New Mountain Finance reports Q1 adjusted NII 32c, consensus 32c

“In the first quarter, NMFC delivered stable earnings and completed the ~$470 million portfolio sale,” said Steven B. Klinsky, NMFC’s Chairman and New Mountain Capital CEO. “We are using the proceeds from the sale to de-lever the balance sheet, buy back stock at a significant discount to book value and reinvest into attractive new investments in the primary and secondary market.” John R. Kline, NMFC CEO, added: “NMFC continued to enhance the portfolio quality in the first quarter, materially reducing PIK exposure and improving diversification and asset mix. Excluding the impact from the portfolio sale, NMFC’s book value declined modestly in the quarter, primarily reflecting broader market movements in software and technology-oriented loans impacting the BDC sector. We remain focused on further portfolio enhancements throughout the balance of the year.”