# New Mountain Finance Corporation (NMFC)

> Source: Nexqual · https://nexqual.com/NMFC · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, New Mountain Finance Corporation (NMFC), nexqual.com/NMFC" · informational, not investment advice.

**Price:** USD 7.04 (+1.88% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 6.91 · day 6.93–7.04 · 52w 6.48–9.84 · market cap $665M · NMS

## Key facts
- Analysts: Hold (mean 3.29 on a 1–5 scale) (7 analysts), mean target USD 8.29 (range 7.5–10).
- Total return with dividends: 1Y -17.2% vs S&P 500 +14.8%; 5Y -10.0% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD 0.26, revenue estimate $61.1M. All companies reporting that day: https://nexqual.com/earnings/2026-11-02
- Dividend: USD 1.14 a year (yield 16.50%), paid quarterly; latest ex-dividend date 2026-09-16; annual dividends grew 1.6% a year 2022–2025.
- Short interest: 4.22% of float (as of 2026-10-15), 5.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $201M | $74.7M | $135M | $113M | $16.5M | -$48.4M |
| EPS (diluted) | $1.91 | $0.74 | $1.24 | $1.03 | $0.16 | — |
| Cash + short-term investments | $58.1M | $71.2M | $70.1M | $80.3M | $80.7M | — |
| Total debt | $1.91B | $1.98B | $1.79B | $1.84B | $1.67B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 0.7x · Earnings yield -7.27% · Dividend yield (paid, TTM) 18.26% · Buyback yield (TTM) 16.22% · Net debt $1.28B · EV $1.95B
P/E at fiscal year-ends: Dec 2025 67.6x, Dec 2024 12.5x, Dec 2023 11.6x.

## Analysts
Consensus Hold (mean 3.29 on a 1–5 scale), 7 analysts; mean target USD 8.29 (low 7.5, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-05 | Wells Fargo | Target lowered | Equal-Weight | $8 → $7.5 |
| 2026-07-20 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $9 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -17.2% | -10.0% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -17.3% | -2.1% |
| Volatility (annualized) | 25.0% | 18.9% |
| Max drawdown | -23.2% (Dec 2025→Oct 2026) | -30.2% (Feb 2025→Jul 2026) |

## Dividends
Annual dividend rate USD 1.14 per share, yield 16.50% at the current price. Paid over the last 12 months: USD 1.14 in 4 payments (quarterly).
Most recent ex-dividend date: Sep 16, 2026; payment date: Sep 30, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: cut 21.9% to USD 0.25 per payment from USD 0.32, starting with the Jun 16, 2026 ex-dividend date.
Payout ratio 800% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant) · 5-year average yield 11.32% · annual dividends grew 1.6% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-16 | USD 0.25 |
| 2026-06-16 | USD 0.25 |
| 2026-03-17 | USD 0.32 |
| 2025-12-17 | USD 0.32 |
| 2025-09-16 | USD 0.32 |
| 2025-06-16 | USD 0.32 |
| 2025-03-17 | USD 0.32 |
| 2024-12-17 | USD 0.33 |
Total by calendar year: 2022 USD 1.22 · 2023 USD 1.49 · 2024 USD 1.37 · 2025 USD 1.28.

## Short interest
3,364,409 shares sold short, 4.22% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,243,780 shares (+3.7%). Days to cover: 5.3 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/NMFC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NMFC's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1496099/000149609926000008/nmfc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | NMF Investments III | "On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 m…" |
| Partner | Mountain Finance | "We have entered into a royalty-free license agreement with New Mountain Capital under which New Mountain Capital has agreed to grant us a non-exclusive, royalty-free license to use the names "New Mountain" and "New Mount…" |
| Partner | SkyKnight Income II | "SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC ("SkyKnight II") and operates under a limited liability company agreement (the "SLP III Agreement")." |
| Partner | SkyKnight Income Alpha | "SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC…" |
| Partner | First Amended and Restated | "SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC…" |
| Partner | NMFC Senior Loan Program IV | "SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.26 | $0.26 | -1.2% | $61.1M | 7 |
| Next quarter (ends 2026-12-31) | $0.26 | $0.26 | +0.1% | $61.4M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.09 | $1.10 | -0.8% | $252.7M | 7 |
| Next fiscal year (ends 2027-12-31) | $1.05 | $1.05 | +0.0% | $246.5M | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.26 | $0.26 | In line | — |
| — | Quarter ended Mar 31, 2026 | $0.30 | $0.32 | Miss −6.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.30 | $0.32 | Miss −6.3% | — |
| — | Quarter ended Sep 30, 2025 | $0.32 | $0.32 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).