nmfc-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 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 August 3, 2026
Common stock, par value $0.01 per share						94,452,390

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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 June 30 , 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 (unaudited) and June 30, 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 (unaudited) and June 30, 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 (unaudited) and June 30, 2025 (unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2026 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2025	35
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	63
	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	133
Item 4.	Controls and Procedures	134

PART II. OTHER INFORMATION		135

Item 1.	Legal Proceedings	135
Item 1A.	Risk Factors	135
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	136
Item 3.	Defaults Upon Senior Securities	137
Item 4.	Mine Safety Disclosures	137
Item 5.	Other Information	137
Item 6.	Exhibits	138
	Signatures	140

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	June 30, 2026		December 31, 2025
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $1,680,189 and $2,060,391, respectively)	$	1,589,609	$	2,002,306
Non-controlled/affiliated investments (cost of $134,340 and $131,221, respectively)	69,953		60,702
Controlled investments (cost of $649,899 and $720,503, respectively)	630,243		679,005
Total investments at fair value (cost of $2,464,428 and $2,912,115, respectively)	2,289,805		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	64,799		80,718
Interest and dividend receivable	33,600		38,549
Receivable from affiliates	182		381
Derivative asset at fair value	34		5,647
Receivable from unsettled securities sold	—		4,138


Other assets	21,333		17,907
Total assets	$	2,415,453	$	2,902,853
Liabilities
Borrowings
Unsecured Notes	$	784,045	$	991,585
Holdings Credit Facility	378,146		420,063
SBA-guaranteed debentures	169,255		196,205
NMFC Credit Facility	30,356		81,074
Deferred financing costs (net of accumulated amortization of $48,929 and $45,302, respectively)	(15,416)		(17,875)
Net borrowings	1,346,386		1,671,052
Payable to broker	7,490		14,630
Management fee payable	7,414		9,176
Interest payable	7,395		11,892
Incentive fee payable	4,324		3,018
Derivative liability at fair value	2,968		366
Deferred tax liability	1,670		1,819
Payable for unsettled securities purchased	313		463

Other liabilities	2,678		2,181
Total liabilities	1,380,638		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 94,452,390 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, 13,399,539 and 5,213,541 shares held, respectively	(117,515)		(51,952)
Accumulated overdistributed earnings	(210,109)		(121,676)
Total net assets of New Mountain Finance Corporation	$	1,028,181	$	1,182,177
Non-controlling interest in New Mountain Net Lease Corporation	6,634		6,079
Total net assets	$	1,034,815	$	1,188,256
Total liabilities and net assets	$	2,415,453	$	2,902,853
Number of shares outstanding	94,452,390		102,638,388
Net asset value per share of New Mountain Finance Corporation	$	10.89	$	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				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	35,949	$	53,584	$	75,198	$	105,697
PIK interest income	2,532		2,931		4,895		5,844
Dividend income	352		506		2,157		1,063
Non-cash dividend income	835		3,972		2,192		8,406
Other income	1,673		892		3,019		2,204
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	320		336		635		667
PIK interest income	1,256		1,057		2,444		2,044

Non-cash dividend income	661		292		1,401		1,975
Other income	62		62		125		125
From controlled investments:
Interest income (excluding PIK interest income)	1,645		2,022		4,917		3,507
PIK interest income	1,627		2,900		3,213		6,588
Dividend income	10,703		12,183		22,614		24,381
Non-cash dividend income	3,386		2,378		6,610		4,449
Other income	474		375		849		2,203
Total investment income	61,475		83,490		130,269		169,153
Expenses
Interest and other financing expenses	22,454		31,138		49,978		62,512
Management fee	7,414		9,759		15,568		19,992
Incentive fee	5,766		7,971		11,869		16,218

Professional fees	1,056		1,100		2,084		2,489
Administrative expenses	970		1,184		1,965		2,288
Other general and administrative expenses	616		331		1,074		847
Total expenses	38,276		51,483		82,538		104,346
Less: management and incentive fees waived (See Note 5)	(1,442)		(2,586)		(7,545)		(4,408)

Net expenses	36,834		48,897		74,993		99,938
Net investment income before income taxes	24,641		34,593		55,276		69,215
Income tax expense (benefit)	19		8		23		(11)
Net investment income	24,622		34,585		55,253		69,226
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(32,111)		13,390		(58,403)		12,316

Controlled investments	(12,873)		(1)		(18,591)		38,898


Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	14,528		(29,012)		(31,709)		(24,806)
Non-controlled/affiliated investments	2,653		(8,928)		6,132		(13,819)
Controlled investments	20,641		(2,590)		21,842		(50,982)
Securities purchased under collateralized agreements to resell	—		—		(7,800)		—

Foreign currency	(6)		452		(106)		602
Benefit (provision) for taxes	59		(21)		146		(43)
Net realized and unrealized losses	(7,109)		(26,710)		(88,489)		(37,834)
Net increase (decrease) in net assets resulting from operations	17,513		7,875		(33,236)		31,392
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(256)		(101)		(435)		(205)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation	$	17,257	$	7,774	$	(33,671)	$	31,187
Basic earnings (loss) per share	$	0.18	$	0.07	$	(0.35)	$	0.29
Weighted average shares of common stock outstanding - basic (See Note 11)	94,551,023		107,750,160		97,497,589		107,800,508
Diluted earnings (loss) per share	$	0.18	$	0.07	$	(0.35)	$	0.29
Weighted average shares of common stock outstanding - diluted (See Note 11)	94,551,023		126,733,459		97,497,589		126,792,855
Distributions declared and paid per share	$	0.25	$	0.32	$	0.57	$	0.64

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)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Increase (decrease) in net assets resulting from operations:
Net investment income	$	24,622	$	34,585	$	55,253	$	69,226
Net realized (losses) gains on investments and foreign currency	(44,984)		13,389		(76,994)		51,214
Net change in unrealized appreciation (depreciation) of investments, foreign currency and New Mountain Net Lease Corporation	37,816		(40,078)		(3,841)		(89,005)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		—		(7,800)		—
Benefit (provision) for taxes	59		(21)		146		(43)
Net increase (decrease) in net assets resulting from operations	17,513		7,875		(33,236)		31,392
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(256)		(101)		(435)		(205)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation	17,257		7,774		(33,671)		31,187
Capital transactions

Repurchase of shares under the repurchase programs	(8,966)		(9,642)		(65,563)		(9,642)

Offering costs	—		14		—		(14)
Distributions declared to stockholders from net investment income	(23,612)		(34,499)		(54,762)		(69,011)


Total net decrease in net assets resulting from capital transactions	(32,578)		(44,127)		(120,325)		(78,667)
Net decrease in net assets	(15,321)		(36,353)		(153,996)		(47,480)
New Mountain Finance Corporation net assets at the beginning of the period	1,043,502		1,342,212		1,182,177		1,353,339
New Mountain Finance Corporation net assets at the end of the period	1,028,181		1,305,859		1,028,181		1,305,859
Non-controlling interest in NMNLC	6,634		5,977		6,634		5,977
Net assets at the end of the period	$	1,034,815	$	1,311,836	$	1,034,815	$	1,311,836

Capital share activity

Conversion of 2022 Convertible Notes to Shares	—		514		—		514


Shares repurchased under the repurchase programs	(1,122,761)		(925,216)		(8,185,998)		(925,216)
Net decrease in shares outstanding	(1,122,761)		(924,702)		(8,185,998)		(924,702)

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended
	June 30, 2026		June 30, 2025
Cash flows from operating activities
Net (decrease) increase in net assets resulting from operations	$	(33,236)	$	31,392
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	76,994		(51,214)

Net change in unrealized depreciation of investments and New Mountain Net Lease Corporation	3,735		89,607
Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies	106		(602)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	7,800		—
Amortization of purchase discount	(3,759)		(5,841)
Amortization of deferred financing costs	5,062		4,539
Amortization of premium on 2022 Convertible Notes	—		(45)
Amortization of discount on February 2029 and October 2027 Notes	618		618
Net change due to hedging activity	57		(851)
Non-cash investment income	(26,070)		(27,171)
(Increase) decrease in operating assets:



Purchase of investments and delayed draw facilities	(190,652)		(243,438)
Proceeds from sales and paydowns of investments	600,233		342,004
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	62		204

Cash paid on drawn revolvers	(21,123)		(18,844)
Cash repayments on drawn revolvers	12,011		8,831

Interest and dividend receivable	4,969		(763)

Receivable from unsettled securities sold	4,138		(4,386)
Receivable from affiliates	199		(200)
Other assets	(3,425)		(15,120)
(Decrease) increase in operating liabilities:
Management fee payable	(1,762)		(708)
Incentive fee payable	1,306		(3,241)
Payable for unsettled securities purchased	(150)		29,562
Interest payable	(4,500)		(1,551)

Deferred tax liability	(149)		43
Payable to broker	(7,140)		10,670
Other liabilities	501		758

Net cash flows provided by operating activities	425,825		144,253
Cash flows from financing activities

Repurchase of shares under the repurchase programs	(65,563)		(9,642)

Offering costs paid	—		(75)
Distributions paid	(54,762)		(69,011)
Proceeds from Holdings Credit Facility	260,000		221,500
Repayment of Holdings Credit Facility	(301,916)		(269,800)

Repayment of 2022 Convertible Notes	—		(1,223)

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	(180)		(180)
Deferred financing costs paid	(2,611)		(1,464)
Net cash flows used in financing activities	(441,682)		(167,395)
Net decrease in cash and cash equivalents	(15,857)		(23,142)
Effect of foreign exchange rate changes on cash and cash equivalents	(62)		212
Cash and cash equivalents at the beginning of the period	80,718		80,320
Cash and cash equivalents at the end of the period	$	64,799	$	57,390
Supplemental disclosure of cash flow information
Cash interest paid	$	47,255	$	57,134
Income taxes paid (received)	34		(313)
Non-cash operating activities:
Non-cash activity on investments	$	24,188	$	61,007
Non-cash financing activities:



Accrued but unpaid offering costs	$	41	$	114
Accrued but unpaid deferred financing costs	52		109

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

June 30, 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
Einstein Parent, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	5.25%	8.91%	01/2025	01/2031	$	35,582	$	35,294	$	34,728
	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.91%	01/2025	01/2031	20,000		19,838		19,520
									55,132		54,248		5.24	%
Model N, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	06/2024	06/2031	43,553		43,384		43,187
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	06/2024	06/2031	4,512		4,490		4,474
									47,874		47,661		4.61	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.42%	05/2024	07/2028	29,871		29,862		29,871
	First lien (3)(12)(15) - Drawn	SOFR(Q)	6.50%	10.42%	05/2024	07/2028	2,010		2,009		2,010
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	9,842		9,828		9,842
	Subordinated (3)(12)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,758		3,753		3,758
									45,452		45,481		4.40	%
Foundational Education Group, Inc.
Education	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.18%	05/2025	08/2028	6,317		5,921		5,875
	Second lien (5)(12)	SOFR(Q)	6.50%	10.43%	08/2021	08/2029	22,500		22,444		22,500
	Second lien (3)(10)(12)	SOFR(Q)	6.50%	10.43%	08/2021	08/2029	10,965		10,778		10,965
									39,143		39,340		3.80	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.58%	08/2021	08/2028	36,614		36,475		32,536
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.58%	08/2021	08/2028	3,854		3,839		3,425
	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.58%	08/2021	08/2027	3,027		2,997		2,690
									43,311		38,651		3.74	%
Healthspan Buyer, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	03/2026	10/2030	32,320		32,007		32,320
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.48%	10/2023	10/2030	4,992		4,958		4,992
									36,965		37,312		3.61	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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%	8.48%	01/2020	02/2028	$	21,092	$	21,075	$	20,734
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.48%	03/2021	02/2028	7,472		7,469		7,345
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	03/2021	02/2028	4,450		4,449		4,375
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	01/2020	02/2028	3,058		3,057		3,006
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.48%	01/2020	02/2028	781		780		767
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.48%	01/2020	02/2028	501		498		492
									37,328		36,719		3.55	%
TigerConnect, Inc.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.06%	02/2022	08/2029	29,875		29,746		29,579
	First lien (2)(12)	SOFR(Q)	6.25%	10.06%	02/2022	08/2029	3,741		3,741		3,704
	First lien (3)(10)(12)	SOFR(Q)	6.25%	10.06%	08/2025	08/2029	3,054		3,035		3,024
	First lien (3)(12)	SOFR(Q)	6.25%	10.06%	08/2025	08/2029	42		42		41
									36,564		36,348		3.51	%
CentralSquare Technologies, LLC
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.39%	04/2024	04/2030	36,322		36,021		36,322		3.51	%
IG Investments Holdings, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.66%	09/2021	09/2028	32,307		32,190		32,307
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.66%	03/2024	09/2028	2,504		2,506		2,504
									34,696		34,811		3.36	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (4)(12)	SOFR(M)	5.25%	8.99%	01/2022	12/2027	9,451		9,422		9,451
	First lien (4)(12)	SOFR(M)	5.25%	8.99%	12/2021	12/2027	7,263		7,237		7,263
	First lien (2)(11)(12)	SOFR(M)	5.25%	8.99%	12/2021	12/2027	5,971		5,950		5,971
	First lien (3)(10)(12)	SOFR(M)	5.25%	8.99%	12/2021	12/2027	3,491		3,481		3,491
	Subordinated (4)(12)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	7,327		7,283		7,241
	Subordinated (3)(10)(12)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	874		868		864
									34,241		34,281		3.31	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First lien (2)(11)(12)	SOFR(Q)	6.09%	9.91%	03/2021	03/2028	24,172		24,063		23,795
	First lien (3)(10)(12)	SOFR(Q)	6.09%	9.90%	03/2021	03/2028	5,012		5,003		4,934
	First lien (2)(11)(12)	SOFR(Q)	6.24%	10.06%	04/2025	03/2028	4,706		4,691		4,632
									33,757		33,361		3.22	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Fortis Solutions Group, LLC
Packaging	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.33%	10/2021	10/2028	$	29,082	$	28,963	$	29,082
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.50%	9.33%	10/2021	10/2028	1,573		1,558		1,573
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.33%	06/2022	10/2028	967		970		967
	First lien (3)(12)	SOFR(Q)	5.50%	9.33%	10/2021	10/2028	78		78		78
									31,569		31,700		3.06	%
Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First lien (3)(10)(12)	SOFR(Q)	5.75%	9.42%	05/2026	06/2033	31,814		31,578		31,576		3.05	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(12)	SOFR(Q)	5.75%	9.42%	08/2022	08/2029	22,050		22,012		21,638
	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.42%	06/2024	08/2029	8,134		8,134		7,982
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.75%	9.40%	08/2022	08/2029	170		172		167
									30,318		29,787		2.88	%
Nelipak Holding Company
Packaging	First lien (3)(10)(12)(13)	EURIBOR(Q)	5.50%	7.79%	03/2024	03/2031	€	16,275	17,535		18,591
	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.23%	03/2024	03/2031	$	8,887	8,838		8,887
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.23%	03/2024	03/2031	$	2,157	2,143		2,157
									28,516		29,635		2.86	%
YLG Holdings, Inc.
Business Services	First lien (5)(12)	SOFR(Q)	4.75%	8.43%	11/2019	12/2030	21,552		21,531		21,552
	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.43%	04/2025	12/2030	4,287		4,269		4,287
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.42%	04/2025	12/2030	392		390		392
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.41%	11/2019	12/2030	29		29		29
									26,219		26,260		2.54	%
Ambrosia Holdco Corp. (29)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(10)(12)	SOFR(M)	4.00%	7.64%	01/2024	07/2029	27,414		24,679		17,711
	First lien (3)(10)(12)	SOFR(M)	4.00%	7.64%	03/2024	07/2029	10,238		6,003		6,548
	Subordinated (2)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	356		356		356
	Subordinated (3)(12)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	412		348		412
									31,386		25,027		2.42	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

PetVet Care Centers, LLC
Consumer Services	First lien (2)(11)(12)	SOFR(M)	6.00%	9.64%	10/2023	11/2030	$	27,719	$	27,522	$	23,849
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	6.00%	9.62%	10/2023	11/2029	1,112		1,101		957
									28,623		24,806		2.40	%
GS Acquisitionco, Inc.
Software	First lien (5)(12)	SOFR(Q)	5.25%	8.98%	08/2019	05/2028	20,962		20,941		19,673
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.98%	08/2019	05/2028	4,818		4,793		4,522
	First lien (3)(12)	SOFR(Q)	5.25%	8.98%	03/2024	05/2028	446		444		419
									26,178		24,614		2.38	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.75%	8.39%	05/2024	06/2031	15,524		15,433		15,354
	First lien (2)(11)(12)	SOFR(M)	4.25%	7.89%	05/2025	06/2031	5,753		5,729		5,661
	First lien (3)(10)(12)	SOFR(M)	4.25%	7.89%	07/2025	06/2031	1,266		1,260		1,245
	First lien (3)(10)(12)	SOFR(M)	4.25%	7.90%	05/2025	06/2031	1,228		1,222		1,209
									23,644		23,469		2.27	%
PDI TA Holdings, Inc.
Software	First lien (4)(12)	SOFR(Q)*	3.50% + 2.50%/PIK	9.66%	01/2024	02/2031	22,197		22,115		21,198
	First lien (3)(12)	SOFR(Q)	5.50%	9.17%	01/2024	02/2031	1,830		1,821		1,748
	First lien (3)(10)(12)	SOFR(Q)*	3.50% + 2.50%/PIK	9.66%	03/2025	02/2031	510		510		487
									24,446		23,433		2.26	%
Tempo Acquisition, LLC**
Business Services	First lien (3)(10)	SOFR(M)	1.75%	5.39%	03/2026	08/2028	27,536		19,753		23,354		2.26	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(10)(12)	SOFR(S)	5.50%	9.60%	02/2022	02/2028	18,672		18,640		17,635
	First lien (2)(11)(12)	SOFR(S)	5.50%	9.60%	02/2022	02/2028	5,196		5,187		4,908
	First lien (3)(10)(12)	SOFR(S)	5.50%	9.60%	02/2022	02/2028	682		681		645
									24,508		23,188		2.24	%
FS WhiteWater Holdings, LLC(26)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(12)	SOFR(Q)	5.00%	8.88%	12/2021	12/2029	8,396		8,362		8,396
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.88%	07/2022	12/2029	4,681		4,657		4,681
	First lien (5)(12)	SOFR(Q)	5.00%	8.88%	12/2021	12/2029	2,819		2,806		2,819
	First lien (5)(12)	SOFR(Q)	5.00%	8.88%	12/2021	12/2029	2,801		2,789		2,801
	First lien (5)(12)	SOFR(Q)	5.00%	8.88%	03/2025	12/2029	2,711		2,687		2,711
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.88%	03/2025	12/2029	905		897		905
									22,198		22,313		2.16	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Sierra Enterprises, LLC
Food & Beverage	First lien (2)(11)(12)	SOFR(Q)	5.75%	9.48%	05/2025	05/2030	$	21,250	$	21,120	$	21,250	2.05	%
Xactly Corporation
Software	First lien (4)(12)	SOFR(Q)	6.25%	10.02%	07/2017	07/2027	22,500		22,492		21,233		2.05	%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (5)(12)	SOFR(M)	4.50%	8.14%	08/2021	10/2030	21,126		21,078		21,126		2.04	%
RLG Holdings, LLC
Packaging	First lien (3)(10)(12)	SOFR(Q)	4.25%	8.18%	01/2026	07/2028	18,577		9,487		10,693
	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.18%	09/2025	07/2028	7,147		6,016		4,114
	First lien (2)(11)(12)	SOFR(Q)	5.00%	8.66%	06/2024	07/2028	4,142		4,097		2,384
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.66%	01/2026	07/2028	1,191		576		685
	Second lien (3)(10)(12)	SOFR(Q)	7.50%	11.43%	01/2026	07/2029	10,768		1,542		3,001
									21,718		20,877		2.02	%
Brave Parent Holdings, Inc.
Software	First lien (5)(12)	SOFR(M)	4.50%	8.14%	11/2023	11/2030	21,016		20,940		20,323		1.96	%
Low Voltage Holdings Inc.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.23%	04/2025	04/2032	18,414		18,354		18,345
	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.23%	04/2025	04/2032	958		954		954
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.50%	8.17%	04/2025	04/2032	290		289		289
									19,597		19,588		1.89	%
Cardinal Parent, Inc.
Financial Services & Technology	First lien (4)	SOFR(Q)	4.50%	8.38%	10/2020	11/2027	11,548		11,527		10,229
	Second lien (4)(12)	SOFR(Q)	7.75%	11.63%	11/2020	11/2028	9,767		9,728		8,475
									21,255		18,704		1.81	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(12)	SOFR(Q)*	9.00%/PIK	12.74%	11/2019	05/2029	24,854		24,806		15,345
	Second lien (2)(12)	SOFR(Q)*	9.00%/PIK	12.74%	11/2019	05/2029	4,648		4,632		2,870
									29,438		18,215		1.76	%
Viper Bidco. Inc.
Business Services	First lien (3)(10)(12)(13)	SONIA(D)	4.50%	8.23%	11/2024	11/2031	£	11,850	14,966		15,563
	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.23%	11/2024	11/2031	$	2,294	2,284		2,249
									17,250		17,812		1.72	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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 (5)(12)	SOFR(M)	4.50%	8.14%	02/2020	02/2028	$	14,392	$	14,383	$	14,392
	First lien (5)(12)	SOFR(M)	4.50%	8.14%	02/2024	02/2028	1,109		1,106		1,109
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.50%	8.14%	02/2020	02/2028	1,079		1,074		1,079
									16,563		16,580		1.60	%
Bonterra LLC
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	03/2025	03/2032	14,914		14,882		14,570
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.48%	03/2025	03/2032	1,625		1,625		1,587
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.49%	03/2025	03/2032	326		325		318
									16,832		16,475		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%	10.97%	09/2015	09/2027	29,879		29,842		16,000
	First lien (3)(12)	SOFR(M)(17)*	14.50%/PIK + 0.50%	18.72%	06/2021	09/2027	1,527		1,527		—
	Subordinated (3)(12)	SOFR(Q)(17)*	1.00%/PIK	4.84%	03/2021	09/2027	5,230		—		—
									31,369		16,000		1.55	%
Coupa Holdings, LLC
Software	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.91%	02/2023	02/2030	14,171		14,063		13,981
	First lien (3)(10)(12)	SOFR(Q)	5.25%	8.90%	02/2023	02/2030	1,291		1,291		1,274
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.25%	8.90%	02/2023	02/2029	659		651		650
									16,005		15,905		1.54	%
Digicert, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.39%	07/2025	07/2030	15,384		15,286		15,269		1.48	%
Bullhorn, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.00%	8.64%	05/2024	10/2029	8,879		8,967		8,813
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.64%	10/2021	10/2029	3,398		3,395		3,373
	First lien (3)(10)(12)	SOFR(M)	5.00%	8.64%	05/2024	10/2029	1,025		1,023		1,017
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.64%	09/2019	10/2029	761		759		755
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.64%	09/2019	10/2029	341		340		338
	First lien (2)(11)(12)	SOFR(M)	5.00%	8.64%	09/2019	10/2029	272		271		270
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.64%	09/2019	10/2029	125		127		124
									14,882		14,690		1.42	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(11)(12)	SOFR(M)	5.75%	9.49%	07/2022	07/2028	$	7,645	$	7,614	$	7,645
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.75%	9.49%	07/2021	07/2028	234		233		234
	Subordinated (3)(12)	SOFR(M)	7.50%	11.24%	07/2022	07/2029	6,265		6,223		6,265
									14,070		14,144		1.37	%
CFS Management, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)*	6.25% + 2.25%/PIK	12.49%	08/2019	09/2026	12,383		12,383		10,835
	First lien (2)(11)(12)	SOFR(Q)*	6.25% + 2.25%/PIK	12.49%	08/2019	09/2026	3,690		3,698		3,228
									16,081		14,063		1.36	%
Acumatica Holdings, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.23%	07/2025	07/2032	13,759		13,759		13,713		1.33	%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(10)(12)	SOFR(M)	4.75%	8.39%	10/2021	10/2028	12,679		12,630		12,533
	First lien (2)(11)(12)	SOFR(M)	4.75%	8.39%	10/2021	10/2028	1,068		1,064		1,056
	First lien (3)(12)	SOFR(M)	4.75%	8.39%	10/2021	10/2028	64		64		63
									13,758		13,652		1.32	%
USRP Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	4.75%	8.39%	07/2021	12/2029	12,331		12,283		12,331		1.19	%
New ACI Holdings LLC
New ACI Intermediate II LLC (25)
New ACI Buyer LLC
Healthcare	First lien (2)	SOFR(Q)*	3.13% + 3.13%/PIK	9.99%	06/2026	06/2031	3,572		3,572		3,572
	First lien (2)(11)	SOFR(Q)	5.50%	9.24%	06/2026	06/2031	1,841		1,841		1,841
	First lien (3)(10)	SOFR(Q)*	3.13% + 3.13%/PIK	9.99%	06/2026	06/2031	1,686		1,686		1,686
	Subordinated (2)	FIXED(Q)*	10.00%/PIK	10.00%	06/2026	06/2032	3,175		3,175		3,175
	Subordinated (3)(10)	FIXED(Q)*	10.00%/PIK	10.00%	06/2026	06/2032	1,499		1,499		1,499
									11,773		11,773		1.14	%
Jawbreaker Topco, L.P. (24)
Jawbreaker Parent, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	01/2026	01/2033	7,796		7,759		7,757
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.48%	01/2026	01/2033	3,728		3,728		3,709
									11,487		11,466		1.11	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Houghton Mifflin Harcourt Company
Education	First lien (2)(11)	SOFR(Q)	5.25%	9.01%	10/2023	04/2029	$	14,262	$	14,003	$	11,331	1.09	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.01%	06/2021	06/2029	8,303		8,272		8,303
	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.01%	06/2021	06/2029	2,784		2,772		2,784
									11,044		11,087		1.07	%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)*	2.25% + 2.75%/PIK	8.66%	01/2025	02/2032	8,261		8,244		8,261
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.50%	8.16%	01/2025	02/2032	2,794		2,787		2,794
									11,031		11,055		1.07	%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (5)(12)	SOFR(M)	5.25%	8.89%	02/2024	02/2031	10,360		10,322		10,360		1.00	%
Planview Parent, Inc.
Software	First lien (3)(10)	SOFR(Q)	3.50%	7.23%	02/2026	12/2027	3,755		3,108		3,247
	Second lien (3)(10)(12)	SOFR(Q)	5.75%	9.48%	06/2024	12/2028	9,231		9,215		6,811
									12,323		10,058		0.97	%
AWP Group Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(Q)*	2.63% + 3.28%/PIK	9.56%	04/2026	12/2032	8,660		8,629		8,628
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.25%	8.90%	04/2026	12/2032	359		358		358
									8,987		8,986		0.87	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(10)	SOFR(Q)	6.50%	10.16%	10/2024	11/2029	8,170		8,094		8,170		0.79	%
HP TLE Buyer, Inc.
Education	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.48%	06/2025	07/2032	8,168		8,131		8,168		0.79	%
Foreside Financial Group, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.14%	05/2022	10/2029	7,746		7,735		7,746
	First lien (3)(10)(12)	SOFR(Q)	5.25%	9.14%	05/2022	10/2029	273		271		273
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.25%	9.14%	05/2022	10/2029	92		92		92
									8,098		8,111		0.78	%
iCIMS, Inc.
Software	First lien (3)(10)(12)	SOFR(Q)	6.25%	9.92%	10/2022	08/2028	7,366		7,338		6,986
	First lien (3)(12)(15) - Drawn	SOFR(S)	5.75%	9.41%	08/2022	08/2028	1,024		1,020		959
									8,358		7,945		0.77	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

KPSKY Acquisition Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.26%	10/2021	10/2028	$	6,721	$	6,695	$	6,157
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.25%	06/2022	10/2028	1,131		1,126		1,036
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.27%	10/2021	10/2028	770		767		706
	First lien (3)(12)	SOFR(Q)	5.75%	9.51%	11/2023	10/2028	19		18		17
									8,606		7,916		0.76	%
Compsych Investments Corp.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.41%	07/2024	07/2031	7,750		7,705		7,750		0.75	%
NC Topco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.17%	08/2024	09/2031	5,833		5,810		5,775
	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.17%	08/2024	09/2031	1,672		1,665		1,656
									7,475		7,431		0.72	%
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First lien (3)(12)	SOFR(Q)*	7.25%/PIK	11.13%	12/2025	12/2030	4,976		4,976		4,976
	Subordinated (3)(12)	SOFR(Q)*	9.00%/PIK	12.88%	12/2025	12/2031	2,410		2,410		2,410
									7,386		7,386		0.71	%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)	SOFR(Q)	4.50%	8.15%	09/2024	09/2031	7,113		7,083		7,007		0.68	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(12)	SOFR(Q)*	2.75% + 2.75%/PIK	9.16%	08/2024	08/2031	6,281		6,234		6,220
	First lien (5)(12)	SOFR(Q)	5.00%	8.66%	08/2024	08/2031	355		351		348
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.64%	08/2024	08/2030	197		195		193
									6,780		6,761		0.65	%
OEConnection LLC
Business Services	First lien (2)(11)(12)	SOFR(M)	4.50%	8.14%	04/2024	12/2032	6,609		6,584		6,519		0.63	%
Fullsteam Operations LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.90%	08/2025	08/2031	6,223		6,196		6,192
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.25%	8.88%	08/2025	08/2031	225		224		224
									6,420		6,416		0.62	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

RailPros Parent, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.25%	7.89%	05/2025	05/2032	$	5,799	$	5,773	$	5,799
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.25%	7.89%	05/2025	05/2032	538		535		538
									6,308		6,337		0.61	%
Next Holdco, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.89%	11/2023	11/2030	6,232		6,203		6,232		0.60	%
Greenway Health, LLC
Healthcare	First lien (3)(10)(12)	SOFR(S)	6.75%	10.60%	12/2023	04/2029	6,206		6,152		6,085		0.59	%
Vehlo Purchaser, LLC
Software	First lien (3)(12)	SOFR(M)	5.25%	8.89%	06/2025	05/2028	6,042		6,001		6,020		0.58	%
WEG Sub Intermediate Holdings, LLC
Financial Services & Technology	Subordinated (3)(12)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,977		4,936		4,977		0.48	%
Icefall Parent, Inc.
Financial Services & Technology	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.23%	01/2024	01/2030	4,828		4,661		4,828		0.47	%
DOCS, MSO, LLC
Healthcare	First lien (4)(12)	SOFR(Q)	5.00%	8.84%	06/2022	06/2028	3,223		3,223		3,223
	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.84%	06/2022	06/2028	1,591		1,596		1,591
									4,819		4,814		0.47	%
Diligent Corporation
Software	First lien (3)(10)(12)	SOFR(Q)*	8.42%/PIK	12.09%	04/2024	08/2030	3,398		3,389		3,310
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.00%	8.65%	04/2024	08/2030	895		891		872
									4,280		4,182		0.40	%
Meta Buyer LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.25%	8.93%	12/2025	12/2031	2,972		2,958		2,957
	First lien (3)(12)	SOFR(Q)	5.25%	8.93%	12/2025	12/2031	408		405		406
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.93%	12/2025	12/2031	176		175		175
	First lien (3)(12)(15) - Drawn	SOFR(Q)	5.25%	8.97%	12/2025	12/2031	124		123		123
									3,661		3,661		0.35	%
Capstone Borrower, Inc.
Business Services	First lien (3)(10)	FIXED(S)	8.00%	8.00%	03/2026	06/2030	3,763		3,260		3,580		0.35	%
Logrhythm, Inc.
Software	First lien (3)(12)	SOFR(Q)*	6.38%/PIK + 1.12%	11.16%	07/2024	07/2029	4,231		4,189		3,575		0.35	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(10)(12)	SOFR(M)	4.75%	8.49%	05/2021	05/2028	3,046		3,041		3,046		0.29	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(10)(12)	SOFR(M)	5.50%	9.14%	07/2025	07/2033	$	3,024	$	3,010	$	3,024	0.29	%
PPVA Black Elk (Equity) LLC
Business Services	Claim(3)(12)	—	—	—	05/2013	—	14,500		14,500		2,755		0.27	%
Convey Health Solutions, Inc.
Healthcare	First lien (2)(12)	SOFR(Q)(17)*	1.31% +3.94%/PIK	9.08%	09/2019	07/2029	13,060		13,019		1,635
	First lien (2)(12)	SOFR(Q)(17)*	1.31% + 3.94%/PIK	9.08%	02/2022	07/2029	2,181		2,168		273
									15,187		1,908		0.18	%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	4.75%	8.48%	06/2025	08/2031	1,884		1,867		1,884		0.18	%
Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(10)(12)	SOFR(Q)	5.00%	8.74%	07/2025	11/2031	1,285		1,274		1,285
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	5.00%	8.68%	07/2025	11/2031	568		564		568
									1,838		1,853		0.18	%
RealPage, Inc.
Software	First lien (2)(11)	SOFR(Q)	3.75%	7.48%	03/2026	04/2028	1,958		1,834		1,846		0.18	%
DCA Buyer LLC(21)
DCA TopCo LP
Healthcare	First lien (2)(11)(12)	SOFR(Q)*	4.25% + 2.25%/PIK	10.16%	06/2026	04/2031	957		957		957
	First lien (3)(10)(12)	SOFR(Q)*	4.25% + 2.25%/PIK	10.16%	06/2026	04/2031	536		536		536
									1,493		1,493		0.14	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(10)(12)	SOFR(M)	5.25%	8.89%	05/2024	10/2029	1,462		1,457		1,462		0.14	%
DT1 Midco Corp.
Business Services	First lien (2)(11)(12)	SOFR(M)	5.25%	8.90%	06/2025	12/2031	1,335		1,329		1,335
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.25%	8.90%	06/2025	12/2031	32		32		32
									1,361		1,367		0.13	%
Flash Charm Inc. (fka Idera, Inc.)
Software	Second lien (4)	SOFR(Q)	6.75%	10.56%	06/2019	03/2029	1,884		1,873		1,154
	Second lien (3)(10)	SOFR(Q)	6.75%	10.56%	04/2021	03/2029	251		251		154
									2,124		1,308		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)

June 30, 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

Centegix Intermediate II, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)*	2.75% + 3.25%/PIK	9.64%	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	Claim(18)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	1,489,511	$	1,408,023	136.06	%
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	$	20,099	$	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	9.19%	06/2025	07/2031	899		899		899
									37,409		37,327		3.61	%
Total Funded Debt Investments - Jersey									$	37,409	$	37,327	3.61	%
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First lien (2)(11)(12)	SOFR(Q)	7.00%	10.76%	02/2024	02/2030	$	9,392	$	9,313	$	9,392
	First lien (3)(10)(12)	SOFR(M)	7.00%	10.73%	02/2024	02/2030	5,312		5,259		5,312
									14,572		14,704		1.42	%
Total Funded Debt Investments - United Kingdom									$	14,572	$	14,704	1.42	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.16%	06/2025	12/2029	$	4,441	$	4,432	$	4,352
	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.16%	12/2022	12/2029	3,393		3,364		3,325
	First lien (3)(10)(12)	SOFR(Q)	4.50%	8.16%	12/2023	12/2029	1,322		1,313		1,295
									9,109		8,972		0.87	%
Adelaide Borrower, LLC**
Business Services	First lien (3)(10)(12)	SOFR(Q)	6.00%	9.73%	05/2024	05/2030	4,780		4,746		4,748
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.00%	9.74%	05/2024	05/2030	53		53		53
									4,799		4,801		0.46	%
Total Funded Debt Investments - Australia									$	13,908	$	13,773	1.33	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Funded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
Software	First lien (2)(11)(12)	SOFR(Q)	5.50%	9.23%	03/2026	03/2033	$	7,982	$	7,944	$	7,943	0.77	%
Total Funded Debt Investments - Switzerland									$	7,944	$	7,943	0.77	%
Total Funded Debt Investments									$	1,563,344	$	1,481,770	143.19	%
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	$	25,191	2.43	%
Symplr Software Intermediate Holdings, Inc.(33)
Healthcare	Series A Preferred Shares (4)(12)	SOFR(Q)(17)*	10.50%/PIK	14.33%	11/2018	—	7,500		19,636		13,922
	Series A Preferred Shares (3)(10)(12)	SOFR(Q)(17)*	10.50%/PIK	14.33%	11/2018	—	35		91		64
									19,727		13,986		1.35	%
New ACI Intermediate II LLC (25)
New ACI Holdings LLC
Healthcare	Class A Common Units(2)	-	—	—	06/2026	—	15,321		7,587		7,587
	Class A Common Units(3)	-	—	—	06/2026	—	7,233		3,582		3,582
	Class B Common Units(3)	-	—	—	06/2026	—	1,250		630		630
									11,799		11,799		1.14	%
HBWM Holdings, LLC(31)
Financial Services & Technology	Common Units(8)(12)	FIXED(Q)*	4.00%	4.00%	09/2021	—	47,114		4,810		10,922		1.06	%
Knockout Intermediate Holdings I Inc.(32)
Software	Preferred Shares (3)(12)	SOFR(S)*	10.75%/PIK	14.60%	06/2022	—	8,313		14,203		9,294		0.90	%
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		3,835		3,835
	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		—
									6,545		6,844		0.66	%
FS WhiteWater Holdings, LLC(26)
Consumer Services	Ordinary Shares (5)(12)	—	—	—	12/2021	—	50,000		5,000		6,088		0.59	%
Notorious Buyer, LLC(35)
Consumer Products	Common Stock (3)(12)	—	—	—	12/2025	—	375		7,339		5,686		0.55	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

IMA Financial Group, Inc.
Business Services	Class C Common Shares(3)(10)(12)	—	—	—	05/2026	—	20,474	$	4,411	$	4,411	0.43	%
Firebird Co-Invest L.P.(19)
Business Services	LP Interest (3)(12)	—	—	—	01/2025	—	3,358,474	3,358		4,209		0.41	%
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	—	131	1,620		1,632		0.16	%
Pioneer Topco I, L.P.
Software	Class A-2 Common Units(9)(12)	—	—	—	11/2021	—	199,980	2,000		1,600		0.15	%
DCA TopCo LP
Healthcare	Class A Common Units(2)(12)	—	—	—	06/2026	—	61,641	617		617
	Class A Common Units(3)(10)(12)	—	—	—	06/2026	—	34,536	345		345
								962		962		0.09	%
Ambrosia Topco LLC
Distribution & Logistics	Class A-1 Common Units(2)(12)	—	—	—	01/2024	—	126,536	1,348		349
	Class A-1 Common Units(3)(12)	—	—	—	01/2024	—	122,044	1,300		337
								2,648		686		0.07	%
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								$	114,170	$	105,786	10.23	%
Total Shares								$	114,170	$	105,786	10.23	%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligation(3)(12)	SOFR(Q)	—	—	11/2024	01/2037	3,232	$	3,232	$	3,191	0.31	%
Total Structured Finance Obligations - United States								$	3,232	$	3,191	0.31	%
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		0.04	%
Total Warrants - United States								$	244	$	365	0.04	%
Total Funded Investments								$	1,680,990	$	1,591,112	153.77	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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
GS Acquisitionco, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	08/2019	05/2028	$	3	$	—	$	—	—	%
Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	11/2026	41		—		—		—	%
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2030	938		—		—		—	%
DOCS, MSO, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		—		—	%
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		—		—		—	%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	06/2027	1,099		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	08/2031	308		(2)		—
									(2)		—		—	%
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	281		(1)		—
									(2)		—		—	%
Next Holdco, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	11/2023	11/2029	339		(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)

June 30, 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

Associations, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	$	1,806	$	(1)	$	—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	3,077		(2)		—
									(3)		—		—	%
DT1 Midco Corp.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	04/2027	4,462		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	12/2030	674		(3)		—
									(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)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(12)(15) - Undrawn	—	—	—	02/2020	02/2028	720		(4)		—		—	%
RailPros Parent, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2027	1,258		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2032	899		(4)		—
									(4)		—		—	%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2027	1,926		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2032	1,422		(4)		—
									(4)		—		—	%
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)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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 (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)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2028	1,287		(13)		—		—	%
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2021	12/2029	1,400		(14)		—		—	%
Compsych Investments Corp.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2027	2,253		(14)		—		—	%
Icefall Parent, Inc.
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	01/2024	01/2030	475		(17)		—		—	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2030	2,717		(20)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2022	10/2029	2,218		(22)		—		—	%
Infogain Corporation
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	07/2028	3,593		(27)		—		—	%
GC Waves Holdings, Inc.
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)		—		—	%
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	$	2,613	(20)		—
									(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)

June 30, 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

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)		—		—	%
Coupa Holdings, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	02/2029	330		(4)		(4)		(0.00)	%
AWP Group Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2026	12/2032	1,005		(4)		(4)		(0.00)	%
Meta Buyer LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2031	412		(1)		(2)
	First lien (3)(12)(15) - Undrawn	—	—	—	12/2025	12/2027	642		—		(3)
									(1)		(5)		(0.00)	%
Centegix Intermediate II, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	03/2026	03/2028	1,177		—		(6)		(0.00)	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2029	316		(6)		(6)		(0.00)	%
Bullhorn, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	09/2019	10/2029	811		(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)	%
Digicert, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2030	1,119		(8)		(8)		(0.00)	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2030	519		(5)		(10)		(0.00)	%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		(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)

June 30, 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

Fullsteam Operations LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2031	$	467	$	(2)	$	(2)
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(10)
									(2)		(12)		(0.00)	%
OEConnection LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	12/2028	495		—		(7)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	12/2032	618		(3)		(8)
									(3)		(15)		(0.00)	%
Jawbreaker Topco, L.P. (24)
Jawbreaker Parent, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2026	01/2029	1,503		—		(8)
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2026	01/2033	1,503		(8)		(8)
									(8)		(16)		(0.00)	%
Low Voltage Holdings Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	819		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	2,028		(8)		(8)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	10/2027	2,738		—		(10)
									(11)		(21)		(0.00)	%
MRI Software LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2020	02/2028	1,502		(8)		(26)		(0.00)	%
Bonterra LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2032	1,303		(3)		(30)		(0.00)	%
Acumatica Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2032	9,403		—		(31)		(0.00)	%
Diligent Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	08/2030	1,371		(5)		(35)		(0.00)	%
Model N, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		(41)		(0.00)	%
TigerConnect, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	08/2029	4,267		(43)		(42)		(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

Xactly Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2017	07/2027	$	992	$	(10)	$	(56)	(0.01)	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	06/2030	3,707		(26)		(60)		(0.01)	%
Logrhythm, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		(65)		(0.01)	%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)(15) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		(18)
	First lien (3)(12)(15) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		(62)
									(21)		(80)		(0.01)	%
Viper Bidco. Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2026	1,838		—		(36)
	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		(65)
									(17)		(101)		(0.01)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(109)		(0.01)	%
Einstein Parent, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	01/2031	5,750		(57)		(138)		(0.01)	%
iCIMS, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2028	2,506		(22)		(159)		(0.02)	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	10/2023	11/2029	2,596		(26)		(362)		(0.03)	%
Total Unfunded Debt Investments - United States									$	(742)	$	(1,466)	(0.12)	%
Unfunded Debt Investments - Australia
Adelaide Borrower, LLC**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2030	$	613	$	(6)	$	(4)
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	11/2027	1,048		—		(7)
									(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)

June 30, 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

Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2022	12/2028	$	790	$	(6)	$	(16)	(0.00)	%
Total Unfunded Debt Investments - Australia									$	(12)	$	(27)	(0.00%)
Unfunded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2026	03/2033	$	1,985	$	(10)	$	(10)	(0.00)	%
Total Unfunded Debt Investments - Switzerland									$	(10)	$	(10)	(0.00%)
Unfunded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2024	02/2030	$	2,989	$	(37)	$	—	—	%
Total Unfunded Debt Investments - United Kingdom									$	(37)	$	—	—	%
Total Unfunded Debt Investments									$	(801)	$	(1,503)	(0.12)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,680,189	$	1,589,609	153.65	%
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	17.85%	12/2020	01/2028	$	29,089	$	29,048	$	29,089	2.81	%
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%	11.38%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(12)	SOFR(Q)	7.50%	11.38%	03/2023	04/2028	340		340		340
									10,968		10,968		1.06	%
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									$	40,016	$	40,057	3.87	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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		$	9,385	$	9,385
	Class B-1 Common Shares (3)(12)	—	—	—	12/2020	—	24,450		43,212		5,000
	Class B-2 Common Shares (3)(12)	—	—	—	12/2020	—	24,450		24,839		—
									77,436		14,385		1.39	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary Shares (3)(12)	—	—	—	03/2023	—	72,536		4,104		13,510		1.31	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary Shares (2)(12)	—	—	—	07/2017	—	25,000,000		11,502		1,800
	Ordinary Shares (3)(12)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,784		2,001		0.19	%
Total Shares - United States									$	94,324	$	29,896	2.89	%
Total Non-Controlled/Affiliated Investments									$	134,340	$	69,953	6.76	%
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%	9.99%	10/2020	12/2027	$	31,479	$	31,479	$	31,479
	First lien (3)(10)(12)	SOFR(Q)	9.00%	12.99%	10/2020	12/2027	23,336		23,336		23,336
									54,815		54,815		5.30	%
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	25,643		25,643		25,643
	Subordinated (3)(12)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2028	28,541		28,402		28,541
									54,045		54,184		5.24	%
Total Funded Debt Investments - United States									$	108,860	$	108,999	10.54	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership Interest (3)(12)	—	—	—	05/2018	—	—		$	160,000	$	157,872	15.26	%
NM NL Holdings, L.P.**
Net Lease	Membership Interest (6)(12)	—	—	—	06/2018	—	—		76,444		112,303		10.85	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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

NMFC Senior Loan Program IV LLC**
Investment Fund	Membership Interest (3)(12)	—	—	—	05/2021	—	—		$	112,400	$	105,532	10.20	%
UniTek Global Services, Inc.
Business Services	Preferred Shares (3)(12)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	71,095,414		67,771		71,095
	Preferred Shares (3)(12)	—	—	—	06/2017	—	80,994,293		29,318		18,434
	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		—		—
									133,939		89,529		8.65	%
New Benevis Topco, LLC (22)
Healthcare	Common Stock (2)(12)	—	—	—	10/2020	—	325,516		27,154		24,446
	Common Stock (3)(12)	—	—	—	10/2020	—	152,548		12,768		11,457
									39,922		35,903		3.47	%
New Permian Holdco, Inc.
Energy	Ordinary Shares (3)(12)	—	—	—	10/2020	—	100		11,155		11,000		1.06	%
NM YI, LLC
Net Lease	Membership Interest (6)(12)	—	—	—	09/2019	—	—		6,272		8,687		0.84	%
NM GP Holdco, LLC**
Net Lease	Membership Interest (6)(12)	—	—	—	06/2018	—	—		907		418		0.04	%
Total Shares - United States									$	541,039	$	521,244	50.37	%
Total Shares									$	541,039	$	521,244	50.37	%
Total Funded Investments									$	649,899	$	630,243	60.91	%
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	$	415,000	$	—	$	—	—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	649,899	$	630,243	60.91	%
Total Investments									$	2,464,428	$	2,289,805	221.32	%

(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.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)

(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 June 30, 2026, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,718 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan and undrawn revolver is $18,589, $7,322 and $1,366, 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 June 30, 2026.

(17)Investment is on non-accrual status as of June 30, 2026. See Note 3. Investments, for details.

(18)The Company holds one claim related to 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 June 30, 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 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.

(20)The Company holds preferred shares and Class B-1 and Class B-2 of common equity in TVG-Edmentum Holdings, LLC and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of June 30, 2026, the Company's stated value of the Company's Class B-1 and Class B-2 common equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.

(21)The Company holds Class A common units in DCA TopCo LP and two first lien term loans in DCA Buyer, LLC, a wholly-owned subsidiary of DCA TopCo LP.

(22)The Company holds common shares in New Benevis Topco, LLC, and a first lien last out term loan 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 two first lien term loans, a first lien delayed draw term loan and a first lien revolver in Jawbreaker Parent, Inc, a wholly-owned subsidiary of Jawbreaker Topco, L.P.

(25)The Company holds Class A common units and Class B common units in New ACI Holdings, LLC, one subordinated loan in New ACI Intermediate II, LLC and two first lien term loans in New ACI Buyer, LLC, a wholly-owned subsidiary of New ACI Holdings, LLC.

(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 June 30, 2026, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $1,632.

(28)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and two first lien term loans 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, two subordinated loans and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2026

(in thousands, except shares)

(unaudited)

(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 June 30, 2026, the Company's stated value of its Series A and Series B preferred equity investment, plus unpaid compounded dividends, was $3,835 and $3,691, 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 June 30, 2026, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,810.

(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 June 30, 2026, the Company's stated value of its share, plus unpaid compounded dividends, was $14,279.

(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 June 30, 2026, the Company's stated value of its 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 June 30, 2026, the Company's stated value of its 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.

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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 June 30, 2026 and December 31, 2025, along with transactions during the six months ended June 30, 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 June 30, 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	$	—	$	—	$	6,141	$	24,478	$	—	$	625	$	735	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	40,365		3,119		—		(9)		43,475		—		2,454		666		125
Total Non-Controlled/Affiliated Investments	$	60,702	$	3,119	$	—	$	6,132	$	69,953	$	—	$	3,079	$	1,401	$	125

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 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 June 30, 2026 and December 31, 2025, along with transactions during the six months ended June 30, 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 June 30, 2026		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	$	—	$	—	$	(12,872)	$	12,872	$	—	$	(12,872)	$	—	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	154,464		7,255		(76,831)		5,199		90,087		(5,717)		5,147		—		—
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,833		2,982		—		(1,000)		65,815		—		2,983		—		250
NM NL Holdings, L.P.	106,096		5,926		(3,729)		4,010		112,303		(2)		—		4,400		99
NM GP Holdco, LLC	390		75		(19)		(28)		418		—		—		22		—
NM YI LLC	8,641		—		—		46		8,687		—		—		466		—
NMFC Senior Loan Program III LLC	160,000		—		—		(2,128)		157,872		—		—		10,560		—
NMFC Senior Loan Program IV LLC	112,400		—		—		(6,868)		105,532		—		—		7,166		—
UniTek Global Services, Inc.	73,181		6,609		—		9,739		89,529		—		—		6,610		500
Total Controlled Investments	$	679,005	$	22,847	$	(93,451)	$	21,842	$	630,243	$	(18,591)	$	8,130	$	29,224	$	849

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

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

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2026, 19.7% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

Derivative Instruments

Interest Rate Swaps


		Company Receives			Company Pays
Counter Party	Fair Value at Hedge Item	Reference	Spread		Reference	Spread		Maturity Date	Fair Market Value		Upfront Payments/Receipts		Change in Unrealized Appreciation (Depreciation)(A)
Morgan Stanley Bank N.A.	February 2029 Notes	FIXED	6.88	%	SOFR(M)	2.82	%	02/2029	$	34	$	—	$	(5,613)
Morgan Stanley Bank N.A.	October 2027 Notes	FIXED	6.20	%	SOFR(M)	2.88	%	10/2027	(2,968)		—		(2,601)
Total Interest Rate Swaps									$	(2,934)	$	—	$	(8,214)

(A)For interest rate swaps designated in qualifying hedge relationships, the changes in fair value are recorded in interest expense within the Company's Consolidated Statement of Operations.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2026

(unaudited)


	June 30, 2026
Investment Type	Percent of Total Investments at Fair Value
First lien	63.49	%
Second lien	3.24	%
Subordinated	4.30	%
Structured Finance Obligations	0.14	%
Equity and other	28.83	%
Total investments	100.00	%


	June 30, 2026
Industry Type	Percent of Total Investments at Fair Value
Business Services	20.69	%
Software	16.52	%
Healthcare	16.11	%
Investment Funds (includes investments in joint ventures)	11.64	%
Consumer Services	6.11	%
Financial Services & Technology	5.78	%
Net Lease	5.30	%
Education	5.17	%
Distribution & Logistics	4.33	%
Packaging	3.89	%
Energy	2.96	%
Food & Beverage	0.93	%
Consumer Products	0.57	%
Total investments	100.00	%


	June 30, 2026
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	87.78	%
Fixed rates	12.22	%
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%	03/2025	03/2032	1,629		1,629		1,625
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.44%	03/2025	03/2032	244		244		244
									16,828		16,821		1.42	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(12)	SOFR(Q)	4.75%	8.42%	11/2023	12/2030	15,597		15,511		15,597
	First lien (3)(12)(15) - Drawn	P(Q)	3.75%	10.50%	11/2023	12/2030	429		425		429
									15,936		16,026		1.35	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(12)	SOFR(M)	4.50%	8.22%	02/2020	02/2028	14,473		14,461		14,473
	First lien (5)(12)	SOFR(M)	4.50%	8.22%	02/2024	02/2028	1,241		1,236		1,241
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.50%	8.22%	02/2020	02/2028	270		269		270
									15,966		15,984		1.35	%
Digicert, Inc.
Software	First lien (2)(11)(12)	SOFR(M)	5.75%	9.47%	07/2025	07/2030	15,462		15,354		15,346		1.29	%
Coupa Holdings, LLC
Software	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.09%	02/2023	02/2030	14,243		14,123		14,243		1.20	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(10)(12)	SOFR(M)	4.75%	8.47%	10/2021	10/2028	$	12,746	$	12,686	$	12,746
	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	10/2021	10/2028	1,074		1,069		1,074
	First lien (3)(12)	SOFR(M)	4.75%	8.47%	10/2021	10/2028	64		64		64
									13,819		13,884		1.17	%
CFS Management, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)*	3.41% + 5.09%/PIK	12.43%	08/2019	09/2026	12,124		12,124		10,608
	First lien (2)(11)(12)	SOFR(Q)*	3.41% + 5.09%/PIK	12.43%	08/2019	09/2026	3,612		3,621		3,161
									15,745		13,769		1.16	%
eResearchTechnology, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	03/2025	01/2032	11,380		11,275		11,380
	First lien (3)(10)(12)	SOFR(M)	4.75%	8.47%	03/2025	01/2032	1,889		1,877		1,889
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.75%	8.47%	03/2025	01/2032	301		290		301
									13,442		13,570		1.14	%
Houghton Mifflin Harcourt Company
Education	First lien (2)(11)	SOFR(M)	5.25%	9.07%	10/2023	04/2029	14,336		14,044		12,689		1.07	%
USRP Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	07/2021	12/2029	12,396		12,341		12,396		1.04	%
Convey Health Solutions, Inc.
Healthcare	First lien (2)(11)(12)	SOFR(Q)*	1.00% + 3.94%/PIK	8.71%	09/2019	07/2029	13,518		13,475		9,869
	First lien (2)(11)(12)	SOFR(Q)*	1.00% + 3.94%/PIK	8.71%	02/2022	07/2029	2,257		2,244		1,648
									15,719		11,517		0.97	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.44%	06/2021	06/2029	8,345		8,310		8,345
	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.50%	06/2021	06/2029	2,798		2,784		2,798
									11,094		11,143		0.94	%
Anaplan, Inc.
Software	First lien (2)(11)(12)	SOFR(Q)	4.50%	8.32%	06/2022	06/2029	10,513		10,456		10,513		0.88	%
Project Accelerate Parent, LLC
Financial Services & Technology	First lien (5)(12)	SOFR(M)	5.25%	8.97%	02/2024	02/2031	10,413		10,372		10,413		0.88	%

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
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)*	2.25% + 2.75%/PIK	8.84%	01/2025	02/2032	$	8,187	$	8,169	$	8,167
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.50%	8.34%	01/2025	02/2032	1,919		1,914		1,914
									10,083		10,081		0.85	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(11)(12)	SOFR(Q)*	6.75% + 2.00%/PIK	12.42%	07/2021	07/2027	8,582		8,553		8,582
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	12.47%	07/2021	07/2026	1,089		1,078		1,089
									9,631		9,671		0.81	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(10)(12)	SOFR(M)	5.50%	9.22%	07/2025	07/2033	9,512		9,466		9,464		0.80	%
Ultimus Group Midco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	07/2025	07/2032	9,116		9,073		9,070		0.76	%
Denali Intermediate Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	5.50%	9.23%	08/2025	08/2032	9,091		9,047		9,045		0.76	%
Planview Parent, Inc.
Software	Second lien (3)(10)(12)	SOFR(Q)	5.75%	9.42%	06/2024	12/2028	9,231		9,212		8,827		0.74	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.34%	10/2024	11/2029	8,382		8,297		8,382		0.71	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.44%	10/2021	10/2028	6,756		6,724		6,331
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.46%	06/2022	10/2028	1,137		1,130		1,066
	First lien (3)(10)(12)	SOFR(Q)	5.50%	9.53%	10/2021	10/2028	774		770		726
	First lien (3)(12)	SOFR(Q)	5.75%	9.67%	11/2023	10/2028	19		18		18
									8,642		8,141		0.69	%
HP TLE Buyer, Inc.
Education	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.42%	06/2025	07/2032	8,168		8,129		8,127		0.68	%
Compsych Investments Corp.
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.61%	07/2024	07/2031	7,790		7,741		7,790		0.66	%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)	SOFR(M)	4.50%	8.25%	09/2024	09/2031	7,113		7,082		7,113		0.60	%
RLG Holdings, LLC
Packaging	First lien (2)(11)	SOFR(M)	4.25%	8.08%	09/2025	07/2028	7,184		5,816		4,419
	First lien (2)(11)	SOFR(M)	5.00%	8.72%	06/2024	07/2028	4,163		4,109		2,613
									9,925		7,032		0.59	%

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
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	$	4,692	$	4,692	$	4,692
	Subordinated (3)(12)	SOFR(Q)*	9.00%/PIK	12.85%	12/2025	12/2031	2,252		2,252		2,252
									6,944		6,944		0.58	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(12)	SOFR(M)*	2.75% + 2.75%/PIK	9.23%	08/2024	08/2031	6,250		6,198		6,250
	First lien (5)(12)(15) - Drawn	SOFR(M)	5.00%	8.73%	08/2024	08/2031	296		293		296
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.73%	08/2024	08/2030	233		230		233
									6,721		6,779		0.57	%
OEConnection LLC
Business Services	First lien (2)(11)	SOFR(M)	4.50%	8.23%	04/2024	12/2032	6,609		6,582		6,620		0.56	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(12)	—	—	—	05/2013	—	14,500		14,500		6,525		0.55	%
Flash Charm Inc. (fka Idera, Inc.)
Software	Second lien (4)	SOFR(Q)	6.75%	10.75%	06/2019	03/2029	6,474		6,463		5,697
	Second lien (3)(10)	SOFR(Q)	6.75%	10.75%	04/2021	03/2029	863		862		760
									7,325		6,457		0.54	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(11)(12)	SOFR(M)	4.75%	8.47%	08/2024	08/2031	6,451		6,423		6,451		0.54	%
Next Holdco, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.09%	11/2023	11/2030	6,264		6,232		6,264		0.53	%
Greenway Health, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)	6.75%	10.42%	12/2023	04/2029	6,238		6,175		6,238		0.52	%
Fullsteam Operations LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(Q)	5.25%	9.11%	08/2025	08/2031	6,223		6,193		6,192		0.52	%
Vehlo Purchaser, LLC
Software	First lien (3)	SOFR(M)	5.50%	9.22%	06/2025	05/2028	6,073		6,022		6,042		0.51	%
NC Topco, LLC
Financial Services & Technology	First lien (2)(11)(12)	SOFR(M)	4.50%	8.22%	08/2024	09/2031	5,862		5,838		5,862		0.49	%
RailPros Parent, LLC
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.25%	8.13%	05/2025	05/2032	5,828		5,801		5,799		0.49	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.42%	10/2023	10/2030	5,018		4,980		5,018		0.42	%

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
WEG Sub Intermediate Holdings, LLC
Financial Services & Technology	Subordinated (3)(12)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	$	4,665	$	4,623	$	4,665	0.39	%
Logrhythm, Inc.
Software	First lien (3)(12)	SOFR(Q)	7.50%	11.34%	07/2024	07/2029	4,196		4,148		3,994		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		3,051		3,062		0.26	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First lien (3)(10)(12)	SOFR(M)	4.75%	8.57%	05/2021	05/2027	3,046		3,038		3,046		0.26	%
Meta Buyer LLC
Healthcare	First lien (2)(11)	SOFR(S)	5.25%	8.94%	12/2025	12/2031	2,987		2,972		2,972		0.25	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(11)(12)	SOFR(Q)(17)	8.41%	12.08%	03/2021	04/2028	1,786		1,781		1,574
	First lien (3)(10)(12)	SOFR(Q)(17)	8.50%	12.17%	12/2022	04/2028	1,000		994		882
									2,775		2,456		0.21	%
Mai Capital Management Intermediate LLC
Financial Services & Technology	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	4.75%	8.42%	06/2025	08/2031	1,979		1,959		1,979
	First lien (3)(12)(15) - Drawn	SOFR(Q)	4.75%	8.43%	06/2025	08/2031	57		57		57
									2,016		2,036		0.17	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(10)(12)	SOFR(M)	5.00%	8.72%	05/2024	10/2029	1,470		1,463		1,470		0.12	%
DT1 Midco Corp
Business Services	First lien (2)(11)(12)	SOFR(M)	5.00%	8.72%	06/2025	12/2031	1,342		1,335		1,335
	First lien (3)(12)(15) - Drawn	SOFR(M)	5.00%	8.72%	06/2025	12/2031	32		32		32
									1,367		1,367		0.12	%
Community Management Holdings MidCo 2, LLC
Business Services	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.44%	07/2025	11/2031	1,291		1,279		1,291
	First lien (3)(10)(12)(15) - Drawn	SOFR(M)	4.75%	8.48%	07/2025	11/2031	9		9		9
									1,288		1,300		0.11	%
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	%

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
PPVA Fund, L.P.
Business Services	Collateralized Financing (17)(18)	—	—	—	11/2014	—	$	—	$	—	$	—	—	%
Total Funded Debt Investments - United States									$	1,802,143	$	1,752,265	147.45	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(10)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.40%	07/2024	07/2031	$	19,815	$	19,903	$	19,815
	First lien (2)(11)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.40%	06/2025	07/2031	16,245		16,245		16,245
	First lien (2)(11)(12)	SOFR(S)*	3.50% + 2.00%/PIK	9.26%	06/2025	07/2031	890		890		890
									37,038		36,950		3.11	%
Total Funded Debt Investments - Jersey									$	37,038	$	36,950	3.11	%
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business Services	First lien (2)(11)(12)	SOFR(Q)	6.50%	10.45%	02/2024	02/2030	$	9,440	$	9,351	$	9,440
	First lien (3)(10)(12)	SOFR(Q)	6.50%	10.44%	02/2024	02/2030	5,339		5,280		5,339
									14,631		14,779		1.24	%
Total Funded Debt Investments - United Kingdom									$	14,631	$	14,779	1.24	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(11)(12)	SOFR(Q)	4.75%	8.61%	06/2025	12/2029	$	4,463	$	4,453	$	4,463
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.61%	12/2022	12/2029	3,411		3,377		3,411
	First lien (3)(10)(12)	SOFR(Q)	4.75%	8.61%	12/2023	12/2029	1,328		1,319		1,328
									9,149		9,202		0.77	%
Adelaide Borrower, LLC**
Business Services	First lien (3)(10)(12)	SOFR(Q)*	3.38% + 3.38%/PIK	10.42%	05/2024	05/2030	4,780		4,743		4,780
	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.25%	9.98%	05/2024	05/2030	120		119		120
									4,862		4,900		0.41	%
Total Funded Debt Investments - Australia									$	14,011	$	14,102	1.18	%
Total Funded Debt Investments									$	1,867,823	$	1,818,096	152.98	%
Equity - United States
Dealer Tire Holdings, LLC(34)
Distribution & Logistics	Preferred shares (3)(10)(12)	FIXED(A)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	81,859	$	87,225	7.34	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
Symplr Software Intermediate Holdings, Inc. (33)
Healthcare	Series A preferred shares (4)(12)	SOFR(Q)*	10.50%/PIK	14.31%	11/2018	—	7,500	$	18,953	$	18,204
	Series A preferred shares (3)(10)(12)	SOFR(Q)*	10.50%/PIK	14.31%	11/2018	—	2,586	6,534		6,276
								25,487		24,480		2.06	%
Diamond Parent Holdings Corp. (24)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(12)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000	15,702		15,036		1.27	%
Knockout Intermediate Holdings I Inc.(32)
Software	Preferred shares (3)(12)	SOFR(S)*	10.75%/PIK	14.35%	06/2022	—	8,313	13,248		13,324		1.12	%
HBWM Holdings, LLC(31)
Financial Services & Technology	Common units(8)(12)	FIXED(Q)*	4.00%	4.00%	09/2021	—	47,114	4,776		10,854		0.91	%
Notorious Buyer, LLC(35)
Consumer Products	Common stock (3)(12)	—	—	—	12/2025	—	375	7,339		7,339		0.62	%
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		0.53	%
FS WhiteWater Holdings, LLC(26)
Consumer Services	Ordinary shares (5)(12)	—	—	—	12/2021	—	50,000	5,000		5,357		0.45	%
Firebird Co-Invest L.P.(19)
Business Services	LP Interest (3)(12)	—	—	—	01/2025	—	3,358,474	3,358		3,358		0.28	%
Eclipse Topco, Inc.(27)
Financial Services & Technology	Preferred shares (4)(12)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190	2,207		2,228		0.19	%
Pioneer Topco I, L.P.
Software	Class A-2 common units(9)(12)	—	—	—	11/2021	—	199,980	2,000		2,200		0.19	%
ACI Parent Inc.(25)
Healthcare	Preferred shares (3)(12)	FIXED(Q)(17)*	11.75%/PIK	11.75%	08/2021	—	12,500	20,124		2,087		0.18	%
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		0.10	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
GEDC Equity, LLC
Healthcare	Participation Interest(3)(12)	—	—	—	06/2023	—	190,000		$	190	$	50	—	%
AAC Lender Holdings, LLC(23)
Education	Ordinary shares (3)(12)	—	—	—	03/2021	—	758		—		—		—	%
Total Shares - United States									$	189,983	$	181,041	15.24	%
Total Shares									$	189,983	$	181,041	15.24	%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligation(3)(12)	SOFR(Q)	7.00%	10.86%	11/2024	01/2037	3,232		$	3,232	$	3,277	0.28	%
Total Structured Finance Obligations - United States									$	3,232	$	3,277	0.28	%
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									$	2,061,282	$	2,002,779	168.53	%
Unfunded Debt Investments - United States
OEConnection LLC
Business Services	First lien (3)(15) - Undrawn	—	—	—	04/2024	12/2026	$	495	$	—	$	1
	First lien (3)(15) - Undrawn	—	—	—	04/2024	12/2032	618		(3)		—
									(3)		1		0.00	%
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		—		—		—	%
DOCS, MSO, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		—		—	%
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		—		—		—	%

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)(12)(15) - Undrawn	—	—	—	10/2024	10/2026	$	2,695	$	—	$	—	—	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%
Riskonnect Parent, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%
Acumatica Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2032	9,403		—		—		—	%
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	1,709		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	08/2031	251		(1)		—
									(1)		—		—	%
PDI TA Holdings, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2024	02/2031	488		(2)		—		—	%
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)

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
NC Topco, LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2026	$	1,672	$	—	$	—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		—
									(3)		—		—	%
Associations, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	07/2028	2,186		(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	05/2027	417		(4)		—		—	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(12)(15) - Undrawn	—	—	—	08/2024	08/2026	61		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2024	08/2030	483		(5)		—
									(5)		—		—	%
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)

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
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(12)(15) - Undrawn	—	—	—	02/2020	02/2028	$	1,529	$	(8)	$	—	—	%
MRI Software LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2020	02/2028	1,602		(8)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2029	426		(9)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%
Daxko Acquisition Corporation
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		—		—	%
eResearchTechnology, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	01/2027	1,847		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	10/2031	1,074		(11)		—
									(11)		—		—	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		—		—	%
Coupa Holdings, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	06/2027	1,291		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(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)		—		—	%

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
Viper Bidco. Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2026	$	1,838	$	—	$	—
	First lien (3)(12)(15) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		—
									(17)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2026	759		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2019	05/2028	3,036		(19)		—
									(19)		—		—	%
Diamond Parent Holdings Corp. (24)
Diligent Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	08/2030	1,733		(6)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		—
									(19)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(12)(15) - Undrawn	—	—	—	10/2021	10/2027	2,026		(20)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2026	2,849		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2022	09/2027	2,311		(21)		—
									(21)		—		—	%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & Technology	First lien (4)(12)(15) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		—
									(21)		—		—	%
Model N, Inc.
Software	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)		—		—	%

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
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	€	1,092	(8)		—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2024	03/2031	$	2,221	(17)		—
									(25)		—		—	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	06/2027	2,122		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	06/2030	3,707		(26)		—
									(26)		—		—	%
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)		—		—	%
Power Grid Holdings, Inc.
Business Products	First lien (3)(12)(15) - Undrawn	—	—	—	11/2023	12/2030	3,861		(39)		—		—	%
TigerConnect, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	08/2029	4,267		(43)		—		—	%
CentralSquare Technologies, LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	04/2024	04/2030	3,980		(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)

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
Meta Buyer LLC
Healthcare	First lien (3)(15) - Undrawn	—	—	—	12/2025	12/2031	$	819	$	—	$	—
	First lien (3)(15) - Undrawn	—	—	—	12/2025	12/2031	409		—		—
	First lien (3)(15) - Undrawn	—	—	—	12/2025	12/2031	536		(2)		(2)
									(2)		(2)		(0.00)	%
Bonterra LLC
Software	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2027	—		—		—
	First lien (3)(12)(15) - Undrawn	—	—	—	03/2025	03/2032	1,384		(3)		(3)
									(3)		(3)		(0.00)	%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(12)(15) - Undrawn	—	—	—	08/2021	08/2027	24		—		(5)		(0.00)	%
Denali Intermediate Holdings, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2032	909		(5)		(5)		(0.00)	%
Digicert, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2025	07/2030	1,119		(8)		(8)		(0.00)	%
HP TLE Buyer, Inc.
Education	First lien (3)(12)(15) - Undrawn	—	—	—	06/2025	07/2032	1,797		(9)		(9)		(0.00)	%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2032	1,422		(4)		(4)
	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	02/2027	2,814		—		(7)
									(4)		(11)		(0.00)	%
Xactly Corporation
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		(12)		(0.00)	%
Fullsteam Operations LLC
Financial Services & Technology	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2031	691		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(10)
									(3)		(13)		(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)

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
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	1,798		—		(9)
									(4)		(13)		(0.00)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(12)(15) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		(15)		(0.00)	%
Logrhythm, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		(20)		(0.00)	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(12)(15) - Undrawn	—	—	—	05/2025	05/2030	2,717		(20)		(20)		(0.00)	%
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)	%
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)	%
Low Voltage Holdings Inc.
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	819		(3)		(3)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	04/2032	2,317		(9)		(9)
	First lien (3)(12)(15) - Undrawn	—	—	—	04/2025	10/2027	3,698		—		(14)
									(12)		(26)		(0.00)	%
Einstein Parent, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	01/2025	01/2031	5,750		(57)		(57)		(0.00)	%
iCIMS, Inc.
Software	First lien (3)(12)(15) - Undrawn	—	—	—	08/2022	08/2028	2,365		(21)		(64)		(0.01)	%

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 (3)(12)(15) - Undrawn	—	—	—	10/2023	11/2029	$	3,337	$	(33)	$	(145)	(0.01)	%
Total Unfunded Debt Investments - United States									$	(843)	$	(473)	(0.02)	%
Unfunded Debt Investments - Australia
Adelaide Borrower, LLC**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2026	$	1,048	$	—	$	—
	First lien (3)(12)(15) - Undrawn	—	—	—	05/2024	05/2030	547		(5)		—
									(5)		—		—	%
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(12)(15) - Undrawn	—	—	—	12/2022	12/2028	790		(6)		—		—	%
Total Unfunded Debt Investments - Australia									$	(11)	$	—	—	%
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									$	(891)	$	(473)	(0.02)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,060,391	$	2,002,306	168.51	%
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	17.67%	12/2020	01/2028	$	26,646	$	26,596	$	26,646	2.24	%
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%	11.32%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(12)	SOFR(Q)	7.50%	11.32%	03/2023	04/2028	340		340		340
									10,968		10,968		0.92	%

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
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									$	37,564	$	37,614	3.16	%
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		$	8,719	$	8,719
	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		—
									76,770		13,719		1.15	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(12)	—	—	—	03/2023	—	72,536		4,104		7,369		0.62	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(12)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(12)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,000		0.17	%
Total Shares - United States									$	93,657	$	23,088	1.94	%
Total Non-Controlled/Affiliated Investments									$	131,221	$	60,702	5.10	%
Controlled Investments (37)
Funded Debt Investments - United States
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	$	51,933	$	51,933	$	51,933
	First lien (3)(10)(12)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2028	45,204		45,204		45,204
	Subordinated (3)(12)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2028	26,878		26,483		26,878
									123,620		124,015		10.44	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(10)(12)(15) - Drawn	SOFR(Q)	6.00%	9.93%	10/2020	12/2027	28,497		28,497		28,497
	First lien (3)(10)(12)	SOFR(Q)	9.00%	12.93%	10/2020	12/2027	23,336		23,336		23,336
									51,833		51,833		4.36	%

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
NHME Holdings Corp. (21)
National HME, Inc.
Healthcare	Second lien (3)(12)	SOFR(Q)(17)*	5.00%/PIK	9.25%	11/2018	11/2025	$	8,281	$	7,872	$	—	—	%
Total Funded Debt Investments - United States									$	183,325	$	175,848	14.80	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(12)	—	—	—	05/2018	—	—		$	160,000	$	160,000	13.47	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(12)	—	—	—	05/2021	—	—		112,400		112,400		9.46	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(12)	—	—	—	06/2018	—	—		74,248		106,096		8.93	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(12)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	64,485,636		61,162		64,486
	Preferred shares (3)(12)	—	—	—	06/2017	—	80,994,293		29,318		8,695
	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	—	9,236,492		532		—
									127,330		73,181		6.16	%
New Benevis Topco, LLC (22)
Healthcare	Common stock (2)(12)	—	—	—	10/2020	—	325,516		27,155		20,733
	Common stock (3)(12)	—	—	—	10/2020	—	152,548		12,768		9,716
									39,923		30,449		2.56	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(12)	—	—	—	10/2020	—	100		11,155		12,000		1.01	%
NM YI, LLC
Net Lease	Membership interest (6)(12)	—	—	—	09/2019	—	—		6,272		8,641		0.73	%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(12)	—	—	—	06/2018	—	—		850		390		0.03	%
NHME Holdings Corp.(21)
Healthcare	Ordinary shares (3)(12)	—	—	—	11/2018	—	640,000		4,000		—		—	%
Total Shares - United States									$	536,178	$	503,157	42.35	%
Total Shares									$	536,178	$	503,157	42.35	%

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
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									$	720,503	$	679,005	57.15	%
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	$	3,397	$	—	$	—	—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	720,503	$	679,005	57.15	%
Total Investments									$	2,912,115	$	2,742,013	230.76	%

(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.

(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 December 31, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,051 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,212, $7,529, $1,282 and $123, 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 revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(17)Investment is on non-accrual status as of December 31, 2025. See Note 3. Investments, for details.

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)

(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 $13,500 as of December 31, 2025. 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.

(20)The Company holds ordinary shares and Class B-1 and 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 December 31, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.

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

(24)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $15,827.

(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 December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $20,249.

(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 December 31, 2025, the Company's stated value of its 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 December 31, 2025, the Company's stated value of its 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 December 31, 2025, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,776.

(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 December 31, 2025, the Company's stated value of its 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 December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $25,639.

(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 December 31, 2025, the Company's stated value of its share, plus unpaid compounded dividends, was $90,671.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)

(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 December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	19,156	$	—	$	—	$	(819)	$	18,337	$	—	$	1,321	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	91,620		6,967		—		(58,222)		40,365		—		4,357		2,594		250
Total Non-Controlled/Affiliated Investments	$	112,776	$	6,967	$	—	$	(59,041)	$	60,702	$	—	$	5,678	$	2,594	$	250

(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 December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a controlled investment, is as follows:


Portfolio Company	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income

National HME, Inc./NHME Holdings Corp.	$	3,000	$	—	$	—	$	(3,000)	$	—	$	—	$	—	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	140,102		21,456		—		(7,094)		154,464		—		14,309		—		1,383
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,076		7,657		—		(6,900)		63,833		—		5,759		—		500


NM NL Holdings, L.P.	104,512		—		—		1,584		106,096		—		—		8,740		—
NM GP Holdco, LLC	322		—		—		68		390		—		—		44		—
NM YI LLC	9,960		—		—		(1,319)		8,641		—		—		886		—
NMFC Senior Loan Program III LLC	160,000		—		—		—		160,000		—		—		22,600		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		15,315		—
UniTek Global Services, Inc.	107,524		72,385		(60,582)		(46,146)		73,181		38,898		516		10,851		1,070
Total Controlled Investments	$	700,896	$	101,498	$	(60,582)	$	(62,807)	$	679,005	$	38,898	$	20,584	$	58,436	$	2,953

* All or a portion of interest contains PIK interest.

** 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 December 31, 2025, 15.4% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


	December 31, 2025
Investment Type	Percent of Total Investments at Fair Value
First lien	66.30	%
Second lien	3.33	%
Subordinated	4.43	%
Structured Finance Obligations	0.12	%
Equity and other	25.82	%
Total investments	100.00	%


	December 31, 2025
Industry Type	Percent of Total Investments at Fair Value
Software	19.22	%
Business Services	18.84	%
Healthcare	16.91	%
Investment Funds (includes investments in joint ventures)	10.05	%
Consumer Services	7.03	%
Financial Services & Technology	6.28	%
Distribution & Logistics	5.78	%
Education	4.32	%
Net Lease	4.20	%
Packaging	2.75	%
Energy	2.40	%
Food & Beverage	0.77	%
Business Products	0.58	%
Consumer Products	0.52	%
Specialty Chemicals & Materials	0.35	%
Total investments	100.00	%


	December 31, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	83.69	%
Fixed rates	16.31	%
Total investments	100.00	%

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

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Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

June 30, 2026

(in thousands, except shares and per share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through June 30, 2026, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers, L.L.C. (the “Investment Adviser”), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.

The Company has established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings"), whose assets are used to secure NMF Holdings’ credit facility;

•New Mountain Finance SBIC, L.P. ("SBIC I"), New Mountain Finance SBIC II, L.P. ("SBIC II") and New Mountain Finance SBIC III, L.P. ("SBIC III"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "SBIC Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP") and New Mountain Finance SBIC III G.P., L.L.C. ("SBIC III GP"), respectively;

•NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB") and NMF Pioneer, Inc. ("NMF Pioneer") which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates these corporations for accounting purposes but the corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

NMFC is a BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

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Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.

NMFC primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to the Company, the investment objective of each of SBIC I, SBIC II and SBIC III is to generate current income and capital appreciation under the investment criteria used by the Company. However, investments made by SBIC I, SBIC II and SBIC III must be in SBA eligible small businesses.

The Company’s portfolio may be concentrated in a limited number of industries. As of June 30, 2026, the Company’s top five industry concentrations were business services, software, healthcare, investment funds (which includes the Company's investments in its joint ventures) and consumer services.

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, SBIC III, SBIC III GP, NMF QID, NMF YP, NMF Permian, NMF HB and NMF Pioneer and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.

The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.

The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

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(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and

d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

Derivative instruments and hedging activities—The Company follows the guidance in Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815"), when accounting for derivative instruments and hedging activities. The Company may utilize derivatives to support its overarching risk management objectives. The primary market risk that the Company is exposed to is interest rate risk, which we seek to mitigate through derivative transactions.

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The Company enters into derivative financial instruments to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. These instruments primarily include interest rate swaps. All derivative financial instruments are recognized as derivative assets at fair value or derivative liabilities at fair value, as applicable.

The Company has entered into an International Swaps and Derivatives Association, Inc. 2002 Master Agreement, (together with the Schedule and Credit Support Annex thereto and any transactions thereunder, the "ISDA Master Agreement"), on March 18, 2024, with a derivative counterparty (the “ISDA Counterparty”). The ISDA Master Agreement is a bilateral agreement between the Company and the ISDA Counterparty that governs over-the-counter derivatives, into which the Company enters for hedging purposes. The ISDA Master Agreement provides for, among other things, collateral posting terms and netting provisions in the event of certain specified defaults and/or termination events, including bankruptcy or insolvency of the counterparty. The ISDA Master Agreement also includes termination rights that permit the termination of outstanding transactions by the ISDA Counterparty in the event the Company fails to maintain sufficient asset levels, and by the Company in the event the ISDA Counterparty is downgraded below a specified minimum rating level. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. The collateral terms of the ISDA Master Agreement provide for the bilateral posting of collateral in the form of cash or U.S. government securities for any outstanding exposure under the transactions. In the case of the Company, the agreement provides for the segregation of posted collateral at the Company’s custodian subject to a perfected security interest in favor of the ISDA Counterparty. Upon the close-out of the transactions outstanding under the ISDA Master Agreement following a default, the ISDA Master Agreement provides for a single net payment between the parties equal to the close-out replacement value of the terminated transactions, the right to offset receivables and payables with the same counterparty and/or the right to liquidate collateral.

Interest rate swaps are agreements to exchange interest payments based upon notional amounts and subject the Company to market risk associated with changes in interest rates and changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company designates all interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship. As a result, the change in fair value of the hedging instrument and hedged item are recorded in "Interest expense" and recognized as components of "Interest expense" in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swap is included as a component of "Derivative asset at fair value" or "Derivative liability at fair value" on the Company’s Consolidated Statements of Assets and Liabilities. Derivative assets at fair value and derivative liabilities at fair value, including variation margin as applicable, are included in the "Net change due to hedging activity" line item in the operating section in the Company’s Consolidated Statements of Cash Flows.

The Company elected not to offset derivative assets and liabilities and cash collateral held with the same counterparty where it has a legally enforceable master netting agreement.

Refer to Note 4. Fair Value and Note 7. Borrowings for more information on derivative instruments and hedging activities.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments as of June 30, 2026 are disclosed on the Company's Consolidated Schedule of Investments.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

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Below is certain summarized property information for NMNLC as of June 30, 2026:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2026

NM NL Holdings LP / NM GP Holdco LLC

Various

112,721

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,687

121,408

Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. Upon the counterparty's failure to perform its contractual obligation to repurchase the collateral, the Company's asset no longer represents an interest-bearing collateralized agreement to resell but instead represents a contractual claim in the liquidation proceedings.

As of June 30, 2026, the Company held one claim related to the collateralized agreement to resell with a cost basis of $30,000 and a fair value of $5,700. As of December 31, 2025, the Company held one collateralized agreement to resell with a cost basis of $30,000 and a fair value of $13,500.

A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of June 30, 2026 and December 31, 2025. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2026, the Company recognized PIK interest from investments of $5,415 and $10,552, respectively, and non-cash dividends from investments of $4,882 and $10,203, respectively. For the three and six months ended June 30, 2025, the Company recognized PIK interest from investments of $6,888 and $14,476, respectively, and non-cash dividends from investments of $6,642 and $14,830, respectively.

Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

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interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.

Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.

Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.

The following table summarizes the current income tax expense (benefit), deferred income tax (benefit) provision and total income tax (benefit) provision, for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Current income tax expense (benefit)	$	19	$	8	$	23	$	(11)
Deferred income tax (benefit) provision	(59)		21		(146)		43
Total income tax (benefit) provision	$	(40)	$	29	$	(123)	$	32

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As of June 30, 2026 and December 31, 2025, the Company had $1,670 and $1,819, respectively, of deferred tax liabilities, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2025. The 2022 through 2025 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on NASDAQ Global Select Market ("NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.

If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.

Stock repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Old Repurchase Program"). On October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100,000 worth of the Company's common stock (the "Repurchase Program"). On April 28, 2026, the Company's board of directors authorized the repurchase of up to an additional $50,000 of the Company's common stock under the Repurchase Program. Giving effect to the increase, the Repurchase Program authorizes the Company to repurchase up to $150,000 worth of its common stock.

Under the Old Repurchase Program and the Repurchase Program, the Company is permitted, but is not obligated, to repurchase its outstanding shares of common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50,000 of the Company's common stock. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150,000 worth of its common stock have been repurchased.

During the three and six months ended June 30, 2026, the Company repurchased a total of 1,122,761 and 8,185,998 shares, respectively, of the Company's common stock in the open market for $8,966 and $65,563, respectively, including commissions paid. During the three and six months ended June 30, 2025, the Company repurchased 925,216 and 925,216 shares, respectively, of the Company's common stock in the open market for $9,642 and $9,642, respectively, including commissions paid. Since the inception of the Repurchase Program through June 30, 2026, the Company repurchased $70,462 worth of its common stock under the Repurchase Program.

Earnings (loss) per share—The Company's earnings (loss) per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted

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EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Note 3. Investments

At June 30, 2026, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,510,307	$	1,453,636
Second lien	88,279		74,299
Subordinated	98,129		98,429
Structured Finance Obligations	3,232		3,191
Equity and other	764,481		660,250
Total investments	$	2,464,428	$	2,289,805

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Business Services	$	515,611	$	473,876
Software	405,761		378,288
Healthcare	398,944		368,847
Investment Funds (includes investments in joint ventures)	275,632		266,595
Consumer Services	144,795		139,986
Financial Services & Technology	128,804		132,238
Net Lease	83,623		121,408
Education	199,121		118,313
Distribution & Logistics	109,253		99,060
Packaging	88,305		89,056
Energy	78,754		67,816
Food & Beverage	21,100		21,250
Consumer Products	14,725		13,072
Total investments	$	2,464,428	$	2,289,805

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At December 31, 2025, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,854,022	$	1,818,215
Second lien	104,890		91,179
Subordinated	128,705		121,487
Structured Finance Obligations	3,232		3,277
Equity and other	821,266		707,855
Total investments	$	2,912,115	$	2,742,013

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	533,638	$	526,440
Business Services	573,549		516,701
Healthcare	517,598		463,591
Investment Funds (includes investments in joint ventures)	275,632		275,677
Consumer Services	193,415		192,842
Financial Services & Technology	165,745		172,215
Distribution & Logistics	162,382		158,599
Education	195,960		118,507
Net Lease	81,370		115,127
Packaging	76,052		75,324
Energy	75,771		65,833
Food & Beverage	21,193		21,177
Business Products	15,897		16,026
Consumer Products	14,283		14,283
Specialty Chemicals & Materials	9,630		9,671
Total investments	$	2,912,115	$	2,742,013

As of June 30, 2026, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of June 30, 2026, the Company's positions in AAC on non-accrual status had total unearned interest income of $1,417 and $2,784, respectively, for the three and six months then ended.

During the second quarter of 2024, the Company placed its junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2026, the Company's junior preferred shares in Transcendia had total unearned income of $124 and $242, respectively, for the three and six months then ended.

During the first quarter of 2026, the Company placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of June 30, 2026, the Company's first lien positions in Convey had total unearned income of $359 and $687, respectively, for the three and six months then ended.

During the second quarter of 2026, the Company placed its Series A preferred shares in Symplr Software Intermediate Holdings, Inc. ("Symplr") on non-accrual status. As of June 30, 2026, the Company's preferred shares in Symplr had total unearned income of $709 and $709, respectively, for the three and six months then ended.

For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies.

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PPVA Black Elk (Equity) LLC

On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. As a result of the settlement and the counterparty's failure to satisfy its contractual obligations, the Company's rights under the SPP Agreement have been converted into a contractual claim being pursued through the Cayman Islands liquidation proceedings. Accordingly, the Company no longer classifies the asset as a collateralized securities purchase and put agreement and instead classifies the position as a claim. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, 2026, the claim had a cost basis of $14,500 and a fair value of $2,755. As of December 31, 2025, the SPP Agreement had a cost basis of $14,500 and a fair value of $6,525.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III initially had a five year investment period and will continue in existence until August 7, 2030. On August 6, 2025, the investment period was extended until August 7, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2026, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on August 6, 2025, the maturity date of SLP III's revolving credit facility was extended from January 8, 2029 to August 6, 2030, and the reinvestment period was extended from July 8, 2027 to August 7, 2028.

On August 6, 2025, SLP III entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on August 6, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $941,000 of which $830,000 of the facility amount is attributed to Class A lenders and $111,000 is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600,000, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of the SOFR plus 1.80% and Class B advances bear interest at a rate of the SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of the SOFR plus 5.05%. From July 3, 2024 to August 6, 2025, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%.

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As of June 30, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $919,844 and $941,427, respectively, and debt outstanding under its credit facility of $800,700 and $672,700, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $4,400 and $6,867, respectively.

During the first quarter of 2026, SLP III placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP III's first lien positions in Convey had total unearned income of $208 and $416, respectively, for the three and six months then ended.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026			December 31, 2025
First lien investments (1)	$	990,055		$	971,559
Weighted average interest rate on first lien investments (2)	7.45		%	8.36		%
Number of portfolio companies in SLP III	105			105
Largest portfolio company investment (1)	$	19,692		$	19,791
Total of five largest portfolio company investments (1)	$	93,091		$	93,239

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

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The following table is a listing of the individual investments in SLP III's portfolio as of June 30, 2026:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
Accelya Lux Finco S.a r.l.	Business Services	SOFR(Q)	5.25%	8.98%	10/2032	$	16,404	$	16,099	$	15,625
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	7.51%	12/2027	2,315		2,312		2,082
AmSpec Parent, LLC	Energy	SOFR(Q)	3.00%	7.23%	12/2031	9,445		9,431		9,489
Ardonagh Midco 3 Limited	Business Services	SOFR(S)	3.00%	6.63%	02/2031	1,980		1,972		1,922
Asurion, LLC	Business Services	SOFR(Q)	4.25%	7.91%	09/2030	3,600		3,508		3,569
Asurion, LLC	Business Services	SOFR(Q)	4.25%	7.91%	09/2030	1,975		1,950		1,956
Asurion, LLC	Business Services	SOFR(Q)	3.75%	7.41%	02/2033	12,968		12,905		12,296
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	6.89%	02/2032	3,086		3,086		3,058
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	6.89%	12/2030	10,916		10,866		10,787
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.50%	7.14%	12/2032	7,164		7,062		7,090
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.25%	6.89%	06/2033	7,702		7,625		7,648
Berlin Packaging L.L.C.	Packaging	SOFR(Q)	3.25%	6.97%	06/2031	8,691		8,690		8,659
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.25%	6.89%	05/2028	9,004		8,990		9,044
Capstone Borrower, Inc.	Business Services	SOFR(Q)	2.75%	6.48%	06/2030	9,106		8,681		8,757
Cardinal Parent, Inc.	Financial Services & Technology	SOFR(Q)	4.50%	8.38%	11/2027	11,566		11,481		10,246
Chrysaor Bidco S.a r.l.	Financial Services & Technology	SOFR(Q)	3.00%	6.67%	10/2031	2,105		2,105		2,111
Citrin Cooperman Advisors LLC	Financial Services & Technology	SOFR(Q)	3.00%	6.73%	04/2032	8,427		8,389		8,213
Cleanova US Holdings LLC	Business Products	SOFR(Q)	4.75%	8.41%	06/2032	17,411		17,258		17,091
Cloudera, Inc.	Software	SOFR(M)	3.75%	7.49%	10/2028	13,989		13,858		10,919
Clydesdale Acquisition Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.89%	04/2032	9,289		9,285		8,945
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)	3.25%	6.98%	03/2032	9,560		9,533		9,349
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	7.76%	11/2028	4,579		4,569		4,084
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.00%	6.73%	02/2029	6,706		6,691		6,748
ConnectWise, LLC	Software	SOFR(Q)	3.50%	7.49%	09/2028	11,452		11,444		10,577
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)(3)	1.31% + 3.94%/PIK	9.08%	07/2029	8,814		8,707		1,103
CoreLogic, Inc. (fka First American Corporation, The)	Business Services	SOFR(M)	3.50%	7.26%	06/2028	796		786		788
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	7.51%	10/2028	2,520		2,515		1,617
CVET Midco 2, L.P.	Distribution & Logistics	SOFR(Q)	5.00%	8.73%	10/2029	9,656		9,395		9,378
Dayforce Bidco, LLC	Software	SOFR(Q)	3.00%	6.66%	02/2033	5,549		5,382		5,076
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	6.64%	07/2031	11,377		11,334		11,306
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.25%	6.89%	07/2032	8,958		8,921		8,986
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.41%	10/2029	10,150		9,917		10,123
EAB Global, Inc.	Education	SOFR(M)	3.00%	6.64%	08/2030	10,031		9,850		9,066
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	7.98%	04/2029	13,794		13,659		13,894
Eisner Advisory Group LLC	Financial Services & Technology	SOFR(M)	4.00%	7.64%	02/2031	11,285		11,191		11,107
Embecta Corp.	Healthcare	SOFR(Q)	3.00%	6.73%	03/2029	3,767		3,775		3,000
Finastra USA, Inc.	Financial Services & Technology	SOFR(S)	4.00%	7.75%	09/2032	12,342		12,235		11,410
First Advantage Holdings, LLC	Business Services	SOFR(Q)	2.75%	6.48%	10/2031	1,271		1,260		1,258
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.16%	03/2028	10,334		10,338		8,067
FNZ Group Entities Limited	Financial Services & Technology	SOFR(Q)	5.00%	8.66%	11/2031	10,126		9,959		8,106
Forgent Power LLC	Business Products	SOFR(Q)	2.25%	5.95%	12/2032	12,717		12,597		12,776
Foundational Education Group, Inc.	Education	SOFR(Q)	4.25%	8.18%	08/2028	13,990		13,925		13,010
Groundworks, LLC	Business Services	SOFR(M)	3.00%	6.65%	03/2031	10,049		10,021		10,022

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Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Heartland Dental, LLC	Healthcare	SOFR(M)	3.50%	7.14%	08/2032	$	13,826	$	13,795	$	13,852
Help/Systems Holdings, Inc.	Software	SOFR(Q)	6.00%	9.77%	05/2029	11,085		11,068		8,452
HIG Finance 2 Limited	Financial Services & Technology	SOFR(M)	2.75%	6.39%	02/2031	6,467		6,286		6,089
HIG Operations Holdings, Inc.	Business Services	SOFR(M)	4.50%	8.14%	06/2031	11,790		11,750		11,790
HIG Operations Holdings, Inc.	Business Services	SOFR(M)	4.50%	8.14%	06/2031	1,118		1,118		1,118
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	9.01%	04/2029	7,945		7,800		6,313
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	7.73%	02/2032	16,558		16,458		16,475
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.08%	08/2028	12,747		12,683		12,233
Jones DesLauriers Insurance Management Inc.	Business Services	SOFR(Q)	3.00%	6.66%	02/2033	7,761		7,641		7,449
Kaseya Inc.	Software	SOFR(Q)	3.25%	6.91%	03/2032	12,756		12,734		9,928
KnowBe4, Inc.	Education	SOFR(Q)	3.75%	7.41%	07/2032	7,137		7,136		5,603
LI Group Holdings, Inc.	Education	SOFR(M)	3.50%	7.26%	03/2028	3,010		3,008		3,009
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.23%	03/2032	14,788		14,705		14,543
LTR Intermediate Holdings, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.75%	7.39%	12/2032	7,897		7,860		7,925
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.00%	6.62%	11/2030	5,039		5,000		4,919
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	6.67%	05/2028	12,530		12,495		12,526
MED ParentCo, LP	Healthcare	SOFR(M)	3.00%	6.64%	04/2031	10,328		10,291		10,352
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	7.66%	12/2028	5,506		5,506		5,511
Michael Baker International, LLC	Business Services	SOFR(Q)	4.50%	8.23%	12/2028	2,168		2,112		2,170
Neon Maple Purchaser Inc.	Financial Services & Technology	SOFR(M)	2.50%	6.14%	11/2031	5,731		5,735		5,597
Nexus Buyer LLC	Financial Services & Technology	SOFR(M)	4.00%	7.64%	07/2031	13,941		13,876		13,526
Nielsen Consumer, Inc.	Business Services	SOFR(M)	2.25%	5.89%	10/2030	5,742		5,395		5,685
Oak-Eagle Acquireco, Inc.	Consumer Services	SOFR(M)	3.50%	6.73%	03/2033	5,470		5,388		5,490
Oceankey (U.S.) II Corp.	Software	SOFR(M)	3.50%	7.24%	12/2028	13,941		13,945		13,395
Orbit Private Holdings I Ltd	Financial Services & Technology	SOFR(S)	3.75%	7.60%	12/2031	9,339		9,306		9,347
Orion Midco Ltd	Financial Services & Technology	SOFR(Q)	3.50%	7.17%	10/2032	10,277		10,267		10,295
Osaic Holdings, Inc.	Financial Services & Technology	SOFR(Q)	2.50%	6.23%	07/2032	5,561		5,561		5,496
Osmose Utilities Services, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.25%	7.01%	06/2028	13,878		13,455		13,818
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.00%	6.64%	05/2031	4,067		4,055		4,084
OVG Business Services, LLC	Business Services	SOFR(M)	3.00%	6.64%	06/2031	2,755		2,742		2,762
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.25%	6.91%	02/2029	4,336		4,178		3,965
Perforce Software, Inc.	Software	SOFR(M)	4.75%	8.39%	03/2031	4,015		4,001		2,072
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	9.73%	12/2029	3,344		3,235		3,335
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	7.88%	12/2029	2,840		2,827		2,580
Pioneer AcquisitionCo, LLC	Business Services	SOFR(Q)	2.50%	6.15%	10/2032	7,904		7,886		7,919
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.23%	12/2027	13,435		13,355		11,617
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	6.98%	10/2030	13,437		13,253		9,816
Pushpay USA Inc.	Financial Services & Technology	SOFR(M)	3.75%	7.39%	08/2031	13,833		13,815		13,003
Quartz AcquireCo, LLC	Business Services	SOFR(Q)	2.25%	5.98%	06/2030	2,625		2,617		2,202
RealPage, Inc.	Software	SOFR(Q)	3.00%	6.99%	04/2028	5,523		5,513		5,176
RealPage, Inc.	Software	SOFR(Q)	3.75%	7.48%	04/2028	7,441		7,348		7,015
Rithum Holdings, Inc. (fka CommerceHub, Inc.)	Software	SOFR(Q)	4.75%	8.48%	07/2032	15,666		15,571		14,833

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

RLG Holdings, LLC	Packaging	SOFR(Q)	4.25%	8.18%	07/2028	$	7,069	$	6,855	$	4,069
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.00%	8.64%	12/2030	5,124		5,030		5,117
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	7.73%	02/2032	9,741		9,709		9,577
Secure Acquisition, Inc.	Packaging	SOFR(M)	3.75%	7.39%	12/2028	3,829		3,828		3,831
SonarSource Financing, LLC	Software	SOFR(Q)	4.50%	8.18%	12/2030	11,270		11,114		10,509
Sovos Compliance, LLC (fka Taxware, LLC)	Software	SOFR(M)	3.25%	6.89%	08/2029	11,063		10,966		10,398
Spring Education Group, Inc.	Education	SOFR(Q)	3.25%	6.98%	10/2030	13,096		12,994		13,085
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.00%	10.67%	04/2030	9,975		9,626		9,663
Storable, Inc.	Software	SOFR(M)	3.25%	6.89%	04/2031	9,907		9,832		8,891
Summit Acquisition Inc.	Business Services	SOFR(M)	3.50%	7.14%	10/2031	6,438		6,413		6,443
Sword Purchaser, LLC	Packaging	SOFR(M)	4.00%	7.64%	04/2033	4,460		4,237		4,358
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.26%	12/2027	15,160		15,125		9,998
Team.blue Finco SARL	Software	SOFR(Q)	3.25%	6.98%	07/2032	8,542		8,551		8,190
Tegra118 Wealth Solutions, Inc.	Financial Services & Technology	SOFR(Q)	4.00%	7.67%	01/2033	11,756		11,668		11,808
Tempo Acquisition, LLC	Business Services	SOFR(M)	1.75%	5.39%	08/2028	2,134		1,798		1,810
Therapy Brands Holdings LLC	Healthcare	SOFR(Q)	4.00%	7.93%	05/2028	3,954		3,947		3,663
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	7.98%	08/2028	13,437		13,432		13,306
Tricorbraun Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.89%	03/2031	11,064		11,028		10,380
UKG Inc.	Software	SOFR(Q)	2.25%	5.91%	02/2031	5,283		5,192		4,987
US Fertility Enterprises, LLC	Healthcare	SOFR(Q)	3.25%	6.98%	12/2032	7,515		7,479		7,548
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	8.89%	10/2028	11,195		11,267		11,208
Valcour Packaging, LLC	Packaging	SOFR(M)	3.75%	7.50%	10/2028	3,212		3,212		2,575
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	7.64%	10/2031	11,396		11,377		10,758
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	7.48%	07/2029	11,131		11,124		10,957
VT Topco, Inc.	Business Services	SOFR(M)	3.00%	6.64%	08/2030	11,115		10,964		10,922
Xplor T1, LLC	Financial Services & Technology	SOFR(Q)	3.25%	6.91%	12/2032	19,692		19,612		18,116
Zelis Cost Management Buyer, Inc.	Healthcare	SOFR(M)	3.25%	6.89%	11/2031	19,365		19,367		18,935
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	8.92%	02/2028	5,209		5,150		5,209
Total Funded Investments						$	985,655	$	977,224	$	919,954
Unfunded Investments - First lien
Citrin Cooperman Advisors LLC	Financial Services & Technology		—	—	04/2027	$	2,273	$	(23)	$	(80)
Cohnreznick Advisory LLC	Financial Services & Technology		—	—	03/2027	555		—		(12)
Secretariat Advisors LLC	Business Services		—	—	02/2027	1,189		1		(20)
US Fertility Enterprises, LLC	Healthcare		—	—	12/2027	383		(2)		2



Total Unfunded Investments						$	4,400	$	(24)	$	(110)
Total Investments						$	990,055	$	977,200	$	919,844

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2026.

(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.

(3)Investment is on non-accrual status as of June 30, 2026.

Table of Contents

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2025:


Portfolio Company and Type of Investment	Industry (3)	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
Accelya Lux Finco S.a r.l.	Business Services	SOFR(Q)	5.25%	8.92%	10/2032	$	16,487	$	16,162	$	16,435
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	7.58%	12/2027	2,327		2,323		2,214
AmSpec Parent, LLC	Energy	SOFR(Q)	3.50%	7.17%	12/2031	9,493		9,478		9,540
Ardonagh Midco 3 Limited	Business Services	SOFR(S)	2.75%	6.92%	02/2031	1,990		1,982		1,990
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.07%	08/2028	13,000		12,931		13,039
Asurion, LLC	Business Services	SOFR(M)	4.25%	7.97%	09/2030	3,618		3,517		3,621
Asurion, LLC	Business Services	SOFR(M)	4.25%	7.97%	09/2030	1,985		1,958		1,988
athenahealth Group Inc.	Healthcare	SOFR(M)	2.75%	6.47%	02/2029	12,117		12,005		12,155
Bach Finance Limited	Education	SOFR(Q)	2.75%	6.57%	01/2032	2,107		2,103		2,117
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	6.97%	12/2030	11,821		11,761		11,718
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.00%	6.72%	05/2028	7,722		7,707		7,760
Berlin Packaging L.L.C.	Packaging	SOFR(M)	3.25%	7.11%	06/2031	8,735		8,734		8,765
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.25%	6.97%	05/2028	9,049		9,032		9,123
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	6.82%	07/2031	7,416		7,400		7,405
BradyPLUS Holdings, LLC	Distribution & Logistics	SOFR(Q)	3.50%	7.15%	12/2032	7,182		7,075		7,118
BW Holding, Inc.	Packaging	SOFR(Q)	6.50%	10.34%	12/2030	603		597		616
Capstone Borrower, Inc.	Software	SOFR(Q)	2.75%	6.40%	06/2030	3,124		3,109		3,126
Cardinal Parent, Inc.	Financial Services & Technology	SOFR(Q)	4.50%	8.32%	11/2027	11,626		11,513		11,384
Chrysaor Bidco S.a r.l.	Financial Services & Technology	SOFR(Q)	3.25%	7.14%	10/2031	2,115		2,115		2,133
Citrin Cooperman Advisors LLC	Financial Services & Technology	SOFR(Q)	3.00%	6.67%	04/2032	6,719		6,711		6,747
Cleanova US Holdings LLC	Business Products	SOFR(Q)	4.75%	8.48%	06/2032	18,741		18,565		18,741
Cloudera, Inc.	Software	SOFR(M)	3.75%	7.57%	10/2028	14,062		13,904		13,511
Clydesdale Acquisition Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.97%	04/2032	9,313		9,308		9,316
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)	3.50%	7.17%	03/2032	9,114		9,092		9,177
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	7.83%	11/2028	4,603		4,592		4,120
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.00%	6.67%	02/2029	6,740		6,723		6,799
ConnectWise, LLC	Software	SOFR(Q)	3.50%	7.43%	09/2028	11,512		11,502		11,332
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 3.94%/PIK	8.71%	07/2029	9,123		9,012		6,661
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	7.58%	10/2028	2,533		2,527		2,335
CVET Midco 2, L.P.	Distribution & Logistics	SOFR(Q)	5.00%	8.67%	10/2029	9,706		9,410		8,749
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	6.72%	07/2031	11,435		11,388		11,464
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	7.47%	07/2032	11,008		10,959		11,050
Disco Parent, Inc.	Software	SOFR(Q)	3.25%	7.07%	08/2032	7,250		7,233		7,304
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.61%	10/2029	13,856		13,496		13,349
EAB Global, Inc.	Education	SOFR(M)	3.00%	6.72%	08/2030	10,083		9,881		8,990
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	7.92%	04/2029	13,866		13,709		13,920
Eisner Advisory Group LLC	Financial Services & Technology	SOFR(M)	4.00%	7.72%	02/2031	8,546		8,494		8,617
Embecta Corp.	Healthcare	SOFR(M)	3.00%	6.72%	03/2029	4,002		4,012		4,015
Finastra USA, Inc.	Financial Services & Technology	SOFR(Q)	4.00%	7.72%	09/2032	12,373		12,259		12,135
First Advantage Holdings, LLC	Business Services	SOFR(M)	2.75%	6.47%	10/2031	4,223		4,181		4,186
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.35%	03/2028	16,341		16,333		15,290
FNZ Group Entities Limited	Financial Services & Technology	SOFR(Q)	5.00%	8.90%	11/2031	10,178		9,997		8,099
Forgent Intermediate IV LLC	Business Products	SOFR(M)	3.25%	6.90%	12/2032	12,749		12,621		12,685
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	7.85%	08/2028	14,063		13,984		13,001
Groundworks, LLC	Business Services	SOFR(M)	3.00%	6.73%	03/2031	10,100		9,871		10,163

Table of Contents


Portfolio Company and Type of Investment	Industry (3)	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Heartland Dental, LLC	Healthcare	SOFR(M)	3.75%	7.47%	08/2032	$	13,896	$	13,862	$	13,970
Help/Systems Holdings, Inc.	Software	SOFR(Q)	6.00%	9.97%	05/2029	11,140		11,121		10,120
HIG Operations Holdings, Inc.	Business Services	SOFR(M)	4.50%	8.22%	06/2031	11,849		11,806		11,849
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.07%	04/2029	7,986		7,818		7,069
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	7.67%	02/2032	16,641		16,534		16,572
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.02%	08/2028	12,747		12,669		12,444
Jones DesLauriers Insurance Management Inc.	Business Services	SOFR(Q)	3.00%	6.65%	02/2033	2,687		2,680		2,693
Kaseya Inc.	Software	SOFR(M)	3.00%	6.72%	03/2032	12,820		12,797		12,847
Kestra Advisor Services Holdings A, Inc.	Financial Services & Technology	SOFR(M)	3.00%	6.72%	03/2031	3,749		3,742		3,760
KnowBe4, Inc.	Education	SOFR(Q)	3.75%	7.59%	07/2032	13,128		13,125		13,152
LI Group Holdings, Inc.	Education	SOFR(M)	3.50%	7.33%	03/2028	3,033		3,031		3,055
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.17%	03/2032	14,863		14,774		14,590
LTR Intermediate Holdings, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.75%	7.40%	12/2032	7,917		7,878		7,949
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.00%	6.93%	11/2030	2,809		2,777		2,826
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.00%	6.72%	05/2028	12,593		12,549		12,653
MED ParentCo, LP	Healthcare	SOFR(M)	3.00%	6.72%	04/2031	9,880		9,840		9,921
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	7.84%	12/2028	5,534		5,533		5,553
Neon Maple Purchaser Inc.	Financial Services & Technology	SOFR(M)	2.50%	6.22%	11/2031	3,510		3,523		3,519
Nexus Buyer LLC	Financial Services & Technology	SOFR(M)	4.00%	7.72%	07/2031	14,012		13,941		13,927
Nielsen Consumer, Inc.	Business Services	SOFR(M)	2.25%	5.97%	10/2030	5,771		5,388		5,787
Oceankey (U.S.) II Corp.	Software	SOFR(M)	3.50%	7.32%	12/2028	14,014		14,019		13,841
Orbit Private Holdings I Ltd	Financial Services & Technology	SOFR(S)	3.75%	7.55%	12/2031	9,085		9,051		9,134
Orion Advisor Solutions, Inc.	Financial Services & Technology	SOFR(Q)	3.25%	6.90%	09/2030	1,500		1,501		1,511
Orion Midco Ltd	Financial Services & Technology	SOFR(Q)	3.50%	7.43%	10/2032	8,102		8,095		8,150
Osaic Holdings, Inc.	Financial Services & Technology	SOFR(S)	3.00%	6.60%	07/2032	12,357		12,327		12,423
Osmose Utilities Services, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.25%	7.08%	06/2028	13,951		13,430		13,742
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.00%	6.72%	05/2031	4,088		4,074		4,119
OVG Business Services, LLC	Business Services	SOFR(M)	3.00%	6.72%	06/2031	2,769		2,755		2,778
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.25%	7.09%	02/2029	8,959		8,576		8,123
Perforce Software, Inc.	Software	SOFR(M)	4.75%	8.47%	03/2031	4,035		4,021		3,426
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	9.67%	12/2029	2,360		2,303		1,974
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% +2.50%/PIK	7.82%	12/2029	2,805		2,790		1,353
Pioneer AcquisitionCo, LLC	Business Services	SOFR(Q)	3.25%	6.94%	10/2032	7,924		7,904		7,968
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.17%	12/2027	13,503		13,397		12,995
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	6.92%	10/2030	13,505		13,302		13,500
Pushpay USA Inc.	Financial Services & Technology	SOFR(S)	3.75%	7.62%	08/2031	13,903		13,884		13,911
Quartz AcquireCo, LLC	Business Services	SOFR(Q)	2.25%	5.92%	06/2030	3,510		3,497		3,510
RealPage, Inc.	Software	SOFR(Q)	3.00%	6.93%	04/2028	3,047		3,043		3,048
RealPage, Inc.	Software	SOFR(Q)	3.75%	7.42%	04/2028	4,963		4,945		4,985
Rithum Holdings, Inc. (fka CommerceHub, Inc.)	Software	SOFR(Q)	4.75%	8.42%	07/2032	15,744		15,644		15,769
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	8.08%	07/2028	7,106		6,843		4,372
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.00%	8.65%	12/2030	5,156		5,053		5,098
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	7.67%	02/2032	8,957		8,920		8,994
Secure Acquisition, Inc.	Packaging	SOFR(Q)	3.75%	7.42%	12/2028	500		501		505

Table of Contents


Portfolio Company and Type of Investment	Industry (3)	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

SonarSource Financing, LLC	Software	SOFR(M)	4.50%	8.15%	12/2030	$	11,485	$	11,313	$	11,370
Sovos Compliance, LLC (fka Taxware, LLC)	Software	SOFR(M)	3.25%	6.97%	08/2029	8,767		8,775		8,803
Spring Education Group, Inc.	Education	SOFR(Q)	3.25%	6.92%	10/2030	13,163		13,051		13,254
Storable, Inc.	Software	SOFR(M)	3.25%	6.97%	04/2031	4,607		4,606		4,635
Summit Acquisition Inc.	Business Services	SOFR(M)	3.50%	7.22%	10/2031	5,970		5,944		6,022
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.44%	12/2027	15,240		15,193		12,984
Team.blue Finco SARL	Software	SOFR(Q)	3.25%	6.92%	07/2032	8,586		8,595		8,642
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	7.83%	05/2028	3,975		3,966		3,679
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	7.92%	08/2028	13,506		13,501		13,483
TransDigm Inc.	Manufacturing	SOFR(M)	2.50%	6.22%	08/2032	3,510		3,519		3,529
TransDigm Inc.	Manufacturing	SOFR(M)	2.50%	6.22%	02/2031	2,106		2,111		2,116
TRC Companies LLC	Business Services	SOFR(M)	3.00%	6.72%	12/2028	9,377		9,352		9,418
Tricorbraun Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.97%	03/2031	11,122		11,083		10,798
US Fertility Enterprises, LLC	Healthcare	SOFR(M)	3.50%	7.22%	12/2032	6,875		6,841		6,910
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	8.99%	10/2028	2,256		2,238		2,282
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	7.60%	10/2028	3,178		3,178		2,480
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	7.72%	10/2031	11,454		11,434		11,358
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	7.42%	07/2029	11,189		11,180		11,189
VT Topco, Inc.	Business Services	SOFR(M)	3.00%	6.87%	08/2030	10,672		10,520		10,541
Xplor T1, LLC	Financial Services & Technology	SOFR(Q)	3.50%	7.29%	12/2032	19,791		19,706		19,840
Zelis Cost Management Buyer, Inc.	Healthcare	SOFR(M)	3.25%	6.97%	11/2031	19,463		19,463		19,342
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.11%	02/2028	5,236		5,160		5,236
Total Funded Investments						$	964,692	$	957,258	$	941,399
Unfunded Investments - First lien
Citrin Cooperman Advisors LLC	Financial Services & Technology	—	—	—	04/2027	$	2,273	$	(23)	$	9
Cohnreznick Advisory LLC	Financial Services & Technology	—	—	—	03/2027	1,344		(3)		9
HIG Operations Holdings, Inc.	Business Services	—	—	—	09/2026	1,121		—		—
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	1,087		—		5
US Fertility Enterprises, LLC	Healthcare	—	—	—	12/2027	1,042		—		5
Total Unfunded Investments						$	6,867	$	(26)	$	28
Total Investments						$	971,559	$	957,232	$	941,427

Table of Contents

Below is certain summarized financial information for SLP III as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:


Selected Balance Sheet Information:	June 30, 2026		December 31, 2025
Investments at fair value (cost of $977,200 and $957,232)	$	919,844	$	941,427
Cash and other assets	35,195		28,469
Receivable from unsettled securities sold	4,577		—
Total assets	$	959,616	$	969,896

Credit facility	$	800,700	$	672,700
Deferred financing costs (net of accumulated amortization of $8,557 and $7,948, respectively)	(3,699)		(4,308)
Payable for unsettled securities purchased	7,671		105,171
Distribution payable	6,000		7,000
Other liabilities	10,715		8,462
Total liabilities	821,387		789,025

Members' capital	$	138,229	$	180,871
Total liabilities and members' capital	$	959,616	$	969,896


Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Interest income	$	19,164	$	14,936	$	37,380	$	30,067
Other income	158		113		433		189
Total investment income	19,322		15,049		37,813		30,256

Interest and other financing expenses	12,104		8,037		23,355		16,217
Other expenses	322		297		721		603
Total expenses	12,426		8,334		24,076		16,820


Net investment income	6,896		6,715		13,737		13,436

Net realized (losses) gains on investments	(974)		144		(1,628)		465
Net change in unrealized depreciation of investments	(8,593)		(170)		(41,551)		(8,317)
Net (decrease) increase in members' capital	$	(2,671)	$	6,689	$	(29,442)	$	5,584

For the three and six months ended June 30, 2026, the Company earned approximately $4,800 and $10,560, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2025, the Company earned approximately $5,600 and $11,400, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2026 and December 31, 2025, approximately $4,800 and $5,600, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.

Table of Contents

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until July 11, 2030. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2026, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.

On May 5, 2021, SLP IV entered into a revolving credit facility with Wells Fargo Bank, National Association. As of the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to July 11, 2030.

On July 11, 2025, SLP IV entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600,000, of which $530,000 of the facility amount is attributed to Class A lenders and $70,000 of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370,000, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%.

As of June 30, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $624,995 and $641,452, respectively, and debt outstanding under its credit facility of $534,137 and $471,737, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $2,708 and $4,796, respectively.

During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP IV's first lien positions in Convey had total unearned income of $84 and $164, respectively for the three and six months then ended.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026			December 31, 2025
First lien investments (1)	$	671,491		$	664,399
Weighted average interest rate on first lien investments (2)	7.51		%	8.67		%
Number of portfolio companies in SLP IV	106			105
Largest portfolio company investment (1)	$	18,327		$	18,217
Total of five largest portfolio company investments (1)	$	67,186		$	64,111

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
Accelya Lux Finco S.a r.l.	Business Services	SOFR(Q)	5.25%	8.98%	10/2032	$	10,446	$	10,252	$	9,950
ADG, LLC	Healthcare	SOFR(Q)	1.00% + 3.00%/PIK	7.88%	09/2026	18,327		18,325		13,609
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	7.51%	12/2027	1,786		1,784		1,606
AmSpec Parent, LLC	Energy	SOFR(Q)	3.00%	7.23%	12/2031	5,491		5,486		5,517
Asurion, LLC	Business Services	SOFR(Q)	4.25%	7.91%	09/2030	1,800		1,754		1,785
Asurion, LLC	Business Services	SOFR(Q)	4.25%	7.91%	09/2030	987		975		978
Asurion, LLC	Business Services	SOFR(Q)	3.75%	7.41%	02/2033	9,569		9,522		9,074
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	6.89%	02/2032	5,247		5,230		5,199
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	6.89%	12/2030	7,858		7,827		7,764
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.50%	7.14%	12/2032	3,642		3,590		3,604
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.25%	6.89%	06/2033	1,733		1,716		1,721
Berlin Packaging L.L.C.	Packaging	SOFR(Q)	3.25%	6.97%	06/2031	4,902		4,905		4,884
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.25%	6.89%	05/2028	6,577		6,561		6,607
Capstone Borrower, Inc.	Business Services	SOFR(Q)	2.75%	6.48%	06/2030	5,785		5,519		5,564
Cardinal Parent, Inc.	Financial Services & Technology	SOFR(Q)	4.50%	8.38%	11/2027	7,008		6,935		6,208
Chrysaor Bidco S.a r.l.	Financial Services & Technology	SOFR(Q)	3.00%	6.67%	10/2031	1,553		1,553		1,558
Citrin Cooperman Advisors LLC	Financial Services & Technology	SOFR(Q)	3.00%	6.73%	04/2032	4,904		4,886		4,780
Cleanova US Holdings LLC	Business Products	SOFR(Q)	4.75%	8.41%	06/2032	11,124		11,012		10,919
Cloudera, Inc.	Software	SOFR(M)	3.75%	7.49%	10/2028	9,575		9,491		7,473
Clydesdale Acquisition Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.89%	04/2032	5,518		5,519		5,313
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)	3.25%	6.98%	03/2032	5,786		5,769		5,658
Confluence Technologies, Inc.	Software	SOFR(Q)	3.75%	7.63%	07/2028	9,550		9,533		7,966
Confluence Technologies, Inc.	Software	SOFR(Q)	5.00%	8.65%	07/2028	943		943		941
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	7.76%	11/2028	3,065		3,059		2,734
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.00%	6.73%	02/2029	6,706		6,691		6,748
ConnectWise, LLC	Software	SOFR(Q)	3.50%	7.49%	09/2028	6,572		6,578		6,070
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)(3)	1.31% + 3.94%/PIK	9.08%	07/2029	3,390		3,349		424
CoreLogic, Inc. (fka First American Corporation, The)	Business Services	SOFR(M)	3.50%	7.26%	06/2028	398		393		394
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	7.51%	10/2028	1,800		1,796		1,155
CVET Midco 2, L.P.	Distribution & Logistics	SOFR(Q)	5.00%	8.73%	10/2029	6,489		6,383		6,302
Dayforce Bidco, LLC	Software	SOFR(Q)	3.00%	6.66%	02/2033	3,003		2,924		2,747
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	6.64%	07/2031	10,323		10,284		10,259
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.25%	6.89%	07/2032	7,247		7,229		7,269
Disco Parent, Inc.	Software	SOFR(Q)	3.00%	6.67%	08/2032	843		841		825
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.41%	10/2029	6,833		6,657		6,815
EAB Global, Inc.	Education	SOFR(M)	3.00%	6.64%	08/2030	6,841		6,773		6,183
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	7.98%	04/2029	8,798		8,720		8,862
Eisner Advisory Group LLC	Financial Services & Technology	SOFR(M)	4.00%	7.64%	02/2031	6,843		6,775		6,735
Embecta Corp.	Healthcare	SOFR(Q)	3.00%	6.73%	03/2029	1,585		1,589		1,262
Finastra USA, Inc.	Financial Services & Technology	SOFR(S)	4.00%	7.75%	09/2032	8,234		8,165		7,613
First Advantage Holdings, LLC	Business Services	SOFR(Q)	2.75%	6.48%	10/2031	549		544		543
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.16%	03/2028	6,196		6,205		4,837
FNZ Group Entities Limited	Financial Services & Technology	SOFR(Q)	5.00%	8.66%	11/2031	7,180		7,061		5,747

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Forgent Power LLC	Business Products	SOFR(Q)	2.25%	5.95%	12/2032	$	8,098	$	8,021	$	8,136
Foundational Education Group, Inc.	Education	SOFR(Q)	4.25%	8.18%	08/2028	10,873		10,809		10,112
Groundworks, LLC	Business Services	SOFR(M)	3.00%	6.65%	03/2031	6,420		6,390		6,402
Heartland Dental, LLC	Healthcare	SOFR(M)	3.50%	7.14%	08/2032	9,860		9,838		9,879
Help/Systems Holdings, Inc.	Software	SOFR(Q)	6.00%	9.77%	05/2029	6,017		6,010		4,588
HIG Finance 2 Limited	Financial Services & Technology	SOFR(M)	2.75%	6.39%	02/2031	2,985		2,892		2,810
HIG Operations Holdings, Inc.	Business Services	SOFR(M)	4.50%	8.14%	06/2031	7,087		7,087		7,087
HIG Operations Holdings, Inc.	Business Services	SOFR(M)	4.50%	8.14%	06/2031	1,233		1,233		1,233
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	9.01%	04/2029	8,130		7,960		6,460
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	7.73%	02/2032	10,544		10,479		10,491
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.08%	08/2028	9,702		9,614		9,311
Jones DesLauriers Insurance Management Inc.	Business Services	SOFR(Q)	3.00%	6.66%	02/2033	4,974		4,889		4,773
Kaseya Inc.	Software	SOFR(Q)	3.25%	6.91%	03/2032	8,111		8,096		6,313
KnowBe4, Inc.	Education	SOFR(Q)	3.75%	7.41%	07/2032	4,763		4,763		3,739
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.23%	03/2032	10,145		10,096		9,977
LTR Intermediate Holdings, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.75%	7.39%	12/2032	5,029		5,005		5,046
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.00%	6.62%	11/2030	3,006		2,981		2,935
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	6.67%	05/2028	8,450		8,434		8,447
MED ParentCo, LP	Healthcare	SOFR(M)	3.00%	6.64%	04/2031	7,254		7,225		7,271
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	7.66%	12/2028	3,810		3,810		3,814
Michael Baker International, LLC	Business Services	SOFR(Q)	4.50%	8.23%	12/2028	1,263		1,230		1,264
Neon Maple Purchaser Inc.	Financial Services & Technology	SOFR(M)	2.50%	6.14%	11/2031	2,216		2,218		2,164
Nexus Buyer LLC	Financial Services & Technology	SOFR(M)	4.00%	7.64%	07/2031	8,864		8,822		8,600
Nielsen Consumer, Inc.	Business Services	SOFR(M)	2.25%	5.89%	10/2030	3,663		3,502		3,626
Oak-Eagle Acquireco, Inc.	Consumer Services	SOFR(M)	3.50%	6.73%	03/2033	1,962		1,933		1,969
Oceankey (U.S.) II Corp.	Software	SOFR(M)	3.50%	7.24%	12/2028	9,191		9,194		8,832
Orbit Private Holdings I Ltd	Financial Services & Technology	SOFR(S)	3.75%	7.60%	12/2031	5,956		5,935		5,961
Orion Midco Ltd	Financial Services & Technology	SOFR(Q)	3.50%	7.17%	10/2032	5,622		5,617		5,632
Osaic Holdings, Inc.	Financial Services & Technology	SOFR(Q)	2.50%	6.23%	07/2032	3,541		3,541		3,500
Osmose Utilities Services, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.25%	7.01%	06/2028	8,829		8,560		8,790
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.00%	6.64%	05/2031	2,815		2,806		2,826
OVG Business Services, LLC	Business Services	SOFR(M)	3.00%	6.64%	06/2031	1,754		1,746		1,759
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.25%	6.91%	02/2029	2,749		2,648		2,513
Perforce Software, Inc.	Software	SOFR(M)	4.75%	8.39%	03/2031	3,182		3,171		1,642
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	9.73%	12/2029	2,770		2,674		2,762
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	7.88%	12/2029	2,147		2,137		1,950
Pioneer AcquisitionCo, LLC	Business Services	SOFR(Q)	2.50%	6.15%	10/2032	5,033		5,021		5,043
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.23%	12/2027	7,900		7,852		6,831
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	6.98%	10/2030	9,659		9,526		7,056
Pushpay USA Inc.	Financial Services & Technology	SOFR(M)	3.75%	7.39%	08/2031	8,808		8,813		8,280
Quartz AcquireCo, LLC	Business Services	SOFR(Q)	2.25%	5.98%	06/2030	1,105		1,101		927
RealPage, Inc.	Software	SOFR(Q)	3.00%	6.99%	04/2028	3,517		3,510		3,296

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

RealPage, Inc.	Software	SOFR(Q)	3.75%	7.48%	04/2028	$	4,074	$	4,007	$	3,841
Rithum Holdings, Inc. (fka CommerceHub, Inc.)	Software	SOFR(Q)	4.75%	8.48%	07/2032	10,010		9,944		9,478
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.00%	8.64%	12/2030	3,263		3,203		3,259
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	7.73%	02/2032	6,265		6,242		6,160
Secure Acquisition, Inc.	Packaging	SOFR(M)	3.75%	7.39%	12/2028	2,587		2,585		2,589
SonarSource Financing, LLC	Software	SOFR(Q)	4.50%	8.18%	12/2030	6,967		6,870		6,497
Sovos Compliance, LLC (fka Taxware, LLC)	Software	SOFR(M)	3.25%	6.89%	08/2029	6,677		6,630		6,276
Spring Education Group, Inc.	Education	SOFR(Q)	3.25%	6.98%	10/2030	10,102		10,023		10,094
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.00%	10.67%	04/2030	6,983		6,744		6,764
Storable, Inc.	Software	SOFR(M)	3.25%	6.89%	04/2031	5,561		5,535		4,991
Summit Acquisition Inc.	Business Services	SOFR(M)	3.50%	7.14%	10/2031	746		744		747
Sword Purchaser, LLC	Packaging	SOFR(M)	4.00%	7.64%	04/2033	2,840		2,701		2,775
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.26%	12/2027	3,630		3,628		2,394
Team.blue Finco SARL	Software	SOFR(Q)	3.25%	6.98%	07/2032	7,184		7,170		6,887
Tegra118 Wealth Solutions, Inc.	Financial Services & Technology	SOFR(Q)	4.00%	7.67%	01/2033	7,322		7,266		7,354
Tempo Acquisition, LLC	Business Services	SOFR(M)	1.75%	5.39%	08/2028	1,148		967		974
Therapy Brands Holdings LLC	Healthcare	SOFR(Q)	4.00%	7.93%	05/2028	5,816		5,806		5,388
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	7.98%	08/2028	8,573		8,569		8,489
Tricorbraun Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.89%	03/2031	7,045		7,022		6,609
UKG Inc.	Software	SOFR(Q)	2.25%	5.91%	02/2031	3,437		3,377		3,245
US Fertility Enterprises, LLC	Healthcare	SOFR(Q)	3.25%	6.98%	12/2032	4,785		4,762		4,806
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	8.89%	10/2028	6,943		6,979		6,951
Valcour Packaging, LLC	Packaging	SOFR(M)	3.75%	7.50%	10/2028	2,337		2,337		1,873
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	7.64%	10/2031	7,705		7,686		7,274
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	7.48%	07/2029	7,045		7,038		6,935
VT Topco, Inc.	Business Services	SOFR(M)	3.00%	6.64%	08/2030	7,328		7,227		7,200
Xplor T1, LLC	Financial Services & Technology	SOFR(Q)	3.25%	6.91%	12/2032	12,505		12,456		11,505
Zelis Cost Management Buyer, Inc.	Healthcare	SOFR(M)	3.25%	6.89%	11/2031	12,331		12,333		12,058
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	8.92%	02/2028	3,864		3,808		3,864
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.32%	03/2028	9,564		9,500		9,457
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.32%	03/2028	2,103		2,088		2,079







Total Funded Investments						$	668,783	$	663,539	$	625,062
Unfunded Investments - First lien
Citrin Cooperman Advisors LLC	Financial Services & Technology	—	—	—	04/2027	$	1,364	$	(14)	$	(48)
Cohnreznick Advisory LLC	Financial Services & Technology	—	—	—	03/2027	336		(1)		(7)
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	764		—		(13)
US Fertility Enterprises, LLC	Healthcare	—	—	—	12/2027	244		(1)		1
Total Unfunded Investments						$	2,708	$	(16)	$	(67)
Total Investments						$	671,491	$	663,523	$	624,995

(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

(3)Investment is on non-accrual status as of June 30, 2026.

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The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2025:


Portfolio Company and Type of Investment	Industry (3)	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
Accelya Lux Finco S.a r.l.	Business Services	SOFR(Q)	5.25%	8.92%	10/2032	$	10,498	$	10,292	$	10,466
ADG, LLC	Healthcare	SOFR(Q)	1.00% +3.00%/PIK	7.82%	09/2026	18,217		18,215		14,574
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	7.58%	12/2027	1,795		1,792		1,708
AmSpec Parent, LLC	Energy	SOFR(Q)	3.50%	7.17%	12/2031	5,519		5,514		5,547
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.07%	08/2028	9,593		9,542		9,622
Asurion, LLC	Business Services	SOFR(M)	4.25%	7.97%	09/2030	1,809		1,759		1,811
Asurion, LLC	Business Services	SOFR(M)	4.25%	7.97%	09/2030	992		979		994
athenahealth Group Inc.	Healthcare	SOFR(M)	2.75%	6.47%	02/2029	4,722		4,717		4,737
Bach Finance Limited	Education	SOFR(Q)	2.75%	6.57%	01/2032	1,595		1,592		1,602
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	6.97%	12/2030	8,509		8,473		8,434
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.00%	6.72%	05/2028	1,737		1,736		1,746
Berlin Packaging L.L.C.	Packaging	SOFR(M)	3.25%	7.11%	06/2031	4,927		4,930		4,944
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.25%	6.97%	05/2028	6,611		6,585		6,664
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	6.82%	07/2031	5,216		5,205		5,208
BradyPLUS Holdings, LLC	Distribution & Logistics	SOFR(Q)	3.50%	7.15%	12/2032	3,650		3,596		3,618
BW Holding, Inc.	Packaging	SOFR(Q)	6.50%	10.34%	12/2030	445		441		454
Capstone Borrower, Inc.	Software	SOFR(Q)	2.75%	6.40%	06/2030	1,989		1,979		1,991
Cardinal Parent, Inc.	Financial Services & Technology	SOFR(Q)	4.50%	8.32%	11/2027	7,046		6,947		6,898
Chrysaor Bidco S.a r.l.	Financial Services & Technology	SOFR(Q)	3.25%	7.14%	10/2031	1,561		1,561		1,574
Citrin Cooperman Advisors LLC	Financial Services & Technology	SOFR(Q)	3.00%	6.67%	04/2032	4,179		4,173		4,196
Cleanova US Holdings LLC	Business Products	SOFR(Q)	4.75%	8.48%	06/2032	11,973		11,846		11,973
Cloudera, Inc.	Software	SOFR(M)	3.75%	7.57%	10/2028	9,625		9,524		9,247
Clydesdale Acquisition Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.97%	04/2032	5,521		5,523		5,525
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)	3.50%	7.17%	03/2032	5,475		5,463		5,513
Confluence Technologies, Inc.	Software	SOFR(Q)	3.75%	7.57%	07/2028	9,600		9,579		8,058
Confluence Technologies, Inc.	Software	SOFR(Q)	5.00%	8.85%	07/2028	943		942		943
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	7.83%	11/2028	3,082		3,074		2,758
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.00%	6.67%	02/2029	6,740		6,723		6,799
ConnectWise, LLC	Software	SOFR(Q)	3.50%	7.43%	09/2028	6,606		6,614		6,503
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% +3.94%/PIK	8.71%	07/2029	3,509		3,466		2,562
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	7.58%	10/2028	1,809		1,805		1,668
CVET Midco 2, L.P.	Distribution & Logistics	SOFR(Q)	5.00%	8.67%	10/2029	6,522		6,402		5,879
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	6.72%	07/2031	10,376		10,333		10,402
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	7.47%	07/2032	7,283		7,264		7,310
Disco Parent, Inc.	Software	SOFR(Q)	3.25%	7.07%	08/2032	4,625		4,614		4,660
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.61%	10/2029	9,227		8,958		8,889
EAB Global, Inc.	Education	SOFR(M)	3.00%	6.72%	08/2030	6,876		6,801		6,131
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	7.92%	04/2029	8,844		8,753		8,878
Eisner Advisory Group LLC	Financial Services & Technology	SOFR(M)	4.00%	7.72%	02/2031	4,976		4,937		5,017
Embecta Corp.	Healthcare	SOFR(M)	3.00%	6.72%	03/2029	1,684		1,688		1,689
Finastra USA, Inc.	Financial Services & Technology	SOFR(Q)	4.00%	7.72%	09/2032	8,255		8,181		8,097
First Advantage Holdings, LLC	Business Services	SOFR(M)	2.75%	6.47%	10/2031	1,777		1,759		1,762
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.35%	03/2028	9,955		9,924		9,315

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Portfolio Company and Type of Investment	Industry (3)	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

FNZ Group Entities Limited	Financial Services & Technology	SOFR(Q)	5.00%	8.90%	11/2031	$	7,216	$	7,088	$	5,742
Forgent Intermediate IV LLC	Business Products	SOFR(M)	3.25%	6.90%	12/2032	8,118		8,037		8,077
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	7.85%	08/2028	10,930		10,852		10,105
Groundworks, LLC	Business Services	SOFR(M)	3.00%	6.73%	03/2031	6,452		6,297		6,492
Heartland Dental, LLC	Healthcare	SOFR(M)	3.75%	7.47%	08/2032	9,910		9,886		9,963
Help/Systems Holdings, Inc.	Software	SOFR(Q)	6.00%	9.97%	05/2029	6,047		6,039		5,494
HIG Operations Holdings, Inc.	Business Services	SOFR(M)	4.50%	8.22%	06/2031	7,123		7,123		7,123
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.07%	04/2029	8,172		7,975		7,233
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.02%	08/2028	9,702		9,595		9,472
Jones DesLauriers Insurance Management Inc.	Business Services	SOFR(Q)	3.00%	6.65%	02/2033	1,711		1,707		1,715
Kaseya Inc.	Software	SOFR(M)	3.00%	6.72%	03/2032	8,152		8,135		8,169
Kestra Advisor Services Holdings A, Inc.	Financial Services & Technology	SOFR(M)	3.00%	6.72%	03/2031	2,280		2,277		2,287
KnowBe4, Inc.	Education	SOFR(Q)	3.75%	7.59%	07/2032	8,761		8,762		8,778
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.17%	03/2032	10,197		10,144		10,010
LTR Intermediate Holdings, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.75%	7.40%	12/2032	5,041		5,016		5,061
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.00%	6.93%	11/2030	2,019		1,996		2,032
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.00%	6.72%	05/2028	8,493		8,473		8,533
MED ParentCo, LP	Healthcare	SOFR(M)	3.00%	6.72%	04/2031	7,291		7,259		7,321
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	7.84%	12/2028	3,829		3,829		3,843
Neon Maple Purchaser Inc.	Financial Services & Technology	SOFR(M)	2.50%	6.22%	11/2031	1,477		1,483		1,481
Nexus Buyer LLC	Financial Services & Technology	SOFR(M)	4.00%	7.72%	07/2031	8,909		8,864		8,855
Nielsen Consumer, Inc.	Business Services	SOFR(M)	2.25%	5.97%	10/2030	3,682		3,504		3,692
Oceankey (U.S.) II Corp.	Software	SOFR(M)	3.50%	7.32%	12/2028	9,239		9,243		9,126
Orbit Private Holdings I Ltd	Financial Services & Technology	SOFR(S)	3.75%	7.55%	12/2031	5,785		5,763		5,816
Orion Advisor Solutions, Inc.	Financial Services & Technology	SOFR(Q)	3.25%	6.90%	09/2030	955		956		962
Orion Midco Ltd	Financial Services & Technology	SOFR(Q)	3.50%	7.43%	10/2032	5,237		5,231		5,267
Osaic Holdings, Inc.	Financial Services & Technology	SOFR(S)	3.00%	6.60%	07/2032	8,883		8,861		8,930
Osmose Utilities Services, Inc.	Specialty Chemicals & Materials	SOFR(M)	3.25%	7.08%	06/2028	8,875		8,543		8,742
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.00%	6.72%	05/2031	2,829		2,819		2,850
OVG Business Services, LLC	Business Services	SOFR(M)	3.00%	6.72%	06/2031	1,763		1,755		1,769
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.25%	7.09%	02/2029	5,679		5,436		5,150
Perforce Software, Inc.	Software	SOFR(M)	4.75%	8.47%	03/2031	3,198		3,186		2,715
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	9.67%	12/2029	1,784		1,740		1,492
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% +2.50%/PIK	7.82%	12/2029	2,120		2,109		1,022
Pioneer AcquisitionCo, LLC	Business Services	SOFR(Q)	3.25%	6.94%	10/2032	5,046		5,033		5,074
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.17%	12/2027	7,940		7,876		7,641
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	6.92%	10/2030	9,708		9,561		9,704
Pushpay USA Inc.	Financial Services & Technology	SOFR(S)	3.75%	7.62%	08/2031	8,853		8,858		8,858
Quartz AcquireCo, LLC	Business Services	SOFR(Q)	2.25%	5.92%	06/2030	1,477		1,472		1,477
RealPage, Inc.	Software	SOFR(Q)	3.00%	6.93%	04/2028	1,940		1,938		1,941
RealPage, Inc.	Software	SOFR(Q)	3.75%	7.42%	04/2028	1,985		1,978		1,994
Rithum Holdings, Inc. (fka CommerceHub, Inc.)	Software	SOFR(Q)	4.75%	8.42%	07/2032	10,061		9,990		10,076
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	7.67%	02/2032	10,597		10,527		10,553

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Portfolio Company and Type of Investment	Industry (3)	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)


RxB Holdings, Inc.	Healthcare	SOFR(M)	5.00%	8.65%	12/2030	$	3,283	$	3,218	$	3,246
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	7.67%	02/2032	6,110		6,083		6,134
Secure Acquisition, Inc.	Packaging	SOFR(Q)	3.75%	7.42%	12/2028	330		331		333
SonarSource Financing, LLC	Software	SOFR(M)	4.50%	8.15%	12/2030	7,100		6,994		7,029
Sovos Compliance, LLC (fka Taxware, LLC)	Software	SOFR(M)	3.25%	6.97%	08/2029	5,561		5,566		5,584
Spring Education Group, Inc.	Education	SOFR(Q)	3.25%	6.92%	10/2030	10,154		10,066		10,225
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	9.40%	07/2026	4,940		4,902		4,868
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	11.40%	07/2026	2,225		2,210		2,225
Storable, Inc.	Software	SOFR(M)	3.25%	6.97%	04/2031	3,820		3,818		3,843
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.44%	12/2027	3,650		3,646		3,109
Team.blue Finco SARL	Software	SOFR(Q)	3.25%	6.92%	07/2032	7,220		7,205		7,267
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	7.83%	05/2028	5,847		5,834		5,412
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	7.92%	08/2028	8,617		8,612		8,602
TransDigm Inc.	Manufacturing	SOFR(M)	2.50%	6.22%	08/2032	1,477		1,481		1,485
TransDigm Inc.	Manufacturing	SOFR(M)	2.50%	6.22%	02/2031	886		889		891
TRC Companies LLC	Business Services	SOFR(M)	3.00%	6.72%	12/2028	5,332		5,318		5,355
Tricorbraun Holdings, Inc.	Packaging	SOFR(M)	3.25%	6.97%	03/2031	7,082		7,057		6,876
US Fertility Enterprises, LLC	Healthcare	SOFR(M)	3.50%	7.22%	12/2032	4,378		4,356		4,400
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	8.99%	10/2028	1,641		1,629		1,660
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% +2.25%/PIK	7.60%	10/2028	2,311		2,311		1,804
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	7.72%	10/2031	7,745		7,724		7,680
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	7.42%	07/2029	7,082		7,074		7,082
VT Topco, Inc.	Business Services	SOFR(M)	3.00%	6.87%	08/2030	6,865		6,769		6,781
Xplor T1, LLC	Financial Services & Technology	SOFR(Q)	3.50%	7.29%	12/2032	12,569		12,516		12,600
Zelis Cost Management Buyer, Inc.	Healthcare	SOFR(M)	3.25%	6.97%	11/2031	12,394		12,395		12,316
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.11%	02/2028	3,884		3,822		3,884
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.52%	03/2028	9,625		9,543		9,625
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.52%	03/2028	2,116		2,098		2,116
Total Funded Investments						$	659,603	$	654,884	$	641,435
Unfunded Investments - First lien
Citrin Cooperman Advisors LLC	Financial Services & Technology	—	—	—	04/2027	$	1,364	$	(14)	$	6
Cohnreznick Advisory LLC	Financial Services & Technology	—	—	—	03/2027	791		(3)		5
HIG Operations Holdings, Inc.	Business Services	—	—	—	09/2026	1,236		—		—
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	742		—		3
US Fertility Enterprises, LLC	Healthcare	—	—	—	12/2027	663		—		3
Total Unfunded Investments						$	4,796	$	(17)	$	17
Total Investments						$	664,399	$	654,867	$	641,452

(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

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Below is certain summarized consolidated financial information for SLP IV as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:


Selected Consolidated Balance Sheet Information:	June 30, 2026		December 31, 2025
Investments at fair value (cost of $663,523 and $654,867, respectively)	$	624,995	$	641,452
Cash and other assets	19,550		31,324
Receivable from unsettled securities sold	2,963		—
Total assets	$	647,508	$	672,776

Credit facility	$	534,137	$	471,737
Deferred financing costs (net of accumulated amortization of $4,863 and $4,022, respectively)	(3,603)		(4,444)
Distribution payable	4,290		66,866
Payable for unsettled securities purchased	3,385		4,826
Other liabilities	8,372		6,978
Total liabilities	546,581		545,963

Members' capital	$	100,927	$	126,813
Total liabilities and members' capital	$	647,508	$	672,776


Selected Consolidated Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Interest income	$	13,109	$	9,906	$	25,688	$	19,983
Other income	137		61		301		91
Total investment income	13,246		9,967		25,989		20,074

Interest and other financing expenses	8,223		5,053		16,011		10,185
Other expenses	319		193		610		415
Total expenses	8,542		5,246		16,621		10,600


Net investment income	4,704		4,721		9,368		9,474

Net realized (losses) gains on investments	(604)		89		(1,025)		(140)
Net change in depreciation of investments	(4,907)		(1,343)		(25,113)		(5,106)
Net (decrease) increase in members' capital	$	(807)	$	3,467	$	(16,770)	$	4,228

For the three and six months ended June 30, 2026, the Company earned approximately $3,372 and $7,166, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and six ended June 30, 2025, the Company earned approximately $3,794 and $7,728, respectively, of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2026 and December 31, 2025, approximately $3,372 and $3,794, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 1-02(w)(2), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis

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performed under Rule 10-01(b)(1). As of June 30, 2026, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

Note 4. Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

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quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of June 30, 2026:


	Total		Level I		Level II		Level III
First lien	$	1,453,636	$	—	$	59,462	$	1,394,174
Second lien	74,299		—		1,308		72,991
Subordinated	98,429		—		—		98,429
Structured Finance Obligations	3,191		—		—		3,191
Equity and other	660,250		—		—		660,250
Total investments	$	2,289,805	$	—	$	60,770	$	2,229,035

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	1,818,215	$	—	$	43,579	$	1,774,636
Second lien	91,179		—		—		91,179
Subordinated	121,487		—		—		121,487
Structured Finance Obligations	3,277		—		—		3,277
Equity and other	707,855		—		—		707,855
Total investments	$	2,742,013	$	—	$	43,579	$	2,698,434

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, March 31, 2026	$	2,242,253	$	1,435,322	$	73,098	$	93,449	$	3,186	$	637,198
Total gains or losses included in earnings:
Net realized losses on investments	(44,942)		(12,497)		(7,956)		—		—		(24,489)
Net change in unrealized appreciation (depreciation) of investments	38,284		3,487		7,409		(3)		5		27,386
Purchases, including capitalized PIK and revolver fundings	114,753		83,857		663		7,738		—		22,495
Proceeds from sales and paydowns of investments(1)	(138,955)		(127,487)		(6,373)		—		—		(5,095)
Transfers into Level III(2)(3)	20,397		11,492		6,150		—		—		2,755
Transfers out of Level III(2)(3)	(2,755)		—		—		(2,755)		—		—

Fair Value, June 30, 2026	$	2,229,035	$	1,394,174	$	72,991	$	98,429	$	3,191	$	660,250
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(5,277)	$	(8,151)	$	(463)	$	(3)	$	4	$	3,336

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

(3)Includes reclassification of investment type to a claim.

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, March 31, 2025	$	2,956,224	$	1,929,645	$	125,004	$	104,948	$	3,232	$	793,395
Total gains or losses included in earnings:
Net realized gains (losses) on investments	13,405		30		(501)		—		—		13,876
Net change in unrealized (depreciation) appreciation of investments	(34,500)		(5,909)		(690)		12		17		(27,930)
Purchases, including capitalized PIK and revolver fundings(1)	135,748		126,657		—		3,026		—		6,065
Proceeds from sales and paydowns of investments(1)	(159,810)		(123,057)		(4,386)		—		—		(32,367)
Transfers into Level III(2)	9,196		—		9,196		—		—		—

Fair Value, June 30, 2025	$	2,920,263	$	1,927,366	$	128,623	$	107,986	$	3,249	$	753,039
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(22,375)	$	(5,819)	$	(690)	$	10	$	17	$	(15,893)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2025	$	2,698,434	$	1,774,636	$	91,179	$	121,487	$	3,277	$	707,855
Total gains or losses included in earnings:
Net realized losses on investments	(75,632)		(39,858)		(7,956)		(2,089)		—		(25,729)
Net change in unrealized (depreciation) appreciation of investments	977		(18,321)		2,406		(3,947)		(86)		20,925
Purchases, including capitalized PIK and revolver fundings	228,573		177,674		2,869		11,046		—		36,984
Proceeds from sales and paydowns of investments(1)	(632,296)		(518,070)		(6,373)		(25,313)		—		(82,540)
Transfers into Level III(2)(3)	27,018		18,113		6,150		—		—		2,755
Transfers out of Level III(2)(3)	(18,039)		—		(15,284)		(2,755)		—		—

Fair Value, June 30, 2026	$	2,229,035	$	1,394,174	$	72,991	$	98,429	$	3,191	$	660,250
Net change in unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(42,280)	$	(27,328)	$	(8,143)	$	(176)	$	(86)	$	(6,547)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

(3)Includes reclassification of investment type to a claim.

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The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2024	$	2,987,078	$	1,902,610	$	150,334	$	102,034	$	—	$	832,100
Total gains or losses included in earnings:
Net realized gains (losses) on investments	51,071		97		(2,732)		—		—		53,706
Net change in unrealized (depreciation) appreciation of investments	(82,280)		(6,620)		(829)		175		17		(75,023)
Purchases, including capitalized PIK and revolver fundings(1)	339,322		252,412		4,255		5,777		—		76,878
Proceeds from sales and paydowns of investments(1)	(387,368)		(221,133)		(31,613)		—		—		(134,622)
Transfers into Level III(2)	12,440		—		9,208		—		3,232		—

Fair Value, June 30, 2025	$	2,920,263	$	1,927,366	$	128,623	$	107,986	$	3,249	$	753,039
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(29,928)	$	(6,481)	$	(1,117)	$	173	$	17	$	(22,520)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three and six months ended June 30, 2026 and June 30, 2025. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.

The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

The Company generally uses the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company’s debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company’s debt

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investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of June 30, 2026 and December 31, 2025, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of June 30, 2026 and December 31, 2025, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2026 were as follows:


					Range
Type	Fair Value as of June 30, 2026		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,378,905	Market & Income Approach	EBITDA multiple	6.0x		22.0x		13.3x
				Revenue multiple	2.0x		10.0x		5.9x
				Discount rate	6.5	%	57.3	%	11.1	%

	15,269		Other	N/A(2)	N/A		N/A		N/A
Second lien	72,991		Market & Income Approach	EBITDA multiple	10.0x		16.0x		13.8x

				Discount rate	10.0	%	160.2	%	21.7	%

			Other	N/A(2)	N/A		N/A		N/A
Subordinated	93,755		Market & Income Approach	EBITDA multiple	7.5x		20.0x		12.8x
				Discount rate	12.7	%	19.5	%	16.4	%
	4,674		Other	N/A(2)	N/A		N/A		N/A
Structured Finance Obligations	3,191		Income Approach	Discount Rate	11.1	%	11.1	%	11.1	%
Equity and other	263,639		Market & Income Approach	EBITDA multiple	6.0x		21.4x		11.0x
				Revenue multiple	6.5x		8.5x		7.0x
				Discount rate	8.9	%	51.6	%	24.0	%
	384,812		Income Approach	Discount rate	6.4	%	14.3	%	11.1	%


	11,799		Other	N/A(2)	N/A		N/A		N/A
	$	2,229,035

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:


					Range
Type	Fair Value as of December 31, 2025		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,765,624	Market & income approach	EBITDA multiple	5.0x		31.3x		14.3x
				Revenue multiple	4.0x		19.5x		10.3x
				Discount rate	6.1	%	21.6	%	9.1	%

	9,012		Other	N/A(2)	N/A		N/A		N/A
Second lien	84,722		Market & income approach	EBITDA multiple	14.0x		18.0x		16.0x

				Discount rate	9.4	%	15.8	%	13.5	%

	6,457		Other	N/A(2)	N/A		N/A		N/A
Subordinated	121,487		Market & income approach	EBITDA multiple	7.0x		20.0x		13.4x
				Discount rate	11.7	%	18.9	%	14.1	%
Structured Finance Obligations	3,277		Income approach	Discount rate	10.5	%	10.5	%	10.5	%
Equity and other	320,328		Market & income approach	EBITDA multiple	5.5x		21.7x		11.7x
				Revenue multiple	8.5x		10.5x		9.0x
				Discount rate	9.3	%	20.2	%	11.7	%
	387,527		Income approach	Discount rate	6.3	%	15.7	%	11.4	%





	$	2,698,434

(1)Unobservable inputs were weighted by the relative fair value of the investments.

The carrying value of the collateralized agreement approximates fair value as of June 30, 2026 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

The June 2027 Notes, Holdings Credit Facility, SBA-guaranteed debentures and NMFC Credit Facility are considered Level III investments. The fair value of the November 2028 Notes, the February 2029 Notes the October 2027 Notes are based on quoted prices and are considered Level II securities. See Note 7. Borrowings, for details.

The following are the principal amounts and fair values of the Company’s borrowings as of June 30, 2026 and December 31, 2025. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.


	As of
	June 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Unsecured Notes	$	790,000	$	792,877	$	990,000	$	1,002,356
Holdings Credit Facility	378,146		376,345		420,063		419,981
SBA-guaranteed debentures	169,255		143,610		196,205		175,141
NMFC Credit Facility (1)	30,356		30,305		81,074		81,097
Total Borrowings	$	1,367,757	$	1,343,137	$	1,687,342	$	1,678,575

(1) As of June 30, 2026, the principal amount of the NMFC Credit Facility was $30,356, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of June 30, 2026, the fair value of the NMFC Credit Facility was $30,305, which included €16,484 denominated in EUR and £8,653 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the principal amount of the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the fair value of the NMFC Credit Facility was

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$81,097, which included €16,479 denominated in EUR and £8,651 denominated in GBP that has been translated to U.S. dollars.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of June 30, 2026. The Company's derivative instruments are considered Level II investments.


	As of June 30, 2026						As of December 31, 2025
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives in fair value hedging relationships:
Interest rate swaps	$	600,000	$	34	$	(2,968)	$	600,000	$	5,647	$	(366)
Total derivatives designated as hedging instruments	600,000		34		(2,968)		600,000		5,647		(366)
Total derivatives	600,000		34		(2,968)		600,000		5,647		(366)
Total net derivatives(1)	$	600,000	$	—	$	(2,934)	$	600,000	$	5,281	$	—

(1)As of June 30, 2026, the Company had a net derivative liability at fair value subject to such enforceable master netting arrangement in the amount of $2,934 and a collateral balance of $7,490, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,281 and a collateral balance $14,630, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of June 30, 2026 and December 31, 2025, if the Company had elected to offset, the net amount would be $0 and $0, respectively.

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements

The Company entered into an investment advisory and management agreement (as amended from time to time, the “Investment Management Agreement”) with the Investment Adviser, which was most recently re-approved by the Company's board of directors on February 11, 2026, for a period of 12 months commencing on March 1, 2026. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement (“Amendment No. 1”). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets. On January 29, 2025, the Company entered into Amendment No. 2 to the Investment Management Agreement ("Amendment No. 2"), the sole purpose of which was to reduce the base management fee from 1.4% of the Company's gross assets to 1.25% of the Company's gross assets.

Pursuant to Amendment No. 1, prior to January 29, 2025, the base management fee was calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. Pursuant to Amendment No. 2, as of January 29, 2025, the base management fee is calculated at an annual rate of 1.25% of the Company's gross assets. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. To the extent the Company invests in derivatives, the Company uses the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

The Company entered into a fee waiver agreement, dated March 31, 2021, as subsequently amended on November 2, 2021 and August 3, 2023, pursuant to which, effective as of and for the quarter ended March 31, 2021 through the quarter ended December 31, 2024, the Investment Adviser waived base management fees in order to reach a target base management fee of 1.25% on gross assets. Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment

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Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three and six months ended June 30, 2026, no management fees were waived. For the three and six months ended June 30, 2025, management fees waived were $0 and approximately $288, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of June 30, 2026), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company’s incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:

•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").

•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.

The Investment Adviser can voluntarily agree to waive a portion of the incentive fee that would otherwise have been earned during the period. The incentive fee waiver is made at the sole discretion of the Investment Adviser and is not required by any contractual or regulatory obligation. For the three and six months ended June 30, 2026, incentive fees waived were approximately $1,442 and $7,545, respectively. For the three and six months June 30, 2025, incentive fees waived were approximately $2,586 and $4,120, respectively.

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

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The following table summarizes the management fees and incentive fees incurred by the Company for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Management fee	$	7,414	$	9,759	$	15,568	$	19,992
Less: management fee waiver	—		—		—		(288)
Total net management fee	7,414		9,759		15,568		19,704
Incentive fee, excluding accrued capital gains incentive fees	5,766		7,971		11,869		16,218
Less: incentive fee waiver	(1,442)		(2,586)		(7,545)		(4,120)
Total net incentive fee	$	4,324	$	5,385	$	4,324	$	12,098
Accrued capital gains incentive fees(1)	$	—	$	—	$	—	$	—

(1)As of June 30, 2026 and June 30, 2025, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on February 11, 2026 for a period of 12 months commencing on March 1, 2026. The Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2026, approximately $558 and $1,156, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. For the three and six months ended June 30, 2025, approximately $705 and $1,345, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of June 30, 2026 and December 31, 2025, approximately $580 and $610, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, 2026, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets. For the three and six months ended June 30, 2025, the reimbursement to the Administrator represented approximately 0.02% and 0.04%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.

Note 6. Related Parties

The Company has entered into a number of business relationships with affiliated or related parties.

The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment

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Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser originally agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2024. Following the expiration of the Fee Waiver Agreement, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. See Note 5. Agreements, for details.

The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.

The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Investment Adviser and certain of its affiliates, were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the board of directors and other conditions. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Exemptive Order”) by the SEC, that replaces the prior exemptive relief, for the Company to co-invest with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the board of directors make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis. Pursuant to the Exemptive Order, the board of directors will oversee the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company’s Chief Compliance Officer will provide reporting to the board of directors.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

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On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C. (the "Uncommitted Revolving Loan Agreement" and the facility thereunder, the "Unsecured Management Company Revolver"), which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings thereunder from $50,000 to $100,000, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate (as defined in the Uncommitted Revolving Loan Agreement). On October 27, 2025, we entered into the Third Amended and Restated

Uncommitted Revolving Loan Agreement which extended the maturity date from December 31, 2027 to December 31, 2030. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).

NMFC and SBIC I are parties to an intercompany promissory note (the "Intercompany Note"). The Intercompany Note had an initial principal balance of $59,000 and the purpose is to fund the repayment of the SBA guaranteed-debentures issued by SBIC I. Under the terms of the Intercompany Note, no fees or interest are payable to NMFC. For the purposes of the consolidated financial statements, all balances and transactions related to the Intercompany Note are eliminated. As of June 30, 2026, the Intercompany Note had a principal balance of $27,200.

Note 7. Borrowings

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures issued by SBIC I, SBIC II and SBIC III, if any, from the definition of "senior security" for the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of June 30, 2026, the Company’s asset coverage ratio was 186.2%.

Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on March 12, 2026, the maturity date of the Holdings Credit Facility is March 12, 2031, and the maximum facility amount is the lesser of the actual commitments of the lenders to make advances as of such date and the commitment amount. As of the amendment on March 12, 2026, the commitment amount is $450,000 from March 12, 2026 to October 26, 2026 and $350,000 from October 26, 2026 to March 12, 2031.

As of June 30, 2026, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $450,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on March 12, 2026, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.85% per annum. From March 28, 2025 to March 11, 2026, the Holdings Credit Facility bore interest at a rate of SOFR plus 1.95% per annum. From July 29, 2024 to March 27, 2025, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.15% per annum. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	5,210		$	3,982		$	11,650		$	9,015
Non-usage fee	$	91		$	730		$	368		$	1,308
Amortization of financing costs	$	523		$	667		$	2,712		$	1,244
Weighted average interest rate	5.5		%	6.3		%	5.5		%	6.5		%
Effective interest rate	6.2		%	8.6		%	7.1		%	8.3		%
Average debt outstanding	$	376,974		$	251,167		$	418,304		$	280,737

As of June 30, 2026 and December 31, 2025, the outstanding balance on the Holdings Credit Facility was $378,146 and $420,063, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.

NMFC Credit Facility—The Second Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated September 30, 2024, among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, and the Lenders, as outlined in the RCA (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment and restatement on September 30, 2024, the maturity date for the Extending Lenders (as defined in the RCA) of the NMFC Credit Facility is September 28, 2029. The maturity date for Non-Extending Lenders was June 4, 2026, prior to the full repayment and termination of the Non-Extending Lenders (as defined in the RCA) on May 7, 2025.

As of June 30, 2026, the maximum amount of revolving borrowings available under the NMFC Credit Facility is $527,100. As of the amendment and restatement on September 30, 2024, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $638,500, of which $527,100 had been committed by Extending Lenders and $111,400 had been committed by Non-Extending Lenders. On May 7, 2025, all outstanding borrowings attributed to the Non-Extending Lenders were fully repaid and the $111,400 committed by Non-Extending Lenders was terminated. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the amendment and restatement on September 30, 2024, the NMFC Credit Facility generally bears interest at a rate of SOFR or SONIA, plus any applicable credit spread adjustment, or EURIBOR, plus any applicable credit spread adjustment, plus 1.90% per annum for Extending Lenders and 2.10% per annum for Non-Extending Lenders, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). As of the amendment on June 5, 2024, the Canadian Dollar Offered Rate was replaced with the Canadian Overnight Repo Rate Average term rate plus a credit spread adjustment as a benchmark rate for certain assets.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	351		$	383		$	1,877		$	759
Non-usage fee	$	471		$	513		$	858		$	1,087
Amortization of financing costs	$	206		$	187		$	410		$	371
Weighted average interest rate	4.5		%	5.0		%	5.2		%	5.2		%
Effective interest rate	13.4		%	14.3		%	8.8		%	15.3		%
Average debt outstanding	$	30,824		$	30,315		$	72,131		$	29,314

As of June 30, 2026, the outstanding balance on the NMFC Credit Facility was $30,356, which included €16,512 denominated in Euro ("EUR") and £8,666 denominated in British Pound Sterling ("GBP") that has been translated to U.S.

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dollars. As of December 31, 2025, the outstanding balance on the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars.

Unsecured Management Company Revolver—The Unsecured Management Company Revolver, is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on October 27, 2025, the maturity date of the Unsecured Management Company Revolver is December 31, 2030.

As of the amendment on October 31, 2023, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. On October 31, 2023, the Company entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings available thereunder from $50,000 to $100,000. As of June 30, 2026, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $100,000 and no borrowings were outstanding. For the three and six months ended June 30, 2026, amortization of financing costs were $2 and $3, respectively. For the three and six months ended June 30, 2025, amortization of financing costs were $1 and $2, respectively.

2022 Convertible Notes — On November 2, 2022, the Company closed a private offering of $200,000 aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, the Company issued an additional $60,000 aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200,000 aggregate principal amount of the 2022 Convertible Notes that the Company issued in November 2022.

On January 21, 2025, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 21, 2025, up to $260,000 aggregate principal amount of the outstanding 2022 Convertible Notes for cash in an amount equal to $1.01 per $1.00 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "2022 Convertible Notes Tender Offer"). The 2022 Convertible Notes Tender Offer expired on February 19, 2025. As of the expiration of the 2022 Convertible Tender Offer, $1,216 aggregate principal amount of the 2022 Convertible Notes were validly tendered and not validly withdrawn pursuant to the 2022 Convertible Notes Tender Offer. The Company accepted for purchase all of the 2022 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the 2022 Convertible Notes Tender Offer. Following settlement of the 2022 Convertible Notes Tender Offer on February 24, 2025, approximately $258,784 aggregate principal amount of the 2022 Convertible Notes remained outstanding. On June 27, 2025, the Company was notified that $7 of aggregate principal amount of the 2022 Convertible Notes were being converted to 514 shares of common stock at a conversion price of $13.61 per share, with the transaction settling on July 2, 2025.

The 2022 Convertible Notes matured on October 15, 2025, pursuant to the terms of the 2018C Indenture. The Company could not redeem the 2022 Convertible Notes prior to July 15, 2025. Prior to their maturity, on or after July 15, 2025, the 2022 Convertible Notes were redeemable for cash, in whole or from time to time in part, at the Company's option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

Prior to the maturity of the 2022 Convertible Notes, the conversion rate was be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, were subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event would the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company had determined that the embedded conversion option in the 2022 Convertible Notes was not required to be separately accounted for as a derivative under GAAP.

The 2022 Convertible Notes were unsecured obligations and ranked senior in right of payment to the Company’s existing and future indebtedness, if any, that was expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that was not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secured) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

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The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2022 Convertible Notes for the three and six months ended June 30, 2025:


	Three Months Ended				Six Months Ended
		June 30, 2025(1)				June 30, 2025(1)
Interest expense		$	4,853			$	9,718
Amortization of financing costs		$	426			$	852
Amortization of premium		$	(28)			$	(45)
Weighted average interest rate		7.5		%		7.5		%
Effective interest rate		8.1		%		8.1		%
Average debt outstanding		$	258,784			$	259,147

(1)On October 15, 2025, the 2022 Convertible Notes matured and were repaid.

Unsecured Notes

On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes with a maturity of April 30, 2024 (the "April 2024 Notes") pursuant to an amended and restated note purchase agreement, dated September 30, 2016, (the "NPA") and a fourth supplement to the NPA (the "Fourth Supplement"). On February 5, 2024, the Company fully repaid $116,500 in aggregate principal amount of issued and outstanding April 2024 Notes. On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that matured on January 29, 2026 (the "January 2026 Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On January 29, 2026, the Company fully repaid $200,000 in aggregate principal amount of issued and outstanding January 2026 Notes. On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "June 2027 Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.

The April 2024 Notes bore interest at an annual rate of 5.494%. The January 2026 Notes bore interest at an annual rate of 3.875%. The June 2027 Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser.

The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.

On November 13, 2023, the Company closed a registered public offering of $115,000 in aggregate principal amount of 8.250% notes that mature on November 15, 2028 (the "November 2028 Notes"), pursuant to a base indenture and fourth supplemental indenture thereto dated November 13, 2023 (the "Fourth Supplemental Indenture") between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.

The November 2028 Notes bear interest at an annual rate of 8.250%, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The November 2028 Notes are listed on NASDAQ and trade under the trading symbol "NMFCZ".

The Company may redeem the November 2028 Notes, in whole or in part, at any time, or from time to time, at its option on or after November 15, 2025 at the redemption price of par, plus accrued interest.

No sinking fund provision is provided for the November 2028 Notes and holders of the November 2028 Notes have no option to have their November 2028 Notes repaid prior to the stated maturity date.

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On February 1, 2024, the Company issued $300,000 in aggregate principal amount of its 6.875% notes that mature on February 1, 2029 (the "February 2029 Notes") pursuant to a base indenture and fifth supplemental indenture thereto dated February 1, 2024 (the "Fifth Supplemental Indenture"). The February 2029 Notes bear interest at an annual rate of 6.875%, payable semi-annually on February 1 and August 1 of each year. The Company may redeem the February 2029 Notes, in whole or in part, at any time prior to January 1, 2029, at par plus a "make-whole" premium, and thereafter at par, plus accrued interest.

On September 26, 2024, the Company issued $300,000 in aggregate principal amount of its 6.200% notes that mature on October 15, 2027 (the "October 2027 Notes", together with the April 2024 Notes, January 2026 Notes, June 2027 Notes, November 2028 Notes and February 2029 Notes, the "Unsecured Notes") pursuant to a base indenture and sixth supplemental indenture thereto dated September 26, 2024 (together, with the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"). The October 2027 Notes bear interest at an annual rate of 6.200%, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2025. The Company may redeem the October 2027 Notes, in whole or in part, at any time prior to October 15, 2027, at par plus a "make-whole" premium and accrued interest.

On June 18, 2026, the Company entered into the seventh supplement to the NPA (the "Seventh Supplement") with certain institutional investors providing for the private placement of $150,000 in aggregate principal amount of the 2026A Notes (as defined below). The 2026A Notes will be comprised of (i) $40,000 aggregate principal amount of 7.28% Series 2026A Senior Fixed Rate Notes, Tranche A, due 2028 (the "Tranche A Notes"), (ii) $35,000 aggregate principal amount of 7.76% Series 2026A Senior Fixed Rate Notes, Tranche B, due 2031 (the "Tranche B Notes"), and (iii) $75,000 aggregate principal amount of Series 2026A Senior Floating Rate Notes, Tranche C, due 2031, which will bear interest at a rate of SOFR plus 3.66% (the "Tranche C Notes" and together with the Tranche A Notes and the Tranche B Notes, the "2026A Notes"). The closing and funding of the 2026A Notes is expected to occur on or before October 1, 2026, subject to the satisfaction of customary closing conditions. As of June 30, 2026, none of the 2026A Notes have been funded under the Note Purchase Agreement.

The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense(1)	$	13,313		$	16,199		$	27,243		$	31,594
Amortization of financing costs	$	758		$	811		$	1,535		$	1,613
Amortization of discount	$	311		$	311		$	618		$	618
Weighted average interest rate	6.7		%	6.5		%	6.6		%	6.5		%
Effective interest rate	7.3		%	7.0		%	7.2		%	6.8		%
Average debt outstanding	$	790,000		$	990,000		$	822,044		$	990,000

(1)Interest expense includes net expense recognized on fair value hedges.

As of June 30, 2026 and December 31, 2025, the outstanding balance on the Unsecured Notes was $784,045 and $991,585, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.

In connection with the issuance of the February 2029 Notes, the Company entered into an interest rate swap on March 22, 2024 with Morgan Stanley Bank N.A., in which the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.8183% on the notional amount of $300,000. In connection with the issuance of the October 2027 Notes, the Company entered into an interest rate swap on September 23, 2024 with Morgan Stanley Bank, N.A., in which the Company receives a fixed interest rate of 6.200% and pays a floating rate of one-month SOFR plus 2.882% on the notional amount of $300,000. The Company designates interest rate swaps as fair value hedges in a qualifying fair value hedge accounting relationship to mitigate risk of changes in the fair value of financial liabilities due to interest rate risk. As a result, the Company will present changes in fair value of the hedging instruments and the related hedged items in interest expense within the Company’s Consolidated Statements of Operations.

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The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. For each hedging relationship, the Company performs quarterly quantitative assessments of the hedge effectiveness to assess that the hedging relationships are highly effective in offsetting changes in fair values of hedged items and whether the relationship is expected to continue to be highly effective in the future. To the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item, the difference is recognized. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.

If a hedge relationship is de-designated or if hedge accounting is discontinued because the hedged item no longer exists, the derivative will continue to be recorded as a "Derivative asset at fair value" or "Derivative liability at fair value" in the Consolidated Statements of Assets and Liabilities at its fair value, with changes in fair value recognized in net change in unrealized appreciation (depreciation).

The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative	$	(43)	$	(1,074)	$	(36)	$	(2,002)
(Losses) gains recognized on derivative	(3,955)		4,545		(8,214)		11,717
Gains (losses) recognized on hedged item	3,969		(4,449)		8,157		(10,866)
Net expense recognized on fair value hedge	$	(29)	$	(978)	$	(93)	$	(1,151)

The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of June 30, 2026 and December 31, 2025.


	As of
	June 30, 2026				December 31, 2025
Description	Carrying Value		Cumulative Amount of Basis Adjustment		Carrying Value		Cumulative Amount of Basis Adjustment
February 2029 Notes	$	297,729	$	661	$	303,000	$	(4,918)
October 2027 Notes	$	296,317	$	2,874	$	298,585	$	296

The Company’s derivative instrument contracts are subject to ISDA Master Agreements which contain certain covenants and other provisions upon the occurrence of specific credit-risk-related events which may allow the counterparties to terminate derivatives contracts if the Company fails to maintain sufficient asset coverage for its derivative contracts or upon certain credit events. As a result, the hedging relationship terminates and is immediately accelerated and deemed payable pursuant to the ISDA Master Agreement.

The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a net liability position on June 30, 2026 was $2,934 and a net asset position on December 31, 2025 was $5,281, respectively, for which Morgan Stanley Bank N.A. had posted collateral of $7,490 and $14,630, respectively. The Company does not have any derivatives that are not designated as hedging instruments.

SBA-guaranteed debentures—On August 1, 2014, August 25, 2017 and July 15, 2025, respectively, SBIC I, SBIC II and SBIC III received licenses from the SBA to operate as SBICs.

These SBIC licenses allow each of SBIC I, SBIC II and SBIC III to obtain leverage in the form of SBA-guaranteed debentures, subject to the SBA's customary commitment and draw application procedures. SBA debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I, SBIC II and SBIC III over the

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Company's stockholders in the event SBIC I, SBIC II and SBIC III are liquidated or the SBA exercises its remedies upon an event of default.

On February 28, 2025, SBIC I repaid $37,500 of SBA-guaranteed debentures that were set to mature on March 1, 2025. On August 29, 2025, SBIC I repaid $66,295 of SBA-guaranteed debentures that were set to mature on September 1, 2025. On February 27, 2026, SBIC I repaid $13,950 of SBA-guaranteed debentures that were set to mature on March 1, 2026. On March 2, 2026, SBIC II repaid $13,000 of SBA-guaranteed debentures that were set to mature on September 1, 2028.

As of June 30, 2026 and December 31, 2025, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $32,255 and $150,000, respectively.

As of June 30, 2026 and December 31, 2025, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $137,000 and $150,000, respectively. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount.

As of June 30, 2026 and December 31, 2025 SBIC III had regulatory capital of $3,375 and $3,375, respectively. SBIC III had no SBA-guaranteed debentures outstanding as of June 30, 2026 and December 31, 2025.

The following table summarizes the Company’s SBA-guaranteed debentures as of June 30, 2026:


Issuance Date	Maturity Date	Debenture Amount		Interest Rate		SBA Annual Charge
Fixed SBA-guaranteed debentures(1):
September 21, 2016	September 1, 2026	$	4,000	2.051	%	0.742	%
September 20, 2017	September 1, 2027	13,000		2.518	%	0.742	%
March 21, 2018	March 1, 2028	15,255		3.187	%	0.742	%
Fixed SBA-guaranteed debentures(2):
September 19, 2018	September 1, 2028	2,000		3.548	%	0.222	%
September 25, 2019	September 1, 2029	19,000		2.283	%	0.222	%
March 25, 2020	March 1, 2030	41,000		2.078	%	0.222	%
March 25, 2020	March 1, 2030	24,000		2.078	%	0.275	%
September 23, 2020	September 1, 2030	51,000		1.034	%	0.275	%
Total SBA-guaranteed debentures		$	169,255

(1)SBA-guaranteed debentures are issued by SBIC I.

(2)SBA-guaranteed debentures are issued by SBIC II.

Prior to pooling, the SBA-guaranteed debentures bear interest at an interim interest rate equal to the Federal Home Loan Bank of Chicago's Fixed Regular Advance Rate (Bank Advance Rate), plus 41 basis points. Once pooled, which occurs semi-annually each year, and is switching to quarterly each year beginning in June 2026, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	962		$	1,752		$	2,067		$	3,659
Amortization of financing costs	$	140		$	219		$	403		$	456
Weighted average interest rate	2.3		%	2.7		%	2.3		%	2.7		%
Effective interest rate	2.6		%	3.0		%	2.8		%	3.0		%
Average debt outstanding	$	169,255		$	262,500		$	178,040		$	274,724

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing provided by an SBIC, prohibit investments in small businesses with certain characteristics or in certain industries, and require capitalization thresholds that limit distributions to the Company.

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SBICs are subject to periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) and in accordance with the SBA's SBIC Valuation Guidelines by an independent auditor.

Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 8. Regulation

The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is generally required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 9. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of June 30, 2026, the Company had unfunded commitments on revolving credit facilities of $119,976, which included €1,196 denominated in EUR that has been translated to U.S. dollars, no outstanding bridge financing commitments and other future funding commitments of $37,186, including €6,411 denominated in EUR that has been translated to U.S. dollars. As of December 31, 2025, the Company had unfunded commitments on revolving credit facilities of $133,534, which included €1,092 denominated in EUR that has been translated to U.S. dollars, no outstanding bridge financing commitments and other future funding commitments of $77,602, which included €6,411 denominated in EUR that has been translated to U.S. dollars. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver, as of June 30, 2026 and December 31, 2025. See Note 7. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of June 30, 2026 and December 31, 2025, the Company had commitment letters to purchase investments in the aggregate par amount of $10,513 and $4,727, respectively, which could require funding in the future.

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Note 10. Net Assets

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, 2026:


								Accumulated Undistributed (Overdistributed) Earnings
	Common Stock			Treasury Stock		Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized		Net Unrealized Appreciation		Total Net Assets		Non- Controlling Interest in		Total
	Shares	Par Amount		at Cost		of Par		Income		(Losses) Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2025	102,638,388	$	1,079	$	(51,952)	$	1,354,726	$	192,583	$	(98,121)	$	(216,138)	$	1,182,177	$	6,079	$	1,188,256

Repurchases of common stock under the Repurchase Program	(7,063,237)	—		(56,597)		—		—		—		—		(56,597)		—		(56,597)


Distributions declared	—	—		—		—		(31,150)		—		—		(31,150)		(90)		(31,240)
Contributions related to non-controlling interest in NMNLC	—	—		—		—		—		—		—		—		300		300
Net increase (decrease) in net assets resulting from operations	—	—		—		—		30,517		(32,010)		(49,435)		(50,928)		179		(50,749)
Net assets at March 31, 2026	95,575,151	$	1,079	$	(108,549)	$	1,354,726	$	191,950	$	(130,131)	$	(265,573)	$	1,043,502	$	6,468	$	1,049,970

Repurchases of common stock under the Repurchase Program	(1,122,761)	—		(8,966)		—		—		—		—		(8,966)		—		(8,966)


Distributions declared	—	—		—		—		(23,612)		—		—		(23,612)		(90)		(23,702)

Net increase (decrease) in net assets resulting from operations	—	—		—		—		24,502		(44,984)		37,739		17,257		256		17,513
Net assets at June 30, 2026	94,452,390	$	1,079	$	(117,515)	$	1,354,726	$	192,840	$	(175,115)	$	(227,834)	$	1,028,181	$	6,634	$	1,034,815

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, 2025:


								Accumulated Undistributed (Overdistributed) Earnings
	Common Stock			Treasury Stock		Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized (Losses)		Net Unrealized Appreciation		Total Net Assets		Non-Controlling Interest in		Total
	Shares	Par Amount		at Cost		of Par		Income		Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2024	107,851,415	$	1,079	$	—	$	1,365,852	$	181,266	$	(141,279)	$	(53,579)	$	1,353,339	$	5,952	$	1,359,291




Offering costs	—	—		—		(28)		—		—		—		(28)		—		(28)
Distributions declared	—	—		—		—		(34,512)		—		—		(34,512)		(90)		(34,602)

Net increase (decrease) in net assets resulting from operations	—	—		—		—		34,524		37,825		(48,936)		23,413		104		23,517
Net assets at March 31, 2025	107,851,415	$	1,079	$	—	$	1,365,824	$	181,278	$	(103,454)	$	(102,515)	$	1,342,212	$	5,966	$	1,348,178

Repurchases of common stock	(925,216)	—		(9,642)		—		—		—		—		(9,642)		—		(9,642)
Conversion of 2022 Convertible Notes	514	—		—		—		—		—		—		—		—		—

Offering costs	—	—		—		14		—		—		—		14		—		14
Distributions declared	—	—		—		—		(34,499)		—		—		(34,499)		(90)		(34,589)

Net increase (decrease) in net assets resulting from operations	—	—		—		—		34,468		13,389		(40,083)		7,774		101		7,875
Net assets at June 30, 2025	106,926,713	$	1,079	$	(9,642)	$	1,365,838	$	181,247	$	(90,065)	$	(142,598)	$	1,305,859	$	5,977	$	1,311,836

On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of common stock (the "Old Repurchase Program"). The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50,000 of common stock. On October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100,000 worth of our common stock (the "Repurchase Program"). On April 28, 2026, the Company's board of directors authorized the repurchase of up to an additional $50,000 of the Company's common stock.

Under the Old Repurchase Program and the Repurchase Program, the Company was permitted, but not obligated, to repurchase outstanding common stock in the open market from time to time, provided that the Company complied with its code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150,000 worth of common stock have been repurchased.

During the three and six months ended June 30, 2026, approximately $8,966 and $65,563 of common stock was repurchased under the Repurchase Program. As of June 30, 2026, approximately $79,538 remained available under the Repurchase Program.

On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000.

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For the three and six months ended June 30, 2026 and June 30, 2025, the Company did not sell any shares of common stock under the Distribution Agreement.

The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of June 30, 2026, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

Note 11. Earnings (Loss) Per Share

The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Earnings per share—basic
Numerator for basic earnings (loss) per share:	$	17,257	$	7,774	$	(33,671)	$	31,187
Denominator for basic weighted average share:	94,551,023		107,750,160		97,497,589		107,800,508
Basic earnings (loss) per share:	$	0.18	$	0.07	$	(0.35)	$	0.29
Earnings per share—diluted(1)
Numerator for increase (decrease) in net assets per share	$	17,257	$	7,774	$	(33,671)	$	31,187
Adjustment for interest on 2022 Convertible Notes and incentive fees, net (2)(3)	—		4,197		—		8,259
Numerator for diluted earnings (loss) per share:	$	17,257	$	11,971	$	(33,671)	$	39,446
Denominator for basic weighted average share	94,551,023		107,750,160		97,497,589		107,800,508
Adjustment for dilutive effect of 2022 Convertible Notes(2)	—		18,983,299		—		18,992,347
Denominator for diluted weighted average share	94,551,023		126,733,459		97,497,589		126,792,855
Diluted earnings (loss) per share:	$	0.18	$	0.07	$	(0.35)	$	0.29

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended June 30, 2025, there was anti-dilution.

(2)For the three and six months ended June 30, 2026, the Company did not hold any convertible notes.

(3)In applying the if-converted method, the adjustment for incentive fees includes the impact of any incentive fee waived during the period. See Note 5. Agreements, for details.

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Note 12. Financial Highlights

The following information sets forth the Company's financial highlights for the six months ended June 30, 2026 and June 30, 2025:


	Six Months Ended
	June 30, 2026			June 30, 2025
Per share data(1):
Net asset value, January 1, 2026 and January 1, 2025, respectively	$	11.52		$	12.55
Net investment income	0.56			0.64
Net realized and unrealized losses(2)	(0.92)			(0.36)
Total net (decrease) increase	(0.36)			0.28
Repurchases of common stock	0.30			0.02
Distributions declared to stockholders from net investment income	(0.57)			(0.64)
Net asset value, June 30, 2026 and June 30, 2025, respectively	$	10.89		$	12.21
Per share market value, June 30, 2026 and June 30, 2025, respectively	$	7.17		$	10.55
Total return based on market value(3)	(16.11)		%	(0.72)		%
Total return based on net asset value(4)	(0.50)		%	2.44		%
Shares outstanding at end of period	94,452,390			106,926,713
Average weighted shares outstanding for the period	97,497,589			107,800,508
Average net assets for the period	$	1,099,108		1,347,006
Ratio to average net assets(5):
Net investment income	10.09		%	10.33		%
Total expenses, before waivers/reimbursements	15.15		%	15.62		%
Total expenses, net of waivers/reimbursements	13.76		%	14.96		%
Average debt outstanding—Unsecured Notes	$	822,044		$	990,000
Average debt outstanding—Holdings Credit Facility	418,304			280,737
Average debt outstanding—SBA-guaranteed debentures	178,040			274,724
Average debt outstanding—NMFC Credit Facility(6)	72,131			29,314
Average debt outstanding—2022 Convertible Notes (7)	—			259,147
Asset coverage ratio(8)	186.22		%	185.56		%
Portfolio turnover	7.55		%	7.94		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).

(2)Includes the (dilutive) accretive effect of common stock repurchases per share, which for the six months ended June 30, 2026 and June 30, 2025 was $(0.01) and $0.00, respectively

(3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.

(4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.

(5)Interim periods are annualized.

(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2026 and June 30, 2025, the Company had borrowings denominated in EUR of €16,512 and €16,512, respectively, and borrowings denominated in GBP of £8,666 and £8,666, respectively, that have been translated to U.S. dollars.

(7)On October 15, 2025, the Company repaid the outstanding principal on the 2022 Convertible Notes, which matured on October 15, 2025.

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(8)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.

Note 13. Recent Accounting Standards Updates

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging - Hedge Accounting Improvements ("ASC 2025-09”), which enhances certain aspects of the guidance by (i) expanding the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, (ii) providing a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on choose-your-rate debt instruments, (iii) expanding hedge accounting for forecasted purchases and sales of nonfinancial assets, (iv) eliminating the requirement to apply the net written option test to a compound derivative comprising a swap and a written option designated as the hedging instrument in a hedge of interest rate risk, and (v) eliminating the recognition and presentation mismatch related to dual hedge strategies. ASC 2025-09 is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted and prospective application for all hedging relationships is required. The Company is currently assessing the impact of this guidance and does not expect a material impact on its consolidated financial statements.

In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock ("ASU 2026-01"), which requires an issuer to initially measure paid-in-kind dividends on equity-classified preferred stock by multiplying the stated PIK dividend rate by the liquidation preference of the shares. The ASU addresses measurement only and does not change recognition requirements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 14. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is the Company’s Chief Executive Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Note 15. Subsequent Events

On July 21, 2026, the Company’s board of directors declared a third quarter 2026 distribution of $0.25 per share, payable on September 30, 2026 to holders of record as of September 16, 2026.

On July 30, 2026, the Company entered into Amendment No. 1 to the Second Amended and Restated Senior Secured Revolving Credit Agreement (the "First Amendment"), which amended the NMFC Credit Facility to, among other things, (i) reflect that $487,100 of the facility is being committed by Extending Lenders and $50,000 of the facility is being committed by Non-Extending Lenders, (ii) extend the maturity date of the NMFC Credit Facility to July 30, 2031 for Extending Lenders and September 28, 2029 for Non-Extending Lenders and (iii) modify the applicable spread used to determine the per annum interest rate payable under the NMFC Credit Facility to SOFR plus any applicable credit spread adjustments, SONIA or EURIBOR plus 2.00%.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of New Mountain Finance Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the "Company"), including the consolidated schedule of investments, as of June 30, 2026, the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2025, and the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the year then ended (not presented herein); and in our report dated February 24, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

August 3, 2026

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

•statements concerning the impact of a protracted decline in the liquidity of credit markets;

•the general economy, including fluctuating interest and inflation rates, on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and/or trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;

•the impact of interest rate volatility on our business and our portfolio companies;

•our future operating results, our business prospects, the adequacy of our cash resources and working capital;

•the ability of our portfolio companies to achieve their objectives;

•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;

•the ability of New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., or its affiliates to attract and retain highly talented professionals;

•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor; and

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through June 30, 2026, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net

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lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.

We have established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings"), whose assets are used to secure NMF Holdings’ credit facility;

•NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB") and NMF Pioneer, Inc. ("NMF Pioneer"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate these corporations for accounting purposes but the corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC"), a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to "triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

We are a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to us, the investment objective of each of SBIC I, SBIC II and SBIC III, is to generate current income and capital appreciation under the investment criteria we use. However, investments made by SBIC I, SBIC II and SBIC III must be in SBA eligible small businesses.

Our portfolio may be concentrated in a limited number of industries. As of June 30, 2026, our top five industry concentrations were business services, software, healthcare, investment funds (which includes our investments in our joint ventures) and consumer services.

As of June 30, 2026, our net asset value was approximately $1,028.2 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $2,289.8 million in 112 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 11.1% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.9%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized

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agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing leverage. YTM at Cost and YTM at Cost for Investments use Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.

Recent Developments

On July 21, 2026, our board of directors declared a third quarter 2026 distribution of $0.25 per share payable on September 30, 2026 to holders of record as of September 16, 2026.

On July 30, 2026, we entered into Amendment No. 1 to the Second Amended and Restated Senior Secured Revolving Credit Agreement (the "First Amendment"), which amended the NMFC Credit Facility to, among other things, (i) reflect that $487.1 million of the facility is being committed by Extending Lenders and $50 million of the facility is being committed by Non-Extending Lenders, (ii) extend the maturity date of the NMFC Credit Facility to July 30, 2031 for Extending Lenders and September 28, 2029 for Non-Extending Lenders and (iii) modify the applicable spread used to determine the per annum interest rate payable under the NMFC Credit Facility to SOFR plus any applicable credit spread adjustments, SONIA or EURIBOR plus 2.00%.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Basis of Accounting

We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, SBIC III, SBIC III GP, NMF QID, NMF YP, NMF Permian, NMF HB and NMF Pioneer and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

Valuation and Leveling of Portfolio Investments

At all times consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the

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reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value;

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with our senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and

d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

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The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of June 30, 2026.

We generally use the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue, or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of June 30, 2026.

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NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from us and SkyKnight II. SLP III initially had a five year investment period and will continue in existence until August 7, 2030. On August 6, 2025, the investment period was extended until August 7, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2026, we and SkyKnight II have committed and contributed $160.0 million and $40.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on August 6, 2025, the maturity date of SLP III's revolving credit facility was extended from January 8, 2029 to August 7, 2030, and the reinvestment period was extended from July 8, 2027 to August 7, 2028.

On August 6, 2025, SLP III entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing

lender (“Class A lenders”). As of the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $941.0 million of which $830.0 million of the facility amount is attributed to Class A lenders and $111.0 million of the facility amount is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600.0 million, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of SOFR plus 1.80%. During the reinvestment period, Class B advances bear interest at a rate of SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of SOFR plus 5.05%. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%.

As of June 30, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $919.8 million and $941.4 million, respectively, and debt outstanding under its credit facility of $800.7 million and $672.7 million, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $4.4 million and $6.9 million, respectively.

During the first quarter of 2026, SLP III placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of June 30, 2026, SLP III's first lien positions in Convey had total unearned income of $0.2 million and $0.4 million, respectively, for the three and six months then ended.

Below is a summary of SLP III's portfolio as of June 30, 2026 and December 31, 2025:


(dollars in millions)	June 30, 2026			December 31, 2025
First lien investments (1)	$	990		$	972
Weighted average interest rate on first lien investments (2)	7.45		%	8.36		%
Number of portfolio companies in SLP III	105			105
Largest portfolio company investment (1)	$	20		$	20
Total of five largest portfolio company investments (1)	$	93		$	93

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of June 30, 2026 and December 31, 2025 and additional information on certain summarized financial information for SLP III as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025.

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until July 11, 2030. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2026, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.

On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association. As of the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to July 11, 2030.

On July 11, 2025, SLP IV entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600.0 million, of which $530.0 million of the facility amount is attributed to Class A lenders and $70.0 million of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370.0 million, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%.

As of June 30, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $625.0 million and $641.5 million, respectively, and debt outstanding under its credit facility of $534.1 million and $471.7 million, respectively. As of June 30, 2026 and December 31, 2025, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $2.7 million and $4.8 million, respectively.

During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP IV's first lien positions in Convey had total unearned income of $0.1 million and $0.2 million, respectively, for the three and six months then ended.

Below is a summary of SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025:


(dollars in millions)	June 30, 2026			December 31, 2025
First lien investments (1)	$	671		$	664
Weighted average interest rate on first lien investments (2)	7.51		%	8.67		%
Number of portfolio companies in SLP IV	106			105
Largest portfolio company investment (1)	$	18		$	18
Total of five largest portfolio company investments (1)	$	67		$	64

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025 and additional information on certain summarized financial information for SLP IV as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025.

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New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of June 30, 2026.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

Below is certain summarized property information for NMNLC as of June 30, 2026:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2026

(in thousands)

(in millions)

NM NL Holdings LP / NM GP Holdco LLC

Various

113

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

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Collateralized agreements or repurchase financings

We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. Upon the counterparty's failure to perform its contractual obligation to repurchase the collateral, our asset no longer represents an interest-bearing collateralized agreement to resell but instead represents its contractual claim in the liquidation proceedings.

As of June 30, 2026, we held one claim related to the collateralized agreement to resell with a cost basis of $30.0 million and a fair value of $5.7 million. As of December 31, 2025, we held one collateralized agreement to resell with a cost basis of $30.0 million and a fair value of $13.5 million.

The claim arises from a collateralized agreement to resell that was guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund.

PPVA Black Elk (Equity) LLC

On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We

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were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. As a result of the settlement and the counterparty's failure to satisfy its contractual obligations, the Company's rights under the SPP Agreement have been converted into a contractual claim being pursued through the Cayman Islands liquidation proceedings. Accordingly, we no longer classify the asset as a collateralized securities purchase and put agreement but as a claim. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of June 30, 2026, the claim had a cost basis of $14.5 million and a fair value of $2.8 million. As of December 31, 2025, the SPP Agreement had a cost basis of $14.5 million and a fair value of $6.5 million.

Revenue Recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2026 we recognized PIK interest from investments of approximately $5.4 million and $10.6 million, respectively, and PIK dividends from investments of approximately $4.9 million and $10.2 million, respectively. For the three and six months ended June 30, 2025 we recognized PIK interest from investments of approximately $6.9 million and $14.5 million, respectively, and PIK dividends from investments of approximately $6.6 million and $14.8 million, respectively.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:

•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of “4” to “1”, with “4” being the best and “1” being the worst:

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◦Tier 4 – Business performance is in-line with or above expectations

◦Tier 3 – Moderate business underperformance and/or moderate market headwinds

◦Tier 2 – Significant business underperformance and/or significant market headwinds

◦Tier 1 – Severe business underperformance and/or severe market headwinds

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company’s business and credit quality, the underlying portfolio company’s current balance sheet, and the level of support from the equity sponsor. The metric is expressed as on a qualitative scale of “A” to “C”, with “A” being the best and “C” being the worst.

The Risk Rating for each investment is a composite of these two metrics. The Risk Rating is expressed in categories of Green, Yellow, Orange and Red, with Green reflecting an investment that is in-line with or above expectations and Red reflecting an investment performing materially below expectations. The mapping of the composite scores to these categories are below:

•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Rating of our portfolio companies as of June 30, 2026:


(in millions)	As of June 30, 2026
Risk Rating		Cost		Percent		Fair Value		Percent
Green		$	2,090.6	83.8	%	$	2,010.5	87.6	%
Yellow		308.8		12.4	%	233.9		10.2	%
Orange		79.8		3.2	%	49.2		2.1	%
Red		15.2		0.6	%	1.9		0.1	%
Total		$	2,494.4	100.0	%	$	2,295.5	100.0	%

As of June 30, 2026, all investments in our portfolio had a Green Risk Rating with the exception of thirteen portfolio companies that had a Yellow Risk Rating, seven portfolio companies that had an Orange Risk Rating and one portfolio company that had a Red Risk Rating.

As of June 30, 2026, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of June 30, 2026, our positions in AAC on non-accrual status had total unearned interest income of $1.4 million and $2.8 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in AAC had an Orange Risk Rating.

During the second quarter of 2024, we placed our investment in our junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2026, our junior preferred shares in Transcendia had total unearned income of $0.1 million and $0.2 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in Transcendia had a Green Risk Rating.

During the first quarter of 2026, we placed our first lien positions in Convey on non-accrual status. As of June 30, 2026, our first lien positions in Convey had total unearned income of $0.4 million and $0.7 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in Convey had a Red Risk Rating.

During the second quarter of 2026, we placed our Series A preferred shares in Symplr Software Intermediate Holdings, Inc. ("Symplr) on non-accrual status. As of June 30, 2026, our preferred shares in Symplr had total unearned income of $0.7 million and $0.7 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in Symplr had a Yellow Risk Rating.

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Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $2,289.8 million in 112 portfolio companies at June 30, 2026 and approximately $2,742.0 million in 113 portfolio companies at December 31, 2025.

The following table shows our portfolio and investment activity for the six months ended June 30, 2026 and June 30, 2025:


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Investments in 31 and 34 new and existing portfolio companies, respectively	$	190.6	$	243.2
Debt repayments in existing portfolio companies	107.4		286.3
Sales of securities in 22 and 6 portfolio companies, respectively	492.8		55.7
Change in unrealized appreciation on 31 and 31 portfolio companies, respectively	73.5		6.4
Change in unrealized depreciation on 89 and 88 portfolio companies, respectively	(77.2)		(96.0)

Asset Sale

On March 10, 2026, we completed a sale of approximately $468.0 million of assets held by us and our wholly-owned subsidiary, NMFH, at 94% of the fair value of such assets as of December 31, 2025 (the “Asset Sale”). The Asset Sale was completed pursuant to a definitive agreement, dated February 21, 2026, by and between us, as seller, and Eagle Credit CV, L.P., Eagle Credit Holdings SPV, L.P. and Eagle Credit Sub Blocker L.P. as the third party purchasers (the “Purchaser”), pursuant to which the Purchaser acquired full or partial investments in fifteen portfolio companies.

The proceeds from the Asset Sale were used for the repayment of our outstanding indebtedness and other general corporate purposes, including to make investments in accordance with our investment strategy.

Recent Accounting Standards Updates

See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended June 30, 2026 and June 30, 2025

Revenue


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Total interest income	$	43.4	$	62.8
Total dividend income	15.9		19.3
Other income	2.2		1.3
Total investment income	$	61.5	$	83.5

Our total investment income decreased by approximately $22.0 million, or 26%, for the three months ended June 30, 2026 as compared to the same period in the prior year. For the three months ended June 30, 2026, total investment income of approximately $61.5 million consisted of approximately $35.6 million in cash interest from investments, approximately $5.4 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $2.4 million, approximately $11.0 million in cash dividends from investments, approximately $4.9 million in non-cash dividends from investments and approximately $2.2 million in other income. The decrease in interest income of approximately $19.5 million was primarily due to a lower invested asset base as a result of the Asset Sale. The decrease in dividend income of approximately $3.4 million was primarily due to a decrease in preferred equity investments held. Other income during the three months ended June 30, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 13 different portfolio companies.

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Operating Expenses


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Management fee	$	7.4	$	9.8


Incentive fee	5.8		8.0
Less: incentive fee waiver	(1.4)		(2.6)
Total net incentive fee	4.4		5.4

Interest and other financing expenses	22.5		31.1
Professional fees	1.0		1.1
Administrative expenses	0.9		1.2
Other general and administrative expenses	0.6		0.3
Total expenses	36.8		48.9


Income tax expense	0.0		0.0
Net expenses after income taxes	$	36.8	$	48.9

Our total net operating expenses decreased by approximately $12.1 million for the three months ended June 30, 2026 as compared to the same period in the prior year. Our total net management fee decreased by approximately $2.4 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The decrease in total net management fee was primarily attributable to a lower invested asset base. Our total net incentive fee decreased by approximately $1.0 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The decrease in incentives fees was primarily attributable to the decrease in investment income due to a lower invested asset base.

Interest and other financing expenses decreased by approximately $8.6 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses remained relatively consistent period over period.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Net realized (losses) gains on investments	$	(45.0)	$	13.4

Net change in unrealized appreciation (depreciation) of investments	37.8		(40.5)


Net change in unrealized appreciation on foreign currency	0.0		0.4
Benefit (provision) for taxes	0.1		(0.0)
Net realized and unrealized losses	$	(7.1)	$	(26.7)

Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $7.1 million for the three months ended June 30, 2026 compared to net realized gains and unrealized gains and losses resulting in a net loss of approximately $26.7 million for the same period in 2025. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended June 30, 2026 was primarily driven by unrealized depreciation in Convey and Knockout Intermediate Holdings I Inc. ("Kaseya"), partially offset by unrealized gains in UniTek Global Services, Inc. ("UniTek") and RLG Holdings, LLC ("Resource Label Group"). The provision for income taxes was attributable to equity investments that are held as of June 30, 2026 in five of our corporate subsidiaries. The net loss for the three months ended June 30, 2025 was primarily driven by unrealized depreciation in TVG-Edmentum Holdings, LLC ("Edmentum"), ACI Parent Inc. and New Permian Holdco, Inc., partially offset by realized gains in OA Topco, L.P. The provision for income taxes was attributable to equity investments that are held as of June 30, 2025 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

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Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")


	Three Months Ended
(in millions)	June 30, 2026		June 30, 2025
Total investment income	$	61.5	$	83.5
Net expenses after income taxes	36.9		48.9
Net investment income	24.6		34.6
Less: Net investment income related to non-controlling interest in NMNLC	0.1		0.1
Net investment income related to NMFC	$	24.5	$	34.5

Net change in realized (losses) gains on investments	(45.0)		13.4


Net change in realized (losses) gains of investments related to NMFC	$	(45.0)	$	13.4

Net change in unrealized appreciation (depreciation) of investments	37.8		(40.5)


Net change in unrealized (depreciation) appreciation on foreign currency	(0.0)		0.4
Benefit (provision) for taxes	0.0		(0.0)
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC	0.1		(0.0)
Net change in unrealized appreciation (depreciation) of investments related to NMFC	$	37.7	$	(40.1)

Results of Operations for the Six Months Ended June 30, 2026 and June 30, 2025

Revenue


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Total interest income	$	91.3	$	124.4
Total dividend income	35.0		40.3
Other income	4.0		4.5
Total investment income	$	130.3	$	169.2

Our total investment income decreased by approximately $38.9 million, or 23%, for the six months ended June 30, 2026 as compared to the same period in the prior year. For the six months ended June 30, 2026, total investment income of approximately $130.3 million consisted of approximately $77.1 million in cash interest from investments, approximately $10.5 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $3.8 million, approximately $24.7 million in cash dividends from investments, approximately $10.2 million in non-cash dividends from investments and approximately $4.0 million in other income. The decrease in interest income of approximately $33.0 million was primarily due to a lower invested asset base as a result of the Asset Sale. The decrease in dividend income of approximately $5.3 million was primarily due to a decrease in preferred equity investments held. Other income during the six months ended June 30, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 21 different portfolio companies.

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Operating Expenses


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Management fee	$	15.6	$	20.0
Less: management fee waiver	—		(0.3)
Total net management fee	15.6		19.7
Incentive fee	11.9		16.2
Less: incentive fee waiver	(7.5)		(4.1)
Total net incentive fee	4.3		12.1

Interest and other financing expenses	50.0		62.5
Professional fees	2.1		2.5
Administrative expenses	2.0		2.3
Other general and administrative expenses	1.1		0.8
Total expenses	75.0		99.9


Income tax expense (benefit)	0.0		(0.0)
Net expenses after income taxes	$	75.0	$	99.9

Our total net operating expenses decreased by approximately $24.9 million for the six months ended June 30, 2026 as compared to the same period in the prior year. Our total net management fee decreased by approximately $4.1 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The decrease in total net management fee was primarily attributable to a lower invested asset base. Our total net incentive fee decreased by approximately $7.8 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The decrease in incentives fees was primarily attributable to the decrease in investment income due to a lower invested asset base, along with an increase in an incentive fee waiver by the Investment Adviser.

Interest and other financing expenses decreased by approximately $12.5 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses remained relatively consistent period over period.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Net realized (losses) gains on investments	$	(77.0)	$	51.2

Net change in unrealized depreciation of investments	(3.7)		(89.6)
Net change in unrealized depreciation securities purchased under collateralized agreements to resell	(7.8)		—

Net change in unrealized appreciation on foreign currency	(0.1)		0.6
Benefit (provision) for taxes	0.1		(0.0)
Net realized and unrealized losses	$	(88.5)	$	(37.8)

Our net realized and unrealized losses resulted in a net loss of approximately $88.5 million for the six months ended June 30, 2026 compared to net realized gains and unrealized gains and losses resulting in a net loss of approximately $37.8 million for the same period in 2025. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the six months ended June 30, 2026 was primarily driven by realized losses due to the Asset Sale where we sold approximately $468.0 million of assets at 94% of the fair value of such assets as of December 31, 2025, unrealized depreciation on the claim related to the collateralized agreement with PPVA Fund, L.P. and PPVA Black Elk (Equity) LLC, Convey, Affordable Care, SLP IV and HelpsSystems, partially offset by unrealized appreciation in UniTek and Eagle Infrastructure Super HoldCo, LLC. The benefit (provision) for income taxes was attributable to equity investments that are held as of June 30, 2026 in five of our corporate subsidiaries. The net loss for the six months ended June 30, 2025 was primarily driven by unrealized depreciation in UniTek, TVG-Edmentum Holdings, LLC, ACI Parent Inc. and New Permian Holdco, Inc., partially offset by unrealized appreciation in Homrich Berg and realized

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gains in OA Topco, L.P. The provision for income taxes was attributable to equity investments that are held as of June 30, 2025 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")


	Six Months Ended
(in millions)	June 30, 2026		June 30, 2025
Total investment income	$	130.3	$	169.2
Net expenses after income taxes	75.0		99.9
Net investment income	55.3		69.2
Less: Net investment income related to non-controlling interest in NMNLC	0.2		0.2
Net investment income related to NMFC	$	55.1	$	69.0

Net change in realized (losses) gains on investments	(77.0)		51.2

Less: Net change in realized gains on investments related to non-controlling interest in NMNLC	—		—
Net change in realized (losses) gains of investments related to NMFC	$	(77.0)	$	51.2

Net change in unrealized depreciation of investments	(3.7)		(89.6)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	(7.8)		—

Net change in unrealized (depreciation) appreciation on foreign currency	(0.1)		0.6
Benefit (provision) for taxes	0.1		(0.0)
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC	0.2		(0.0)
Net change in unrealized depreciation of investments related to NMFC	$	(11.7)	$	(89.0)

Liquidity, Capital Resources, Off-Balance Sheet Arrangements and Contractual Obligations

Liquidity and Capital Resources

The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.

Since our IPO, and through June 30, 2026, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures of SBIC I, SBIC II and SBIC III from the definition of "senior securities" in the asset coverage requirement applicable to us under the 1940 Act. The agreements governing the NMFC Credit Facility and certain of the Unsecured Notes (as defined in Item 1— Financial Statements—Note 7. Borrowings in this Quarterly Report on Form 10-Q) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of June 30, 2026, our asset coverage ratio was 186.2%.

As of June 30, 2026 and December 31, 2025, our borrowings consisted of the June 2027 Notes, November 2028 Notes, February 2029 Notes, October 2027 Notes, Holdings Credit Facility, SBA-guaranteed debentures, NMFC Credit Facility and

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Unsecured Management Company Revolver. See Item 1—Financial Statements —Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information.

At June 30, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $64.8 million and $80.7 million, respectively. Our cash provided by operating activities during the six months ended June 30, 2026 and June 30, 2025 was approximately $425.8 million and $144.3 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

On November 3, 2021, we entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, we increased the maximum amount of shares to be sold through the ATM program from $250.0 million to $400.0 million.

For the three and six months ended June 30, 2026 and June 30, 2025, we did not sell any shares of common stock under the Distribution Agreement.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of June 30, 2026, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50.0 million of our common stock. On October 23, 2025, our board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of our common stock (the "Repurchase Program"). On April 28, 2026, our board of directors authorized the repurchase of up to an additional $50.0 million worth of our common stock. Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock.

During the six months ended June 30, 2026, approximately $65.6 million of common stock was repurchased by us under the Repurchase Program. As of June 30, 2026, approximately $79.5 million remained available under the Repurchase Program.

Off-Balance Sheet Agreements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2026 and December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $157.2 million, which included €7.6 million denominated in EUR that has been translated to U.S. dollars, and $211.1 million, which included €7.5 million denominated in EUR that has been translated to U.S. dollars, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of June 30, 2026 and December 31, 2025, we had commitment letters to purchase investments in an aggregate par amount of $10.5 million and $4.7 million, respectively. As of June 30, 2026 and December 31, 2025, we had not entered into any bridge financing commitments which could require funding in the future.

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Contractual Obligations

A summary of our significant contractual payment obligations as of June 30, 2026 is as follows:


	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Unsecured Notes(1)	$	790.0	$	75.0	$	715.0	$	—	$	—
Holdings Credit Facility(2)	378.1		28.1		—		350.0		—
SBA-guaranteed debentures(3)	169.3		4.0		30.3		135.0		—
NMFC Credit Facility(4)	30.4		—		—		30.4		—
Unsecured Management Company Revolver(5)	—		—		—		—		—
Total Contractual Obligations	$	1,367.8	$	107.1	$	745.3	$	515.4	$	—

(1)$75.0 million of the June 2027 Notes will mature on June 15, 2027 unless earlier repurchased, $115.0 million of the November 2028 Notes will mature on November 15, 2028 unless earlier redeemed, $300.0 million of the February 2029 Notes will mature on February 1, 2029 unless earlier redeemed and $300.0 million of the October 2027 Notes will mature on October 15, 2027 unless earlier redeemed.

(2)Under the terms of the Holdings Credit Facility, all outstanding borrowings under that facility exceeding $350.0 million must be repaid on or before October 26, 2026 ($28.1 million outstanding as of June 30, 2026) and all remaining borrowings must be repaid on or before March 12, 2031 ($350.0 million outstanding as of June 30, 2026). As of June 30, 2026, there was approximately $71.9 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

(3)The SBA-guaranteed debentures held by SBIC I began to mature on March 1, 2025. The SBA-guaranteed debentures held by SBIC II will begin to mature on September 1, 2028. Refer to Item 1 — Financial Statements — Note 7. Borrowings for a full schedule of SBA-guaranteed debenture maturities.

(4)Under the terms of the $527.1 million NMFC Credit Facility, all outstanding borrowings under that facility ($30.4 million, which included €16.5 million denominated in EUR and £8.7 million denominated in GBP that have been translated to U.S. dollars as of June 30, 2026) must be repaid on or before September 28, 2029. As of June 30, 2026, there was approximately $496.7 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

(5)Under the terms of the $100.0 million Unsecured Management Company Revolver, all outstanding borrowings under that facility must be repaid on or before December 31, 2030. As of June 30, 2026, there were no borrowings outstanding.

We have entered into an investment management and advisory agreement (as amended from time to time, the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.

We have also entered into the administration agreement, (as amended and restated, the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.

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Distributions and Dividends

Distributions declared and paid to stockholders for the six months ended June 30, 2026 totaled approximately $54.8 million.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recently completed fiscal years and the current fiscal year to date:

Fiscal Year Ended

Date Declared

Record Date

Payment Date

Per Share
Amount (1)(2)

December 31, 2026

Second Quarter

April 22, 2026

June 16, 2026

June 30, 2026

0.25

First Quarter

February 11, 2026

March 17, 2026

March 31, 2026

0.32

0.57

December 31, 2025

Fourth Quarter

October 28, 2025

December 17, 2025

December 31, 2025

0.32

Third Quarter

July 24, 2025

September 16, 2025

September 30, 2025

0.32

Second Quarter

April 22, 2025

June 16, 2025

June 30, 2025

0.32

First Quarter

February 14, 2025

March 17, 2025

March 31, 2025

0.32

1.28

December 31, 2024

Fourth Quarter

October 23, 2024

December 17, 2024

December 31, 2024

0.33

Third Quarter

July 23, 2024

September 16, 2024

September 30, 2024

0.34

Second Quarter

April 18, 2024

June 14, 2024

June 28, 2024

0.34

First Quarter

January 30, 2024

March 15, 2024

March 29, 2024

0.36

1.37

(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2025 and December 31, 2024, total distributions were $135.7 million and $147.2 million, respectively, of which the distributions were comprised of approximately 91.36% and 75.68%, respectively, of ordinary income, 0.00% and 0.00%, respectively, of qualified income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 8.64% and 24.32%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

(2)Includes regular quarterly distributions of $0.32 per share and supplemental distributions related to prior quarter earnings of $0.01, $0.02, $0.02, $0.04 for the fourth quarter of 2024, third quarter of 2024, second quarter of 2024 and first quarter of 2024, respectively.

We intend to pay quarterly distributions to our stockholders in amounts sufficient to maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless the stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.

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Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2024. Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of our gross assets. See Item 1— Financial Statements—Note 5. Agreements in this Quarterly Report on Form 10-Q for details.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2026 approximately $0.6 million and $1.2 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of June 30, 2026, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, 2026, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of our gross assets.

•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that superseded the prior order for exemptive relief (the “Exemptive Order”) by the SEC. The Exemptive Order allows the Company to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a “required majority” (as defined in Section 57(o)

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of the 1940 Act) of the board of directors make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis, or is a sale of a tradable security. Pursuant to the Exemptive Order, the board of directors oversees the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company’s Chief Compliance Officer will provide reporting to the board of directors.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

On March 30, 2020, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings thereunder from $50.0 million to $100.0 million, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. On October 27, 2025, we entered into the Third Amended and Restated Uncommitted Revolving Loan Agreement which extended the maturity date from December 31, 2027 to December 31, 2030. Refer to Item 1 — Financial Statements — Note 7. Borrowings for discussion of the Unsecured Management Company Revolver.

NMFC and SBIC I are parties to an intercompany promissory note (the "Intercompany Note"). The Intercompany Note had an initial principal balance of $59.0 million and the purpose is to fund the repayment of the SBA guaranteed-debentures issued by SBIC I. Under the terms of the Intercompany Note, no fees or interest are payable to NMFC. For the purposes of the consolidated financial statements, all balances and transactions related to the Intercompany Note are eliminated. As of June 30, 2026, the Intercompany Note had a principal balance of $27.2 million.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The Federal Reserve held interest rates flat each meeting held in 2026 after previously decreasing interest rates by 0.25% in each of September, October and December of 2025. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current levels for longer, as headline inflation remains above the Federal Reserve's 2% target and geopolitical tensions have added further upside pressure to the inflation outlook. Given the evolving economic environment and the Federal Reserve's continued focus on balancing its dual mandate of full employment and progress toward its long-run inflation target, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In a high interest rate environment, our net investment income would increase due to an increase in interest and dividend income generated by our investment portfolio. However, our cost of funds would also increase, which would also impact net investment income. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR, SONIA or EURIBOR, to zero, the difference between the total interest and dividend income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest and dividend income and potentially adversely affecting our operating results. During the six months ended June 30, 2026, certain of the investments held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of June 30, 2026, approximately 87.71% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-dividend bearing equity investments) represent floating-rate investments with a SOFR, SONIA or EURIBOR floor (includes investments bearing prime interest rate contracts) and approximately 12.29% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities and interest rate swaps are also subject to floating interest rates and are currently paid based on the floating SOFR, SONIA or EURIBOR rates.

The following table estimates the potential changes in interest and dividend income, net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest and dividend income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2026. Interest expense is calculated based on the terms of our outstanding revolving credit facilities and unsecured notes. For our credit facilities, we use the outstanding balance as of June 30, 2026. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 2026, and are only adjusted for assumed changes in the underlying base interest rates.

Actual results could differ significantly from those estimated in the table.


Change in Interest Rates	Estimated Percentage Change in Interest and Dividend Income Net of Interest Expense
-200 Basis Points	(11.65)	%
-150 Basis Points	(8.74)	%
-100 Basis Points	(5.82)	%
-50 Basis Points	(2.91)	%
+50 Basis Points	2.91	%
+100 Basis Points	5.82	%
+150 Basis Points	8.74	%
+200 Basis Points	11.65	%

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of June 30, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Controls Over Financial Reporting

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.

Item 1. Legal Proceedings

We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of June 30, 2026. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the six months ended June 30, 2026 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not engage in unregistered sales of equity securities during the three months ended June 30, 2026.

Issuer Purchases of Equity Securities

Dividend Reinvestment Plan

During the six months ended June 30, 2026, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 482,527 shares of our common stock for approximately $4.1 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the six months ended June 30, 2026.


(in thousands, except shares and per share data)	Total Number of	Weighted Average Price		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period	Shares Purchased	Paid Per Share		or Programs	Plans or Programs
January 2026	219,579	$	9.27	—	$	—
February 2026	—	—		—	—
March 2026	—	—		—	—
April 2026	262,948	7.70		—	—
May 2026	—	—		—	—
June 2026	—	—		—	—






Total	482,527	$	8.41	—	$	—

Stock Repurchase Program

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). On October 23, 2025, our board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of our common stock (the "Repurchase Program"). On April 28, 2026, our board of directors authorized the repurchase of up to an additional $50.0 million of our common stock. Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock.

Under the Old Repurchase Program and the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50.0 million of our common stock. On April 28, 2026, our board of directors authorized the repurchase program of up to an additional $50.0 million of our common stock under the Repurchase Program. Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock. We expect the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150.0 million worth of common stock have been repurchased.

As of June 30, 2026, approximately $79.5 million remained available under the Repurchase Program.

The following table outlines repurchases of our common stock under the Repurchase Program during the six months ended June 30, 2026.

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(in thousands, except shares and per share data)	Total Number of	Weighted Average Price		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period	Shares Purchased	Paid Per Share (1)		or Programs	Plans or Programs
January 2026	315,201	$	8.72	315,201	$	92,351
February 2026	1,854,612	8.19		1,854,612	77,168
March 2026	4,893,424	7.90		4,893,424	38,504
April 2026	1,122,761	7.99		1,122,761	79,538
May 2026	—	—		—	79,538
June 2026	—	—		—	79,538






Total	8,185,998	$	8.01	8,185,998

(1) Amount includes commissions paid.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)None.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of the our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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Item 6. Exhibits

(a)Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:


Exhibit Number						Description
3.1(a)						Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2)

3.1(b)						Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3)

3.2						Amended and Restated Bylaws of New Mountain Finance Corporation(2)

3.3						Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4)

4.1						Form of Stock Certificate of New Mountain Finance Corporation(1)

10.1						Sixteenth Amended and Restated Loan and Security Agreement, dated as of June 26, 2026, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian*

10.2						First Amendment to the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 30, 2026, by and among New Mountain Finance Corporation, as the borrower, Sumitomo Mitsui Banking Corporation, as the administrative agent, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as the collateral custodian*

31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*

31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*

32.1						Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

32.2						Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

101.INS						Inline XBRL Instance Document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.

(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.

(3)Previously filed in connection with New Mountain Finance Corporation's and New Mountain Finance AIV Holdings Corporation's Current Report on Form 8-K filed on August 25, 2011.

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(4)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on April 3, 2019.

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 3, 2026.


			NEW MOUNTAIN FINANCE CORPORATION

			By:			/s/ JOHN R. KLINE
						John R. Kline
						President, Chief Executive Officer
						(Principal Executive Officer) and Director

			By:			/s/ LAURA C. HOLSON
						Laura C. Holson
						Chief Financial Officer (Principal Financial and
						Accounting Officer), Chief Operating Officer and
						Treasurer

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