nmfc-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2025

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission
File Number

Exact name of registrant as specified in its charter, address of principal executive
offices, telephone numbers and states or other jurisdictions of incorporation or organization

I.R.S. Employer
Identification Number

814-00832

New Mountain Finance Corporation

27-2978010

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Delaware

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

NASDAQ Global Select Market

8.250% Notes due 2028

NMFCZ

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Description						Shares as of August 4, 2025
Common stock, par value $0.01 per share						106,360,961

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) and June 30, 2024 (unaudited)	6
	Consolidated Schedule of Investments as of June 30 , 2025 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2024	38
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	67
	Report of Independent Registered Public Accounting Firm	118

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	119
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	139
Item 4.	Controls and Procedures	140

PART II. OTHER INFORMATION		141

Item 1.	Legal Proceedings	141
Item 1A.	Risk Factors	141
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	142
Item 3.	Defaults Upon Senior Securities	142
Item 4.	Mine Safety Disclosures	143
Item 5.	Other Information	143
Item 6.	Exhibits	144
	Signatures	145

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	June 30, 2025		December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,268,989 and $2,298,083, respectively)	$	2,227,265	$	2,277,352
Non-controlled/affiliated investments (cost of $128,280 and $124,254, respectively)	102,983		112,776
Controlled investments (cost of $700,121 and $679,587, respectively)	670,448		700,896
Total investments at fair value (cost of $3,097,390 and $3,101,924, respectively)	3,000,696		3,091,024
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	13,500		13,500
Cash and cash equivalents	57,390		80,320
Interest and dividend receivable	43,156		42,379
Derivative asset at fair value	5,718		—
Receivable from unsettled securities sold	4,386		—

Receivable from affiliates	413		213

Other assets	34,453		19,265
Total assets	$	3,159,712	$	3,246,701
Liabilities
Borrowings
Unsecured Notes	$	989,987	$	978,503
SBA-guaranteed debentures	262,500		300,000
2022 Convertible Notes	258,811		260,091
Holdings Credit Facility	246,063		294,363
NMFC Credit Facility	31,372		27,944
Deferred financing costs (net of accumulated amortization of $45,690 and $63,971, respectively)	(21,103)		(24,191)
Net borrowings	1,767,630		1,836,710
Payable for unsettled securities purchased	29,562		—
Interest payable	15,561		17,109
Payable to broker	13,900		3,230
Management fee payable	9,759		10,467
Incentive fee payable	5,384		8,625

Deferred tax liability	1,453		1,410
Derivative liability at fair value	1,424		7,423
Other liabilities	3,203		2,436
Total liabilities	1,847,876		1,887,410
Commitments and contingencies (See Note 9)
Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	—		—
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 107,851,929 and 107,851,415 shares issued, respectively, and 106,926,713 and 107,851,415 shares outstanding, respectively	1,079		1,079
Paid in capital in excess of par	1,365,838		1,365,852
Treasury stock at cost, 925,216 and 0 shares held, respectively	(9,642)		—
Accumulated undistributed earnings	(51,416)		(13,592)
Total net assets of New Mountain Finance Corporation	$	1,305,859	$	1,353,339
Non-controlling interest in New Mountain Net Lease Corporation	5,977		5,952
Total net assets	$	1,311,836	$	1,359,291
Total liabilities and net assets	$	3,159,712	$	3,246,701
Number of shares outstanding	106,926,713		107,851,415
Net asset value per share of New Mountain Finance Corporation	$	12.21	$	12.55

The accompanying notes are an integral part of these consolidated financial statements.

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New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	53,584	$	57,583	$	105,697	$	113,820
PIK interest income	2,931		4,437		5,844		9,120
Dividend income	506		2,284		1,063		2,577
Non-cash dividend income	3,972		4,797		8,406		9,481
Other income	892		3,291		2,204		4,891
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	336		376		667		744
PIK interest income	1,057		873		2,044		1,709

Non-cash dividend income	292		1,374		1,975		2,618
Other income	62		62		125		125
From controlled investments:
Interest income (excluding PIK interest income)	2,022		1,383		3,507		2,744
PIK interest income	2,900		3,721		6,588		7,856
Dividend income	12,183		12,340		24,381		25,023
Non-cash dividend income	2,378		1,570		4,449		3,066
Other income	375		497		2,203		1,370
Total investment income	83,490		94,588		169,153		185,144
Expenses
Interest and other financing expenses	31,138		33,113		62,512		64,129
Management fee	9,759		11,351		19,992		22,348
Incentive fee	7,971		9,550		16,218		18,939

Professional fees	1,100		1,127		2,489		2,194
Administrative expenses	1,184		1,108		2,288		2,076
Other general and administrative expenses	331		527		847		992
Total expenses	51,483		56,776		104,346		110,678
Less: management and incentive fees waived (See Note 5)	(2,586)		(861)		(4,408)		(1,762)

Net expenses	48,897		55,915		99,938		108,916
Net investment income before income taxes	34,593		38,673		69,215		76,228
Income tax expense (benefit)	8		234		(11)		235
Net investment income	34,585		38,439		69,226		75,993
Net realized (losses) gains:
Non-controlled/non-affiliated investments	13,390		(34,966)		12,316		(46,824)

Controlled investments	(1)		3,800		38,898		3,831


Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(29,012)		32,895		(24,806)		56,055
Non-controlled/affiliated investments	(8,928)		(4,080)		(13,819)		(26,543)
Controlled investments	(2,590)		1,697		(50,982)		4,017
Securities purchased under collateralized agreements to resell	—		(3,000)		—		(3,000)

Foreign currency	452		129		602		106
Provision for taxes	(21)		(130)		(43)		(767)
Net realized and unrealized losses	(26,710)		(3,655)		(37,834)		(13,125)
Net increase in net assets resulting from operations	7,875		34,784		31,392		62,868
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(101)		(313)		(205)		(989)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	7,774	$	34,471	$	31,187	$	61,879
Basic earnings per share	$	0.07	$	0.32	$	0.29	$	0.59
Weighted average shares of common stock outstanding - basic (See Note 11)	107,750,160		106,891,784		107,800,508		105,276,077
Diluted earnings per share	$	0.07	$	0.31	$	0.29	$	0.56
Weighted average shares of common stock outstanding - diluted (See Note 11)	126,733,459		125,759,769		126,792,855		124,101,624
Distributions declared and paid per share	$	0.32	$	0.34	$	0.64	$	0.70

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Increase (decrease) in net assets resulting from operations:
Net investment income	$	34,585	$	38,439	$	69,226	$	75,993
Net realized gains (losses) on investments and foreign currency	13,389		(31,166)		51,214		(42,993)
Net change in unrealized (depreciation) appreciation of investments, foreign currency and New Mountain Net Lease Corporation	(40,078)		30,641		(89,005)		33,635
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		(3,000)		—		(3,000)
Provision for taxes	(21)		(130)		(43)		(767)
Net increase in net assets resulting from operations	7,875		34,784		31,392		62,868
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(101)		(313)		(205)		(989)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	7,774		34,471		31,187		61,879
Capital transactions
Net proceeds from shares sold	—		19,772		—		67,691
Repurchase of shares under repurchase program	(9,642)		—		(9,642)		—
Offering costs	14		(388)		(14)		(469)
Distributions declared to stockholders from net investment income	(34,499)		(36,669)		(69,011)		(74,934)


Total net (decrease) increase in net assets resulting from capital transactions	(44,127)		(17,285)		(78,667)		(7,712)
Net (decrease) increase in net assets	(36,353)		17,186		(47,480)		54,167
New Mountain Finance Corporation net assets at the beginning of the period	1,342,212		1,356,932		1,353,339		1,319,951
New Mountain Finance Corporation net assets at the end of the period	1,305,859		1,374,118		1,305,859		1,374,118
Non-controlling interest in NMNLC	5,977		12,399		5,977		12,399
Net assets at the end of the period	$	1,311,836	$	1,386,517	$	1,311,836	$	1,386,517

Capital share activity
Shares sold	—		1,562,122		—		5,292,556
Conversion of 2022 Convertible Notes	514		—		514		—


Shares repurchased under repurchase program	(925,216)		—		(925,216)		—
Net (decrease) increase in shares outstanding	(924,702)		1,562,122		(924,702)		5,292,556

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended
	June 30, 2025		June 30, 2024
Cash flows from operating activities
Net increase in net assets resulting from operations	$	31,392	$	62,868
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments	(51,214)		42,993

Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation	89,607		(33,529)
Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies	(602)		(106)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		3,000
Amortization of purchase discount	(5,841)		(4,014)
Amortization of deferred financing costs	4,539		4,001
Amortization of premium on 2022 Convertible Notes	(45)		(57)
Amortization of discount on 6.875% and 6.200% Unsecured Notes	618		257
Net change due to hedging activity	(851)		377
Non-cash investment income	(27,171)		(29,404)
(Increase) decrease in operating assets:



Purchase of investments and delayed draw facilities	(243,438)		(630,519)
Proceeds from sales and paydowns of investments	342,004		454,546
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	204		397
Cash paid for purchase of drawn portion of revolving credit facilities	—		(48)
Cash paid on drawn revolvers	(18,844)		(20,360)
Cash repayments on drawn revolvers	8,831		17,037
Deferred tax asset	—		594
Interest and dividend receivable	(763)		(3,966)

Receivable from unsettled securities sold	(4,386)		—
Receivable from affiliates	(200)		(72)
Other assets	(15,120)		(12,231)
(Decrease) increase in operating liabilities:
Management fee payable	(708)		374
Incentive fee payable	(3,241)		995
Payable for unsettled securities purchased	29,562		51,132
Interest payable	(1,551)		2,497

Deferred tax liability	43		63
Payable to broker	10,670		1,650
Other liabilities	758		(79)

Net cash flows provided by operating activities	144,253		(91,604)
Cash flows from financing activities
Net proceeds from shares sold	—		67,691
Repurchase of shares under repurchase program	(9,642)		—

Offering costs paid	(75)		(178)
Distributions paid	(69,011)		(74,934)
Proceeds from Holdings Credit Facility	221,500		446,100
Repayment of Holdings Credit Facility	(269,800)		(574,600)

Repayment of 2022 Convertible Notes	(1,223)		—
Proceeds from Unsecured Notes	—		296,892
Repayment of Unsecured Notes	—		(116,500)
Proceeds from NMFC Credit Facility	—		112,386
Repayment of NMFC Credit Facility	—		(6,950)

Repayment of DB Credit Facility	—		(4,400)
Repayment of SBA-guaranteed debentures	(37,500)		—
Proceeds from NMNLC Credit Facility II	—		2,090
Repayment of NMNLC Credit Facility II	—		(1,995)


Distributions related to non-controlling interest in NMNLC	(180)		(362)
Deferred financing costs paid	(1,464)		(4,299)
Net cash flows used in financing activities	(167,395)		140,941
Net increase in cash and cash equivalents	(23,142)		49,337
Effect of foreign exchange rate changes on cash and cash equivalents	212		180
Cash and cash equivalents at the beginning of the period	80,320		70,090
Cash and cash equivalents at the end of the period	$	57,390	$	119,607
Supplemental disclosure of cash flow information
Cash interest paid	$	57,134	$	55,658
Income taxes (received) paid	(313)		145
Non-cash operating activities:
Non-cash activity on investments	$	61,007	$	26,350
Non-cash financing activities:


Accrual for offering costs	$	114	$	195
Accrual for deferred financing costs	109		14

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.68%	12/2021	12/2027	$	22,618	$	22,490	$	22,618
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.68%	12/2021	12/2027	20,113		20,017		20,113
	First lien (4)(13)	SOFR(M)	5.25%	9.68%	01/2022	12/2027	9,550		9,504		9,550
	First lien (4)(13)	SOFR(M)	5.25%	9.68%	12/2021	12/2027	7,338		7,297		7,338
	Subordinated (3)(11)(13)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	16,655		16,527		16,444
	Subordinated (4)(13)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,532		6,481		6,449
									82,316		82,512		6.29	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	6.50%	11.02%	05/2024	07/2028	49,181		49,161		49,181
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.08%	05/2024	07/2028	2,701		2,699		2,701
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.02%	05/2024	07/2028	1,260		1,260		1,260
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	8,540		8,524		8,711
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,261		3,255		3,342
									64,899		65,195		4.97	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(12)(13)	SOFR(M)	4.75%	9.18%	08/2021	10/2030	40,110		39,899		40,110
	First lien (5)(13)	SOFR(M)	4.75%	9.18%	08/2021	10/2030	21,341		21,283		21,341
									61,182		61,451		4.68	%
Einstein Parent, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.77%	01/2025	01/2031	55,582		55,056		55,026		4.19	%
OEConnection LLC
Software	First lien (2)(12)(13)	SOFR(M)	5.25%	9.58%	04/2024	04/2031	46,197		45,995		46,197
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.58%	04/2024	04/2031	8,061		8,020		8,061
									54,015		54,258		4.14	%
iCIMS, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.03%	09/2023	08/2028	44,742		44,563		43,637
	First lien (2)(12)(13)	SOFR(Q)	6.25%	10.53%	10/2022	08/2028	7,366		7,326		7,184
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.03%	08/2022	08/2028	529		530		516
									52,419		51,337		3.91	%

The accompanying notes are an integral part of these consolidated financial statements.

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

GS Acquisitionco, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	$	25,212	$	25,176	$	25,086
	First lien (5)(13)	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	21,185		21,155		21,080
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	2,894		2,888		2,879
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.55%	03/2024	05/2028	451		450		448
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	357		359		355
									50,028		49,848		3.80	%
Model N, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	06/2024	06/2031	43,996		43,800		43,996		3.35	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(12)(13)	SOFR(M)	5.75%	10.18%	07/2021	07/2028	18,372		18,300		18,372
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.18%	07/2022	07/2028	7,724		7,680		7,724
	Subordinated (3)(13)	SOFR(Q)	7.50%	11.90%	07/2022	07/2029	16,953		16,809		16,953
									42,789		43,049		3.28	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.15%	08/2021	08/2028	36,902		36,706		35,928
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.15%	08/2021	08/2028	3,884		3,863		3,782
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.75%	10.15%	08/2021	08/2027	3,027		2,997		2,947
									43,566		42,657		3.25	%
Foreside Financial Group, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.73%	05/2022	09/2027	37,000		36,839		37,000
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.73%	05/2022	09/2027	4,054		4,027		4,054
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.72%	05/2022	09/2027	601		597		601
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.64%	03/2024	09/2027	387		383		387
									41,846		42,042		3.20	%

The accompanying notes are an integral part of these consolidated financial statements.

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.29%	05/2022	10/2028	$	15,514	$	15,489	$	15,514
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.29%	08/2021	10/2028	11,847		11,829		11,847
	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.29%	08/2021	10/2028	6,625		6,611		6,625
	First lien (3)(11)(13)	SOFR(M)	5.00%	9.32%	01/2022	10/2028	1,222		1,216		1,222
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.29%	01/2022	10/2028	819		815		819
	Subordinated (3)(13)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,372		4,327		4,372
									40,287		40,399		3.08	%
Foundational Education Group, Inc.
Education	Second lien (5)(13)	SOFR(Q)	6.50%	11.04%	08/2021	08/2029	22,500		22,430		22,500
	Second lien (3)(11)(13)	SOFR(Q)	6.50%	11.04%	08/2021	08/2029	10,965		10,731		10,965
	First lien (2)	SOFR(Q)	3.75%	8.29%	05/2025	08/2028	6,400		5,856		5,851
									39,017		39,316		3.00	%
MRI Software LLC
Software	First lien (5)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	21,317		21,293		21,317
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	03/2021	02/2027	7,551		7,543		7,551
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	03/2021	02/2027	4,498		4,494		4,498
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	3,091		3,088		3,091
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	789		788		789
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	111		111		111
									37,317		37,357		2.85	%
CentralSquare Technologies, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.75% + 3.38%/PIK	10.32%	04/2024	04/2030	36,254		35,886		36,254		2.76	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (3)(11)(13)	SOFR(S)	5.75%	10.14%	10/2021	10/2028	36,155		35,958		35,446		2.70	%
IG Investments Holdings, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.28%	09/2021	09/2028	32,635		32,469		32,635
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.28%	03/2024	09/2028	2,529		2,528		2,529
									34,997		35,164		2.68	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.52%	03/2021	03/2028	$	19,259	$	19,127	$	19,259
	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.56%	03/2021	03/2028	5,012		4,998		5,012
	First lien (2)(12)(13)	SOFR(Q)	6.09%	10.52%	03/2021	03/2028	4,913		4,879		4,913
	First lien (3)(11)(13)	SOFR(Q)	6.24%	10.67%	04/2025	03/2028	4,706		4,684		4,706
									33,688		33,890		2.58	%
TigerConnect, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	3.38% + 3.38%/PIK	11.18%	02/2022	02/2028	29,868		29,714		29,868
	First lien (2)(13)(16) - Drawn	SOFR(Q)*	3.38% +3.38%/PIK	11.18%	02/2022	02/2028	2,968		2,990		2,990
									32,704		32,858		2.50	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	17,087		16,991		17,087
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	12,298		12,233		12,298
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.91%	06/2022	10/2028	977		978		977
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	10/2021	10/2027	715		708		715
	First lien (3)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	79		79		79
									30,989		31,156		2.37	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(13)	SOFR(Q)	5.75%	10.08%	08/2022	08/2029	22,275		22,225		22,275
	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.08%	06/2024	08/2029	8,217		8,217		8,217
									30,442		30,492		2.32	%
Nelipak Holding Company
Packaging	First lien (3)(11)(13)(14)	EURIBOR(Q)	5.50%	7.48%	03/2024	03/2031	€	16,440	17,695		19,386
	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.80%	03/2024	03/2031	$	8,978	8,919		8,978
	First lien (3)(11)(13)(14)(16) - Drawn	SOFR(M)	5.50%	9.83%	03/2024	03/2031	$	1,541	1,530		1,541
	First lien (3)(13)(16) - Drawn	EURIBOR(M)	5.50%	7.37%	03/2024	03/2031	€	78	89		93
									28,233		29,998		2.29	%
Brave Parent Holdings, Inc.
Software	First lien (5)(13)	SOFR(M)	5.00%	9.33%	11/2023	11/2030	19,919		19,836		19,919
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	05/2024	11/2030	7,788		7,788		7,788
	First lien (5)(13)	SOFR(M)	5.00%	9.33%	11/2023	11/2030	1,313		1,304		1,313
	First lien (3)(13)	SOFR(M)	5.00%	9.33%	05/2024	11/2030	513		517		513
									29,445		29,533		2.25	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

DOCS, MSO, LLC
Healthcare	First lien (3)(11)(13)	SOFR(M)	5.75%	10.17%	06/2022	06/2028	$	18,243	$	18,243	$	18,081
	First lien (4)(13)	SOFR(M)	5.75%	10.17%	06/2022	06/2028	6,832		6,832		6,771
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.18%	02/2025	06/2028	3,371		3,348		3,341
	First lien (3)(13)(16) - Drawn	SOFR(S)	5.75%	10.13%	06/2022	06/2028	120		120		119
									28,543		28,312		2.16	%
Syndigo LLC
Software	Second lien (4)(13)	SOFR(Q)	8.00%	12.54%	12/2020	12/2028	22,500		22,408		22,500
	Second lien (2)(12)(13)	SOFR(Q)	8.00%	12.54%	02/2022	12/2028	5,697		5,705		5,697
									28,113		28,197		2.15	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.43%	08/2021	08/2028	22,271		22,158		20,043
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.43%	08/2021	08/2028	4,275		4,243		3,847
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.43%	08/2021	08/2028	3,947		3,924		3,553
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.50%	9.93%	08/2021	08/2027	518		513		466
									30,838		27,909		2.13	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(11)(13)	SOFR(M)	6.00%	10.33%	10/2023	11/2030	28,003		27,770		27,317		2.08	%
Bullhorn, Inc.
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	09/2019	10/2029	13,206		13,173		13,206
	First lien (3)(11)(13)	SOFR(M)	5.00%	9.33%	05/2024	10/2029	8,879		8,917		8,879
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	10/2021	10/2029	3,398		3,394		3,398
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	09/2019	10/2029	761		759		761
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	09/2019	10/2029	341		340		341
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	09/2019	10/2029	272		271		272
									26,854		26,857		2.05	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

YLG Holdings, Inc.
Business Services	First lien (5)(13)	SOFR(Q)	4.75%	9.05%	11/2019	12/2030	$	21,770	$	21,745	$	21,770
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	04/2025	12/2030	4,330		4,309		4,330
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.07%	04/2025	12/2030	327		325		327
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.05%	11/2019	12/2030	35		35		35
									26,414		26,462		2.02	%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	6.00%	10.30%	03/2024	11/2028	23,089		23,007		23,089
	First lien (3)(11)(13)	SOFR(Q)	6.00%	10.30%	03/2022	11/2028	2,374		2,365		2,374
									25,372		25,463		1.94	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(11)(13)	SOFR(S)	5.50%	9.97%	02/2022	02/2028	18,867		18,818		18,646
	First lien (2)(12)(13)	SOFR(S)	5.50%	9.97%	02/2022	02/2028	5,250		5,235		5,189
	First lien (3)(11)(13)	SOFR(S)	5.50%	9.97%	02/2022	02/2028	690		687		681
									24,740		24,516		1.87	%
PDI TA Holdings, Inc.
Software	First lien (4)(13)	SOFR(Q)	5.50%	9.78%	01/2024	02/2031	20,419		20,331		20,419
	First lien (4)(13)(16) - Drawn	SOFR(Q)	5.50%	9.78%	01/2024	02/2031	1,865		1,856		1,865
	First lien (3)(13)(16) - Drawn	P(Q)	4.50%	12.00%	01/2024	02/2031	732		728		732
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.78%	03/2025	02/2031	513		513		513
									23,428		23,529		1.79	%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.33%	04/2024	08/2030	19,821		19,758		19,821
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.33%	04/2024	08/2030	3,398		3,387		3,398
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.00%	9.33%	04/2024	08/2030	170		169		170
									23,314		23,389		1.78	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(13)	SOFR(Q)	4.75%	9.05%	11/2023	12/2030	22,274		22,126		22,274
	First lien (3)(13)(16) - Drawn	SOFR(M)	4.75%	9.06%	11/2023	12/2030	257		255		257
									22,381		22,531		1.72	%
Xactly Corporation
Software	First lien (4)(13)	SOFR(Q)	6.25%	10.68%	07/2017	07/2027	22,500		22,486		22,294		1.70	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Ambrosia Holdco Corp(31)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(13)	SOFR(M)*	3.25%/PIK + 2.00%	9.58%	01/2024	06/2029	$	12,554	$	12,058	$	10,593
	First lien (3)(11)(13)	SOFR(M)*	3.25%/PIK + 2.00%	9.58%	01/2024	06/2029	10,107		10,010		8,528
	First lien (3)(11)(13)	SOFR(M)*	3.00%/PIK + 1.00%	8.33%	03/2024	06/2029	2,879		2,399		2,381
	Subordinated (2)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	319		319		319
	Subordinated (3)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	308		308		308
									25,094		22,129		1.69	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(11)(13)	SOFR(M)	4.75%	9.08%	05/2024	06/2031	15,681		15,576		15,681
	First lien (2)(12)(13)	SOFR(M)	4.50%	8.83%	05/2025	06/2031	5,782		5,754		5,753
									21,330		21,434		1.63	%
Sierra Enterprises, LLC
Food & Beverage	First lien (2)(12)(13)	SOFR(Q)	6.00%	10.32%	05/2025	05/2030	21,465		21,306		21,304		1.62	%
Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	8.95%	10/2020	11/2027	11,670		11,634		11,398
	Second lien (4)(13)	SOFR(Q)	7.75%	12.19%	11/2020	11/2028	9,767		9,715		9,613
									21,349		21,011		1.60	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)	SOFR(S)	4.25%	8.48%	06/2021	06/2028	15,382		15,313		15,382
	First lien (2)(12)(13)	SOFR(S)	4.25%	8.43%	06/2021	06/2028	5,157		5,128		5,157
									20,441		20,539		1.57	%
Oranje Holdco, Inc.
Education	First lien (3)(11)(13)	SOFR(Q)	7.75%	12.03%	02/2023	02/2029	14,880		14,752		14,880
	First lien (3)(11)(13)	SOFR(Q)	7.25%	11.53%	04/2024	02/2029	5,454		5,409		5,454
									20,161		20,334		1.55	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(11)	SOFR(M)	6.75%	11.19%	03/2021	03/2029	20,313		20,282		20,244		1.54	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	SOFR(Q)	6.75%	11.13%	11/2019	11/2027	22,500		22,441		17,044
	Second lien (2)(12)	SOFR(Q)	6.75%	11.13%	11/2019	11/2027	4,208		4,188		3,188
									26,629		20,232		1.54	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(13)	SOFR(Q)	5.00%	9.45%	12/2021	12/2029	$	8,501	$	8,458	$	8,501
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.45%	07/2022	12/2029	4,739		4,708		4,739
	First lien (5)(13)	SOFR(Q)	5.00%	9.45%	12/2021	12/2029	2,854		2,838		2,854
	First lien (5)(13)	SOFR(Q)	5.00%	9.45%	12/2021	12/2029	2,836		2,821		2,836
									18,825		18,930		1.44	%
GraphPAD Software, LLC
Healthcare	First lien (2)(12)(13)	P(Q)	3.75%	11.25%	06/2024	06/2031	17,811		17,771		17,811
	First lien (3)(13)(16) - Drawn	P(M)	3.75%	11.25%	06/2024	06/2031	445		443		445
									18,214		18,256		1.39	%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(13)	SOFR(M)(18)*	6.75%/PIK + 0.50%	11.67%	09/2015	09/2026	29,879		29,842		17,999
	First lien (3)(13)	SOFR(M)(18)*	14.50%/PIK +0.50%	19.42%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(13)	SOFR(Q)(18)*	1.00%/PIK	5.45%	03/2021	09/2026	5,230		—		—
									31,369		17,999		1.37	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(13)	SOFR(M)	4.50%	8.83%	02/2020	02/2028	14,554		14,539		14,554
	First lien (5)(13)	SOFR(M)	4.50%	8.83%	02/2024	02/2028	1,254		1,248		1,254
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	4.50%	8.83%	02/2020	02/2028	1,799		1,790		1,799
									17,577		17,607		1.34	%
Low Voltage Holdings Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	04/2025	04/2032	16,902		16,839		16,839		1.28	%
Viper Bidco. Inc.
Software	First lien (3)(11)(13)(14)	SONIA(D)	5.00%	9.22%	11/2024	11/2031	11,970		15,109		16,361		1.25	%
Bonterra LLC
Software	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.30%	03/2025	03/2032	15,065		15,028		15,027
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.00%	9.30%	03/2025	03/2032	347		346		346
									15,374		15,373		1.17	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Notorious Topco, LLC
Consumer Products	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.73%	11/2021	11/2027	$	10,160	$	10,122	$	7,115
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.73%	05/2022	11/2027	10,033		9,993		7,026
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.73%	11/2021	11/2027	885		879		620
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.75%	11.22%	11/2021	05/2027	880		874		616
									21,868		15,377		1.17	%
Calabrio, Inc.
Software	First lien (5)(13)	SOFR(Q)	5.50%	9.83%	04/2021	04/2027	12,224		12,190		12,224
	First lien (5)(13)	SOFR(Q)	5.50%	9.83%	01/2024	04/2027	1,566		1,557		1,566
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.83%	04/2021	04/2027	637		633		637
									14,380		14,427		1.10	%
Coupa Holdings, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.53%	02/2023	02/2030	14,316		14,182		14,316		1.09	%
Houghton Mifflin Harcourt Company
Education	First lien (3)(11)	SOFR(Q)	5.25%	9.63%	10/2023	04/2029	14,410		14,075		14,189		1.08	%
Convey Health Solutions, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	1.00% + 4.25%/PIK	9.65%	09/2019	07/2029	13,337		13,292		12,154
	First lien (3)(11)(13)	SOFR(S)*	1.00% + 4.25% /PIK	9.57%	02/2022	07/2029	2,227		2,213		2,030
									15,505		14,184		1.08	%
Daxko Acquisition Corporation
Software	First lien (3)(11)(13)	SOFR(M)	4.75%	9.08%	10/2021	10/2028	12,812		12,742		12,812
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.08%	10/2021	10/2028	1,080		1,073		1,080
	First lien (3)(13)	SOFR(M)	4.75%	9.08%	10/2021	10/2028	65		64		65
									13,879		13,957		1.06	%
CFS Management, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.06%	08/2019	09/2026	11,957		11,957		10,462
	First lien (2)(12)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.06%	08/2019	09/2026	3,562		3,571		3,117
									15,528		13,579		1.04	%
eResearchTechnology, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(M)	4.75%	9.08%	03/2025	01/2032	11,380		11,268		11,266
	First lien (3)(11)(13)	SOFR(M)	4.75%	9.08%	03/2025	01/2032	1,889		1,876		1,871
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	4.75%	9.08%	03/2025	01/2032	301		289		298
									13,433		13,435		1.02	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

USRP Holdings, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	5.00%	9.33%	07/2021	12/2029	$	6,948	$	6,913	$	6,948
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	07/2021	12/2029	5,513		5,486		5,513
									12,399		12,461		0.95	%
Flash Charm Inc. (fka Idera, Inc.)
Software	Second lien (4)	SOFR(Q)	6.75%	11.18%	06/2019	03/2029	10,719		10,666		9,486
	Second lien (3)(11)	SOFR(Q)	6.75%	11.18%	04/2021	03/2029	1,429		1,426		1,265
									12,092		10,751		0.82	%
Anaplan, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	4.50%	8.82%	06/2022	06/2029	10,565		10,494		10,565		0.81	%
Project Accelerate Parent, LLC
Software	First lien (5)(13)	SOFR(M)	5.25%	9.57%	02/2024	02/2031	10,466		10,421		10,467		0.80	%
Specialtycare, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.50%	10.06%	06/2021	06/2028	10,194		10,124		9,901
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	3.75%	8.19%	06/2021	06/2026	291		286		282
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.04%	06/2021	06/2028	77		75		74
									10,485		10,257		0.78	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(12)(13)	SOFR(Q)*	6.75% + 2.00%/PIK	13.05%	07/2021	07/2027	8,537		8,499		8,537
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.08%	07/2021	07/2026	1,078		1,067		1,078
									9,566		9,615		0.73	%
Planview Parent, Inc.
Software	Second lien (3)(11)(13)	SOFR(Q)	5.75%	10.05%	06/2024	12/2028	9,231		9,210		9,138		0.70	%
Safety Borrower Holdings LLC
Software	First lien (2)(12)(13)	SOFR(M)	4.75%	9.08%	09/2021	09/2027	7,408		7,391		7,408
	First lien (3)(11)(13)	SOFR(M)	4.75%	9.08%	09/2021	09/2027	1,515		1,515		1,515
	First lien (3)(13)(16) - Drawn	P(Q)	3.75%	11.25%	09/2021	09/2027	192		191		192
									9,097		9,115		0.69	%
Icefall Parent, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.03%	01/2024	01/2030	8,696		8,625		8,696		0.66	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Park Place Technologies, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.53%	07/2024	03/2031	$	7,615	$	7,598	$	7,596
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.56%	07/2024	03/2031	623		619		622
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.25%	9.58%	07/2024	03/2030	264		264		264
									8,481		8,482		0.65	%
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)*	2.25% + 2.75%/PIK	9.28%	01/2025	02/2032	8,113		8,094		8,093
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.50%	8.81%	01/2025	02/2032	278		278		278
									8,372		8,371		0.64	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.03%	10/2024	11/2029	8,446		8,351		8,341		0.64	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.88%	10/2021	10/2028	6,792		6,755		6,473
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	1,143		1,135		1,089
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.81%	10/2021	10/2028	778		774		742
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.18%	11/2023	10/2028	19		19		18
									8,683		8,322		0.63	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(13)(16) - Drawn	SOFR(M)	4.75%	9.08%	03/2024	11/2028	4,063		4,045		4,063
	First lien (3)(11)(13)	SOFR(M)	4.50%	8.83%	03/2024	11/2028	3,788		3,788		3,788
									7,833		7,851		0.60	%
Compsych Investments Corp.
Business Services	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.02%	07/2024	07/2031	7,846		7,793		7,827		0.60	%
Eclipse Topco, Inc. (29)
Eclipse Buyer Inc.
Software	First lien (4)(13)	SOFR(M)	4.75%	9.06%	09/2024	09/2031	7,113		7,080		7,077		0.54	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(13)	—	—	—	05/2013	—	14,500		14,500		6,525		0.50	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(12)(13)	SOFR(M)	5.00%	9.33%	08/2024	08/2031	$	6,483	$	6,454	$	6,451	0.49	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)	SOFR(Q)*	2.75% + 2.75%/PIK	9.82%	08/2024	08/2031	6,178		6,123		6,116
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.32%	08/2024	08/2030	286		283		283
									6,406		6,399		0.49	%
Next Holdco, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.55%	11/2023	11/2030	6,296		6,261		6,296		0.48	%
Greenway Health, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.05%	12/2023	04/2029	6,270		6,198		6,270		0.48	%
NC Topco, LLC
Software	First lien (2)(12)(13)	SOFR(M)	4.50%	8.83%	08/2024	09/2031	5,891		5,865		5,862		0.45	%
RailPros Parent, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	4.50%	8.83%	05/2025	05/2032	5,843		5,814		5,813		0.44	%
LSCS Holdings, Inc.
Healthcare	First lien (2)(12)	SOFR(Q)	4.50%	8.80%	04/2025	03/2032	5,168		5,066		5,081		0.39	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.55%	10/2023	10/2030	5,044		5,002		5,044		0.38	%
Logrhythm, Inc.
Software	First lien (3)(13)	SOFR(Q)	7.50%	11.83%	07/2024	07/2029	4,196		4,143		4,080		0.31	%
CommerceHub, Inc.
Software	First lien (3)(11)	SOFR(Q)	6.25%	10.51%	06/2023	12/2027	3,900		3,634		3,900		0.30	%
Kene Acquisition, Inc.
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.53%	02/2024	02/2031	3,492		3,462		3,492
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.53%	02/2024	02/2031	161		160		161
									3,622		3,653		0.28	%
RLG Holdings, LLC
Packaging	First lien (2)(12)	SOFR(M)	5.00%	9.33%	06/2024	07/2028	3,949		3,949		3,438		0.26	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(11)(13)	SOFR(S)	4.75%	8.99%	05/2024	12/2028	3,062		3,049		3,062		0.23	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(11)(13)	SOFR(M)	4.75%	9.22%	05/2021	05/2027	3,046		3,035		3,046		0.23	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Galway Borrower LLC
Business Services	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	4.50%	8.80%	04/2024	09/2028	$	1,796	$	1,771	$	1,778
	First lien (2)(12)(13)	SOFR(Q)	4.50%	8.80%	04/2024	09/2028	1,084		1,078		1,074
									2,849		2,852		0.22	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	6.41%	10.70%	03/2021	04/2028	1,795		1,790		1,634
	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.80%	12/2022	04/2028	1,006		996		918
									2,786		2,552		0.19	%
DT1 Midco Corp
Business Services	First lien (2)(12)	SOFR(M)	5.00%	9.32%	06/2025	12/2031	1,348		1,342		1,342
	First lien (3)(16) - Drawn	SOFR(M)	5.00%	9.32%	06/2025	12/2031	32		32		32
									1,374		1,374		0.10	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(11)(13)	SOFR(M)	5.25%	9.58%	05/2024	10/2029	1,044		1,040		1,044		0.08	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(13)(16) - Drawn	SOFR(M)	4.75%	9.08%	06/2024	12/2028	465		461		465		0.04	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(13)	—	—	—	06/2024	06/2029	152		152		152
	Trust Claim(3)(13)	—	—	—	06/2024	06/2029	52		52		52
									204		204		0.02	%
Mai Capital Management Intermediate LLC
Financial Services	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.05%	06/2025	08/2031	52		52		52		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (18)(19)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	1,984,627	$	1,942,865	148.05	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (3)(11)(13)	SOFR(M)	8.25%	12.69%	10/2019	10/2027	$	34,459	$	34,354	$	34,459	2.63	%
Ciklum Inc.**
Business Services	First lien (2)(12)(13)	SOFR(Q)	6.50%	10.88%	02/2024	02/2030	9,488		9,390		9,488
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	10.91%	02/2024	02/2030	5,366		5,301		5,366
									14,691		14,854		1.13	%
Cleanova US Holdings, LLC**
Business Products	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.07%	05/2025	06/2032	8,406		8,113		8,123		0.62	%
Total Funded Debt Investments - United Kingdom									$	57,158	$	57,436	4.38	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(11)(13)	SOFR(S)*	3.50% + 2.00%/PIK	9.76%	07/2024	07/2031	$	19,617	$	19,606	$	19,519
	First lien (2)(13)	SOFR(S)*	3.50% + 2.00%/PIK	9.76%	06/2025	07/2031	16,084		16,084		16,003
	First lien (2)	SOFR(S)*	3.50% + 2.00%/PIK	9.76%	6/13/2025	07/2031	881		881		881
									36,571		36,403		2.77	%
Total Funded Debt Investments - Jersey									$	36,571	$	36,403	2.77	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.32%	06/2025	12/2029	$	4,485	$	4,474	$	4,474
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.27%	12/2022	12/2029	3,428		3,391		3,428
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.27%	12/2023	12/2029	1,335		1,324		1,335
									9,189		9,237		0.70	%
Adelaide Borrower, LLC**
Software	First lien (3)(13)	SOFR(Q)	6.25%	10.55%	05/2024	05/2030	4,698		4,659		4,698		0.36	%
Total Funded Debt Investments - Australia									$	13,848	$	13,935	1.06	%
Total Funded Debt Investments									$	2,092,204	$	2,050,639	156.26	%
Equity - United States
Dealer Tire Holdings, LLC(36)
Distribution & Logistics	Preferred shares (3)(11)(13)	FIXED(A)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	75,927	$	77,553	5.91	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)	Cost		Fair Value		Percent of Net Assets

Symplr Software Intermediate Holdings, Inc. (35)
Healthcare	Series A preferred shares (4)(13)	SOFR(Q)*	10.50%/PIK	14.94%	11/2018	—	7,500	$	17,618	$	17,313
	Series A preferred shares (3)(11)(13)	SOFR(Q)*	10.50%/PIK	14.94%	11/2018	—	2,586	6,074		5,969
								23,692		23,282		1.77	%
ACI Parent Inc.(26)
Healthcare	Preferred shares (3)(13)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500	19,542		14,751		1.12	%
Diamond Parent Holdings Corp. (25)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(13)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000	14,912		14,277		1.09	%
Knockout Intermediate Holdings I Inc.(34)
Software	Preferred shares (3)(13)	SOFR(S)*	10.75%/PIK	14.89%	06/2022	—	7,376	$	14,138	$	14,237	1.09	%
HBWM Holdings, LLC(33)
Financial Services	Common units(9)(13)	FIXED(Q)*	4.00%	4.00%	09/2021	—	47,114	4,750		9,532		0.73	%
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (32)
Packaging	Series A preferred shares (3)(13)	FIXED(A)*	15.00%/PIK	15.00%	05/2024	—	2,900	3,335		3,335
	Series B preferred shares (3)(13)	FIXED(A)(18)*	11.50%/PIK	11.50%	05/2024	—	3,691	2,565		2,702
	Ordinary shares (3)(13)	—	—	—	05/2024	—	290	145		305
								6,045		6,342		0.48	%
FS WhiteWater Holdings, LLC(27)
Consumer Services	Ordinary shares (5)(13)	—	—	—	12/2021	—	50,000	5,000		4,845		0.37	%
Firebird Co-Invest L.P.(20)
Business Services	LP Interest (3)(13)	—	—	—	01/2025	—	3,358,474	3,358		3,358		0.26	%
Pioneer Topco I, L.P.(28)
Software	Class A-2 common units(10)(13)	—	—	—	11/2021	—	199,980	2,000		2,160		0.16	%
Eclipse Topco, Inc.(29)
Software	Preferred shares (4)(13)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190	2,075		2,073		0.16	%
Ambrosia Holdco Corp. (31)
Distribution & Logistics	Class A-1 common units(2)(13)	—	—	—	01/2024	—	126,536	1,348		781
	Class A-1 common units(3)(13)	—	—	—	01/2024	—	122,044	1,300		753
								2,648		1,534		0.12	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

GEDC Equity, LLC
Healthcare	Participation Interest(3)(13)	—	—	—	06/2023	—	190,000		$	190	$	50	—	%
Ancora Acquisition LLC
Education	Preferred shares (7)(13)	—	—	—	08/2013	—	372		83		—		—	%
AAC Lender Holdings, LLC(24)
Education	Ordinary shares (3)(13)	—	—	—	03/2021	—	758		—		—		—	%
Total Shares - United States									$	174,360	$	173,994	13.26	%
Total Shares									$	174,360	$	173,994	13.26	%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations (3)(13)	SOFR(S)	7.00%	11.46%	11/2024	01/2037	3,232		$	3,232	$	3,249	0.25	%
Total Structured Finance Obligations - United States									$	3,232	$	3,249	0.25	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(13)	—	—	—	06/2024	06/2029	138,622		$	182	$	272
	Warrants (3)(13)	—	—	—	06/2024	06/2029	47,459		62		93
									244		365		0.03	%
Total Warrants - United States									$	244	$	365	0.03	%
Total Funded Investments									$	2,270,040	$	2,228,247	169.80	%
Unfunded Debt Investments - United States
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	12/2025	$	1,685	$	—	$	—	—	%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(13)(16) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	10/2024	10/2026	2,695		—		—		—	%
DOXA Insurance Holdings LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—		—	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	$	3,907	$	—	$	—	—	%
Riskonnect Parent, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	113		(1)		—		—	%
Associations, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	377		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	2,573		(1)		—
									(1)		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	09/2021	09/2027	320		(2)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	578		(3)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	11/2019	12/2030	274		(1)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2025	11/2026	340		(2)		—
									(3)		—		—	%
Next Holdco, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	903		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—
									(3)		—		—	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	1,847		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	09/2019	10/2029	935		(4)		—
									(4)		—		—	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2029	$	486	$	(5)	$	—	—	%
PDI TA Holdings, Inc.
Software	First lien (4)(13)(16) - Undrawn	—	—	—	01/2024	02/2026	—		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	02/2031	1,098		(5)		—
									(5)		—		—	%
Kene Acquisition, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2026	1,398		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2031	468		(5)		—
									(5)		—		—	%
Calabrio, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2021	04/2027	850		(6)		—		—	%
Brave Parent Holdings, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2030	1,594		(6)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	10/2028	2,040		(6)		—		—	%
Icefall Parent, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	01/2030	828		(8)		—		—	%
Project Accelerate Parent, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%
MRI Software LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2020	02/2027	1,891		(9)		—		—	%
Daxko Acquisition Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		—		—	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Healthspan Buyer, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	10/2030	$	1,229	$	(12)	$	—	—	%
Coupa Holdings, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	04/2027	1,291		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		—		—	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2025	03/2027	909		—		—
	First lien (5)(13)(16) - Undrawn	—	—	—	03/2025	03/2027	2,723		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2029	1,400		(14)		—
									(14)		—		—	%
GraphPAD Software, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	1,682		(4)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	4,038		(10)		—
									(14)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2028	1,501		(15)		—		—	%
Nelipak Holding Company
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2027	$	3,501	—		—		—	%
	First lien (3)(11)(13)(14)(16) - Undrawn	—	—	—	03/2024	03/2027	€	6,411	—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2031	$	1,071	(8)		—
	First lien (3)(11)(13)(14)(16) - Undrawn	—	—	—	03/2024	03/2031	€	1,118	(8)		—
									(16)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	2,924		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2022	09/2027	1,710		(17)		—
									(17)		—		—	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Fortis Solutions Group, LLC
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2027	$	2,145	$	(21)	$	—	—	%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	08/2030	2,096		(8)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		—
									(21)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		—	%
Model N, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	9,047		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		—
									(24)		—		—	%
OEConnection LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2031	5,063		(25)		—		—	%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2021	11/2027	3,284		(26)		—		—	%
Infogain Corporation
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)		—		—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—	%
IG Investments Holdings, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	09/2021	09/2028	3,780		(38)		—		—	%
Power Grid Holdings, Inc.
Business Products	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	12/2030	4,032		(40)		—		—	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

TigerConnect, Inc.
Healthcare	First lien (2)(13)(16) - Undrawn	—	—	—	02/2022	12/2025	$	751	$	—	$	—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		—
									(43)		—		—	%
CentralSquare Technologies, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)		—		—	%
Park Place Technologies, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	09/2025	575		(1)		(1)
	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	03/2030	637		(2)		(2)
									(3)		(3)		(0.00)	%
RailPros Parent, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2025	05/2027	1,798		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2025	05/2032	899		(4)		(4)
									(4)		(4)		(0.00)	%
Compsych Investments Corp.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2027	2,253		(14)		(6)		(0.00)	%
Bonterra LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2025	03/2032	1,282		(3)		(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	03/2025	03/2027	1,629		—		(4)
									(3)		(7)		(0.00)	%
Specialtycare, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2026	268		(4)		(8)		(0.00)	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	358		—		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2030	429		(4)		(4)
									(4)		(8)		(0.00)	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Xactly Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2017	07/2027	$	992	$	(10)	$	(9)	(0.00)	%
NC Topco, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	1,672		—		(8)
									(3)		(11)		(0.00)	%
Logrhythm, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		(12)		(0.00)	%
Low Voltage Holdings Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	04/2025	10/2027	5,257		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2025	04/2032	819		(3)		(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2025	04/2032	2,317		(9)		(9)
									(12)		(12)		(0.00)	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2031	1,086		(5)		(5)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		(8)
									(5)		(13)		(0.00)	%
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	01/2025	02/2032	1,422		(4)		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	01/2025	02/2027	4,462		—		(11)
									(4)		(15)		(0.00)	%
Mai Capital Management Intermediate LLC
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	06/2025	08/2031	256		(1)		(1)
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2025	06/2027	3,692		—		(18)
									(1)		(19)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2028	2,284		—		(20)		(0.00)	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Sierra Enterprises, LLC
Food & Beverage	First lien (3)(13)(16) - Undrawn	—	—	—	05/2025	05/2030	$	2,717	$	(20)	$	(20)	(0.00)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(23)		(0.00)	%
DT1 Midco Corp
Business Services	First lien (3)(16) - Undrawn	—	—	—	06/2025	12/2030	674		(3)		(3)
	First lien (3)(16) - Undrawn	—	—	—	06/2025	04/2027	4,462		—		(22)
									(3)		(25)		(0.00)	%
GS Acquisitionco, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	759		—		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2019	05/2028	4,464		(27)		(22)
									(27)		(26)		(0.00)	%
Eclipse Topco, Inc. (29)
Eclipse Buyer Inc.
Software	First lien (4)(13)(16) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		(6)
	First lien (3)(13)(16) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		(21)
									(21)		(27)		(0.00)	%
eResearchTechnology, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	03/2025	10/2031	1,074		(11)		(11)
	First lien (3)(13)(16) - Undrawn	—	—	—	03/2025	01/2027	1,847		—		(18)
									(11)		(29)		(0.00)	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2025	06/2027	2,500		—		(13)
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	06/2030	3,707		(26)		(19)
									(26)		(32)		(0.00)	%
Viper Bidco. Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		(17)
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2026	4,150		—		(21)
									(17)		(38)		(0.00)	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Vehlo Purchaser, LLC
Software	First lien (3)(16) - Undrawn	—	—	—	06/2025	06/2027	$	9,970	$	(50)	$	(50)	(0.00)	%
Einstein Parent, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2025	01/2031	5,750		(57)		(57)		(0.00)	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		(68)		(0.01)	%
iCIMS, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2028	3,000		(26)		(74)		(0.01)	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2025	3,708		—		(91)
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		(91)
									(37)		(182)		(0.01)	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	08/2027	1,836		(18)		(184)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(1,001)	$	(982)	(0.04)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2022	12/2028	$	790	(6)		—		—	%
Adelaide Borrower, LLC**
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2030	667		(7)		—
									(7)		—		—	%
Total Unfunded Debt Investments - Australia									$	(13)	$	—	—	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - UK
Ciklum Inc.**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	08/2025	$	6,575	$	—	$	—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2030	2,989		(37)		—
									$	(37)	$	—	—	%
Total Unfunded Debt Investments - UK									$	(37)	$	—	—	%
Total Unfunded Debt Investments									$	(1,051)	$	(982)	(0.04)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,268,989	$	2,227,265	169.76	%
Non-Controlled/Affiliated Investments (37)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (21)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(13)	SOFR(Q)*	13.50%/PIK	18.20%	12/2020	01/2028	$	24,333	$	24,274	$	24,333	1.85	%
Eagle Infrastructure Super HoldCo, LLC (30)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(12)(13)	SOFR(Q)	7.50%	11.95%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(13)	SOFR(Q)	7.50%	11.95%	03/2023	04/2028	340		340		340
									10,968		10,968		0.84	%
Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(8)(13)	FIXED(Q)(18)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(13)	SOFR(Q)(18)*	10.00%/PIK	11.00%	7/23/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	35,242	$	35,301	2.69	%
Equity - United States
TVG-Edmentum Holdings, LLC(21)
Education	Class B-1 Common Shares (3)(13)	—	—	—	12/2020	—	24,450		$	43,212	$	31,036
	Class B-2 Common Shares (3)(13)	—	—	—	12/2020	—	24,449		24,839		19,176
	Series C-2 Preferred Units(3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		8,100		8,100
									76,151		58,312		4.45	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(13)	—	—	—	03/2023	—	72,536		$	4,104	$	7,370	0.56	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(13)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(13)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,000		0.15	%
Total Shares - United States									$	93,038	$	67,682	5.16	%
Total Non-Controlled/Affiliated Investments									$	128,280	$	102,983	7.85	%
Controlled Investments (38)
Funded Debt Investments - United States
New Benevis Topco, LLC (23)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	$	48,905	$	48,905	$	48,905
	First lien (3)(11)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	38,682		38,682		38,682
	Subordinated (3)(13)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	25,287		24,644		20,230
									112,231		107,817		8.22	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(11)(13)	SOFR(Q)	9.00%	13.56%	10/2020	12/2027	23,336		23,336		23,336
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	6.00%	10.56%	10/2020	12/2027	25,501		25,501		25,501
									48,837		48,837		3.72	%
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare	Second lien (3)(13)	SOFR(Q)(18)*	5.00%/PIK	9.56%	11/2018	11/2025	8,281		$	7,872	$	3,000	0.23	%
Total Funded Debt Investments - United States									$	168,940	$	159,654	12.17	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2018	—	—		$	160,000	$	160,000	12.20	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2021	—	—		112,400		112,400		8.57	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		74,248		104,973		8.00	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

UniTek Global Services, Inc.
Business Services	Preferred shares (3)(13)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	58,490,373		$	55,166	$	58,490
	Preferred shares (3)(13)	—	—	—	06/2017	—	80,994,293		29,318		11,031
	Preferred shares (2)(13)	—	—	—	01/2015	—	29,326,545		26,946		—
	Preferred shares (3)(13)	—	—	—	01/2015	—	141,354,439		7,447		—
	Ordinary shares (2)(13)	—	—	—	01/2015	—	2,096,477		1,925		—
	Ordinary shares (3)(13)	—	—	—	01/2015	—	9,236,492		532		—
									121,334		69,521		5.30	%
New Benevis Topco, LLC (23)
Healthcare	Common stock (2)(13)	—	—	—	10/2020	—	325,516		27,154		27,667
	Common stock (3)(13)	—	—	—	10/2020	—	152,548		12,768		12,966
									39,922		40,633		3.10	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(13)	—	—	—	10/2020	—	100		11,155		14,000		1.07	%
NM YI, LLC
Net Lease	Membership interest (6)(13)	—	—	—	09/2019	—	—		6,272		8,874		0.68	%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		850		393		0.03	%
NHME Holdings Corp.(22)
Healthcare	Ordinary shares (3)(13)	—	—	—	11/2018	—	640,000		4,000		—		—	%
Total Shares - United States									$	530,181	$	510,794	38.95	%
Total Shares									$	530,181	$	510,794	38.95	%
Warrants - United States
NHME Holdings Corp. (22)
Healthcare	Warrants (3)(13)	—	—	—	11/2018	01/2033	160,000		$	1,000	$	—	—	%
Total Warrants - United States									$	1,000	$	—	—	%
Total Funded Investments									$	700,121	$	670,448	51.12	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(13)(16) - Undrawn	—	—	—	10/2020	12/2027	$	6,394	$	—	$	—	—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	700,121	$	670,448	51.12	%
Total Investments									$	3,097,390	$	3,000,696	228.73	%

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)

(3)Investment is held by New Mountain Finance Corporation

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by New Mountain Net Lease Corporation.

(7)Investment is held by NMF Ancora Holdings, Inc.

(8)Investment is held by NMF Permian Holdings, LLC.

(9)Investment is held by NMF HB, Inc.

(10)Investment is held by NMF Pioneer, Inc.

(11)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details

(12)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. Borrowings, for details.

(13)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(14)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of June 30, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,443, the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,383, $7,558, $1,318 and $92, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(15)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

(16)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(17)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of June 30, 2025.

(18)Investment is on non-accrual status as of June 30, 2025. See Note 3. Investments, for details.

(19)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of June 30, 2025. See Note 2. Summary of Significant Accounting Policies, for details.

(20)The Company holds a LP Interest in Firebird Co-Invest L.P. and holds a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P. .

(21)The Company holds ordinary shares and Class B-1 and Class B-2 of preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of June 30, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investment plus unpaid compounded dividends was $48,080 and $29,707, respectively.

(22)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

(23)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

(24)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(25)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $15,037.

(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $19,666.

(27)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and five first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)

(28)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(29)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $2,094.

(30)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(31)The Company holds Class A-1 Common Units in Ambrosia Holdco Corp. and two first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

(32)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's Series A and Series B preferred equity investment plus unpaid compounded dividends was $3,335 and $3,691, respectively.

(33)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that is calculated using the unreturned original investment plus any unpaid capitalized dividends. As of June 30, 2025, the Company's unreturned original investment plus any unpaid capitalized dividends was $4,750.

(34)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's share plus unpaid compounded dividends was $14,237.

(35)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $23,842.

(36)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2025, the Company's stated value of it's share plus unpaid compounded dividends was $84,739.

(37)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of June 30, 2025 and December 31, 2024, along with transactions during the six months ended June 30, 2025 in which the issuer was a non-controlled/affiliated investment, is as follows:


Portfolio Company	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	19,156	$	—	$	—	$	(819)	$	18,337	$	—	$	660	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	91,620		4,026		—		(13,000)		82,646		—		2,051		1,975		125
Total Non-Controlled/Affiliated Investments	$	112,776	$	4,026	$	—	$	(13,819)	$	102,983	$	—	$	2,711	$	1,975	$	125

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(in thousands, except shares)

(unaudited)

(38) Denotes investments in which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of June 30, 2025 and December 31, 2024, along with transactions during the six months ended June 30, 2025 in which the issuer was a controlled investment, is as follows:


Portfolio Company (1)	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	$	3,000	$	—	$	—	$	—	$	3,000	$	—	$	—	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	140,102		10,065		—		(1,717)		148,450		—		6,816		—		1,383
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,076		4,662		—		(4,901)		62,837		—		2,763		—		250
NM NL Holdings, L.P.	104,512		—		—		461		104,973		—		—		4,375		—
NM GP Holdco, LLC	322		—		—		71		393		—		—		22		—
NM YI LLC	9,960		—		—		(1,086)		8,874		—		—		450		—
NMFC Senior Loan Program III LLC	160,000		—		—		—		160,000		—		—		11,400		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		7,728		—
UniTek Global Services, Inc.	107,524		66,389		(60,582)		(43,810)		69,521		38,898		516		4,855		570
Total Controlled Investments	$	700,896	$	81,116	$	(60,582)	$	(50,982)	$	670,448	$	38,898	$	10,095	$	28,830	$	2,203

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

* All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2025, 15.5% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2025

(unaudited)


	June 30, 2025
Investment Type	Percent of Total Investments at Fair Value
First lien	65.55	%
Second lien	5.64	%
Subordinated	3.60	%
Structured Finance Obligations	0.11	%
Equity and other	25.10	%
Total investments	100.00	%


	June 30, 2025
Industry Type	Percent of Total Investments at Fair Value
Software	26.99	%
Business Services	17.05	%
Healthcare	15.39	%
Investment Funds (includes investments in joint ventures)	9.19	%
Consumer Services	6.28	%
Education	5.81	%
Financial Services	4.44	%
Distribution & Logistics	3.96	%
Net Lease	3.81	%
Packaging	2.36	%
Energy	2.16	%
Business Products	1.02	%
Food & Beverage	0.71	%
Consumer Products	0.51	%
Specialty Chemicals & Materials	0.32	%
Total investments	100.00	%


	June 30, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	85.69	%
Fixed rates	14.31	%
Total investments	100.00	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	$	22,733	$	22,583	$	22,734
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	20,218		20,104		20,218
	First lien (4)(13)	SOFR(M)	5.25%	9.71%	01/2022	12/2027	9,599		9,545		9,599
	First lien (4)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	7,375		7,327		7,375
	Subordinated (3)(11)(13)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	15,733		15,598		15,366
	Subordinated (4)(13)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,170		6,117		6,027
									81,274		81,319		5.98	%
Knockout Intermediate Holdings I Inc.(30)
Kaseya Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	64,124		63,786		64,124
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.50%	9.83%	06/2022	06/2029	973		966		973
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	751		746		751
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	238		237		238
									65,735		66,086		4.86	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	49,430		49,409		49,430
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.28%	05/2024	07/2028	1,539		1,538		1,539
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	641		641		641
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	7,959		7,942		7,959
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,039		3,033		3,039
									62,563		62,608		4.61	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(12)(13)	SOFR(M)	4.75%	9.21%	08/2021	10/2030	40,312		40,084		40,312
	First lien (5)(13)	SOFR(M)	4.75%	9.21%	08/2021	10/2030	21,448		21,386		21,448
									61,470		61,760		4.54	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
OA Topco, L.P.(29)
OA Buyer, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	06/2024	12/2028	$	31,513	$	31,442	$	31,513
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	12/2021	12/2028	27,425		27,248		27,425
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	05/2022	12/2028	1,736		1,724		1,736
									60,414		60,674		4.46	%
GS Acquisitionco, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	34,719		34,663		34,719
	First lien (5)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	21,297		21,263		21,297
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	2,909		2,902		2,909
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.58%	03/2024	05/2028	319		319		319
									59,147		59,244		4.36	%
iCIMS, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.38%	09/2023	08/2028	44,742		44,537		44,406
	First lien (2)(12)(13)	SOFR(Q)	6.25%	10.88%	10/2022	08/2028	7,366		7,321		7,311
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.34%	08/2022	08/2028	706		705		701
									52,563		52,418		3.86	%
OEConnection LLC
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	04/2024	04/2031	46,430		46,214		46,430		3.42	%
Model N, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.33%	06/2024	06/2031	44,218		44,008		43,997		3.24	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	37,094		36,871		36,604
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	3,905		3,880		3,853
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.75%	10.20%	08/2021	08/2027	3,027		2,997		2,987
									43,748		43,444		3.20	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(12)(13)	SOFR(M)	5.75%	10.21%	07/2021	07/2028	18,372		18,291		18,372
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.21%	07/2022	07/2028	7,764		7,713		7,764
	Subordinated (3)(13)	SOFR(Q)	7.50%	11.93%	07/2022	07/2029	16,953		16,795		16,953
									42,799		43,089		3.17	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.34%	06/2023	05/2027	42,450		38,840		42,450		3.12	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.55%	05/2022	10/2028	$	15,593	$	15,565	$	15,593
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	11,908		11,887		11,908
	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	6,659		6,644		6,659
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.50%	01/2022	10/2028	1,228		1,221		1,228
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.56%	01/2022	10/2028	824		819		824
	Subordinated (3)(13)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,231		4,185		4,231
									40,321		40,443		2.98	%
MRI Software LLC
Software	First lien (5)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	21,430		21,398		21,430
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	7,591		7,580		7,591
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	4,521		4,516		4,521
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	3,107		3,103		3,107
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	793		792		793
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	111		111		111
									37,500		37,553		2.76	%
Foreside Financial Group, LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	33,356		33,163		33,356
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	4,075		4,041		4,075
									37,204		37,431		2.75	%
CentralSquare Technologies, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.88% + 3.38%/PIK	10.63%	04/2024	04/2030	35,797		35,399		35,797		2.63	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (3)(11)(13)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	21,624		21,492		21,138
	First lien (2)(12)(13)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	14,624		14,534		14,295
									36,026		35,433		2.61	%
IG Investments Holdings, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.67%	09/2021	09/2028	32,799		32,611		32,799
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.67%	03/2024	09/2028	2,542		2,540		2,542
									35,151		35,341		2.60	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
TigerConnect, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)*	3.38% + 3.38%/PIK	11.47%	02/2022	02/2028	$	29,868	$	29,689	$	29,868
	First lien (2)(13)(16) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	11.47%	02/2022	02/2028	2,440		2,440		2,440
									32,129		32,308		2.38	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(13)	SOFR(Q)	5.75%	10.26%	08/2022	08/2029	22,388		22,332		22,388
	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.26%	06/2024	08/2029	8,258		8,258		8,258
									30,590		30,646		2.25	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	17,176		17,066		17,176
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	12,020		11,946		12,020
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.30%	10/2021	10/2027	1,001		990		1,001
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	342		343		342
	First lien (3)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	80		79		80
									30,424		30,619		2.25	%
Brave Parent Holdings, Inc.
Software	First lien (5)(13)	SOFR(M)	5.00%	9.36%	11/2023	11/2030	20,019		19,931		20,019
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	05/2024	11/2030	7,827		7,827		7,827
	First lien (5)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	11/2023	11/2030	1,319		1,318		1,319
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	05/2024	11/2030	516		520		516
									29,596		29,681		2.18	%
Foundational Education Group, Inc.
Education	Second lien (5)(13)	SOFR(Q)	6.50%	11.35%	08/2021	08/2029	22,500		22,423		22,500
	Second lien (2)(12)(13)	SOFR(Q)	6.50%	11.35%	08/2021	08/2029	7,009		6,992		7,009
									29,415		29,509		2.17	%

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)*	2.75%+ 3.25%/PIK	10.46%	08/2021	08/2028	$	21,910	$	21,782	$	21,266
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.46%	08/2021	08/2028	4,206		4,170		4,082
	First lien (3)(11)(13)	SOFR(M)*	2.75% +3.25%/PIK	10.46%	08/2021	08/2028	3,884		3,858		3,769
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.50%	9.96%	08/2021	08/2027	235		233		228
									30,043		29,345		2.16	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.85%	03/2021	03/2028	19,259		19,106		19,259
	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.69%	03/2021	03/2028	5,012		4,996		5,012
	First lien (2)(12)(13)	SOFR(Q)	6.09%	10.85%	03/2021	03/2028	4,913		4,874		4,913
									28,976		29,184		2.15	%
Syndigo LLC
Software	Second lien (4)(13)	SOFR(Q)	8.00%	12.89%	12/2020	12/2028	22,500		22,397		22,500
	Second lien (2)(12)(13)	SOFR(Q)	8.00%	12.89%	02/2022	12/2028	5,697		5,706		5,697
									28,103		28,197		2.07	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(12)(13)	SOFR(M)	6.00%	10.36%	10/2023	11/2030	28,145		27,895		28,145		2.07	%
Nelipak Holding Company
Packaging	First lien (3)(11)(13)(14)	EURIBOR(M)