New Mountain Finance Corp
NASDAQ:NMFC
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New Mountain Finance Corp
NASDAQ:NMFC
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New Mountain Finance Corp
New Mountain Finance Corp. is a business development company that lends money to middle-market businesses, mainly in the United States. It focuses on companies that are too large for small-business loans but do not usually issue public bonds. Its main products are senior secured loans and other private credit investments, often arranged directly with the borrower. The company makes money mostly from interest income on these loans, plus fees and other returns tied to its debt investments. Its customers are private companies and sponsors that need flexible financing for buyouts, refinancing, growth, or acquisitions. Unlike a bank, New Mountain Finance often works in situations where borrowers want a customized lending package and faster execution. Its role in the market is to sit between traditional banks and public debt markets. It provides capital to businesses that want a lender who understands their industry and can structure loans around their needs. For investors, that makes the company a way to earn income from private credit rather than from selling products or services to end consumers.
New Mountain Finance Corp. is a business development company that lends money to middle-market businesses, mainly in the United States. It focuses on companies that are too large for small-business loans but do not usually issue public bonds. Its main products are senior secured loans and other private credit investments, often arranged directly with the borrower.
The company makes money mostly from interest income on these loans, plus fees and other returns tied to its debt investments. Its customers are private companies and sponsors that need flexible financing for buyouts, refinancing, growth, or acquisitions. Unlike a bank, New Mountain Finance often works in situations where borrowers want a customized lending package and faster execution.
Its role in the market is to sit between traditional banks and public debt markets. It provides capital to businesses that want a lender who understands their industry and can structure loans around their needs. For investors, that makes the company a way to earn income from private credit rather than from selling products or services to end consumers.
Dividend covered: Adjusted net investment income was $0.26 per share, covering the $0.25 dividend, and management said it expects the next quarter’s dividend to be covered as well.
NAV stable: Net asset value slipped only to $10.89 per share, down $0.03 from Q1, with credit performance described as stable and non-accruals improving to 1.5% of fair value.
Buybacks ongoing: The company repurchased about $9 million of stock in the quarter at roughly $8 per share, and said about $80 million of buyback capacity remains.
Activity soft, outlook better: Q2 direct lending activity was muted, but management said deal flow is improving and sees a better M&A backdrop into the fall.
Portfolio reshaping: Management continues to focus on selling equity and other concentrated positions, reducing PIK income, and improving diversification and funding mix.
Balance sheet strong: NMFC ended the quarter with $2.4 billion of assets, $1.4 billion of liabilities, and net debt-to-equity of 1.11x, below the midpoint of its target range.