Investment Thesis
New Mountain Finance (NMFC) is a Business Development Company that has had a decent record of providing steady income to shareholders since 2011. However, it has not been immune to the effects from COVID-19, which forced it to cut the dividend by 12% due to lower anticipated NII going forward. Although the company has a well-constructed portfolio that is largely unaffected by the pandemic, further caution is warranted as shares are no longer in bargain territory considering the risks. Let's dig in.
Latest Results
NMFC posted a decent Q1 Net Investment