Company: NMFCZ
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001496099-25-000035
Chunk: 221

Company: New Mountain Finance Corp
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 221
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 different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include 92

inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2025: TotalLevel ILevel IILevel IIIFirst lien$1,989,262 $— $100,885 $1,888,377 Second lien98,128 — — 98,128 Subordinated111,031 — — 111,031 Structured Finance Obligations3,257 — — 3,257 Equity and other741,941 — — 741,941 Total investments$2,943,619 $— $100,885 $2,842,734 The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2024: TotalLevel ILevel IILevel IIIFirst lien$1,956,608 $— $53,998 $1,902,610 Second lien197,050 — 46,716 150,334 Subordinated102,034 — — 102,034 Structured Finance Obligations3,232 — 3,232 — Equity and other832,100 — — 832,100 Total investments$3,091,024 $— $103,946 $2,987,078 The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2025, as well as the portion of appreciation (