Steven B. Klinsky, a director at New Mountain Finance Corp (NASDAQ:NMFC), recently increased his holdings in the company with significant stock purchases. According to a recent SEC filing, Klinsky acquired a total of 100,502 shares over two transactions on December 13 and December 16. The shares were purchased at prices ranging from $11.7374 to $11.7384 per share, amounting to a total investment of approximately $1,179,641. The purchase comes as NMFC maintains an attractive 12% dividend yield and trades at a P/E ratio of 10.4, according to InvestingPro data.
The shares were acquired through various trusts and directly owned accounts, as noted in the filing. Klinsky's transactions reflect his continued confidence in New Mountain Finance Corp, a firm focused on providing capital solutions to middle-market companies. These transactions were made through the Steven B. Klinsky 2008 Long Term Trust and the Steven B. Klinsky 2024 Revocable Trust, among others.
Following these transactions, Klinsky's total direct and indirect ownership in the company stands at over 4.2 million shares. This move comes as part of Klinsky's ongoing investment strategy and reflects his commitment to the firm's growth and potential.
In other recent news, New Mountain Finance Corporation (NMFC) reported robust Q3 earnings, outperforming the regular dividend with an adjusted net investment income of $0.34 per share. The company also issued a supplemental dividend of $0.01 per share, set to be paid at year's end. However, the net asset value per share saw a slight decrease to $12.62.
NMFC's portfolio, primarily floating rate, positions the company favorably against interest rate changes. The company also anticipates increased opportunities for capital deployment and fee income in early 2025, driven by expected M&A activity. Management plans to reduce Payment-in-Kind (PIK) exposure in 2025, replacing PIK repayments with new cash-oriented assets.
The company's strong credit performance is evidenced by 97.3% of the portfolio rated green, and since its IPO, NMFC has returned over $1.3 billion to shareholders. Despite a minor decrease in the net asset value per share and a sequential decrease in dividends from the Senior Loan Program, the company maintains a strong position in the direct lending market with a diversified portfolio of over 125 borrowers. These are some of the recent developments in NMFC's financial landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.