North Haven Private Income Fund LLC, a $193 million market cap company with an impressive 84.6% gross profit margin, has announced the appointment of Michael Occi as its new President, effective January 1, 2025.
The announcement, made in a recent SEC filing, comes as the current President, Jeffrey S. Levin, prepares to step down from the role while continuing his tenure as the company's CEO. According to InvestingPro analysis, the company maintains a strong financial health score and currently appears undervalued based on Fair Value estimates.
Occi, 40, brings to the position a wealth of experience from within the Morgan Stanley (NYSE:MS) family. Prior to his new role, he has served as the Chief Administrative Officer of the company since January 2023. The company has demonstrated solid financial management under its current leadership, maintaining a healthy current ratio of 1.82 and offering shareholders a substantial 6.54% dividend yield.
His career at Morgan Stanley began in 2006, and he has held several key positions, including Managing Director of Morgan Stanley Investment Management since April 2022, and previously as Head of Financial Institutions Equity Capital Markets.
Alongside his appointment at North Haven Private Income Fund LLC, Occi will also assume the presidency of several other business development companies affiliated with Morgan Stanley, including Morgan Stanley Direct Lending Fund, North Haven Private Income Fund A LLC, T Series Middle Market Loan Fund LLC, LGAM Private Credit LLC, and SL Investment Fund II LLC.
Occi's educational background includes a magna cum laude degree in Finance and Accounting from Georgetown University. The company's filing also noted that Occi has no familial relationships with any current director or executive officer at the company, and there are no disclosed transactions involving Occi that would require additional SEC disclosure.
This change in leadership reflects the company's ongoing adjustments to its executive team. The information provided in this article is based on the company's recent SEC filing. For deeper insights into the company's financial health and additional analysis, including 8 more exclusive ProTips, visit InvestingPro.
In other recent news, Polaris (NYSE:PII) Renewable Energy Inc. reported a decrease in Q3 2024 revenue and power generation, with the latter falling to 168,639 MWh and the former to $17.7 million. Despite these results, the company remains positive, announcing a quarterly dividend of $0.15 per share and future growth prospects, including the acquisition of the Punta Lima wind farm and a new contract for the Vista Hermosa plant in Panama.
The company's net earnings attributed to owners were reported at $480,000, a decrease from the prior year. Adjusted EBITDA also fell, reported at $12.4 million, down from $13.7 million in Q3 2023. These are part of the recent developments for Polaris Renewable Energy.
The renewable energy company is exploring financing options such as issuing a Green Bond, and plans to fund growth largely through debt. Future M&A activity will focus on U.S. dollar-denominated projects. This is in line with the company's optimistic outlook on expanding operations in Puerto Rico and other markets.
Despite challenges in power generation and revenue, the company's Canoa I solar facility's production exceeded last year's output due to new panel productivity. Also, the Punta Lima wind farm acquisition, expected to close in Q1 2025, is anticipated to enhance cash flow.
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