issued in June 2019.
⁽⁴⁾ Includes investments held in NMNLC.

We believe that the strength of the Company’s unique investment strategy – which focuses on middle market defensive growth companies that are well researched by New Mountain Capital, L.L.C. (“New Mountain”), a leading alternative investment firm, is underscored by continued stable credit performance. The Company has had only twelve portfolio companies, representing approximately $276 million of the cost of all investments made since inception in October 2008, or approximately 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of $8.8 billion, go on non-accrual.

“We believe New Mountain’s strategy of focusing on ‘defensive growth’ industries and on companies that we know well continues to prove to be a successful strategy”, added Steven B. Klinsky, NMFC Chairman. “We believe one of our keys to success is the strength of the team, which we continue to build over time, now at approximately 190 employees.”

Robert A. Hamwee, CEO, commented: “The third quarter represented another solid quarter of performance for NMFC, which was highlighted by our $430 million in originations. With the launch of our at-the-market (“ATM”) program, we will continue to focus our efforts on investing in high-quality, defensive growth companies, which we believe is a major factor in being able to maintain a stable book value”.

John R. Kline, President and COO, commented: “We are pleased to announce a fourth quarter distribution of $0.30 per share based on our expectation that Q4 Net Investment Income will be at least $0.30 per share, prior to any fee waivers. Given our outlook for consistent operating performance and continued support, if needed, from our investment advisor, we remain confident that our Net Investment Income will continue to cover our quarterly dividend for the foreseeable future.”

Portfolio and Investment Activity¹

As of September 30, 2021, the Company’s NAV was approximately $1,284.9 million and its portfolio had a fair value of approximately $3,033.1 million in 106 portfolio companies, with a weighted average YTM at Cost² of approximately 8.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. For the three months ended September 30, 2021, the Company generated approximately $314.8 million of originations in fifteen new portfolio companies and approximately $114.1 million of originations, including commitments³ for follow-on investments in thirteen portfolio companies held as of June 30, 2021. For the three months ended September 30, 2021, the Company had $43.9 million of asset sales and cash repayments³ of approximately $446.9 million.

Consolidated Results of Operations⁴

The Company’s total investment income for the three months ended September 30, 2021 and 2020 was approximately $68.2 million and $65.3 million, respectively.

The Company’s total net expenses, after income tax expense, for the three months ended September 30, 2021 and 2020 were approximately $37.8 million and $36.5 million, respectively. Total net expenses, after income tax expense, for the three months ended September 30, 2021 and 2020 consisted of approximately $17.6 million and $18.1 million, respectively, of costs associated with the Company’s borrowings and approximately $17.7 million and $16.7 million, respectively, in net management and incentive fees. Since the Company’s initial public offering (“IPO”), the base management fee calculation has deducted the borrowings under the New Mountain Finance SPV Funding, L.L.C. credit facility (the “SLF Credit Facility”). The SLF Credit Facility had historically consisted of primarily lower yielding assets at higher advance rates. As part of an amendment to the Company’s existing credit facilities with Wells Fargo Bank, National Association, the SLF Credit Facility merged with and into the New Mountain Finance Holdings, L.L.C. credit facility (the “Holdings Credit Facility”) on December 18, 2014. Post credit facility merger and to be consistent with the methodology since the IPO, New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) will continue to waive management fees on the leverage associated with those assets held under revolving credit facilities that share the same underlying yield characteristics with investments that were leveraged under the legacy SLF Credit Facility. Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2022, the Investment Adviser has entered into a fee waiver agreement pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on gross assets (the “Reduced Base Management Fee”) as opposed to the Company’s current base management fee of 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on gross assets less the borrowings under the SLF Credit Facility and less cash and cash equivalents (the “Base Management Fee”). If, for any quarterly period during the term of the fee waiver agreement, the Reduced Base Management Fee would be greater than the Base Management Fee calculated under the terms of the Investment Management Agreement, the Investment Adviser shall only be entitled to the lesser of those two amounts. The Investment Adviser cannot recoup management fees and incentive fees that the Investment Adviser has previously waived. For the three months ended September 30, 2021 and 2020 management fees waived were approximately $3.8 million and $2.8 million, respectively. For the three months ended September 30, 2021 and 2020 incentive fees waived were approximately $0 and $0.5 million, respectively. The Company’s net direct and indirect professional, administrative, other general and administrative and income tax expenses for the three months ended September 30, 2021 and 2020 were approximately $2.5 million and $1.7 million, respectively.

For the three months ended September 30, 2021 and 2020, the Company recorded approximately ($8.5) million and $59.4 million, respectively, of net realized and unrealized (losses) gains.

Liquidity and Capital Resources

As of September 30, 2021, the Company had cash and cash equivalents of approximately $83.4 million and total statutory debt outstanding of approximately $1,529.8 million⁵, which consisted of approximately $493.3 million of the $730.0 million of total availability on the Holdings Credit Facility, $150.0 million of the $188.5 million of total availability on the Company’s senior secured revolving credit facility (the “NMFC Credit Facility”), $167.8 million of the $280.0 million of total availability on the Company’s secured revolving credit facility (the “DB Credit Facility”), $0 of the $50.0 million of total availability on the uncommitted revolving loan agreement (the “Unsecured Management Company Revolver”), $5.8 million of the $10.0 million of total availability on the senior secured revolving credit facility (the “NMNLC Credit Facility II”), $201.4 million⁶ of convertible notes outstanding and $511.5 million of unsecured notes outstanding. Additionally, the Company had $300.0 million of SBA-guaranteed debentures outstanding as of September 30, 2021.

Portfolio and Asset Quality¹

The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four. Each investment is assigned an initial rating of a “2” under the assumption that the investment is performing materially in-line with expectations. Any investment performing materially below our expectations, where the risk of loss has materially increased since the original investment, would be downgraded from the “2” rating to a “3” or a “4” rating, based on the deterioration of the investment. An investment rating of a “4” could be moved to non-accrual status and the final development could be an actual realization of a loss through a restructuring or impaired sale.

As of September 30, 2021, seven portfolio companies had an investment rating of “3” and seven portfolio companies had an investment rating of “4”. The Company’s investments in the portfolio companies with an investment rating of “3” had an aggregate cost basis of approximately $168.4 million and an aggregate fair value of approximately $122.5 million. The Company’s investment in portfolio companies with an investment rating of “4” had an aggregate cost basis of approximately $138.7 million and an aggregate fair value of approximately $52.9 million.

Recent Developments

On October 27, 2021, the Company’s board of directors declared a fourth quarter 2021 distribution of $0.30 per share payable on December 30, 2021 to holders of record as of December 16, 2021.

On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement, pursuant to which the Base Management Fee will be reduced from 1.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s gross assets to 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s gross assets.

On November 2, 2021, the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2023, rather than the quarter ended December 31, 2022. Under the Fee Waiver Agreement, the Investment Adviser will continue to waive base management fees in order to reach a target base management fee of 1.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on gross assets.

On November 3, 2021, the Company entered into an equity distribution agreement (the “Distribution Agreement“) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. Under the Distribution Agreement, the Company may offer for sale, from time to time, and sell, by means of “at the market” offerings, up to $250,000,000 in aggregate amount of shares of its common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common stock, if any, may be made in transactions that are deemed to be an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended.

_________________________________

¹ Includes collateral for securities purchased under collateralized agreements to resell.
² References to “YTM at Cost” assume the accruing investments, including secured collateralized agreements, in our 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 LIBOR curves at each quarter’s respective end date. The actual yield to maturity may be higher or lower due to the future selection of LIBOR contracts by the individual companies in the Company’s portfolio or other factors.
³ Originations exclude payment-in-kind (“PIK”); originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains / losses.
⁴Excludes net income related to non-controlling interests in NMNLC. For the quarter ended September 30, 2021, $0.2 million of dividend income is excluded from investment income and $0.8 million of unrealized gains is excluded from net realized and unrealized gains. For the quarter ended September 30, 2020, $0.3 million of dividend income is excluded from investment income and $1.1 million of unrealized gains is excluded from net realized and unrealized gains.
⁵ Excludes the Company’s United States (“U.S.”) Small Business Administration (“SBA”)-guaranteed debentures.
⁶ Includes premium received on additional convertible notes issued in June 2019.

Conference Call

New Mountain Finance Corporation will host a conference call at 10 a.m. Eastern Time on Thursday, November 4, 2021, to discuss its third quarter 2021 financial results. All interested parties may participate in the conference call by dialing +1 (877) 443-9109 approximately 15 minutes prior to the call. International callers should dial +1 (412) 317-1082. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the Company’s website, http://ir.newmountainfinance.com. To listen to the live call, please go to the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. Following the call, you may access a replay of the event via audio webcast on our website. We will be utilizing a presentation during the conference call and we have posted the presentation to the investor relations section of our website.

New Mountain Finance Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)
	September 30, 2021		December 31, 2020
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,260,975 and $2,281,184 respectively)	$	2,206,300	$	2,249,615
Non-controlled/affiliated investments (cost of $79,591 and $115,543, respectively)		111,605		103,012
Controlled investments (cost of $663,216 and $600,942, respectively)		693,749		600,875
Total investments at fair value (cost of $3,003,782 and $2,997,669, respectively)		3,011,654		2,953,502
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)		21,422		21,422
Cash and cash equivalents		83,357		78,966
Interest and dividend receivable		32,773		28,411
Receivable from unsettled securities sold		8,990		9,019
Receivable from affiliates		–		117
Deferred tax asset		–		101
Other assets		9,915		5,981
Total assets	$	3,168,111	$	3,097,519

Liabilities
Borrowings
Unsecured Notes	$	511,500	$	453,250
Holdings Credit Facility		493,263		450,163
SBA-guaranteed debentures		300,000		300,000
Convertible Notes		201,443		201,520
DB Credit Facility		167,800		244,000
NMFC Credit Facility		149,977		165,500
NMNLC Credit Facility II		5,845		–
Deferred financing costs (net of accumulated amortization of $38,985 and $33,325, respectively)		(21,337)		(16,839)
Net borrowings		1,808,491		1,797,594
Payable for unsettled securities purchased		24,658		26,842
Management fee payable		9,988		10,419
Interest payable		9,528		15,587
Incentive fee payable		7,661		7,354
Payable to affiliates		316		867
Deferred tax liability		13		–
Other liabilities		2,498		1,967
Total liabilities		1,863,153		1,860,630
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 96,906,988 and 96,827,342 shares issued and outstanding, respectively		969		968
Paid in capital in excess of par		1,270,719		1,269,671
Accumulated undistributed (overdistributed) earnings		13,217		(48,764)
Total net assets of New Mountain Finance Corporation	$	1,284,905	$	1,221,875
Non-controlling interest in New Mountain Net Lease Corporation		20,053		15,014
Total net assets	$	1,304,958	$	1,236,889

Total liabilities and net assets	$	3,168,111	$	3,097,519

Number of shares outstanding		96,906,988		96,827,342
Net asset value per share of New Mountain Finance Corporation	$	13.26	$	12.62

New Mountain Finance Corporation
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	40,540	$	41,854	$	119,919	$	144,383
PIK interest income		1,903		2,547		6,501		6,464
Dividend income		867		–		867		–
Non-cash dividend income		1,956		2,274		7,324		6,898
Other income		5,249		1,497		9,651		4,085
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		296		781		1,322		1,963
PIK interest income		182		217		182		(1,131)
Dividend income		288		687		288		2,096
Non-cash dividend income		831		–		3,881		(3,418)
Other income		79		427		284		1,002
From controlled investments:
Interest income (excluding PIK interest income)		1,253		2,011		3,570		4,581
PIK interest income		3,614		2,244		10,384		6,393
Dividend income		9,686		8,107		31,278		24,061
Non-cash dividend income		918		1,576		3,533		5,716
Other income		812		1,299		3,759		2,479
Total investment income		68,474		65,521		202,743		205,572
Expenses
Incentive fee		7,661		7,135		22,207		21,857
Management fee		13,740		12,877		40,885		39,869
Interest and other financing expenses		17,693		18,077		54,949		59,500
Administrative expenses		1,082		1,024		3,240		3,303
Professional fees		923		731		2,413		2,605
Other general and administrative expenses		490		442		1,398		1,383
Total expenses		41,589		40,286		125,092		128,517
Less: management fees waived		(3,752)		(3,341)		(11,193)		(10,067)
Less: expenses waived and reimbursed		–		(589)		–		(924)
Net expenses		37,837		36,356		113,899		117,526
Net investment income before income taxes		30,637		29,165		88,844		88,046
Income tax (benefit) expense		(8)		123		15		116
Net investment income		30,645		29,042		88,829		87,930
Net realized gains (losses):
Non-controlled/non-affiliated investments		2,459		30		2,797		(4,431)
Non-controlled/affiliated investments		20,549		12		8,338		12
Controlled investments		–		5		1,557		12
New Mountain Net Lease Corporation		–		–		–		812
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments		(19,951)		21,410		(22,601)		(67,407)
Non-controlled/affiliated investments		(20,469)		(1,111)		44,545		(14,718)
Controlled investments		9,684		39,943		30,600		(8,278)
New Mountain Net Lease Corporation		–		–		–		(812)
Foreign Currency		(13)		–		(13)		–
Benefit (provision) for taxes		1		257		(114)		778
Net realized and unrealized (losses) gains		(7,740)		60,546		65,109		(94,032)
Net increase (decrease) in net assets resulting from operations		22,905		89,588		153,938		(6,102)
Less: Net increase in net assets resulting from operations related to non-controlling interests in New Mountain Net Lease Corporation		(1,058)		(1,398)		(4,789)		(1,584)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation	$	21,847	$	88,190	$	149,149	$	(7,686)
Basic earnings (loss) per share	$	0.23	$	0.91	$	1.54	$	(0.08)
Weighted average shares of common stock outstanding-basic		96,906,988		96,827,342		96,854,474		96,827,342
Diluted earnings (loss) per share	$	0.22	$	0.82	$	1.42	$	(0.08)
Weighted average shares of common stock outstanding-diluted		110,164,573		110,084,927		110,112,059		110,084,927
Distributions declared and paid per share	$	0.30	$	0.30	$	0.90	$	0.94

ABOUT NEW MOUNTAIN FINANCE CORPORATION

New Mountain Finance Corporation is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The Company’s first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent it invests in the “last out” tranche. In some cases, the investments may also include small equity interests. The Company’s investment activities are managed by its Investment Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. More information about New Mountain Finance Corporation can be found on the Company’s website at http://www.newmountainfinance.com.

ABOUT NEW MOUNTAIN CAPITAL

New Mountain Capital 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 $35 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 http://www.newmountaincapital.com.

FORWARD-LOOKING STATEMENTS

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 the impact of COVID-19 and related 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.

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Contacts

New Mountain Finance Corporation
Investor Relations
Shiraz Y. Kajee, Authorized Representative
NMFCIR@newmountaincapital.com
(212) 220-3505