nmfc-20260331

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 March 31, 2026

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

Commission
File Number

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

I.R.S. Employer
Identification Number

814-00832

New Mountain Finance Corporation

27-2978010

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Delaware

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

NASDAQ Global Select Market

8.250% Notes due 2028

NMFCZ

NASDAQ Global Select Market

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

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


Description						Shares as of May 4, 2026
Common stock, par value $0.01 per share						94,452,390

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of March 3 1 , 202 6 (unaudited) and December 31, 20 25	3
	Consolidated Statements of Operations for the thre e months ended March 3 1 , 202 6 (unaudited) and March 3 1 , 20 25 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 3 1 , 202 6 (unaudited) and March 3 1 , 20 25 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 6 (unaudited) an d March 3 1 , 202 5 (unaudited)	6
	Consolidated Schedule of Investments as o f March 31, 2026 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 202 5	36
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	64
	Report of Independent Registered Public Accounting Firm	112

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	113
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	131
Item 4.	Controls and Procedures	132

PART II. OTHER INFORMATION		133

Item 1.	Legal Proceedings	133
Item 1A.	Risk Factors	133
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	134
Item 3.	Defaults Upon Senior Securities	135
Item 4.	Mine Safety Disclosures	135
Item 5.	Other Information	135
Item 6.	Exhibits	136
	Signatures	137

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)


	March 31, 2026		December 31, 2025
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $1,733,010 and $2,060,391, respectively)	$	1,628,080	$	2,002,306
Non-controlled/affiliated investments (cost of $132,739 and $131,221, respectively)	65,699		60,702
Controlled investments (cost of $659,897 and $720,503, respectively)	619,600		679,005
Total investments at fair value (cost of $2,525,646 and $2,912,115, respectively)	2,313,379		2,742,013
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	5,700		13,500
Cash and cash equivalents	51,130		80,718
Interest and dividend receivable	34,233		38,549
Derivative asset at fair value	2,958		5,647
Receivable from affiliates	441		381
Receivable from unsettled securities sold	—		4,138


Other assets	19,376		17,907
Total assets	$	2,427,217	$	2,902,853
Liabilities
Borrowings
Unsecured Notes	$	787,704	$	991,585
Holdings Credit Facility	354,446		420,063
SBA-guaranteed debentures	169,255		196,205
NMFC Credit Facility	30,545		81,074
Deferred financing costs (net of accumulated amortization of $48,735 and $45,302, respectively)	(15,310)		(17,875)
Net borrowings	1,326,640		1,671,052

Payable for unsettled securities purchased	18,490		463
Payable to broker	10,080		14,630
Management fee payable	7,173		9,176
Interest payable	6,780		11,892
Derivative liability at fair value	1,936		366
Deferred tax liability	1,731		1,819
Incentive fee payable	—		3,018

Other liabilities	4,417		2,181
Total liabilities	1,377,247		1,714,597
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 107,851,929 shares issued, respectively, and 95,575,151 and 102,638,388 shares outstanding, respectively	1,079		1,079
Paid in capital in excess of par	1,354,726		1,354,726
Treasury stock at cost, 12,276,778 and 5,213,541 shares held, respectively	(108,549)		(51,952)
Accumulated overdistributed earnings	(203,754)		(121,676)
Total net assets of New Mountain Finance Corporation	$	1,043,502	$	1,182,177
Non-controlling interest in New Mountain Net Lease Corporation	6,468		6,079
Total net assets	$	1,049,970	$	1,188,256
Total liabilities and net assets	$	2,427,217	$	2,902,853
Number of shares outstanding	95,575,151		102,638,388
Net asset value per share of New Mountain Finance Corporation	$	10.92	$	11.52

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	39,249	$	52,113
PIK interest income	2,363		2,913
Dividend income	1,805		557
Non-cash dividend income	1,357		4,434
Other income	1,346		1,312
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	315		331
PIK interest income	1,188		987

Non-cash dividend income	740		1,683
Other income	63		63
From controlled investments:
Interest income (excluding PIK interest income)	3,272		1,485
PIK interest income	1,586		3,688
Dividend income	11,911		12,198
Non-cash dividend income	3,224		2,071
Other income	375		1,828
Total investment income	68,794		85,663
Expenses
Interest and other financing expenses	27,524		31,374
Management fee	8,154		10,233
Incentive fee	6,103		8,247

Professional fees	1,028		1,389
Administrative expenses	995		1,104
Other general and administrative expenses	458		516
Total expenses	44,262		52,863
Less: management and incentive fees waived (See Note 5)	(6,103)		(1,822)

Net expenses	38,159		51,041
Net investment income before income taxes	30,635		34,622
Income tax expense (benefit)	4		(19)
Net investment income	30,631		34,641
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(26,292)		(1,074)

Controlled investments	(5,718)		38,899


Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(46,237)		4,206
Non-controlled/affiliated investments	3,479		(4,891)
Controlled investments	1,201		(48,392)
Securities purchased under collateralized agreements to resell	(7,800)		—

Foreign currency	(100)		150
Benefit (provision) for taxes	87		(22)
Net realized and unrealized losses	(81,380)		(11,124)
Net (decrease) increase in net assets resulting from operations	(50,749)		23,517
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(179)		(104)
Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation	$	(50,928)	$	23,413
Basic (loss) earnings per share	$	(0.51)	$	0.22
Weighted average shares of common stock outstanding - basic (See Note 11)	100,476,895		107,851,415
Diluted (loss) earnings per share	$	(0.51)	$	0.22
Weighted average shares of common stock outstanding - diluted (See Note 11)	100,476,895		126,852,911
Distributions declared and paid per share	$	0.32	$	0.32

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
Increase (decrease) in net assets resulting from operations:
Net investment income	$	30,631	$	34,641
Net realized (losses) gains on investments and foreign currency	(32,010)		37,825
Net change in unrealized depreciation of investments, foreign currency and New Mountain Net Lease Corporation	(41,657)		(48,927)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	(7,800)		—
Benefit (provision) for taxes	87		(22)
Net (decrease) increase in net assets resulting from operations	(50,749)		23,517
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(179)		(104)
Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation	(50,928)		23,413
Capital transactions

Repurchase of shares under the repurchase programs	(56,597)		—

Offering costs	—		(28)
Distributions declared to stockholders from net investment income	(31,150)		(34,512)


Total net decrease in net assets resulting from capital transactions	(87,747)		(34,540)
Net decrease in net assets	(138,675)		(11,127)
New Mountain Finance Corporation net assets at the beginning of the period	1,182,177		1,353,339
New Mountain Finance Corporation net assets at the end of the period	1,043,502		1,342,212
Non-controlling interest in NMNLC	6,468		5,966
Net assets at the end of the period	$	1,049,970	$	1,348,178

Capital share activity




Shares repurchased under Repurchase Program	(7,063,237)		—
Net decrease in shares outstanding	(7,063,237)		—

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
Cash flows from operating activities
Net (decrease) increase in net assets resulting from operations	$	(50,749)	$	23,517
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized losses (gains) on investments	32,010		(37,825)

Net change in unrealized depreciation of investments and New Mountain Net Lease Corporation	41,557		49,077
Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies	100		(150)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	7,800		—
Amortization of purchase discount	(1,366)		(1,578)
Amortization of deferred financing costs	3,433		2,227
Amortization of premium on 2022 Convertible Notes	—		(17)
Amortization of discount on February 2029 and October 2027 Notes	307		307
Net change due to hedging activity	71		(755)
Non-cash investment income	(15,418)		(14,021)
(Increase) decrease in operating assets:



Purchase of investments and delayed draw facilities	(117,397)		(121,120)
Proceeds from sales and paydowns of investments	492,026		186,901
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	17		97

Cash paid on drawn revolvers	(8,522)		(7,524)
Cash repayments on drawn revolvers	5,121		4,051

Interest and dividend receivable	4,335		1,200

Receivable from unsettled securities sold	4,138		—
Receivable from affiliates	(60)		(34)
Other assets	(1,468)		454
(Decrease) increase in operating liabilities:
Management fee payable	(2,003)		(522)
Incentive fee payable	(3,018)		(1,911)
Payable for unsettled securities purchased	18,027		12,022
Interest payable	(5,114)		1,424

Deferred tax liability	(88)		22
Payable to broker	(4,550)		6,900
Other liabilities	2,223		1,174

Net cash flows provided by operating activities	401,412		103,916
Cash flows from financing activities

Repurchase of shares under repurchase program	(56,597)		—

Offering costs paid	—		(75)
Distributions paid	(31,150)		(34,512)
Proceeds from Holdings Credit Facility	177,000		93,000
Repayment of Holdings Credit Facility	(242,616)		(116,800)

Repayment of 2022 Convertible Notes	—		(1,216)

Repayment of Unsecured Notes	(200,000)		—
Proceeds from NMFC Credit Facility	90,000		—
Repayment of NMFC Credit Facility	(140,000)		—
Repayment of SBA-guaranteed debentures	(26,950)		(37,500)


Contributions related to non-controlling interest in NMNLC	300		—
Distributions related to non-controlling interest in NMNLC	(90)		(90)
Deferred financing costs paid	(855)		(1,405)
Net cash flows used in financing activities	(430,958)		(98,598)
Net (decrease) increase in cash and cash equivalents	(29,546)		5,318
Effect of foreign exchange rate changes on cash and cash equivalents	(42)		(142)
Cash and cash equivalents at the beginning of the period	80,718		80,320
Cash and cash equivalents at the end of the period	$	51,130	$	85,496
Supplemental disclosure of cash flow information
Cash interest paid	$	27,937	$	27,085
Income taxes received	—		(390)
Non-cash operating activities:
Non-cash activity on investments	$	—	$	61,007
Non-cash financing activities:



Accrual for offering costs	41		84
Accrual for deferred financing costs	69		94

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Healthspan Buyer, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	03/2026	10/2030	$	53,463	$	52,932	$	53,463
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.45%	10/2023	10/2030	5,005		4,969		5,005
									57,901		58,468		5.57	%
Einstein Parent, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	5.25%	8.92%	01/2025	01/2031	35,582		35,292		34,295
	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.92%	01/2025	01/2031	20,000		19,819		19,276
									55,111		53,571		5.10	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.42%	05/2024	07/2028	29,947		29,938		29,947
	First lien (3)(12)(15) - Drawn	SOFR(Q)	6.50%	10.42%	05/2024	07/2028	1,828		1,827		1,828
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	9,500		9,486		9,499
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,628		3,622		3,628
									44,873		44,902		4.28	%
Model N, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	06/2024	06/2031	43,664		43,488		43,664		4.16	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.55%	08/2021	08/2028	36,614		36,461		34,787
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.55%	08/2021	08/2028	3,854		3,837		3,662
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.55%	08/2021	08/2027	3,027		2,997		2,876
									43,295		41,325		3.94	%
Foundational Education Group, Inc.
Education	Second lien (5)(12)	SOFR(Q)	6.50%	10.43%	08/2021	08/2029	22,500		22,440		22,500
	Second lien (3)(10)(12)	SOFR(Q)	6.50%	10.43%	08/2021	08/2029	10,965		10,766		10,965
	First lien (2)(11)	SOFR(Q)	3.75%	7.68%	05/2025	08/2028	6,334		5,895		5,827
									39,101		39,292		3.74	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

MRI Software LLC
Software	First lien (5)(12)	SOFR(Q)	4.75%	8.45%	01/2020	02/2028	$	21,149	$	21,129	$	20,783
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.45%	03/2021	02/2028	7,492		7,487		7,362
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	03/2021	02/2028	4,462		4,460		4,385
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	01/2020	02/2028	3,067		3,064		3,014
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.45%	01/2020	02/2028	783		782		769
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.45%	01/2020	02/2028	501		498		492
									37,420		36,805		3.51	%
CentralSquare Technologies, LLC
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.42%	04/2024	04/2030	36,409		36,091		36,409		3.47	%
Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First lien (3)(10)(12)	SOFR(S)	5.75%	9.58%	10/2021	10/2028	36,155		35,998		36,155		3.44	%
TigerConnect, Inc.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.06%	02/2022	08/2029	29,875		29,737		29,313
	First lien (2)(12)	SOFR(Q)	6.25%	10.06%	02/2022	08/2029	3,741		3,741		3,671
	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.06%	08/2025	08/2029	3,054		3,034		2,997
	First lien (3)(12)	SOFR(Q)	6.25%	10.06%	08/2025	08/2029	42		42		41
									36,554		36,022		3.43	%
IG Investments Holdings, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.67%	09/2021	09/2028	32,389		32,259		32,389
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.67%	03/2024	09/2028	2,510		2,511		2,510
									34,770		34,899		3.32	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (4)(12)	SOFR(M)	5.25%	9.02%	01/2022	12/2027	9,476		9,443		9,476
	First lien (4)(12)	SOFR(M)	5.25%	9.02%	12/2021	12/2027	7,281		7,252		7,281
	First lien (2)(11)(12)	SOFR(M)	5.25%	9.02%	12/2021	12/2027	5,986		5,970		5,986
	First lien (3)(10)(12)	SOFR(M)	5.25%	9.02%	12/2021	12/2027	3,500		3,555		3,500
	Subordinated (4)(12)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	7,120		7,074		7,036
	Subordinated (3)(10)(12)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	844		839		835
									34,133		34,114		3.25	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First lien (2)(11)(12)	SOFR(Q)	6.09%	9.89%	03/2021	03/2028	$	24,172	$	24,048	$	24,172
	First lien (3)(10)(12)	SOFR(Q)	6.09%	9.91%	03/2021	03/2028	5,012		5,002		5,012
	First lien (2)(11)(12)	SOFR(Q)	6.24%	10.06%	04/2025	03/2028	4,706		4,689		4,706
									33,739		33,890		3.23	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.30%	10/2021	10/2028	29,158		29,031		29,158
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.30%	10/2021	10/2027	1,287		1,274		1,287
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.30%	06/2022	10/2028	970		972		970
	First lien (3)(12)	SOFR(Q)	5.50%	9.30%	10/2021	10/2028	79		78		79
									31,355		31,494		3.00	%
Nelipak Holding Company
Packaging	First lien (3)(10)(12)(13)	EURIBOR(Q)	5.50%	7.63%	03/2024	03/2031	€	16,315	17,571		18,856
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.20%	03/2024	03/2031	$	8,910	8,858		8,910
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.20%	03/2024	03/2031	$	2,163	2,148		2,163
	First lien (3)(10)(12)(13)(15) - Drawn	SOFR(M)	5.50%	9.18%	03/2024	03/2031	$	705	700		705
									29,277		30,634		2.92	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(12)	SOFR(Q)	5.75%	9.42%	08/2022	08/2029	22,106		22,065		21,706
	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.42%	06/2024	08/2029	8,155		8,155		8,007
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.75%	9.41%	08/2022	08/2029	182		184		179
									30,404		29,892		2.85	%
YLG Holdings, Inc.
Business Services	First lien (5)(12)	SOFR(Q)	4.75%	8.41%	11/2019	12/2030	21,607		21,584		21,607
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.41%	04/2025	12/2030	4,298		4,279		4,298
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.41%	04/2025	12/2030	393		391		393
									26,254		26,298		2.50	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(10)(12)	SOFR(M)	4.00%	7.67%	01/2024	07/2029	$	27,475	$	24,572	$	17,750
	First lien (3)(10)(12)	SOFR(M)	4.00%	7.67%	03/2024	07/2029	10,263		5,790		6,563
	Subordinated (2)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	347		347		347
	Subordinated (3)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	402		338		402
									31,047		25,062		2.39	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(11)(12)	SOFR(M)	6.00%	9.67%	10/2023	11/2030	27,790		27,584		23,861
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	6.00%	9.67%	10/2023	11/2029	742		734		637
									28,318		24,498		2.33	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.35%	02/2022	02/2028	18,720		18,685		17,656
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.35%	02/2022	02/2028	5,210		5,199		4,914
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.35%	02/2022	02/2028	684		683		645
									24,567		23,215		2.21	%
PDI TA Holdings, Inc.
Software	First lien (4)(12)	SOFR(M)*	3.50% + 2.50%/PIK	9.70%	01/2024	02/2031	22,114		22,028		21,097
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.50%	9.17%	01/2024	02/2031	1,708		1,700		1,630
	First lien (3)(10)(12)	SOFR(M)*	3.50% + 2.50%/PIK	9.70%	03/2025	02/2031	508		508		484
									24,236		23,211		2.21	%
GS Acquisitionco, Inc.
Software	First lien (5)(12)	SOFR(Q)	5.25%	8.95%	08/2019	05/2028	21,018		20,995		19,681
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.95%	08/2019	05/2028	2,529		2,517		2,368
	First lien (3)(12)	SOFR(Q)	5.25%	8.95%	03/2024	05/2028	447		445		419
									23,957		22,468		2.14	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.75%	8.42%	05/2024	06/2031	15,563		15,469		15,393
	First lien (2)(11)(12)	SOFR(M)	4.50%	8.17%	05/2025	06/2031	5,768		5,742		5,675
	First lien (3)(10)(12)	SOFR(M)	4.50%	8.17%	07/2025	06/2031	1,269		1,263		1,248
									22,474		22,316		2.13	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

FS WhiteWater Holdings, LLC(26)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(12)	SOFR(Q)	5.25%	9.10%	12/2021	12/2029	$	8,422	$	8,386	$	8,422
	First lien (3)(10)(12)	SOFR(Q)	5.25%	9.10%	07/2022	12/2029	4,696		4,670		4,696
	First lien (5)(12)	SOFR(Q)	5.25%	9.10%	12/2021	12/2029	2,828		2,814		2,828
	First lien (5)(12)	SOFR(Q)	5.25%	9.10%	12/2021	12/2029	2,809		2,797		2,809
	First lien (5)(12)(15) - Drawn	SOFR(Q)	5.25%	9.10%	03/2025	12/2029	2,526		2,503		2,526
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.25%	9.10%	03/2025	12/2029	844		835		844
									22,005		22,125		2.11	%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)(17)*	2.75% + 3.25%/PIK	9.80%	08/2021	08/2028	22,643		22,547		14,838
	First lien (3)(10)(12)	SOFR(Q)(17)*	2.75% + 3.25%/PIK	9.80%	08/2021	08/2028	4,346		4,319		2,848
	First lien (3)(10)(12)	SOFR(Q)(17)*	2.75% + 3.25%/PIK	9.80%	08/2021	08/2028	4,014		3,994		2,630
	First lien (3)(12)(15) - Drawn	SOFR(Q)(17)	5.50%	9.30%	08/2021	08/2027	2,330		2,307		1,514
									33,167		21,830		2.08	%
Xactly Corporation
Software	First lien (4)(12)	SOFR(Q)	6.25%	10.02%	07/2017	07/2027	22,500		22,490		21,357		2.03	%
Sierra Enterprises, LLC
Food & Beverage	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.45%	05/2025	05/2030	21,304		21,166		21,304		2.03	%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (5)(12)	SOFR(M)	4.50%	8.17%	08/2021	10/2030	21,180		21,129		21,180		2.02	%
Brave Parent Holdings, Inc.
Software	First lien (5)(12)	SOFR(M)	4.25%	7.92%	11/2023	11/2030	21,070		20,990		20,387		1.94	%
Cardinal Parent, Inc.
Financial Services & Technology	First lien (4)	SOFR(Q)	4.50%	8.35%	10/2020	11/2027	11,578		11,554		10,797
	Second lien (4)(12)	SOFR(Q)	7.75%	11.60%	11/2020	11/2028	9,767		9,725		9,169
									21,279		19,966		1.90	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(12)	SOFR(Q)*	9.00%/PIK	12.76%	11/2019	05/2029	24,295		24,244		16,254
	Second lien (2)(11)(12)	SOFR(Q)*	9.00%/PIK	12.76%	11/2019	05/2029	4,544		4,526		3,040
									28,770		19,294		1.84	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Low Voltage Holdings Inc.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.20%	04/2025	04/2032	$	18,461	$	18,398	$	18,461
	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.20%	04/2025	04/2032	724		721		724
									19,119		19,185		1.83	%
Viper Bidco. Inc.
Business Services	First lien (3)(10)(12)(13)	SONIA(D)	4.75%	8.48%	11/2024	11/2031	£	11,880	15,000		15,144
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.45%	11/2024	11/2031	$	2,300	2,289		2,232
									17,289		17,376		1.65	%
Foreside Financial Group, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.07%	05/2022	09/2027	16,316		16,275		16,316
	First lien (3)(12)	SOFR(Q)	5.25%	9.09%	03/2024	09/2027	574		570		574
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	9.11%	05/2022	09/2027	462		460		462
									17,305		17,352		1.65	%
Bonterra LLC
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	03/2025	03/2032	14,952		14,919		14,678
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.45%	03/2025	03/2032	1,629		1,629		1,599
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.44%	03/2025	03/2032	440		439		432
									16,987		16,709		1.59	%
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(10)(12)	SOFR(M)(17)*	6.75%/PIK + 0.50%	11.02%	09/2015	09/2027	29,879		29,842		16,000
	First lien (3)(12)	SOFR(M)(17)*	14.50%/PIK + 0.50%	18.77%	06/2021	09/2027	1,527		1,527		—
	Subordinated (3)(12)	SOFR(Q)(17)*	1.00%/PIK	4.81%	03/2021	09/2027	5,230		—		—
									31,369		16,000		1.52	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(12)	SOFR(M)	4.50%	8.17%	02/2020	02/2028	14,433		14,422		14,433
	First lien (5)(12)	SOFR(M)	4.50%	8.17%	02/2024	02/2028	1,109		1,105		1,109
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.50%	8.17%	02/2020	02/2028	180		179		180
									15,706		15,722		1.50	%
Digicert, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.42%	07/2025	07/2030	15,423		15,320		15,307		1.46	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Bullhorn, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.00%	8.67%	05/2024	10/2029	$	8,879	$	8,973	$	8,879
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.67%	10/2021	10/2029	3,398		3,395		3,398
	First lien (3)(10)(12)	SOFR(M)	5.00%	8.67%	05/2024	10/2029	1,025		1,023		1,025
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.67%	09/2019	10/2029	761		759		761
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.67%	09/2019	10/2029	341		340		341
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.67%	09/2019	10/2029	272		271		272
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.67%	09/2019	10/2029	125		127		125
									14,888		14,801		1.41	%
Tempo Acquisition, LLC**
Business Services	First lien (3)(10)	SOFR(M)	1.75%	5.42%	03/2026	08/2028	20,273		13,459		14,714		1.40	%
Coupa Holdings, LLC
Software	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.92%	02/2023	02/2030	14,207		14,093		14,032		1.34	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(11)(12)	SOFR(M)	5.75%	9.52%	07/2022	07/2028	7,665		7,630		7,665
	Subordinated (3)(12)	SOFR(Q)	7.50%	11.30%	07/2022	07/2029	6,265		6,220		6,265
									13,850		13,930		1.33	%
CFS Management, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)*	3.38% + 5.12%/PIK	12.46%	08/2019	09/2026	12,250		12,250		10,718
	First lien (2)(11)(12)	SOFR(Q)*	3.38% + 5.12%/PIK	12.46%	08/2019	09/2026	3,650		3,658		3,194
									15,908		13,912		1.32	%
Acumatica Holdings, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	07/2025	07/2032	13,759		13,759		13,724		1.31	%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(10)(12)	SOFR(M)	4.75%	8.42%	10/2021	10/2028	12,712		12,658		12,566
	First lien (2)(11)(12)	SOFR(M)	4.75%	8.42%	10/2021	10/2028	1,071		1,066		1,059
	First lien (3)(12)	SOFR(M)	4.75%	8.42%	10/2021	10/2028	64		64		63
									13,788		13,688		1.30	%
RLG Holdings, LLC
Packaging	First lien (3)(10)	SOFR(Q)	4.25%	8.18%	01/2026	07/2028	11,681		5,594		5,549
	First lien (2)(11)	SOFR(Q)	4.25%	8.18%	09/2025	07/2028	7,165		5,914		3,402
	First lien (2)(11)	SOFR(Q)	5.00%	8.67%	06/2024	07/2028	4,153		4,102		1,972
	Second lien (3)(10)	SOFR(Q)	7.50%	11.43%	01/2026	07/2029	10,768		1,542		1,884
	First lien (3)(10)	SOFR(Q)	5.00%	8.67%	01/2026	07/2028	1,194		532		567
									17,684		13,374		1.27	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

USRP Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	4.75%	8.42%	07/2021	12/2029	$	12,364	$	12,312	$	12,364	1.18	%
Houghton Mifflin Harcourt Company
Education	First lien (2)(11)	SOFR(M)	5.25%	9.02%	10/2023	04/2029	14,299		14,028		12,162		1.16	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.02%	06/2021	06/2029	8,324		8,291		8,324
	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.01%	06/2021	06/2029	2,791		2,778		2,791
									11,069		11,115		1.06	%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)*	2.25% + 2.75%/PIK	8.67%	01/2025	02/2032	8,224		8,207		8,224
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.50%	8.17%	01/2025	02/2032	2,635		2,629		2,635
									10,836		10,859		1.03	%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (5)(12)	SOFR(M)	5.25%	8.92%	02/2024	02/2031	10,387		10,347		10,387		0.99	%
Convey Health Solutions, Inc.
Healthcare	First lien (2)(12)	SOFR(Q)(17)*	1.31% + 3.94%/PIK	9.05%	09/2019	07/2029	13,284		13,242		8,641
	First lien (2)(12)	SOFR(Q)(17)*	1.31% + 3.94%/PIK	9.05%	02/2022	07/2029	2,218		2,205		1,443
									15,447		10,084		0.96	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(11)(12)	SOFR(Q)*	6.75% + 2.00%/PIK	12.45%	07/2021	07/2027	8,605		8,580		8,605
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	12.42%	07/2021	07/2026	1,095		1,083		1,095
									9,663		9,700		0.92	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(10)	SOFR(M)	5.50%	9.17%	07/2025	07/2033	9,512		9,467		9,286		0.88	%
Ultimus Group Midco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	07/2025	07/2032	9,093		9,051		9,047		0.86	%
Planview Parent, Inc.
Software	Second lien (3)(10)	SOFR(Q)	5.75%	9.45%	06/2024	12/2028	9,231		9,213		6,150
	First lien (2)(11)	SOFR(Q)	3.50%	7.20%	02/2026	12/2027	3,764		3,025		2,835
									12,238		8,985		0.86	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.17%	10/2024	11/2029	8,276		8,196		8,276		0.79	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

HP TLE Buyer, Inc.
Education	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	06/2025	07/2032	$	8,168	$	8,130	$	8,168	0.78	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.27%	10/2021	10/2028	6,739		6,709		6,320
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.26%	06/2022	10/2028	1,134		1,128		1,064
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.25%	10/2021	10/2028	772		769		724
	First lien (3)(12)	SOFR(Q)	5.75%	9.52%	11/2023	10/2028	19		18		17
									8,624		8,125		0.77	%
Compsych Investments Corp.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	07/2024	07/2031	7,770		7,723		7,770		0.74	%
Jawbreaker Topco, L.P. (24)
Jawbreaker Parent, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.45%	01/2026	01/2033	7,796		7,758		7,757		0.74	%
iCIMS, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	6.25%	9.92%	10/2022	08/2028	7,366		7,335		7,126
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.75%	9.42%	08/2022	08/2028	494		495		473
									7,830		7,599		0.72	%
NC Topco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.50%	8.17%	08/2024	09/2031	5,848		5,824		5,790
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.75%	8.42%	08/2024	09/2031	1,672		1,664		1,656
									7,488		7,446		0.71	%
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First lien (3)(12)	SOFR(Q)*	7.25%/PIK	11.10%	12/2025	12/2030	4,840		4,840		4,840
	Subordinated (3)(12)	SOFR(Q)*	9.00%/PIK	12.85%	12/2025	12/2031	2,334		2,334		2,334
									7,174		7,174		0.68	%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)	SOFR(M)	4.50%	8.18%	09/2024	09/2031	7,113		7,083		7,077		0.67	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(12)	SOFR(Q)*	2.75% + 2.75%/PIK	9.17%	08/2024	08/2031	$	6,253	$	6,204	$	6,191
	First lien (5)(12)(15) - Drawn	SOFR(Q)	5.00%	8.66%	08/2024	08/2031	356		352		352
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.67%	08/2024	08/2030	376		372		372
									6,928		6,915		0.66	%
OEConnection LLC
Business Services	First lien (2)(11)(12)	SOFR(M)	4.50%	8.17%	04/2024	12/2032	6,609		6,583		6,609		0.63	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	4.75%	8.42%	08/2024	08/2031	6,434		6,408		6,434		0.61	%
RailPros Parent, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.25%	7.91%	05/2025	05/2032	5,813		5,787		5,784
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.25%	7.91%	05/2025	05/2032	539		537		537
									6,324		6,321		0.60	%
Next Holdco, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.89%	11/2023	11/2030	6,248		6,218		6,248		0.60	%
Fullsteam Operations LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.89%	08/2025	08/2031	6,223		6,194		6,183		0.59	%
Greenway Health, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.75%	10.45%	12/2023	04/2029	6,222		6,163		6,146		0.59	%
Vehlo Purchaser, LLC
Software	First lien (3)(12)	SOFR(M)	5.50%	9.17%	06/2025	05/2028	6,058		6,011		6,035		0.57	%
WEG Sub Intermediate Holdings, LLC
Financial Services & Technology	Subordinated (3)(12)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,822		4,780		4,822		0.46	%
DOCS, MSO, LLC
Healthcare	First lien (4)(12)	SOFR(Q)	5.00%	8.81%	06/2022	06/2028	3,231		3,231		3,200
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.81%	06/2022	06/2028	1,595		1,583		1,579
									4,814		4,779		0.46	%
Diligent Corporation
Software	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.67%	04/2024	08/2030	3,398		3,388		3,361
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.00%	8.67%	04/2024	08/2030	498		497		493
									3,885		3,854		0.37	%
Logrhythm, Inc.
Software	First lien (3)(12)	SOFR(Q)	7.50%	11.17%	07/2024	07/2029	4,196		4,151		3,673		0.35	%
Capstone Borrower, Inc.
Business Services	First lien (3)(10)	FIXED(S)	8.00%	8.00%	03/2026	06/2030	3,763		3,235		3,599		0.34	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Meta Buyer LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.94%	12/2025	12/2031	$	2,979	$	2,965	$	2,964
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.92%	12/2025	12/2031	409		406		407
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.92%	12/2025	12/2031	176		175		175
									3,546		3,546		0.34	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(10)(12)	SOFR(S)	4.75%	8.36%	05/2024	12/2028	3,062		3,052		3,062		0.29	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(10)(12)	SOFR(M)	4.75%	8.52%	05/2021	05/2028	3,046		3,039		3,046		0.29	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(12)	—	—	—	05/2013	—	14,500		14,500		2,755		0.26	%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	4.75%	8.45%	06/2025	08/2031	2,471		2,448		2,471
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.45%	06/2025	08/2031	114		113		114
									2,561		2,585		0.25	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)(17)	8.41%	12.11%	03/2021	04/2028	1,786		1,781		1,574
	First lien (3)(10)(12)	SOFR(Q)(17)	8.50%	12.20%	12/2022	04/2028	1,000		994		882
									2,775		2,456		0.23	%
RealPage, Inc.
Software	First lien (2)(11)	SOFR(Q)	3.75%	7.45%	03/2026	04/2028	1,963		1,838		1,911		0.18	%
Flash Charm Inc. (fka Idera, Inc.)
Software	Second lien (4)	SOFR(Q)	6.75%	10.56%	06/2019	03/2029	2,072		2,058		1,448
	Second lien (3)(10)	SOFR(Q)	6.75%	10.56%	04/2021	03/2029	276		276		193
									2,334		1,641		0.16	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(10)(12)	SOFR(M)	5.25%	8.92%	05/2024	10/2029	1,466		1,460		1,466		0.14	%
DT1 Midco Corp
Business Services	First lien (2)(11)(12)	SOFR(M)	5.00%	8.67%	06/2025	12/2031	1,338		1,332		1,332
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.67%	06/2025	12/2031	32		32		32
									1,364		1,364		0.13	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.71%	07/2025	11/2031	$	1,288	$	1,276	$	1,288
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.00%	8.67%	07/2025	11/2031	9		9		9
									1,285		1,297		0.12	%
Centegix Intermediate II, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.20%	03/2026	08/2032	240		239		239		0.02	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(12)	—	—	—	06/2024	06/2029	152		152		152
	Trust Claim(3)(12)	—	—	—	06/2024	06/2029	52		52		52
									204		204		0.02	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (17)(18)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	1,540,238	$	1,456,444	138.71	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(10)(12)	SOFR(S)*	3.50%+ 2.00%/PIK	9.08%	07/2024	07/2031	$	20,017	$	20,102	$	20,017
	First lien (2)(11)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.08%	06/2025	07/2031	16,411		16,411		16,411
	First lien (2)(11)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.26%	06/2025	07/2031	890		890		890
									37,403		37,318		3.55	%
Total Funded Debt Investments - Jersey									$	37,403	$	37,318	3.55	%
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First lien (2)(11)(12)	SOFR(Q)	7.00%	10.76%	02/2024	02/2030	$	9,416	$	9,332	$	9,416
	First lien (3)(10)(12)	SOFR(Q)	7.00%	10.73%	02/2024	02/2030	5,326		5,269		5,326
									14,601		14,742		1.40	%
Total Funded Debt Investments - United Kingdom									$	14,601	$	14,742	1.40	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	06/2025	12/2029	$	4,452	$	4,442	$	4,392
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	12/2022	12/2029	3,402		3,371		3,356
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	12/2023	12/2029	1,325		1,316		1,307
									9,129		9,055		0.86	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Adelaide Borrower, LLC**
Business Services	First lien (3)(10)(12)	SOFR(Q)	6.25%	9.95%	05/2024	05/2030	$	4,780	$	4,745	$	4,733
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.25%	9.92%	05/2024	05/2030	80		79		79
									4,824		4,812		0.46	%
Total Funded Debt Investments - Australia									$	13,953	$	13,867	1.32	%
Funded Debt Investments - Switzerland
Matterhorn Finco, Inc.,**
Software	First lien (2)(11)	SOFR(Q)	5.50%	9.20%	03/2026	03/2033	$	7,982	$	7,943	$	7,943	0.76	%
Total Funded Debt Investments - Switzerland									$	7,943	$	7,943	0.76	%
Total Funded Debt Investments									$	1,614,138	$	1,530,314	145.74	%
Equity - United States
Dealer Tire Holdings, LLC(34)
Distribution & Logistics	Preferred shares (3)(10)(12)	FIXED(A)*	7.00%/PIK	7.00%	09/2021	—	16,829		$	27,082	$	25,967	2.47	%
Symplr Software Intermediate Holdings, Inc. (33)
Healthcare	Series A preferred shares (4)(12)	SOFR(Q)*	10.50%/PIK	14.30%	11/2018	—	7,500		19,636		14,983
	Series A preferred shares (3)(10)(12)	SOFR(Q)*	10.50%/PIK	14.30%	11/2018	—	35		91		69
									19,727		15,052		1.43	%
Knockout Intermediate Holdings I Inc.(32)
Software	Preferred shares (3)(12)	SOFR(S)*	10.75%/PIK	14.35%	06/2022	—	8,313		13,248		12,741		1.21	%
HBWM Holdings, LLC(31)
Financial Services & Technology	Common units(8)(12)	FIXED(Q)*	4.00%	4.00%	09/2021	—	47,114		4,792		10,836		1.03	%
Notorious Buyer, LLC(35)
Consumer Products	Common stock (3)(12)	—	—	—	12/2025	—	375		7,339		6,360		0.61	%
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (30)
Packaging	Series A preferred shares (3)(12)	FIXED(A)*	15.00%/PIK	15.00%	05/2024	—	2,900		3,335		3,335
	Series B preferred shares (3)(12)	FIXED(A)(17)*	11.50%/PIK	11.50%	05/2024	—	3,691		2,565		3,009
	Ordinary shares (3)(12)	—	—	—	05/2024	—	290		145		—
									6,045		6,344		0.60	%
FS WhiteWater Holdings, LLC(26)
Consumer Services	Ordinary shares (5)(12)	—	—	—	12/2021	—	50,000		5,000		5,900		0.56	%
Firebird Co-Invest L.P.(19)
Business Services	LP Interest (3)(12)	—	—	—	01/2025	—	3,358,474		3,358		4,189		0.40	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)	Cost		Fair Value		Percent of Net Assets

Jawbreaker Topco, L.P.(24)
Software	Class A-1 common units(3)(12)	—	—	—	01/2026	—	247,609	$	2,476	$	2,476	0.24	%
Eclipse Topco, Inc.(27)
Financial Services & Technology	Preferred shares (4)(12)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190	2,207		2,226		0.21	%
Pioneer Topco I, L.P.
Software	Class A-2 common units(9)(12)	—	—	—	11/2021	—	199,980	2,000		1,700		0.16	%
ACI Parent Inc.(25)
Healthcare	Preferred shares (3)(12)	FIXED(Q)(17)*	11.75%/PIK	11.75%	08/2021	—	12,500	20,124		1,074		0.10	%
Ambrosia Topco LLC
Distribution & Logistics	Class A-1 common units(2)(12)	—	—	—	01/2024	—	126,536	1,348		590
	Class A-1 common units(3)(12)	—	—	—	01/2024	—	122,044	1,300		569
								2,648		1,159		0.11	%
GEDC Equity, LLC
Healthcare	Participation Interest(3)(12)	—	—	—	06/2023	—	190,000	190		—		—	%
AAC Lender Holdings, LLC(23)
Education	Ordinary shares (3)(12)	—	—	—	03/2021	—	758	—		—		—	%
Total Shares - United States								$	116,236	$	96,024	9.13	%
Total Shares								$	116,236	$	96,024	9.13	%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligation(3)(12)	SOFR(Q)	7.00%	10.67%	11/2024	01/2037	3,232	$	3,232	$	3,186	0.30	%
Total Structured Finance Obligations - United States								$	3,232	$	3,186	0.30	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(12)	—	—	—	06/2024	06/2029	138,622	$	182	$	272
	Warrants (3)(12)	—	—	—	06/2024	06/2029	47,459	62		93
								244		365		0.03	%
Total Warrants - United States								$	244	$	365	0.03	%
Total Funded Investments								$	1,733,850	$	1,629,889	155.20	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - United States
Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	11/2026	$	602	$	—	$	—	—	%
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2030	938		—		—		—	%
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(12)(15) - Undrawn	—	—	—	01/2021	09/2027	2,652		—		—		—	%
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(12)(15) - Undrawn	—	—	—	10/2024	10/2026	2,695		—		—		—	%
Centegix Intermediate II, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	03/2026	03/2028	1,177		—		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	07/2026	113		(1)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	147		(1)		—		—	%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	06/2027	1,210		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	08/2031	194		(1)		—
									(1)		—		—	%
Next Holdco, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	11/2026	271		(1)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	11/2019	12/2030	309		(2)		—
									(3)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

OEConnection LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	12/2028	$	495	$	—	$	—
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	12/2032	618		(3)		—
									(3)		—		—	%
Associations, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	1,993		(1)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	3,077		(2)		—
									(3)		—		—	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2021	05/2028	417		(4)		—		—	%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2027	2,092		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2032	1,422		(4)		—
									(4)		—		—	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2031	1,086		(5)		—
									(5)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	822		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	09/2019	10/2029	811		(6)		—
									(6)		—		—	%
Wealth Enhancement Group, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2021	10/2028	2,040		(6)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	06/2021	06/2029	818		(8)		—		—	%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(12)(15) - Undrawn	—	—	—	02/2020	02/2028	$	1,619	$	(8)	$	—	—	%
USRP Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%
HP TLE Buyer, Inc.
Education	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	07/2032	1,797		(9)		—		—	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		—		—	%
Low Voltage Holdings Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	10/2027	2,974		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	819		(3)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	2,317		(9)		—
									(12)		—		—	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2027	64		—		—
	First lien (5)(12)(15) - Undrawn	—	—	—	03/2025	03/2027	191		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	12/2021	12/2029	1,400		(14)		—
									(14)		—		—	%
Compsych Investments Corp.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2027	2,253		(14)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2027	1,573		(16)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2022	09/2027	1,849		(18)		—		—	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2030	2,717		(20)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost	Fair Value	Percent of Net Assets

Nelipak Holding Company
Packaging	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2027	$	1,332	—	—
	First lien (3)(10)(12)(13)(15) - Undrawn	—	—	—	03/2024	03/2027	€	6,411	—	—
	First lien (3)(10)(12)(13)(15) - Undrawn	—	—	—	03/2024	03/2031	€	1,196	(10)	—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2031	$	1,907	(14)	—
									(24)	—	—	%
Model N, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	06/2024	06/2026	9,047		—	—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)	—
									(24)	—	—	%
Infogain Corporation
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	07/2028	3,827		(29)	—	—	%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)	—	—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)	—	—	%
IG Investments Holdings, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	09/2021	09/2028	3,780		(38)	—	—	%
CentralSquare Technologies, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)	—	—	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2030	340		(3)	(3)	(0.00)	%
PDI TA Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2024	02/2031	122		(1)	(6)	(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Meta Buyer LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2027	$	642	$	—	$	(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2031	536		(2)		(3)
									(2)		(6)		(0.00)	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2029	304		(6)		(6)		(0.00)	%
NC Topco, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		(7)		(0.00)	%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(12)(15)(17) - Undrawn	—	—	—	08/2021	08/2027	24		—		(8)		(0.00)	%
Digicert, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2030	1,119		(8)		(8)		(0.00)	%
Jawbreaker Topco, L.P. (24)
Jawbreaker Parent, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2026	01/2029	1,503		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2026	03/2026	3,728		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2026	01/2033	1,503		(8)		(8)
									(8)		(8)		(0.00)	%
RailPros Parent, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2032	899		(4)		(4)
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2027	1,258		—		(6)
									(4)		(10)		(0.00)	%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		(11)		(0.00)	%
Fullsteam Operations LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2031	691		(3)		(4)
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(13)
									(3)		(17)		(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Ultimus Group Midco, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2032	$	1,139	$	(6)	$	(6)
	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	01/2028	3,039		—		(15)
									(6)		(21)		(0.00)	%
Bonterra LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2032	1,189		(3)		(22)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(23)		(0.00)	%
Acumatica Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2032	9,403		—		(24)		(0.00)	%
DT1 Midco Corp
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	12/2030	674		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	04/2027	4,462		—		(22)
									(3)		(25)		(0.00)	%
MRI Software LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2020	02/2028	1,502		(8)		(26)		(0.00)	%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)(15) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		(6)
	First lien (3)(12)(15) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		(21)
									(21)		(27)		(0.00)	%
Coupa Holdings, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		(12)
	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	06/2027	1,291		—		(16)
									(12)		(28)		(0.00)	%
Xactly Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		(50)		(0.00)	%
Logrhythm, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		(52)		(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Diligent Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	08/2030	$	1,767	$	(7)	$	(19)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		(37)
									(20)		(56)		(0.01)	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	06/2027	1,228		—		(20)
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	06/2030	3,707		(26)		(60)
									(26)		(80)		(0.01)	%
TigerConnect, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	08/2029	4,267		(43)		(80)		(0.01)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(112)		(0.01)	%
iCIMS, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2028	3,036		(27)		(131)		(0.01)	%
GS Acquisitionco, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	08/2019	05/2028	2,293		(14)		(146)		(0.01)	%
Viper Bidco. Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2026	1,838		—		(54)
	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		(98)
									(17)		(152)		(0.01)	%
Einstein Parent, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	01/2031	5,750		(57)		(208)		(0.02)	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	10/2023	11/2029	2,967		(30)		(419)		(0.04)	%
Total Unfunded Debt Investments - United States									$	(781)	$	(1,772)	(0.13)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2022	12/2028	$	790	$	(6)	$	(11)	(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Adelaide Borrower, LLC**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2030	$	587	$	(6)	$	(6)
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		(10)
									(6)		(16)		(0.00)	%
Total Unfunded Debt Investments - Australia									$	(12)	$	(27)	(0.00)	%
Unfunded Debt Investments - Switzerland
Matterhorn Finco, Inc.,**
Software	First lien (3)(15) - Undrawn	—	—	—	03/2026	03/2033	$	1,985	$	(10)	$	(10)	(0.00)	%
Total Unfunded Debt Investments - Switzerland							1,985		$	(10)	$	(10)	(0.00)	%
Unfunded Debt Investments - UK
Ciklum Inc.**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2024	02/2030	$	2,989	$	(37)	$	—	—	%
Total Unfunded Debt Investments - UK									$	(37)	$	—	—	%
Total Unfunded Debt Investments									$	(840)	$	(1,809)	(0.13)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,733,010	$	1,628,080	155.07	%
Non-Controlled/Affiliated Investments (36)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (20)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(12)	SOFR(Q)*	14.00%/PIK	17.82%	12/2020	01/2028	$	27,833	$	27,788	$	27,833	2.65	%
Eagle Infrastructure Super HoldCo, LLC (28)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(11)(12)	SOFR(Q)	7.50%	11.35%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(12)	SOFR(Q)	7.50%	11.35%	03/2023	04/2028	340		340		340
									10,968		10,968		1.04	%
Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(7)(12)	FIXED(Q)(17)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(12)	SOFR(Q)(17)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	38,756	$	38,801	3.69	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Equity - United States
TVG-Edmentum Holdings, LLC(20)
Education	Series C-2 Preferred Units(3)(12)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		$	9,046	$	9,046
	Class B-1 Common Shares (3)(13)	—	—	—	12/2020	—	24,450		43,212		5,000
	Class B-2 Common Shares (3)(13)	—	—	—	12/2020	—	24,450		24,839		—
									77,097		14,046		1.34	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(12)	—	—	—	03/2023	—	72,536		4,103		10,851		1.03	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(12)	—	—	—	07/2017	—	25,000,000		11,501		1,800
	Ordinary shares (3)(12)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,001		0.19	%
Total Shares - United States									$	93,983	$	26,898	2.56	%
Total Non-Controlled/Affiliated Investments									$	132,739	$	65,699	6.25	%
Controlled Investments (37)
Funded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.00%	9.96%	10/2020	12/2027	$	29,960	$	29,960	$	29,960
	First lien (3)(10)(12)	SOFR(Q)	9.00%	12.96%	10/2020	12/2027	23,336		23,336		23,336
									53,296		53,296		5.08	%
New Benevis Topco, LLC (22)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(12)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2028	24,904		24,904		24,904
	Subordinated (3)(12)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2028	27,693		27,423		27,693
									52,327		52,597		5.01	%
NHME Holdings Corp. (21)
National HME, Inc.
Healthcare	Second lien (3)(12)	SOFR(Q)(17)*	5.00%/PIK	8.92%	11/2018	11/2025	8,281		7,872		—		—	%
Total Funded Debt Investments - United States									$	113,495	$	105,893	10.09	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(12)	—	—	—	05/2018	—	—		$	160,000	$	157,872	15.04	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)	Cost		Fair Value		Percent of Net Assets

NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(12)	—	—	—	06/2018	—	—	$	80,174	$	113,269	10.79	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(12)	—	—	—	05/2021	—	—	112,400		105,532		10.05	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(12)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	67,709,918	64,386		67,710
	Preferred shares (3)(12)	—	—	—	06/2017	—	80,994,293	29,318		13,275
	Preferred shares (2)(12)	—	—	—	01/2015	—	29,326,545	26,946		—
	Preferred shares (3)(12)	—	—	—	01/2015	—	141,354,439	7,447		—
	Ordinary shares (2)(12)	—	—	—	01/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(12)	—	—	—	01/2015	—	10,697,948	532		—
	Preferred shares (3)(12)	—	—	—	02/2026	—	21,117,531	—		—
								130,554		80,985		7.71	%
New Benevis Topco, LLC (22)
Healthcare	Common stock (2)(12)	—	—	—	10/2020	—	325,516	27,154		24,447
	Common stock (3)(12)	—	—	—	10/2020	—	152,548	12,768		11,456
								39,922		35,903		3.42	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(12)	—	—	—	10/2020	—	100	11,155		11,000		1.05	%
NM YI, LLC
Net Lease	Membership interest (6)(12)	—	—	—	09/2019	—	—	6,272		8,734		0.83	%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(12)	—	—	—	06/2018	—	—	925		412		0.04	%
NHME Holdings Corp.(21)
Healthcare	Ordinary shares (3)(12)	—	—	—	11/2018	—	640,000	4,000		—		—	%
Total Shares - United States								$	545,402	$	513,707	48.93	%
Total Shares								$	545,402	$	513,707	48.93	%
Warrants - United States
NHME Holdings Corp. (21)
Healthcare	Warrants (3)(12)	—	—	—	11/2018	01/2033	160,000	$	1,000	$	—	—	%
Total Warrants - United States								$	1,000	$	—	—	%
Total Funded Investments								$	659,897	$	619,600	59.02	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(12)(15) - Undrawn	—	—	—	10/2020	12/2027	$	1,935	$	—	$	—	—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	659,897	$	619,600	59.02	%
Total Investments									$	2,525,646	$	2,313,379	220.34	%

(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 Permian Holdings, LLC.

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

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

(10)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.

(11)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.

(12)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.

(13)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2026, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,716 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan and undrawn revolver is $18,853, $7,408 and $1,382, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

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

(15)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.

(16)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 March 31, 2026.

(17)Investment is on non-accrual status as of March 31, 2026. See Note 3. Investments, for details.

(18)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 $5,700 as of March 31, 2026. See Note 2. Summary of Significant Accounting Policies, for details.

(19)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. .

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)

(20)The Company holds common 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 March 31, 2026, 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.

(21)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%.

(22)The Company holds common 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.

(23)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.

(24)The Company holds Class A-1 common units in Jawbreaker Topco, L.P., and holds a first lien term loan, two first lien delayed draw term loans and a first lien revolver in Jawbreaker Parent, Inc, a partially-owned subsidiary of Jawbreaker Topco, L.P.

(25)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 March 31, 2026, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $20,249.

(26)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.

(27)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 March 31, 2026, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $2,226.

(28)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.

(29)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.

(30)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 March 31, 2026, 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.

(31)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 March 31, 2026, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,792.

(32)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 March 31, 2026, the Company's stated value of it's share, plus unpaid compounded dividends, was $13,323.

(33)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 March 31, 2026, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $19,839.

(34)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 March 31, 2026, the Company's stated value of it's share, plus unpaid compounded dividends, was $27,116.

(35)The Company holds common units in Notorious Buyer, LLC, and a first lien term loan, a subordinated loan, and a first lien revolver in Notorious Topco, LLC and Notorious Holdings, LLC, two wholly-owned subsidiaries of Notorious Buyer, LLC.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)

(36)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 March 31, 2026 and December 31, 2025, along with transactions during the three months ended March 31, 2026 in which the issuer was a non-controlled/affiliated investment, is as follows:


Portfolio Company	Fair Value at December 31, 2025		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2026		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	$	18,337	$	—	$	—	$	3,482	$	21,819	$	—	$	311	$	413	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		1		2,001		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	40,365		1,518		—		(4)		41,879		—		1,192		327		63
Total Non-Controlled/Affiliated Investments	$	60,702	$	1,518	$	—	$	3,479	$	65,699	$	—	$	1,503	$	740	$	63

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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)

(37) 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 March 31, 2026 and December 31, 2025, along with transactions during the three months ended March 31, 2026 in which the issuer was a controlled investment, is as follows:


Portfolio Company	Fair Value at December 31, 2025		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2026		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	154,464		5,538		(76,831)		5,329		88,500		(5,718)		3,395		—		—
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,833		1,463		—		(1,000)		64,296		—		1,463		—		125
NM NL Holdings, L.P.	106,096		5,926		—		1,247		113,269		—		—		2,111		—
NM GP Holdco, LLC	390		75		—		(53)		412		—		—		11		—
NM YI LLC	8,641		—		—		93		8,734		—		—		235		—
NMFC Senior Loan Program III LLC	160,000		—		—		(2,128)		157,872		—		—		5,760		—
NMFC Senior Loan Program IV LLC	112,400		—		—		(6,868)		105,532		—		—		3,794		—
UniTek Global Services, Inc.	73,181		3,223		—		4,581		80,985		—		—		3,224		250
Total Controlled Investments	$	679,005	$	16,225	$	(76,831)	$	1,201	$	619,600	$	(5,718)	$	4,858	$	15,135	$	375

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

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

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2026, 19.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2026

(unaudited)


	March 31, 2026
Investment Type	Percent of Total Investments at Fair Value
First lien	64.78	%
Second lien	3.50	%
Subordinated	4.04	%
Structured Finance Obligations	0.14	%
Equity and other	27.54	%
Total investments	100.00	%


	March 31, 2026
Industry Type	Percent of Total Investments at Fair Value
Business Services	20.04	%
Healthcare	17.11	%
Software	16.15	%
Investment Funds (includes investments in joint ventures)	11.52	%
Consumer Services	6.02	%
Financial Services & Technology	5.95	%
Net Lease	5.29	%
Education	5.08	%
Distribution & Logistics	4.50	%
Packaging	3.54	%
Energy	2.87	%
Food & Beverage	0.92	%
Consumer Products	0.59	%
Specialty Chemicals & Materials	0.42	%
Total investments	100.00	%


	March 31, 2026
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	88.59	%
Fixed rates	11.41	%
Total investments	100.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		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)(11)(12)	SOFR(M)	5.25%	9.07%	12/2021	12/2027	$	22,502	$	22,398	$	22,502
	First lien (3)(10)(12)	SOFR(M)	5.25%	9.07%	12/2021	12/2027	20,009		19,932		20,009
	First lien (4)(12)	SOFR(M)	5.25%	9.07%	01/2022	12/2027	9,500		9,463		9,500
	First lien (4)(12)	SOFR(M)	5.25%	9.07%	12/2021	12/2027	7,300		7,267		7,300
	Subordinated (3)(10)(12)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	17,649		17,527		17,418
	Subordinated (4)(12)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,921		6,873		6,831
									83,460		83,560		7.03	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.66%	05/2024	07/2028	48,932		48,915		48,932
	First lien (3)(12)(15) - Drawn	SOFR(Q)	6.50%	10.66%	05/2024	07/2028	1,639		1,639		1,639
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	9,173		9,158		9,356
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,503		3,497		3,593
									63,209		63,520		5.35	%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.50%	8.22%	08/2021	10/2030	35,918		35,742		35,918
	First lien (5)(12)	SOFR(M)	4.50%	8.22%	08/2021	10/2030	21,233		21,180		21,233
									56,922		57,151		4.81	%
Einstein Parent, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.36%	01/2025	01/2031	35,582		35,292		35,226
	First lien (2)(11)(12)	SOFR(Q)	6.50%	10.36%	01/2025	01/2031	20,000		19,800		19,800
									55,092		55,026		4.63	%
iCIMS, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.61%	09/2023	08/2028	44,742		44,590		43,538
	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.11%	10/2022	08/2028	7,366		7,332		7,253
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.75%	9.59%	08/2022	08/2028	1,165		1,160		1,134
									53,082		51,925		4.37	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets
GS Acquisitionco, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	$	25,079	$	25,049	$	25,079
	First lien (5)(12)	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	21,074		21,048		21,074
	First lien (3)(10)(12)	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	2,878		2,874		2,878
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.92%	08/2019	05/2028	1,786		1,779		1,786
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.92%	03/2024	05/2028	448		446		448
									51,196		51,265		4.31	%
Model N, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	06/2024	06/2031	43,774		43,592		43,774		3.68	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(11)(12)	SOFR(M)	5.75%	9.57%	07/2021	07/2028	18,324		18,263		18,324
	First lien (2)(11)(12)	SOFR(M)	5.75%	9.57%	07/2022	07/2028	7,685		7,647		7,685
	Subordinated (3)(12)	SOFR(Q)	7.50%	11.27%	07/2022	07/2029	16,661		16,534		16,661
									42,444		42,670		3.59	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.52%	08/2021	08/2028	36,710		36,543		35,715
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.52%	08/2021	08/2028	3,864		3,846		3,760
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.52%	08/2021	08/2027	3,027		2,997		2,945
									43,386		42,420		3.57	%
Foreside Financial Group, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.22%	05/2022	09/2027	36,810		36,683		36,810
	First lien (3)(10)(12)	SOFR(Q)	5.25%	9.22%	05/2022	09/2027	4,033		4,012		4,033
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	9.08%	03/2024	09/2027	460		457		460
									41,152		41,303		3.48	%
Foundational Education Group, Inc.
Education	Second lien (5)(12)	SOFR(Q)	6.50%	10.60%	08/2021	08/2029	22,500		22,436		22,500
	Second lien (3)(10)(12)	SOFR(Q)	6.50%	10.60%	08/2021	08/2029	10,965		10,754		10,965
	First lien (2)(11)	SOFR(Q)	3.75%	7.85%	05/2025	08/2028	6,350		5,871		5,871
									39,061		39,336		3.31	%
Acumatica Holdings, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	07/2025	07/2032	39,188		39,188		39,188		3.30	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets
MRI Software LLC
Software	First lien (5)(12)	SOFR(Q)	4.75%	8.42%	01/2020	02/2028	$	21,205	$	21,183	$	21,205
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	03/2021	02/2028	7,512		7,506		7,512
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	03/2021	02/2028	4,474		4,471		4,474
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	01/2020	02/2028	3,075		3,072		3,075
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	01/2020	02/2028	785		784		785
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.44%	01/2020	02/2028	400		398		400
									37,414		37,451		3.15	%
TigerConnect, Inc.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.25%	02/2022	08/2029	29,875		29,728		29,875
	First lien (2)(12)(15) - Drawn	SOFR(Q)	6.25%	10.25%	02/2022	08/2029	3,741		3,741		3,741
	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.25%	08/2025	08/2029	3,054		3,033		3,054
	First lien (3)(12)(15) - Drawn	SOFR(Q)	6.25%	10.25%	08/2025	08/2029	42		42		42
									36,544		36,712		3.09	%
CentralSquare Technologies, LLC
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.47%	04/2024	04/2030	36,497		36,162		36,497		3.07	%
Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First lien (3)(10)(12)	SOFR(S)	5.75%	9.58%	10/2021	10/2028	36,155		35,985		36,155		3.04	%
IG Investments Holdings, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.84%	09/2021	09/2028	32,471		32,329		32,471
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.84%	03/2024	09/2028	2,517		2,517		2,517
									34,846		34,988		2.94	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First lien (2)(11)(12)	SOFR(Q)	6.09%	10.20%	03/2021	03/2028	24,172		24,034		24,172
	First lien (3)(10)(12)	SOFR(Q)	6.09%	10.02%	03/2021	03/2028	5,012		5,001		5,012
	First lien (2)(11)(12)	SOFR(Q)	6.24%	10.25%	04/2025	03/2028	4,706		4,687		4,706
									33,722		33,890		2.85	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets
Fortis Solutions Group, LLC
Packaging	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.27%	10/2021	10/2028	$	29,234	$	29,095	$	29,234
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.27%	06/2022	10/2028	972		974		972
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.27%	10/2021	10/2027	834		826		834
	First lien (3)(12)	SOFR(Q)	5.50%	9.27%	10/2021	10/2028	79		78		79
									30,973		31,119		2.62	%
Nelipak Holding Company
Packaging	First lien (3)(10)(12)(13)	EURIBOR(Q)	5.50%	7.52%	03/2024	03/2031	€	16,357	17,614		19,214
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.17%	03/2024	03/2031	$	8,932	8,878		8,932
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.17%	03/2024	03/2031	$	2,168	2,152		2,168
	First lien (3)(10)(12)(13)(15) - Drawn	SOFR(M)	5.50%	9.23%	03/2024	03/2031	$	392	389		392
	First lien (3)(12)(15) - Drawn	EURIBOR(M)	5.50%	7.44%	03/2024	03/2031	€	105	121		123
									29,154		30,829		2.59	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(12)	SOFR(Q)	5.75%	9.57%	08/2022	08/2029	22,163		22,118		22,163
	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.57%	06/2024	08/2029	8,175		8,175		8,175
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.75%	9.63%	08/2022	08/2029	61		64		61
									30,357		30,399		2.56	%
DOCS, MSO, LLC
Healthcare	First lien (3)(10)(12)	SOFR(M)	5.75%	9.63%	06/2022	06/2028	18,149		18,149		18,149
	First lien (4)(12)	SOFR(M)	5.75%	9.63%	06/2022	06/2028	6,797		6,797		6,797
	First lien (3)(10)(12)	SOFR(M)	5.75%	9.57%	02/2025	06/2028	3,354		3,335		3,354
									28,281		28,300		2.38	%
Bullhorn, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	13,206		13,177		13,206
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	05/2024	10/2029	8,879		8,976		8,879
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	10/2021	10/2029	3,398		3,395		3,398
	First lien (3)(10)(12)	SOFR(M)	5.00%	8.72%	05/2024	10/2029	1,025		1,023		1,025
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	761		759		761
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	341		340		341
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	09/2019	10/2029	272		271		272
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.72%	09/2019	10/2029	125		127		125
									28,068		28,007		2.36	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets
PetVet Care Centers, LLC
Consumer Services	First lien (2)(11)(12)	SOFR(M)	6.00%	9.72%	10/2023	11/2030	$	27,861	$	27,646	$	26,649
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	6.00%	9.84%	10/2023	11/2029	371		367		355
									28,013		27,004		2.27	%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.77%	08/2021	08/2028	22,643		22,547		18,114
	First lien (3)(10)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.77%	08/2021	08/2028	4,346		4,319		3,477
	First lien (3)(10)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.77%	08/2021	08/2028	4,014		3,994		3,211
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.50%	9.27%	08/2021	08/2027	2,330		2,307		1,864
									33,167		26,666		2.24	%
YLG Holdings, Inc.
Business Services	First lien (5)(12)	SOFR(Q)	4.75%	8.74%	11/2019	12/2030	21,661		21,638		21,661
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.74%	04/2025	12/2030	4,309		4,289		4,309
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.60%	04/2025	12/2030	394		392		394
									26,319		26,364		2.22	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(10)(12)	SOFR(S)	5.50%	9.62%	02/2022	02/2028	18,769		18,729		18,626
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.62%	02/2022	02/2028	5,223		5,211		5,183
	First lien (3)(10)(12)	SOFR(S)	5.50%	9.62%	02/2022	02/2028	686		684		681
									24,624		24,490		2.06	%
PDI TA Holdings, Inc.
Software	First lien (4)(12)	SOFR(Q)	5.50%	9.34%	01/2024	02/2031	22,171		22,081		22,171
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.50%	9.34%	01/2024	02/2031	1,342		1,335		1,342
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.34%	03/2025	02/2031	509		509		509
									23,925		24,022		2.02	%
Diamond Parent Holdings Corp. (24)
Diligent Corporation
Software	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.82%	04/2024	08/2030	19,821		19,763		19,821
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.82%	04/2024	08/2030	3,398		3,388		3,398
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.00%	8.75%	04/2024	08/2030	532		530		532
									23,681		23,751		2.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(12)	SOFR(Q)*	9.00%/PIK	12.97%	11/2019	05/2029	$	23,738	$	23,683	$	19,640
	Second lien (2)(11)(12)	SOFR(Q)*	9.00%/PIK	12.97%	11/2019	05/2029	4,440		4,421		3,673
									28,104		23,313		1.96	%
Xactly Corporation
Software	First lien (4)(12)	SOFR(Q)	6.25%	10.17%	07/2017	07/2027	22,500		22,489		22,232		1.87	%
FS WhiteWater Holdings, LLC(26)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(12)	SOFR(Q)	5.25%	9.07%	12/2021	12/2029	8,449		8,410		8,449
	First lien (3)(10)(12)	SOFR(Q)	5.25%	9.07%	07/2022	12/2029	4,710		4,682		4,710
	First lien (5)(12)	SOFR(Q)	5.25%	9.07%	12/2021	12/2029	2,836		2,822		2,836
	First lien (5)(12)	SOFR(Q)	5.25%	9.07%	12/2021	12/2029	2,818		2,805		2,818
	First lien (5)(12)(15) - Drawn	SOFR(S)	5.25%	9.26%	03/2025	12/2029	2,533		2,508		2,533
	First lien (3)(10)(12)(15) - Drawn	SOFR(S)	5.25%	9.26%	03/2025	12/2029	846		837		846
									22,064		22,192		1.87	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	05/2024	06/2031	15,602		15,504		15,602
	First lien (2)(11)(12)	SOFR(M)	4.25%	7.97%	05/2025	06/2031	5,782		5,756		5,782
	First lien (3)(10)(12)	SOFR(M)	4.25%	7.97%	07/2025	06/2031	378		376		378
									21,636		21,762		1.83	%
Sierra Enterprises, LLC
Food & Beverage	First lien (2)(11)(12)	SOFR(Q)	6.00%	9.67%	05/2025	05/2030	21,357		21,213		21,197		1.78	%
Brave Parent Holdings, Inc.
Software	First lien (5)(12)	SOFR(M)	4.25%	7.97%	11/2023	11/2030	21,124		21,040		21,124		1.78	%
Cardinal Parent, Inc.
Financial Services & Technology	First lien (4)	SOFR(Q)	4.50%	8.32%	10/2020	11/2027	11,609		11,581		11,366
	Second lien (4)(12)	SOFR(Q)	7.75%	11.58%	11/2020	11/2028	9,767		9,721		9,653
									21,302		21,019		1.77	%
Low Voltage Holdings Inc.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	04/2025	04/2032	17,038		16,979		16,975
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	04/2025	04/2032	1,422		1,417		1,417
									18,396		18,392		1.55	%
Viper Bidco. Inc.
Business Services	First lien (3)(10)(12)(13)	SONIA(D)	4.75%	8.47%	11/2024	11/2031	£	11,910	15,037		16,051
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	11/2024	11/2031	2,306		2,294		2,306
									17,331		18,357		1.54	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (16)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (14)		Cost		Fair Value		Percent of Net Assets
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(10)(12)	SOFR(M)*	3.25%/PIK + 2.00%	8.97%	01/2024	07/2029	$	22,939	$	22,392	$	14,820
	First lien (3)(10)(12)	SOFR(M)*	3.00%/PIK + 1.00%	7.72%	03/2024	07/2029	4,057		2,878		2,594
	Subordinated (2)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	337		337		337
	Subordinated (3)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	325		325		325
									25,932		18,076		1.52	%
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(10)(12)	SOFR(M)(17)*	6.75%/PIK + 0.50%	11.22%	09/2015	09/2027	29,879		29,842		17,999
	First lien (3)(12)	SOFR(M)(17)*	14.50%/PIK + 0.50%	18.97%	06/2021	09/2027	1,527		1,527		—
	Subordinated (3)(12)	SOFR(Q)(17)*	1.00%/PIK	5.14%	03/2021	09/2027	5,230		—		—
									31,369		17,999		1.51	%
Bonterra LLC
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	03/2025	03/2032	14,989		14,955		14,952
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	4.75%	8.69%