NMFC 2026年第3四半期決算説明会：ポートフォリオ利回り12%、NAVは10.67ドルに低下

要点

• 調整後投資純利益は1株あたり0.26ドルとなり、9月30日に支払われた1株あたり0.25ドルの現金配当を賄いました。取締役会は2026年第4四半期向けに1株あたり0.25ドルの追加配当を発表しており、12月17日時点の株主に対して12月31日に支払われる予定です。
• 1株あたりの純資産価値（NAV）は前四半期比2%減の10.67ドルとなりました。経営陣は、0.22ドルの下落のうち0.12ドルは広範な市場変動、0.10ドルはinsightsoftware、Deca Dental、LGなどを含む個別クレジットの評価変更によるものとしています。
• ポートフォリオの平均利回りは12%に上昇し、主にフォワード・レート・カーブの上方シフトを反映しています。経営陣によると、新規投資の利回りは返済分の利回りを上回りました。
• 小規模なポジションが1つ追加されたことで、不稼働資産（ノンアクルーアル）は公正価値の1.8%へと30ベーシスポイント増加しました。他が一定であれば、第4四半期初めのConveyからの撤退により、不稼働資産は公正価値ベースで0.1%、取得原価ベースで0.6%減少する見込みです。
• PIK（現物払い）収入は引き続き主要な焦点です。案件組成時からPIK構造が組み込まれていた資産からのPIK収入が総投資収入の15%を占め、変更によるPIK収入がさらに5%を占めました。
• 経営陣は、M&A活動が低迷しているにもかかわらず、基準金利の上昇、クレジット・スプレッドの差別化拡大、より安全な資本構成により、直接融資（ダイレクト・レンディング）におけるリスク調整後の機会が改善していると述べました。

主要財務データ

NMFCの第3四半期の実効インセンティブ報酬率は15%でした。これは、以前発表された2027年からの15%への永久引き下げに先立ち、自主的に140万ドルを放棄したことを反映しています。

事業および営業業績

NMFCは引き続き、ディフェンシブ分野や、リカーリング（継続）収益、安定した利益率、持続可能なキャッシュフローを持つ企業に注力しました。経営陣は、Benevis、UniTek、Novus Process Systemsを含むいくつかの主要ポジションにおいて、2026年の収益が2桁成長を記録したことを強調しました。同社によると、UniTekとNovusは電力網やデータセンターの拡張に関連する成長市場の恩恵も受けています。

ポートフォリオは110社で構成されています。第一抵当権（ファーストリーン）資産、シニアローンプログラム、ネットリース投資を含む投資の約80%がシニアの性質を持っています。株式ポジションはポートフォリオの約6%を占めました。シニアローンプログラムとネットリースファンドを除くと、上位10社の発行体が総公正価値の24.8%を占めました。

ポートフォリオの質は緩やかに低下しました。「グリーン」格付けの投資割合は第2四半期の88%から86%に低下した一方、「イエロー」格付けのエクスポージャーは10.2%から11.7%に上昇しました。イエローおよびオレンジ格付けのポジションの加重平均評価額は額面の約70%となっており、経営陣はこれがNAVにすでに反映された大幅なリスク軽減を示していると述べています。

NMFCのLTV（融資比率）は49%でした。新規公開（IPO）以来、同社は358社にわたって106億ドルを投資し、約1億100万ドルの純実現損失を記録しました。

流動性は引き続き潤沢です。NMFCは、借入ベース制限が適用される信用供与枠（クレジット・ファシリティ）の下で利用可能な約7億6,000万ドルを含め、総額20億ドル以上の借入枠を有しています。これに対し、未実行の投資コミットメントは約1億4,500万ドルです。発行済債務の60%近くは2029年以降に満期を迎えます。

経営陣の見通し

経営陣の戦略的優先事項は、株式ポジションの現金化（マネタイズ）、PIK収入の削減、およびポートフォリオの分散拡大です。撤退（エグジット）による回収金は、第一抵当権付きの現金支払型投資に再投資される予定ですが、その時期は個々の企業の業績や適切な取引機会に依存します。

同社は、最近の無担保社債の発行と既存の流動性により、2027年の満期到来分をカバーできると見込んでいます。また、経営陣は今後も無担保債務市場で積極的に活動し、資産と負債のミスマッチを抑制するために負債構成の最適化を継続すると予想しています。

経営陣は、直接融資（ダイレクト・レンディング）の環境がより魅力的になったと考えています。PitchBookによると、業界全体のダイレクト・レンディング組成額は年初来で約28%減少したものの、スプレッドは2025年の多くの取引で見られたSOFR＋450〜475ベーシスポイントという狭いレンジに対し、現在は概ねSOFR＋475〜600ベーシスポイントの範囲に広がっています。

リスクと注目領域

• 広範な市場の動向と割引率の上昇が、当四半期のNAV下落の過半を占めました。
• 個別クレジットの評価切り下げは、insightsoftware、Deca Dental、LGを含む一部の保有資産に影響を与えました。
• 複利効果および1件のローンが現金支払いからPIKへ移行したことにより、投資収入に占めるPIK収入の割合が増加しました。
• 経営陣は、根強いインフレ、サプライチェーンの変動性、消費者マインドの低下、地政学的リスク、AIに関連する変革（ディスラプション）、評価額（バリュエーション）のギャップを市場の逆風・混迷要因として挙げました。
• M&A活動は2025年の水準を下回ったままであり、株式のマネタイズやポートフォリオのリバランスの時期に影響を与える可能性があります。
• 消費の減速は低所得層に集中していました。経営陣は、NMFCのペットケアおよび洗車事業へのエクスポージャーを比較的ディフェンシブであると説明する一方、歯科セクターの課題については消費者要因というよりも主にオペレーション上の問題であると特徴付けました。

アナリスト質疑応答のハイライト

株式のマネタイズにはM&Aの広範な回復が必要かと問われ、経営陣は取引市場の活発化は追い風にはなるものの必須ではないと述べました。より重要な要因は、根底にある企業の業績と、適正な価値でのエグジットを後押しする機会を見つけることです。

消費者向けヘルスケアのエクスポージャーについて、経営陣は獣医およびペットケア事業には一部選択的支出の要素があるものの、全体としては安定した収益を示していると述べました。歯科セクターの問題は主にオペレーション上のものと説明され、業務執行への細心の注意が必要とされています。

また、経営陣は、PIK利回りを持つ大型ポジションや株式ポジションの業績改善が、想定しているエグジットのタイムラインを支えており、これらの保有資産を有利な価値でマネタイズする機会を生み出す可能性があると述べました。

シニアローンプログラムおよびネットリース・ビークルからの収入が前四半期比で減少したことについては、特定のアドバース（有害な）事象ではなく、原資産の実現益やファンド活動における通常の変動によるものと説明されました。

業績説明会（トランスクリプト）全編

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the New Mountain Finance Corporation Third Quarter 2026 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to John Kline, President and CEO. Please go ahead.

John Kline

Thank you, and good morning, everyone. Welcome to New Mountain Finance Corporation's Third Quarter 2026 Earnings Call. On the line with me here today are Steve Klinsky, Chairman of NMFC and CEO of New Mountain Capital; and Laura Holson, COO and Interim CFO of NMFC. Steve is going to make some introductory remarks, but before he does, I'd like to ask Laura to make some important statements regarding today's call.

Laura Holson

Thanks, John. Good morning, everyone. Before we get into the presentation, I would like to advise everyone that today's call and webcast are being recorded. Please note that they are the property of New Mountain Finance Corporation and that any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available in our November 2 earnings press release.

I would also like to call your attention to the customary safe harbor disclosure in our press release and on Pages 2 and 3 of slide presentation regarding forward-looking statements. Today's conference call and webcast may include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from those statements and projections. We do not undertake to update our forward-looking statements or projections unless required to by law. All materials referenced during today's call, including the earnings press release, earnings presentation and Form 10-Q are available on our website at www.newmountainfinance.com.

At this time, I'd like to turn the call over to Steve Klinsky, NMFC's Chairman, who will give some highlights beginning on Page 6 of the slide presentation. Steve?

Steven Klinsky

Thanks, Laura. It's great to be able to address you all today, both as NMFC's Chairman and as a major fellow shareholder. Adjusted net investment income for the third quarter was $0.26 per share, covering our $0.25 per share dividend that was paid in cash on September 30. Looking forward to Q4, we would like to announce a $0.25 dividend payable on December 31 to shareholders of record as of December 17.

Our net asset value per share of $10.67 and declined 2% compared to Q2, largely due to mark-to-market movement on a handful of idiosyncratic credits, particularly on some of our quoted assets. Earnings in 2026 have grown at double-digit rates at some of our biggest positions, including Benevis, UniTek and the Novus Process Systems, formerly known as Permian. UniTek and Novus are also seeing new growth markets tied to the expansion of the electric grid and data centers. We think the current environment is a good time to enter the credit markets as risk-adjusted returns and direct lending appear to be attractive compared to the narrow market spreads of past years.

As discussed in past calls, we have pledged to voluntarily and permanently reduce our fees to be more shareholder friendly. Despite all these positives, and as I've said before, I believe NMFC continues to be oversold with the stock trading at approximately 65% of book value. At these trading levels, NMFC's book value would have to depreciate nearly $345 million versus our marks as of September 30, or about 15% of our portfolio at fair value to bring book value down to where the stock trades.

At Friday's closing stock price, NMFC is paying a cash yield of 14%, roughly 6 percentage points above the average yield of the high-yield bond index and we believe the dividend is sustainable. Shareholders who have been with NMFC since its public offering have received $20.95 of total cash back versus their initial price of $13.75 per share and also have the $10.67 of book value per share today. This equates to a 9.9% annualized return since NMFC's inception or 8.9% at the current depressed stock price, all at an annualized realized total net loss rate of just 6 basis points.

This 9.9% long-term return exceeds the high-yield bond index by approximately 4.5 percentage points. Long-term loyal shareholders have received all their investment back in cash, plus 103% and assuming a hypothetical sale at the current depressed stock price. Returns made by reinvesting these past cash dividends would be in addition to this amount. I and my fellow NMC executives remain the largest shareholders of NMFC stock and our ownership position has been increasing over time.

Overall, New Mountain ownership increased from approximately 14% last year to approximately 18% of total shares outstanding as of September 30. We thank you, as always, for your friendship and ownership, and we are working diligently to serve your interest in the months and years ahead.

With that, let me turn the call over to John for more details and comments.

John Kline

Thank you, Steve. I'll begin on Page 7. Our direct lending strategy focuses on defensive sectors with sustainable tailwinds and on businesses with recurring revenue stable margins and strong cash flow across economic environments. Our strategy has been built to navigate current economic challenges like persistent inflation, supply chain volatility and weaker consumer confidence. We prioritize transparency and we seek to provide more granular disclosure of our industry niches, so investors can see exactly what we own.

Page 8 shows our long-term track record of delivering consistent, enhanced yield by minimizing credit losses and distributing virtually all of our excess income to shareholders. NMFC's loan-to-value ratio is 49%, which reflects our latest view of enterprise value at each portfolio company. We recalculate loan to value every quarter, so it reflects current market conditions.

Turning to Page 9. Our strategic priorities include monetizing equity positions, reducing PIK income and increasing position diversity. As Steve mentioned, many of our equity and pick yielding positions are performing well, and we continue to see potential catalysts for exits. We're focused on the right outcome for the portfolio, which sometimes requires patients. As opportunities materialize, our objective is to redeploy proceeds into first lien cash paying investments to improve portfolio diversification and income quality. Our liability structure remains well positioned with further opportunity in 2027 to extend near-term maturities.

On Page 10, 86% of the portfolio is rated green compared to 88% last quarter. We saw an increase in the yellow category from 10.2% to 11.7% in our yellow and orange names carry a weighted average mark of approximately $0.70, reflecting meaningful derisking already captured in the current NAV. This heat Mac migration is reflective of modest stress on certain older vintage investments which we continue to work through. We expect to make progress migrating to newer names in the upcoming quarters, which should be beneficial to overall portfolio quality.

Page 11 shows the NAV bridge. Book value per share ended the quarter at $10.67, down $0.22 from $10.89 in Q2. We of approximately $0.12 of the decline reflected broader market movements driven by higher discount rates on leveraged loan assets. While the remaining $0.10 reflected credit-specific movements in a handful of positions, including insightsoftware, Deca Dental and LG. While this is not the NAV rule we want, we do see positive catalysts on certain of these names and other discounted names in the portfolio.

Page 12 covers credit performance. Nonaccruals at fair value were 1.8%, up 30 basis points from last quarter as a very small position was added to the list. On the flip side, we exited convey early in Q4, which will reduce nonaccruals next quarter by 0.1% at fair market value and 0.6% at cost all things equal. On the right side of the page is our cumulative record since IPO, where we have invested $10.6 billion across 358 companies with net realized losses of approximately $101 million. We remain focused on recovering unrealized losses through pull to par on certain loans and through equity exits I mentioned.

I will now turn the call over to Laura to discuss the credit market environment and provide more details on the quarter.

Laura Holson

Thanks, John. Turning to Page 13. M&A activity to date in 2026 remains below 2025 levels with industry-wide direct lending volume down approximately 28% year-to-date according to PitchBook. We still believe M&A activity will pick up at some point, given the backlog of private equity exits and pressure to return capital, but the current investment environment is full of cross currents. These include conflicting macroeconomic signals around inflation, consumer health, labor markets and commodity prices, ongoing geopolitical conflicts the impact of AI and the accelerating pace of technological change and persistent valuation gaps.

While we haven't seen the meaningful pickup that we've been predicting, our deal flow has been steady, particularly in the defensive growth sectors where we focus. We continue to think that direct lending offers attractive returns and compelling enhanced yield. As a floating rate asset class, our all-in return benefits from rising base rates. At the start of 2026, the forward curve was actually predicting base rate cuts. Today, base rates have remained higher for longer, and the forward curve is now pricing in rate increases over the next 12 months.

We believe this creates a tailwind. Additionally, we're seeing what we believe is a healthy bifurcation in the market around spreads. Throughout 2025, we noted on several of our earnings calls that most direct lending deals priced at SOFR plus 450 to 475 regardless of size, sponsor or asset quality. That made for a challenging investing environment and our strategy was really focused on staying safe. Today, spreads range from SOFR plus 475 on the tight end to SOFR plus 600 on the wider end Note that this is the case even in an environment where M&A remains somewhat muted.

I'd attribute this to a more balanced supply and demand dynamic. Even as deal flow is lower, less direct lending capital is available to chase deals, particularly on the heels of recent industry-wide redemptions. We've also seen this translate into more attractive capital structures with lower leverage and tighter documentation. To summarize, we think the combination of higher base rates more discerning spreads and safer capital structures provides attractive risk-adjusted returns in direct lending.

Turning to Slide 14. Origination activity was intentionally light in the quarter as we remained fully invested. We originated $10 million of investments offset by $44 million of sales and repayments. Slide 15 shows that the average yield of NMFC's portfolio increased to 12% during the quarter largely due to the upward shift in the forward curve. Although portfolio activity was modest, yields on new investments exceeded those on repayments. We continue to believe these yields are attractive for the risk.

Turning to Slide 16. Approximately 80% of the portfolio, including first lien investments, SLPs and net lease investments is senior in nature, consistent with the prior quarter. Equity positions represent approximately 6% of the portfolio with the largest positions shown on the right side of the page.

Slide 17 highlights the diversification of our portfolio across 110 companies. Excluding investments in the SLPs and net lease funds, our top 10 single name issuers represent 24.8% of total fair value. As John mentioned earlier, increasing portfolio diversification remains an important priority, and we believe we have line of sight into further progress over the coming quarters.

I will now review our financial results, beginning on Slide 18. For the third quarter, total investment income was $60 million, down 1.8% from the prior quarter. Total net expenses were approximately $36 million, down 1.4% from the prior quarter. NMFC's effective incentive fee rate for Q3 was 15%, reflecting a voluntary waiver of $1.4 million of incentive fees ahead of the previously announced permanent reduction to 15% in 2027. Adjusted net investment income for the quarter was $0.26 per share, more than covering our third quarter dividend. For the fourth quarter, our Board has declared a dividend of $0.25 per share.

Slide 19 provides additional detail on cash and PIK income. PIK income from assets structured with PIK and originations represented 15% of total investment income. Modified PIK resulting from amendments or restructurings, represented 5% of total investment income, up slightly from the prior quarter. The increase in total PIK income as a percentage of investment income reflects PIK compounding and 1 loan moving from cash pay to PIK in the quarter.

Importantly, investments generating noncash income during the quarter are marked at a weighted average fair value of approximately 94% of par and 81% of this income is generated by names rated green on our heat map. Reducing PIK income remains a strategic priority, and we continue to focus on improving the cash paying composition of our portfolio over time.

Moving to the balance sheet on Slide 20. As of September 30, the portfolio had total assets of $2.4 billion, total liabilities of $1.3 billion and net asset value of $1 billion or $10.67 per share. Our net debt-to-equity ratio was 1.15x, within our target range of 1 to 1.25x. Shortly after quarter end, we received a few sizable repayments, namely Thorne and Mercer Advisors. Pro forma for those repayments, our statutory net debt-to-equity ratio decreased to 1.09x.

On Slide 21, we highlight our diversified financing sources and leverage profile. We have more than $2 billion of total borrowing capacity, including approximately $760 million available under our credit facilities, subject to borrowing base limitations. This capacity more than covers our approximately $145 million of unfunded commitments as well as our 2027 maturities. During the second quarter, we priced a $150 million private placement with a delayed funding date, which funded on October 1. We expect to remain active in the unsecured debt market in line with our strategic priorities.

Turning to Slide 22, we show our debt maturity schedule. As mentioned, we have already covered our 2027 maturities through our recent unsecured issuance and existing liquidity. We continue to ladder our maturities with nearly 60% of outstanding debt maturing in 2029 or later.

Lastly, Slide 23 summarizes the floating and fixed state composition of our assets and liabilities. As of September 30, 88% of the NMFC loan portfolio was floating rate and 12% was fixed rate. Our liabilities were 77% floating rate and 23% fixed rate compared to 74% floating rate last quarter. This represents an important milestone as we have now exceeded our target of more than 75% floating rate liabilities. We intend to continue optimizing our liability mix to reduce potential asset liability mismatches.

With that, I will turn the call back over to John.

John Kline

Thank you, Laura. In closing, we would like to thank all of our stakeholders for the ongoing partnership, and we look forward to speaking to you again on our fourth quarter 2026 earnings call in February.

I will now turn things back to the operator to begin Q&A. Operator?

Operator

[Operator Instructions] We'll take our first question from Robert Dodd with Raymond James.

質疑応答

Robert Dodd

A couple of questions. So I mean, 1 of the things you pointed out, obviously, you're seeking monetizations on the equity, which has been a theme. And yes, it takes a while. Does -- is the market just extremely uncooperative right now? I mean, to your point, M&A activity in general is down substantially. I mean, is it -- is it realistic that we're only going to see these monetizations and rotation to income producing assets. If the market is substantively more cooperative?

Or is it just -- I mean, obviously, these are case-by-case assets, but still the market doesn't seem to be helping you out here. So is that what we need to look for that be more optimistic if the market picks up that, that monetization could actually happen otherwise sit back and be patient.

Laura Holson

I don't think it's so directly tied to the overall volume of M&A environment. Certainly, a more robust M&A environment is more constructive, of course, but it's not like there's no M&A happening right now. I think, in some of our prepared remarks, we talked about seeing steady opportunities for us in direct lending. And so I think that is a result of kind of steady M&A activity, which is not as robust as maybe we've seen in years past. I think it's most important, how the underlying companies are performing.

That's really what we've been focused on, and as Steve talked about in his remarks, we feel like those underlying companies are performing well. So I think that's a good place to start. And then we'll, obviously, as John said, I have to be a little bit patient to just find the right opportunities. But overall, we don't think that we need to wait for a prolific M&A environment in order to execute some of those strategic priorities.

Robert Dodd

Got it. Sort of related follow-on. I mean, as you point out, there's a lot of cross currents out there right now and later now seem to be on the way back up, which would be positive earnings if there's no secondary effects. When we look at the -- obviously, 1 of your larger markdowns on the credit side, this quarter was decadent. That's been a theme in the space, not just you. There's a lot of dental that's been having issues. There's a lot of veterinary and you've got exposure there as well.

Is there an issue that with how the consumer is right now mixed messages there as well. Is there an issue that there's only so much pricing power some of these businesses, be it dental or veterinary or others can pass through to a consumer but their cost structure and their interest expenses are still going through the same pressures. And so are we just going to see more and more of those kind of consumer sort of thought to be more robust businesses, but ones that have passed through the pricing power they can? Are we just going to see more and more problems on -- in that kind of segment of your and frankly other people's portfolio?

John Kline

Sure. It's a great question. And from what we see is across the consumer is a bit of weakness on the low end and strength on the higher end. In general, when we think about the consumer exposure we have in NMFC, we think it's more on the defensive side because it's not overly discretionary. When we think about PET, we have some first lien exposure to veterinarian pet and in general, we think that while there's some discretionary aspects, it's relatively stable from a top line perspective even in a weaker consumer environment. So we feel okay about that.

On the dental side, I think the issues are less consumer and more operational and so any dental exposure that we have would be very focused on making sure the operations are running as smoothly and crisply as possible. And then just more broadly, when we think about the rest of our portfolio, the only other area that I can think of where there's material consumer exposure would be car wash, which we see as being pretty low ticket, and pretty stable when we look at the best car wash platforms out there, and we think we have good exposure to that niche. So that would be the way I would answer it.

Operator

We'll move to our next question from Ethan Kaye with Lucid Capital Markets.

Ethan Kaye

You indicated there's some improving performance across some of the larger portfolio positions, which I think you just touched on. But I mean, can you kind of elaborate on that any further? And does that kind of change the pressure or like time line maybe with which you look to exit these positions?

John Kline

I would say it's supportive of the time line that we seek to exit some of these positions. So I just think, as Laura said, it's good that we have momentum in some of our larger positions, some of our pick yielding positions, some of our equity positions. And we think that will give us an opportunity to exit at a good value.

Ethan Kaye

Okay. And then I noticed there was a bit of a decline in income from the senior loan programs and the net lease. Can you just talk about maybe what drove that this quarter?

Laura Holson

Sure. Yes. I mean these vehicles generally produce pretty consistent income we find, but there is a little bit of volatility quarter-to-quarter just based on underlying realizations or activity at those funds themselves. So we would expect to see a little bit of movement quarter-over-quarter. So nothing in particular that I would call out, just normal quarter-to-quarter volatility.

Operator

[Operator Instructions] It appears there are no further questions at this time. I'd like to turn the conference back over to John for any additional or closing remarks.

John Kline

Great. Well, thank you, everyone, for joining our third quarter call, and we look forward to speaking to you again in the new year. Thank you.

Operator

This concludes today's call. Thank you again for your participation. You may now disconnect, and have a great day.