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New Mountain Finance (NMFC) investor relations material
New Mountain Finance Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Adjusted net investment income was $0.32 per share in Q2 2025, fully covering the $0.32 dividend; net asset value per share declined to $12.21, reflecting modest losses in select positions.
Portfolio quality remains high, with 95% rated green and senior-oriented assets increasing to 78%; focus remains on defensive sectors like healthcare, IT, and software.
$16 million in shares repurchased year-to-date, with $9.6–$10 million in Q2; $31 million remains authorized.
Employees and senior advisors own about 14% of shares, aligning interests with shareholders.
Portfolio fair value at quarter-end was $3.01 billion across 124 companies.
Financial highlights
Total investment income for Q2 2025 was $83–$83.5 million, down 12% year-over-year; net investment income was $34.5–$34.6 million.
Net asset value at quarter-end was $1.31 billion, or $12.21 per share, down from $12.45 in Q1.
Statutory debt/equity ratio was 1.17x (1.13x net of cash); asset coverage ratio at 186%.
95% of total investment income was recurring; 80% paid in cash, 14% was PIK income.
Non-accruals remain low at 1.2% of portfolio fair value.
Outlook and guidance
Q3 2025 dividend set at $0.32 per share, payable September 30, 2025; dividend protection program extended through 2026.
Management expects improved deal flow, fee income, and refinancing of higher-cost debt in H2 2025.
Adviser will reduce incentive fee as needed to support the $0.32 dividend through 2026.
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