New Mountain Finance: 29% NAV Discount And Stock Buybacks Create Opportunity

New Mountain Finance remains a 'Buy' despite a 22% dividend cut and a 24% portfolio contraction year-over-year. The dividend reset to $0.25 per share restored dividend coverage to 104% in Q2, mitigating immediate payout sustainability concerns. NMFC's discount to NAV has not widened since my last coverage, indicating the market already priced in the dividend reduction.