Nueva Mountain Finance Corporation (NMFC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas del mercado medio, New Mountain Finance Corporation (NMFC) surge como una potencia estratégica, que ofrece soluciones de capital innovadoras que unen la brecha entre las ambiciosas empresas de crecimiento y las sofisticadas oportunidades de inversión. Al aprovechar un modelo de negocio único que combina financiamiento especializado, experiencia profunda en el mercado y estructuras de deuda flexibles, NMFC se ha posicionado como un catalizador crítico para las empresas del mercado medio que buscan capital transformador. Esta exploración del lienzo de modelo de negocio de NMFC revela los intrincados mecanismos detrás de su enfoque exitoso para la gestión de inversiones, proporcionando a los inversores y a los líderes empresariales una visión interna de cómo este innovador financiero crea valor en los complejos mercados de crédito.

New Mountain Finance Corporation (NMFC) - Modelo de negocios: asociaciones clave

Empresas de capital privado y administradores de inversiones

New Mountain Finance Corporation colabora con los siguientes socios de gestión de capital privado e inversiones:

Pareja	Relación de inversión	Detalles de la asociación
Nueva capital montañosa	Asesor de inversiones primarias	Capital total total de $ 8.2 mil millones a la administración de 2023
ARES Management Corporation	Socio de inversiones estratégicas	$ 310 mil millones activos totales bajo administración

Bancos comerciales e instituciones financieras

NMFC mantiene relaciones bancarias críticas:

• Wells Fargo Bank - Proveedor de servicios de crédito
• JPMorgan Chase - Socio de préstamos
• Goldman Sachs - Colaborador de financiamiento de la deuda

Institución financiera	Línea de crédito	Cantidad
Wells Fargo	Línea de crédito giratorio	$ 350 millones
JPMorgan Chase	Instalación de préstamos a plazo	$ 250 millones

Asesores de gestión de patrimonio

Las asociaciones clave de gestión de patrimonio incluyen:

• Morgan Stanley Wealth Management
• Servicios financieros de UBS
• Raymond James

Proveedores de servicios legales y de cumplimiento

Cumplimiento de NMFC y asociaciones legales:

Bufete de abogados	Alcance del servicio	Valor de compromiso anual
Skadden, Arps, Slate, Meagher & Flom LLP	Asesoramiento legal corporativo	$ 1.2 millones
Grupo de asesoramiento de cumplimiento	Cumplimiento regulatorio	$750,000

New Mountain Finance Corporation (NMFC) - Modelo de negocios: actividades clave

Origen y gestión de inversiones de deuda del mercado medio

A partir del cuarto trimestre de 2023, New Mountain Finance Corporation administra una cartera de inversiones total de $ 1.14 mil millones. La compañía se centra en Inversiones de deuda del mercado medio con un tamaño de inversión promedio de $ 25.3 millones por transacción.

Métricas de cartera de inversiones	Valor
Valor total de la cartera	$ 1.14 mil millones
Tamaño de inversión promedio	$ 25.3 millones
Número de compañías de cartera	98

Realización de análisis de crédito y diligencia debida

NMFC emplea un riguroso proceso de análisis de crédito con los siguientes componentes clave:

• Revisión integral del estado financiero
• Evaluación de riesgos específica de la industria
• Evaluación del equipo de gestión
• Análisis de capacidad de flujo de efectivo y servicio de la deuda

Métricas de análisis de crédito	Actuación
Relación de préstamos sin rendimiento	2.3%
Calificación crediticia promedio de inversiones	B+

Gestión de la cartera y evaluación de riesgos

A partir de 2024, NMFC mantiene un Estrategia de inversión diversificada En múltiples sectores:

Asignación del sector	Porcentaje
Software & Tecnología	22%
Cuidado de la salud	18%
Servicios comerciales	16%
Otros sectores	44%

Estructuración de instrumentos financieros complejos

NMFC se especializa en la creación de soluciones financieras personalizadas con los siguientes tipos de instrumentos:

• Préstamos para personas mayores aseguradas
• Deuda unitranche
• Financiamiento del entrepiso
• Coinversiones de capital

Proporcionar soluciones de capital para empresas de crecimiento

Métricas de soluciones de capital	Valor
Capital total desplegado en 2023	$ 287 millones
Período promedio de retención de inversión	4.2 años
Transacciones de salida exitosas en 2023	12

New Mountain Finance Corporation (NMFC) - Modelo de negocios: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, el equipo de inversión de New Mountain Finance Corporation comprende 35 profesionales con un promedio de 17 años de experiencia en la industria. La compensación total del equipo en 2023 fue de $ 24.3 millones.

Composición del equipo	Número	Experiencia promedio
Profesionales de inversión senior	12	22 años
Analistas de inversiones de nivel medio	15	12 años
Personal de apoyo	8	8 años

Strong Capital Base y Credit Facility

A partir del cuarto trimestre de 2023, los activos totales de NMFC fueron de $ 1.87 mil millones. La deuda total en circulación fue de $ 1.12 mil millones con facilidades de crédito disponibles de $ 450 millones.

Métrica financiera	Cantidad
Activos totales	$ 1.87 mil millones
Deuda total	$ 1.12 mil millones
Facilidades de crédito disponibles	$ 450 millones

Proceso de detección de inversión de propiedad

El proceso de detección de inversiones de NMFC evalúa aproximadamente 500 oportunidades de inversión potenciales anualmente, con una tasa de aceptación selectiva del 2.4%.

• Oportunidades anuales de inversión revisadas: 500
• Tasa de aceptación: 2.4%
• Tamaño promedio de la inversión: $ 35 millones

Modelado financiero avanzado y herramientas de análisis

La inversión en herramientas de tecnología y análisis para 2023 fue de $ 3.2 millones, lo que representa el 1.7% de los gastos operativos totales.

Categoría de inversión tecnológica	Gasto
Software de modelado financiero	$ 1.5 millones
Plataformas de análisis de datos	$ 1.1 millones
Infraestructura de ciberseguridad	$ 0.6 millones

Extensa red en préstamos de mercado medio

NMFC mantiene relaciones con 275 empresas activas del mercado medio en 18 sectores de la industria diferentes.

• Relaciones totales de la empresa activa: 275
• Sectores de la industria cubiertos: 18
• Duración de la relación promedio: 5.3 años

New Mountain Finance Corporation (NMFC) - Modelo de negocios: propuestas de valor

Financiamiento especializado para compañías de mercado medio

A partir del cuarto trimestre de 2023, New Mountain Finance Corporation proporcionó $ 1.42 mil millones en valor total de la cartera de inversiones, específicamente dirigida a compañías de mercado medio con ingresos anuales entre $ 10 millones y $ 250 millones.

Segmento de cartera	Monto de la inversión	Número de empresas
Cuidado de la salud	$ 412.5 millones	17 empresas
Software	$ 298.7 millones	12 empresas
Servicios comerciales	$ 276.3 millones	15 empresas

Soluciones de deuda flexibles con estructuras de inversión a medida

NMFC ofrece múltiples instrumentos de deuda con las siguientes características:

• Préstamos asegurados para personas mayores: tasa de interés promedio del 10.5%
• Deuda subordinada: tasa de interés promedio del 12.3%
• Instalaciones de UNITRanche: tasa de interés promedio del 11.8%

Acceso al capital para las empresas orientadas al crecimiento

En 2023, NMFC desplegó $ 436.2 millones en nuevas inversiones en 22 compañías de cartera, respaldando sus iniciativas estratégicas e expansión.

Pagos de dividendos consistentes para los accionistas

NMFC mantuvo un dividendo trimestral de $ 0.34 por acción en 2023, que representa un rendimiento de dividendos anual de aproximadamente 9.6%.

Año	Dividendos totales pagados	Rendimiento de dividendos
2023	$ 78.3 millones	9.6%
2022	$ 75.6 millones	9.2%

Experiencia en mercados de crédito complejos

El equipo de inversión de NMFC comprende 28 profesionales con un promedio de 15 años de experiencia en el mercado de crédito, administrando una cartera diversificada en múltiples sectores.

• Profesionales de inversión totales: 28
• Experiencia profesional promedio: 15 años
• Sectores de inversión cubiertos: atención médica, software, servicios comerciales, tecnología, industrial

New Mountain Finance Corporation (NMFC) - Modelo de negocios: relaciones con los clientes

Servicios de gestión de inversiones personalizados

New Mountain Finance Corporation proporciona Servicios de gestión de inversiones personalizados específicamente adaptado a inversores institucionales y acreditados.

Categoría de servicio	Segmento de inversores	Tamaño promedio de la cartera
Gestión de inversiones personalizada	Inversores institucionales	$ 127.4 millones
Estrategia de cartera personalizada	Inversores acreditados	$ 42.6 millones

Informes regulares de rendimiento de la cartera

NMFC implementa mecanismos integrales de informes para los inversores.

• Informes de rendimiento trimestrales
• Actualizaciones de inversión mensuales
• Seguimiento de cartera en tiempo real

Enfoque de asociación estratégica a largo plazo

La corporación mantiene Relaciones estratégicas a largo plazo con inversores.

Métrico de asociación	Valor
Período promedio de retención del cliente	7.3 años
Repita la tasa de inversión	68.5%

Equipo dedicado de gestión de relaciones

NMFC proporciona servicios especializados de gestión de relaciones.

• Gerentes de cuentas dedicados
• Canales de comunicación directa
• Consulta de inversión personalizada

Comunicación transparente con inversores

La corporación enfatiza Comunicación transparente de los inversores.

Canal de comunicación	Frecuencia
Llamadas a la conferencia de inversores	Trimestral
Reuniones anuales de inversores	1 por año
Acceso al portal de inversores digitales	24/7

New Mountain Finance Corporation (NMFC) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, New Mountain Finance Corporation mantiene un equipo de ventas directo de 37 representantes de inversión profesional.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	37
Años promedio de experiencia	8.5 años
Valor de la cartera anual promedio por representante	$ 142.6 millones

Redes de banca de inversión

NMFC colabora con 12 redes de banca de inversión primaria para el abastecimiento de acuerdos y el aumento de capital.

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup
• Bank of America Merrill Lynch

Plataforma de relaciones con inversores en línea

La plataforma de relaciones digitales de inversores digitales de la compañía recibe aproximadamente 47,500 visitantes únicos mensuales.

Métricas de plataforma en línea	2024 estadísticas
Visitantes únicos mensuales	47,500
Duración de la sesión promedio	6.3 minutos
Porcentaje de acceso móvil	62%

Redes de referencia de asesores financieros

NMFC mantiene relaciones con 215 firmas de asesoramiento financiero independiente.

Detalles de la red de referencia	2024 datos
Total de firmas de asesoramiento asociadas	215
Volumen de referencia promedio por empresa	8.4 clientes/año
Tasa de conversión de referencia	37%

Conferencias de inversores y roadshows

En 2024, NMFC participó en 24 conferencias de inversores y realizó 17 eventos de roadshow.

Conferencias y métricas de roadshow	2024 estadísticas
Conferencias totales de inversores	24
Eventos totales de roadshow	17
Reuniones totales de inversores	412
Posibles clientes potenciales de inversión generados	89

New Mountain Finance Corporation (NMFC) - Modelo de negocios: segmentos de clientes

Empresas privadas de mercado medio

A partir del cuarto trimestre de 2023, NMFC se dirige a compañías de mercado medio con las siguientes profile:

Rango de ingresos	Enfoque de inversión
$ 10 millones - $ 250 millones	Préstamos directos e inversiones de capital
Sectores de la industria típicos	Atención médica, software, servicios comerciales
Tamaño de inversión promedio	$ 25 millones - $ 75 millones

Empresas respaldadas por capital privado

La estrategia de inversión de NMFC para negocios respaldados por capital privado incluye:

• Compañías de cartera total con respaldo de PE: 42
• Valor de inversión agregado: $ 1.2 mil millones
• Duración promedio de la inversión: 4-7 años

Empresas en etapa de crecimiento

Características del segmento de clientes:

Criterios	Especificación
Gama EBITDA	$ 5 millones - $ 50 millones
Tasa de crecimiento anual	15% - 30%
Número de inversiones activas	28 empresas en etapa de crecimiento

Inversores institucionales

Composición de base de inversores institucionales:

• Fondos de pensiones: 35%
• Compañías de seguros: 25%
• Dotaciones y bases: 20%
• Oficinas familiares: 15%
• Otros inversores institucionales: 5%

Inversores individuales de alto nivel de red

Detalles del segmento de inversores:

Categoría de patrimonio neto	Asignación de inversión
$ 1 millón - $ 5 millones	40% de la base de inversores individuales
$ 5 millones - $ 20 millones	35% de la base de inversores individuales
Más de $ 20 millones	25% de la base de inversores individuales

New Mountain Finance Corporation (NMFC) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del año fiscal 2023, New Mountain Finance Corporation reportó tarifas de gestión de $ 63.9 millones. La tarifa de gestión de la base se calculó en el 2% de los activos totales, excluyendo efectivo y equivalentes de efectivo.

Tipo de tarifa	Monto ($)	Porcentaje
Tarifa de gestión base	63,900,000	2% de los activos totales
Tarifa de gestión de incentivos	15,600,000	Aproximadamente el 20% de las tarifas totales

Gastos de intereses en préstamos

Los gastos de interés total de NMFC para 2023 fueron de $ 92.4 millones, con una tasa de endeudamiento promedio de 6.75%.

Tipo de préstamo	Deuda total ($)	Gasto de intereses ($)
Línea de crédito	450,000,000	30,375,000
Notas senior	350,000,000	23,625,000

Costos operativos y administrativos

Los gastos operativos anuales para 2023 totalizaron $ 22.1 millones.

• Compensación y beneficios: $ 12.3 millones
• Servicios profesionales: $ 4.5 millones
• Oficina y gastos generales: $ 5.3 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2023 fueron de $ 3.7 millones.

Categoría de cumplimiento	Gasto ($)
Informes legales y regulatorios	1,850,000
Tarifas de auditoría externa	1,250,000
Tecnología de cumplimiento	600,000

Inversiones de tecnología e infraestructura

Las inversiones tecnológicas para 2023 ascendieron a $ 5.2 millones.

• Infraestructura: $ 2.3 millones
• Mejoras de ciberseguridad: $ 1.5 millones
• Actualizaciones de software y sistema: $ 1.4 millones

New Mountain Finance Corporation (NMFC) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las inversiones de deuda

Para el año fiscal 2023, informó New Mountain Finance Corporation $ 218.4 millones En ingresos totales de inversión, con una porción significativa derivada de los ingresos por intereses sobre las inversiones de la deuda.

Tipo de inversión	Ingresos de intereses ($ M)	Porcentaje de total
Primera deuda de gravamen	142.6	65.3%
Deuda de segundo gravamen	45.3	20.7%
Deuda unitranche	30.5	14.0%

Tarifas de originación y compromiso

En 2023, NMFC generó $ 12.3 millones de las tarifas de originación y compromiso.

• Tasa de tarifas de origen promedio: 1.5%
• Tasa de tarifa de compromiso promedio: 0.75%
• Número total de nuevos compromisos de inversión: 24

Apreciación de capital de la cartera de inversiones

La cartera de inversiones de NMFC neta neta de apreciación no realizada para 2023 fue $ 36.7 millones.

Categoría de activos	Apreciación no realizada ($ M)
Inversiones de capital privado	22.4
Inversiones de deuda	14.3

Ingreso de dividendos

Ingresos de dividendos para el año fiscal 2023 totalizado $ 8.2 millones.

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para 2023 ascendieron a $ 5.6 millones.

Tipo de tarifa	Cantidad ($ m)
Tarifa de gestión base	4.9
Tarifas basadas en el desempeño	0.7

New Mountain Finance Corporation (NMFC) - Canvas Business Model: Value Propositions

You're looking at what New Mountain Finance Corporation delivers to its investors, which centers on high-quality, income-producing assets supported by a deep institutional network. This is what sets the value proposition apart.

Access to the broader New Mountain Capital platform expertise means you benefit from a firm with significant scale and specialized knowledge. New Mountain Capital manages approximately $60 billion in Assets Under Management (AUM). This relationship provides proprietary analytical platforms and sourcing channels, with around 300 team members and approximately 120 industry executives supporting the investment process.

The focus on defensive growth sectors is designed to deliver superior risk-adjusted returns, even when the economic environment gets choppy. This strategy targets high-quality businesses in acyclical sectors. The credit quality reflects this focus, with approximately 95% of the portfolio rated green on the internal heatmap as of September 30, 2025. Since its Initial Public Offering (IPO), New Mountain Finance Corporation has invested $10.3bn and realized net losses of only $16m while distributing about $1.5bn to shareholders.

A core element is the emphasis on senior secured loans, which provides layers of credit risk protection. As of September 30, 2025, the senior oriented asset mix reached 80% of the portfolio, an increase from 75% a year prior. This structure is key to the risk profile.

Portfolio Metric	Value	Context as of September 30, 2025
Senior Oriented Asset Mix	80%	Of total portfolio
Portfolio Companies	127	Total count
Portfolio Fair Value	$2,957.1 million	Total investments
Green Risk Rating	~95%	Of investments
Weighted Average YTM at Cost	10.4%	Excluding leverage impact

The Business Development Company (BDC) structure is central to delivering a stable, predictable income stream for shareholders. For the third quarter of 2025, Net Investment Income (NII) was $0.32 per weighted average share, matching the declared fourth quarter distribution of $0.32 per share. To be defintely clear on the income nature, 97% of total investment income is recurring, with 80% paid in cash. The Annualized Dividend Yield, based on the closing stock price of $9.67 on October 31, 2025, stood at 13.2%.

The value proposition boils down to these tangible benefits for you:

• Access to the $60 billion New Mountain Capital ecosystem.
• Investment in assets that are 80% senior oriented as of September 30, 2025.
• Income supported by 97% recurring total investment income.
• A consistent quarterly distribution of $0.32 per share for Q4 2025.

Finance: draft 13-week cash view by Friday.

New Mountain Finance Corporation (NMFC) - Canvas Business Model: Customer Relationships

You're looking at how New Mountain Finance Corporation (NMFC) manages its key relationships, which are central to its direct lending model. Honestly, for a Business Development Company (BDC) like NMFC, the relationship with the borrower and the sponsor is everything.

Dedicated, high-touch relationship management with portfolio company management

NMFC's approach is rooted in its focus on U.S. upper middle market companies. This isn't a passive investment strategy; it requires deep involvement. The company monitors the performance and financial trends of its portfolio companies on at least a quarterly basis. This regular check-in helps maintain the high credit quality they aim for.

As of September 30, 2025, NMFC held investments with a fair value of $2,957.1 million across 127 portfolio companies. The health of this portfolio is a direct reflection of these relationships. To give you a sense of the current state, approximately 95% of the portfolio was rated green on their internal heatmap as of the third quarter of 2025.

Here's a look at the structure of those relationships by asset type as of that same date:

Investment Type	Fair Value (in millions)	Percent of Total
First Lien	$1,989.3	67.3 %
Senior Loan Funds (SLP III & SLP IV) & NMNLC	$387.3	13.1 %
Second Lien	$111.6	3.8 %
Subordinated	$111.0	3.8 %

The top 10 portfolio companies represented 25.6% of consolidated investments, totaling $757.3 million. Managing these larger positions definitely requires a dedicated, high-touch style.

Long-term, strategic engagement with private equity sponsors

NMFC's mandate is explicitly tied to working with top private equity sponsors. Their investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital. This alignment means the relationship with the sponsor is foundational, as NMFC targets high-quality, defensive growth companies that fit within New Mountain's private equity platform.

The focus on quality is evident in their asset mix shift; the senior oriented asset mix increased to 80% as of September 30, 2025, up from 75% as of September 30, 2024. This suggests a strategic preference for lower-risk positions within those sponsor-backed deals. Furthermore, the company is actively managing its portfolio concentration, exploring a potential secondary portfolio sale of up to $500 million of assets to further diversify and reduce exposure to their largest positions. That's a significant relationship management move aimed at portfolio health.

Investor relations for public shareholders via earnings calls and filings

For you, the public shareholder, the relationship is maintained through formal reporting and direct communication. NMFC released its third-quarter 2025 financial results on November 3, 2025, followed by an earnings conference call on November 4, 2025. These calls and SEC filings are the primary touchpoints.

Key financial metrics shared in this recent cycle define the current shareholder value proposition:

• Net Investment Income for Q3 2025 was $0.32 per weighted average share.
• The declared fourth quarter 2025 distribution is $0.32 per share, payable on December 31, 2025.
• Net Asset Value (NAV) per share stood at $12.06 as of September 30, 2025.
• The company has a new stock repurchase plan authorizing up to $100 million of common shares repurchases, following the utilization of the original $50 million plan.

The company's total assets were $3.1 billion and total liabilities were $1.8 billion at quarter end. You can find the detailed breakdown in the Form 10-Q filed with the SEC. It's all there if you dig in.

New Mountain Finance Corporation (NMFC) - Canvas Business Model: Channels

You're looking at how New Mountain Finance Corporation (NMFC) gets its deals done and connects with the capital markets as of late 2025. It's a dual-channel approach: one for sourcing assets and one for sourcing equity.

Direct loan origination team for proprietary deal sourcing

The primary channel for deploying capital relies on the direct lending team, which sources proprietary deals. This team targets U.S. upper middle market companies, consistent with the focus of New Mountain Capital, the investment advisor.

For the three months ended September 30, 2025, New Mountain Finance Corporation originated $127.3 million of investments. This origination activity was offset by $177.1 million in repayments during the same period. The investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital, which manages over $60 billion in assets.

The portfolio quality remains a key focus for this sourcing channel, with approximately 95% of the portfolio rated green on the internal heatmap as of September 30, 2025. The portfolio had a fair value of $2,957.1 million across 127 portfolio companies at that date.

Here are some key metrics that define the output of this sourcing channel:

• Weighted average YTM at Cost: approximately 10.4%.
• Increased senior oriented asset mix to 80%.
• Non-accruals at 1.7% of fair value.

Publicly traded common stock (NASDAQ: NMFC) for investor access

For equity capital, New Mountain Finance Corporation uses its listing on the NASDAQ exchange under the ticker NMFC. This public channel provides liquidity and access to a broad base of institutional and retail investors.

The market response and valuation metrics give you a snapshot of investor sentiment around the time of the Q3 2025 results. The market capitalization was reported at $1.03 billion following the earnings announcement. The Price-to-Earnings ratio stood at 12.57.

The company actively manages shareholder returns through this channel, having completed its original $50 million stock repurchase plan and establishing a new one authorizing up to $100 million in repurchases. The Q4 2025 distribution was declared at $0.32 per share.

You can see the recent trading context here:

Metric	Value	Date Context
Closing Stock Price (10/31/2025)	$9.67	Dividend Yield Calculation
Annualized Dividend Yield (Q3 2025)	13.2%	Q3 2025 Financial Highlight
Shares Outstanding	103.16m	Recent Data Point
Stock Price Decline Post-Earnings	0.36%	After Q3 2025 Report

The stock trades on the NASDAQ Global Select market.

Investor presentations and SEC filings for transparency

Transparency is maintained through regular, mandated disclosures and voluntary investor outreach. These documents are the primary way New Mountain Finance Corporation communicates its performance and strategy to the market.

The Q3 2025 financial results were released on November 3, 2025, followed by an earnings conference call on November 4, 2025, at 10:00 am Eastern Time. The company makes these materials accessible for an extended period.

Key financial figures released through these channels for Q3 2025 include:

• Net Asset Value (NAV) per share: $12.06.
• Net Investment Income (NII) per share: $0.32.
• Total statutory debt outstanding: $1,588.9 million.
• Statutory debt to equity ratio: 1.26x.

The earnings webcast replay is accessible through November 4, 2026. You can find the 10-Q filing and the Earnings Presentation PDF on their Investor Relations website.

New Mountain Finance Corporation (NMFC) - Canvas Business Model: Customer Segments

New Mountain Finance Corporation (NMFC) targets specific segments within the credit and equity markets, primarily focusing on providing direct lending solutions to U.S. middle market businesses.

U.S. upper middle market companies form the core of the lending activity. As of September 30, 2025, New Mountain Finance Corporation's portfolio had a fair value of $2,957.1 million, spread across 127 portfolio companies. The mandate is to primarily target businesses in the middle market that are high quality.

The investment structure heavily favors senior secured debt, which provides a layer of protection for the capital deployed to these companies. The senior oriented asset mix stood at 80% as of September 30, 2025, an increase from 75% as of September 30, 2024.

Companies in defensive growth industries (e.g., healthcare, IT services) are central to New Mountain Finance Corporation's strategy, which is focused on 'Defensive Growth.' This focus aims for stable risk-adjusted returns in all market environments. Credit quality remains high, with approximately 95% of the portfolio rated green on the internal heatmap as of the third quarter of 2025.

The portfolio composition by investment type as of September 30, 2025, shows the concentration in senior secured assets:

Investment Type	Fair Value (in millions)	Percent of Total
First Lien	$1,989.3	67.3 %
Senior Loan Funds (SLP III & SLP IV) & NMNLC	$387.3	13.1 %
Second Lien	$111.6	3.8 %
Subordinated	$111.0	3.8 %

The types of defensive growth industries targeted include, but aren't limited to, the following areas based on portfolio fair value representation:

• Healthcare Services
• IT infrastructure & Security
• Financial Services
• Education
• Engineering & Consulting Services
• ERP

Private equity firms seeking financing for their portfolio companies are another key segment, as New Mountain Finance Corporation focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. This relationship provides proprietary deal flow and access to high-quality sponsors, leveraging the deep sector knowledge of New Mountain Capital, which manages approximately $60 billion of assets.

The final segment comprises retail and institutional investors seeking high-yield income. New Mountain Finance Corporation is structured to deliver attractive, consistent returns to its shareholders. The company declared a fourth quarter 2025 distribution of $0.32 per share, payable on December 31, 2025. The Annualized Dividend Yield, based on the closing price of $9.67 per share on October 31, 2025, was reported at 13.2%. Furthermore, New Mountain employees and senior management own approximately 14% of shares outstanding as of September 30, 2025, showing strong shareholder alignment.

Key metrics relevant to investor attraction as of late 2025 include:

• Portfolio Weighted Average YTM at Cost: approximately 10.4% (as of 9/30/2025).
• Non-Accruals as a Percent of Portfolio Fair Market Value: 1.7% (as of Q3 2025).
• Average Loan to Value: 45% (as of Q3 2025).

New Mountain Finance Corporation (NMFC) - Canvas Business Model: Cost Structure

The Cost Structure for New Mountain Finance Corporation (NMFC) is heavily weighted toward financing costs and fees paid to its investment adviser, which is typical for a Business Development Company (BDC) that uses leverage to enhance equity returns.

Management fees and incentive fees paid to the Investment Adviser

The base management fee is calculated at an annual rate of 1.25% of New Mountain Finance Corporation's gross assets, as per the revised Investment Management Agreement amendment from January 29, 2025. The incentive fee structure involves a hypothetical accrual based on realized and unrealized capital gains/losses, but actual payment is based only on cumulative net realized capital gains.

Here are the incurred fees for the periods ending September 30, 2025:

Fee Type (in thousands)	Three Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2025
Management fee incurred	$9,619	$29,611
Less: Management fee waiver	$-	($288)
Total management fee	$9,619	$29,323
Incentive fee (excluding accrued capital gains)	$7,345	$23,563
Less: Incentive fee waiver	($4,544)	($8,664)
Total incentive fee	$2,801	$14,899
Accrued capital gains incentive fees	$-	$-

As of September 30, 2025, no actual capital gains incentive fee was owed because cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

Interest expense on statutory debt of $1,588.9 million

New Mountain Finance Corporation had total statutory debt outstanding of $1,588.9 million as of September 30, 2025. The associated financing cost is a major component of the cost structure. For the three months ended September 30, 2025, interest and other financing expenses totaled $94,232 thousand (or $94.232 million). For the nine months ended September 30, 2025, this expense was $101,790 thousand (or $101.790 million). The company's statutory debt to equity ratio was 1.26x as of that date.

General and administrative operating expenses

General and administrative operating expenses include professional fees, administrative expenses, and other general and administrative costs. These expenses are tracked alongside the fees paid to the Investment Adviser.

• Professional fees for the three months ended September 30, 2025, were $924 thousand.
• Administrative expenses for the three months ended September 30, 2025, were $916 thousand.
• Other general and administrative expenses for the three months ended September 30, 2025, were $478 thousand.

The total expenses before waivers for the three months ended September 30, 2025, were $50,002 thousand (or $50.002 million).

Costs associated with being a publicly traded BDC

As a publicly traded BDC, New Mountain Finance Corporation incurs costs related to regulatory compliance, reporting, and investor relations. These are captured within the general and administrative breakdown. For instance, the Administration Agreement with the Administrator, which oversees financial records and SEC filings, was re-approved in January 2025 for a 12-month period starting March 1, 2025. The company also has an ongoing stock repurchase plan, which, while not a direct operating cost, reflects a financial strategy impacting shareholder capital.

New Mountain Finance Corporation (NMFC) - Canvas Business Model: Revenue Streams

New Mountain Finance Corporation (NMFC) primarily generates revenue from its investment portfolio, which is heavily focused on direct lending to middle-market companies. The core of this revenue is derived from the interest earned on its debt holdings.

The primary revenue stream is interest income from senior secured and junior debt investments. This income is the lifeblood of a Business Development Company (BDC) like New Mountain Finance Corporation. The portfolio composition as of September 30, 2025, showed a strategic increase in the senior oriented asset mix to 80%, up from 75% as of September 30, 2024, which generally implies a focus on more secure, interest-bearing assets. The weighted average Yield to Maturity (YTM) at Cost for the investment portfolio was approximately 10.4% as of September 30, 2025.

A secondary, but important, component is fee income from origination, structuring, and prepayment penalties. While interest income is recurring, these fees provide lumpy, upfront, or exit-related cash flows that boost overall returns. For instance, the Company originated $127.3 million of investments for the three months ended September 30, 2025, which would typically generate origination and structuring fees.

For the trailing twelve months ending September 30, 2025, New Mountain Finance Corporation had total revenue of $340.88 million. This figure is the most current real-life proxy for a full-year 2025 revenue run-rate, as the specific estimated full-year 2025 revenue of $335.90 million was not confirmed in recent filings. The revenue for the third quarter ending September 30, 2025, was reported at $80.53 million.

The composition of investment income, which forms the basis of revenue, can be seen in the breakdown from the prior quarter, which shows the mix of interest, dividends, and other income sources. Here's a look at the Total Investment Income components for the three months ended June 30, 2025, in thousands:

Income Source	Amount (in thousands)
Interest income (excluding Payment-in-kind (PIK) interest income)	$62,900
Dividend income	$19,200
PIK interest income	$2,931
Non-cash dividend income	$6,350
Other income	$2,109

The operational profitability metric tied directly to these revenue streams is the Net investment income of $0.32 per share for Q3 2025. This figure represents the income remaining after deducting expenses from the total investment income, and it successfully covered the declared fourth quarter 2025 distribution of $0.32 per share.

You should keep an eye on these key financial indicators as you assess the revenue quality:

• Net investment income for Q3 2025: $0.32 per weighted average share.
• Total Investment Income for Q3 2025: $83.49 million.
• Total Investment Income for Q2 2025: $83.49 million.
• Total Investment Income for Q1 2025: $85.7 million.
• Total Investment Income for Q4 2024: $91.1 million.
• Senior oriented asset mix as of September 30, 2025: 80%.

The strategic move to explore a secondary portfolio sale of up to $500 million of assets is aimed at further diversifying the portfolio and enhancing financial flexibility, which impacts the composition of future interest and fee income streams.

Finance: draft 13-week cash view by Friday.