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