Tue, May 14, 7:12 PM (220 days ago)
New Mountain Guardian III BDC, L.L.C. reported its financial results for the quarter ended March 31, 2024. Key highlights include: 1. **Financial Health and Performance Metrics**: - Total assets decreased to $2,030,367 from $2,077,522. - Total liabilities slightly decreased to $963,099 from $968,771. - Members' capital decreased to $1,067,268 from $1,108,751, with a per-unit value decrease from $9.65 to $9.29. 2. **Revenue and Profit Margins**: - Total investment income was $59,466, marginally up from $58,455 in the previous year. - Net investment income was $32,475, slightly down from $32,968. - Net realized and unrealized gains were $8,085, up from $2,597. 3. **Cash Flow**: - Net cash provided by operating activities was $72,655, up from $33,817. - Net cash used in financing activities was $94,292, up from $31,956. 4. **Earnings Changes**: - Earnings per unit increased to $0.35 from $0.31. 5. **Quarterly Performance Discussion**: - The Company declared distributions totaling $0.714 per unit. - The GS Credit Facility was utilized, replacing the Wells Credit Facility, with an outstanding balance of $638,000. - The Unsecured Notes remained at $275,000. 6. **Trends and Uncertainties**: - The Company continues to focus on investments in defensive growth industries, with significant exposure to software, healthcare, and business services sectors. - The shift from the Wells Credit Facility to the GS Credit Facility may impact future interest expenses and liquidity. 7. **Future Operations Impact**: - The Company aims to maintain its status as a regulated investment company and business development company, ensuring compliance with relevant regulations while seeking attractive risk-adjusted returns through its investment strategy.