B. Riley Maintains Neutral Rating on NMFC, Lowers Price Target to $10

Core Viewpoint - New Mountain Finance Corporation (NASDAQ:NMFC) is recognized for its high dividend yield, but recent performance has led to a lowered price target and a neutral rating from analysts [1][2]. Financial Performance - In Q3 2025, NMFC reported net investment income of $33.9 million, equating to $0.32 per weighted average share, with credit performance remaining stable as approximately 95% of the portfolio is rated green [3]. - The company experienced a modest origination period, with $127 million in new assets being offset by $177 million in repayments [4]. Strategic Initiatives - NMFC's board has approved a new share repurchase program valued at $100 million, indicating a focus on returning capital to shareholders [4]. - The company is also exploring the potential sale of up to $500 million of its assets to a third party, which could significantly advance its strategic goals [4]. Market Position - NMFC specializes in providing direct lending solutions to US upper mid-market companies, supported by leading private equity sponsors [5].