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New Mountain Finance Corporation Announces the Extension of its Stock Repurchase Program

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New Mountain Finance (NASDAQ: NMFC) announced the extension of its stock repurchase program through December 31, 2025. The program allows the company to repurchase up to $50 million worth of common stock at management's discretion. To date, approximately $2.9 million in repurchases have been made. The board authorized the extension due to potential market volatility that could cause stock undervaluation. Repurchases must comply with the company's Code of Ethics, Rule 10b-18 guidelines, and the Investment Company Act of 1940. The program will continue until either the end date or the full amount is repurchased.

New Mountain Finance (NASDAQ: NMFC) ha annunciato l'estensione del suo programma di riacquisto azionario fino al 31 dicembre 2025. Il programma consente all'azienda di riacquistare fino a 50 milioni di dollari di azioni ordinarie a discrezione della direzione. Ad oggi, sono stati effettuati riacquisti per circa 2,9 milioni di dollari. Il consiglio ha autorizzato l'estensione a causa della potenziale volatilità del mercato che potrebbe causare una sottovalutazione delle azioni. I riacquisti devono rispettare il Codice Etico dell'azienda, le linee guida della Regola 10b-18 e l'Investment Company Act del 1940. Il programma continuerà fino alla data di scadenza o fino a quando l'importo totale sarà riacquistato.

New Mountain Finance (NASDAQ: NMFC) anunció la extensión de su programa de recompra de acciones hasta el 31 de diciembre de 2025. El programa permite a la empresa recomprar hasta 50 millones de dólares en acciones ordinarias a discreción de la gerencia. Hasta la fecha, se han realizado recompras por aproximadamente 2.9 millones de dólares. La junta autorizó la extensión debido a la posible volatilidad del mercado que podría causar una subvaloración de las acciones. Las recompras deben cumplir con el Código de Ética de la empresa, las pautas de la Regla 10b-18 y la Ley de Compañías de Inversión de 1940. El programa continuará hasta la fecha de finalización o hasta que se reembolse el monto total.

뉴 마운틴 파이낸스(NASDAQ: NMFC)는 주식 재매입 프로그램을 2025년 12월 31일까지 연장한다고 발표했습니다. 이 프로그램은 회사가 경영진의 재량에 따라 최대 5천만 달러의 보통주를 재매입할 수 있도록 허용합니다. 현재까지 약 290만 달러의 재매입이 이루어졌습니다. 이사회는 주식이 저평가될 수 있는 잠재적인 시장 변동성 때문에 연장을 승인했습니다. 재매입은 회사의 윤리 강령, 규칙 10b-18 지침 및 1940년 투자 회사법을 준수해야 합니다. 프로그램은 종료일 또는 총 금액이 재매입될 때까지 계속됩니다.

New Mountain Finance (NASDAQ: NMFC) a annoncé l'extension de son programme de rachat d'actions jusqu'au 31 décembre 2025. Ce programme permet à l'entreprise de racheter jusqu'à 50 millions de dollars d'actions ordinaires à la discrétion de la direction. À ce jour, environ 2,9 millions de dollars de rachats ont été effectués. Le conseil a autorisé l'extension en raison de la volatilité potentielle du marché qui pourrait entraîner une sous-évaluation des actions. Les rachats doivent être conformes au Code d'Éthique de l'entreprise, aux directives de la règle 10b-18 et à la Loi sur les Sociétés d'Investissement de 1940. Le programme se poursuivra jusqu'à la date de fin ou jusqu'à ce que le montant total soit racheté.

New Mountain Finance (NASDAQ: NMFC) hat die Verlängerung seines Aktienrückkaufprogramms bis zum 31. Dezember 2025 angekündigt. Das Programm ermöglicht es dem Unternehmen, bis zu 50 Millionen Dollar an Stammaktien nach Ermessen der Geschäftsführung zurückzukaufen. Bis heute wurden Rückkäufe im Wert von etwa 2,9 Millionen Dollar durchgeführt. Der Vorstand genehmigte die Verlängerung aufgrund möglicher Marktvolatilität, die zu einer Unterbewertung der Aktien führen könnte. Die Rückkäufe müssen den Ethikrichtlinien des Unternehmens, den Richtlinien der Regel 10b-18 und dem Investment Company Act von 1940 entsprechen. Das Programm wird bis zum Enddatum oder bis zum vollständigen Rückkauf des Betrags fortgeführt.

Positive
  • Authorization to repurchase up to $50 million in common stock
  • Extension of repurchase program through December 31, 2025
  • Potential to take advantage of stock undervaluation scenarios
  • $2.9 million already repurchased under the program
Negative
  • No obligation to execute share repurchases
  • Program subject to various regulatory constraints and limitations

Insights

The extension of NMFC's $50 million stock repurchase program through 2025 represents a strategic move to capitalize on potential market volatility. With only $2.9 million utilized so far, the company maintains significant flexibility to buy back shares when they believe the stock is undervalued. This authorization signals management's confidence in the company's intrinsic value and their commitment to shareholder returns. The program's discretionary nature and compliance with regulatory requirements provide a balanced approach to capital allocation. While not mandatory, this extension gives NMFC an additional tool to enhance shareholder value, particularly during periods of market dislocation when the stock might trade below its fundamental value.

NEW YORK--(BUSINESS WIRE)-- New Mountain Finance Corporation (NASDAQ: NMFC) (“NMFC” or “the Company”) today announced that on October 23, 2024, the Company’s board of directors authorized an extension of a previously established stock repurchase program (the “Repurchase Program”). Pursuant to the Repurchase Program, the Company can repurchase up to $50 million worth of its common stock at the discretion of NMFC’s management team. The Repurchase Program was set to expire on December 31, 2024, but the Company’s board of directors elected to extend the Repurchase Program through December 31, 2025. Under the Repurchase Program, NMFC may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time provided that NMFC complies with the prohibitions under its Code of Ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market volume and timing constraints. Unless further extended by NMFC’s board of directors, the Company expects the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50 million worth of NMFC’s outstanding shares of common stock have been repurchased. To date, approximately $2.9 million worth of repurchases have been made by the Company under the Repurchase Program.

The Company’s board of directors authorized the extension of the Repurchase Program because it believes that sustained market volatility and uncertainty may cause NMFC’s common stock to be undervalued from time to time. The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. In addition, any subsequent repurchases will also be conducted in accordance with the Investment Company Act of 1940, as amended. There are no assurances that the Company will engage in additional repurchases, but if market conditions warrant, the Company now has an extended period of time to take advantage of situations where NMFC’s management believes share repurchases would be advantageous to the Company and to its shareholders.

ABOUT NEW MOUNTAIN FINANCE CORPORATION

New Mountain Finance Corporation (NASDAQ: NMFC) is a leading business development company (BDC) focused on providing direct lending solutions to U.S. middle market companies backed by top private equity sponsors. Our portfolio consists primarily of senior secured loans, and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital, a global investment firm with over $55 billion of assets under management.

ABOUT NEW MOUNTAIN CAPITAL

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.

FORWARD-LOOKING STATEMENTS

Statements included herein may contain “forward-looking statements”, which relate to the Company’s business, including, but not limited to, the timing and the number of shares to be repurchased, if any, under the Repurchase Program, future operations, future performance or the Company’s financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the current conflict between Russia and Ukraine, conflict in the Middle East, changes in base interest rates and significant volatility on the Company’s business, portfolio companies, the Company’s industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission or factors that are beyond the Company’s control. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.

New Mountain Finance Corporation

Investor Relations

Laura C. Holson, Authorized Representative

NMFCIR@newmountaincapital.com

(212) 220-3505

Source: New Mountain Finance Corporation

FAQ

What is the total amount authorized for NMFC's stock repurchase program?

NMFC's stock repurchase program authorizes the repurchase of up to $50 million worth of its common stock.

When does NMFC's extended stock repurchase program expire?

The extended stock repurchase program expires on December 31, 2025.

How much has NMFC already repurchased under the program?

NMFC has repurchased approximately $2.9 million worth of shares under the program to date.

Why did NMFC extend its stock repurchase program?

NMFC extended the program because the board believes market volatility and uncertainty may cause the company's common stock to be undervalued at times.

NEW MOUNTAIN FINANCE CORPORATION

NASDAQ:NMFC

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