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New Mountain Finance (NMFC) investor relations material
New Mountain Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 adjusted net investment income was $0.32 per share, fully covering the dividend, with a Q4 2025 dividend of $0.32 per share declared and protection in place through 2026.
Net asset value per share declined to $12.06, reflecting modest markdowns in select investments.
Approximately 95% of the portfolio is green-rated, with non-accruals at 1.7% of fair value.
$50 million share repurchase program completed; new $100 million buyback authorized.
Exploring a potential $500 million portfolio sale to diversify holdings, reduce PIK income, and enhance flexibility.
Financial highlights
Q3 2025 total investment income was $80.5 million, down from $95.3 million in Q3 2024 and 4% lower sequentially.
Net investment income for Q3 2025 was $34.0 million, or $0.32 per share.
Net asset value stood at $1.26 billion, or $12.06 per share.
Net debt-to-equity ratio was 1.26x (1.23x net of cash), at the high end of the target range.
Annualized dividend yield was 13.2% for Q3 2025.
Outlook and guidance
Q4 2025 dividend of $0.32 per share declared, with full coverage and protection program through 2026.
Management expects a better deal environment in 2026, with increased repayments and potential for further share repurchases.
Update on the portfolio sale expected by the next earnings call in February.
Liquidity needs expected to be met with cash flows and available credit facilities.
How will the $500M asset sale impact PIK?
What drove the increase in statutory debt/equity?
Rationale for doubling share repurchase plan?
Clarify portfolio sale's impact on concentrations
Prioritize capital use with high leverage
Are other names exposed to Beauty Industry Group issues?
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Next New Mountain Finance earnings date
Q4 202527 Feb, 2026
Next New Mountain Finance earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
New Mountain Finance Corporation is a business development company that provides debt and equity financing solutions to middle-market companies across various industries. The company focuses on first-lien and second-lien loans, subordinated debt, and equity investments to support business growth, acquisitions, and recapitalizations. It primarily serves companies with stable cash flows and strong market positions. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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