New Mountain Private Credit Fund 8-K

What Happened

• New Mountain Private Credit Fund filed an 8-K on June 26, 2026 announcing three items: (1) a regular distribution of $0.19 per share declared by the Board, (2) the sale of 2,147 common shares in its ongoing private offering, and (3) its net asset value (NAV) and portfolio/debt metrics as of May 31, 2026. The distribution is payable on or about July 31, 2026 to shareholders of record at the open of business on June 30, 2026 and can be taken in cash or reinvested via the company’s distribution reinvestment plan.

Key Details

• Distribution: $0.19 per share declared on June 26, 2026; record date June 30, 2026; payment ~July 31, 2026; cash or reinvestment options available.
• Private offering: 2,147 shares issued in June 2026 at $23.29 per share. The filing’s table shows total consideration of $50,000; an earlier line in the filing references “approximately $0.1 million.” The offering was made under Section 4(a)(2) and Rule 506 of Regulation D.
• NAV and portfolio (as of May 31, 2026): NAV per share $23.29; aggregate NAV ≈ $963.9 million; investment portfolio fair value ≈ $1,891.5 million.
• Leverage and liquidity: debt outstanding (principal) ≈ $1,000.8 million; average debt-to-equity leverage in May 2026 ≈ 1.03x; committed debt capacity ≈ $1,510.0 million (100% floating rate, 78% secured / 22% unsecured based on drawn amounts). Some fixed-rate notes are economically treated as floating via interest rate swaps.

Why It Matters

• The declared $0.19 distribution is an immediate cash (or reinvestment) return for shareholders and indicates the Board’s current income distribution policy.
• NAV per share ($23.29) matches the private offering price, meaning new share issuances are being made at NAV-level pricing. That can limit dilution per share value for existing holders compared with issuances below NAV.
• The firm’s leverage (≈1.03x) and $1.51B committed debt capacity show material borrowing capacity and exposure to floating rates (partly managed via swaps). Investors should note the company’s debt levels and structure as they affect risk and sensitivity to interest-rate changes.
• The company continues its monthly private offering, which provides capital to the fund but can slightly increase share count; investors should monitor future offerings and distributions for impacts on per-share metrics.