New Mountain Finance Corporation (NMFC) Balance Sheet
NMFC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.90B assets = $1.71B liabilities + $1.19B equity
Both columns are drawn to the same scale: what NMFC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NMFC financial health
Descriptive bands, not a rating. Fiscal 2025.
NMFC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.66B2016 | $2.90B2025 | +6.4%/yr | |
| Total liabilities | $717.5M2016 | $1.71B2025 | +10.2%/yr | |
| Shareholders’ equity | $938.6M2016 | $1.18B2025 | +2.6%/yr | |
| Cash & short-term investments | $45.9M2016 | $80.7M2025 | +6.5%/yr | |
| Total debt | $696.7M2016 | $1.67B2025 | +10.2%/yr | |
| Net cash (debt) | −$650.8M2016 | −$1.59B2025 | −$939.5M | |
| Working capital | −$398.2M2016 | −$94.1M2025 | +$304.1M | |
| Current ratio | 0.142016 | 0.572025 | +0.43 | |
| Debt / equity | 0.742016 | 1.412025 | +0.67 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NMFC assets
NMFC liabilities and equity
NMFC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NMFC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $80.7M | $80.3M | $70.1M | $2.47B | $58.1M | $79.0M | $48.6M | $49.7M | $34.9M | $45.9M |
| Cash & equivalents | $80.7M | $80.3M | $70.1M | $71.2M | $58.1M | $79.0M | $48.6M | $49.7M | $34.9M | $45.9M |
| Short-term investments | — | — | — | $2.40B | $2.28B | — | — | $23.5M | $25.2M | $29.2M |
| Receivables | $38.5M | $42.6M | $44.2M | $36.2M | $30.9M | $37.5M | $32.1M | $30.4M | $31.8M | $19.2M |
| Inventory | $0 | $0 | $1 | $1 | $0 | $0 | $1 | $1 | $2 | $0 |
| Other current assets | $4.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $123.8M | $122.7M | $114.3M | $2.51B | $88.9M | $116.5M | $80.7M | $80.0M | $66.8M | $63.8M |
| Property, plant & equipment (net) | $0 | $0 | −$594,000 | $0 | $0 | −$101,000 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $594,000 | $0 | $0 | $101,000 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.75B | $3.09B | $3.01B | $3.22B | $3.17B | $2.97B | $3.18B | $2.37B | $1.85B | $1.59B |
| Other non-current assets | $31.4M | $33.0M | $33.6M | $0 | $32.5M | $6.1M | $3.7M | $3.2M | $10.4M | $4.2M |
| Total assets | $2.90B | $3.25B | $3.16B | $3.35B | $3.30B | $3.10B | $3.27B | $2.45B | $1.93B | $1.66B |
| Liabilities | ||||||||||
| Accounts payable | $12.4M | $20.3M | $20.4M | $19.6M | $25.3M | $8.2M | $18.3M | $32.5M | $5.1M | $5.9M |
| Short-term debt | $217.9M | $260.1M | $119.4M | $316.9M | $201.4M | $201.5M | $201.6M | $155.3M | $155.4M | $155.5M |
| Deferred revenue | — | — | −$20.4M | — | −$176.1M | −$159.1M | −$183.4M | −$155.3M | −$155.4M | −$155.5M |
| Total current liabilities | $217.9M | $299.5M | $158.5M | $316.9M | $25.3M | $42.4M | $18.3M | $718.3M | $470.1M | $461.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $1.07B | $724.1M | $422.9M | $255.5M |
| Other long-term liabilities | $1.50B | $1.63B | $1.67B | $1.71B | $1.91B | $1.80B | $868.9M | $0 | $0 | $0 |
| Total liabilities | $1.71B | $1.89B | $1.83B | $2.03B | $1.95B | $1.86B | $1.98B | $1.44B | $893.0M | $717.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.0M | $1.0M | $979,000 | $968,000 | $968,000 | $761,000 | $759,000 | $698,000 |
| Retained earnings (deficit) | $192.6M | −$13.6M | −$12.3M | $7.5M | $47.5M | −$48.8M | −$5.4M | −$30.1M | $39.2M | $2.1M |
| Treasury stock | — | — | — | — | — | — | — | — | — | −$460,000 |
| Accumulated other comprehensive income | −$314.3M | — | −$162.8M | −$140.1M | −$70.9M | −$154.7M | −$96.7M | −$30.0M | −$19.0M | −$35.0M |
| Minority interest | $6.1M | $6.0M | $11.8M | $11.7M | — | — | — | — | — | — |
| Total shareholders' equity | $1.18B | $1.36B | $1.33B | $1.33B | $1.34B | $1.24B | $1.28B | $1.01B | $1.03B | $938.6M |
| Key figures | ||||||||||
| Total debt | $1.67B | $560.1M | $1.79B | $1.98B | $1.91B | $1.80B | $1.94B | $1.38B | $869.5M | $696.7M |
| Net cash (debt) | −$1.59B | −$479.8M | −$1.72B | $491.0M | −$1.85B | −$1.72B | −$1.89B | −$1.33B | −$834.6M | −$650.8M |
| Working capital | −$94.1M | −$176.8M | −$44.2M | $2.19B | $63.6M | $74.1M | $62.4M | −$638.3M | −$403.4M | −$398.2M |
| Tangible book value | $1.18B | $1.36B | $1.33B | $1.33B | $1.34B | $1.24B | $1.28B | $1.01B | $1.03B | $938.6M |
| Book value per share | $9.76 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 121.1M | — | — | — | — | — | — | — | — | — |
| Current ratio | 0.57 | 0.41 | 0.72 | 7.91 | 3.52 | 2.75 | 4.42 | 0.11 | 0.14 | 0.14 |
| Quick ratio | 0.55 | 0.41 | 0.72 | 7.91 | 3.52 | 2.75 | 4.42 | 0.11 | 0.14 | 0.14 |
| Debt / equity | 1.41 | 0.41 | 1.34 | 1.49 | 1.42 | 1.45 | 1.51 | 1.38 | 0.84 | 0.74 |
| Equity / assets | 40.7% | 41.9% | 42.2% | 39.5% | 40.7% | 39.9% | 39.3% | 41.1% | 53.7% | 56.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $64.8M | $51.1M | $80.7M | $63.7M | $57.4M | $85.5M | $80.32B | $61.9M | $119.6M | $107.5M | $70.1M | $83.3M |
| Cash & equivalents | $64.8M | $51.1M | $80.7M | $63.7M | $57.4M | $85.5M | $80.32B | $61.9M | $119.6M | $107.5M | $70.1M | $83.3M |
| Short-term investments | — | — | — | — | — | — | $80.24B | −$8.3M | — | — | — | — |
| Receivables | $33.8M | $34.2M | $38.5M | $44.2M | $48.0M | $41.5M | $42.38B | $46.0M | $48.2M | $44.2M | $44.2M | $45.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $108.0M | $0 | $1 | $1 | $1 |
| Other current assets | $0 | $0 | $4.5M | $0 | $0 | $0 | $0 | $0 | $0 | $16.5M | $16.5M | $0 |
| Total current assets | $98.4M | $51.1M | $123.8M | $107.9M | $105.3M | $127.0M | $122.70B | $108.0M | $167.7M | $168.1M | $130.8M | $128.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.29B | $2.32B | $2.75B | $2.95B | $3.01B | $3.04B | $3.09B | $3.27B | $3.21B | $3.07B | $3.01B | $3.11B |
| Other non-current assets | $27.2M | $59.8M | $31.4M | $31.6M | $48.0M | $32.3M | $3.12T | $32.7M | $42.2M | $17.5M | $17.1M | $38.8M |
| Total assets | $2.42B | $2.43B | $2.90B | $3.09B | $3.16B | $3.20B | $3.25T | $3.41B | $3.42B | $3.26B | $3.16B | $3.28B |
| Liabilities | ||||||||||||
| Accounts payable | $7.7M | $25.3M | $12.4M | $10.4M | $45.1M | $30.5M | $20.3M | $28.9M | $75.8M | $74.6M | $20.4M | $27.9M |
| Short-term debt | $107.1M | — | $217.9M | $258.8M | $258.8M | $258.8M | $260.09B | $260.1M | $40.4M | $40.4M | $119.4M | $116.5M |
| Deferred revenue | — | — | — | — | — | — | — | $19.6M | −$75.8M | −$40.4M | $99.0M | — |
| Total current liabilities | $107.1M | $42.5M | $217.9M | $258.8M | $45.1M | $30.5M | $260.09B | $48.4M | $260.1M | $136.6M | $119.4M | $260.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.27B | $1.33B | $1.50B | $1.57B | $1.80B | $1.82B | $1.63T | $1.49B | $1.78B | $1.75B | $1.71B | $1.68B |
| Total liabilities | $1.38B | $1.38B | $1.71B | $1.83B | $1.85B | $1.85B | $1.89T | $2.05B | $2.04B | $1.89B | $1.83B | $1.94B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.0M | $1.0M |
| Retained earnings (deficit) | $192.8M | −$203.8M | $192.6M | $181.3M | −$51.4M | −$24.7M | −$13.6M | $149.9M | $151.0M | $149.5M | $150.4M | $11.7M |
| Accumulated other comprehensive income | −$402.9M | — | −$314.3M | −$254.4M | −$232.7M | −$206.0M | — | −$188.0M | −$176.4M | −$172.7M | −$162.8M | −$150.2M |
| Minority interest | $6.6M | $6.5M | $6.1M | $6.0M | $6.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.03B | $1.04B | $1.18B | $1.26B | $1.31B | $1.34B | $1.36T | $1.36B | $1.37B | $1.36B | $1.32B | $1.33B |
| Key figures | ||||||||||||
| Total debt | $1.35B | $1.33B | $1.67B | $455.0M | $1.77B | $1.78B | $560.09B | $560.1M | $1.94B | $1.75B | $1.79B | $1.89B |
| Net cash (debt) | −$1.28B | −$1.28B | −$1.59B | −$391.3M | −$1.71B | −$1.70B | −$479.77B | −$498.2M | −$1.82B | −$1.64B | −$1.72B | −$1.81B |
| Working capital | −$8.7M | $8.6M | −$94.1M | −$150.9M | $60.2M | $96.5M | −$137.39B | $59.6M | −$92.5M | $31.5M | $11.4M | −$131.4M |
| Tangible book value | $1.03B | $1.04B | $1.18B | $1.26B | $1.31B | $1.34B | $1.36T | $1.36B | $1.37B | $1.36B | $1.32B | $1.33B |
| Book value per share | $10.87 | $10.39 | $9.76 | $10.10 | $10.30 | $10.58 | — | — | — | — | — | — |
| Shares outstanding | 94.6M | 100.5M | 121.1M | 125.0M | 126.7M | 126.9M | — | — | — | — | — | — |
| Current ratio | 0.92 | 1.20 | 0.57 | 0.42 | 2.33 | 4.17 | 0.47 | 2.23 | 0.64 | 1.23 | 1.10 | 0.50 |
| Quick ratio | 0.92 | 2.01 | 0.55 | 0.42 | 2.33 | 4.17 | 0.47 | 2.23 | 0.65 | 1.11 | 0.96 | 0.50 |
| Debt / equity | 1.31 | 1.27 | 1.41 | 0.36 | 1.35 | 1.33 | 0.41 | 0.41 | 1.41 | 1.29 | 1.35 | 1.43 |
| Equity / assets | 42.6% | 43.0% | 40.7% | 40.9% | 41.3% | 42.0% | 41.9% | 39.9% | 40.1% | 41.7% | 41.8% | 40.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
NMFC financial position
At the end of fiscal 2025 (December 31, 2025), New Mountain Finance had total assets of $2.9 billion (down 10.6% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $1.2 billion. It held $80.7 million in cash and short-term investments against $1.7 billion of debt, net debt of $1.6 billion. Its current ratio was 0.57. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $1.0 billion.
Related: NMFC income statement, NMFC cash flow statement, NMFC key metrics. See the NMFC stock overview for the latest quote and news.
NMFC balance sheet FAQ
What are New Mountain Finance's total assets?
New Mountain Finance reported total assets of $2.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.2 billion a year earlier.
How much debt does New Mountain Finance have?
New Mountain Finance had $1.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.41.
How much cash does New Mountain Finance have?
New Mountain Finance held $80.7 million in cash and short-term investments at the end of fiscal 2025; with $1.7 billion of debt that is net debt of $1.6 billion.
What is New Mountain Finance's book value?
New Mountain Finance's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $9.76 per share.
What is New Mountain Finance's current ratio?
New Mountain Finance had current assets of $123.8 million and current liabilities of $217.9 million, a current ratio of 0.57 (current liabilities exceed current assets).