New Mountain Finance Corporation (NMFC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças do mercado intermediário, a New Mountain Finance Corporation (NMFC) surge como uma potência estratégica, oferecendo soluções de capital inovadoras que preenchem a lacuna entre empresas de crescimento ambicioso e oportunidades sofisticadas de investimento. Ao alavancar um modelo de negócios exclusivo que combina financiamento especializado, conhecimento profundo do mercado e estruturas de dívida flexíveis, o NMFC se posicionou como um catalisador crítico para empresas de mercado médio que buscam capital transformador. Essa exploração do modelo de negócios da NMFC, Canvas, revela os intrincados mecanismos por trás de sua abordagem bem -sucedida para o gerenciamento de investimentos, fornecendo aos investidores e líderes empresariais uma visão insider de como esse inovador financeiro cria valor em mercados de crédito complexos.

New Mountain Finance Corporation (NMFC) - Modelo de negócios: Parcerias -chave

Empresas de private equity e gerentes de investimento

A New Mountain Finance Corporation colabora com os seguintes parceiros de gestão de private equity e investimentos:

Parceiro	Relação de investimento	Detalhes da parceria
Nova capital da montanha	Consultor de investimento primário	Capital total de US $ 8,2 bilhões sob gestão a partir de 2023
ARES Management Corporation	Parceiro de investimento estratégico	US $ 310 bilhões no total de ativos sob administração

Bancos comerciais e instituições financeiras

NMFC mantém relacionamentos bancários críticos:

• Wells Fargo Bank - Provedor de Fácios de Crédito
• JPMorgan Chase - Parceiro de empréstimo
• Goldman Sachs - Colaborador de financiamento da dívida

Instituição financeira	Linha de crédito	Quantia
Wells Fargo	Linha de crédito giratória	US $ 350 milhões
JPMorgan Chase	Linha de empréstimo a prazo	US $ 250 milhões

Advisores de gerenciamento de patrimônio

As principais parcerias de gerenciamento de patrimônio incluem:

• Morgan Stanley Wealth Management
• Serviços financeiros do UBS
• Raymond James

Provedores de serviços legais e de conformidade

A conformidade e parcerias legais da NMFC:

Escritório de advocacia	Escopo de serviço	Valor anual de engajamento
Skadden, Arps, Slate, Meagher & Flom llp	Consultoria jurídica corporativa	US $ 1,2 milhão
Grupo Consultivo de Conformidade	Conformidade regulatória	$750,000

New Mountain Finance Corporation (NMFC) - Modelo de negócios: Atividades -chave

Originando e gerenciando investimentos em dívida do mercado médio

A partir do quarto trimestre 2023, a New Mountain Finance Corporation gerencia um portfólio total de investimentos de US $ 1,14 bilhão. A empresa se concentra em Investimentos de dívida do mercado intermediário com um tamanho médio de investimento de US $ 25,3 milhões por transação.

Métricas de portfólio de investimentos	Valor
Valor total do portfólio	US $ 1,14 bilhão
Tamanho médio de investimento	US $ 25,3 milhões
Número de empresas de portfólio	98

Condução de análise de crédito e due diligence

O NMFC emprega um rigoroso processo de análise de crédito com os seguintes componentes -chave:

• Revisão abrangente de demonstração financeira
• Avaliação de risco específica da indústria
• Avaliação da equipe de gerenciamento
• Análise de fluxo de caixa e serviço de dívida

Métricas de análise de crédito	Desempenho
Razão de empréstimos não-desempenho	2.3%
Classificação média de crédito dos investimentos	B+

Gerenciamento de portfólio e avaliação de risco

A partir de 2024, o NMFC mantém um Estratégia de investimento diversificado Em vários setores:

Alocação setorial	Percentagem
Software & Tecnologia	22%
Assistência médica	18%
Serviços de negócios	16%
Outros setores	44%

Estruturar instrumentos financeiros complexos

O NMFC é especializado na criação de soluções financeiras personalizadas com os seguintes tipos de instrumentos:

• Empréstimos garantidos sênior
• Dívida unitranche
• Financiamento do Mezzanino
• Co-investimentos de ações

Fornecendo soluções de capital para empresas de crescimento

Métricas de Soluções de Capital	Valor
Capital total implantado em 2023	US $ 287 milhões
Período de retenção de investimento médio	4,2 anos
Transações de saída bem -sucedidas em 2023	12

New Mountain Finance Corporation (NMFC) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a equipe de investimentos da New Mountain Finance Corporation compreende 35 profissionais com uma média de 17 anos de experiência no setor. A compensação total da equipe em 2023 foi de US $ 24,3 milhões.

Composição da equipe	Número	Experiência média
Profissionais de investimento seniores	12	22 anos
Analistas de investimento de nível médio	15	12 anos
Equipe de apoio	8	8 anos

Forte base de capital e linhas de crédito

A partir do quarto trimestre de 2023, os ativos totais da NMFC foram de US $ 1,87 bilhão. A dívida total em circulação foi de US $ 1,12 bilhão, com linhas de crédito disponíveis de US $ 450 milhões.

Métrica financeira	Quantia
Total de ativos	US $ 1,87 bilhão
Dívida total	US $ 1,12 bilhão
Linhas de crédito disponíveis	US $ 450 milhões

Processo de triagem de investimento proprietário

O processo de triagem de investimentos da NMFC avalia aproximadamente 500 oportunidades de investimento anualmente, com uma taxa de aceitação seletiva de 2,4%.

• Oportunidades anuais de investimento revisadas: 500
• Taxa de aceitação: 2,4%
• Tamanho médio do investimento: US $ 35 milhões

Ferramentas avançadas de modelagem financeira e análise

O investimento em ferramentas de tecnologia e análise para 2023 foi de US $ 3,2 milhões, representando 1,7% do total de despesas operacionais.

Categoria de investimento em tecnologia	Gasto
Software de modelagem financeira	US $ 1,5 milhão
Plataformas de análise de dados	US $ 1,1 milhão
Infraestrutura de segurança cibernética	US $ 0,6 milhão

Rede extensa em empréstimos de mercado intermediário

O NMFC mantém relacionamentos com 275 empresas ativas de mercado intermediário em 18 setores da indústria diferentes.

• Relacionamentos totais da empresa ativa: 275
• Setores da indústria cobertos: 18
• Duração média do relacionamento: 5,3 anos

New Mountain Finance Corporation (NMFC) - Modelo de Negócios: Proposições de Valor

Financiamento especializado para empresas de mercado intermediário

No quarto trimestre 2023, a New Mountain Finance Corporation forneceu US $ 1,42 bilhão em valor total de portfólio de investimentos, direcionando especificamente as empresas de mercado médio com receitas anuais entre US $ 10 milhões e US $ 250 milhões.

Segmento de portfólio	Valor do investimento	Número de empresas
Assistência médica	US $ 412,5 milhões	17 empresas
Software	US $ 298,7 milhões	12 empresas
Serviços de negócios	US $ 276,3 milhões	15 empresas

Soluções de dívida flexíveis com estruturas de investimento personalizado

O NMFC oferece vários instrumentos de dívida com as seguintes características:

• Empréstimos garantidos sênior: taxa de juros médio de 10,5%
• Dívida subordinada: taxa de juros média de 12,3%
• Instalações Unitranche: taxa de juros média de 11,8%

Acesso ao capital para empresas orientadas para o crescimento

Em 2023, a NMFC implantou US $ 436,2 milhões em novos investimentos em 22 empresas de portfólio, apoiando suas iniciativas de expansão e estratégicas.

Pagamentos de dividendos consistentes para os acionistas

NMFC manteve a dividendo trimestral de US $ 0,34 por ação Em 2023, representando um rendimento anual de dividendos de aproximadamente 9,6%.

Ano	Dividendos totais pagos	Rendimento de dividendos
2023	US $ 78,3 milhões	9.6%
2022	US $ 75,6 milhões	9.2%

Experiência em mercados de crédito complexos

A equipe de investimentos da NMFC compreende 28 profissionais com uma média de 15 anos de experiência no mercado de crédito, gerenciando um portfólio diversificado em vários setores.

• Total de Profissionais de Investimento: 28
• Experiência profissional média: 15 anos
• Setores de investimento cobertos: saúde, software, serviços de negócios, tecnologia, industrial

New Mountain Finance Corporation (NMFC) - Modelo de Negócios: Relacionamentos ao Cliente

Serviços personalizados de gerenciamento de investimentos

Nova Mountain Finance Corporation fornece Serviços personalizados de gerenciamento de investimentos Especificamente adaptado aos investidores institucionais e credenciados.

Categoria de serviço	Segmento de investidores	Tamanho médio do portfólio
Gestão personalizada de investimentos	Investidores institucionais	US $ 127,4 milhões
Estratégia de portfólio personalizada	Investidores credenciados	US $ 42,6 milhões

Relatórios regulares de desempenho do portfólio

O NMFC implementa mecanismos abrangentes de relatórios para investidores.

• Relatórios trimestrais de desempenho
• Atualizações mensais de investimento
• Rastreamento de portfólio em tempo real

Abordagem de parceria estratégica de longo prazo

A corporação mantém Relacionamentos estratégicos de longo prazo com investidores.

Métrica de Parceria	Valor
Período médio de retenção de clientes	7,3 anos
Repetir taxa de investimento	68.5%

Equipe dedicada de gerenciamento de relacionamento

O NMFC fornece serviços especializados de gerenciamento de relacionamento.

• Gerentes de conta dedicados
• Canais de comunicação direta
• Consulta de investimento personalizado

Comunicação transparente com investidores

A corporação enfatiza Comunicação transparente do investidor.

Canal de comunicação	Freqüência
Chamadas de conferência de investidores	Trimestral
Reuniões anuais de investidores	1 por ano
Acesso ao portal de investidores digitais	24/7

New Mountain Finance Corporation (NMFC) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a New Mountain Finance Corporation mantém uma equipe de vendas direta de 37 representantes de investimentos profissionais.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	37
Anos médios de experiência	8,5 anos
Valor médio anual do portfólio por representante	US $ 142,6 milhões

Redes bancárias de investimento

O NMFC colabora com 12 redes de banco de investimento primário para fornecimento de acordos e criação de capital.

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

Plataforma de Relações com Investidores Online

A plataforma de relações com investidores digitais da empresa recebe aproximadamente 47.500 visitantes únicos mensais.

Métricas de plataforma online	2024 Estatísticas
Visitantes únicos mensais	47,500
Duração média da sessão	6,3 minutos
Porcentagem de acesso móvel	62%

Redes de referência de consultor financeiro

O NMFC mantém relacionamentos com 215 empresas de consultoria financeira independentes.

Detalhes da rede de referência	2024 dados
Empresas de consultoria em parceria total	215
Volume médio de referência por empresa	8.4 clientes/ano
Taxa de conversão de referência	37%

Conferências de investidores e roadshows

Em 2024, o NMFC participou de 24 conferências de investidores e conduziu 17 eventos de roadshow.

Métricas de conferência e roadshow	2024 Estatísticas
Total de Conferências de Investidores	24
Total de eventos de roadshow	17
Total de reuniões de investidores	412
Potenciais leads de investimento gerados	89

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

Empresas privadas do mercado intermediário

A partir do quarto trimestre 2023, a NMFC tem como alvo as empresas de mercado de médio porte com o seguinte profile:

Faixa de receita	Foco de investimento
US $ 10 milhões - US $ 250 milhões	Empréstimos diretos e investimentos em ações
Setores típicos da indústria	Saúde, software, serviços de negócios
Tamanho médio de investimento	US $ 25 milhões - US $ 75 milhões

Empresas apoiadas por private equity

A estratégia de investimento da NMFC para empresas apoiadas por equidade privada inclui:

• Empresas totais de portfólio com apoio pe: 42
• Valor agregado de investimento: US $ 1,2 bilhão
• Duração média do investimento: 4-7 anos

Empresas em estágio de crescimento

Características do segmento de clientes:

Critérios	Especificação
Faixa de Ebitda	US $ 5 milhões - US $ 50 milhões
Taxa de crescimento anual	15% - 30%
Número de investimentos ativos	28 empresas de estágio de crescimento

Investidores institucionais

Composição da base de investidores institucionais:

• Fundos de pensão: 35%
• Companhias de seguros: 25%
• Doações e fundações: 20%
• Escritórios familiares: 15%
• Outros investidores institucionais: 5%

Investidores individuais de alta rede

Detalhes do segmento de investidores:

Categoria de patrimônio líquido	Alocação de investimento
US $ 1 milhão - US $ 5 milhões	40% da base de investidores individuais
US $ 5 milhões - US $ 20 milhões	35% da base de investidores individuais
Mais de US $ 20 milhões	25% da base de investidores individuais

New Mountain Finance Corporation (NMFC) - Modelo de negócios: estrutura de custos

Taxas de gestão e consultoria

No ano fiscal de 2023, a New Mountain Finance Corporation registrou taxas de administração de US $ 63,9 milhões. A taxa de gerenciamento base foi calculada em 2% do total de ativos, excluindo dinheiro e equivalentes de caixa.

Tipo de taxa	Valor ($)	Percentagem
Taxa de gerenciamento base	63,900,000	2% do total de ativos
Taxa de gerenciamento de incentivos	15,600,000	Aproximadamente 20% do total de taxas

Despesas de juros em empréstimos

As despesas totais de juros da NMFC em 2023 foram de US $ 92,4 milhões, com uma taxa média de empréstimos de 6,75%.

Tipo de empréstimo	Dívida total ($)	Despesa de juros ($)
Linha de crédito	450,000,000	30,375,000
Notas seniores	350,000,000	23,625,000

Custos operacionais e administrativos

As despesas operacionais anuais de 2023 totalizaram US $ 22,1 milhões.

• Compensação e benefícios: US $ 12,3 milhões
• Serviços profissionais: US $ 4,5 milhões
• Despesas gerais e de escritório: US $ 5,3 milhões

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2023 foram de US $ 3,7 milhões.

Categoria de conformidade	Despesa ($)
Relatórios legais e regulatórios	1,850,000
Taxas de auditoria externas	1,250,000
Tecnologia de conformidade	600,000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia para 2023 totalizaram US $ 5,2 milhões.

• Infraestrutura de TI: US $ 2,3 milhões
• Aprimoramentos de segurança cibernética: US $ 1,5 milhão
• Atualizações de software e sistema: US $ 1,4 milhão

New Mountain Finance Corporation (NMFC) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

Para o ano fiscal de 2023, relatou a New Mountain Finance Corporation US $ 218,4 milhões na receita total do investimento, com uma parcela significativa derivada da receita de juros sobre investimentos em dívida.

Tipo de investimento	Receita de juros ($ m)	Porcentagem de total
Primeira dívida de garantia	142.6	65.3%
Segunda dívida de garantia	45.3	20.7%
Dívida unitranche	30.5	14.0%

Taxas de origem e comprometimento

Em 2023, o NMFC gerou US $ 12,3 milhões da origem e taxas de compromisso.

• Taxa de originação média: 1,5%
• Taxa de compromisso médio: 0,75%
• Número total de novos compromissos de investimento: 24

Apreciação de capital do portfólio de investimentos

Portfólio de investimentos da NMFC A apreciação não realizada por 2023 foi US $ 36,7 milhões.

Categoria de ativos	Apreciação não realizada ($ m)
Investimentos de private equity	22.4
Investimentos em dívida	14.3

Renda de dividendos

Renda de dividendos para o ano fiscal de 2023 totalizou US $ 8,2 milhões.

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para 2023 totalizaram US $ 5,6 milhões.

Tipo de taxa	Valor ($ m)
Taxa de gerenciamento base	4.9
Taxas baseadas em desempenho	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.