NMFC's investment objective is to generate current income and capital appreciation through investments in debt securities at all levels of the capital structure, including first and second lien debt, unsecured notes and mezzanine securities. In some cases, its investments may also include equity interests.
NMFC's primary focus is in the debt of high quality, defensive growth companies, which are defined as generally exhibiting the following characteristics:
- (i) sustainable secular growth drivers,
- (ii) high barriers to competitive entry,
- (iii) high free cash flow after capital expenditure and working capital needs,
- (iv) high returns on assets, and
- (v) opportunities for niche market dominance.