New Mountain Finance
Provides direct loans and select junior capital to U.S. sponsor-backed middle-market companies.
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Profile
Generates income from senior-secured direct loans and select junior-capital positions in U.S. sponsor-backed middle-market companies. Operates as an externally managed business development company affiliated with New Mountain Capital.
Provides direct-lending solutions to U.S. upper-middle-market companies backed by private-equity sponsors. The portfolio centers on senior-secured loans, complemented by select junior-capital positions, to pursue current income and capital appreciation.
Investment activity is managed by New Mountain Finance Advisers BDC, an affiliate of New Mountain Capital, rather than by company employees. Borrowers are selected through the platform’s stated defensive-growth approach, which emphasizes businesses and end markets with recurring revenue, cash flow, flexible costs, and seasoned management.
As a publicly listed BDC, operations are shaped by regulation under the Investment Company Act of 1940, asset-coverage requirements, and distribution conditions for regulated investment company tax treatment.
Company facts
Categories
Key statistics
Year to date −18.1% · Average volume (30d) 501.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 5, 2026 | Wells Fargo | Reiterate | Equal Weight | $7.50 | |
| Oct 10, 2025 | New Street | Target | $10 | ||
| Sep 15, 2025 | B of A Securities | Downgrade | Buy | Underperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.26 | $0.26 | −0.8% | $62.8M | $61.5M | −2.1% | +3.46% |
| May 4, 2026Q1 FY26 | $0.32 | $0.32 | 0.0% | $67.8M | $68.8M | +1.5% | −1.75% |
| Feb 24, 2026Q4 FY25 | $0.32 | $0.32 | 0.0% | $78.9M | $77.4M | −1.9% | −4.04% |
| Nov 3, 2025Q3 FY25 | $0.32 | $0.32 | 0.0% | $79.1M | $80.5M | +1.8% | −0.62% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $56.1M | $39.1M | $48.7M | $69.3M | $36.8M | $16.5M | |
| Gross profit | $24.7M | $7.9M | $35.4M | $56.2M | $27.6M | $3.8M | |
| Operating income | $23.5M | $7.9M | $12.4M | $3.1M | −$23.2M | $39.9M | |
| Net income | $23.4M | $7.8M | $12.2M | −$26.9M | −$50.9M | $17.3M | |
| Diluted EPS | $0.22 | $0.07 | $0.11 | −$0.26 | −$0.51 | $0.18 | |
| Gross margin | 44.1% | 20.3% | 72.6% | 81.0% | 75.1% | 22.9% | |
| Operating margin | 41.9% | 20.2% | 25.5% | 4.4% | -63.1% | 242.2% |
Fiscal years (4-quarter sums)FY21 $267.1M · FY22 $347.3M · FY23 $351.1M · FY24 $282.0M · FY25 $213.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $64.8M · Total debt $1.35B · Total assets $2.42B · Shareholders' equity $1.03B
Dividends
Last cut to $0.25 from $0.32 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $0.25 | cut from $0.32 |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.32 | |
| Dec 17, 2025 | Dec 17 | Dec 31 | $0.32 | |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.32 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.32 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.32 | |
| Dec 17, 2024 | Dec 17 | Dec 31 | $0.34 | special dividend |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.36 | special dividend |
Ownership
Shares outstanding 94.45M · Float 79.52M · 84.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| LSV Asset Management | 3.00M | 3.18% | 13F | Aug 6, 2026 |
| UBS Group AG | 2.48M | 2.62% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 2.15M | 2.27% | 13F | Aug 14, 2026 |
| Invesco Ltd. | 1.56M | 1.65% | 13F | Aug 14, 2026 |
| Steven B. Klinsky · director, 10 percent owner: | 1.47M | 1.55% | Form 4 | Mar 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | John P. Malfettone | director | −77,500 | $7.89 |
| Mar 17, 2026 | Adam B. Weinstein | director, officer: EVP, CAO and Director | +12,900 | $7.61 |
| Mar 10, 2026 | Steven B. Klinsky | director, 10 percent owner: | +223,758 | $8.05 |
| Mar 11, 2026 | Steven B. Klinsky | director, 10 percent owner: | +276,242 | $8.05 |
| Mar 5, 2026 | Steven B. Klinsky | director, 10 percent owner: | +237,873 | $8.10 |
Peers
- Ares Capital
Direct loans and investments for private U.S. middle-market companies
- Blue Owl Capital
Direct lending solutions for private U.S. middle-market companies
- Golub Capital BDC
First-lien loans to sponsor-backed middle-market companies
- Blackstone Secured Lending Fund
First-lien senior-secured debt for private U.S. companies
- FS KKR Capital
Customized credit for private U.S. middle-market companies
- Sixth Street Specialty Lending
Flexible, fully committed financing for U.S. middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| New Mountain Finance | $7.54 | −0.13% | $712.2M | — | 7.3 | 4.2 | −36.5% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.8 | 5.0 | −0.8% |