Kris Corbett
About Kris Corbett
Kris Corbett is Chief Financial Officer and Treasurer of New Mountain Finance Corporation (NMFC) since November 27, 2023; age 49 as of the 2025 proxy record date. He previously served as Senior Vice President, Controller and Treasurer at Blackstone Private Credit Fund and Blackstone Secured Lending Fund (2016–2023) and held finance and reporting roles at Perella Weinberg Partners, King Street Capital Management, Ziff Brothers Investments, and began his career at PwC; he holds a BBA in Accounting from the University of Massachusetts, is a New York CPA, and a CFA Charterholder . NMFC’s proxies do not disclose executive performance metrics (e.g., TSR, revenue/EBITDA growth) linked to Corbett; NMFC notes board review of overall investment performance against peers in advisory agreement re-approvals but provides no individual executive performance attribution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone Private Credit Fund (BCRED) | SVP, Controller & Treasurer | 2016–2023 | Led finance for one of the largest credit-oriented asset managers; deep domain experience in direct lending |
| Blackstone Secured Lending Fund (BXSL) | SVP, Controller & Treasurer | 2016–2023 | Oversaw finance/reporting for a listed BDC, strengthening public-company reporting rigor |
| Perella Weinberg Partners | Managing Director (Finance, Accounting & Reporting) | — | Alternative asset management finance and reporting leadership |
| King Street Capital Management | Finance/Reporting roles | — | Institutional hedge fund finance operations |
| Ziff Brothers Investments | Finance/Reporting roles | — | Multi-asset family office reporting and controls |
| PricewaterhouseCoopers (PwC) | Public Accounting | — | Foundation in audit/accounting; CPA credentialing |
External Roles
| Entity | Role | Years | Notes |
|---|---|---|---|
| New Mountain Guardian IV BDC, L.L.C. | CFO & Treasurer | Since 2023 | Affiliated BDC CFO; expands platform-wide finance leadership |
| New Mountain Guardian IV Income Fund, L.L.C. | CFO & Treasurer | Since 2023 | Affiliated income fund CFO |
| NMF SLF I, Inc. | CFO & Treasurer | Since 2023 | Affiliated BDC CFO |
| New Mountain Private Credit Fund | CFO & Treasurer | Since 2024 | Affiliated BDC CFO |
| New Mountain Guardian III BDC, L.L.C. | CFO & Treasurer | 2023–2024 | Prior affiliated BDC CFO |
Fixed Compensation
NMFC is externally managed; executive officers do not receive direct compensation from NMFC. CFO compensation is set by the Administrator and reimbursed by NMFC for the allocable portion; no base salary, target bonus, or perquisite amounts are disclosed in NMFC filings.
| Component | Disclosure Status | Source |
|---|---|---|
| Base salary | Not disclosed by NMFC; paid by Administrator; reimbursed proportionally | |
| Target bonus % | Not disclosed | |
| Actual bonus paid | Not disclosed | |
| Perquisites | Not disclosed | |
| Pension/SERP | None disclosed for executives | |
| Director comp reference (context) | Independent directors’ retainers/fees disclosed separately; executives not directly compensated |
NMFC states it does not engage compensation consultants for executives; if executive compensation were to be paid directly in the future, the Compensation Committee would review/evaluate it .
Performance Compensation
NMFC does not directly pay executives; no performance metrics, weightings, targets, payouts, or vesting schedules are disclosed for the CFO.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (no direct executive comp at NMFC) | — | — | — | — | — |
| Source |
Equity Ownership & Alignment
Multi-year beneficial ownership and alignment indicators:
| Metric | FY 2023 (Record Date) | FY 2024 (Record Date) |
|---|---|---|
| Shares outstanding | 106,289,293 | 107,851,415 |
| Kris Corbett – Beneficial shares | 0 | 9,000 |
| Ownership % of shares outstanding | 0.000% (0/106,289,293) | ~0.008% (9,000/107,851,415) |
Alignment and policy notes:
- Hedging transactions are not expressly prohibited; derivative transactions in NMFC stock require Chief Compliance Officer pre-clearance (ETFs/ETNs exempt), increasing potential misalignment risk if used .
- Insider trading policies are in place and Section 16 filings were timely for 2024; in 2023, a minor administrative oversight by another insider (not Corbett) was disclosed and corrected .
- No disclosure of pledging policy, stock ownership guidelines, or pledged shares for Corbett .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Employment start date | Appointed CFO & Treasurer effective November 27, 2023 | |
| Appointment context | No arrangement/understanding pursuant to which appointed (i.e., no disclosed side agreement) | |
| Employment agreement | Not disclosed | |
| Severance provisions | Not disclosed | |
| Change-of-control provisions | Not disclosed | |
| Clawback provisions | Not disclosed; code of ethics referenced; no clawback policy found | |
| Non-compete / non-solicit | Not disclosed | |
| Compensation setting | Set by Administrator; allocable portion reimbursed by NMFC; CCO comp approved by Board per 1940 Act |
Compensation Committee Analysis
- Committee composition: Alfred F. Hurley, Jr. (Chair), David Ogens, Rome G. Arnold III, Daniel B. Hébert, Barbara Daniel – all Independent Directors .
- Responsibilities: Reviews director compensation; annually reviews and recommends approval of Investment Advisory and Administration Agreements; would review executive compensation if NMFC ever directly compensates executives .
- Recent actions: Advisory and administration agreements re-approved Jan 29, 2025 (effective Mar 1, 2025); previously re-approved Jan 30, 2024 (effective Mar 1, 2024) .
- Board oversight and governance context: Independent Directors meet in executive session each meeting; audit/valuation/nom-gov/comp committees are solely Independent Directors; comprehensive risk oversight and CCO reporting .
Investment Implications
- Pay-for-performance alignment: As an externally managed BDC, NMFC does not directly compensate its executives; CFO pay is set by the Administrator and reimbursed to NMFC, which weakens direct pay-for-performance linkage at the issuer level versus internally managed peers .
- Skin-in-the-game: Corbett owned 9,000 NMFC shares as of the 2025 record date (~0.008% of shares outstanding), up from zero the prior year; ownership remains de minimis, limiting direct economic alignment with minority shareholders .
- Trading signals and selling pressure: Hedging transactions are permitted with pre-clearance, which can dampen alignment and complicate inference from insider holdings; no pledging restrictions disclosed, increasing theoretical risk though no pledging by Corbett is disclosed .
- Retention risk: Appointment was straightforward (no disclosed special arrangements), and Corbett holds multiple CFO roles across the New Mountain fund complex, indicating platform integration and lower near-term transition risk; however, lack of disclosed severance/CoC terms reduces visibility into retention economics .
- Governance quality: Independent committees with regular executive sessions and robust CCO oversight support governance; timely Section 16 compliance in 2024 reduces regulatory red flags (a minor 2023 filing oversight involved a different insider and was remediated) .