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Topco, LLC, First lien 12025-09-300001496099AAH Topco, LLC, First lien 22025-09-300001496099AAH Topco, LLC, First lien 32025-09-300001496099AAH Topco, LLC, First lien 42025-09-300001496099AAH Topco, LLC, Subordinated 12025-09-300001496099AAH Topco, LLC, Subordinated 22025-09-300001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Associations, Inc., First lien2025-09-300001496099Associations, Inc., First lien - Drawn 2025-09-300001496099Associations, Inc., Subordinated 12025-09-300001496099Associations, Inc., Subordinated 22025-09-300001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099GC Waves Holdings, Inc., First lien 12025-09-300001496099GC Waves Holdings, Inc., First lien 22025-09-300001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Einstein Parent, Inc., First lien 2025-09-300001496099OEConnection LLC, First lien 12025-09-300001496099OEConnection LLC, First lien 22025-09-300001496099nmfc:OEConnectionLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099iCIMS, Inc., First lien 12025-09-300001496099iCIMS, Inc., First lien 22025-09-300001496099iCIMS, Inc., First lien - Drawn2025-09-300001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099GS Acquisitionco, Inc., First lien 12025-09-300001496099GS Acquisitionco, Inc., First lien 22025-09-300001496099GS Acquisitionco, Inc., First lien 32025-09-300001496099GS Acquisitionco, Inc., First lien - Drawn 12025-09-300001496099GS Acquisitionco, Inc., First lien - Drawn 22025-09-300001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Model N, Inc., First lien 2025-09-300001496099Infogain Corporation, First lien 12025-09-300001496099Infogain Corporation, First lien 22025-09-300001496099Infogain Corporation, Subordinated2025-09-300001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Deca Dental Holdings LLC, First lien 12025-09-300001496099Deca Dental Holdings LLC, First lien 22025-09-300001496099Deca Dental Holdings LLC, First lien - Drawn 2025-09-300001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Foreside Financial Group, LLC, First lien 12025-09-300001496099Foreside Financial Group, LLC, First lien 22025-09-300001496099Foreside Financial Group, LLC, First lien - Drawn 12025-09-300001496099Foreside Financial Group, LLC, First lien - Drawn 22025-09-300001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Acumatica Holdings, Inc., First lien2025-09-300001496099Foundational Education Group, Inc., Second lien 12025-09-300001496099Foundational Education Group, Inc., Second lien 22025-09-300001496099Foundational Education Group, Inc., First lien2025-09-300001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099MRI Software LLC, First lien 12025-09-300001496099MRI Software LLC, First lien 22025-09-300001496099MRI Software LLC, First lien 32025-09-300001496099MRI Software LLC, First lien 42025-09-300001496099MRI Software LLC, First lien 52025-09-300001496099MRI Software LLC, First lien - Drawn2025-09-300001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099CentralSquare Technologies, LLC, First lien2025-09-300001496099TigerConnect, Inc., First lien 12025-09-300001496099TigerConnect, Inc., First lien 22025-09-300001496099TigerConnect, Inc., First lien - Drawn2025-09-300001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Auctane Inc. (fka Stamps.com Inc.), First lien2025-09-300001496099IG Investments Holdings, LLC, First lien 12025-09-300001496099IG Investments Holdings, LLC, First lien 22025-09-300001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First lien 12025-09-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First lien 22025-09-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First lien 32025-09-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First lien 42025-09-300001496099nmfc:CronosCrimsonHoldingsInc.FkaNMCCrimsonHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Fortis Solutions Group, LLC, First lien 12025-09-300001496099Fortis Solutions Group, LLC, First lien 22025-09-300001496099Fortis Solutions Group, LLC, First lien 32025-09-300001496099Fortis Solutions Group, LLC, First lien - Drawn2025-09-300001496099Fortis Solutions Group, LLC, First lien 42025-09-300001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099PPV Intermediate Holdings, LLC, First lien 12025-09-300001496099PPV Intermediate Holdings, LLC, First lien 2 2025-09-300001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Nelipak Holding Company, First lien 12025-09-300001496099Nelipak Holding Company, First lien 22025-09-300001496099Nelipak Holding Company, First lien - Drawn 12025-09-300001496099Nelipak Holding Company, First lien - Drawn 22025-09-300001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Brave Parent Holdings, Inc., First lien 12025-09-300001496099Brave Parent Holdings, Inc., First lien 22025-09-300001496099Brave Parent Holdings, Inc., First lien 32025-09-300001496099Brave Parent Holdings, Inc., First lien 42025-09-300001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099ACI Group Holdings, Inc., First lien 12025-09-300001496099ACI Group Holdings, Inc., First lien 22025-09-300001496099ACI Group Holdings, Inc., First lien 32025-09-300001496099ACI Group Holdings, Inc., First lien - Drawn2025-09-300001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099DOCS, MSO, LLC, First lien 12025-09-300001496099DOCS, MSO, LLC, First lien 22025-09-300001496099DOCS, MSO, LLC, First lien 32025-09-300001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Bullhorn, Inc., First lien 12025-09-300001496099Bullhorn, Inc., First lien 22025-09-300001496099Bullhorn, Inc., First lien 32025-09-300001496099Bullhorn, Inc., First lien 42025-09-300001496099Bullhorn, Inc., First lien 52025-09-300001496099Bullhorn, Inc., First lien 62025-09-300001496099Bullhorn, Inc., First lien 72025-09-300001496099Bullhorn, Inc., First lien - Drawn2025-09-300001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099PetVet Care Centers, LLC, First lien2025-09-300001496099YLG Holding, Inc, First lien 12025-09-300001496099YLG Holding, Inc, First lien 22025-09-300001496099YLG Holding, Inc, First lien - Drawn 12025-09-300001496099YLG Holding, Inc, First lien - Drawn 22025-09-300001496099nmfc:YLGHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Pioneer Buyer I, LLC, First lien 12025-09-300001496099Pioneer Buyer I, LLC, First lien 22025-09-300001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099AmeriVet Partners Management, Inc., First lien 12025-09-300001496099AmeriVet Partners Management, Inc., First lien 22025-09-300001496099AmeriVet Partners Management, Inc., First lien 32025-09-300001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099PDI TA Holdings, Inc., First lien 12025-09-300001496099PDI TA Holdings, Inc., First lien - Drawn2025-09-300001496099PDI TA Holdings, Inc., First lien 22025-09-300001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Diligent Corporation, First lien 12025-09-300001496099Diligent Corporation, First lien 22025-09-300001496099Diligent Corporation, First lien - Drawn2025-09-300001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12025-09-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22025-09-300001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Power Grid Holdings, Inc., First lien2025-09-300001496099Power Grid Holdings, Inc., First lien - Drawn2025-09-300001496099nmfc:PowerGridHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Xactly Corporation, First lien2025-09-300001496099Baker Tilly Advisory Group, LP, First lien 12025-09-300001496099Baker Tilly Advisory Group, LP, First lien 22025-09-300001496099Baker Tilly Advisory Group, LP, First lien 32025-09-300001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Sierra Enterprises, LLC, First lien2025-09-300001496099Cardinal Parent, Inc., First lien2025-09-300001496099Cardinal Parent, Inc., Second lien2025-09-300001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Trinity Air Consultants Holdings Corporation, First lien 12025-09-300001496099Trinity Air Consultants Holdings Corporation, First lien 22025-09-300001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099FS WhiteWater Borrower, LLC, First lien 12025-09-300001496099FS WhiteWater Borrower, LLC, First lien 22025-09-300001496099FS WhiteWater Borrower, LLC, First lien 32025-09-300001496099FS WhiteWater Borrower, LLC, First lien 42025-09-300001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2025-09-300001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099TMK Hawk Parent, Corp., First lien 12025-09-300001496099TMK Hawk Parent, Corp., First lien 22025-09-300001496099TMK Hawk Parent, Corp., First lien 32025-09-300001496099TMK Hawk Parent, Corp., Subordinated 12025-09-300001496099TMK Hawk Parent, Corp., Subordinated 22025-09-300001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Low Voltage Holdings Inc., First lien2025-09-300001496099Kele Holdco, Inc., First lien 12025-09-300001496099Kele Holdco, Inc., First lien 22025-09-300001496099Kele Holdco, Inc., First lien - Drawn2025-09-300001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Viper Bidco. Inc., First lien2025-09-300001496099Digicert, Inc.., First lien2025-09-300001496099Bonterra LLC, First lien2025-09-300001496099Bonterra LLC, First lien - Drawn2025-09-300001496099nmfc:BonterraLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Calabrio, Inc., First lien 12025-09-300001496099Calabrio, Inc., First lien 22025-09-300001496099Calabrio, Inc., First lien - Drawn2025-09-300001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Coupa Holdings, LLC, First lien2025-09-300001496099Daxko Acquisition Corporation, First lien 12025-09-300001496099Daxko Acquisition Corporation, First lien 22025-09-300001496099Daxko Acquisition Corporation, First lien 32025-09-300001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Notorious Topco, LLC, First lien 12025-09-300001496099Notorious Topco, LLC, First lien 22025-09-300001496099Notorious Topco, LLC, First lien 32025-09-300001496099Notorious Topco, LLC, First lien - Drawn2025-09-300001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099CFS Management, LLC, First lien 12025-09-300001496099CFS Management, LLC, First lien 22025-09-300001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099eResearchTechnology, Inc., First lien 12025-09-300001496099eResearchTechnology, Inc., First lien 22025-09-300001496099eResearchTechnology, Inc., First lien - Drawn2025-09-300001496099nmfc:EResearchTechnologyInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Convey Health Solutions, Inc., First lien 12025-09-300001496099Convey Health Solutions, Inc., First lien 22025-09-300001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Houghton Mifflin Harcourt Company, First lien2025-09-300001496099USRP Holdings, Inc., First lien 12025-09-300001496099USRP Holdings, Inc., First lien 22025-09-300001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Anaplan, Inc., First lien2025-09-300001496099Flash Charm Inc. (fka Idera, Inc.), Second lien 12025-09-300001496099Flash Charm Inc. (fka Idera, Inc.), Second lien 22025-09-300001496099nmfc:FlashCharmInc.FkaIderaInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Project Accelerate Parent, LLC, First lien2025-09-300001496099CG Group Holdings, LLC, First lien2025-09-300001496099CG Group Holdings, LLC, First lien - Drawn2025-09-300001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099DG Investment Intermediate Holdings 2, Inc., Second lien2025-09-300001496099Ultimus Group Midco, LLC, First lien2025-09-300001496099Safety Borrower Holdings LLC, First lien 12025-09-300001496099Safety Borrower Holdings LLC, First lien 22025-09-300001496099Safety Borrower Holdings LLC, First lien - Drawn2025-09-300001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Denali Intermediate Holdings, Inc., First lien2025-09-300001496099Planview Parent, Inc., Second lien2025-09-300001496099Firebird Acquisition Corp, Inc., First lien2025-09-300001496099Firebird Acquisition Corp, Inc., First lien - Drawn2025-09-300001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Park Place Technologies, LLC, First lien 12025-09-300001496099Park Place Technologies, LLC, First lien 22025-09-300001496099Park Place Technologies, LLC, First lien - Drawn2025-09-300001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Icefall Parent, Inc., First lien2025-09-300001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2025-09-300001496099Higginbotham Insurance Agency, Inc., First lien2025-09-300001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Alegeus Technologies Holdings Corp. First lien2025-09-300001496099HP TLE Buyer, Inc., First lien2025-09-300001496099KPSKY Acquisition Inc., First lien 12025-09-300001496099KPSKY Acquisition Inc., First lien 22025-09-300001496099KPSKY Acquisition Inc., First lien 32025-09-300001496099KPSKY Acquisition Inc., First lien 42025-09-300001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Compsych Investments Corp., First lien2025-09-300001496099Rithum Holdings, Inc. (fka CommerceHub, Inc.), First lien2025-09-300001496099Eclipse Buyer Inc., First lien2025-09-300001496099PPVA Black Elk (Equity) LLC, Subordinated2025-09-300001496099Legends Hospitality Holding Company, LLC, First lien2025-09-300001496099Legends Hospitality Holding Company, LLC, First lien - Drawn 12025-09-300001496099Legends Hospitality Holding Company, LLC, First lien - Drawn 22025-09-300001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099CRCI Longhorn Holdings, Inc., First lien2025-09-300001496099Next Holdco, LLC, First lien2025-09-300001496099Greenway Health, LLC, First lien2025-09-300001496099Fullsteam Operations LLC, First lien2025-09-300001496099Vehlo Purchaser, LLC, First lien - Drawn2025-09-300001496099NC Topco, LLC, First lien2025-09-300001496099RailPros Parent, LLC, First lien2025-09-300001496099LSCS Holdings, Inc., First lien2025-09-300001496099Healthspan Buyer, LLC, First lien2025-09-300001496099WEG Sub Intermediate Holdings, LLC, Subordinated2025-09-300001496099RLG Holdings, LLC, First lien 12025-09-300001496099RLG Holdings, LLC, First lien 22025-09-300001496099nmfc:RLGHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Logrhythm, Inc., First lien2025-09-300001496099Kene Acquisition, Inc., First lien2025-09-300001496099Kene Acquisition, Inc., First lien - Drawn2025-09-300001496099nmfc:KeneAcquisitionInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099AI Altius US Bidco, Inc., First lien2025-09-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2025-09-300001496099Galway Borrower LLC, First lien - Drawn2025-09-300001496099Galway Borrower LLC, First lien2025-09-300001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099DCA Investment Holding, LLC, First lien 12025-09-300001496099DCA Investment Holding, LLC, First lien 22025-09-300001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099DT1 Midco Corp, First lien2025-09-300001496099DT1 Midco Corp, First lien - Drawn2025-09-300001496099nmfc:DT1MidcoCorpMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Community Management Holdings MidCo 2, LLC, First lien - Drawn2025-09-300001496099CoreTrust Purchasing Group LLC, First lien2025-09-300001496099Beacon Pointe Harmony, LLC, First lien - Drawn2025-09-300001496099Reorganized Careismatic Brands, LLC, Trust Claim 12025-09-300001496099Reorganized Careismatic Brands, LLC, Trust Claim 22025-09-300001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Mai Capital Management Intermediate LLC, First lien - Drawn2025-09-300001496099PPVA Fund, L.P., Collateralized Financing2025-09-300001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099Tennessee Bidco Limited, First lien 12025-09-300001496099Tennessee Bidco Limited, First lien 22025-09-300001496099Tennessee Bidco Limited, First lien 32025-09-300001496099nmfc:TennesseeBidcoLimitedMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099country:JEnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099Ciklum Inc., First lien 12025-09-300001496099Ciklum Inc., First lien 22025-09-300001496099nmfc:CiklumInc.Membernmfc:FundedDebtSecuritiesMember2025-09-300001496099Accelya Lux Finco S.a.r.l., First lien2025-09-300001496099Cleanova US Holdings, LLC, First lien2025-09-300001496099country:GBnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099Atlas AU Bidco Pty Ltd, First lien 12025-09-300001496099Atlas AU Bidco Pty Ltd, First lien 22025-09-300001496099Atlas AU Bidco Pty Ltd, First lien 32025-09-300001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Adelaide Borrower, LLC, First lien2025-09-300001496099country:AUnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Dealer Tire Holdings, LLC, Preferred shares2025-09-300001496099Symplr Software Intermediate Holdings, Inc., Series A preferred shares 12025-09-300001496099Symplr Software Intermediate Holdings, Inc., Series A preferred shares 22025-09-300001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2025-09-300001496099Diligent Preferred Issuer, Inc., Preferred shares2025-09-300001496099Knockout Intermediate Holdings I Inc., Preferred shares2025-09-300001496099ACI Parent Inc., Preferred shares2025-09-300001496099HBWM Holdings, LLC, Common units2025-09-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Series A preferred shares2025-09-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Series B preferred shares2025-09-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2025-09-300001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2025-09-300001496099FS WhiteWater Holdings, LLC, Ordinary shares2025-09-300001496099Firebird Co-Invest L.P., LP Interest2025-09-300001496099Eclipse Topco, Inc., Preferred shares2025-09-300001496099Pioneer Topco I, L.P., Class A-2 common units2025-09-300001496099Ambrosia Topco LLC, Class A-1 common units 12025-09-300001496099Ambrosia Topco LLC, Class A-1 common units 22025-09-300001496099nmfc:AmbrosiaTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-09-300001496099GEDC Equity, LLC, Participation Interest2025-09-300001496099Ancora Acquisition LLC, Preferred shares2025-09-300001496099AAC Lender Holdings, LLC, Ordinary shares2025-09-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300001496099Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligation2025-09-300001496099country:USnmfc:StructuredFinanceObligationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099Reorganized Careismatic Brands, LLC, Warrants 12025-09-300001496099Reorganized Careismatic Brands, LLC, Warrants 22025-09-300001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:WarrantMember2025-09-300001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2025-09-300001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2025-09-300001496099DOCS, MSO, LLC, First lien - Undrawn2025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2025-09-300001496099TMK Hawk Parent, Corp., First lien - Undrawn2025-09-300001496099DOXA Insurance Holdings LLC, First lien - Undrawn2025-09-300001496099AI Altius US Bidco, Inc., First lien - Undrawn2025-09-300001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2025-09-300001496099Riskonnect Parent, LLC, First lien - Undrawn2025-09-300001496099Acumatica Holdings, Inc., First lien - Undrawn2025-09-300001496099CG Group Holdings, LLC, First lien - Undrawn2025-09-300001496099Park Place Technologies, LLC, First lien - Undrawn2025-09-300001496099Mai Capital Management Intermediate LLC, First lien - Undrawn 12025-09-300001496099Mai Capital Management Intermediate LLC, First lien - Undrawn 22025-09-300001496099nmfc:MaiCapitalManagementIntermediateLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Safety Borrower Holdings LLC, First lien- Undrawn2025-09-300001496099YLG Holdings, Inc., First lien - Undrawn 12025-09-300001496099YLG Holdings, Inc., First lien - Undrawn 22025-09-300001496099nmfc:YLGHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Associations, Inc., First lien - Undrawn 12025-09-300001496099Associations, Inc., First lien - Undrawn 22025-09-300001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2025-09-300001496099Next Holdco, LLC, First lien - Undrawn 12025-09-300001496099Next Holdco, LLC, First lien - Undrawn 22025-09-300001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099NC Topco, LLC, First lien - Undrawn 12025-09-300001496099NC Topco, LLC, First lien - Undrawn 22025-09-300001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2025-09-300001496099Kele Holdco, Inc., First lien - Undrawn2025-09-300001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2025-09-300001496099PDI TA Holdings, Inc., First lien - Undrawn2025-09-300001496099Kene Acquisition, Inc., First lien - Undrawn 12025-09-300001496099Kene Acquisition, Inc., First lien - Undrawn 22025-09-300001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12025-09-300001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22025-09-300001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12025-09-300001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22025-09-300001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Calabrio, Inc., First lien - Undrawn2025-09-300001496099Brave Parent Holdings, Inc., First lien - Undrawn2025-09-300001496099Bullhorn, Inc., First lien - Undrawn 12025-09-300001496099Bullhorn, Inc., First lien - Undrawn 22025-09-300001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Wealth Enhancement Group, LLC, First lien - Undrawn2025-09-300001496099Icefall Parent, Inc., First lien - Undrawn2025-09-300001496099Project Accelerate Parent, LLC, First lien - Undrawn2025-09-300001496099USRP Holdings, Inc., First lien - Undrawn2025-09-300001496099MRI Software LLC, First lien - Undrawn2025-09-300001496099Daxko Acquisition Corporation, First lien - Undrawn2025-09-300001496099Healthspan Buyer, LLC, First lien - Undrawn2025-09-300001496099Coupa Holdings, LLC, First lien - Undrawn 12025-09-300001496099Coupa Holdings, LLC, First lien - Undrawn 22025-09-300001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Compsych Investments Corp., First lien - Undrawn2025-09-300001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 12025-09-300001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 22025-09-300001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 32025-09-300001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn2025-09-300001496099Nelipak Holding Company, First lien - Undrawn 12025-09-300001496099Nelipak Holding Company, First lien - Undrawn 22025-09-300001496099Nelipak Holding Company, First lien - Undrawn 32025-09-300001496099Nelipak Holding Company, First lien - Undrawn 42025-09-300001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099GS Acquisitionco, Inc., First lien - Undrawn 12025-09-300001496099GS Acquisitionco, Inc., First lien - Undrawn 22025-09-300001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 12025-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 22025-09-300001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Fortis Solutions Group, LLC, First lien - Undrawn2025-09-300001496099Eclipse Buyer Inc., First lien - Undrawn 12025-09-300001496099Eclipse Buyer Inc., First lien - Undrawn 22025-09-300001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Diligent Corporation, First lien - Undrawn 12025-09-300001496099Diligent Corporation, First lien - Undrawn 22025-09-300001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Model N, Inc., First lien - Undrawn 12025-09-300001496099Model N, Inc., First lien - Undrawn 22025-09-300001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099OEConnection LLC, First lien - Undrawn2025-09-300001496099Pioneer Buyer I, LLC, First lien - Undrawn2025-09-300001496099Infogain Corporation, First lien - Undrawn2025-09-300001496099GC Waves Holdings, Inc., First lien - Undrawn2025-09-300001496099AAH Topco, LLC, First lien - Undrawn2025-09-300001496099Power Grid Holdings, Inc., First lien - Undrawn2025-09-300001496099IG Investments Holdings, LLC, First lien - Undrawn2025-09-300001496099TigerConnect, Inc., First lien - Undrawn 12025-09-300001496099TigerConnect, Inc., First lien - Undrawn 22025-09-300001496099TigerConnect, Inc., First lien - Undrawn 32025-09-300001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099CentralSquare Technologies, LLC, First lien - Undrawn2025-09-300001496099Fullsteam Operations LLC, First lien - Undrawn 12025-09-300001496099Fullsteam Operations LLC, First lien - Undrawn 22025-09-300001496099nmfc:FullsteamOperationsLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Community Management Holdings MidCo 2, LLC, First lien - Undrawn 12025-09-300001496099Community Management Holdings MidCo 2, LLC, First lien - Undrawn 22025-09-300001496099nmfc:CommunityManagementHoldingsMidCo2LLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Denali Intermediate Holdings, Inc., First lien - Undrawn2025-09-300001496099Ultimus Group Midco, LLC, First lien - Undrawn 12025-09-300001496099Ultimus Group Midco, LLC, First lien - Undrawn 22025-09-300001496099nmfc:UltimusGroupMidcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Bonterra LLC, First lien - Undrawn 12025-09-300001496099Bonterra LLC, First lien - Undrawn 22025-09-300001496099nmfc:BonterraLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Digicert, Inc., First lien - Undrawn2025-09-300001496099HP TLE Buyer, Inc., First lien - Undrawn2025-09-300001496099Xactly Corporation, First lien - Undrawn2025-09-300001496099RailPros Parent, LLC, First lien - Undrawn 12025-09-300001496099RailPros Parent, LLC, First lien - Undrawn 22025-09-300001496099nmfc:RailProsParentLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Firebird Acquisition Corp, Inc., First lien - Undrawn 12025-09-300001496099Firebird Acquisition Corp, Inc., First lien - Undrawn 22025-09-300001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Logrhythm, Inc., First lien - Undrawn2025-09-300001496099Vehlo Purchaser, LLC, First lien - Undrawn2025-09-300001496099Sierra Enterprises, LLC, First lien - Undrawn2025-09-300001496099AmeriVet Partners Management, Inc., First lien - Undrawn2025-09-300001496099DT1 Midco Corp, First lien - Undrawn 12025-09-300001496099DT1 Midco Corp, First lien - Undrawn 22025-09-300001496099nmfc:DT1MidcoCorpMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099eResearchTechnology, Inc., First lien - Undrawn 12025-09-300001496099eResearchTechnology, Inc., First lien - Undrawn 22025-09-300001496099nmfc:EResearchTechnologyInc.Membernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12025-09-300001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22025-09-300001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Low Voltage Holdings Inc., First lien - Undrawn 12025-09-300001496099Low Voltage Holdings Inc., First lien - Undrawn 22025-09-300001496099Low Voltage Holdings Inc., First lien - Undrawn 32025-09-300001496099nmfc:LowVoltageHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Viper Bidco. Inc., First lien - Undrawn 12025-09-300001496099Viper Bidco. Inc., First lien - Undrawn 22025-09-300001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Einstein Parent, Inc., First lien - Undrawn2025-09-300001496099iCIMS, Inc., First lien - Undrawn2025-09-300001496099ACI Group Holdings, Inc., First lien - Undrawn2025-09-300001496099PetVet Care Centers, LLC, First lien - Undrawn 12025-09-300001496099PetVet Care Centers, LLC, First lien - Undrawn 22025-09-300001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2025-09-300001496099Adelaide Borrower, LLC, First lien - Undrawn 12025-09-300001496099Adelaide Borrower, LLC, First lien - Undrawn 22025-09-300001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099country:AUnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099Ciklum Inc., First lien - Undrawn2025-09-300001496099country:GBnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2025-09-300001496099Edmentum Ultimate Holdings, LLC, Subordinated2025-09-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12025-09-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22025-09-300001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099Permian Trust, Trust Claim2025-09-300001496099Permian Trust, First lien2025-09-300001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001496099TVG-Edmentum Holdings, LLC, Class B-1 Common Shares2025-09-300001496099TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2025-09-300001496099TVG-Edmentum Holdings, LLC, Class B-2 Common Shares2025-09-300001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2025-09-300001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2025-09-300001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12025-09-300001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22025-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2025-09-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001496099New Benevis Holdco, Inc., First lien 12025-09-300001496099New Benevis Holdco, Inc., First lien 22025-09-300001496099New Benevis Holdco, Inc., Subordinated2025-09-300001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099New Permian Holdco, L.L.C., First lien - Drawn2025-09-300001496099New Permian Holdco, L.L.C., First lien2025-09-300001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2025-09-300001496099National HME, Inc., Second lien2025-09-300001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099NMFC Senior Loan Program III LLC, Membership interest2025-09-300001496099NMFC Senior Loan Program IV LLC, Membership interest2025-09-300001496099NM NL Holdings, L.P., Membership interest2025-09-300001496099UniTek Global Services, Inc., Preferred shares 12025-09-300001496099UniTek Global Services, Inc., Preferred shares 22025-09-300001496099UniTek Global Services, Inc., Preferred shares 32025-09-300001496099UniTek Global Services, Inc., Preferred shares 42025-09-300001496099UniTek Global Services, Inc., Ordinary shares 12025-09-300001496099UniTek Global Services, Inc., Ordinary shares 22025-09-300001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2025-09-300001496099New Benevis Topco, LLC, Common stock 12025-09-300001496099New Benevis Topco, LLC, Common stock 22025-09-300001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-09-300001496099New Permian Holdco, Inc., Ordinary shares2025-09-300001496099NM YI, LLC, Membership interest2025-09-300001496099NM GP Holdco, LLC, Membership interest2025-09-300001496099NHME Holdings Corp., Ordinary shares2025-09-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-09-300001496099NHME Holdings Corp., Warrants2025-09-300001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2025-09-300001496099New Permian Holdco, L.L.C., First lien - Undrawn2025-09-300001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099Viper Bidco,Inc., First lien 2025-09-300001496099Nelipak Holding Company, Undrawn Delayed Draw Term Loan2025-09-300001496099Nelipak Holding Company, Undrawn Revolver2025-09-300001496099Nelipak Holding Company, Drawn Revolver2025-09-300001496099National HME, Inc., Second lien, Tranche A Term Loan2025-09-300001496099National HME, Inc., Second lien, Tranche B Term Loan2025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2025-09-300001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2025-09-300001496099Digital Corporation, First Lien2025-09-300001496099ACI Group Holdings, Inc., First lien2025-09-300001496099FS WhiteWater Borrower, LLC, First lien2025-09-300001496099Pioneer Buyer I, LLC, First lien2025-09-300001496099Ambrosia Holdco Corp., First lien2025-09-300001496099HBWM Holdings, LLC.2025-09-300001496099Symplr Software Intermediate Holdings, Inc.2025-09-300001496099Dealer Tire Holdings, LLC, Preferred Shares2025-09-300001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001496099nmfc:TVGEdmentumHoldingsLLCEdmentumUltimateHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001496099nmfc:TVGEdmentumHoldingsLLCEdmentumUltimateHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001496099nmfc:TVGEdmentumHoldingsLLCEdmentumUltimateHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001496099nmfc:NationalHMEIncAndNHMEHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NationalHMEIncAndNHMEHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NationalHMEIncAndNHMEHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NMNLHoldingsLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NMNLHoldingsLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NMNLHoldingsLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NMGPHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NMGPHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NMGPHoldcoLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NMYILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NMYILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NMYILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001496099nmfc:DebtSecuritiesFirstLienMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:DebtSecuritiesSecondLienMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:SubordinatedDebtMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:StructuredFinanceObligationsMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:OtherAggregatedInvestmentsMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:SoftwareSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:BusinessServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:HealthcareSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:InvestmentFundsIncludingInvestmentsInJointVenturesMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:ConsumerServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:EducationSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:TransportationSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:RealEstateSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:FinancialServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:ContainerAndPackagingSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:EnergySectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:BusinessProductsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:FoodAndBeverageSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:ConsumerProductsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099us-gaap:ChemicalsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:DebtSecuritiesFloatingInterestRateMembernmfc:InterestRateTypeRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099nmfc:DebtSecuritiesFixedInterestRateMembernmfc:InterestRateTypeRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-09-300001496099AAH Topco, LLC, First lien 12024-12-310001496099AAH Topco, LLC, First lien 22024-12-310001496099AAH Topco, LLC, First lien 32024-12-310001496099AAH Topco, LLC, First lien 42024-12-310001496099AAH Topco, LLC, Subordinated 12024-12-310001496099AAH Topco, LLC, Subordinated 22024-12-310001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Kaseya Inc., First lien 12024-12-310001496099Kaseya Inc., First lien - Drawn 12024-12-310001496099Kaseya Inc., First lien - Drawn 22024-12-310001496099Kaseya Inc., First lien 22024-12-310001496099nmfc:KaseyaIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Associations, Inc., First lien2024-12-310001496099Associations, Inc., First lien - Drawn 12024-12-310001496099Associations, Inc., First lien - Drawn 22024-12-310001496099Associations, Inc., Subordinated 12024-12-310001496099Associations, Inc., Subordinated 22024-12-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GC Waves Holdings, Inc., First lien 12024-12-310001496099GC Waves Holdings, Inc., First lien 22024-12-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099OA Buyer, Inc., First lien 12024-12-310001496099OA Buyer, Inc., First lien 22024-12-310001496099OA Buyer, Inc., First lien 32024-12-310001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GS Acquisitionco, Inc., First lien 12024-12-310001496099GS Acquisitionco, Inc., First lien 22024-12-310001496099GS Acquisitionco, Inc., First lien 32024-12-310001496099GS Acquisitionco, Inc., First lien - Drawn2024-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099iCIMS, Inc., First lien 12024-12-310001496099iCIMS, Inc., First lien 22024-12-310001496099iCIMS, Inc., First lien - Drawn2024-12-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099OEConnection LLC, First lien2024-12-310001496099Model N, Inc., First lien2024-12-310001496099Deca Dental Holdings LLC, First lien 12024-12-310001496099Deca Dental Holdings LLC, First lien 22024-12-310001496099Deca Dental Holdings LLC, First lien - Drawn2024-12-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Infogain Corporation, First lien 12024-12-310001496099Infogain Corporation, First lien 22024-12-310001496099Infogain Corporation, Subordinated2024-12-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Sierra Enterprises, LLC, First lien2024-12-310001496099Wealth Enhancement Group, LLC, First lien 12024-12-310001496099Wealth Enhancement Group, LLC, First lien 22024-12-310001496099Wealth Enhancement Group, LLC, First lien 32024-12-310001496099Wealth Enhancement Group, LLC, First lien 42024-12-310001496099Wealth Enhancement Group, LLC, First lien 52024-12-310001496099Wealth Enhancement Group, LLC, Subordinated2024-12-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099MRI Software LLC, First lien 12024-12-310001496099MRI Software LLC, First lien 22024-12-310001496099MRI Software LLC, First lien 32024-12-310001496099MRI Software LLC, First lien 42024-12-310001496099MRI Software LLC, First lien 52024-12-310001496099MRI Software LLC, First lien - Drawn2024-12-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Foreside Financial Group, LLC, First lien 12024-12-310001496099Foreside Financial Group, LLC, First lien 22024-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099CentralSquare Technologies, LLC, First lien2024-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 12024-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 22024-12-310001496099nmfc:AuctaneInc.FkaStamps.comInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099IG Investments Holdings, LLC, First lien 12024-12-310001496099IG Investments Holdings, LLC, First lien 22024-12-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099TigerConnect, Inc., First lien2024-12-310001496099TigerConnect, Inc., First lien - Drawn2024-12-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPV Intermediate Holdings, LLC, First lien 12024-12-310001496099PPV Intermediate Holdings, LLC, First lien 22024-12-310001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Fortis Solutions Group, LLC, First lien 12024-12-310001496099Fortis Solutions Group, LLC, First lien 22024-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 12024-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 22024-12-310001496099Fortis Solutions Group, LLC, First lien 32024-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Brave Parent Holdings, Inc., First lien 12024-12-310001496099Brave Parent Holdings, Inc., First lien 22024-12-310001496099Brave Parent Holdings, Inc., First lien - Drawn 12024-12-310001496099Brave Parent Holdings, Inc., First lien - Drawn 22024-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Foundational Education Group, Inc., Second lien 12024-12-310001496099Foundational Education Group, Inc., Second lien 22024-12-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099ACI Group Holdings, Inc., First lien 12024-12-310001496099ACI Group Holdings, Inc., First lien 22024-12-310001496099ACI Group Holdings, Inc., First lien 32024-12-310001496099ACI Group Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099NMC Crimson Holdings, Inc., First lien 12024-12-310001496099NMC Crimson Holdings, Inc., First lien 22024-12-310001496099NMC Crimson Holdings, Inc., First lien 32024-12-310001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Syndigo LLC, Second lien 12024-12-310001496099Syndigo LLC, Second lien 22024-12-310001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PetVet Care Centers, LLC, First lien2024-12-310001496099Nelipak Holding Company, First lien 12024-12-310001496099Nelipak Holding Company, First lien 22024-12-310001496099Nelipak Holding Company, First lien - Drawn 12024-12-310001496099Nelipak Holding Company, First lien - Drawn 22024-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Bullhorn, Inc., First lien 12024-12-310001496099Bullhorn, Inc., First lien 22024-12-310001496099Bullhorn, Inc., First lien 32024-12-310001496099Bullhorn, Inc., First lien 42024-12-310001496099Bullhorn, Inc., First lien - Drawn2024-12-310001496099Bullhorn, Inc., First lien 52024-12-310001496099Bullhorn, Inc., First lien 62024-12-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Pioneer Buyer I, LLC, First lien 12024-12-310001496099Pioneer Buyer I, LLC, First lien 22024-12-310001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099DOCS, MSO, LLC, First lien 12024-12-310001496099DOCS, MSO, LLC, First lien 22024-12-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099AmeriVet Partners Management, Inc., First lien 12024-12-310001496099AmeriVet Partners Management, Inc., First lien 22024-12-310001496099AmeriVet Partners Management, Inc., First lien 32024-12-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Diligent Corporation, First lien 12024-12-310001496099Diligent Corporation, First lien 22024-12-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099FS WhiteWater Borrower, LLC, First lien 12024-12-310001496099FS WhiteWater Borrower, LLC, First lien 22024-12-310001496099FS WhiteWater Borrower, LLC, First lien 32024-12-310001496099FS WhiteWater Borrower, LLC, First lien 42024-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Power Grid Holdings, Inc., First lien2024-12-310001496099Xactly Corporation, First lien2024-12-310001496099YLG Holdings, Inc., First lien2024-12-310001496099TMK Hawk Parent, Corp., First lien 12024-12-310001496099TMK Hawk Parent, Corp., First lien 22024-12-310001496099TMK Hawk Parent, Corp., First lien 32024-12-310001496099TMK Hawk Parent, Corp., Subordinated 12024-12-310001496099TMK Hawk Parent, Corp., Subordinated 22024-12-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Cardinal Parent, Inc., First lien2024-12-310001496099Cardinal Parent, Inc., Second lien2024-12-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PDI TA Holdings, Inc., First lien2024-12-310001496099PDI TA Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Oranje Holdco, Inc., First lien 12024-12-310001496099Oranje Holdco, Inc., First lien 22024-12-310001496099Oranje Holdco, Inc., First lien 32024-12-310001496099nmfc:OranjeHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 12024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 22024-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Groundworks, LLC, First lien2024-12-310001496099Groundworks, LLC, First lien - Drawn2024-12-310001496099nmfc:GroundworksLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Notorious Topco, LLC, First lien 12024-12-310001496099Notorious Topco, LLC, First lien 22024-12-310001496099Notorious Topco, LLC, First lien 32024-12-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GraphPAD Software, LLC, First lien2024-12-310001496099GraphPAD Software, LLC, First lien - Drawn2024-12-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2024-12-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12024-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22024-12-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Avalara, Inc., First lien2024-12-310001496099Idera, Inc., Second lien 12024-12-310001496099Idera, Inc., Second lien 22024-12-310001496099nmfc:IderaIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Kele Holdco, Inc., First lien 12024-12-310001496099Kele Holdco, Inc., First lien 22024-12-310001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien2024-12-310001496099Calabrio, Inc., First lien 12024-12-310001496099Calabrio, Inc., First lien 22024-12-310001496099Calabrio, Inc., First lien - Drawn2024-12-310001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Coupa Holdings, LLC, First lien2024-12-310001496099Houghton Mifflin Harcourt Company, First lien2024-12-310001496099Daxko Acquisition Corporation, First lien 12024-12-310001496099Daxko Acquisition Corporation, First lien 22024-12-310001496099Daxko Acquisition Corporation, First lien 32024-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Convey Health Solutions, Inc., First lien 12024-12-310001496099Convey Health Solutions, Inc., First lien 22024-12-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099CFS Management, LLC, First lien 12024-12-310001496099CFS Management, LLC, First lien 22024-12-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Baker Tilly Advisory Group, LP, First lien2024-12-310001496099USRP Holdings, Inc., First lien 12024-12-310001496099USRP Holdings, Inc., First lien 22024-12-310001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Anaplan, Inc., First lien2024-12-310001496099Project Accelerate Parent, LLC, First lien2024-12-310001496099Specialtycare, Inc., First lien 12024-12-310001496099Specialtycare, Inc., First lien - Drawn2024-12-310001496099Specialtycare, Inc., First lien 22024-12-310001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Ciklum Inc., First lien2024-12-310001496099CG Group Holdings, LLC, First lien2024-12-310001496099CG Group Holdings, LLC, First lien - Drawn2024-12-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Planview Parent, Inc., Second lien2024-12-310001496099Safety Borrower Holdings LLC, First lien 12024-12-310001496099Safety Borrower Holdings LLC, First lien 22024-12-310001496099Safety Borrower Holdings LLC, First lien - Drawn2024-12-310001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Icefall Parent, Inc., First lien2024-12-310001496099KPSKY Acquisition Inc., First lien 12024-12-310001496099KPSKY Acquisition Inc., First lien 22024-12-310001496099KPSKY Acquisition Inc., First lien 32024-12-310001496099KPSKY Acquisition Inc., First lien - Drawn2024-12-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Alegeus Technologies Holdings Corp., First lien2024-12-310001496099Park Place Technologies, LLC, First lien2024-12-310001496099Park Place Technologies, LLC, First lien - Drawn2024-12-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Eclipse Buyer Inc., First lien2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPVA Black Elk (Equity) LLC, Subordinated2024-12-310001496099Greenway Health, LLC, First lien2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Drawn2024-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2024-12-310001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2024-12-310001496099NC Topco, LLC, First lien2024-12-310001496099Healthspan Buyer, LLC, First lien2024-12-310001496099Michael Baker International, LLC, First lien2024-12-310001496099Adelaide Borrower, LLC, First lien2024-12-310001496099Logrhythm, Inc., First lien2024-12-310001496099RLG Holdings, LLC, First lien2024-12-310001496099CommerceHub, Inc., First lien2024-12-310001496099Kene Acquisition, Inc., First lien2024-12-310001496099Kene Acquisition, Inc., First lien - Drawn2024-12-310001496099nmfc:KeneAcquisitionInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Next Holdco, LLC, First lien2024-12-310001496099CB Buyer, Inc., First lien2024-12-310001496099AI Altius US Bidco, Inc., First lien2024-12-310001496099Galway Borrower LLC, First lien - Drawn2024-12-310001496099Galway Borrower LLC, First lien2024-12-310001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099DCA Investment Holding, LLC, First lien 12024-12-310001496099DCA Investment Holding, LLC, First lien 22024-12-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Compsych Investments Corp., First lien2024-12-310001496099CoreTrust Purchasing Group LLC, First lien2024-12-310001496099Beacon Pointe Harmony, LLC, First lien - Drawn2024-12-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 12024-12-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 22024-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPVA Fund, L.P., Collateralized Financing2024-12-310001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099Tennessee Bidco Limited, First lien2024-12-310001496099country:JEnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2024-12-310001496099Integro Parent Inc., Second lien2024-12-310001496099country:GBnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099Atlas AU Bidco Pty Ltd, First lien 12024-12-310001496099Atlas AU Bidco Pty Ltd, First lien 22024-12-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099country:AUnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Dealer Tire Holdings, LLC, Preferred shares2024-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12024-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22024-12-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Knockout Intermediate Holdings I Inc., Preferred shares2024-12-310001496099ACI Parent Inc., Preferred shares2024-12-310001496099Project Essential Super Parent, Inc., Preferred shares2024-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares2024-12-310001496099HBWM Holdings, LLC, Ordinary shares2024-12-310001496099OA Topco, L.P., Ordinary shares2024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 12024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 22024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2024-12-310001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2024-12-310001496099FS WhiteWater Holdings, LLC, Ordinary shares2024-12-310001496099Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.), Preferred shares2024-12-310001496099Ambrosia Holdco Corp., Ordinary shares 12024-12-310001496099Ambrosia Holdco Corp., Ordinary shares 22024-12-310001496099nmfc:AmbrosiaHoldcoCorp.Memberus-gaap:EquitySecuritiesMember2024-12-310001496099Pioneer Topco I, L.P., Ordinary shares2024-12-310001496099Eclipse Topco, Inc., Preferred shares2024-12-310001496099GEDC Equity, LLC, Participation Interest2024-12-310001496099Ancora Acquisition LLC, Preferred shares2024-12-310001496099AAC Lender Holdings, LLC, Ordinary shares2024-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099Bach Special Limited (Bach Preference Limited), Preferred shares2024-12-310001496099country:HKus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligations2024-12-310001496099country:USnmfc:StructuredFinanceObligationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099Reorganized Careismatic Brands, LLC, Warrants 12024-12-310001496099Reorganized Careismatic Brands, LLC, Warrants 22024-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2024-12-310001496099Groundworks, LLC, First lien - Undrawn2024-12-310001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2024-12-310001496099TMK Hawk Parent, Corp., First lien - Undrawn2024-12-310001496099DOXA Insurance Holdings LLC, First lien - Undrawn2024-12-310001496099AI Altius US Bidco, Inc., First lien - Undrawn2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2024-12-310001496099Riskonnect Parent, LLC, First lien - Undrawn2024-12-310001496099Safety Borrower Holdings LLC, First lien - Undrawn2024-12-310001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2024-12-310001496099Next Holdco, LLC, First lien - Undrawn 12024-12-310001496099Next Holdco, LLC, First lien - Undrawn 22024-12-310001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Associations, Inc., First lien - Undrawn 12024-12-310001496099Associations, Inc., First lien - Undrawn 22024-12-310001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2024-12-310001496099Bullhorn, Inc., First lien - Undrawn 12024-12-310001496099Bullhorn, Inc., First lien - Undrawn 22024-12-310001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2024-12-310001496099Kene Acquisition, Inc., First lien - Undrawn 12024-12-310001496099Kene Acquisition, Inc., First lien - Undrawn 22024-12-310001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Logrhythm, Inc., First lien - Undrawn2024-12-310001496099Calabrio, Inc., First lien - Undrawn2024-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn2024-12-310001496099Adelaide Borrower, LLC, First lien - Undrawn 12024-12-310001496099Adelaide Borrower, LLC, First lien - Undrawn 22024-12-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Icefall Parent, Inc., First lien - Undrawn2024-12-310001496099Project Accelerate Parent, LLC, First lien - Undrawn2024-12-310001496099USRP Holdings, Inc., First lien - Undrawn2024-12-310001496099Kele Holdco, Inc., First lien - Undrawn2024-12-310001496099MRI Software LLC, First lien - Undrawn2024-12-310001496099PDI TA Holdings, Inc., First lien - Undrawn 12024-12-310001496099PDI TA Holdings, Inc., First lien - Undrawn 22024-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn2024-12-310001496099AmeriVet Partners Management, Inc., First lien - Undrawn2024-12-310001496099Healthspan Buyer, LLC, First lien - Undrawn2024-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 12024-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 22024-12-310001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 12024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 22024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 32024-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn2024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22024-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Nelipak Holding Company, First lien - Undrawn 12024-12-310001496099Nelipak Holding Company, First lien - Undrawn 22024-12-310001496099Nelipak Holding Company, First lien - Undrawn 32024-12-310001496099Nelipak Holding Company, First lien - Undrawn 42024-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12024-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22024-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Avalara, Inc., First lien - Undrawn2024-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 12024-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 22024-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Diligent Corporation, First lien - Undrawn 12024-12-310001496099Diligent Corporation, First lien - Undrawn 22024-12-310001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Kaseya Inc., First lien - Undrawn 12024-12-310001496099Kaseya Inc., First lien - Undrawn 22024-12-310001496099nmfc:KaseyaIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Oranje Holdco, Inc., First lien - Undrawn2024-12-310001496099OEConnection LLC, First lien - Undrawn 12024-12-310001496099OEConnection LLC, First lien - Undrawn 22024-12-310001496099nmfc:OEConnectionLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Pioneer Buyer I, LLC, First lien - Undrawn2024-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn 12024-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn 22024-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Infogain Corporation, First lien - Undrawn2024-12-310001496099GC Waves Holdings, Inc., First lien - Undrawn2024-12-310001496099OA Buyer, Inc., First lien - Undrawn2024-12-310001496099AAH Topco, LLC, First lien - Undrawn2024-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 12024-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 22024-12-310001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Ciklum Inc., First lien - Undrawn 12024-12-310001496099Ciklum Inc., First lien - Undrawn 22024-12-310001496099nmfc:CiklumInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099IG Investments Holdings, LLC, First lien - Undrawn2024-12-310001496099Power Grid Holdings, Inc., First lien - Undrawn2024-12-310001496099TigerConnect, Inc., First lien - Undrawn 12024-12-310001496099TigerConnect, Inc., First lien - Undrawn 22024-12-310001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CentralSquare Technologies, LLC, First lien - Undrawn2024-12-310001496099Compsych Investments Corp., First lien - Undrawn2024-12-310001496099CG Group Holdings, LLC, First lien - Undrawn2024-12-310001496099Park Place Technologies, LLC, First lien - Undrawn 12024-12-310001496099Park Place Technologies, LLC, First lien - Undrawn 22024-12-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CB Buyer, Inc., First lien - Undrawn 12024-12-310001496099CB Buyer, Inc., First lien - Undrawn 22024-12-310001496099nmfc:CBBuyerInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Specialtycare, Inc., First lien - Undrawn2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22024-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22024-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099NC Topco, LLC, First lien - Undrawn 12024-12-310001496099NC Topco, LLC, First lien - Undrawn 22024-12-310001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Xactly Corporation, First lien - Undrawn2024-12-310001496099DOCS, MSO, LLC, First lien - Undrawn2024-12-310001496099GraphPAD Software, LLC, First lien - Undrawn 12024-12-310001496099GraphPAD Software, LLC, First lien - Undrawn 22024-12-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien - Undrawn 12024-12-310001496099Viper Bidco. Inc., First lien - Undrawn 22024-12-310001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099iCIMS, Inc., First lien - Undrawn2024-12-310001496099Eclipse Buyer Inc., First lien - Undrawn 12024-12-310001496099Eclipse Buyer Inc., First lien - Undrawn 22024-12-310001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12024-12-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22024-12-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099KPSKY Acquisition Inc., First lien - Undrawn2024-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn2024-12-310001496099Model N, Inc., First lien - Undrawn 12024-12-310001496099Model N, Inc., First lien - Undrawn 22024-12-310001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Notorious Topco, LLC, First lien - Undrawn2024-12-310001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2024-12-310001496099country:AUnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22024-12-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Permian Trust, Trust Claim2024-12-310001496099Permian Trust, First lien2024-12-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2024-12-310001496099TVG-Edmentum Holdings, LLC, Preferred shares2024-12-310001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2024-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12024-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22024-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2024-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001496099New Benevis Holdco, Inc., First lien 12024-12-310001496099New Benevis Holdco, Inc., First lien 22024-12-310001496099New Benevis Holdco, Inc., Subordinated2024-12-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099New Permian Holdco, L.L.C., First lien2024-12-310001496099New Permian Holdco, L.L.C., First lien - Drawn2024-12-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Second lien 12024-12-310001496099UniTek Global Services, Inc., Second lien 22024-12-310001496099nmfc:UniTekGlobalServicesIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099National HME, Inc., Second lien2024-12-310001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099NMFC Senior Loan Program III LLC, Membership interest2024-12-310001496099NMFC Senior Loan Program IV LLC, Membership interest2024-12-310001496099NM NL Holdings, L.P., Membership interest2024-12-310001496099New Benevis Topco, LLC, Ordinary shares 12024-12-310001496099New Benevis Topco, LLC, Ordinary shares 22024-12-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Preferred shares 12024-12-310001496099UniTek Global Services, Inc., Preferred shares 22024-12-310001496099UniTek Global Services, Inc., Preferred shares 32024-12-310001496099UniTek Global Services, Inc., Preferred shares 42024-12-310001496099UniTek Global Services, Inc., Preferred shares 52024-12-310001496099UniTek Global Services, Inc., Ordinary shares 12024-12-310001496099UniTek Global Services, Inc., Ordinary shares 22024-12-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2024-12-310001496099New Permian Holdco, Inc., Ordinary shares2024-12-310001496099NM YI, LLC, Membership interest2024-12-310001496099NM GP Holdco, LLC, Membership interest2024-12-310001496099NHME Holdings Corp., Ordinary shares2024-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Warrants2024-12-310001496099NHME Holdings Corp., Warrants2024-12-310001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2024-12-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2024-12-310001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099Viper Bidco. Inc., First lien 12024-12-310001496099Nelipak Holding Company First lien 12024-12-310001496099Nelipak Holding Company First lien 22024-12-310001496099Nelipak Holding Company First lien 32024-12-310001496099Nelipak Holding Company First lien 42024-12-310001496099National HME, Inc., Second lien, Tranche A Term Loan2024-12-310001496099National HME, Inc., Second lien, Tranche B Term Loan2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2024-12-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2024-12-310001496099Diligent Corporation, First lien2024-12-310001496099ACI Group Holdings, Inc., First lien2024-12-310001496099FS WhiteWater Borrower, LLC, First lien2024-12-310001496099Pioneer Buyer I, LLC, First lien2024-12-310001496099OA Buyer, Inc., First lien2024-12-310001496099Kaseya, Inc., First lien2024-12-310001496099Ambrosia Holdco Corp., First 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Achievement Corporation (aka AAC Holding Corp.), Subordinated, Non-accrual status2021-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2021-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2023-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-07-012025-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-01-012025-09-300001496099National HME, Inc., Second lien, Non-accrual status2025-07-012025-09-300001496099National HME, Inc., Second lien, Non-accrual status2025-01-012025-09-300001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-09-300001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-07-012025-09-300001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-01-012025-09-300001496099Notorious Topco, LLC , First lien2025-09-300001496099Notorious Topco, LLC , First lien2025-07-012025-09-300001496099Notorious Topco, LLC , First lien2025-01-012025-09-300001496099PPVA Black Elk (Equity) LLC, Subordinated2013-05-030001496099PPVA Black Elk (Equity) LLC, Subordinated2014-08-012014-08-310001496099nmfc:BlackElkTrusteeMember2017-08-012017-08-310001496099nmfc:BlackElkTrusteeMember2017-12-222017-12-220001496099nmfc:BlackElkTrusteeMember2018-01-012018-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:SkyKnightIncomeIILLCMember2025-09-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:LineOfCreditMember2025-09-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:LineOfCreditClassAAdvanceMember2025-09-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:LineOfCreditClassBAdvanceMember2025-09-300001496099nmfc:DuringReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:LineOfCreditClassAAdvanceMember2025-08-062025-08-060001496099nmfc:AfterReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:LineOfCreditClassAAdvanceMember2025-08-062025-08-060001496099nmfc:DuringReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:LineOfCreditClassBAdvanceMember2025-08-062025-08-060001496099nmfc:AfterReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:LineOfCreditClassBAdvanceMember2025-08-062025-08-060001496099nmfc:DuringReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:LineOfCreditMember2024-07-032025-08-050001496099nmfc:AfterReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:LineOfCreditMember2024-07-032025-08-050001496099nmfc:DuringReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:LineOfCreditMember2023-06-232024-07-020001496099nmfc:AfterReinvestmentPeriodMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:LineOfCreditMember2023-06-232024-07-020001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-09-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembersrt:WeightedAverageMemberFirst Lien Investments2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembersrt:WeightedAverageMemberFirst Lien Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAccelya Lux Finco S.a.r.l., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC 3, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCE Intermediate I, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCleanova US Holdings LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberClydesdale Acquisition Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCohnreznick Advisory LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDisco Parent, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFinastra USA, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFNZ Group Entities Limited, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHP PHRG Borrower, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKaseya Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKnowBe4, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMichael Baker International, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNexus Buyer LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOceankey (U.S.) II Corp., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsttra Group Ltd., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOutcomes Group Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRithum Holdings, Inc. (fka CommerceHub, Inc.), First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecretariat Advisors LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecure Acquisition, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSummit Acquisition Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTeam.blue Finco SARL, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberViant Medical Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVT Topco, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZelis Cost Management Buyer, Inc., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberClydesdale Acquisition Holdings, Inc., First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCohnreznick Advisory LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecretariat Advisors LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBayou Intermediate II, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBrown Group Holding, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCE Intermediate I, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFNZ Group Entities Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHighTower Holding, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOMNIA Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlano Holdco, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberQuartz Holding Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc. 2, First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSummit Acquisition Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberViant Medical Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l.,. First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-07-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-07-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-07-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-07-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-01-012025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:SkyKnightIncomeAlphaLLCMember2025-09-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:LineOfCreditMember2025-07-110001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:LineOfCreditClassAAdvanceMember2025-07-110001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:LineOfCreditClassBAdvanceMember2025-07-110001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:LineOfCreditMember2025-07-100001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:LineOfCreditClassAAdvanceMember2025-07-112025-07-110001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:LineOfCreditClassBAdvanceMember2025-07-112025-07-110001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:LineOfCreditMember2024-12-212025-07-100001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:LineOfCreditMember2024-03-282024-12-200001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:LineOfCreditMember2023-04-282024-03-270001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-310001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-09-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMemberFirst Lien Investments2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMemberFirst Lien Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAccelya Lux Finco S.a.r.l., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC 3, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCardinal Parent, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCleanova US Holdings LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberClydesdale Acquisition Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCohnreznick Advisory LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluence Technologies, Inc. 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluence Technologies, Inc. 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDG Investment Intermediate Holdings 2, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDisco Parent, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFinastra USA, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFNZ Group Entities Limited, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHP PHRG Borrower, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberJSG II, Inc. 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberJSG II, Inc. 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKaseya Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKnowBe4, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMichael Baker International, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNexus Buyer LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOceankey (U.S.) II Corp., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsttra Group Ltd., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOutcomes Group Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPlanview Parent, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPushpay USA Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRithum Holdings, Inc. (fka CommerceHub, Inc.), First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecretariat Advisors LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecure Acquisition, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSymplr Software, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTeam.blue Finco SARL, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTRC Companies LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberViant Medical Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVSTG Intermediate Holdings, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberXplor T1, LLC, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZelis Cost Management Buyer, Inc., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZest Acquisition Corp., First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 1, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 2, First Lien - Funded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:FundedSecuritiesMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberClydesdale Acquisition Holdings, Inc., First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCohnreznick Advisory LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecretariat Advisors LLC, First lien - Unfunded2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:UnfundedSecuritiesMember2025-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC, First Lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBarracuda Parent, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBleriot US Bidco Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCE Intermediate I, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFNZ Group Entities Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMandolin Technology Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded 22024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOMNIA Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPlanview Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberQuartz Holding Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded 22024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSymplr Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSyndigo LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTRC Companies LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 1 First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberViant Medical Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWatchGuard Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWrench Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberXplor T1, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZest Acquisition Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:FundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec parent, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC, First lien - 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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 September 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

ý

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

o

Emerging growth company

o

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 November 3, 2025
Common stock, par value $0.01 per share						103,155,812

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Table of Contents

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 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 September 30, 2025 (unaudited) and December 31, 2024			3
			Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)			4
			Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)			5
			Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)			6
			Consolidated Schedule of Investments as of September 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			117
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			118
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			138
Item 4.			Controls and Procedures			139
PART II. OTHER INFORMATION						140
Item 1.			Legal Proceedings			140
Item 1A.			Risk Factors			140
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			141
Item 3.			Defaults Upon Senior Securities			143
Item 4.			Mine Safety Disclosures			143
Item 5.			Other Information			143
Item 6.			Exhibits			144
			Signatures			145

2

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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)

			September 30, 2025						December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,224,517 and $2,298,083, respectively)			$	2,173,373					$	2,277,352
Non-controlled/affiliated investments (cost of $129,720 and $124,254, respectively)			94,686						112,776
Controlled investments (cost of $708,084 and $679,587, respectively)			675,560						700,896
Total investments at fair value (cost of $3,062,321 and $3,101,924, respectively)			2,943,619						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			63,684						80,320
Interest and dividend receivable			44,169						42,379
Derivative asset at fair value			5,834						—
Receivable from affiliates			334						213
Other assets			17,769						19,265
Total assets			$	3,088,909					$	3,246,701
Liabilities
Borrowings
Unsecured Notes			$	990,999					$	978,503
Holdings Credit Facility			308,063						294,363
2022 Convertible Notes			258,782						260,091
SBA-guaranteed debentures			196,205						300,000
NMFC Credit Facility			31,032						27,944
Deferred financing costs (net of accumulated amortization of $48,017 and $63,971, respectively)			(19,698)						(24,191)
Net borrowings			1,765,383						1,836,710
Interest payable			18,072						17,109
Payable to broker			13,460						3,230
Payable for unsettled securities purchased			10,412						—
Management fee payable			9,619						10,467
Incentive fee payable			2,801						8,625
Deferred tax liability			1,478						1,410
Derivative liability at fair value			821						7,423
Other liabilities			4,197						2,436
Total liabilities			1,826,243						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 104,189,336 and 107,851,415 shares outstanding, respectively			1,079						1,079
Paid in capital in excess of par			1,365,849						1,365,852
Treasury stock at cost, 3,662,593 and 0 shares held, respectively			(37,253)						—
Accumulated undistributed earnings			(73,049)						(13,592)
Total net assets of New Mountain Finance Corporation			$	1,256,626					$	1,353,339
Non-controlling interest in New Mountain Net Lease Corporation			6,040						5,952
Total net assets			$	1,262,666					$	1,359,291
Total liabilities and net assets			$	3,088,909					$	3,246,701
Number of shares outstanding			104,189,336						107,851,415
Net asset value per share of New Mountain Finance Corporation			$	12.06					$	12.55

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

3

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New Mountain Finance Corporation

 

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)

			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)			$	49,811					$	61,788					$	155,508					$	175,608
PIK interest income			2,968						4,340						8,812						13,460
Dividend income			179						185						1,242						2,762
Non-cash dividend income			4,026						5,077						12,432						14,558
Other income			1,436						1,454						3,640						6,345
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)			322						349						989						1,093
PIK interest income			1,132						971						3,176						2,680
Non-cash dividend income			304						1,593						2,279						4,211
Other income			63						63						188						188
From controlled investments:
Interest income (excluding PIK interest income)			1,665						1,651						5,172						4,395
PIK interest income			3,505						3,739						10,093						11,595
Dividend income			11,818						11,789						36,199						36,812
Non-cash dividend income			2,925						1,649						7,374						4,715
Other income			375						679						2,578						2,049
Total investment income			80,529						95,327						249,682						280,471
Expenses
Interest and other financing expenses			31,720						37,661						94,232						101,790
Management fee			9,619						11,700						29,611						34,048
Incentive fee			7,345						8,821						23,563						27,760
Professional fees			924						1,019						3,413						3,213
Administrative expenses			916						1,059						3,204						3,135
Other general and administrative expenses			478						531						1,325						1,523
Total expenses			51,002						60,791						155,348						171,469
Less: management and incentive fees waived (See Note 5)			(4,544)						(970)						(8,952)						(2,732)
Net expenses			46,458						59,821						146,396						168,737
Net investment income before income taxes			34,071						35,506						103,286						111,734
Income tax expense			29						118						18						353
Net investment income			34,042						35,388						103,268						111,381
Net realized (losses) gains:
Non-controlled/non-affiliated investments			8						(75)						12,324						(46,899)
Controlled investments			1						(456)						38,899						3,375
Foreign currency			—						(1,455)						—						(1,455)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(8,977)						419						(33,783)						56,474
Non-controlled/affiliated investments			(9,736)						(7,853)						(23,555)						(34,396)
Controlled investments			(2,851)						(4,260)						(53,833)						(243)
Securities purchased under collateralized agreements to resell			—						—						—						(3,000)
New Mountain Net Lease Corporation			—						1,533						—						1,533
Foreign currency			(120)						1,690						482						1,796
Provision for taxes			(25)						(1,037)						(68)						(1,804)
Net realized and unrealized losses			(21,700)						(11,494)						(59,534)						(24,619)
Net increase in net assets resulting from operations			12,342						23,894						43,734						86,762
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation			(153)						(5)						(358)						(994)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation			$	12,189					$	23,889					$	43,376					$	85,768
Basic earnings per share			$	0.11					$	0.22					$	0.40					$	0.81
Weighted average shares of common stock outstanding - basic (See Note 11)			106,016,542						107,851,415						107,199,318						106,140,789
Diluted earnings per share			$	0.11					$	0.22					$	0.40					$	0.78
Weighted average shares of common stock outstanding - diluted (See Note 11)			125,036,696						126,779,819						126,201,036						125,000,872
Distributions declared and paid per share			$	0.32					$	0.34					$	0.96					$	1.04

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

4

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New Mountain Finance Corporation

 

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)

			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Increase (decrease) in net assets resulting from operations:
Net investment income			$	34,042					$	35,388					$	103,268					$	111,381
Net realized gains (losses) on investments and foreign currency			9						(1,986)						51,223						(44,979)
Net change in unrealized (depreciation) appreciation of investments, foreign currency and New Mountain Net Lease Corporation			(21,684)						(8,471)						(110,689)						25,164
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell			—						—						—						(3,000)
Provision for taxes			(25)						(1,037)						(68)						(1,804)
Net increase in net assets resulting from operations			12,342						23,894						43,734						86,762
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")			(153)						(5)						(358)						(994)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation			12,189						23,889						43,376						85,768
Capital transactions
Net proceeds from shares sold			—						—						—						67,691
Repurchase of shares under Old Repurchase Program			(27,611)						—						(37,253)						—
Conversion of 2022 Convertible Notes to Shares			7						—						7						—
Offering costs			4						(43)						(10)						(512)
Distributions declared to stockholders from net investment income			(33,822)						(36,668)						(102,833)						(111,602)
Total net (decrease) increase in net assets resulting from capital transactions			(61,422)						(36,711)						(140,089)						(44,423)
Net (decrease) increase in net assets			(49,233)						(12,822)						(96,713)						41,345
New Mountain Finance Corporation net assets at the beginning of the period			1,305,859						1,374,118						1,353,339						1,319,951
New Mountain Finance Corporation net assets at the end of the period			1,256,626						1,361,296						1,256,626						1,361,296
Non-controlling interest in NMNLC			6,040						6,283						6,040						6,283
Net assets at the end of the period			$	1,262,666					$	1,367,579					$	1,262,666					$	1,367,579
Capital share activity
Shares sold			—						—						—						5,292,556
Conversion of 2022 Convertible Notes to Shares			—						—						514						—
Shares repurchased under Old Repurchase Program			(2,737,377)						—						(3,662,593)						—
Net (decrease) increase in shares outstanding			(2,737,377)						—						(3,662,079)						5,292,556

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

5

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New Mountain Finance Corporation

 

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

			Nine Months Ended
			September 30, 2025						September 30, 2024
Cash flows from operating activities
Net increase in net assets resulting from operations			$	43,734					$	86,762
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			(51,223)						43,524
Net realized losses on translation of assets and liabilities in foreign currencies			—						1,455
Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation			111,171						(23,368)
Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies			(482)						(1,796)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell			—						3,000
Amortization of purchase discount			(7,482)						(5,774)
Amortization of deferred financing costs			6,866						7,502
Amortization of premium on 2022 Convertible Notes			(74)						(87)
Amortization of discount on 6.875% and 6.200% Unsecured Notes			932						422
Net change due to hedging activity			(871)						635
Non-cash investment income			(40,281)						(47,921)
(Increase) decrease in operating assets:
Cash paid for purchase of non-controlling interest in New Mountain Net Lease Corporation			—						(4,666)
Cash distribution received for purchase of non-controlling interest in New Mountain Net Lease Corporation			—						244
Purchase of investments and delayed draw facilities			(370,769)						(772,915)
Proceeds from sales and paydowns of investments			519,148						557,709
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities			236						447
Cash paid for purchase of drawn portion of revolving credit facilities			—						(48)
Cash paid on drawn revolvers			(25,603)						(29,475)
Cash repayments on drawn revolvers			15,601						24,893
Deferred tax asset			—						594
Interest and dividend receivable			(1,771)						(1,809)
Receivable from affiliates			(121)						(57)
Other assets			1,496						(2,832)
(Decrease) increase in operating liabilities:
Management fee payable			(848)						614
Incentive fee payable			(5,824)						266
Payable for unsettled securities purchased			10,412						—
Interest payable			959						(1,953)
Deferred tax liability			68						1,100
Payable to broker			10,230						10,370
Other liabilities			1,889						(20)
Net cash flows provided by (used in) operating activities			217,393						(153,184)
Cash flows from financing activities
Net proceeds from shares sold			—						67,691
Repurchase of shares under Old Repurchase Program			(37,253)						—
Offering costs paid			(76)						(336)
Distributions paid			(102,833)						(111,602)
Proceeds from Holdings Credit Facility			378,500						558,400
Repayment of Holdings Credit Facility			(364,800)						(665,900)
Repayment of 2022 Convertible Notes			(1,228)						—
Proceeds from Unsecured Notes			—						594,981
Repayment of Unsecured Notes			—						(116,500)
Proceeds from NMFC Credit Facility			—						112,386
Repayment of NMFC Credit Facility			—						(96,450)
Repayment of DB Credit Facility			—						(186,400)
Repayment of SBA-guaranteed debentures			(103,795)						—
Proceeds from NMNLC Credit Facility II			—						7,710
Repayment of NMNLC Credit Facility II			—						(7,655)
Distributions related to non-controlling interest in NMNLC			(270)						(528)
Deferred financing costs paid			(2,436)						(10,832)
Net cash flows used in financing activities			(234,191)						144,965
Net increase (decrease) in cash and cash equivalents			(16,798)						(8,219)
Effect of foreign exchange rate changes on cash and cash equivalents			162						72
Cash and cash equivalents at the beginning of the period			80,320						70,090
Cash and cash equivalents at the end of the period			$	63,684					$	61,943
Supplemental disclosure of cash flow information
Cash interest paid			$	82,554					$	93,432
Income taxes (received) paid			(345)						142
Non-cash operating activities:
Non-cash activity on investments			$	61,007					$	26,350
Non-cash financing activities:
Conversion of 2022 Convertible Notes to Shares			$	7					$	—
Accrual for offering costs			41						159
Accrual for deferred financing costs			45						708

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

6

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments

September 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%						9.51%						12/2021						12/2027						$	22,560					$	22,444					$	22,560
												First lien (3)(11)(13)						SOFR(M)						5.25%						9.51%						12/2021						12/2027						20,061						19,974						20,061
												First lien (4)(13)						SOFR(M)						5.25%						9.51%						01/2022						12/2027						9,525						9,483						9,525
												First lien (4)(13)						SOFR(M)						5.25%						9.51%						12/2021						12/2027						7,319						7,282						7,319
												Subordinated (3)(11)(13)						FIXED(Q)*						11.50%/PIK						11.50%						12/2021						12/2031						17,145						17,020						16,901
												Subordinated (4)(13)						FIXED(Q)*						11.50%/PIK						11.50%						01/2022						12/2031						6,724						6,674						6,628
																																																						82,877						82,994						6.57		%
Associations Finance, Inc.
Associations, Inc.
Business Services												First lien (3)(11)(13)						SOFR(Q)						6.50%						11.08%						05/2024						07/2028						49,057						49,038						49,057
												First lien (3)(13)(16) - Drawn						SOFR(Q)						6.50%						11.08%						05/2024						07/2028						1,450						1,449						1,450
												Subordinated (3)(13)						FIXED(Q)*						14.25%/PIK						14.25%						05/2024						05/2030						8,851						8,835						9,028
												Subordinated (3)(13)						FIXED(Q)*						14.25%/PIK						14.25%						05/2024						05/2030						3,380						3,374						3,515
																																																						62,696						63,050						4.99		%
GC Waves Holdings, Inc.
Financial Services												First lien (2)(12)(13)						SOFR(M)						4.75%						9.01%						08/2021						10/2030						40,009						39,806						40,009
												First lien (5)(13)						SOFR(M)						4.75%						9.01%						08/2021						10/2030						21,287						21,232						21,287
																																																						61,038						61,296						4.85		%
Einstein Parent, Inc.
Software												First lien (3)(11)(13)						SOFR(Q)						6.50%						10.83%						01/2025						01/2031						55,582						55,074						55,026						4.36		%
OEConnection LLC
Software												First lien (2)(12)						SOFR(M)						5.25%						9.41%						04/2024						04/2031						46,080						45,885						46,234
												First lien (3)(11)						SOFR(M)						5.25%						9.41%						04/2024						04/2031						8,040						8,004						8,067
																																																						53,889						54,301						4.30		%
iCIMS, Inc.
Software												First lien (2)(12)(13)						SOFR(Q)						5.75%						10.07%						09/2023						08/2028						44,742						44,576						43,623
												First lien (2)(12)(13)						SOFR(Q)						6.25%						10.57%						10/2022						08/2028						7,366						7,329						7,274
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.75%						10.07%						08/2022						08/2028						988						985						964
																																																						52,890						51,861						4.11		%

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

7

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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%						9.25%						08/2019						05/2028						$	25,145					$	25,113					$	25,145
												First lien (5)(13)						SOFR(Q)						5.25%						9.25%						08/2019						05/2028						21,130						21,102						21,130
												First lien (3)(11)(13)						SOFR(Q)						5.25%						9.25%						08/2019						05/2028						2,886						2,881						2,886
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.25%						9.25%						08/2019						05/2028						1,607						1,601						1,607
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.25%						9.25%						03/2024						05/2028						450						448						450
																																																						51,145						51,218						4.06		%
Model N, Inc.
Software												First lien (2)(12)(13)						SOFR(Q)						4.75%						8.75%						06/2024						06/2031						43,885						43,696						43,885						3.48		%
IG Intermediateco LLC
Infogain Corporation
Business Services												First lien (2)(12)(13)						SOFR(M)						5.75%						10.01%						07/2021						07/2028						18,372						18,305						18,372
												First lien (3)(11)(13)						SOFR(M)						5.75%						10.01%						07/2022						07/2028						7,704						7,663						7,704
												Subordinated (3)(13)						SOFR(Q)						7.50%						11.60%						07/2022						07/2029						16,953						16,816						16,953
																																																						42,784						43,029						3.41		%
Deca Dental Holdings LLC
Healthcare												First lien (2)(12)(13)						SOFR(Q)						5.75%						9.85%						08/2021						08/2028						36,806						36,624						35,834
												First lien (3)(11)(13)						SOFR(Q)						5.75%						9.85%						08/2021						08/2028						3,874						3,854						3,772
												First lien (3)(11)(13)(16) - Drawn						SOFR(Q)						5.75%						9.85%						08/2021						08/2027						3,027						2,997						2,947
																																																						43,475						42,553						3.37		%
Foreside Financial Group, LLC
Business Services												First lien (2)(12)(13)						SOFR(Q)						5.25%						9.60%						05/2022						09/2027						36,905						36,761						36,905
												First lien (3)(11)(13)						SOFR(Q)						5.25%						9.60%						05/2022						09/2027						4,043						4,019						4,043
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.25%						9.40%						03/2024						09/2027						386						383						386
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.25%						9.46%						05/2022						09/2027						277						277						277
																																																						41,440						41,611						3.30		%
Acumatica Holdings, Inc.
Software												First lien (3)(11)(13)						SOFR(Q)						4.75%						9.06%						07/2025						07/2032						39,188						39,188						39,188						3.10		%
Foundational Education Group, Inc.
Education												Second lien (5)(13)						SOFR(M)						6.50%						10.78%						08/2021						08/2029						22,500						22,433						22,500
												Second lien (3)(11)(13)						SOFR(M)						6.50%						10.78%						08/2021						08/2029						10,965						10,742						10,965
												First lien (2)(12)						SOFR(M)						4.25%						8.53%						05/2025						08/2028						6,367						5,847						5,683
																																																						39,022						39,148						3.10		%

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

8

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
MRI Software LLC
Software												First lien (5)(13)						SOFR(Q)						4.75%						8.75%						01/2020						02/2027						$	21,261					$	21,240					$	21,261
												First lien (3)(11)(13)						SOFR(Q)						4.75%						8.75%						03/2021						02/2027						7,532						7,524						7,532
												First lien (2)(12)(13)						SOFR(Q)						4.75%						8.75%						03/2021						02/2027						4,486						4,483						4,486
												First lien (2)(12)(13)						SOFR(Q)						4.75%						8.75%						01/2020						02/2027						3,083						3,080						3,083
												First lien (3)(11)(13)						SOFR(Q)						4.75%						8.75%						01/2020						02/2027						787						786						787
												First lien (3)(13)(16) - Drawn						SOFR(Q)						4.75%						8.75%						01/2020						02/2027						200						199						200
																																																						37,312						37,349						2.96		%
CentralSquare Technologies, LLC
Software												First lien (2)(12)(13)						SOFR(M)*						2.88% + 3.38%/PIK						10.41%						04/2024						04/2030						36,475						36,124						36,475						2.89		%
TigerConnect, Inc.
Healthcare												First lien (3)(11)(13)						SOFR(Q)*						3.38% + 3.38%/PIK						11.20%						02/2022						08/2029						29,868						29,714						29,868
												First lien (3)(11)(13)						SOFR(Q)*						3.38% + 3.38%/PIK						11.11%						08/2025						08/2029						3,054						3,032						3,054
												First lien (2)(13)(16) - Drawn						SOFR(Q)*						3.38% + 3.38%/PIK						11.20%						02/2022						08/2029						3,273						3,273						3,273
																																																						36,019						36,195						2.87		%
Auctane Inc. (fka Stamps.com Inc.)
Software												First lien (3)(11)(13)						SOFR(S)						5.75%						10.14%						10/2021						10/2028						36,155						35,971						35,522						2.81		%
IG Investments Holdings, LLC
Business Services												First lien (2)(12)(13)						SOFR(Q)						5.00%						9.31%						09/2021						09/2028						32,553						32,399						32,553
												First lien (3)(11)(13)						SOFR(Q)						5.00%						9.31%						03/2024						09/2028						2,523						2,523						2,523
																																																						34,922						35,076						2.78		%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare												First lien (3)(11)(13)						SOFR(Q)						6.09%						10.54%						03/2021						03/2028						19,259						19,138						19,259
												First lien (3)(11)(13)						SOFR(Q)						6.09%						10.37%						03/2021						03/2028						5,012						4,999						5,012
												First lien (2)(12)(13)						SOFR(Q)						6.09%						10.54%						03/2021						03/2028						4,913						4,882						4,913
												First lien (3)(11)(13)						SOFR(Q)						6.24%						10.71%						04/2025						03/2028						4,706						4,686						4,706
																																																						33,705						33,890						2.68		%

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

9

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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 (2)(12)(13)						SOFR(Q)						5.50%						9.60%						10/2021						10/2028						$	17,043					$	16,953					$	17,043
												First lien (3)(11)(13)						SOFR(Q)						5.50%						9.60%						10/2021						10/2028						12,267						12,206						12,267
												First lien (3)(11)(13)						SOFR(Q)						5.50%						9.60%						06/2022						10/2028						974						976						974
												First lien (3)(11)(13)(16) - Drawn						SOFR(Q)						5.50%						9.60%						10/2021						10/2027						715						708						715
												First lien (3)(13)						SOFR(Q)						5.50%						9.60%						10/2021						10/2028						79						79						79
																																																						30,922						31,078						2.46		%
PPV Intermediate Holdings, LLC
Consumer Services												First lien (4)(13)						SOFR(Q)						5.75%						9.95%						08/2022						08/2029						22,219						22,172						22,219
												First lien (2)(12)(13)						SOFR(Q)						5.75%						9.95%						06/2024						08/2029						8,196						8,196						8,196
																																																						30,368						30,415						2.41		%
Nelipak Holding Company
Packaging												First lien (3)(11)(13)(14)						EURIBOR(M)						5.50%						7.41%						03/2024						03/2031						€	16,399					17,644						19,241
												First lien (2)(12)(13)						SOFR(M)						5.50%						9.66%						03/2024						03/2031						$	8,955					8,899						8,955
												First lien (3)(11)(13)(14)(16) - Drawn						SOFR(M)						5.50%						9.66%						03/2024						03/2031						$	1,620					1,608						1,620
												First lien (3)(13)(16) - Drawn						EURIBOR(M)						5.50%						7.41%						03/2024						03/2031						€	78					90						92
																																																						28,241						29,908						2.37		%
Brave Parent Holdings, Inc.
Software												First lien (5)(13)						SOFR(M)						5.00%						9.16%						11/2023						11/2030						19,868						19,789						19,868
												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						05/2024						11/2030						7,768						7,768						7,768
												First lien (5)(13)						SOFR(M)						5.00%						9.16%						11/2023						11/2030						1,309						1,301						1,309
												First lien (3)(13)						SOFR(M)						5.00%						9.16%						05/2024						11/2030						512						516						512
																																																						29,374						29,457						2.33		%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare												First lien (2)(12)(13)						SOFR(M)*						2.75% + 3.25%/PIK						10.26%						08/2021						08/2028						22,456						22,351						20,210
												First lien (3)(11)(13)						SOFR(M)*						2.75%+ 3.25%/PIK						10.26%						08/2021						08/2028						4,311						4,281						3,880
												First lien (3)(11)(13)						SOFR(M)*						2.75% + 3.25%/PIK						10.26%						08/2021						08/2028						3,980						3,959						3,582
												First lien (3)(13)(16) - Drawn						SOFR(M)						5.50%						9.76%						08/2021						08/2027						1,224						1,212						1,102
																																																						31,803						28,774						2.28		%

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

10

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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%						10.10%						06/2022						06/2028						$	18,196					$	18,196					$	18,196
												First lien (4)(13)						SOFR(M)						5.75%						10.10%						06/2022						06/2028						6,814						6,814						6,814
												First lien (3)(11)(13)						SOFR(M)						5.75%						10.01%						02/2025						06/2028						3,363						3,342						3,363
																																																						28,352						28,373						2.25		%
Bullhorn, Inc.
Software												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						09/2019						10/2029						13,206						13,175						13,206
												First lien (3)(11)(13)						SOFR(M)						5.00%						9.16%						05/2024						10/2029						8,879						8,943						8,879
												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						10/2021						10/2029						3,398						3,394						3,398
												First lien (3)(11)(13)						SOFR(M)						5.00%						9.16%						05/2024						10/2029						1,025						1,022						1,025
												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						09/2019						10/2029						761						759						761
												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						09/2019						10/2029						341						340						341
												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						09/2019						10/2029						272						271						272
												First lien (3)(13)(16) - Drawn						SOFR(M)						5.00%						9.16%						09/2019						10/2029						125						127						125
																																																						28,031						28,007						2.22		%
PetVet Care Centers, LLC
Consumer Services												First lien (3)(11)(13)						SOFR(M)						6.00%						10.16%						10/2023						11/2030						27,932						27,708						26,717						2.12		%
YLG Holdings, Inc.
Business Services												First lien (5)(13)						SOFR(Q)						4.75%						9.04%						11/2019						12/2030						21,716						21,692						21,716
												First lien (2)(12)(13)						SOFR(Q)						4.75%						9.04%						04/2025						12/2030						4,320						4,299						4,320
												First lien (3)(13)(16) - Drawn						SOFR(Q)						4.75%						8.97%						04/2025						12/2030						395						393						395
												First lien (3)(13)(16) - Drawn						SOFR(Q)						4.75%						8.75%						11/2019						12/2030						19						18						19
																																																						26,402						26,450						2.09		%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software												First lien (3)(11)(13)						SOFR(Q)						6.00%						10.00%						03/2024						11/2028						23,089						23,012						23,089
												First lien (3)(13)						SOFR(Q)						6.00%						10.00%						03/2022						11/2028						2,374						2,366						2,374
																																																						25,378						25,463						2.02		%
AmeriVet Partners Management, Inc.
Consumer Services												First lien (3)(11)(13)						SOFR(S)						5.50%						9.62%						02/2022						02/2028						18,818						18,774						18,603
												First lien (2)(12)(13)						SOFR(S)						5.50%						9.62%						02/2022						02/2028						5,237						5,223						5,176
												First lien (3)(11)(13)						SOFR(S)						5.50%						9.62%						02/2022						02/2028						688						686						680
																																																						24,683						24,459						1.94		%

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

11

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
PDI TA Holdings, Inc.
Software												First lien (4)(13)						SOFR(Q)						5.50%						9.81%						01/2024						02/2031						$	22,227					$	22,133					$	22,227
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.50%						9.81%						01/2024						02/2031						732						728						732
												First lien (3)(11)(13)						SOFR(Q)						5.50%						9.81%						03/2025						02/2031						510						510						510
																																																						23,371						23,469						1.86		%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software												First lien (2)(12)(13)						SOFR(Q)						5.00%						9.20%						04/2024						08/2030						19,821						19,760						19,821
												First lien (3)(11)(13)						SOFR(Q)						5.00%						9.20%						04/2024						08/2030						3,398						3,387						3,398
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.00%						9.20%						04/2024						08/2030						249						248						249
																																																						23,395						23,468						1.86		%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software												Second lien (5)(13)						SOFR(Q)						6.75%						11.16%						11/2019						11/2027						22,500						22,441						19,384
												Second lien (2)(12)(13)						SOFR(Q)						6.75%						11.16%						11/2019						11/2027						4,208						4,188						3,625
																																																						26,629						23,009						1.82		%
Power Grid Holdings, Inc.
Business Products												First lien (4)(13)						SOFR(Q)						4.75%						8.75%						11/2023						12/2030						22,218						22,076						22,218
												First lien (3)(13)(16) - Drawn						SOFR(M)						4.75%						9.67%						11/2023						12/2030						515						510						515
																																																						22,586						22,733						1.80		%
Xactly Corporation
Software												First lien (4)(13)						SOFR(Q)						6.25%						10.55%						07/2017						07/2027						22,500						22,487						22,241						1.76		%
Baker Tilly Advisory Group, LP
Financial Services												First lien (3)(11)(13)						SOFR(M)						4.75%						8.91%						05/2024						06/2031						15,642						15,540						15,642
												First lien (2)(12)(13)						SOFR(M)						4.50%						8.66%						05/2025						06/2031						5,782						5,755						5,753
												First lien (3)(11)(13)						SOFR(M)						4.50%						8.66%						07/2025						06/2031						378						376						376
																																																						21,671						21,771						1.72		%
Sierra Enterprises, LLC
Food & Beverage												First lien (2)(12)(13)						SOFR(Q)						6.00%						10.00%						05/2025						05/2030						21,411						21,260						21,250						1.68		%
Cardinal Parent, Inc.
Software												First lien (4)						SOFR(Q)						4.50%						8.65%						10/2020						11/2027						11,639						11,607						11,582
												Second lien (4)(13)						SOFR(Q)						7.75%						11.91%						11/2020						11/2028						9,767						9,718						9,757
																																																						21,325						21,339						1.69		%

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

12

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Trinity Air Consultants Holdings Corporation
Business Services												First lien (2)(12)(13)						SOFR(S)						4.25%						8.48%						06/2021						06/2028						$	15,343					$	15,280					$	15,343
												First lien (2)(12)(13)						SOFR(S)						4.25%						8.43%						06/2021						06/2028						5,145						5,118						5,145
																																																						20,398						20,488						1.62		%
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services												First lien (5)(13)						SOFR(Q)						5.00%						9.15%						12/2021						12/2029						8,475						8,434						8,475
												First lien (3)(11)(13)						SOFR(Q)						5.00%						9.15%						07/2022						12/2029						4,725						4,695						4,725
												First lien (5)(13)						SOFR(Q)						5.00%						9.15%						12/2021						12/2029						2,845						2,830						2,845
												First lien (5)(13)						SOFR(Q)						5.00%						9.15%						12/2021						12/2029						2,827						2,813						2,827
																																																						18,772						18,872						1.49		%
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%						11.63%						09/2015						09/2026						29,879						29,842						17,999
												First lien (3)(13)						SOFR(M)(18)*						14.50%/PIK + 0.50%						19.38%						06/2021						09/2026						1,527						1,527						—
												Subordinated (3)(13)						SOFR(Q)(18)*						1.00%/PIK						5.44%						03/2021						09/2026						5,230						—						—
																																																						31,369						17,999						1.43		%
Ambrosia Topco LLC(31)
TMK Hawk Parent, Corp.
Distribution & Logistics												First lien (2)(13)						SOFR(M)*						3.25%/PIK + 2.00%						9.41%						01/2024						06/2029						12,631						12,153						8,161
												First lien (3)(11)(13)						SOFR(M)*						3.25%/PIK + 2.00%						9.41%						01/2024						06/2029						10,169						10,076						6,570
												First lien (3)(11)(13)						SOFR(M)*						3.00%/PIK + 1.00%						8.16%						03/2024						06/2029						4,036						2,794						2,581
												Subordinated (2)(13)						FIXED(Q)*						11.00%/PIK						11.00%						01/2024						12/2031						328						328						328
												Subordinated (3)(13)						FIXED(Q)*						11.00%/PIK						11.00%						01/2024						12/2031						316						316						316
																																																						25,667						17,956						1.42		%
Low Voltage Holdings Inc.
Business Services												First lien (3)(11)(13)						SOFR(Q)						4.75%						8.75%						04/2025						04/2032						16,902						16,841						16,839						1.33		%
Kele Holdco, Inc.
Distribution & Logistics												First lien (5)(13)						SOFR(M)						4.50%						8.66%						02/2020						02/2028						14,513						14,500						14,513
												First lien (5)(13)						SOFR(M)						4.50%						8.66%						02/2024						02/2028						1,248						1,242						1,248
												First lien (3)(11)(13)(16) - Drawn						SOFR(M)						4.50%						8.66%						02/2020						02/2028						990						985						990
																																																						16,727						16,751						1.33		%

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

13

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Viper Bidco. Inc.
Software												First lien (3)(11)(13)(14)						SONIA(D)						4.75%						8.72%						11/2024						11/2031						£	11,940					$	15,066					$	15,979					1.27		%
Digicert, Inc.
Software												First lien (2)(12)(13)						SOFR(M)						5.75%						9.91%						07/2025						07/2030						$	15,500					15,387						15,384						1.22		%
Bonterra LLC
Software												First lien (3)(11)(13)						SOFR(Q)						5.00%						9.00%						03/2025						03/2032						15,027						14,997						14,990
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.00%						8.99%						03/2025						03/2032						244						244						244
																																																						15,241						15,234						1.21		%
Calabrio, Inc.
Software												First lien (5)						SOFR(Q)						5.50%						9.70%						04/2021						04/2027						12,193						12,164						12,193
												First lien (5)						SOFR(Q)						5.50%						9.70%						01/2024						04/2027						1,562						1,554						1,562
												First lien (3)(16) - Drawn						SOFR(Q)						5.50%						9.70%						04/2021						04/2027						637						633						637
																																																						14,351						14,392						1.14		%
Coupa Holdings, LLC
Software												First lien (3)(11)(13)						SOFR(Q)						5.25%						9.56%						02/2023						02/2030						14,280						14,152						14,280						1.13		%
Daxko Acquisition Corporation
Software												First lien (3)(11)(13)						SOFR(M)						4.75%						8.91%						10/2021						10/2028						12,779						12,714						12,779
												First lien (2)(12)(13)						SOFR(M)						4.75%						8.91%						10/2021						10/2028						1,077						1,071						1,077
												First lien (3)(13)						SOFR(M)						4.75%						8.91%						10/2021						10/2028						64						64						64
																																																						13,849						13,920						1.10		%
Notorious Topco, LLC
Consumer Products												First lien (3)(11)(13)						SOFR(Q)(18)*						4.75% + 2.50%/PIK						11.60%						11/2021						11/2027						10,135						10,097						6,345
												First lien (3)(11)(13)						SOFR(Q)(18)*						4.75% + 2.50%/PIK						11.60%						05/2022						11/2027						10,008						9,968						6,266
												First lien (3)(11)(13)						SOFR(Q)(18)*						4.75% + 2.50%/PIK						11.60%						11/2021						11/2027						883						877						553
												First lien (3)(13)(16) - Drawn						SOFR(Q)(18)						6.75%						11.01%						11/2021						05/2027						880						874						551
																																																						21,816						13,715						1.09		%
CFS Management, LLC
Healthcare												First lien (3)(11)(13)						SOFR(Q)*						6.25% + 2.25%/PIK						12.76%						08/2019						09/2026						11,997						11,997						10,497
												First lien (2)(12)(13)						SOFR(Q)*						6.25% + 2.25%/PIK						12.76%						08/2019						09/2026						3,574						3,583						3,127
																																																						15,580						13,624						1.08		%

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

14

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
eResearchTechnology, Inc.
Healthcare												First lien (3)(11)(13)						SOFR(M)						4.75%						8.91%						03/2025						01/2032						$	11,380					$	11,271					$	11,266
												First lien (3)(11)(13)						SOFR(M)						4.75%						8.91%						03/2025						01/2032						1,889						1,876						1,871
												First lien (3)(11)(13)(16) - Drawn						SOFR(M)						4.75%						8.91%						03/2025						01/2032						301						289						298
																																																						13,436						13,435						1.06		%
Convey Health Solutions, Inc.
Healthcare												First lien (3)(11)(13)						SOFR(Q)*						1.00% + 3.94%/PIK						9.04%						09/2019						07/2029						13,431						13,388						11,266
												First lien (3)(11)(13)						SOFR(Q)*						1.00% + 3.94%/PIK						9.04%						02/2022						07/2029						2,243						2,229						1,881
																																																						15,617						13,147						1.04		%
Houghton Mifflin Harcourt Company
Education												First lien (3)(11)						SOFR(M)						5.25%						9.51%						10/2023						04/2029						14,373						14,059						12,917						1.02		%
USRP Holdings, Inc.
Business Services												First lien (3)(11)(13)						SOFR(M)						5.00%						9.16%						07/2021						12/2029						6,930						6,897						6,930
												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						07/2021						12/2029						5,498						5,473						5,498
																																																						12,370						12,428						0.98		%
Anaplan, Inc.
Software												First lien (3)(11)(13)						SOFR(Q)						4.50%						8.70%						06/2022						06/2029						10,539						10,479						10,539						0.83		%
Flash Charm Inc. (fka Idera, Inc.)
Software												Second lien (4)(13)						SOFR(Q)						6.75%						11.20%						06/2019						03/2029						10,719						10,640						9,248
												Second lien (3)(11)(13)						SOFR(Q)						6.75%						11.20%						04/2021						03/2029						1,429						1,425						1,233
																																																						12,065						10,481						0.83		%
Project Accelerate Parent, LLC
Software												First lien (5)(13)						SOFR(M)						5.25%						9.41%						02/2024						02/2031						10,440						10,396						10,441						0.83		%
CG Group Holdings, LLC
Specialty Chemicals & Materials												First lien (2)(12)(13)						SOFR(Q)*						6.75% + 2.00%/PIK						12.75%						07/2021						07/2027						8,559						8,526						8,559
												First lien (3)(11)(13)(16) - Drawn						SOFR(M)*						6.75% + 2.00%/PIK						12.91%						07/2021						07/2026						1,084						1,072						1,084
																																																						9,598						9,643						0.76		%
DG Investment Intermediate Holdings 2, Inc.
Business Services												Second lien (3)(11)(13)						SOFR(M)						5.50%						9.66%						07/2025						07/2033						9,512						9,465						9,464						0.75		%
Ultimus Group Midco, LLC
Financial Services												First lien (3)(11)(13)						SOFR(Q)						4.75%						8.75%						07/2025						07/2032						9,116						9,071						9,070						0.72		%

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

15

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Safety Borrower Holdings LLC
Software												First lien (2)(12)(13)						SOFR(M)						4.75%						8.91%						09/2021						09/2027						$	7,390					$	7,375					$	7,390
												First lien (3)(11)(13)						SOFR(M)						4.75%						8.91%						09/2021						09/2027						1,511						1,511						1,511
												First lien (3)(13)(16) - Drawn						P(Q)						3.75%						11.00%						09/2021						09/2027						166						165						166
																																																						9,051						9,067						0.72		%
Denali Intermediate Holdings, Inc.
Business Services												First lien (2)(12)(13)						SOFR(M)						5.50%						9.67%						08/2025						08/2032						9,091						9,046						9,045						0.72		%
Planview Parent, Inc.
Software												Second lien (3)(11)(13)						SOFR(Q)						5.75%						9.75%						06/2024						12/2028						9,231						9,211						8,952						0.71		%
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business Services												First lien (3)(11)(13)						SOFR(Q)*						2.25% + 2.75%/PIK						9.31%						01/2025						02/2032						8,150						8,131						8,130
												First lien (3)(13)(16) - Drawn						SOFR(Q)						4.50%						8.71%						01/2025						02/2032						733						731						731
																																																						8,862						8,861						0.70		%
Park Place Technologies, LLC
Business Services												First lien (2)(12)						SOFR(Q)						5.25%						9.56%						07/2024						03/2031						7,596						7,579						7,596
												First lien (3)						SOFR(Q)						5.25%						9.48%						07/2024						03/2031						622						619						621
												First lien (3)(11)(16) - Drawn						SOFR(Q)						5.25%						9.25%						07/2024						03/2030						312						312						312
																																																						8,510						8,529						0.68		%
Icefall Parent, Inc.
Software												First lien (3)(13)						SOFR(Q)						4.50%						8.81%						01/2024						01/2030						8,422						8,357						8,422						0.67		%
Higginbotham Insurance Agency, Inc.
Business Services												First lien (3)(13)(16) - Drawn						SOFR(M)						4.75%						8.91%						03/2024						11/2028						4,556						4,537						4,556
												First lien (3)(11)(13)						SOFR(M)						4.50%						8.67%						03/2024						11/2028						3,779						3,779						3,779
																																																						8,316						8,335						0.66		%
Alegeus Technologies Holdings Corp.
Healthcare												First lien (3)(11)(13)						SOFR(Q)						6.75%						11.06%						10/2024						11/2029						8,414						8,324						8,309						0.66		%
HP TLE Buyer, Inc.
Education												First lien (3)(13)						SOFR(Q)						4.75%						8.75%						06/2025						07/2032						8,168						8,128						8,127						0.64		%
KPSKY Acquisition Inc.
Business Services												First lien (3)(11)(13)						SOFR(Q)						5.50%						9.91%						10/2021						10/2028						6,774						6,739						6,283
												First lien (3)(11)(13)						SOFR(Q)						5.50%						9.84%						06/2022						10/2028						1,140						1,133						1,057
												First lien (3)(11)(13)						SOFR(Q)						5.50%						9.93%						10/2021						10/2028						776						772						720
												First lien (3)(13)						SOFR(Q)						5.75%						10.05%						11/2023						10/2028						19						18						17
																																																						8,662						8,077						0.64		%

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

16

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Compsych Investments Corp.
Business Services												First lien (2)(12)(13)						SOFR(Q)						4.75%						9.08%						07/2024						07/2031						$	7,810					$	7,758					$	7,810					0.62		%
Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software												First lien (2)(12)						SOFR(Q)						4.75%						8.75%						07/2025						07/2032						7,111						6,971						7,118						0.56		%
Eclipse Topco, Inc. (29)
Eclipse Buyer Inc.
Software												First lien (4)(13)						SOFR(M)						4.50%						8.68%						09/2024						09/2031						7,113						7,081						7,113						0.56		%
PPVA Black Elk (Equity) LLC
Business Services												Subordinated (3)(13)						—						—						—						05/2013						—						14,500						14,500						6,525						0.52		%
Legends Hospitality Holding Company, LLC
Business Services												First lien (5)(13)						SOFR(Q)*						2.75% + 2.75%/PIK						9.71%						08/2024						08/2031						6,206						6,153						6,206
												First lien (5)(13)(16) - Drawn						SOFR(Q)						5.00%						9.19%						08/2024						08/2031						221						219						221
												First lien (3)(13)(16) - Drawn						SOFR(M)						5.00%						9.16%						08/2024						08/2030						72						71						72
																																																						6,443						6,499						0.51		%
CRCI Longhorn Holdings, Inc.
Business Services												First lien (2)(12)(13)						SOFR(M)						4.75%						8.91%						08/2024						08/2031						6,467						6,438						6,467						0.51		%
Next Holdco, LLC
Healthcare												First lien (2)(12)(13)						SOFR(Q)						5.25%						9.48%						11/2023						11/2030						6,280						6,247						6,280						0.50		%
Greenway Health, LLC
Healthcare												First lien (3)(11)(13)						SOFR(Q)						6.75%						10.75%						12/2023						04/2029						6,254						6,186						6,254						0.50		%
Fullsteam Operations LLC
Software												First lien (2)(12)(13)						SOFR(Q)						5.25%						9.48%						08/2025						08/2031						6,223						6,192						6,192						0.49		%
Vehlo Purchaser, LLC
Software												First lien (3)(13)(16) - Drawn						SOFR(M)						5.00%						9.16%						06/2025						05/2028						6,073						6,032						6,042						0.48		%
NC Topco, LLC
Software												First lien (2)(12)(13)						SOFR(M)						4.50%						8.66%						08/2024						09/2031						5,877						5,851						5,877						0.47		%
RailPros Parent, LLC
Business Services												First lien (2)(12)(13)						SOFR(Q)						4.50%						8.70%						05/2025						05/2032						5,843						5,815						5,813						0.46		%
LSCS Holdings, Inc.
Healthcare												First lien (2)(12)						SOFR(Q)						4.50%						8.50%						04/2025						03/2032						5,155						5,056						5,086						0.40		%
Healthspan Buyer, LLC
Healthcare												First lien (3)(11)(13)						SOFR(Q)						4.75%						8.75%						10/2023						10/2030						5,031						4,991						5,031						0.40		%
WEG Sub Intermediate Holdings, LLC
Financial Services												Subordinated (3)(13)						FIXED(Q)*						13.00%/PIK						13.00%						05/2023						05/2033						4,515						4,472						4,515						0.36		%

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

17

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
RLG Holdings, LLC
Packaging												First lien (2)(12)						SOFR(M)						5.00%						9.16%						06/2024						07/2028						$	3,939					$	3,939					$	3,315
												First lien (2)(12)						SOFR(M)						4.25%						8.53%						09/2025						07/2028						1,067						883						883
																																																						4,822						4,198						0.33		%
Logrhythm, Inc.
Software												First lien (3)(13)						SOFR(M)						7.50%						11.66%						07/2024						07/2029						4,196						4,145						4,047						0.32		%
Kene Acquisition, Inc.
Business Services												First lien (2)(12)(13)						SOFR(Q)						5.25%						9.56%						02/2024						02/2031						3,483						3,454						3,483
												First lien (3)(13)(16) - Drawn						SOFR(Q)						5.25%						9.56%						02/2024						02/2031						161						160						161
																																																						3,614						3,644						0.29		%
AI Altius US Bidco, Inc.
Business Services												First lien (3)(11)(13)						SOFR(S)						4.75%						8.99%						05/2024						12/2028						3,062						3,050						3,062						0.24		%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare												First lien (3)(11)(13)						SOFR(M)						4.75%						9.02%						05/2021						05/2027						3,046						3,036						3,046						0.24		%
Galway Borrower LLC
Business Services												First lien (3)(11)(13)(16) - Drawn						SOFR(Q)						4.50%						8.50%						04/2024						09/2028						1,792						1,768						1,792
												First lien (2)(12)(13)						SOFR(Q)						4.50%						8.50%						04/2024						09/2028						1,081						1,076						1,081
																																																						2,844						2,873						0.23		%
DCA Investment Holding, LLC
Healthcare												First lien (2)(12)(13)						SOFR(Q)*						6.41%/PIK						10.41%						03/2021						04/2028						1,839						1,835						1,621
												First lien (3)(11)(13)						SOFR(Q)*						6.50%/PIK						10.50%						12/2022						04/2028						1,031						1,022						912
																																																						2,857						2,533						0.20		%
DT1 Midco Corp
Business Services												First lien (2)(12)(13)						SOFR(M)						5.00%						9.16%						06/2025						12/2031						1,345						1,338						1,338
												First lien (3)(13)(16) - Drawn						SOFR(M)						5.00%						9.16%						06/2025						12/2031						32						32						32
																																																						1,370						1,370						0.11		%
Community Management Holdings MidCo 2, LLC
Business Services												First lien (3)(11)(13)(16) - Drawn						SOFR(Q)						5.00%						9.20%						07/2025						11/2031						1,237						1,225						1,227						0.10		%
CoreTrust Purchasing Group LLC
Business Services												First lien (3)(11)(13)						SOFR(M)						5.25%						9.41%						05/2024						10/2029						1,042						1,037						1,042						0.08		%
Beacon Pointe Harmony, LLC
Financial Services												First lien (3)(13)(16) - Drawn						SOFR(M)						4.75%						8.91%						06/2024						12/2028						464						460						464						0.04		%

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

18

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
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%						8.75%						06/2025						08/2031						55						55						55						—		%
PPVA Fund, L.P.
Business Services												Collateralized Financing (18)(19)						—						—						—						11/2014						—						—						—						—						—		%
Total Funded Debt Investments - United States																																																						$	1,964,244					$	1,915,157					151.69		%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services												First lien (3)(11)(13)						SOFR(S)*						3.50% + 2.00%/PIK						9.65%						07/2024						07/2031						$	19,815					$	19,852					$	19,815
												First lien (2)(12)(13)						SOFR(S)*						3.50% + 2.00%/PIK						9.65%						06/2025						07/2031						16,245						16,245						16,245
												First lien (2)(12)(13)						SOFR(S)*						3.50% + 2.00%/PIK						9.74%						06/2025						07/2031						881						881						881
																																																						36,978						36,941						2.93		%
Total Funded Debt Investments - Jersey																																																						$	36,978					$	36,941					2.93		%
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services												First lien (2)(12)(13)						SOFR(Q)						6.50%						10.90%						02/2024						02/2030						$	9,464					$	9,371					$	9,464
												First lien (3)(11)(13)						SOFR(Q)						6.50%						10.83%						02/2024						02/2030						5,353						5,290						5,353
																																																						14,661						14,817						1.17		%
Accelya Lux Finco S.a.r.l.**
Business Services												First lien (3)						SOFR(Q)						5.25%						9.21%						09/2025						10/2032						9,552						9,361						9,361						0.74		%
Cleanova US Holdings, LLC**
Business Products												First lien (2)(12)(13)						SOFR(Q)						4.75%						8.81%						05/2025						06/2032						8,406						8,120						8,406						0.67		%
Total Funded Debt Investments - United Kingdom																																																						$	32,142					$	32,584					2.58		%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services												First lien (2)(12)(13)						SOFR(Q)						5.00%						9.33%						06/2025						12/2029						$	4,474					$	4,464					$	4,474
												First lien (3)(11)(13)						SOFR(Q)						5.00%						9.33%						12/2022						12/2029						3,419						3,384						3,419
												First lien (3)(11)(13)						SOFR(Q)						5.00%						9.33%						12/2023						12/2029						1,332						1,322						1,332
																																																						9,170						9,225						0.73		%

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

19

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Adelaide Borrower, LLC**
Software												First lien (3)(11)(13)						SOFR(Q)*						3.38% + 3.38%/PIK						10.75%						05/2024						05/2030						$	4,739					$	4,701					$	4,739					0.38		%
Total Funded Debt Investments - Australia																																																						$	13,871					$	13,964					1.11		%
Total Funded Debt Investments																																																						$	2,047,235					$	1,998,646					158.31		%
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					$	81,078					6.42		%
Symplr Software Intermediate Holdings, Inc. (35)
Healthcare												Series A preferred shares (4)(13)						SOFR(Q)*						10.50%/PIK						14.65%						11/2018						—						7,500						18,280						17,609
												Series A preferred shares (3)(11)(13)						SOFR(Q)*						10.50%/PIK						14.65%						11/2018						—						2,586						6,302						6,070
																																																						24,582						23,679						1.88		%
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						15,702						15,036						1.19		%
Knockout Intermediate Holdings I Inc.(34)
Software												Preferred shares (3)(13)						SOFR(S)*						10.75%/PIK						14.89%						06/2022						—						8,313						12,324						12,400						0.98		%
ACI Parent Inc.(26)
Healthcare												Preferred shares (3)(13)						FIXED(Q)*						11.75%/PIK						11.75%						08/2021						—						12,500						20,124						10,125						0.80		%
HBWM Holdings, LLC(33)
Financial Services												Common units(9)(13)						FIXED(Q)*						4.00%						4.00%						09/2021						—						47,114						4,767						9,564						0.76		%
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						2,703
												Ordinary shares (3)(13)						—						—						—						05/2024						—						290						145						305
																																																						6,045						6,343						0.50		%
FS WhiteWater Holdings, LLC(27)
Consumer Services												Ordinary shares (5)(13)						—						—						—						12/2021						—						50,000						5,000						5,000						0.40		%
Firebird Co-Invest L.P.(20)
Business Services												LP Interest (3)(13)						—						—						—						01/2025						—						3,358,474						3,358						3,358						0.27		%
Eclipse Topco, Inc.(29)
Software												Preferred shares (4)(13)						FIXED(S)*						12.50%/PIK						12.50%						09/2024						—						190						2,075						2,094						0.17		%

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

20

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Pioneer Topco I, L.P.(28)
Software												Class A-2 common units(10)(13)						—						—						—						11/2021						—						199,980						$	2,000					$	2,086					0.17		%
Ambrosia Topco LLC (31)
Distribution & Logistics												Class A-1 common units(2)(13)						—						—						—						01/2024						—						126,536						1,348						590
												Class A-1 common units(3)(13)						—						—						—						01/2024						—						122,044						1,300						569
																																																						2,648						1,159						0.09		%
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																																																						$	174,825					$	171,972					13.63		%
Total Shares																																																						$	174,825					$	171,972					13.63		%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund												Structured Finance Obligation (3)(13)						SOFR(Q)						7.00%						11.33%						11/2024						01/2037						3,232						$	3,232					$	3,257					0.26		%
Total Structured Finance Obligations - United States																																																						$	3,232					$	3,257					0.26		%
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																																																						$	2,225,536					$	2,174,240					172.23		%
Unfunded Debt Investments - United States
Beacon Pointe Harmony, LLC
Financial Services												First lien (3)(13)(16) - Undrawn						—						—						—						06/2024						12/2025						$	1,685					$	—					$	—					—		%
DOCS, MSO, LLC
Healthcare												First lien (3)(13)(16) - Undrawn						—						—						—						06/2022						06/2028						2,405						—						—						—		%

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

21

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
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						—						—						—		%
Higginbotham Insurance Agency, Inc.
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						03/2024						03/2026						3,402						—						—						—		%
Riskonnect Parent, LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						03/2024						03/2026						6,349						—						—						—		%
Acumatica Holdings, Inc.
Software												First lien (3)(13)(16) - Undrawn						—						—						—						07/2025						07/2032						9,403						—						—						—		%
CG Group Holdings, LLC
Specialty Chemicals & Materials												First lien (3)(13)(16) - Undrawn						—						—						—						07/2021						07/2026						113						(1)						—						—		%
Park Place Technologies, LLC
Business Services												First lien (3)(16) - Undrawn						—						—						—						07/2024						03/2030						589						(1)						—						—		%
Mai Capital Management Intermediate LLC
Financial Services												First lien (3)(13)(16) - Undrawn						—						—						—						06/2025						06/2027						3,692						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						06/2025						08/2031						252						(1)						—
																																																						(1)						—						—		%
Safety Borrower Holdings LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						09/2021						09/2027						345						(2)						—						—		%

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

22

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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 (3)(13)(16) - Undrawn						—						—						—						11/2019						12/2030						$	291					$	(1)					$	—
												First lien (3)(13)(16) - Undrawn						—						—						—						04/2025						11/2026						271						(1)						—
																																																						(2)						—						—		%
Associations, Inc.
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						05/2024						07/2028						2,380						(1)						—
												First lien (3)(13)(16) - Undrawn						—						—						—						05/2024						07/2028						3,077						(2)						—
																																																						(3)						—						—		%
CoreTrust Purchasing Group LLC
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						05/2024						05/2026						578						(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)						—						—		%
NC Topco, LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						08/2024						08/2026						1,672						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						08/2024						09/2031						669						(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)						—						—		%
Kele Holdco, Inc.
Distribution & Logistics												First lien (3)(13)(16) - Undrawn						—						—						—						02/2020						02/2028						810						(4)						—						—		%
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 (3)(13)(16) - Undrawn						—						—						—						01/2024						02/2031						1,098						(5)						—						—		%

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

23

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
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)						—						—		%
CRCI Longhorn Holdings, Inc.
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						08/2024						08/2026						1,629						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						08/2024						08/2031						1,086						(5)						—
																																																						(5)						—						—		%
Legends Hospitality Holding Company, LLC
Business Services												First lien (5)(13)(16) - Undrawn						—						—						—						08/2024						08/2026						136						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						08/2024						08/2030						644						(6)						—
																																																						(6)						—						—		%
Calabrio, Inc.
Software												First lien (3)(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)						—						—		%
Bullhorn, Inc.
Software												First lien (3)(13)(16) - Undrawn						—						—						—						05/2024						05/2026						822						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						09/2019						10/2029						811						(6)						—
																																																						(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)						—						—		%

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

24

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
MRI Software LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						01/2020						02/2027						$	1,802					$	(9)					$	—					—		%
Daxko Acquisition Corporation
Software												First lien (3)(13)(16) - Undrawn						—						—						—						10/2021						10/2028						986						(10)						—						—		%
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						06/2027						1,291						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						02/2023						02/2029						989						(12)						—
																																																						(12)						—						—		%
Compsych Investments Corp.
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						07/2024						07/2027						2,253						(14)						—						—		%
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)						—						—		%
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						$	993					(7)						—
												First lien (3)(11)(13)(14)(16) - Undrawn						—						—						—						03/2024						03/2031						€	1,118					(8)						—
																																																						(15)						—						—		%

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

25

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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 (3)(13)(16) - Undrawn						—						—						—						03/2024						03/2026						$	759					$	—					$	—
												First lien (3)(13)(16) - Undrawn						—						—						—						08/2019						05/2028						3,214						(20)						—
																																																						(20)						—						—		%
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						2,034						(20)						—
																																																						(20)						—						—		%
Fortis Solutions Group, LLC
Packaging												First lien (3)(13)(16) - Undrawn						—						—						—						10/2021						10/2027						2,145						(21)						—						—		%
Eclipse Topco, Inc. (29)
Eclipse Buyer Inc.
Software												First lien (4)(13)(16) - Undrawn						—						—						—						09/2024						09/2026						1,206						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						09/2024						09/2031						4,190						(21)						—
																																																						(21)						—						—		%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software												First lien (3)(13)(16) - Undrawn						—						—						—						04/2024						08/2030						2,016						(8)						—
												First lien (3)(13)(16) - Undrawn						—						—						—						04/2024						04/2026						3,398						(13)						—
																																																						(21)						—						—		%
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)(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						07/2028						3,827						(29)						—						—		%

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

26

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
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)						—						—		%
Power Grid Holdings, Inc.
Business Products												First lien (3)(13)(16) - Undrawn						—						—						—						11/2023						12/2030						3,775						(38)						—						—		%
IG Investments Holdings, LLC
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						09/2021						09/2028						3,780						(38)						—						—		%
TigerConnect, Inc.
Healthcare												First lien (2)(13)(16) - Undrawn						—						—						—						02/2022						12/2025						468						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						08/2025						12/2025						46						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						02/2022						08/2029						4,267						(43)						—
																																																						(43)						—						—		%
CentralSquare Technologies, LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						04/2024						04/2030						3,980						(50)						—						—		%
Fullsteam Operations LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						08/2025						08/2027						2,074						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						08/2025						08/2031						691						(3)						(3)
																																																						(3)						(3)						(0.00)		%
Community Management Holdings MidCo 2, LLC
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						07/2025						01/2026						58						—						—
												First lien (3)(13)(16) - Undrawn						—						—						—						07/2025						11/2026						611						—						(5)
																																																						—						(5)						(0.00)		%
Denali Intermediate Holdings, Inc.
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						08/2025						08/2032						909						(5)						(5)						(0.00)		%

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

27

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
Ultimus Group Midco, LLC
Financial Services												First lien (3)(13)(16) - Undrawn						—						—						—						07/2025						01/2028						$	3,039					$	—					$	—
												First lien (3)(13)(16) - Undrawn						—						—						—						07/2025						07/2032						1,139						(6)						(6)
																																																						(6)						(6)						(0.00)		%
Bonterra LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						03/2025						03/2032						1,384						(3)						(3)
												First lien (3)(13)(16) - Undrawn						—						—						—						03/2025						03/2027						1,629						—						(4)
																																																						(3)						(7)						(0.00)		%
Digicert, Inc.
Software												First lien (3)(13)(16) - Undrawn						—						—						—						07/2025						07/2030						1,119						(8)						(8)						(0.00)		%
HP TLE Buyer, Inc.
Education												First lien (3)(13)(16) - Undrawn						—						—						—						06/2025						07/2032						1,797						(9)						(9)						(0.00)		%
Xactly Corporation
Software												First lien (3)(13)(16) - Undrawn						—						—						—						07/2017						07/2027						992						(10)						(11)						(0.00)		%
RailPros Parent, LLC
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						05/2025						05/2032						899						(4)						(4)
												First lien (3)(13)(16) - Undrawn						—						—						—						05/2025						05/2027						1,798						—						(9)
																																																						(4)						(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						4,005						—						(10)
																																																						(4)						(14)						(0.00)		%
Logrhythm, Inc.
Software												First lien (3)(13)(16) - Undrawn						—						—						—						07/2024						07/2029						420						(6)						(15)						(0.00)		%
Vehlo Purchaser, LLC
Software												First lien (3)(13)(16) - Undrawn						—						—						—						06/2025						12/2026						3,897						(39)						(19)						(0.00)		%
Sierra Enterprises, LLC
Food & Beverage												First lien (3)(13)(16) - Undrawn						—						—						—						05/2025						05/2030						2,717						(20)						(20)						(0.00)		%

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

28

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
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)(13)(16) - Undrawn						—						—						—						06/2025						12/2030						674						(3)						(3)
												First lien (3)(13)(16) - Undrawn						—						—						—						06/2025						04/2027						4,462						—						(22)
																																																						(3)						(25)						(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						2,122						—						(11)
												First lien (3)(13)(16) - Undrawn						—						—						—						05/2024						06/2030						3,707						(26)						(19)
																																																						(26)						(30)						(0.00)		%
Low Voltage Holdings Inc.
Business Services												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)
												First lien (3)(13)(16) - Undrawn						—						—						—						04/2025						10/2027						5,257						—						(19)
																																																						(12)						(31)						(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)		%
Einstein Parent, Inc.
Software												First lien (3)(13)(16) - Undrawn						—						—						—						01/2025						01/2031						5,750						(57)						(57)						(0.00)		%
iCIMS, Inc.
Software												First lien (3)(13)(16) - Undrawn						—						—						—						08/2022						08/2028						2,542						(22)						(64)						(0.01)		%

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

29

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare												First lien (3)(13)(16) - Undrawn						—						—						—						08/2021						08/2027						$	1,130					$	(11)					$	(113)					(0.01)		%
PetVet Care Centers, LLC
Consumer Services												First lien (3)(13)(16) - Undrawn						—						—						—						10/2023						11/2025						3,708						—						(161)
												First lien (3)(13)(16) - Undrawn						—						—						—						10/2023						11/2029						3,708						(37)						(161)
																																																						(37)						(322)						(0.03)		%
Total Unfunded Debt Investments - United States																																																						$	(969)					$	(867)					(0.05)		%
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)					$	—					—		%
Unfunded Debt Investments - UK
Ciklum Inc.**
Business Services												First lien (3)(13)(16) - Undrawn						—						—						—						02/2024						02/2030						$	2,989					$	(37)					$	—					—		%
Total Unfunded Debt Investments - UK																																																						$	(37)					$	—					—		%
Total Unfunded Debt Investments																																																						$	(1,019)					$	(867)					(0.05)		%
Total Non-Controlled/Non-Affiliated Investments																																																						$	2,224,517					$	2,173,373					172.18		%
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)*						14.00%/PIK						18.65%						12/2020						01/2028						$	25,465					$	25,410					$	25,465					2.02		%

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

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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 (30)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services												First lien (2)(12)(13)						SOFR(Q)						7.50%						11.65%						03/2023						04/2028						$	10,628					$	10,628					$	10,628
												First lien (3)(13)						SOFR(Q)						7.50%						11.65%						03/2023						04/2028						340						340						340
																																																						10,968						10,968						0.87		%
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%						07/2020						—						3,409						—						—
																																																						—						—						—		%
Total Funded Debt Investments - United States																																																						$	36,378					$	36,433					2.89		%
Equity - United States
TVG-Edmentum Holdings, LLC(21)
Education												Class B-1 Common Shares (3)(13)						—						—						—						12/2020						—						24,450						$	43,212					$	40,481
												Series C-2 Preferred Units(3)(13)						FIXED(Q)*						15.00%/PIK						15.00%						05/2024						—						3,480						8,404						8,404
												Class B-2 Common Shares (3)(13)						—						—						—						12/2020						—						24,450						24,839						—
																																																						76,455						48,885						3.87		%
Eagle Infrastructure Super HoldCo, LLC
Business Services												Ordinary shares (3)(13)						—						—						—						03/2023						—						72,536						4,104						7,368						0.58		%
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						0.16		%
Total Shares - United States																																																						$	93,342					$	58,253					4.61		%
Total Non-Controlled/Affiliated Investments																																																						$	129,720					$	94,686					7.50		%
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						$	50,388					$	50,388					$	50,388
												First lien (3)(11)(13)						FIXED(Q)*						12.00%/PIK						12.00%						10/2020						10/2026						39,834						39,834						39,834
												Subordinated (3)(13)						FIXED(M)*						12.00%/PIK						12.00%						10/2020						10/2026						26,071						25,550						20,857
																																																						115,772						111,079						8.80		%

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

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy												First lien (3)(11)(13)(16) - Drawn						SOFR(Q)						6.00%						10.26%						10/2020						12/2027						$	26,998					$	26,998					$	26,998
												First lien (3)(11)(13)						SOFR(Q)						9.00%						13.26%						10/2020						12/2027						23,336						23,336						23,336
																																																						50,334						50,334						3.99		%
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare												Second lien (3)(13)						SOFR(Q)(18)*						5.00%/PIK						9.55%						11/2018						11/2025						8,281						7,872						3,000						0.24		%
Total Funded Debt Investments - United States																																																						$	173,978					$	164,413					13.03		%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund												Membership interest (3)(13)						—						—						—						05/2018						—						—						$	160,000					$	160,000					12.67		%
NMFC Senior Loan Program IV LLC**
Investment Fund												Membership interest (3)(13)						—						—						—						05/2021						—						—						112,400						112,400						8.90		%
NM NL Holdings, L.P.**
Net Lease												Membership interest (6)(13)						—						—						—						06/2018						—						—						74,248						105,878						8.39		%
UniTek Global Services, Inc.
Business Services												Preferred shares (3)(13)						FIXED(Q)*						20.00%/PIK						20.00%						08/2018						—						61,414,892						58,091						61,415
												Preferred shares (3)(13)						—						—						—						06/2017						—						80,994,293						29,318						8,675
												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						—
																																																						124,259						70,090						5.55		%
New Benevis Topco, LLC (23)
Healthcare												Common stock (2)(13)						—						—						—						10/2020						—						325,516						27,154						27,721
												Common stock (3)(13)						—						—						—						10/2020						—						152,548						12,768						12,992
																																																						39,922						40,713						3.22		%
New Permian Holdco, Inc.
Energy												Ordinary shares (3)(13)						—						—						—						10/2020						—						100						11,155						13,000						1.03		%
NM YI, LLC
Net Lease												Membership interest (6)(13)						—						—						—						09/2019						—						—						6,272						8,673						0.69		%
NM GP Holdco, LLC**
Net Lease												Membership interest (6)(13)						—						—						—						06/2018						—						—						850						393						0.03		%

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

32

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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
NHME Holdings Corp.(22)
Healthcare												Ordinary shares (3)(13)						—						—						—						11/2018						—						640,000						$	4,000					$	—					—		%
Total Shares - United States																																																						$	533,106					$	511,147					40.48		%
Total Shares																																																						$	533,106					$	511,147					40.48		%
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																																																						$	708,084					$	675,560					53.51		%
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						$	4,897					$	—					$	—					—		%
Total Unfunded Debt Investments - United States																																																						$	—					$	—					—		%
Total Controlled Investments																																																						$	708,084					$	675,560					53.51		%
Total Investments																																																						$	3,062,321					$	2,943,619					233.19		%

(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.

(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 September 30, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,059 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,243, $7,522, $1,311 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 revolvers 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.

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

33

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)

(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 September 30, 2025.

(18)Investment is on non-accrual status as of September 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 September 30, 2025. See Note 2. Summary of Significant Accounting Policies, for details.

(20)The Company holds an 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 September 30, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, 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 are 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 September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $15,827.

(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 are 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 September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $20,249.

(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.

(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 are 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 September 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 Topco LLC 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 Topco LLC.

(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 are 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 September 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 $4,116, respectively.

(33)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of September 30, 2025, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,767.

(34)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are 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 September 30, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was $12,400.

(35)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are 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 September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $24,733.

(36)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are 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 September 30, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was $84,739.

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

34

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)

(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 September 30, 2025 and December 31, 2024, along with transactions during the nine months ended September 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 September 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					$	—					$	—					$	(820)					$	18,336					$	—					$	994					$	—					$	—
Sierra Hamilton Holdings Corporation						2,000						—						—						—						2,000						—						—						—						—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC						91,620						5,465						—						(22,735)						74,350						—						3,171						2,279						188
Total Non-Controlled/Affiliated Investments						$	112,776					$	5,465					$	—					$	(23,555)					$	94,686					$	—					$	4,165					$	2,279					$	188

(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.

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New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 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 September 30, 2025 and December 31, 2024, along with transactions during the nine months ended September 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 September 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						13,606						—						(1,916)						151,792						—						10,489						—						1,383
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.						63,076						6,159						—						(5,901)						63,334						—						4,260						—						375
NM NL Holdings, L.P.						104,512						—						—						1,366						105,878						—						—						6,564						—
NM GP Holdco, LLC						322						—						—						71						393						—						—						33						—
NM YI LLC						9,960						—						—						(1,287)						8,673						—						—						674						—
NMFC Senior Loan Program III LLC						160,000						—						—						—						160,000						—						—						17,000						—
NMFC Senior Loan Program IV LLC						112,400						—						—						—						112,400						—						—						11,521						—
UniTek Global Services, Inc.						107,524						69,314						(60,582)						(46,166)						70,090						38,898						516						7,781						820
Total Controlled Investments						$	700,896					$	89,079					$	(60,582)					$	(53,833)					$	675,560					$	38,898					$	15,265					$	43,573					$	2,578

(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.

(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.

*    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 September 30, 2025, 15.1% 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.

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Table of Contents

New Mountain Finance Corporation

 

Consolidated Schedule of Investments (Continued)

September 30, 2025

(unaudited)

						September 30, 2025
Investment Type						Percent of Total Investments at Fair Value
First lien						67.58		%
Second lien						3.33		%
Subordinated						3.77		%
Structured Finance Obligations						0.11		%
Equity and other						25.21		%
Total investments						100.00		%

 

						September 30, 2025
Industry Type						Percent of Total Investments at Fair Value
Software						27.90		%
Business Services						17.65		%
Healthcare						14.80		%
Investment Funds (includes investments in joint ventures)						9.36		%
Consumer Services						6.39		%
Education						5.18		%
Distribution & Logistics						3.97		%
Net Lease						3.90		%
Financial Services						3.62		%
Packaging						2.43		%
Energy						2.22		%
Business Products						1.06		%
Food & Beverage						0.72		%
Consumer Products						0.47		%
Specialty Chemicals & Materials						0.33		%
Total investments						100.00		%

 

						September 30, 2025
Interest Rate Type						Percent of Total Investments at Fair Value
Floating rates						85.50		%
Fixed rates						14.50		%
Total investments						100.00		%

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

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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.

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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.

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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