New York, May 4, 2026
New Mountain Finance Corporation (NMFC) posted adjusted net investment income of $0.32 per share for the third quarter of 2025, maintaining its robust dividend payout and announcing a new $100 million share repurchase program.
Financial Performance and Dividend Stability
The company’s adjusted net investment income of $0.32 per share aligns with its consistent earnings track record since its 2011 IPO, which has seen minimal net realized losses—just 1 basis point over its history. The dividend of $0.32, payable on December 31 to shareholders of record on December 17, underscores NMFC’s recurring income strength from its loan portfolio. Annualized, the payout represents a yield exceeding 13%.
Net asset value per share dipped slightly to $12.06, down $0.15 from the previous quarter, though the stock currently trades at a 20% discount to book value. The company’s dividend protection program remains active through Q4 2026, providing stability for investors. NMFC has fully utilized its $50 million 10b5-1 repurchase plan, buying back $47 million in shares this year at an average price of $10.
Portfolio Strength and Strategic Moves
Approximately 95% of NMFC’s investments are classified as "green" on its internal heat map, reflecting low-risk exposure. The firm focuses on defensive sectors like health care, IT, software, and infrastructure services, where it leverages in-house industry experts to underwrite deals. Its portfolio loan-to-value ratio stands at 45%, with first-lien assets now comprising 80% of holdings—a strategic shift toward senior-oriented investments.