New Mountain Finance Corporation Declares A Special Distribution Of $0.10 Per Share And Announces The Extension Of Its Stock Repurchase Program To December 31, 2024
Portfolio Pulse from Benzinga Newsdesk
New Mountain Finance Corporation (NMFC) declared a special distribution of $0.10 per share, payable on December 29, 2023, to comply with regulated investment company rules. Additionally, NMFC's board extended its stock repurchase program, allowing up to $50 million in buybacks, until December 31, 2024. To date, $2.9 million worth of shares have been repurchased.
December 13, 2023 | 9:35 pm
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NMFC declared a $0.10/share special distribution and extended its stock repurchase program to the end of 2024, with $2.9M already repurchased.
The special distribution and extension of the stock repurchase program are positive signals to investors, indicating NMFC's financial strength and commitment to shareholder returns. The distribution may attract income-focused investors, while the buyback program can potentially support the stock price by reducing share supply. However, the market's reaction will also depend on broader market conditions and investor sentiment towards the company's long-term prospects.
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