New Mountain Finance extends $50M share repurchase program

New Mountain Finance (NMFC) announced that the company’s board of directors authorized an extension of a previously established stock repurchase program. Pursuant to the repurchase program, the company can repurchase up to $50M worth of its common stock at the discretion of NMFC’s management team. The repurchase Program was set to expire on December 31, 2024, but the Company’s board of directors elected to extend the Repurchase Program through December 31, 2025. Unless further extended by NMFC’s board of directors, the company expects the repurchase program to be in place until the earlier of December 31, 2025 or until $50M worth of NMFC’s outstanding shares of common stock have been repurchased. To date, approximately $2.9M worth of repurchases have been made by the company under the repurchase program. The company’s board of directors authorized the extension of the repurchase program because it believes that sustained market volatility and uncertainty may cause NMFC’s common stock to be undervalued from time to time.