The following is a summary of the New Mountain Finance (NMFC) Q4 2023 Earnings Call Transcript:
Financial Performance:
New Mountain Finance originated $142 million of assets in Q4, offset by $257 million of repayments and sales.
Total investment income for the year was $373.8 million, a 23% increase over the previous year.
Q4 adjusted net investment income was $0.40 per share, leading to a total dividend of $1.53 per share for the year.
The portfolio's average yield decreased to 10.9% due to a downward shift in the base rate curve.
However, leverage profile remained strong with 70% of the company's debt maturing in or after 2027.
Business Progress:
NMFC continues to focus on diversified non-cyclical sectors with reliable growth and strong revenue streams.
The team is anticipating increased M&A activity and an increase in deal flow in upcoming quarters, seeing strong potential opportunities for originating new first lien and unitranche loans.
The company also successfully extended both its Wells Fargo and Deutsche Bank credit facilities, and issued over $400 million of unsecured notes.
For 2024, the management confirmed a fee of 1.25% and aims to support the $0.32 per share regular quarterly dividend.
More details: New Mountain Finance Corp IR
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