<p>新山金融公司（New Mountain Finance Corp.，简称 NMFC）最近举行了财报电话会议，透露出一种平衡的情绪，既有令人鼓舞的举措，也面临显著的挑战。公司强调了其强劲的股息覆盖率和对防御性行业的战略关注，同时也提到了净资产价值下降和投资组合集中度等问题。</p>
<h2>股息覆盖率和股票回购计划</h2>
<p>NMFC 报告称，本季度调整后的净投资收益为每股 0.32 美元，有效覆盖了每股 0.32 美元的股息。公司已充分利用 5000 万美元的股票回购计划，并宣布了一项新的 1 亿美元回购计划，展示了其向股东回馈价值的承诺。</p>
<h2>投资组合质量和战略举措</h2>
<p>NMFC 约 95% 的投资被评为绿色，表明投资组合质量强劲。公司正在探索一项 5 亿美元的投资组合出售，以实现资产多样化并减少 PIK 收入，这是其增强财务灵活性的战略举措之一。</p>
<h2>强劲的历史表现</h2>
<p>自 2011 年上市以来，NMFC 已向股东返还约 15 亿美元，净实现损失率仅为 1 个基点。这一业绩记录凸显了公司为投资者创造持续回报的能力。</p>
<h2>持续关注防御性增长行业</h2>
<p>NMFC 继续专注于向具有可持续顺风的行业提供贷款，避免波动性和周期性行业。这一战略重点旨在确保稳定增长并最小化风险暴露。</p>
<h2>净资产价值下降</h2>
<p>每股净资产价值较上季度下降 0.15 美元，降至 12.06 美元。这一下降归因于四项特定投资的适度下降，突显了公司面临的一个关注领域。</p>
<h2>非应计挑战</h2>
<p>美容行业集团的第一留置权债务因消费者需求疲软和中国供应链关税而转为非应计状态。这对 NMFC 来说是一个需要解决的挑战，以维持投资组合的健康。</p>
<h2>投资组合集中度问题</h2>
<p>NMFC 在某些大型头寸上面临高度集中，迫切需要进行投资组合出售以实现更好的多样化。这一举措旨在降低风险并增强投资组合的整体稳定性。</p>
<h2>资本结构对 Edmentum 的影响</h2>
<p>尽管 Edmentum 表现强劲，但其估值受到昂贵的 PIK 证券的压力。这突显了资本结构对投资估值的影响以及进行战略调整的必要性。</p>
<h2>前瞻性指导</h2>
<p>展望未来，NMFC 计划维持其股息支付，得益于其调整后的净投资收益。公司还在探索一项 5 亿美元的投资组合出售，以改善财务灵活性并减少 PIK 收入暴露。随着其股票以低于账面价值 20% 的折扣交易，NMFC 的季度股息提供了 13% 的收益率，为投资者提供了一个有吸引力的机会。</p>
<p>总之，新山金融公司的财报电话会议呈现出一种平衡的前景，强劲的股息覆盖率和战略举措与净资产价值下降和投资组合集中等挑战相对抗。公司对防御性行业的关注和历史表现为未来增长提供了坚实基础，而前瞻性战略旨在增强财务灵活性和股东价值。</p>

NMFC

<p>New Mountain Finance Corp. (NMFC) 举行了财报电话会议，透露出平衡的前景，强劲的股息覆盖率和战略举措，同时也面临净资产价值下降和投资组合集中度等挑战。NMFC 报告的调整后净投资收益为每股 0.32 美元，完全覆盖了其股息。公司宣布了一项新的 1 亿美元股票回购计划，并正在探索 5 亿美元的投资组合出售，以增强财务灵活性。尽管净资产价值下降至 12.06 美元，NMFC 对防御性行业的关注和历史表现支持未来的增长和股东价值</p>

<p>New Mountain Finance Corp. (NMFC) recently held its earnings call, revealing a balanced sentiment with both promising initiatives and notable challenges. The company highlighted its strong dividend coverage and strategic focus on defensive sectors, while also addressing concerns such as a decline in net asset value and portfolio concentration issues.</p>
<div class="lb-trans"><p>新山金融公司（New Mountain Finance Corp.，简称 NMFC）最近举行了财报电话会议，透露出一种平衡的情绪，既有令人鼓舞的举措，也面临显著的挑战。公司强调了其强劲的股息覆盖率和对防御性行业的战略关注，同时也提到了净资产价值下降和投资组合集中度等问题。</p>
</div><h2>Dividend Coverage and Stock Buyback Program</h2>
<div class="lb-trans"><h2>股息覆盖率和股票回购计划</h2>
</div><p>NMFC reported an adjusted net investment income of $0.32 per share for the quarter, effectively covering its $0.32 per share dividend. The company has fully utilized a $50 million stock repurchase program and announced a new $100 million buyback, demonstrating its commitment to returning value to shareholders.</p>
<div class="lb-trans"><p>NMFC 报告称，本季度调整后的净投资收益为每股 0.32 美元，有效覆盖了每股 0.32 美元的股息。公司已充分利用 5000 万美元的股票回购计划，并宣布了一项新的 1 亿美元回购计划，展示了其向股东回馈价值的承诺。</p>
</div><h2>Portfolio Quality and Strategic Initiatives</h2>
<div class="lb-trans"><h2>投资组合质量和战略举措</h2>
</div><p>Approximately 95% of NMFC’s investments are rated green, indicating strong portfolio quality. The company is exploring a $500 million portfolio sale to diversify its holdings and reduce PIK income, which is part of its strategic initiatives to enhance financial flexibility.</p>
<div class="lb-trans"><p>NMFC 约 95% 的投资被评为绿色，表明投资组合质量强劲。公司正在探索一项 5 亿美元的投资组合出售，以实现资产多样化并减少 PIK 收入，这是其增强财务灵活性的战略举措之一。</p>
</div><h2>Strong Historical Performance</h2>
<div class="lb-trans"><h2>强劲的历史表现</h2>
</div><p>Since its IPO in 2011, NMFC has returned approximately $1.5 billion to shareholders, with a low net realized loss rate of just 1 basis point. This track record underscores the company’s ability to generate consistent returns for its investors.</p>
<div class="lb-trans"><p>自 2011 年上市以来，NMFC 已向股东返还约 15 亿美元，净实现损失率仅为 1 个基点。这一业绩记录凸显了公司为投资者创造持续回报的能力。</p>
</div><h2>Continued Focus on Defensive Growth Sectors</h2>
<div class="lb-trans"><h2>持续关注防御性增长行业</h2>
</div><p>NMFC continues to focus on lending to sectors with sustainable tailwinds, avoiding volatile and cyclical industries. This strategic focus aims to ensure stable growth and minimize risk exposure.</p>
<div class="lb-trans"><p>NMFC 继续专注于向具有可持续顺风的行业提供贷款，避免波动性和周期性行业。这一战略重点旨在确保稳定增长并最小化风险暴露。</p>
</div><h2>Net Asset Value Decline</h2>
<div class="lb-trans"><h2>净资产价值下降</h2>
</div><p>The net asset value per share declined by $0.15 compared to the previous quarter, settling at $12.06. This decrease was attributed to modest declines in four specific investments, highlighting an area of concern for the company.</p>
<div class="lb-trans"><p>每股净资产价值较上季度下降 0.15 美元，降至 12.06 美元。这一下降归因于四项特定投资的适度下降，突显了公司面临的一个关注领域。</p>
</div><h2>Nonaccrual Challenges</h2>
<div class="lb-trans"><h2>非应计挑战</h2>
</div><p>The first lien debt position in Beauty Industry Group moved to nonaccrual status due to weaker consumer demand and China supply chain tariffs. This presents a challenge that NMFC needs to address to maintain portfolio health.</p>
<div class="lb-trans"><p>美容行业集团的第一留置权债务因消费者需求疲软和中国供应链关税而转为非应计状态。这对 NMFC 来说是一个需要解决的挑战，以维持投资组合的健康。</p>
</div><h2>Portfolio Concentration Issues</h2>
<div class="lb-trans"><h2>投资组合集中度问题</h2>
</div><p>NMFC faces high concentration in certain large positions, necessitating a portfolio sale to achieve better diversification. This move is aimed at reducing risk and enhancing the overall stability of the investment portfolio.</p>
<div class="lb-trans"><p>NMFC 在某些大型头寸上面临高度集中，迫切需要进行投资组合出售以实现更好的多样化。这一举措旨在降低风险并增强投资组合的整体稳定性。</p>
</div><h2>Impact of Capital Structure on Edmentum</h2>
<div class="lb-trans"><h2>资本结构对 Edmentum 的影响</h2>
</div><p>Despite Edmentum’s strong performance, its valuation is pressured by expensive PIK securities. This highlights the impact of capital structure on investment valuations and the need for strategic adjustments.</p>
<div class="lb-trans"><p>尽管 Edmentum 表现强劲，但其估值受到昂贵的 PIK 证券的压力。这突显了资本结构对投资估值的影响以及进行战略调整的必要性。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, NMFC plans to maintain its dividend payout, supported by its adjusted net investment income. The company is also exploring a $500 million portfolio sale to improve financial flexibility and reduce PIK income exposure. With its stock trading at a 20% discount to book value, NMFC offers a 13% yield on its quarterly dividend, presenting an attractive opportunity for investors.</p>
<div class="lb-trans"><p>展望未来，NMFC 计划维持其股息支付，得益于其调整后的净投资收益。公司还在探索一项 5 亿美元的投资组合出售，以改善财务灵活性并减少 PIK 收入暴露。随着其股票以低于账面价值 20% 的折扣交易，NMFC 的季度股息提供了 13% 的收益率，为投资者提供了一个有吸引力的机会。</p>
</div><p>In summary, New Mountain Finance Corp.’s earnings call presented a balanced outlook, with strong dividend coverage and strategic initiatives countered by challenges such as net asset value decline and portfolio concentration. The company’s focus on defensive sectors and historical performance provides a solid foundation for future growth, while forward-looking strategies aim to enhance financial flexibility and shareholder value.</p>
<div class="lb-trans"><p>总之，新山金融公司的财报电话会议呈现出一种平衡的前景，强劲的股息覆盖率和战略举措与净资产价值下降和投资组合集中等挑战相对抗。公司对防御性行业的关注和历史表现为未来增长提供了坚实基础，而前瞻性战略旨在增强财务灵活性和股东价值。</p>
</div>

New Mountain Finance Corp. 在财报电话会议中权衡增长与挑战