10-Q - New Mountain Guardian III BDC, L.L.C. (0001781870) (Filer)
Wed, Aug 14, 7:22 PM (159 days ago)
As of June 30, 2024, New Mountain Guardian III BDC, L.L.C. reported a decline in total assets to $1,814,207, down from $2,077,522 at year-end 2023. The decrease in total assets is attributed to a reduction in non-controlled investments, which fell from $2,025,054 to $1,622,080. The company experienced a net investment income of $28,943 for Q2 2024, compared to $32,720 in Q2 2023, reflecting a decrease in interest income and higher expenses. Earnings per unit also declined to $0.23 from $0.33 year-over-year. The company's liabilities decreased to $894,434, driven by a reduction in unsecured notes and borrowings. Cash and cash equivalents increased significantly to $188,914, indicating improved liquidity. However, the company recorded net realized losses of $12,531, impacting overall profitability. Future operations may face uncertainties from market conditions, interest rate fluctuations, and the performance of portfolio companies. The company aims to maintain compliance with regulatory requirements while managing its investment portfolio focused on defensive growth sectors. The management plans to continue timely distributions to unitholders as part of its strategy to qualify as a regulated investment company (RIC).