New Mountain Finance Corporation Surveillance Report
Company Profile
Formed in 2008, New Mountain Finance Corporation (NASDAQ: NMFC) (“the company”) is a closed-end, externally managed, publicly traded business development company (“BDC”) that provides capital primarily in the form of senior secured loans to upper-middle market companies in the U.S. The company had a recent market capitalization of ~$1.09 billion. It has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) for federal income tax purposes. NMFC is externally managed by New Mountain Finance Advisors BDC, LLC (“Adviser”), a subsidiary of New Mountain Capital (“NMC”).
Key Credit Considerations
The ratings and Stable Outlook are supported by NMFC’s ties to NMC's $56 billion AUM, including a $12 billion credit platform that provides SEC exemptive relief to co-invest among affiliated NMC companies (though it does not lend to NMC portfolio companies under the private equity umbrella). The company's strong,…
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