# EDGAR Filing Document

**Accession Number:** 0001976719
**File Stem:** 0001976719-26-000005
**Filing Date:** 2026-3
**Character Count:** 1365134
**Document Hash:** 40a52395b5b0e1522793084ca8a57df5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001976719-26-000005.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001976719-26-000005

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 134

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Mountain Guardian IV Income Fund, L.L.C.
- **CENTRAL INDEX KEY:** 0001976719

**ORGANIZATION NAME:**
- **EIN:** 920964074
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01639
- **FILM NUMBER:** 26726355

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-720-0300

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Mountain Guardian IV Unlevered BDC, L.L.C.
- **DATE OF NAME CHANGE:** 20230505

?xml version='1.0' encoding='ASCII'? nmg4-20251231

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________________________________________________

**FORM 10-K**

_________________________________________________________________________________

---

| | |
|:---|:---|
| 🗷 | **Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |

---

**For the Fiscal Year Ended December 31, 2025** 

□ **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 number and states or other jurisdictions of incorporation or organization** | **I.R.S. Employer<br>Identification Number** |
| **814-01639** | **New Mountain Guardian IV Income Fund, L.L.C.**<br>**1633 Broadway, 48th Floor**<br>**New York, New York 10019**<br>**Telephone: (212) 720-0300**<br>**State of Organization: Delaware** | **92-0964074** |

---

_________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

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

---

| | |
|:---|:---|
| | **Title of each class** |
| Units of Limited Liability Company Interests | Units of Limited Liability Company Interests |

---

_________________________________________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

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 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 🗷&nbsp;&nbsp;&nbsp;&nbsp;No □

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 🗷&nbsp;&nbsp;&nbsp;&nbsp;No □

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 the 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. □

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes □&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

_________________________________________________________________________________

The number of the registrant's limited liability company units outstanding as of March 5, 2026 was 51,240,500. As of June 30, 2025, there was no established public market for the registrant's limited liability company units.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| | **<u>[PART I](#id5ad45031ae64adfb54a59506a66754e_13)</u>** | |
| <u>[Item 1.](#id5ad45031ae64adfb54a59506a66754e_16)</u> | <u>[Business](#id5ad45031ae64adfb54a59506a66754e_16)</u> | <u>[1](#id5ad45031ae64adfb54a59506a66754e_16)</u> |
| <u>[Item 1A.](#id5ad45031ae64adfb54a59506a66754e_19)</u> | <u>[Risk Factors](#id5ad45031ae64adfb54a59506a66754e_19)</u> | <u>[19](#id5ad45031ae64adfb54a59506a66754e_19)</u> |
| <u>[Item 1B.](#id5ad45031ae64adfb54a59506a66754e_22)</u> | <u>[Unresolved Staff Comments](#id5ad45031ae64adfb54a59506a66754e_22)</u> | <u>[55](#id5ad45031ae64adfb54a59506a66754e_22)</u> |
| <u>[Item 1C.](#id5ad45031ae64adfb54a59506a66754e_25)</u> | <u>[Cybersecurity](#id5ad45031ae64adfb54a59506a66754e_25)</u> | <u>[55](#id5ad45031ae64adfb54a59506a66754e_25)</u> |
| <u>[Item 2.](#id5ad45031ae64adfb54a59506a66754e_28)</u> | <u>[Properties](#id5ad45031ae64adfb54a59506a66754e_28)</u> | <u>[56](#id5ad45031ae64adfb54a59506a66754e_28)</u> |
| <u>[Item 3.](#id5ad45031ae64adfb54a59506a66754e_31)</u> | <u>[Legal Proceedings](#id5ad45031ae64adfb54a59506a66754e_31)</u> | <u>[56](#id5ad45031ae64adfb54a59506a66754e_31)</u> |
| <u>[Item 4.](#id5ad45031ae64adfb54a59506a66754e_34)</u> | <u>[Mine Safety Disclosures](#id5ad45031ae64adfb54a59506a66754e_34)</u> | <u>[56](#id5ad45031ae64adfb54a59506a66754e_34)</u> |
|  | **<u>[PART II](#id5ad45031ae64adfb54a59506a66754e_37)</u>** |  |
| <u>[Item 5.](#id5ad45031ae64adfb54a59506a66754e_40)</u> | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#id5ad45031ae64adfb54a59506a66754e_40)</u> | <u>[57](#id5ad45031ae64adfb54a59506a66754e_40)</u> |
| <u>[Item 6.](#id5ad45031ae64adfb54a59506a66754e_43)</u> | <u>[Reserved](#id5ad45031ae64adfb54a59506a66754e_43)</u> | <u>[58](#id5ad45031ae64adfb54a59506a66754e_43)</u> |
| <u>[Item 7.](#id5ad45031ae64adfb54a59506a66754e_46)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id5ad45031ae64adfb54a59506a66754e_46)</u> | <u>[59](#id5ad45031ae64adfb54a59506a66754e_46)</u> |
| <u>[Item 7A.](#id5ad45031ae64adfb54a59506a66754e_79)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id5ad45031ae64adfb54a59506a66754e_79)</u> | <u>[70](#id5ad45031ae64adfb54a59506a66754e_79)</u> |
| <u>[Item 8.](#id5ad45031ae64adfb54a59506a66754e_82)</u> | <u>[Financial Statements and Supplementary Data](#id5ad45031ae64adfb54a59506a66754e_82)</u> | <u>[71](#id5ad45031ae64adfb54a59506a66754e_82)</u> |
| <u>[Item 9.](#id5ad45031ae64adfb54a59506a66754e_172)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#id5ad45031ae64adfb54a59506a66754e_172)</u> | <u>[136](#id5ad45031ae64adfb54a59506a66754e_172)</u> |
| <u>[Item 9A.](#id5ad45031ae64adfb54a59506a66754e_175)</u> | <u>[Controls and Procedures](#id5ad45031ae64adfb54a59506a66754e_175)</u> | <u>[136](#id5ad45031ae64adfb54a59506a66754e_175)</u> |
| <u>[Item 9B.](#id5ad45031ae64adfb54a59506a66754e_178)</u> | <u>[Other Information](#id5ad45031ae64adfb54a59506a66754e_178)</u> | <u>[136](#id5ad45031ae64adfb54a59506a66754e_178)</u> |
| <u>[Item 9C.](#id5ad45031ae64adfb54a59506a66754e_181)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#id5ad45031ae64adfb54a59506a66754e_181)</u> | <u>[136](#id5ad45031ae64adfb54a59506a66754e_181)</u> |
|  | **<u>[PART III](#id5ad45031ae64adfb54a59506a66754e_184)</u>** |  |
| <u>[Item 10.](#id5ad45031ae64adfb54a59506a66754e_187)</u> | <u>[Directors, Executive Officers and Corporate Governance](#id5ad45031ae64adfb54a59506a66754e_187)</u> | <u>[137](#id5ad45031ae64adfb54a59506a66754e_187)</u> |
| <u>[Item 11.](#id5ad45031ae64adfb54a59506a66754e_190)</u> | <u>[Executive Compensation](#id5ad45031ae64adfb54a59506a66754e_190)</u> | <u>[142](#id5ad45031ae64adfb54a59506a66754e_190)</u> |
| <u>[Item 12.](#id5ad45031ae64adfb54a59506a66754e_193)</u> | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters](#id5ad45031ae64adfb54a59506a66754e_193)</u> | <u>[144](#id5ad45031ae64adfb54a59506a66754e_193)</u> |
| <u>[Item 13.](#id5ad45031ae64adfb54a59506a66754e_196)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#id5ad45031ae64adfb54a59506a66754e_196)</u> | <u>[145](#id5ad45031ae64adfb54a59506a66754e_196)</u> |
| <u>[Item 14.](#id5ad45031ae64adfb54a59506a66754e_199)</u> | <u>[Principal Accountant Fees and Services](#id5ad45031ae64adfb54a59506a66754e_199)</u> | <u>[152](#id5ad45031ae64adfb54a59506a66754e_199)</u> |
|  | **<u>[PART IV](#id5ad45031ae64adfb54a59506a66754e_202)</u>** |  |
| <u>[Item 15.](#id5ad45031ae64adfb54a59506a66754e_205)</u> | <u>[Exhibits and Financial Statement Schedules](#id5ad45031ae64adfb54a59506a66754e_205)</u> | <u>[153](#id5ad45031ae64adfb54a59506a66754e_205)</u> |
| <u>[Item 16.](#id5ad45031ae64adfb54a59506a66754e_208)</u> | <u>[Form 10-K Summary](#id5ad45031ae64adfb54a59506a66754e_208)</u> | <u>[155](#id5ad45031ae64adfb54a59506a66754e_208)</u> |
|  | <u>[Signatures](#id5ad45031ae64adfb54a59506a66754e_211)</u> | <u>[156](#id5ad45031ae64adfb54a59506a66754e_211)</u> |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**PART I**

**Item 1. BUSINESS.**

New Mountain Guardian IV Income Fund L.L.C. ("we", "us" or "our"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated for United States ("U.S.") federal income tax purposes, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). New Mountain Guardian IV Income Fund SPV, L.L.C. ("GIV Income SPV"), our wholly owned direct subsidiary, was formed on December 18, 2025 as a Delaware limited liability company.

**New Mountain Finance Advisers, L.L.C.**

New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. In particular, the Investment Adviser is responsible for identifying attractive investment opportunities, conducting research and due diligence on prospective investments, structuring our investments and monitoring and servicing our investments. The Investment Adviser is managed by a six member investment committee (the "Investment Committee"), which is responsible for approving purchases and sales of our investments above the greater of: (i) $5.0 million or (ii) 1% of aggregate Capital Commitments in the aggregate by a single issuer. For additional information on the Investment Committee, see "Investment Committee".

**New Mountain Finance Administration, L.L.C.**

New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations. The Administrator also maintains, or oversees the maintenance of, our financial records, our reports to unitholders and reports filed with the U.S. Securities and Exchange Commission ("SEC"). The Administrator performs the calculation and publication of the value of our members' capital, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. The Administrator has hired a third party sub-administrator to assist with the provision of administrative services. The Administrator may also provide, on our behalf, managerial assistance to our portfolio companies.

**Competition**

We compete for investments with a number of BDCs and investment funds (including private equity and hedge funds), as well as traditional financial services companies such as commercial banks and other sources of financing. Many of these entities have greater financial and managerial resources than we do. We believe we are able to compete with these entities primarily on the basis of the experience and contacts of our management team, our responsive and efficient investment analysis and decision-making processes, the investment terms we offer, the model that we employ to perform our due diligence with the broader New Mountain Capital team and our model of investing in companies and industries we know well.

We believe that some of our competitors may make investments with interest rates and returns that are comparable to or lower than the rates and returns that we target. Therefore, we do not seek to compete solely on the interest rates and returns that we offer to potential portfolio companies. For additional information concerning the competitive risks we face, see *Item 1A.—Risk Factors* in this Annual Report on Form 10-K.

**Investment Objective and Portfolio**

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of $10.0 million to $200.0 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

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

As of December 31, 2025, our top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services. At December 31, 2025, our portfolio consisted of 117 portfolio companies and was invested 95.1% in first lien loans, 3.5% in second lien loans, 0.4% in subordinated loans, 0.1% in structured finance obligations and 0.9% in equity and other, as measured at fair value, versus 99 portfolio companies invested 95.8% in first lien loans, 2.5% in second lien loans, and 0.5% in subordinated loans, 0.1% in structured finance obligations and 1.12% in equity and other, as measured at fair value at December 31, 2024.

The fair value of our investments, as determined in good faith by our board of directors (the "Board"), was approximately $482.7 million in 117 portfolio companies at December 31, 2025 and approximately $377.8 million in 99 portfolio companies at December 31, 2024. See *Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Portfolio and Investment Activity* in this Annual Report on Form 10-K for details.

The following summarizes our ten largest portfolio company investments and the top ten industries in which we were invested as of December 31, 2025, calculated as a percentage of fair value as of December 31, 2025:

---

| | |
|:---|:---|
| **Portfolio Company** | **Percent of Total Investments at Fair Value** |
| Associations Finance, Inc. | 2.1% |
| Anaplan, Inc. | 2.1% |
| Viper Bidco, Inc. | 2.1% |
| WEG Sub Intermediate Holdings, LLC | 2.0% |
| HIG Intermediate, Inc. | 2.0% |
| Businessolver.com, Inc. | 1.8% |
| OEC Holdco, LLC | 1.8% |
| Healthspan Buyer, LLC | 1.8% |
| Coupa Holdings, LLC | 1.8% |
| Jeppesen Holdings, LLC | 1.8% |
|  | 19.3% |

---

---

| | |
|:---|:---|
| **Industry Type** | **Percent of Total Investments at Fair Value** |
| Business Services | 34.1% |
| Software | 30.5% |
| Financial Services & Technology | 14.8% |
| Healthcare | 10.3% |
| Consumer Services | 4.5% |
| Education | 3.3% |
| Business Products | 0.9% |
| Food & Beverage | 0.7% |
| Packaging | 0.6% |
| Distribution & Logistics | 0.2% |
|  | 99.9% |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Investment Criteria**

The Investment Adviser has identified the following investment criteria and guidelines for use in evaluating prospective portfolio companies. However, not all of these criteria and guidelines were, or will be, met in connection with each of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Defensive growth industries.* We seek to invest in industries that can succeed in both robust and weak economic environments, but which are also sufficiently large and growing to achieve high valuations providing enterprise value cushion for our targeted debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *High barriers to competitive entry.* We target industries and companies that have well defined industries and well established, understandable barriers to competitive entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Recurring revenue.* Where possible, we focus on companies that have a high degree of predictability in future revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Flexible cost structure.* We seek to invest in businesses that have limited fixed costs and therefore modest operating leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Strong free cash flow and high return on assets.* We focus on businesses with a demonstrated ability to produce meaningful free cash flow from operations. We typically target companies that are not asset intensive and that have minimal capital expenditure and minimal working capital growth needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Sustainable business and niche market dominance.* We seek to invest in businesses that exert niche market dominance in their industry and that have a demonstrated history of sustaining market leadership over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Established companies.* We seek to invest in established companies with sound historical financial performance. We do not intend to invest in start-up companies or companies with speculative business plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Private equity sponsorship.* We generally seek to invest in companies in conjunction with private equity sponsors who we know and trust and who have proven capabilities in building value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Seasoned management team.* We generally require that portfolio companies have a seasoned management team with strong corporate governance. Oftentimes we have a historical relationship with or direct knowledge of key managers from previous investment experience.

**Investment Selection and Process**

The Investment Adviser believes it has developed a proven, consistent and replicable investment process to execute our investment strategy. The Investment Adviser seeks to identify the most attractive investment sectors from the top down and then works to become the most advantaged investor in these sectors. The steps in the Investment Adviser's process include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifying attractive investment sectors from the top down;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creating competitive advantages in the selected industry sectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targeting companies with leading market share and attractive business models in its chosen sectors.

**Investment Committee**

The Investment Adviser is managed by a six member Investment Committee, which is responsible for approving

purchases and sales of our investments above the greater of: (i) $5.0 million or (ii) 1% of aggregate Capital Commitments in the

aggregate by a single issuer. The Investment Committee currently consists of Steven B. Klinsky, Robert A. Hamwee, Adam B. Weinstein, Laura C. Holson and John R. Kline. The sixth and final member of the Investment Committee will consist of a New Mountain Capital Managing Director who will hold the position on the Investment Committee on an annual rotating basis. Robert Mulcare served on the Investment Committee from August 2024 to July 2025. Beginning in August 2025, Harris Kealey was appointed to the Investment Committee for a one year term. In addition, our executive officers and certain investment professionals of the Investment Adviser are invited to all Investment Committee meetings. Purchases and dispositions below $5.0 million or 1% of aggregate Capital Commitments, whichever is greater, may be approved by our chief executive officer. These approval thresholds are subject to change over time. We expect to benefit from the extensive and varied relevant experience of the investment professionals serving on the Investment Committee, which includes expertise in private equity, primary and secondary leveraged credit, private mezzanine finance and distressed debt.

The purpose of the Investment Committee is to evaluate and approve, as deemed appropriate, all investments by the Investment Adviser, subject to certain thresholds. The Investment Committee's process is intended to bring the diverse experience and perspectives of the Investment Committee's members to the analysis and consideration of every investment. The Investment Committee also serves to provide investment consistency and adherence to the Investment Adviser's investment

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

philosophies and policies. The Investment Committee also determines appropriate investment sizing and suggests ongoing monitoring requirements.

In addition to reviewing investments, the Investment Committee meetings serve as a forum to discuss credit views and outlooks. Potential transactions and investment opportunities are also reviewed on a regular basis. The members of our investment team are encouraged to share information and views on credit with the Investment Committee early in their analysis. This process improves the quality of the analysis and allows the deal team members to work more efficiently.

**Investment Structure**

We target debt investments that will yield current income that can support distributions to our unitholders. Our debt investments are typically structured with the maximum seniority and collateral that we can reasonably obtain while seeking to achieve our target return profile.

The terms of our debt investments are tailored to the facts and circumstances of the transaction and prospective portfolio company and are structured to protect such portfolio company's rights and manage our risk while creating incentives for the portfolio company to achieve its business plan. A substantial source of return is the cash interest that we collect on our debt investments.

First lien and unitranche loans, second lien loans, subordinated loans and bonds generally have terms of four to seven years, provide for a variable or fixed interest rate and may contain prepayment penalties. First lien loans are secured by a first priority security interest in all existing and future assets of the borrower. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. Our first lien loans may include traditional first lien senior secured loans or unitranche loans. Unitranche loans will expose us to the risks associated with second lien and subordinated loans to the extent we invest in the "last out" tranche. We generally do not hold any last out positions. Second lien loans are secured by a second priority interest and subordinated loans are generally unsecured. Our loan and bond investments may include payment-in-kind ("PIK") interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity. In some cases, our investments may also include equity interests.

In addition, from time to time we may also enter into revolving credit facilities, bridge financing commitments, delayed draw commitments or other commitments which can result in providing future financing to a portfolio company. When we make a debt investment, we may be granted equity in the portfolio company in the same class of security as the sponsor receives upon funding.

We may make investments through wholly owned subsidiaries. Such subsidiaries are expected to be organized as corporations or limited liability companies and will not be registered under the 1940 Act. These subsidiaries may be formed to obtain favorable tax benefits or to obtain financing on favorable terms due to their bankruptcy-remote characteristics. Our "Board" has oversight responsibility for our investment activities, including our investment in any subsidiary, and our role as sole shareholder of any subsidiary. To the extent applicable to the investment activities of a subsidiary, the subsidiary will follow the same compliance policies and procedures as we do. We would "look through" any such subsidiary to determine compliance with our investment policies and would generally expect to consolidate any such wholly-owned subsidiary for purposes of our financial statements and compliance with the 1940 Act. In addition, the borrowings of any of our wholly-owned subsidiaries would be considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

**Portfolio Company Monitoring**

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating. See *Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Portfolio and Investment Activity* in this Annual Report on Form 10-K for details.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Exit Strategies/Refinancing**

We expect to exit our investments typically through one of four scenarios: (i) the sale of the portfolio company itself, resulting in repayment of all outstanding debt, (ii) the recapitalization of the portfolio company in which our loan is replaced with debt or equity from a third party or parties (in some cases, we may choose to participate in the newly issued loan(s)), (iii) the repayment of the initial or remaining principal amount of our loan then outstanding at maturity, or (iv) the sale of our debt investment. In some investments, there may be scheduled amortization of some portion of our loan which would result in a partial exit of our investment prior to the maturity of the loan.

During the Investment Period (as defined below), repayments and refinancings will be redeployed into new investments or used to pay down existing subscription lines and/or working capital. After the Investment Period, the Investment Adviser may pursue several options to return capital to investors. These may include running off the portfolio over subsequent years as investments are repaid, secondary sales in the market and other potential liquidity options. For the avoidance of doubt, we have no intention of pursuing an initial public offering and our documents will prohibit this type of event; however, unitholders may be given the opportunity (but would not be required) to elect to exchange their interests in us for interests in another investment vehicle managed by the Investment Adviser or its affiliates.

**Valuation of Portfolio Securities**

At all times consistent with accounting principles generally accepted in the United States of America ("GAAP") and the 1940 Act, we conduct a valuation of our assets, which impacts our members' capital.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For investments other than bonds, the investment professionals of the Investment Adviser look at the number of quotes readily available and perform the following procedures:

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

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

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

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

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

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

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

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

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

**Operating and Regulatory Environment**

As with other companies regulated by the 1940 Act, a BDC must adhere to certain regulatory requirements. The 1940 Act contains prohibitions and restrictions relating to investments by a BDC in another investment company, as well as transactions between BDCs and their affiliates, principal underwriters and affiliates of those affiliates or underwriters. A BDC must be organized and have its principal place of business in the United States, it must be operated for the purpose of investing in or lending to primarily private or thinly traded companies and it must make significant managerial assistance available to those companies whose securities are considered Qualifying Assets (as defined below) for the BDC.

We have a Board. A majority of our Board must be persons who are not "interested persons" of ours, as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"). As a BDC, we are prohibited from indemnifying any director or officer against any liability to us or our unitholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. Additionally, to provide additional unitholder protection, we are required to provide and maintain a bond issued by a reputable fidelity insurance company.

As a BDC, we are required to meet a coverage ratio of the value of total assets to total senior securities, which include all of our borrowings, and any preferred units we may issue in the future, of at least 150.0% (which means we can borrow $2 for every $1 of our equity). We monitor our compliance with this coverage ratio on a regular basis.

We may, to the extent permitted under the 1940 Act, issue additional equity or debt capital. We will generally not be able to issue and sell our limited liability company interests (the "Units") at a price below members' capital per Unit without unitholder approval. See *Item 1. Business*—*The Private Offering* in this Annual Report on Form 10-K. We may, however, sell our Units, or warrants, options or rights to acquire our Units, at a price below the then-current value of our members' capital if our Board determines that such sale is in our best interests and the best interests of our unitholders, and our unitholders approve such sale. In addition, we may generally issue new Units at a price below the value of our members' capital in rights offerings to existing unitholders, in payment of dividends and in certain other limited circumstances.

As a BDC, we will not generally be permitted to invest in any portfolio company in which the Investment Adviser or any of its affiliates currently have an investment or make any co-investments with the Investment Adviser or its affiliates without an exemptive order from the SEC. On May 13, 2025, we, the Investment Adviser and certain of our affiliates were granted a new order for exemptive relief (the "Exemptive Order"). Pursuant to such Exemptive Order, we generally are permitted to co-invest in certain negotiated transactions with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where an affiliate of ours has an existing investment in the issuer, and (2) if the we dispose of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis or is a sale of a tradeable security. Pursuant to the Exemptive Order, the Board oversees our participation in the co-investment program. As required by the Exemptive Order, we have adopted, and our Board has approved, policies and procedures reasonably designed

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to our Board.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67.0% or more of such company's voting securities present at a meeting if more than 50.0% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50.0% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

In addition, as a BDC, we are not permitted to issue Units in consideration for services provided to us.

**Taxation as a Regulated Investment Company**

We were treated as a disregarded entity wholly owned by the Investment Adviser for the period beginning with the date of inception on November 4, 2022 through May 23, 2023. From May 24, 2023 and thereafter, we have elected to be treated for U.S. federal income tax purposes, and intend to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code.

To qualify as a RIC for U.S. federal income tax purposes, we must, among other things: (1) have an election in effect to be treated as a BDC under the 1940 Act at all times during each taxable year; (2) have filed with our return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (3) derive in each taxable year at least 90% of our gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or fee income (including but not limited to gains from options, futures or forward contracts) derived with respect to our business of investing in such stock, securities, or currencies; and (b) net income derived from an interest in certain publicly traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly Traded Partnership"); and (4) diversify our holdings so that, at the end of each quarter of each taxable year (a) at least 50% of the value of our total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our total assets, or more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of our total assets is invested in (I) the securities (other than U.S. government securities or securities of other RICs) of any one issuer, (II) the securities, other than securities of other RICs, of any two or more issuers which we control and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) the securities of certain Qualified Publicly Traded Partnerships.

As a RIC, we generally will not be subject to U.S. federal income tax on our investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gains (the excess of net long-term capital gains over net short-term capital losses), if any, that we distribute in each taxable year to our unitholders, provided that we distribute dividends equal to at least 90% of our investment company taxable income plus 90% of our net interest income excludable under Section 103(a) of the Code. We intend to distribute to our unitholders, each taxable year, substantially all of our investment company taxable income and net capital gains.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, we must timely distribute during each calendar year an amount at least equal to the sum of (i) 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year, (ii) 98.2% of our capital gains in excess of our capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (iii) any ordinary income and capital gains net income that we recognized for previous years, but were not distributed during those years, and on which we paid no U.S. federal income tax. For these purposes, we will be deemed to have distributed any income or gains on which we paid U.S. federal income tax.

A distribution will be treated as paid on December 31 of any calendar year if it is declared by us in October, November or December with a record date in such a month and paid by us during January of the following calendar year. Such distributions will be taxable to unitholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

**Failure to Qualify as a Regulated Investment Company**

If we fail to qualify as a RIC or fail to satisfy the 90% distribution requirement in any taxable year, we would be subject to U.S. federal income tax at regular corporate rates on our taxable income (including distributions of net capital gains), even if such income were distributed to our unitholders, and all distributions out of earnings and profits would be taxed to unitholders as ordinary dividend income. Such distributions generally may be eligible (i) to be treated as "qualified dividend

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

income" in the case of individuals and other noncorporate unitholders and (ii) for the dividends received deduction in the case of corporate unitholders. In addition, we could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

While we generally intend to comply with the requirements to continue to qualify as a RIC for each taxable year, it is possible that we may not satisfy the diversification requirements described above, and thus may not qualify as a RIC. In such case, however, we anticipate that the associated tax liability would not be material, and that such non-compliance would not have a material adverse effect on our business, financial condition and results of operations, although there can be no assurance in this regard.

**Summary Risk Factors** 

The risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only risks we face. You should carefully consider these risk factors, together with the risk factors set forth in

*Item1A.— Risk Factors* in this Annual Report on Form 10-K and the other reports and documents filed by us with the SEC.

***General Risks of an Investment in our Units***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** There is no assurance that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described in this Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success will depend on the ability of the Investment Adviser to identify suitable portfolio investments, to negotiate and arrange the closing of appropriate transactions, and to arrange the timely disposition of portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the incentive fee is based on the performance of our portfolio, the Investment Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other investment vehicles previously managed by the investment professionals of the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to maintain our status as a BDC or qualify as a RIC, our operating flexibility could be significantly reduced.

***Certain Risks Relating to Portfolio Investments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Investments in small and middle market businesses are highly speculative and involve a high degree of risk of credit loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a portfolio company cannot generate adequate cash flow to meet its debt obligations (including obligations to us), we may suffer a partial or total loss of capital invested in the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and a foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt and/or equity securities that we hold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not have the funds or ability to make additional investments in our portfolio companies or to fund our unfunded debt commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant change in market interest rates may have a material adverse effect on our net investment income in the event we use debt to finance our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may participate in a limited number of portfolio investments and, as a consequence, our aggregate return may be substantially adversely affected by the unfavorable performance of even a single portfolio investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent we concentrate portfolio investments in a particular issuer, industry, sub-sector, security, investment type, or geographic region, we will become more susceptible to fluctuations in value resulting from adverse economic and business conditions with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many of our portfolio investments will be highly illiquid, and we may not be able to realize on such portfolio investments in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be competing for investments with many other investors, as well as financial institutions, open-end funds, closed-end funds, hedge funds and investment funds affiliated with other financial sponsors and other investors.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may invest in portfolio companies that may (i) have an unfavorable financial history, (ii) be operating at a loss or have significant fluctuations in operating results, (iii) be engaged in rapidly changing business environments or (iv) need substantial additional capital to set up internal infrastructure, hire management and personnel, support expansion or achieve or maintain a competitive position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may invest in companies in rapidly changing fields, which may rely on the use of proprietary technology and be materially impacted by technological changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with certain portfolio investments, we may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates to the extent permitted by the 1940 Act. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments are almost entirely rated below investment grade or may be unrated, which are often referred to as "leveraged loans", "high yield" or "junk" securities, and may be considered "high risk" compared to debt instruments that are rated investment grade.

***Risks Relating to Our Units and Operations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Our Units have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable securities laws of any U.S. state or the securities laws of any other jurisdiction and, therefore, cannot be resold unless they are subsequently registered under the Securities Act and any other applicable securities laws or an exemption from such registration is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because there is significant uncertainty as to the valuation of illiquid investments, the values of such investments may not necessarily reflect the values that we could actually realize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or closely related times), without prior approval of our Board and, in some cases, the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot assure you that we will continue to achieve investment results or maintain a tax status that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Investment Adviser resigns, we may not be able to find a new adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all.

***Certain Market, Regulatory and Tax Risks***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are obligated to maintain proper and effective internal control over financial reporting, including the internal control evaluation and certification requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act").

**The Private Offering**

We conducted a private offering (the "Private Offering") of our Units to investors in reliance on exemptions from the registration requirements of the Securities Act. Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with us (a "Subscription Agreement"). Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the 18-month period following the initial closing of Capital Commitments, which occurred on May 23, 2023 (the "Closing Period"). On November 20, 2024, pursuant to our amended and restated limited liability company agreement (the "A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from November 23, 2024 to March 31, 2025. We accepted and drew down on Capital Commitments from investors throughout and after the Closing Period. The final drawdown of Capital Commitments closed on December 15, 2025. We commenced our loan origination and investment activities on May 24, 2023. The investment period began on May 23, 2023 and will continue until March 31, 2029, the four-year anniversary of the end of the Closing Period (the "Investment Period"). Our term is until March 31, 2031, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by our Board (such period and any successive extensions, the "Term").

We have entered into separate subscription agreements with one or more investors providing for the private placement of Units pursuant to the Private Offering. As of December 31, 2025, we had aggregate Capital Commitments accepted from investors of $512.4 million, which were fully drawn.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

Investors were required to make capital contributions to purchase Units at a specified time (subject to applicable cure periods) each time we delivered a drawdown notice, which were issued based on our anticipated investment activities and capital needs, in an aggregate amount not exceeding each investor's respective Capital Commitment to purchase Units pursuant to a Subscription Agreement entered into with us. Holders of Capital Commitments with the lowest Contribution Capital Percentage (as defined below) were first required to purchase our Units until all holders of Capital Commitments had the same Contributed Capital Percentage (as defined below), and purchases were then made pro rata in accordance with remaining Capital Commitments. As a result, for Capital Commitments, purchases of our Units were generally made first by holders with the largest percentage of their Capital Commitments undrawn (i.e., a catch-up purchase) and then, once all holders had the same percentage of undrawn Capital Commitments outstanding, pro rata in accordance with remaining Capital Commitments of all investors. "Contributed Capital Percentage" means, with respect to an investor holding Capital Commitments, the percentage determined by dividing such investor's Contributed Capital (as defined below) by such investor's total Capital Commitments (whether or not funded). "Contributed Capital" means, with respect to an investor holding Capital Commitments, the aggregate amount of capital contributions from such investor's Capital Commitments that has been funded by such investor to purchase Units. For the avoidance of doubt, Contributed Capital will not take into account distributions of our investment income (i.e., proceeds received in respect of interest payments, dividends or fees, net of expenses) to the investors or return of capital distributions.

The offering price per Unit at the initial drawdown from investors in the Private Offering (the "Initial Drawdown"), which occurred on May 31, 2023 (the "Initial Drawdown Date"), was $10.00. Pursuant to the A&R LLC Agreement, the offering price for drawdown dates was (i) for any future Drawdown Dates or Catch-Up Dates (each as defined in the A&R LLC Agreement) where the then-current Per Unit NAV (as defined in the A&R LLC Agreement) plus allocable Organizational and Offering Expenses was greater than or equal to $9.70, $10.00, (ii) for any future Drawdown Dates or Catch-Up Dates where the then-current Per Unit NAV plus allocable Organizational and Offering Expenses per Unit was greater than or equal to $9.70, $10.00, and (iii) where the then-current Per Unit NAV plus allocable Organizational and Offering Expenses per Unit was less than $9.70, the greater of (A) Per Unit NAV plus allocable Organizational and Offering Expenses per Unit and (B) $9.50. The Per Unit NAV at the time of such issuances may have been greater than or less than the offering price.

**Fund Term and Potential Exchange Option**

We will be liquidated and dissolved in an orderly manner (i) upon the expiration of our Term (as such Term may be extended pursuant to the above), (ii) at any time upon a decision of our Board, subject to any necessary unitholder approvals and applicable requirements of the 1940 Act or (iii) as otherwise provided in the A&R LLC Agreement.

Prior to the end of the Term, the unitholders may be given the opportunity (but would not be required) to elect to exchange their Units for interests in another investment vehicle managed by the Investment Adviser or its affiliates. Any such exchange would be structured in a manner so as to not cause dilution to unitholders who do not elect to exchange their Units. There is no assurance such opportunity to exchange Units will be provided.

**Investment Management Agreement**

We are a closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We are externally managed by our Investment Adviser and pay our Investment Adviser a fee for its services. The following summarizes our arrangements with the Investment Adviser pursuant to the investment advisory and management agreement (the "Investment Management Agreement").

***Management Services***

The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Investment Adviser serves as our investment adviser pursuant to the Investment Management Agreement in accordance with the 1940 Act. Subject to the overall supervision of our Board, the Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. Under the terms of the Investment Management Agreement, the Investment Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determines the securities and other assets that we will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies, evaluates and negotiates the structure of our investments that we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executes, monitors and services the investments that we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performs due diligence on prospective portfolio companies;

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• votes, exercises consents and exercises all other rights appertaining to such securities and other assets on our behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

The Investment Adviser's services under the Investment Management Agreement are not exclusive, and the Investment Adviser (so long as its services to us are not impaired) and/or other entities affiliated with New Mountain Capital are permitted to furnish similar services to other entities. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours.

***Management Fees***

Pursuant to the Investment Management Agreement, we have agreed to pay the Investment Adviser a fee for investment advisory and management services consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee payable to the Investment Adviser and any incentive fees paid in cash to the Investment Adviser are borne by us and, as a result, are indirectly borne by our unitholders.

*Base Management Fees*

Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one-year anniversary of the Initial Drawdown Date, the base management fee was reduced by 50.0% (for the avoidance of doubt, this resulted in an annual management fee rate of 0.375% through May 31, 2024). Because the one-year anniversary of the Initial Drawdown Date occurred on a date other than the last day of a calendar quarter, the management fee was prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee could also be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by us or our subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2.0 million or 0.25% of the aggregate Capital Commitments and any fund expenses in excess of the Specified Expenses Cap (as defined below).

The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither we nor any unitholders will bear any of the fees paid to our placement agents as any such fees paid by us will offset the management fees.

***Incentive Fees***

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

*Incentive Fee on Pre-Incentive Fee Net Investment Income*

The portion based on our income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the "Administration Agreement"), and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.389% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10.0% of the dollar amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.

The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

*Incentive Fee on Capital Gains*

The second component of the incentive fee is the capital gains incentive fee. We will pay the Investment Adviser an incentive fee with respect to our cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Second, no incentive is payable to the Investment Adviser on Cumulative Net Realized Gains until we have paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to us calculated from the date that each such amount was due to be contributed to us until the date each such distribution is paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of the (i) cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains.

Upon our termination, the Investment Adviser will be required to return incentive fees to us to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) our cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser.

In accordance with GAAP, we accrue a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than the cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the cumulative amount in the prior period. If such cumulative amount is negative, then there is no accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

*Incentive Fee Waiver*

On December 18, 2023, the Company and the Investment Adviser, entered into a voluntary letter waiver agreement (the "Waiver Agreement") effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by us to the Investment Adviser, pursuant to the Investment Management Agreement. The Waiver Agreement increases the hurdle rate, as described above, to 6.0% and waives any income based incentive fees that would have been earned at the current hurdle rate of 5.0%, so long as the average three-month SOFR over the trailing three-month period

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

(the "Three Month SOFR") is equal to or greater than 3.0% on the last day of the applicable quarter. If the Three Month SOFR falls below 3.0% on the last day of the applicable quarter, the hurdle rate will reset to 5.0%. Additionally, through the Waiver Agreement and with respect to the incentive fee on capital gains, the annualized, cumulative internal rate of return will be calculated using a Weighted Average Hurdle Rate (as defined in the Waiver Agreement) that takes into account any hurdle rate increases during the year.

*Expense Limitation*

Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that we will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500.0 million or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the average Members' Capital for the calendar year. Further, if our actual aggregate committed capital at the end of the Closing Period is less than $500.0 million, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate committed capital at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. Our "Specified Expenses" means all Company Expenses (as defined under "Fund Expenses" in the A&R LLC Agreement) incurred in our operation with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the A&R LLC Agreement) (which are subject to the Organizational and Offering Expenses Cap), (iv) Placement Fees (as defined in the A&R LLC Agreement), (v) interest on and fees and expenses arising out of all our indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by us or our affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.

If, while the Investment Adviser is the investment adviser to us, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by us of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of us pursuant to the expense limitation and reimbursement agreement between us and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six (36) months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense.

The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by us also must be approved by vote of a majority of the outstanding Units.

**Payment of Expenses**

Our primary operating expenses are interest payable on our debt, the payment of a base management fee and any incentive fees under the Investment Management Agreement and the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us under the Administration Agreement. We bear all other expenses of our operations and transactions, including (without limitation) fees and expenses relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investigation and monitoring of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of calculating members' capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest payable on debt, if any, to finance our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of effecting sales and repurchases of our Units and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management and incentive fees payable pursuant to the Investment Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees payable to third parties relating to, or associated with, making investments and valuing investments (including third-party valuation firms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custodial fees;

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing efforts (including attendance at investment conferences and similar events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any exchange listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal, state, local and foreign taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of proxy statements, unitholders' reports and notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing government filings, including periodic and current reports with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent audits and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fidelity bond, liability insurance and other insurance premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• printing, mailing and all other direct expenses incurred by either the Investment Adviser or us in connection with administering our business, including payments under the Administration Agreement that are based upon our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us under the Administration Agreement, including the allocable portion of the compensation of our chief financial officer and chief compliance officer and their respective staffs.

**Qualifying Assets**

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "qualifying assets", unless, at the time the acquisition is made, qualifying assets represent at least 70.0% of the BDC's total assets. The principal categories of qualifying assets relevant to our business are any of the following:

1)&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an "eligible portfolio company", or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)&nbsp;&nbsp;&nbsp;&nbsp;does not have any class of securities that is traded on a national securities exchange;

ii)&nbsp;&nbsp;&nbsp;&nbsp;has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250.0 million;

iii)&nbsp;&nbsp;&nbsp;&nbsp;is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company; or

iv)&nbsp;&nbsp;&nbsp;&nbsp;is a small and solvent company having total assets of not more than $4.0 million and capital and surplus of not less than $2.0 million.

2)&nbsp;&nbsp;&nbsp;&nbsp;Securities of any eligible portfolio company that the BDC controls.

3)&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

4)&nbsp;&nbsp;&nbsp;&nbsp;Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the BDC already owns 60.0% of the outstanding equity of the eligible portfolio company.

5)&nbsp;&nbsp;&nbsp;&nbsp;Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

6)&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

As of December 31, 2025, 3.8% of our total assets were represented by investments at fair value that are considered non-qualifying assets.

**Significant Managerial Assistance to Portfolio Companies**

BDCs generally must offer to make available to the issuer of qualifying assets significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company. The Administrator or its affiliate will provide such significant managerial assistance on our behalf to portfolio companies that accept our offer of managerial assistance.

**Temporary Investments**

Pending investments in other types of qualifying assets, as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as "temporary investments," so that 70% of our assets are qualifying assets. We may also invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. We had no temporary investments as of December 31, 2025.

**Repurchase Agreements**

A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our gross assets constitute repurchase agreements from a single counterparty, we would not meet the diversification tests in order to qualify as a RIC. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Investment Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions. We had no repurchase agreements as of December 31, 2025.

**Indebtedness and Senior Securities**

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our Units if our asset coverage, as defined in the 1940 Act, is at least equal to 150.0% immediately after each such issuance (which means we can borrow $2 for every $1 of our equity). The 1940 Act currently requires an asset coverage of at least 150%. Although we intend to be generally be unlevered (as described further herein), our sole initial member approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our unitholders or the repurchase of our Units unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5.0% of the value of our total assets for temporary or emergency purposes without regard to our asset coverage. For a discussion of the risks associated with leverage, see *Item 1A.—Risk Factors—Company-Level Borrowings* in this Annual Report on Form 10-K*.*

**Code of Ethics**

We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act (the "Code of Ethics") and the Investment Adviser has adopted a code of ethics pursuant to Rule 204A-1 under the Advisers Act (the "Adviser's Code of Ethics"), each of which establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

the Code of Ethics and/or the Adviser's Code of Ethics may invest in securities for their personal investment accounts, including securities that may be purchased or held by us so long as such investments are made in accordance with the applicable code's requirements. The Code of Ethics is available on the SEC's website at *www.sec.gov*.

**Compliance Policies and Procedures**

We and the Investment Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws and we are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. Our chief compliance officer is responsible for administering these policies and procedures.

**Proxy Voting Policies and Procedures**

We have delegated our proxy voting responsibility to the Investment Adviser. The proxy voting policies and procedures of the Investment Adviser are set forth below. The guidelines will be reviewed periodically by the Investment Adviser and our Independent Directors, and, accordingly, are subject to change.

*Introduction*

As an investment adviser registered under the Advisers Act, the Investment Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, it recognizes that it must vote proxies related to our securities in a timely manner free of conflicts of interest and in our best interests.

The policies and procedures for voting proxies for the investment advisory clients of the Investment Adviser are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

*Proxy Policies*

The Investment Adviser will vote proxies relating to our securities in our best interest. It will review on a case-by-case basis each proposal submitted for a unitholder vote to determine its impact on the portfolio securities held by us. Although the Investment Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

The proxy voting decisions of the Investment Adviser are made by the senior officers who are responsible for monitoring each of its clients' investments. To ensure that its vote is not the product of a conflict of interest, it will require that: (a) anyone involved in the decision-making process disclose to its chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (b) employees involved in the decision-making process or vote administration are prohibited from revealing how the Investment Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

*Proxy Voting Records*

You may obtain, without charge, information regarding how we voted proxies with respect to our portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, 1633 Broadway, 48th Floor, New York, New York 10019.

**Staffing**

We do not have any employees. Our day-to-day investment operations are managed by the Investment Adviser and the Administrator. See "—*Investment Management Agreement"* and "—*Administration Agreement*" in this Annual Report on Form 10-K. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, including the compensation of our chief financial officer and chief compliance officer, and their respective staffs. For a more detailed discussion of the Administration Agreement, see *Item 8—Financial Statements and Supplementary Data—Note 5. Agreements and Related Parties* in this Annual Report on Form 10-K*.*

**Emerging Growth Company**

We are an emerging growth company as defined in the Jumpstart Our Business Startups Act (the "JOBS Act") and we are eligible to take advantage of certain specified reduced disclosure and other requirements that are otherwise generally applicable to public companies that are not "emerging growth companies" including, but not limited to, reduced executive compensation disclosure requirements and not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. Although we have not made a determination whether to take advantage of any or all of these exemptions, we expect to remain an emerging growth company for up to five years following the completion of any initial public offering by us or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which would occur if the market value of our Units that are held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 calendar months, or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period. There is currently no public market for our Units and one is not expected to develop. In addition, we may take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act imposes a variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 of the Exchange Act, our chief executive officer and chief financial officer are required to certify the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 307 of Regulation S-K, our periodic reports are required to disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 of the Exchange Act, our management is required to prepare a report regarding their assessment of their respective internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports are required to disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We intend to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

**Reporting Obligations**

In order to be regulated as a BDC under the 1940 Act, we are required to register a class of equity securities under the Exchange Act. As a result, we have filed a Registration Statement for our Units with the SEC under the Exchange Act. We are required to file annual reports, quarterly reports and current reports with the SEC. This information is available on the SEC's website at *www.sec.gov*.

In addition to the above regulatory filings, we shall provide each unitholder with such additional information as it may reasonably request from time to time in connection with such unitholder's ongoing financial and operational due diligence.

 **Available Information**

We file or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information as required by the 1940 Act. The SEC maintains a website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at *www.sec.gov*.

We make available free of charge our reports, proxies and information statements and other information as soon as reasonably practicable after we electronically file such materials with, or furnish to, the SEC. Information contained on the SEC's website about us is not incorporated into this annual report and should not be considered to be a part of this annual report.

**Privacy Notice**

Your privacy is very important to us. Our Privacy Notice sets forth our policies with respect to non-public personal information about our unitholders and prospective and former unitholders. These policies apply to our unitholders and may be changed at any time, provided a notice of such change is given to you. This notice supersedes any other privacy notice you may have received from us.

We will safeguard, according to strict standards of security and confidentiality, all information we receive about you. The only information we collect from you is your name, address, number of units you hold and your social security number. This information is used only so that we can send you annual reports and other information about us, and send you proxy statements or other information required by law.

We do not share this information with any non-affiliated third party except as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Employees of our Investment Adviser.* It is our policy that only authorized employees of our investment adviser who need to know your personal information will have access to it.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Service Providers.* We may disclose your personal information to companies that provide services on our behalf, such as recordkeeping, processing your trades, and mailing you information. These companies are required to protect your information and use it solely for the purpose for which they received it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Courts and Government Officials.* If required by law, we may disclose your personal information in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena, or court order will be disclosed.

We seek to carefully safeguard your private information and, to that end, restrict access to non-public personal information about you to those employees and other persons who need to know the information to enable us to provide services to you. We maintain physical, electronic and procedural safeguards to protect your non-public personal information.

If you have any questions regarding this policy or the treatment of your non-public personal information, please contact our chief compliance officer at (212) 655-0291.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

*An investment in our securities involves certain risks relating to our structure and investment objective. The risks set forth below are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, our structure, our financial condition, our investments and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, the net asset value of our Units could decline. There can be no assurance that we will achieve our investment objective and you may lose all or part of your investment.*

**CERTAIN GENERAL RISKS OF AN INVESTMENT IN OUR UNITS**

**No Assurance of Investment Return**

Neither we nor the Investment Adviser or its respective affiliates can provide any assurance whatsoever that we will be successful in choosing, making and realizing investments in any particular portfolio company or portfolio companies. There is no assurance that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described herein. While we expect to make regular distributions of income, there can be no assurance that any unitholder will receive any distribution from us. Partial or complete sales, transfers or other dispositions of portfolio investments which may result in a return of capital or the realization of gains, if any, are generally not expected to occur for a number of years after an investment is made. Accordingly, an investment in us should only be considered by persons for whom a speculative, illiquid and long-term investment is an appropriate component of a larger investment program and who can afford a loss of their entire investment.

Past performance of investment entities associated with New Mountain Capital and its affiliates is not necessarily indicative of future results. There can be no assurance that we will achieve comparable results or that our performance objectives will be achieved. In particular, we do not expect to replicate the historical performance of New Mountain Capital's investments, or those of certain affiliates that have also elected to be regulated as a BDC, including New Mountain Finance Corporation ("NMFC"), New Mountain Private Credit Fund (including its predecessor, New Mountain Guardian III BDC, L.L.C.), NMF SLF I, Inc., and New Mountain Guardian IV BDC, L.L.C. In addition, our investment strategies may differ from those of New Mountain Capital or its affiliates. We, as a BDC and as a RIC, are subject to certain regulatory restrictions that do not apply to New Mountain Capital or certain of its affiliates.

We are generally not permitted to invest in any portfolio company in which New Mountain Capital or any of its affiliates currently have an investment or to make any co-investments with New Mountain Capital or its affiliates, except to the extent permitted by the 1940 Act, or pursuant to previously obtained exemptive orders. This may adversely affect the pace at which we make investments.

**Above Average Degree of Risk**

The investments we may make may result in a higher amount of risk, volatility or loss of principal than alternative investment options. These investments in portfolio companies may be highly speculative and aggressive, and therefore, an investment in our Units may not be suitable for investors with lower risk tolerance.

**Role of New Mountain Capital and its Professionals; No Dedicated Investment Team**

Our investors are placing their entire Capital Commitment in the exclusive discretion of, and are dependent upon the skill and experience of, New Mountain Capital and the Investment Adviser. Unitholders will be relying on the ability of the Investment Adviser to identify, structure and implement the investments to be made using the capital available to us. Unitholders have no rights or powers to take part in our management or making investment decisions and will not receive the amount of any portfolio company's financial information that is generally available to the Investment Adviser. The Investment Adviser, subject to the oversight of our Board, has sole and absolute discretion in identifying, structuring, negotiating, purchasing, financing and eventually divesting investments on our behalf (subject to specified exceptions). The Investment Adviser may be unable to find a sufficient number of attractive opportunities to meet our investment objectives. Our success will depend on the ability of the Investment Adviser to identify suitable portfolio investments, to negotiate and arrange the closing of appropriate transactions, and to arrange the timely disposition of portfolio investments. Our success will also depend in part upon the skill, expertise and ability of New Mountain Capital's investment professionals and, as more fully discussed below, the management of portfolio companies. The interests of these professionals in New Mountain Capital and the incentive fee should tend to discourage them from withdrawing from participation in our investment activities. However, there can be no assurance that such professionals will continue to be associated with New Mountain Capital or the Investment Adviser throughout our life and a loss of the services of key personnel could impair New Mountain Capital's ability to provide services to us. There is ever-increasing competition among alternative asset managers, financial institutions, private investment firms, financial sponsors, investment managers and other industry participants for hiring and retaining qualified investment professionals. There can be no assurance that New Mountain Capital personnel or its senior advisors will not be solicited by and

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

join competitors or other firms and/or that New Mountain Capital will be able to hire and retain any new personnel or senior advisors that it seeks to maintain or add to its roster of investment professionals.

In addition, we do not have a dedicated investment team and will share personnel and other resources with New Mountain Capital's other funds and operations. New Mountain Capital personnel will devote such time to us as shall be reasonably necessary to conduct our business affairs in an appropriate manner. However, such personnel will work on and devote substantial time to other projects, including New Mountain Capital's existing funds, vehicles and accounts and their investments, and, therefore, conflicts exist in the allocation of management time, services and functions. We will have no interest in such other investments, funds, vehicles and accounts where team members spend time. While there are a substantial number of investment team members who will devote such time to us as shall be reasonably necessary as described above, certain of the New Mountain Capital personnel devote, and are required to continue to devote, a majority and primary amount of his or her business time to New Mountain Capital's other funds, their respective portfolio companies and matters relating thereto, which will necessarily limit the amount of time such personnel are able to dedicate to us. As a result, the Investment Adviser and its affiliates' ability to access professionals and resources within New Mountain Capital for our benefit as described in this Annual Report on Form 10-K will be limited. Such access may also be limited by the internal compliance policies of New Mountain Capital or other legal or business considerations, including those constraints generally discussed herein.

The Investment Adviser is managed by an Investment Committee, which oversees our investment activities. The Investment Committee currently consists of six members. The loss of any member of the Investment Committee or of other senior professionals of the Investment Adviser and its affiliates without suitable replacement could limit our ability to achieve our investment objective and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows. To achieve our investment objective, the Investment Adviser may hire, train, supervise and manage new investment professionals to participate in our investment selection and monitoring process. If the Investment Adviser is unable to find investment professionals or do so in a timely manner, our business, financial condition and results of operations could be adversely affected.

The Investment Management Agreement has been approved pursuant to Section 15 of the 1940 Act. In addition, the Investment Management Agreement has termination provisions that allow the parties to terminate the agreement. The Investment Management Agreement may be terminated at any time, without penalty, by the majority of our Board or by the unitholders holding a majority of our outstanding voting Units, upon 60 days' notice. If the Investment Management Agreement is terminated, it may adversely affect the quality of our investment opportunities. In addition, in the event the Investment Management Agreement is terminated, it may be difficult for us to replace the Investment Adviser. Moreover, it may be an event of default under the terms of the subscription facility and/or other credit facilities for us, if the Investment Adviser or an affiliate of the Investment Adviser ceases to manage us, which could result in the immediate acceleration of the amounts due under our credit facilities.

**Compensation Arrangements**

The Investment Adviser and its affiliates receive substantial fees from us in return for their services, and these fees could influence the advice provided to us. We pay to the Investment Adviser an incentive fee that is based on the performance of our portfolio and an annual base management fee that is payable quarterly in arrears at an annual rate based on Managed Capital as of the last day of the applicable quarter. Because the incentive fee is based on the performance of our portfolio, the Investment Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. In addition, because the base management fee is based on the Managed Capital as of the last day of the applicable quarter, which includes any outstanding borrowings under any subscription line drawn in lieu of capital calls, the Investment Adviser may be incentivized to recommend the issuance of additional equity to make additional investments and increase the Managed Capital as of the last day of the applicable quarter. Moreover, the Investment Adviser's clawback obligation may create an incentive for the Investment Adviser to delay our liquidation where a clawback obligation would be owed. Our compensation arrangements could therefore result in us making riskier or more speculative investments than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns. See *Item 13. Certain Relationships and Related Transactions, and Director Independence—Potential Conflicts of Interest* in this Annual Report on Form 10-K.

Our Investment Management Agreement entitles the Investment Adviser to receive an incentive fee based on Pre-Incentive Fee Net Investment Income regardless of any capital losses. In such case, we may be required to pay the Investment Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter. However, the Investment Adviser will be required to return incentive fees to us as part of the Investment Adviser's clawback obligation under the Investment Management Agreement.

In addition, any Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the incentive fee will become

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

uncollectible. The Investment Adviser is not obligated to reimburse us for any part of the incentive fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in us paying an incentive fee on income we never received.

**Indemnification**

We will be required to indemnify any person who has served as our director, officer or employee, the Investment Adviser and each of their respective affiliates and related parties, and each person serving, or who has served, as a member of New Mountain Capital's Executive Advisory Council or the advisory committee (collectively, the "Covered Persons") for liabilities incurred in connection with our affairs. Such liabilities may be material and have an adverse effect on the returns to unitholders. For example, in their capacity as directors of portfolio companies, the members, managers or affiliates of New Mountain Capital may be subject to derivative or other similar claims brought by stockholders of such companies. The indemnification obligation (including the advancement of expenses in connection therewith) would be payable from our assets, including the unfunded Capital Commitments of unitholders. Furthermore, as a result of the provisions contained in our A&R LLC Agreement, unitholders may have a more limited right of action in certain cases than it would in the absence of such limitations. For example, Covered Persons will not owe a duty of care equivalent to a "negligence" standard, but rather the A&R LLC Agreement provides that the Covered Persons will not be liable unless they act with "gross negligence." Further, members of the advisory committee will not be held to a "gross negligence" standard, but will only be liable for fraud, bad faith, or willful misconduct. In addition, under the A&R LLC Agreement, we are required to advance the costs and expenses of an indemnitee pending the outcome of the particular matter (including determinations as to whether or not the person was entitled to indemnification or engaged in conduct that negated such person's entitlement to indemnification), and as such, there may be periods where we are advancing expenses to an individual or entity with whom we are not aligned or is otherwise an adverse party in a dispute.

**Limited Recourse**

Subject to the requirements of the 1940 Act, the Investment Management Agreement and Administration Agreement each include exculpation, indemnification and other provisions that will limit the circumstances under which the Investment Adviser and the Administrator, respectively, can be held liable to us. In addition, investors should note that the A&R LLC Agreement contains provisions that, subject to applicable law, reduce or eliminate the liability of Covered Persons and limit remedies of the unitholders. Additionally, certain service providers to us, the Investment Adviser, the Administrator, their respective affiliates and other persons, including, without limitation, the members of the advisory committee, may be entitled to exculpation and indemnification. As a result, the unitholders may have a more limited right of action in certain cases than they would in the absence of such limitations.

**Misconduct of Employees and of Third-Party Service Providers**

Misconduct by employees of the Investment Adviser or by third-party service providers could cause significant losses to us. Our Board has determined that the compliance policies and procedures of the Investment Adviser and other service providers are reasonably designed to prevent violations of securities laws, but there is no assurance that these policies will prevent violations or other activities that could harm us. Employee misconduct may include binding us to transactions that exceed authorized limits or present unacceptable risks and other unauthorized activities, or concealing unsuccessful trading investments (which, in either case, may result in unknown and unmanaged risks or losses). Losses could also result from actions by third-party service providers, including, without limitation, failing to recognize trades, misappropriating assets or a failure of a custodian that holds our securities. In addition, employees and third-party service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting our business prospects or future marketing activities. It is not always possible to deter misconduct by employees or service providers, and the precautions the Investment Adviser takes to detect and prevent this activity may not be effective in all cases. No assurances can be given that the due diligence performed by the Investment Adviser will identify or prevent any such misconduct.

**Risk of Geopolitical Unrest, Terrorist Attacks, or Acts of War**

The continued threat of global terrorism and the impact of military and other action will likely continue to cause volatility in the economies of certain countries and various aspects thereof, including in prices of commodities, and could affect our financial results. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Any terrorist attacks that occur at or near such assets would likely cause significant harm to employees, property and, potentially, the surrounding community, and may result in losses far in excess of available insurance coverage. As a result of global events and continued terrorism concerns, insurers significantly reduced the amount of insurance coverage available for liability to persons other than employees for claims resulting from acts of terrorism, war or similar events. As a result of a terrorist attack or terrorist activities in general, we may not be able to obtain insurance coverage and other endorsements at commercially reasonable prices or at all.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

In addition, various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties. Such events, including rising trade tensions between the United States and China; other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries; the ongoing conflict between Russia and Ukraine; and ongoing conflict in the Middle East, could adversely affect our business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations.

**Risk of Tariffs** 

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods to tariffs on goods imported into the United States including from China, Canada and Mexico. Although the Supreme Court has recently invalidated tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), the current administration has sought to replace such tariffs with rates imposed under alternative statutory mechanisms, and may continue to seek to impose similar tariffs in the future. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products or services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose business rely on goods imported from such jurisdictions.

There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy, including uncertainty with respect to refunds for tariffs imposed under IEEPA.These developments, or the perception that further action could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. These factors could restrict our portfolio companies' access to suppliers or customers or increase the cost of such goods, which may have a material adverse effect on their business, financial condition and results of operations, which in turn could negatively impact us.

**Changes in U.S. Policy**

Political and governmental shifts in the United States have led to changing stances on numerous domestic and international issues. These changes, along with the resulting economic uncertainty, could impact our ability to source, negotiate, execute, manage, or exit investments. Actions taken by the United States government domestically, in the Western hemisphere, or globally may have significant global effects—including on market and financial conditions, trade policies, tax rates, legal or regulatory regimes and broader economic and social dynamics. Such actions could also prompt additional reciprocal, retaliatory, or responsive measures from other countries, regional blocs (including the European Union), corporations, or other market participants. The United States has taken certain actions to, and has indicated that it may continue seek to, withdraw from, renegotiate, amend, rescind or not abide by certain agreements, policies, regulations, statutes and other measures, and could pursue policy outcomes that may diverge significantly from prior assumptions. However, the specific measures that will be further implemented or enacted, as well as their impact on us and our portfolio companies, remain uncertain and could change frequently. Any such developments could materially affect our projections, goals, assumptions, targets, estimates, forecasts, strategies or plans in ways that cannot currently be determined with any certainty, including through effects (inside and outside the United States) on the desirability of certain financial or nonfinancial assets, the investability of certain countries or regions, the business prospects of certain industries, the certainty or predictability of legal systems and otherwise.

**CERTAIN RISKS RELATING TO PORTFOLIO INVESTMENTS**

**Operating and Financial Risks of Portfolio Companies**

Companies in which we invest could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or an economic downturn. As a result, companies which we expect to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress. In some cases, the success of our investment strategy will depend, in part, on the ability to restructure and effect improvements in the operations of a portfolio company. The activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a high degree of uncertainty.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

There can be no assurance that any person (including us) will be able to successfully identify and implement such restructuring programs and improvements.

Although New Mountain Capital's investment strategy includes a focus on tight control of risk, there can be no assurance that the various risks of an investment will be successfully controlled or that losses can be avoided. There can be no assurance that New Mountain Capital's methods of seeking to minimize risks will accurately address future risk exposures. Risk management techniques are based in part on the observation of historical market behavior, which may not predict market divergences that are larger than historical indicators. Also, information used to manage risks may not be accurate, complete or current, and such information may be misinterpreted. In certain situations New Mountain may be unable to, or may choose not to, implement risk management strategies because of the costs involved or other relevant circumstances or business judgments, and even if risk management strategies are utilized, such strategies cannot fully insulate the Fund from the risks inherent in its planned activities. No risk management system is fail-safe.

Investments in small and middle market businesses are highly speculative and involve a high degree of risk of credit loss. These risks are likely to increase during volatile economic periods, such as those the United States and many other economies have recently experienced. Among other things, these companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have limited financial resources and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood that we realize any guarantees from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection with our investment, as well as a corresponding decrease in the value of any equity components of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have shorter operating histories, narrower product lines, smaller market shares and/or more significant customer concentrations than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally have less predictable operating results, may from time to time be parties to litigation and/or, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may be targets of cybersecurity or other technological risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally have less publicly available information about their businesses, operations and financial condition.

In addition, in the course of providing significant managerial assistance to certain of our eligible portfolio companies, certain of our officers and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of our investments in these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds (through our indemnification of such officers and directors) and the diversion of management time and resources.

**Investments in Highly Leveraged Companies**

Our investments may include companies whose capital structures may have significant leverage. Such investments also involve a higher degree of risk and increase the investment's exposure to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the markets generally. Moreover, any rise in interest rates may significantly increase the interest expense related to a portfolio investment, causing losses and/or the inability to meet debt obligations and covenants. Our investments may involve varying degrees of leverage, which could magnify the impact of circumstances such as unfavorable market or economic conditions, operating problems and other general business and economic risks and/or changes that affect the relevant portfolio company or its industry, resulting in a more pronounced effect of such circumstances on the profitability or prospects of such companies. In using leverage, these companies may be subject to terms and conditions that include restrictive financial and operating covenants, which may impair their ability to finance or otherwise pursue their future operations or otherwise satisfy additional capital needs and may limit such company's flexibility to respond to changing business and economic conditions. If a portfolio company cannot generate adequate cash flow to meet its debt obligations (including obligations to us), we may suffer a partial or total loss of capital invested in the portfolio company.

**Defaults**

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt and/or equity securities that we hold.

We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower's business or exercise control over a borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken if we render significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured debt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors. A portfolio company also may file for bankruptcy to stay foreclosure proceedings, delaying our ability to enforce our rights.

**Unfunded Debt Commitments and Follow-On Investments**

We may not have the funds or ability to make additional investments in our portfolio companies or to fund our unfunded debt commitments. We expect that certain of our investments will take the form of unfunded commitments that we will be contractually obligated to fund on the demand of a borrower or other counterparty. We will not be able to control when, or if, these unfunded debt commitments are funded. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments, in order to, among other things, (i) increase or maintain in whole or in part our position as a creditor or equity ownership percentage, (ii) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing, or (iii) preserve or enhance the value of our initial and overall investment. We may elect not to make follow-on investments or may otherwise lack sufficient funds to make these investments. We have the discretion to make follow-on investments, subject to the availability of capital resources, and the limitations of the 1940 Act. If we fail to make follow-on investments, the continued viability of a portfolio company and our initial investment, or may, in some circumstances, result in a missed opportunity for us to increase our participation in a successful operation and our expected return on the investment may be reduced. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because of regulatory, tax, diversification or asset profiles or we may not want to increase our concentration of risk, either because we prefer other opportunities or because we are subject to BDC requirements that would prevent such follow-on investments or such follow-on investments would adversely impact our ability to qualify for or maintain our RIC tax treatment.

**Portfolio Companies' Other Debts**

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

We can invest in portfolio companies at all levels of the capital structure. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, these debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. In addition, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying the senior creditors, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

**Prepayments**

We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, subject to qualification for or maintenance of our RIC tax treatment, we will generally use these proceeds to pay down our credit facilities and later draw additional amounts under our credit facilities to fund new portfolio investments. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity.

**Company-Level Borrowings**

Subject to the limitations set forth in the A&R LLC Agreement and in accordance with the 1940 Act, we may, at any time before or after the end of the Investment Period, borrow funds to fulfill the working capital needs of the Company, including, without limitation, to (i) cover organizational and offering expenses and fund expenses, (ii) fund existing commitments such as revolving credit facilities, bridge financing commitments, delayed draw commitments or other commitments that can result in providing future financing to portfolio investments or; (iii) make repurchases of Units, and may,

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

to the extent consistent with RIC requirements, withhold from distributions amounts necessary to repay such borrowings. The interest expense and other costs incurred in connection with such borrowings may not be recovered by income from investments purchased by us. If investment results fail to cover the cost of borrowings, the value of the portfolio held by us will decrease faster than if there had been no such borrowings. Additionally, if the investments fail to perform to expectation, the interests of our unitholders will be subordinated to such leverage, which will compound any such adverse consequences. In connection with one or more credit facilities entered into by us, distributions to the unitholders may be subordinated to payments required in connection with any indebtedness contemplated thereby. Certain borrowings may be secured by assignment of the obligations of the unitholders to make capital contributions to us and a security interest in investments. Any default by us under such a credit facility could enable a lender to enforce remedies under the credit agreement and exercise capital call rights against any unitholder to the extent of its then-remaining undrawn commitments. Additionally, in the event of a failure to pay or other event of default under any such credit facility, the lenders could require investors to fund their entire remaining unfunded commitments in accordance with the A&R LLC Agreement. The terms of the credit facility may limit the unitholders' ability to use their interests in us as collateral for other indebtedness. If we default on secured indebtedness, the lender may foreclose on the applicable security and we could lose our entire investment in the security for such loan. A credit facility at the fund level may also place restrictions on payments to equity holders, including prohibitions on payments in the event of any actual or potential default (or continuance thereof) under such credit facility. The exercise by the lender of a drawdown right under a subscription credit facility would reduce the amount of capital otherwise available to us for making portfolio investments and may negatively impact our ability to make portfolio investments or achieve our investment objectives. Unitholders may be required to execute an investor acknowledgement for the benefit of a lender under the subscription credit facility and may be required to acknowledge their obligations to pay their share of indebtedness up to their undrawn capital commitment.

The Investment Adviser may, and intends to, fulfill other capital needs with proceeds from drawdowns under one or more revolving credit facilities (the collateral for which can be, for example, one or more of our assets, i.e., asset-backed facilities, or the undrawn capital commitments of investors, i.e., subscription lines) after calling for capital contributions. Capital calls, including those used to pay interest on subscription lines, asset-back facilities and other indebtedness, may from time to time be "batched" together into larger, less frequent capital calls or closings, with our interim capital needs being satisfied by us borrowing money from such credit facilities. The interest expense and other costs of any such borrowings will be fund expenses and, accordingly, decrease our net returns. We would generally intend to repay all of our borrowings within one year after incurrence.

Leverage arrangements ("Leverage Arrangements") into which we may enter may include covenants that, subject to exceptions, restrict our ability to pay distributions, create liens on assets, make investments, make acquisitions and engage in mergers or consolidations. Such Leverage Arrangements may also include a change of control provision that accelerates the indebtedness under the facility in the event of certain change of control events. Complying with these restrictions may prevent us from taking actions that we believe would help us grow our business or are otherwise consistent with our investment objective. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. In addition, the restrictions contained in a credit facility could limit our ability to make distributions to our unitholders in certain circumstances, which could result in us failing to qualify as a RIC and thus becoming subject to U.S. federal income tax (and any applicable state and local taxes).

To the extent we borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, a significant change in market interest rates may have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of elevated interest rates, our cost of funds would increase, which could reduce our net investment income. Conversely, in periods of declining interest rates, we may earn less interest from our investments and our cost of funds will also decrease to a lesser extent, resulting in lower net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act.

The 1940 Act, as amended by the Small Business Credit Availability Act, permits a BDC to reduce the required minimum asset coverage ratio applicable to it from 200% to 150% (which means we can borrow $2 for every $1 of our equity), subject to certain requirements described therein. Although we are generally unlevered (as described further herein), we have elected to be subject to the reduced asset coverage ratio of 150% in order to maintain maximum flexibility.

**"Covenant Lite" Loans**

Some of our debt investments may have less restrictive covenant terms that provide us with fewer protections, called "covenant-lite" loans, that generally provide for fewer financial covenants on the borrowers. In particular, borrowers under such covenant-lite loans may have greater flexibility in how they manage their financial condition. As a result, we may face challenges in recovering on such covenant-lite loans, to the extent they go into distress, and may lack options that would normally be available to us as a lender under more traditional debt structures.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Broad Investment Mandate; Unspecified Investments**

A purchaser of the Units must rely upon the ability of the Investment Adviser to identify, structure and implement portfolio investments consistent with our investment objectives and policies. The Investment Adviser may be unable to find a sufficient number of attractive opportunities to meet our investment objectives. Our success will depend on the ability of the Investment Adviser to identify suitable portfolio investments, to negotiate and arrange the closing of appropriate transactions, and to arrange the timely disposition of portfolio investments.

Our Board has the authority, except as otherwise provided in the 1940 Act, to modify or waive certain of our operating policies and strategies without prior notice and without unitholder approval. As a result, our Board may be able to change our investment policies and objectives without any input from the unitholders. However, absent unitholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies could have on our business and operating results. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our unitholders.

**Risk of Limited Number of Investments; Dependence on Performance of Certain Investments**

We may participate in a limited number of portfolio investments and, as a consequence, our aggregate return may be substantially adversely affected by the unfavorable performance of even a single portfolio investment. Moreover, there are no assurances that all of our portfolio investments will perform well or even return capital. Therefore, if certain portfolio investments perform unfavorably, for us to achieve above-average returns, one or a few of our portfolio investments must perform well. There can be no assurance that this will be the case. In addition, other than us seeking to meet the diversification requirements by virtue of our intention to be a RIC for U.S. federal income tax purposes, investors have no assurance as to the degree of diversification of our portfolio investments, either by geographic region, industry or transaction type. To the extent we concentrate portfolio investments in a particular issuer, industry, sub-sector, security, investment type, or geographic region, we will become more susceptible to fluctuations in value resulting from adverse economic and business conditions with respect thereto. In addition, certain geographic regions, industries and/or sub-sectors may be more adversely affected by economic pressures when compared to other geographic regions, industries or sub-sectors.

A high concentration of our portfolio companies in a particular geographic area magnifies the effects of downturns in that geographic area and could have a disproportionate adverse effect on the value of our investments. If we have a concentration of portfolio companies in any particular geographic area, any adverse situation that disproportionately affects that geographic area would have a magnified adverse effect on our portfolio. Factors that may negatively affect economic conditions in these states or countries include: business layoffs, downsizing or relocations, industry slowdowns, and changing demographics.

**Influence over Management**

Although we will primarily make debt and non-control equity investments, we may make investments that allow us to exercise certain influence over management and the strategic direction of a portfolio company, subject to the restrictions under the 1940 Act. The exercise of influence over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise management and other types of liability in which the limited liability characteristic of business operations may be ignored. The exercise of influence over an investment could expose our assets to claims by such portfolio companies, their stockholders and their creditors. While the Investment Adviser intends to manage us in a manner that will minimize the exposure of these risks, the possibility of successful claims cannot be precluded.

**Illiquid and Long-Term Investments**

Investment in us requires a long-term commitment with no certainty of return. Many of our portfolio investments will be highly illiquid, and we may not be able to realize on such portfolio investments in a timely manner. It is anticipated that there will be a significant period of time (up to six years) before we will have completed making investments in portfolio companies. Such portfolio investments are currently expected by New Mountain Capital to mature in approximately four to seven years (or longer) from the date of initial investment, although we expect many portfolio investments will be refinanced prior to their maturity. Although portfolio investments made by us are expected to generate current income, the return of capital and the realization of gains, if any, from a portfolio investment generally will occur only upon the partial or complete disposition or refinancing of such portfolio investment. While a portfolio investment may be sold or repaid at any time, it is not generally expected that this will occur for a number of years after the portfolio investment is made. Transaction structures typically will not provide for liquidity of our portfolio investments prior to that time. Often, there will be no readily available market for portfolio investments made by us, if at all. Disposition of such portfolio investments may require a lengthy time period.

In most cases, there will be no public market for the securities held by us at the time of their acquisition. We will generally not be able to sell the securities of portfolio companies through the public markets unless their sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available. Additionally, there can be no assurances that investments can be sold on a private basis. Our ability to quickly sell or exchange any of our portfolio

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

companies in response to changes in economic and other conditions will be limited. In addition, in some cases we may be prohibited by contract or legal or regulatory reasons from selling certain securities or other instruments for a period of time (e.g., due to limitations on sale arising from contractual lockups, obligations to receive consent to transfer or assign interests, or rights of first offer), and as a result may not be permitted to sell a portfolio investment at a time we might otherwise desire to do so. To the extent that there is no trading market for a portfolio investment, we may be unable to liquidate that portfolio investment or may be unable to do so at a profit. Moreover, there can be no assurances that private purchasers of our portfolio investments will be found.

We may experience difficulty in the sale of a portfolio company interest and could be forced to sell at a price that reduces the return to our investors. Markets are affected by many factors that are out of our control, including the availability of financing, interest rates and other factors, as well as supply and demand. As a result, we cannot predict whether we will be able to sell our interest in a portfolio company or whether such sale could be made at a favorable price or on terms acceptable to us. Negative market conditions may cause us to sell interests for less than their carrying value, which could result in impairments. We also cannot predict the length of time which will be needed to obtain a purchaser or to complete the sale of any interest. No assurances can be given that we will recognize full value, at a price and at terms that are acceptable to us, for any interest that we are required to sell for liquidity reasons. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations.

**Investments Longer Than Term**

We may make portfolio investments which may not be advantageously disposed of prior to the date we will be dissolved, either by expiration of our term or otherwise. Although the Investment Adviser expects that most portfolio investments will be disposed of prior to dissolution, the Investment Adviser has a limited ability to extend our term and therefore we may have to sell, distribute or otherwise dispose of portfolio investments at a disadvantageous time as a result of dissolution. In addition, although upon our dissolution, the Investment Adviser (or the relevant liquidating trustee or other representative) will be required to use its commercially reasonable efforts to liquidate all of our assets in an orderly manner, there can be no assurances with respect to the time frame in which the winding up and the final distribution of proceeds to the unitholders will occur. In addition, the Investment Adviser may establish necessary reserves prior to distributing any gains, further elongating the period before the unitholders will likely receive distributions of disposition proceeds or current income.

**Highly Competitive Market for Investment Opportunities**

We compete for investments with other BDCs and investment funds (including private equity and hedge funds), as well as traditional financial services companies such as commercial banks and other sources of funding. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than us. Furthermore, many of our competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements that we must satisfy to maintain our tax treatment as a RIC. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.

We may lose investment opportunities if our pricing, terms and structure do not match those of our competitors. With respect to the investments that we make, we do not seek to compete based primarily on the interest rates we may offer, and we believe that some of our competitors may make loans with interest rates that may be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. If we match our competitors' pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. If we are forced to match our competitors' pricing, terms and structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. Part of our competitive advantage stems from the fact that we believe the market for middle market lending is underserved by traditional bank lenders and other financial sources. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. We may also compete for investment opportunities with accounts managed by the Investment Adviser or its affiliates. Although the Investment Adviser allocates opportunities in accordance with its policies and procedures, allocations to such other accounts reduces the amount and frequency of opportunities available to us and may not be in our best interests and, consequently, our unitholders'. Moreover, the performance of investment opportunities is not known at the time of allocation. If we are not able to compete effectively, our business, financial condition and results of operations may be adversely affected. Because of this competition, there can be no assurance that we will be able to identify and take advantage of attractive investment opportunities that we identify or that we will be able to fully invest our available capital.

We cannot assure investors that we will be able to locate a sufficient number of suitable investment opportunities to allow us to deploy all Capital Commitments successfully. In addition, privately negotiated investments in loans and illiquid securities of private middle market companies require substantial due diligence and structuring, and we cannot assure investors

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

that we will achieve our anticipated investment pace. As a result, investors will be unable to evaluate any future portfolio company investments prior to purchasing Units. These factors increase the uncertainty, and thus the risk, of investing in our Units. To the extent we are unable to deploy all Capital Commitments, our investment income and, in turn, our results of operations, will likely be materially adversely affected. There is no assurance that we will be able to consummate investment transactions or that such transactions will be successful.

**Managing Future Growth**

Our ability to achieve our investment objective and to grow depends on the Investment Adviser's ability to identify, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the Investment Adviser's structuring of the investment process, its ability to provide competent, attentive and efficient services to us and its ability to access financing on acceptable terms. The Investment Adviser has substantial responsibilities under the Investment Management Agreement and may also be called upon to provide managerial assistance to our eligible portfolio companies. These demands on the time of the Investment Adviser and its investment professionals may distract them or slow our rate of investment. In order to grow, we and the Investment Adviser may need to retain, train, supervise and manage new investment professionals. However, these investment professionals may not be able to contribute effectively to the work of the Investment Adviser. If we are unable to manage our future growth effectively, our business, results of operations and financial condition could be materially adversely affected.

**Economic Recessions and Government Spending Cuts**

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay their debt investments during these periods. Therefore, our non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of collateral securing some of our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

**Portfolio Company Management**

Each portfolio company's day-to-day operations are the responsibility of such portfolio company's management team. Although New Mountain Capital is responsible for monitoring the performance of each portfolio investment, there can be no assurance that the existing management team, or any successor thereto, will be able to successfully operate the portfolio company in accordance with our plans and objectives. The success of each portfolio company depends in substantial part upon the skill and expertise of each portfolio company's management team. Additionally, portfolio companies will need to attract, retain and develop executives and members of their management teams. The market for executive talent is, notwithstanding general unemployment levels or developments within a particular industry, extremely competitive. There can be no assurance that portfolio companies will be able to attract, develop, integrate and retain suitable members of its management team and, as a result, such investment and we may be adversely affected thereby.

**Lack of Control of Portfolio Companies**

Although we may take controlling positions in the portfolio companies from time to time, we generally do not control most of the portfolio companies, even though we may have board representation or board observation rights, and our debt agreements may contain certain restrictive covenants that limit the business and operations of the portfolio companies. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the management of such company may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity of the investments that we typically hold, we may not be able to dispose of our investments in the event that we disagree with the actions of a portfolio company as readily as we would otherwise like to or at favorable prices which could decrease the value of our investments.

**Investment in Restructurings**

We may, either alone or in conjunction with one or more partners or co-venturers, make portfolio investments in restructurings, which involve portfolio companies that are experiencing or are expected to experience severe financial difficulties. These financial difficulties may never be overcome and may cause such companies to become subject to bankruptcy proceedings. Such portfolio investments could, in certain circumstances, subject us to certain additional potential liabilities, which may exceed the value of our original investment therein. For example, under certain circumstances, a lender who has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated, or disallowed or may be found liable for damages suffered by parties as a result of such actions. In addition, under certain circumstances, payments to us and distributions by us to unitholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, portfolio investments in restructurings may be adversely affected by statutes relating to,

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

among other things, fraudulent conveyances, voidable preferences, lender liability and a bankruptcy court's discretionary power to disallow, subordinate or disenfranchise particular claims or recharacterize portfolio investments made in the form of debt as equity contributions. These potential liabilities can adversely affect both the portfolio companies and their counterparties.

The success of our investment strategy may depend on our ability to restructure and effect improvements in the operations of a portfolio investment or expand the operations of a portfolio investment. The activity of identifying and implementing restructuring programs and operating improvements at portfolio investments entails a high degree of uncertainty. There can be no assurance that any person will be able to successfully identify and implement such restructuring programs and improvements or that we will have control or influence over such decisions.

**Investments in Private and Less Established Companies; Risk of Fraud in Portfolio Companies**

We invest primarily in privately held companies. There is generally little public information about these companies, and, as a result, we must rely on the ability of the Investment Adviser to obtain adequate information to evaluate the potential returns from, and risks related to, investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. They are, thus, generally more vulnerable to economic downturns and may experience substantial variations in operating results. These factors could adversely affect our investment returns.

Although we generally seek to invest in established companies with sound historical financial performance, we may also invest a portion of our assets in the securities of less established companies, or early stage companies. Portfolio investments in such early stage companies may involve greater risks than generally are associated with investments in more established companies. To the extent there is any public market for the securities held by us, such securities may be subject to more abrupt and erratic market price movements than those of larger, more established companies. Less established companies tend to have lower capitalizations and fewer resources and, therefore, often are more vulnerable to financial failure. Such companies also may have shorter operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. In addition, less mature companies could be deemed to be more susceptible to irregular accounting or other fraudulent practices. In the event of fraud by any company in which we invest, we may suffer a partial or total loss of capital invested in that company. The foregoing factors may increase the difficulty of valuing such investments. There can be no assurance that any such losses will be offset by gains (if any) realized on our other portfolio investments, and any such portfolio investment should be considered highly speculative and may result in the loss of our entire investment therein.

We may invest in portfolio companies that may (i) have an unfavorable financial history, (ii) be operating at a loss or have significant fluctuations in operating results, (iii) be engaged in rapidly changing business environments, or (iv) need substantial additional capital to set up internal infrastructure, hire management and personnel, support expansion or achieve or maintain a competitive position. Such portfolio companies may have a greater variability of returns, and a higher risk of failure, than more established companies. Such companies also may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and service capabilities, and a larger number of qualified managerial and technical personnel.

**Risks of Technology-Related Investments**

We may invest in companies in rapidly changing fields, which may rely on the use of proprietary technology and be materially impacted by technological changes. Technological advancement is characterized by rapid change, evidenced by rapidly changing market conditions and participants, new competing products and improvements in existing products. Accordingly, companies relying on such technology may face special risks of product obsolescence. There can be no assurance that products sold by portfolio companies will not be rendered obsolete or adversely affected by competing products or that portfolio companies will not be adversely affected by other challenges inherent in businesses that may be significantly impacted by technological change, including a failure to successfully protect and enforce intellectual property and other rights, or failure to successfully implement and market new technology or proprietary systems.

**Non-U.S. Investments**

We may invest a portion of our aggregate Capital Commitments outside of the United States. Non-U.S. investments involve certain factors not typically associated with investing in the United States, including risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which our foreign portfolio investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) differences between the U.S. and foreign securities markets, including potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation; (iii) certain economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

taxation, nationalization of business enterprises, and adverse economic and political development; (iv) the possible imposition of foreign taxes on income recognized with respect to such securities; (v) less developed laws regarding corporate governance, creditors' rights, fiduciary duties and the protection of investors; (vi) differences in the legal and regulatory environment or enhanced legal and regulatory compliance; (vii) political hostility to investments by foreign or private credit investors; and (viii) less publicly available information. Such instability could result from, among other things, popular unrest associated with demands for improved political, economic and social conditions and popular unrest in opposition to government policies that facilitate direct foreign investment. Governments of certain of these countries have exercised and continue to exercise substantial influence over many aspects of the private sector. We generally do not intend to obtain political risk insurance. Accordingly, government actions in the future could have a significant effect on economic conditions in such countries, which could affect private sector companies and the return from investments. Exchange control regulations, expropriation, confiscatory taxation, nationalization, restrictions on repatriation of capital, renunciation of foreign debt, political, economic or social instability or other economic or political developments could adversely affect our portfolio companies holding assets or engaged in business in a particular country.

In addition, portfolio companies located in non-U.S. jurisdictions may be involved in restructurings, bankruptcy proceedings and/or reorganizations that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code and the rights of creditors afforded in U.S. jurisdictions. To the extent such non-U.S. laws and regulations do not provide us with equivalent rights and privileges necessary to promote and protect our interest in any such proceeding, our investments in any such portfolio company may be adversely affected. While the Investment Adviser intends, where appropriate, to manage us in a manner that will minimize exposure to the foregoing risks, to the extent practicable, there can be no assurance that adverse developments with respect to such risks will not adversely affect our assets that are held in certain countries.

**Hedging Policies/Risks**

In connection with certain portfolio investments, we may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates to the extent permitted by the 1940 Act. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while we may benefit from the use of these hedging mechanisms, unanticipated changes in commodity prices, interest rates, securities prices, currency exchange rates and/or other events relating to such hedging transactions may result in a poorer overall performance for us than if it had not entered into such hedging transactions. The Investment Adviser may not hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the risk. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments. Costs related to hedging arrangements may be borne by us.

**Hedging; Derivative Instruments**

Rule 18f-4 under the 1940 Act relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk leverage limit, certain derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives user", as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act, when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

We qualify as a "limited derivatives user," and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

**Debt and Mezzanine Investments**

Our investments are almost entirely rated below investment grade or may be unrated, which are often referred to as "leveraged loans", "high yield" or "junk" securities, and may be considered "high risk" compared to debt instruments that are rated investment grade. High yield securities are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

exposure to adverse conditions. In addition, high yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default.

Certain debt investments that we make to portfolio companies may be secured on a second priority basis by the same collateral securing first priority debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company's remaining assets, if any.

We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on such portfolio companies' collateral, if any, will secure the portfolio company's obligations under our outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before we are so entitled. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing the debt investments we make to the portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. In addition, a bankruptcy court may choose not to enforce an intercreditor agreement or other agreement with creditors.

Our investment in any mezzanine securities may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and are not expected to be rated by a credit rating agency. Mezzanine investments generally are subject to various risks including, without limitation: (i) a subsequent characterization of an investment as a "fraudulent conveyance" under relevant creditors' rights laws, possibly resulting in the avoidance of collateral securing the investment or the cancellation of the obligation representing the investment; (ii) the recovery as a "preference" of liens perfected or payments made on account of a debt in certain periods before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called "lender liability" claims by the issuer of the obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations. Additionally, adverse credit events with respect to any portfolio entity, such as missed or delayed payment of interest and/or principal, bankruptcy, receivership or distressed exchange, can significantly diminish the value of our investment in any such company.

**Equity Investments**

When we invest in portfolio companies, we may acquire warrants or other equity-related securities of portfolio companies as well. We may also invest in equity-related securities directly. To the extent we hold equity investments, we will attempt to dispose of them and realize gains upon our disposition of them. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. As a result, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We will generally have little, if any, control over the timing of any gains we may realize from our equity

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

investments. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests.

**Repurchase Agreements**

Subject to our investment objective and policies, we may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by us of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that we will sell the securities back to the institution at a fixed time in the future for the purchase price plus a premium (which often reflects the interests). We do not bear the risk of a decline in the value of the underlying security unless the seller defaults under our repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, we could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which we seek to enforce our rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses associated with enforcing our rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, we generally will seek to liquidate such collateral. However, the exercise of our right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, we could suffer a loss.

**Original Issue Discount and Payment-In-Kind Instruments**

To the extent that we invest in original issue discount or PIK instruments and the accretion of original issue discount or PIK interest income constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• original issue discount and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our gross assets and, as such, increases the Investment Adviser's future base management fees, which thus increases the Investment Adviser's future income incentive fees at a compounding rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market prices of PIK instruments and other zero coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for accounting purposes, cash distributions to investors representing original issue discount income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of original issue discount income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required recognition of original issue discount or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to unitholders in order to maintain our tax treatment as a RIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• original issue discount may create a risk of non-refundable cash payments to the Investment Adviser based on non-cash accruals that may never be realized.

**Risks Relating to Due Diligence of and Conduct at Portfolio Companies**

Before making portfolio investments, the Investment Adviser typically conducts due diligence that they deem reasonable and appropriate based on the facts and circumstances applicable to each portfolio investment. Due diligence may entail evaluation of, among other things, important and complex business, financial, tax, accounting, environmental, social, governance and legal issues. When conducting due diligence and making an assessment regarding an investment, the

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

Investment Adviser relies on the resources available to it, including information provided by the target of the investment and, in some circumstances, third-party investigations and reports. The due diligence investigation that the Investment Adviser carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. Moreover, such an investigation will not necessarily result in the portfolio investment being successful. There can be no assurance that attempts to provide downside protection with respect to portfolio investments will achieve their desired effect and potential investors should regard an investment in us as being speculative and having a high degree of risk.

There can be no assurance that we will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices during the due diligence phase or during our efforts to monitor the portfolio investment on an ongoing basis or that any risk management procedures implemented by us will be adequate. In the event of fraud by any portfolio company or any of its affiliates, we may suffer a partial or total loss of capital invested in that portfolio company. An additional concern is the possibility of material misrepresentation or omission on the part of the portfolio company or the seller. Such inaccuracy or incompleteness may adversely affect the value of our securities and/or instruments in such portfolio company. We rely upon the accuracy and completeness of representations made by portfolio companies and/or their former owners in the due diligence process to the extent reasonable when making our investments, but cannot guarantee such accuracy or completeness. We may elect to obtain a representations and warranties insurance policy that may provide protection to us in the event of losses arising from the inaccuracy or incompleteness of any such representation. However, there is no guarantee that we would be able to obtain recovery under any such insurance policy, or that such recovery will be sufficient. In addition, in a transaction where we have obtained such a policy, recourse to the former owners of a portfolio company may be severely limited or even eliminated, and recovery under such policy may effectively be the sole source of recovery for us in such circumstance. Under certain circumstances, payments to us may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

Consultants, legal advisors, appraisers, accountants, investment banks and other third parties may be involved in the due diligence process and/or the ongoing operation of our portfolio companies to varying degrees depending on the type of investment. For example, certain asset management, finance, administrative and other similar functions may be outsourced to a third-party service provider whose fees and expenses will be borne by such portfolio company or us and will not offset the management fee. Such involvement of third-party advisors or consultants may present a number of risks primarily relating to the Investment Adviser's reduced control of the functions that are outsourced. In addition, if the Investment Adviser is unable to timely engage third-party providers, their ability to evaluate and acquire more complex targets could be adversely affected.

**Currency and Exchange Rate Risks**

A portion of our portfolio investments, and the income received by us with respect to such portfolio investments, may be denominated in currencies other than U.S. dollars. However, our books will be maintained, and capital contributions to and distributions from us generally will be made, in U.S. dollars. Accordingly, changes in currency exchange rates may adversely affect the dollar value of portfolio investments, interest amounts and other payments received by us, gains and losses realized on the sale of investments and the amount of distributions, if any, to be made by us. We will incur costs in converting investment proceeds from one currency to another. The Investment Adviser may enter into hedging transactions designed to reduce such currency risks. See also "*Hedging Policies/Risks"* above. Furthermore, Units are denominated in U.S. dollars. Investors subscribing for Units in any country in which U.S. dollars are not the local currency should note that changes in the value of exchange between U.S. dollars and such currency may have an adverse effect on the value, price or income of the investment to such investor. There may be foreign exchange regulations applicable to investments in foreign currencies in certain jurisdictions. Each prospective investor should consult with its own counsel and advisors as to all legal, tax, financial and related matters concerning an investment in the Units.

**Public Company Holdings**

To maintain our status as a BDC, we are not permitted to acquire any assets other than in "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as qualifying assets only if such issuer has a common equity market capitalization that is less than $250 million at the time of such investment.

**Bridge Financings**

We may provide interim financing to, or make investments that are intended to be of a temporary nature in equity or debt securities of, any portfolio company or any affiliate thereof in connection with or subsequent to an investment by us in such portfolio company. Such bridge loans would typically be convertible into a more permanent, long-term security; however, for reasons not always in our control, such long-term securities issuance or other refinancing or syndication may not occur and such bridge loans and interim investments may remain outstanding. In such event, the interest rate or other terms of such financings may not adequately reflect the risk associated with the position taken by us. Such financings may be entered into at

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

prospective returns below our target investment returns. Therefore, such financing that is not exited as originally anticipated, even if successfully recovered by us, could significantly reduce our overall investment returns.

**Uncertainty of Financial Projections**

The Investment Adviser will generally establish the pricing of transactions and the capital commitment amount to portfolio companies on the basis of financial projections for such portfolio companies. Estimates or projections of economic and market conditions, supply and demand dynamics and other key investment-related considerations are key factors in evaluating potential investment opportunities and valuing our investment program. It is possible for such estimates and projections to be significantly revised from time to time, creating significant changes in the value of the company subject to such factors. Projected operating results are normally based primarily on management judgments. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that any projections, forecasts or estimates referred to will prove to be accurate or that projected, forecasted or estimated results will be obtained. Actual results may vary significantly from the projections, forecasts or estimates provided. General economic, political and market conditions, which are not predictable, can have a material adverse impact on the reliability of such projections, forecasts or estimates.

**Availability of Insurance Against Certain Catastrophic Losses**

With respect to portfolio investments, the Investment Adviser may seek to require the underlying portfolio company and/or project to obtain liability, fire, flood, extended coverage and rental loss insurance with insured limits and policy specifications that they believe are customary for similar investments. However, certain losses of a catastrophic nature, such as wars, natural disasters, terrorist attacks, or other similar events, may be either uninsurable or insurable at such high rates that to maintain such coverage would cause an adverse impact on the related investments. In general, losses related to terrorism are becoming harder and more expensive to insure against. Most insurers are excluding terrorism coverage from their all-risk policies. In some cases, the insurers are offering significantly limited coverage against terrorist acts for additional premiums which can greatly increase the total costs of casualty insurance for a portfolio company. As a result, not all portfolio investments may be insured against terrorism. If a major uninsured loss occurs, we could lose both invested capital in and anticipated profits from the affected portfolio investments.

**Global Climate Change Risk**

Climate change creates physical and financial risk and potential portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition, through, for example, decreased revenues, which may, in turn, impact the valuation of such portfolio companies. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

In December 2015, the United Nations adopted a climate accord (the "Paris Agreement"), with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. The current presidential administration has announced the United States would cease participation. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues, which may, in turn, impact their ability to make payments on our investments.

**Corporate Social Responsibility Risks** 

Our business faces increasing public scrutiny related to environmental, social and governance ("ESG") activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business.

On the other hand, we may similarly face damage to our brand or reputation if we do not adequately address differing stakeholder perspectives on ESG policies and disclosure. Some stakeholders and regulators have increasingly expressed opposing views and investment expectations with respect to ESG initiatives, and certain regulators, including federal agencies, state legislatures and the U.S. Congress, have proposed, enacted, or indicated an intent to pursue, "anti-ESG" policies or initiated related investigations or litigation. This divergence increases the risk that any action, or lack thereof, with respect to ESG matters will be perceived negatively by at least some stakeholders and could adversely impact our reputation and business.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Force Majeure Risk**

Portfolio companies may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, civil unrest, acts of God, fire, flood, earthquakes, hurricanes and other natural disasters, including extreme weather events from possible future climate change, outbreaks of an infectious disease, pandemics or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company or a counterparty to us or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company or us of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which we may invest specifically.

**Developments in the Banking Sector**

In 2023 bank closures in the United States caused uncertainty for financial services companies and fear of instability in the global financial system generally. In addition, certain financial institutions – in particular smaller and/or regional banks – experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors at these institutions may withdraw significant sums from their accounts at these institutions. Notwithstanding intervention by U.S. governmental agencies to protect the uninsured depositors of banks that have closed, there is no guarantee that the uninsured depositors of a financial institution that closes (which depositors could include us and/or our portfolio companies) will be made whole or, even if made whole, that such deposits will become available for withdrawal in short order. There is a risk that other banks, or other financial institutions, may be similarly impacted, and it is uncertain what steps (if any) regulators may take in such circumstances. As a consequence, for example, we and/or our portfolio companies may be delayed or prevented from accessing money, making any required payments under their own debt or other contractual obligations or pursuing key strategic initiatives, and unitholders may be impacted in their ability to honor capital calls and/or receive distributions. In addition, such bank failures or instability could affect, in certain circumstances, the ability of both affiliated and unaffiliated joint venture partners, co-lenders, syndicate lenders or other parties to undertake and/or execute transactions with us, which in turn may result in fewer investment opportunities being made available to us, result in shortfalls or defaults under existing investments, or impact our ability to provide additional follow-on support to portfolio companies. In addition, in the event that a financial institution that provides credit facilities and/or other financing to us or its portfolio companies closes or experiences distress, there can be no assurance that such bank will honor its obligations or that we or our portfolio company will be able to secure replacement financing or capabilities at all or on similar terms. There can be no assurances that we or our portfolio companies will establish banking relationships with multiple financial institutions, and we and our portfolio companies are expected to be subject to contractual obligations to maintain all or a portion of their respective assets with a particular bank (including, without limitation, in connection with a credit facility or other financing transaction).

Uncertainty caused by bank failures – and general concern regarding the financial health and outlook for other financial institutions – could have an overall negative effect on banking systems and financial markets generally. These recent developments may also have other implications for broader economic and monetary policy, including interest rate policy. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/ or adversely affect us, our portfolio companies or their respective financial performance.

**Dependence on Banking Relationships**

The financial markets have previously encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors in the past, there is no guarantee that the federal government will do so again in the future and other banks may be materially and adversely impacted. Our business is dependent on bank relationships. Strain on the financial health of banks with which we (or our portfolio companies) do or may in the future do business may adversely impact our business, financial condition and results of operations.

Additionally, banks, brokers, hedging counterparties, lenders or other custodians of some or all of our assets (each a "Financial Institution") may fail to perform its obligations or experience insolvency, closure, receivership or other financial distress or difficulty (each a "Distress Event"). Distress Events can be caused by factors including eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance or accounting irregularities. In the event a Financial Institution experiences a Distress Event, we may not be able to access deposits, borrowing facilities or other services for an extended period of time or ever. Distress events affecting financial institutions may also adversely impact our portfolio companies, which may maintain deposits or banking relationships with such institutions. Banking disruptions affecting portfolio companies could impair their ability to access working capital, make payroll, meet operating expenses or service their obligations to us, which could result in defaults, reduced valuations, or credit losses.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**CERTAIN RISKS RELATING TO OUR UNITS AND OPERATIONS**

**No Market for Units; Transferability Restrictions**

Our Units have not been registered under the Securities Act, or applicable securities laws of any U.S. state or the securities laws of any other jurisdiction and, therefore, cannot be resold unless they are subsequently registered under the Securities Act and any other applicable securities laws or an exemption from such registration is available. It is not contemplated that registration of the Units under the Securities Act or other securities laws will ever be effected. There is no public market for our Units and one is not expected to develop. Accordingly, it may be difficult to obtain reliable information about the value of our Units. Each unitholder must be an "accredited investor" (as defined in Regulation D promulgated under the Securities Act) and is required to represent, among other customary private placement representations, that it is acquiring our Units for its own account and for investment purposes only and not with a view to resell or distribute and that it will only sell and transfer its limited liability company unit to an accredited investor under applicable securities laws or in a manner permitted by the A&R LLC Agreement and consistent with such laws. Subject to a few limited exceptions, a unitholder will not be permitted to directly or indirectly assign, sell, exchange, mortgage, pledge or transfer any of its Units or any of its rights or obligations with respect to its Units, except by operation of law, without the prior written consent of the Investment Adviser, which consent may be given or withheld in accordance with the A&R LLC Agreement. Except in limited circumstances, voluntary withdrawals from us will not be permitted. The unitholders must be prepared to bear the risks of owning Units for an extended period of time.

**Status as a BDC**

We have elected to be regulated as a BDC under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets in qualifying assets such as U.S.private companies or thinly-traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, upon approval of a majority of the unitholders, we may elect to withdraw our election to be regulated as a BDC. If we decide to withdraw our election, or if we otherwise fail to qualify, or maintain our qualification, as a BDC, we may be subject to substantially greater regulation under the 1940 Act as a registered closed-end investment company. Compliance with these regulations would significantly decrease our operating flexibility and could significantly increase our cost of doing business.

As a BDC, we are prohibited from acquiring any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. We may acquire in the future other investments that are not "qualifying assets" to the extent permitted by the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we would be prohibited from investing in additional assets, which could have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inopportune times in order to come into compliance with the 1940 Act. If we need to dispose of these investments quickly, it may be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if a buyer is found, we may have to sell the investments at a substantial loss.

**Valuation of Portfolio Investments**

As noted above, there is no established market for many private investments and a portfolio company may not have any comparable companies for which public market valuations exist. Because there is significant uncertainty as to the valuation of illiquid investments, the values of such investments may not necessarily reflect the values that could actually be realized by us. Under certain conditions we may be forced to sell portfolio investments at lower prices than we expected to realize or defer, potentially for a considerable period of time, sales that we planned to make. In addition, under limited circumstances, the Investment Adviser may not have access to all material information relevant to a valuation analysis with respect to a portfolio investment. As a result, the valuation of our portfolio investments, and therefore, as a further result, the valuation of the Units themselves (which is derived from the value of our portfolio investments), may be based on imperfect information and is subject to inherent uncertainties.

Most of our investments are and may be in the form of securities or loans that are not publicly traded or actively traded on a secondary market, and these investments may not have a readily available market quotation. Under the 1940 Act, we are required to carry our portfolio investments at fair value or, if there is no readily available market quotation, at fair value as determined in good faith by our Board, including to reflect significant events affecting the value of our securities. We value our investments for which we do not have readily available market quotations quarterly, or more frequently as circumstances require, at fair value as determined in good faith by our Board in accordance with our valuation policy, which is at all times

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

consistent with GAAP and the 1940 Act. See *Item 1. Business*—*Valuation of Portfolio Securities* in this Annual Report on Form 10-K for additional information on valuations.

Our Board utilizes the services of one or more independent third-party valuation firms to aid it in determining the fair value with respect to our material unquoted assets in accordance with our valuation policy. The inputs into the determination of fair value of these investments may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information.

The types of factors that our Board takes into account in determining the fair value of our investments generally include, as appropriate: available market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows and the markets in which it does business, comparisons of financial ratios of peer companies that are public, comparable merger and acquisition transactions and the principal market and enterprise values. Since these valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a readily-available market for these securities existed.

Due to this uncertainty, our fair value determinations may cause our net asset value, on any given date, to materially differ from the value that we may ultimately realize upon the sale of one or more of our investments. In addition, investors purchasing our Units based on an overstated net asset value would pay a higher price than the realizable value that our investments might warrant.

We may adjust the valuation of our portfolio quarterly to reflect our Board's determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.

**Management of the Company**

The Investment Adviser, subject to the oversight of our Board, has responsibility for our activities, and, other than as expressly set forth in the A&R LLC Agreement, the unitholders will generally not be able to make investment or any other decisions regarding our management. Other than as set forth herein and in the A&R LLC Agreement, the unitholders have no rights or powers to take part in our management or make investment decisions and will not receive the level of portfolio company financial information that is available to New Mountain Capital. Accordingly, no person should purchase a Unit unless such person is willing to entrust all aspects of our management to New Mountain Capital and our Board.

The Investment Management Agreement and the Administration Agreement were negotiated between related parties. In addition, we may choose not to enforce, waive, or to enforce less vigorously, our respective rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Investment Adviser, the Administrator and their respective affiliates. Any such decision, however, could cause us to breach our fiduciary obligations to the unitholders.

**Transactions with Affiliates**

As a BDC, we are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of the independent members of our Board and, in some cases, of the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act and generally we will be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of our Board. The 1940 Act also prohibits us from participating in certain "joint" transactions with certain of our affiliates, including New Mountain Finance Corporation, New Mountain Private Credit Fund, New Mountain Guardian IV BDC, L.L.C., and NMF SLF I Inc. and other funds and accounts that the Investment Adviser manages, which could include investments in the same portfolio company (whether at the same or closely related times), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions (including certain co-investments) with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers, trustees, investment advisers, sub-advisers or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to any fund or any portfolio company of a fund managed by the Investment Adviser, or entering into joint arrangements such as certain co-investments with these companies or funds without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us.

We rely on exemptive relief granted to us, the Investment Adviser and certain of our affiliates by the SEC that allows us to engage in co-investment transactions with other affiliated funds of the Investment Adviser, subject to certain terms and

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

conditions. However, while the terms of the exemptive relief require that the Investment Adviser be given the opportunity to cause us to participate in certain transactions originated by affiliates of the Investment Adviser, the Investment Adviser may determine that we will not participate in those transactions and for certain other transactions (as set forth in guidelines approved by our Board) the Investment Adviser may not have the opportunity to cause us to participate.

**The Investment Adviser and Conflicts of Interest**

Our executive officers and directors, as well as the current or future investment professionals of the Investment Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our unitholders' interests. The investment professionals of the Investment Adviser and/or New Mountain Capital employees that provide services pursuant to the Investment Management Agreement may manage other funds which may from time to time have overlapping investment objectives with our own and, accordingly, may invest in, whether principally or secondarily, asset classes similar to those targeted by us. If this occurs, the Investment Adviser may face conflicts of interest in allocating investment opportunities to us and such other funds. Although the investment professionals endeavor to allocate investment opportunities in a fair and equitable manner in accordance with the Investment Adviser's policies and procedures, it is possible that we may not be given the opportunity to participate in certain investments made by the Investment Adviser or persons affiliated with the Investment Adviser or that certain of these investment funds may be favored over us. When these investment professionals identify an investment, they may be forced to choose which investment fund should make the investment.

While we may co-invest with investment entities managed by the Investment Adviser or its affiliates to the extent permitted by the 1940 Act, and the rules and regulations thereunder, the 1940 Act imposes significant limits on co-investment. On May 13, 2025, we, the Investment Adviser and certain of our affiliates were granted, a new order for exemptive relief that suspended the prior order for exemptive relief (the "Exemptive Order") by the SEC. The Exemptive Order allows us to co-invest with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, we generally are permitted to co-invest with certain of our affiliates in certain negotiated transactions if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis, or is a sale of a tradeable security. Pursuant to the Exemptive Order, our Board oversees our participation in the co-investment program. As required by the Exemptive Order, we have adopted, and our Board has approved policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to our Board.

If the Investment Adviser manages certain other affiliates in the future, we may co-invest on a concurrent basis with such other affiliates, subject to compliance with applicable regulations and regulatory guidance or an exemptive order from the SEC and our allocation procedures. In addition, we pay management and incentive fees to the Investment Adviser and reimburse the Investment Adviser for certain expenses it incurs. As a result, investors in our Units invest in us on a "gross" basis and receive distributions on a "net" basis after our expenses. Also, the incentive fee payable to the Investment Adviser may create an incentive for the Investment Adviser to pursue investments that are riskier or more speculative than would be the case in the absence of such compensation arrangements. Any potential conflict of interest arising as a result of the arrangements with the Investment Adviser could have a material adverse effect on our business, results of operations and financial condition.

**License Agreement, Expenses Incurred and Conflicts of Interest including those Associated with the Valuation Process**

We have entered into a royalty-free license agreement with New Mountain Capital under which New Mountain Capital has agreed to grant us a non-exclusive, royalty-free license to use the name "New Mountain". In addition, we reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us under the Administration Agreement, such as, but not limited to, the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. This could create conflicts of interest that our Board must monitor.

**Material, Non-Public Information**

The Investment Adviser's investment professionals, Investment Committee or their respective affiliates may serve as directors of, or in a similar capacity with, companies in which we invest. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us and our unitholders.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**FOIA and Similar Laws**

To the extent that the Investment Adviser determines in good faith that, as a result of the Freedom of Information Act ("FOIA"), any U.S. or non-U.S. governmental public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement, a unitholder or any of its affiliates may be required to disclose information relating to us, our affiliates and/or any entity in which an investment is made (other than certain fund-level, aggregate performance information as described in the A&R LLC Agreement), and such disclosure could affect our competitive advantage in finding attractive investment opportunities. The amount of information that is required to be disclosed has increased in recent years, and that trend may continue. To the extent that disclosure of confidential information relating to us or our portfolio investments results from Units being held by public investors, we may be adversely affected. The Investment Adviser may, to prevent any such potential disclosure, withhold all or any part of the information otherwise to be provided to such unitholder. Without limiting the foregoing, in the event that any party seeks the disclosure of information relating to us, our affiliates, and/or any entity in which an investment is made under FOIA or any such similar law, the Investment Adviser may, in its discretion, initiate legal action and/or otherwise contest such disclosure, which may or may not be successful, and any expenses incurred therewith will be borne by us. Conversely, potential future regulatory changes applicable to investment advisers and/or the accounts they advise could result in New Mountain Capital becoming subject to additional disclosure requirements, the specific nature of which is as yet uncertain.

**Limited Access to Information**

Unitholders' rights to information regarding us will be specified, and strictly limited, in the A&R LLC Agreement. In particular, it is anticipated that the Investment Adviser will obtain certain types of material information from portfolio investments that will not be disclosed to unitholders because such disclosure is prohibited for contractual, legal, or similar obligations outside of the Investment Adviser's control. Decisions by the Investment Adviser to withhold information may have adverse consequences for unitholders in a variety of circumstances. For example, a unitholder that seeks to transfer its Units may have difficulty in determining an appropriate price for such Units. Decisions to withhold information also may make it difficult for unitholders to monitor the Investment Adviser and its performance. Additionally, it is expected that unitholders who designate representatives to participate on the advisory committee may, by virtue of such participation and subject to applicable law, have more information about us and our portfolio investments in certain circumstances than other unitholders generally and may be disseminated information in advance of communication to other unitholders generally.

**Possibility of Different Information Rights**

Certain unitholders may request information from the Investment Adviser relating to us and our portfolio investments and the Investment Adviser may, subject to applicable law, including Regulation FD promulgated by the SEC, provide such unitholders with the information requested (subject to availability, confidentiality obligations and other similar considerations). Unitholders may also be entitled to receive additional or customized reporting relating to their investment in us pursuant to their side letters, which are particular to such unitholders and may not be available to other unitholders. Any such unitholders that request and receive such information will consequently possess information regarding our business and affairs that are not generally known to other unitholders. As a result, certain unitholders may be able to take actions on the basis of such information which, in the absence of such information, other unitholders do not take.

**Amendments**

The A&R LLC Agreement may be amended from time to time, including by our Board without the consent of unitholders in circumstances set forth in the A&R LLC Agreement.

**Capital Calls**

Capital calls will be issued by the Investment Adviser from time to time at the discretion of the Investment Adviser, based upon the Investment Adviser's assessment of our needs and opportunities. To satisfy such capital calls, the unitholders may be required to maintain a substantial portion of their Capital Commitment in assets that can be readily converted to cash. Except as specifically set forth in the A&R LLC Agreement, the unitholders' obligation to satisfy capital calls will be unconditional. The unitholders' obligation to satisfy capital calls will not in any manner be contingent upon our performance or prospects or upon any assessment thereof provided by the Investment Adviser. Capital calls may not provide all of the information a unitholder desires in a particular circumstance, and such information may not be made available and will not be a condition precedent for a unitholder to meet its funding obligation. Notwithstanding the foregoing, the Investment Adviser will not be obligated to call 100% of the unitholders' Capital Commitment during our term. If one or more unitholders are unable to make, their capital calls on any one investment, the capital call of the other unitholders will increase accordingly, possibly materially. The fees, costs and expenses incurred by the unitholders in fulfilling a capital call (whether it is bank fees, wire fees, foreign exchange fees, value-added tax or other applicable charges imposed on a unitholder) will be borne solely by such unitholder and will be in addition to the amounts required by capital calls (and will not be part of or otherwise reduce their Capital Commitments and/or remaining Capital Commitments, as applicable).

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**RIC Tax Treatment and Raising Additional Capital**

In order for us to qualify as a RIC and to avoid payment of excise taxes, we intend to distribute to our unitholders substantially all of our annual taxable income. As a result of these requirements, we may need to raise capital from other sources to grow our business.

**Distributions**

We intend to pay quarterly distributions to the unitholders out of assets legally available for distribution. Such quarterly distributions will generally consist of cash or cash equivalents, except that we may make distributions of assets in kind with the prior consent of each receiving unitholder. We cannot assure you that we will continue to achieve investment results or maintain a tax status that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. In addition, our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K. If we are unable to satisfy the asset coverage test applicable to us as a BDC, our ability to pay distributions to the unitholders could be limited. All distributions are paid at the discretion of our Board and depend on our earnings, financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. The distributions that we pay to our unitholders in a year may exceed our taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital or gain from the sale or exchange of property for U.S. federal income tax purposes. We cannot assure unitholders that we will continue to pay distributions to the unitholders in the future.

Unitholders should understand that any distributions made from sources other than cash flow from operations or that are relying on fee or expense reimbursement waivers from the Investment Adviser or the Administrator are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Investment Adviser or the Administrator continues to make such expense reimbursements. Unitholders should also understand that our future repayments to the Investment Adviser will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve such performance in order to sustain these distributions, or be able to pay distributions at all. The Investment Adviser and the Administrator have no obligation to waive fees or receipt of expense reimbursements.

We cannot assure you that we will achieve investment results or maintain a tax status that will allow or require any specified level of cash distributions or year-to-year increases in cash distributions. In particular, our future distributions are dependent upon the investment income we receive on our portfolio investments. To the extent such investment income declines, our ability to pay future distributions may be harmed.

**Failure to Raise Substantial Funds**

Amounts that we raise may not be sufficient for us to purchase a broad portfolio of investments. To the extent that less than the maximum number of Units is subscribed for, the opportunity for us to purchase a broad portfolio of investments may be decreased and the returns achieved on those investments may be reduced as a result of allocating all of our expenses among a smaller capital base. If we are unable to raise substantial funds, we may not achieve certain economies of scale and our expenses may represent a larger proportion of our total assets.

**Failure to Make Capital Contributions**

If a unitholder fails to pay due installments of its Capital Commitment to us, and the contributions made by non-defaulting unitholders and borrowings by us are inadequate to cover the defaulted capital contribution, we may be unable to pay our obligations when due. As a result, we may lose opportunities and/or be subjected to significant penalties that could materially adversely affect the returns to the unitholders (including non-defaulting unitholders). A default by a unitholder may also limit our ability to incur borrowings and our availability of what would otherwise have been available credit. In addition, if a unitholder defaults, non-defaulting unitholders may be obligated to make capital contributions to us to make up for the amounts not paid by a defaulting unitholder. If a unitholder defaults, it may be subject to various remedies as provided in the A&R LLC Agreement, including, without limitation, reductions in its capital account balance, or a forfeiture of its Units.

**Preferred Units**

We may, but have no current intention to, issue preferred units. However, to the extent that we do issue preferred units in the future, we cannot assure you that the issuance of preferred Units would result in a higher yield or return to the holders of the Units. The issuance of preferred Units would likely cause the net asset value and fair value of the Units to become more volatile. If the distribution rate on the preferred Units were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the Units would be reduced. If the distribution rate on the preferred Units were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of Units than if we had not issued preferred Units. Any decline in the net asset value of our investments would be borne entirely by the holders of Units. Therefore, if the fair value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of Units than if we were not leveraged through the issuance of preferred Units.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

We might be in danger of failing to maintain the required asset coverage of the preferred Units or of losing our ratings, if any, on the preferred Units or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred Units. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred Units. In addition, we would pay (and the holders of Units would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred Units, including higher advisory fees if our total return exceeds the distribution rate on the preferred Units. Holders of preferred Units may have different interests and rights than holders of Units and may at times have disproportionate influence over our affairs.

In accordance with the 1940 Act, holders of any preferred Units we might issue, voting separately as a single class, would have the right to elect two members of our Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, preferred unitholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly can veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Units and preferred Units, both by the 1940 Act and by requirements imposed by rating agencies, if any, or the terms of our Leverage Arrangements, if any, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. While we would intend to redeem our preferred Units to the extent necessary to enable us to distribute our income as required to qualify for tax treatment as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements.

**Removal of the Investment Adviser or Administrator; Cancellation of Investment Period; Early Termination of the Fund**

Under the Investment Management Agreement, the Investment Adviser has the right to resign at any time upon 60 days' written notice, whether a replacement has been found or not. If the Investment Adviser resigns, we may not be able to find a new adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If a replacement is not able to be found on a timely basis, our business, results of operations and financial condition and our ability to pay distributions are likely to be materially adversely affected. In addition, if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Investment Adviser and its affiliates, the coordination of our internal management and investment activities is likely to suffer. Even if we are able to retain comparable management, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition. The Administrator has the right to resign under the Administration Agreement upon 60 days' written notice, whether a replacement has been found or not. If the Administrator resigns, it may be difficult to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If a replacement is not found quickly, our business, results of operations and financial condition, as well as our ability to pay distributions, are likely to be adversely affected. In addition, the coordination of our internal management and administrative activities is likely to suffer if we are unable to identify and reach an agreement with a service provider or individuals with the expertise possessed by the Administrator. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition. Therefore, there can be no certainty regarding our ability to consummate investment opportunities thereafter. Similar risks exist if the Investment Period is cancelled earlier than anticipated pursuant to the terms of the A&R LLC Agreement. Moreover, it is possible that we may be dissolved and terminated prematurely, and as a result, may not be able to accomplish our objectives and may be required to dispose of our investments at a disadvantageous time or make an in-kind distribution (resulting in unitholders not having their capital invested and/or deployed in the manner originally contemplated).

**Compliance with Anti-Money Laundering Requirements**

In response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, we will request prospective and existing unitholders to provide additional documentation verifying, among other things, such unitholder's identity and the source of funds used to purchase interests in us. The Investment Adviser may decline to accept a prospective investor's subscription if this information is not provided or on the basis of such information that is provided. Requests for documentation may be made at any time during which a unitholder holds any interest in us. The Investment Adviser may be required to provide this information, or report the failure to comply with such requests, to governmental authorities, in certain circumstances without notifying the unitholder that the information has been provided. The Investment Adviser will take such steps as it determines may be necessary to comply with applicable law, regulations, orders, directives or special measures that may be required by government regulators. Governmental authorities are continuing to consider appropriate measures to implement anti-money laundering laws and at this point it is unclear what steps the Investment Adviser may be required to take; however, these steps may include prohibiting such unitholder from making further

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

contributions of capital to us, depositing distributions to which such unitholder would otherwise be entitled to an escrow account and causing the withdrawal of such unitholder from us.

**Fund Expenses**

We will pay and bear all fund expenses related to our operations (subject to the Specified Expenses Cap). The amount of these fund expenses will be substantial and will reduce the actual returns realized by the unitholders on their investment in us (and will reduce the amount of capital available to be deployed by us in portfolio investments). As described further in the A&R LLC Agreement, fund expenses encompass a broad range of expenses, including, but not limited to, reimbursement of expenses to the Administrator pursuant to the Administration Agreement, origination fees, syndication fees, research costs, due diligence costs, bank service fees, broken deal expenses, fees and expenses related to transfer agents, rating agencies, valuation and appraisal agents, third-party administrators and deal finders, experts, advisers, consultants, engineers and other professionals and service providers, travel, meal and lodging expenses incurred for investment related purposes, outside legal counsel, accountants, indemnification and contribution expenses, expenses related to Fund-related compliance obligations (including Form PF and Form ADV, blue sky filings, and registration statement filings), AIFMD-related expenses (including Annex IV reporting), and the cost of operational and accounting software and related expenses, the cost of software used by the Investment Adviser and its affiliates to track and monitor investments (i.e., portfolio management software), and risk, research and market data-related expenses (including software and hardware). For a full list of Fund Expenses, see *Item 1. Business*—*Payment of Expenses* in this Annual Report on Form 10-K.

**Executive Advisory Council**

The Investment Adviser may consult New Mountain Capital's Executive Advisory Council from time to time concerning general industry trends, related matters and specific investment diligence. Members of the Executive Advisory Council may be paid by us for project-related consulting fees and reimbursed by us for their reasonable and documented out-of-pocket expenses in connection with specific diligence for a potential portfolio company.

**Systems and Operational Risks**

We depend on the Investment Adviser to develop and implement appropriate systems for our activities. We rely daily on financial, accounting and other data processing systems to execute, clear and settle transactions across numerous and diverse markets and to evaluate certain financial instruments, to monitor our portfolios and capital, and to generate risk management and other reports that are critical to oversight of our activities. Certain of our and the Investment Adviser's activities will be dependent upon systems operated by third parties, and the Investment Adviser may not be in a position to verify the risks or reliability of such third-party systems. Failures in the systems and processes employed by the Investment Adviser and other parties could result in mistakes made, including, among other things, in the confirmation or settlement of transactions, or in transactions not being properly booked, evaluated or accounted for. Operational risks result from inadequate procedures and controls, employee fraud, recordkeeping errors, human errors and other mistakes or failures by the Investment Adviser or a service provider. Disruption to third party critical service providers, such as our administrators, auditors, external counsel and custodian, may result in other disruptions in our operations. Disruptions in our operations may cause us to suffer, among other things, financial loss, the disruption of their businesses, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing failures or disruptions could have a material adverse effect on us and the investors' investments therein.

**Cybersecurity Breaches, Identity Theft and Other Disasters**

We, and others in our industry, are the targets of malicious cyber activity, which we work hard to prevent. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or an accidental disclosure of non-public information, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems, or destroy data. If a significant number of our managers were unavailable in the vent of a disaster, our ability to effectively conduct our business could be severely compromised.

The Investment Adviser and third-party service providers with which we do business depend heavily upon computer systems to perform necessary business functions. Despite the implementation of a variety of security measures, computer systems could be subject to unauthorized access, acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware), physical and electronic break-ins or unauthorized tampering. The Investment Adviser may experience threats to their data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other information processed and stored in, and transmitted through the Investment Advisers' computer systems and networks, or otherwise cause interruptions or malfunctions in operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory enforcement action and penalties and/or customer dissatisfaction or loss.

Third parties with which we do business are sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty,

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

employee, and borrower information. Cybersecurity failures or breaches to the Investment Adviser and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators) and issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our unitholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, acquisition, use, alteration or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. For example, the SEC adopted rules requiring disclosure of material cybersecurity incidents and disclosure relating to cybersecurity risk management, and amendments to Regulation S-P governing policies and procedures designed to address unauthorized access to customer information. We may face increased costs to comply with any new or changing regulations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

We and our service providers may be impacted by operating restrictions, which may include requiring employees to continue to work from remote locations. Policies of extended periods of remote working, whether by us or our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit weaknesses in a remote work environment. Accordingly, the risks described above are heightened under current conditions, which may continue for an unknown duration.

Additionally, there continues to be significant evolution and developments in the use of artificial intelligence technologies and machine learning (collectively "AI Technologies") including generative artificial intelligence such as ChatGPT. We cannot fully determine the impact of such evolving technology to our business at this time. The rapid development and scale of AI Technologies may also increase the likelihood or effectiveness of cybersecurity attacks and related risks to us, the Investment Adviser, and our third-party service providers.

**Cyber-Attacks** 

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. We, the Investment Adviser, and the Administrator are subject to cybersecurity risks. Information cybersecurity risks have significantly increased in recent years and, while we, the Investment Adviser and the Administrator have not experienced any material losses relating to cyber-attacks or other information security breaches, we could suffer such losses in the future. The Investment Adviser's and the Administrator's computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code, network failures, computer and technology failures, infiltration by unauthorized persons and other security breaches, usage errors by their respective professionals or service providers, or other events that could have a security impact. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information relating to unitholders (and their beneficial owners) and sensitive business data (including material nonpublic information of our portfolio companies), processed and stored in, and transmitted through, the Investment Adviser's and the Administrator's computer systems and networks, or otherwise cause interruptions or malfunctions in our operations or the operations of our customers or counterparties. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations and the business, financial condition or results of operations of the Investment Adviser, the Administrator and their affiliates. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In the future, the Investment Adviser, the Administrator and our portfolio companies may be required to expend significant additional resources to modify their protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. In addition, we, the Investment Adviser and the Administrator may be subject to litigation and financial losses that are not fully insured.

Third parties with which we, the Investment Adviser, the Administrator, and our portfolio companies do business may also be sources of cybersecurity or other technological risks. We outsource certain functions, and these relationships allow for

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

the storage and processing of our information, as well as customer, counterparty, employee and borrower information. While we, the Investment Adviser, the Administrator, and our portfolio companies engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Further, the continued remote working conditions initially resulting from the COVID-19 pandemic have heightened ours and our portfolio companies' vulnerability to a cybersecurity risk or incident.

**Artificial Intelligence and Machine Learning Risk**

Recent advances in AI Technologies, as well as the rapid growth and widespread use thereof, pose risks, to our business, products, portfolio companies and investments. AI Technologies have the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which we invest, and any such changes could create new and unpredictable operational legal and/or regulatory risks. To the extent our competitors make more efficient or extensive use of AI Technologies, there is a possibility that such competitors will gain a competitive advantage.

**Litigation**

New Mountain Capital engages in a broad variety of activities on a global basis in respect of its managed funds, accounts and portfolio companies. These activities have and may in the future subject New Mountain Capital to risks of becoming involved in litigation by third parties or may subject New Mountain Capital to investigations or proceedings initiated by governmental authorities. It is difficult to determine what impact, if any, such litigation may have on New Mountain Capital and us. As a result, there can be no assurance that the foregoing will not have an adverse impact on New Mountain Capital or otherwise impede our ability to effectively achieve our objectives.

**CERTAIN MARKET, REGULATORY AND TAX RISKS**

**U.S. Capital Markets** 

Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events have limited, and could continue to limit, our investment originations and/or our ability to grow, and they could have a material negative impact on our operating results and the fair values of our debt and equity investments.

Further, current market conditions may make it difficult for us to obtain debt capital on favorable terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we would otherwise expect, including being at a higher cost in rising rate environments. If we are unable to raise debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make or fund commitments to portfolio companies. An inability to obtain indebtedness could have a material adverse effect on our business, financial condition or results of operations.

In past economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, for example as a result of fluctuating interest rates or global conflict, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all.

If we are unable to consummate credit facilities on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under our credit facilities or any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us, and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**U.S. Credit Rating, the Debt Ceiling and Interest Rate Volatility** 

The U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions. Despite taking action on numerous occasions to suspend and raise the debt ceiling, ratings agencies have threatened to lower the long-term sovereign credit rating on the United States, including Fitch downgrading the U.S. government's long-term rating from AAA to AA+ in August 2023. Additionally, Moody's lowered the U.S. government's credit rating outlook from "stable" to "negative" in November 2023, and subsequently downgraded the U.S. government's long-term issuer and senior unsecured ratings from Aaa to Aa1 in May 2025. There is no guarantee that there will not be a further downgrade or downgrades by other ratings agencies in the future.

The impact of any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. These developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time, and may lead to additional shutdowns in the future. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

**Regulations Governing the Operations of BDCs**

Our business requires a substantial amount of capital. We may acquire additional capital from the issuance of senior securities, including borrowing under a credit facility or other indebtedness. In addition, we may also issue additional equity capital. However, we may not be able to raise additional capital in the future on favorable terms or at all.

We may issue debt securities or preferred Units, and we may borrow money from banks or other financial institutions, which we refer to collectively as "senior securities", up to the maximum amount permitted by the 1940 Act. The 1940 Act, generally, permits BDCs to issue senior securities in amounts such that the BDC's asset coverage, as defined in the 1940 Act, equals at least 200% after each issuance of senior securities. The 1940 Act allows a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements under the 1940 Act are met. If our asset coverage ratio is not at least 150%, we would be unable to issue senior securities, and if we had senior securities outstanding (other than any indebtedness issued in consideration of a privately arranged loan, such as any indebtedness outstanding under a credit facility), we would be unable to make distributions to the unitholders. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous.

In addition, we may in the future seek to securitize other portfolio securities to generate cash for funding new investments. To securitize loans, we would likely create a wholly-owned subsidiary and contribute a pool of loans to the subsidiary. We would then sell interests in the subsidiary on a non-recourse basis to purchasers and we would retain all or a portion of the equity in the subsidiary. If we are unable to successfully securitize our loan portfolio our ability to grow our business or fully execute our business strategy could be impaired and our earnings, if any, could decrease. The securitization market is subject to changing market conditions, and we may not be able to access this market when it would be otherwise deemed appropriate. Moreover, the successful securitization of our portfolio might expose us to losses as the residual investments in which we do not sell interests will tend to be those that are riskier and more apt to generate losses. The 1940 Act also may impose restrictions on the structure of any securitization.

We may also obtain capital through the issuance of additional equity capital. As a BDC, we generally are not able to issue or sell our Units at a price below then-current net asset value per Unit. If the Units trade at a discount to our net asset value per Unit, this restriction could adversely affect our ability to raise equity capital. We may, however, sell the Units, or warrants, options or rights to acquire the Units, at a price below our net asset value per Unit if our Board and Independent Directors determine that such sale is in our best interests and the best interests of the unitholders, and the unitholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any underwriting commission or discount). If we raise additional funds by issuing more Units, or if we issue senior securities convertible into, or exchangeable for, the Units, the percentage ownership of the unitholders may decline and you may experience dilution.

Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. The portfolio companies are subject to U.S. federal, state and local laws and regulations. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, any of which could materially adversely affect our business, including with respect to the types of investments we are permitted to make, and your interests as unitholders potentially with retroactive effect. In addition, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy in order to make available to ourselves, new or different opportunities. These changes could result in material changes to our strategies which may result in our investment focus shifting from the areas of expertise

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

of the Investment Adviser to other types of investments in which the Investment Adviser may have less expertise or little or no experience. Any such changes, if they occur, could have a material adverse effect on our business, results of operations and financial condition and, consequently, the value of your investment in us.

Over the last several years, there has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. Although the current administration has signaled a more deregulatory agenda with respect to the financial services industry, it cannot be known at this time whether new regulation, if any will be implemented or what form it might take. Changes to the regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

We may want to obtain additional debt financing, or need to do so upon maturity of our borrowings, in order to obtain funds which may be made available for investments.

The Unsecured Management Company Revolver is structured as a discretionary unsecured revolving credit facility. The maximum facility amount is $10.0 million. The Unsecured Management Company Revolver matured on December 31, 2025.

The BMO Subscription Line permitted us to borrow on a revolving credit basis an aggregate principal amount not exceeding $65 million. On December 15, 2025, the BMO Subscription Line was terminated in connection with the final drawdown on Capital Commitments.

As of December 31, 2025, there was no outstanding balance under the BMO Subscription Line or the Unsecured Management Company Revolver.

In addition, if we are unable to repay amounts outstanding under any such facilities and are declared in default or are unable to renew or refinance these facilities, we may not be able to make new investments or operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects us or third parties, and could materially damage our business operations, results of operations and financial condition.

**Fluctuations in our Annual and Quarterly Results**

We could experience fluctuations in our annual and quarterly operating results due to a number of factors, some of which are beyond our control, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities acquired and the default rate on such securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in the markets in which we operate and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

**Exchange Act**

Because the Units are registered under the Exchange Act, ownership information for any person who beneficially owns more than 5% of the Units will have to be disclosed in a Schedule 13D or Schedule 13G, as applicable, or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, the unitholders who choose to reinvest their distributions may see their percentage stake in us increased to more than 5%, thus triggering this filing requirement. Each unitholder is responsible for determining their filing obligations and preparing the filings. In addition, the unitholders who hold more than 10% of a class of the Units may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of our profits from the purchase and sale of registered stock within a six-month period.

**Sarbanes-Oxley Act**

We are obligated to maintain proper and effective internal controls over financial reporting, including the internal control evaluation and certification requirements of Section 404 of the Sarbanes-Oxley Act. We will not be required to comply with all of the requirements under Section 404 of the Sarbanes-Oxley Act until the date (i) we are no longer an "emerging growth company" under the JOBS Act and (ii) we are a reporting company that does not meet the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act. We expect to remain an emerging growth company for up to five years following the completion of our initial public offering of common equity securities or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act (which would occur if the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter, we have annual investment income of at least $100.0 million, we have been publicly reporting for at least 12 months and we have filed at least one Annual Report on Form 10-K) or (iii) the date on which

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period. There is currently no public market for our Units and one is not expected to develop.

Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act that we may eventually be required to meet. Specifically, we are required to conduct annual management assessments of the effectiveness of our internal controls over financial reporting. However, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the date (i) we are no longer an "emerging growth company" under the JOBS Act and (ii) we are a reporting company that meets the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act. If we are not able to implement the applicable requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the covenants under our credit facilities. Additionally, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective. If we are unable to assert that our internal controls over financial reporting are effective, or if our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports. This could materially adversely affect us.

Our internal controls over financial reporting may not prevent or detect misstatements because of its inherent limitations. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

**"Emerging Growth Company" Under the JOBS Act**

We are and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of any exchange listing, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer (which means the market value of our Units that are held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, we have annual investment income of at least $100 million, we have been publicly reporting for at least 12 months and we have filed at least one Annual Report on Form 10-K), and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. There is currently no public market for our Units and one is not expected to develop. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our Units less attractive because we may rely on some or all of these exemptions. If some investors find our Units less attractive as a result, there may be a less active trading market for the Units and the Unit price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We currently are and may to continue taking advantage of such extended transition periods.

**OFAC and FCPA Considerations**

Economic sanction laws in the United States and other jurisdictions may prohibit New Mountain Capital, New Mountain Capital's professionals and us from transacting with or in certain countries and with certain individuals and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") administers and enforces laws, Executive Orders and regulations establishing U.S. economic and trade sanctions. Such sanctions prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. These entities and individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs. The lists of OFAC prohibited countries, territories, persons and entities, including the List of Specially Designated Nationals and Blocked Persons, as such list may be amended from time to time, can be found on the OFAC website at *www.treas.gov/ofac*. In addition, certain programs administered by OFAC prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the lists maintained by OFAC. These types of sanctions may significantly restrict our investment activities in certain emerging market countries.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

In some countries, there is a greater acceptance than in the United States of government involvement in commercial activities, and of corruption. New Mountain Capital, the New Mountain Capital professionals and we are committed to complying with the Foreign Corrupt Practices Act ("FCPA") and other anti-corruption laws, anti-bribery laws and regulations, as well as anti-boycott regulations, to which they are subject. As a result, we may be adversely affected because of our unwillingness to participate in transactions that violate such laws or regulations. Such laws and regulations may make it difficult in certain circumstances for us to act successfully on investment opportunities and for portfolio investments to obtain or retain business.

In recent years, the U.S. Department of Justice and the SEC have devoted greater resources to enforcement of the FCPA. In addition, the United Kingdom has recently significantly expanded the reach of the UK Bribery Act of 2010 (the "UK Bribery Act"), which in some ways is broader in scope than the FCPA and applies to private and public sector corruption and holds companies liable for failure to prevent bribery unless they have adequate procedures in place to prevent bribery. While New Mountain Capital has developed and implemented a stringent compliance program designed to ensure strict compliance by New Mountain Capital, its personnel and senior advisors with the FCPA and the UK Bribery Act, even reasonable compliance programs may not prevent all instances of violations. In addition, in spite of New Mountain Capital's policies and procedures, affiliates of portfolio companies, particularly in cases where we or another New Mountain Capital product or vehicle does not control such portfolio company, and third-party consultants, managers and advisors may engage in activities that could result in FCPA or UK Bribery Act violations. Any determination that New Mountain Capital has violated the FCPA, the UK Bribery Act, or other applicable anti-corruption laws or anti-bribery laws could subject New Mountain Capital and us to, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions on future conduct, securities litigation and a general loss of investor confidence, any one of which could adversely affect New Mountain Capital's business prospects and/or financial position, as well as our ability to achieve our investment objective and/or conduct our operations. We may incur costs and expenses associated with engaging external counsel or other third-party consultants or professionals in connection with inquiries or investigations relating to FCPA or other applicable anti-corruption laws or anti-bribery laws.

**Risks Associated with the European Union**

The long-term stability of certain European financial markets remains uncertain and difficult to predict. The possibility of a sovereign default, although more remote now than in years immediately following the crisis, remains a risk in countries where gross government debt, as a percentage of gross domestic product, remains relatively high by comparison to other EU countries, such as Greece, Italy, Cyprus and Portugal. A particularly high level of government debt may be unsustainable for a country that has, and continues to endure, weak economic growth, high unemployment, and has yet to benefit from longer-term economic reforms. The possibility of default, however unlikely, could nevertheless have a material impact on economic conditions and market activity in the Eurozone and elsewhere in the EU. For example, default by a participating member state could in theory contribute to the collapse of the Eurozone as it is constituted today, resulting in the defaulting member state ceasing to use the Euro as its national currency, or even provide a stimulus for one or more member states may seek to withdraw from EU membership-any of which would likely have an adverse impact on us. Moreover, collapse of the Euro would likely have negative implications for the European financial industry and the global economy as a whole because of counterparty risks, exposures and other "systemic" risks. A potential effect would be an immediate reduction of liquidity for particular investments in economically connected countries, thereby impairing the value of such investments. Uncertain economic conditions generally affect markets adversely. Volatility in the global credit markets may make it more difficult for issuers and borrowers to obtain favorable financing or refinancing arrangements that may be needed to execute our investment strategy. Continuing uncertainty in the Eurozone could have an adverse effect on us by affecting the performance of our investments (whether made in a country that is at greater risk of default or in a country that is economically connected) and our ability to fulfill our investment objectives.

**U.S. and Worldwide Economic, Political, Regulatory and Financial Market Conditions.** 

On January 31, 2020, the United Kingdom (the "UK") ended its membership in the European Union ("Brexit"). Under the terms of the withdrawal agreement negotiated and agreed between the UK and the European Union, the UK's departure from the European Union was followed by a transition period, which ran until December 31, 2020 and during which the UK continued to apply European Union law and was treated for all material purposes as if it were still a member of the European Union. Brexit could lead to calls for similar referendums in other European jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential further downgrading of the UK's sovereign credit rating, could also have an impact on the performance of certain investments made in the UK or Europe.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Inflation**

Inflation may affect our investments adversely in a number of ways. During periods of rising inflation, interest and distribution rates of any instrument we or entities related to portfolio investments may have issued could increase. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of portfolio companies. Portfolio companies may have fixed income streams and, therefore, be unable to pay the interest amounts and other payments on our portfolio investments. The fair value of such investments may decline in value in times of higher inflation rates. Some of our portfolio investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses.

Governmental efforts to curb inflation often have negative effects on the level of economic activity. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. Certain countries, including the U.S., have recently seen increased levels of inflation and there can be no assurance that continued and more wide-spread inflation will not become a serious problem in the future and have an adverse impact on our returns. There can be no assurance that continued and more wide-spread inflation in the U.S. and/or other economies will not become a more serious problem in the future and have a material adverse impact on our returns.

**Inability to Deploy Capital Commitments**

We may experience delays in investing our Capital Commitments, which may cause our performance to be worse than the performance of other investment vehicles with investment programs that are similar to our investment objectives. The Investment Adviser may not be able to identify a sufficient number of potential investments that meet our investment objectives or ensure that any investment that us makes will produce a positive return. The Investment Adviser may be unable to invest all of our Capital Commitments on acceptable terms within the Investment Period, which would reduce the returns to us.

Conversely, we may deploy a significant amount of or majority of our aggregate Capital Commitments over a short period of time, which would increase the likelihood that we will be adversely impacted by market dislocations, economic shocks, recessions, depressions and other similar market downturns. This, in turn, could leave an insufficient amount of remaining capital available to us to seek to invest opportunistically during and after such downturn. In such circumstances, our performance may be worse than the performance of other investment vehicles with investment programs that are similar to our investment objectives that make their investments over a longer period of time and therefore are both less heavily invested during such downturn, and more readily able to invest during and after such downturns.

**Enhanced Scrutiny and Potential Regulation of the Private Investment Fund Industry**

Our ability to achieve our investment objectives, as well as our ability to conduct our operations, is based on laws and regulations, as well as their interpretation, which are subject to change through legislative, judicial or administrative action. Future legislative, judicial or administrative action could adversely affect our ability to achieve our investment objectives, as well as our ability to conduct our operations. Furthermore, if regulatory capital requirements from the Dodd-Frank Act, Basel III, or other regulatory action are imposed on private lenders that provide us with financing (as defined below), the lenders may be required to limit, or increase the cost of, financing they provide to us. Among other things, this could potentially increase our financing costs and reduce our liquidity or require us to sell assets at an inopportune time or price.

There continues to be significant discussion regarding enhancing governmental scrutiny and/or increasing the regulation of the financial industry. On July 21, 2010, then-President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). A key feature of the Dodd-Frank Act is the potential extension of prudential regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve") to nonbank financial companies that are not currently subject to such regulation but that are determined to pose risk to the U.S. financial system. The Dodd-Frank Act defines a "nonbank financial company" as a company that is predominantly engaged in activities that are financial in nature. The Financial Stability Oversight Council (the "FSOC"), an interagency body created to monitor and address systemic risk, has the authority to subject such a company to supervision and regulation by the Federal Reserve (including capital, leverage and liquidity requirements) if it determines that such company is systemically important, in that it poses a risk to the U.S. financial system. The Dodd-Frank Act does not contain any minimum size requirements for such a determination by the FSOC, and it is possible that it could be applied to private funds, particularly large, highly-leveraged funds, although no such funds have been designated as systemically important by the FSOC to date.

The Dodd-Frank Act also imposes a number of restrictions on the relationship and activities of banking organizations with private investment funds and other provisions that have affected the private investment fund industry, either directly or indirectly. Included in the Dodd-Frank Act is the so-called "Volcker Rule," which contains restrictions on certain investors that

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

are (or that have affiliates or certain interest in any entity that is) a bank or a bank-related entity and/or have a connection to the United States in that regard from making and holding certain interests in private investment funds.

The Dodd-Frank Act, as well as future related legislation, may have an adverse effect on the private investment fund industry generally and/or on New Mountain Capital or us, specifically. Therefore, there can be no assurance that any continued regulatory scrutiny or initiatives will not have an adverse impact on New Mountain Capital or otherwise impede our activities. These reforms and/or other similar legislation could increase our compliance costs and have an adverse effect on the private fund industry generally and/or on New Mountain Capital and us.

The current regulatory environment in the United States may be impacted by future legislative developments, such as amendments to key provisions of the Dodd-Frank Act. On June 12, 2017, the U.S. Department of the Treasury issued recommendations for streamlining banking regulation and changing key features of the Dodd-Frank Act and other measures taken by regulators following the most recent financial crisis.

As a registered investment adviser under the Advisers Act, the Investment Adviser is required to comply with a variety of periodic reporting and compliance-related obligations under applicable federal and state securities laws (including, without limitation, the obligation of the Investment Adviser and its affiliates to make regulatory filings with respect to us and our activities under the Advisers Act (including, without limitation, Form PF and Form ADV)). In addition, the Investment Adviser is required to comply with a variety of regulatory reporting and compliance-related obligations under applicable federal, state and foreign securities laws (including, without limitation, reports or notices in connection with the Directive (as defined below) and/or CFTC as well as other international jurisdiction-specific obligations). In light of the heightened regulatory environment in which we and the Investment Adviser operate and the ever-increasing regulations applicable to private investment funds and their investment advisors, it has become increasingly expensive and time-consuming for us, the Investment Adviser and its affiliates to comply with such regulatory reporting and compliance-related obligations. Additionally, we may in the future engage additional third-party service providers to perform some or a significant portion of the reporting and compliance-related matters and functions under our supervision (including draft preparation and the filing of Form PF), which could result in increased compliance costs and expenses. Any further increases in the regulations applicable to private investment funds generally or us and/or the Investment Adviser in particular may result in increased expenses associated with our activities and additional resources of the Investment Adviser being devoted to such regulatory reporting and compliance-related obligations, which may reduce overall returns for the unitholders and/or have an adverse effect on our ability to effectively achieve our investment objective.

Finally, increased reporting, registration and compliance requirements may divert the attention of personnel and the management teams of New Mountain Capital and/or portfolio companies, and may furthermore place us at a competitive disadvantage to the extent that New Mountain Capital or portfolio companies are required to disclose sensitive business information.

**Alternative Investment Fund Managers Directive**

The European Union Alternative Investment Fund Managers Directive (the "Directive") as transposed into national law within the member states of the European Economic Area ("EEA"), imposes requirements on non-EEA alternative investment fund managers ("AIFMs") who intend to market alternative investment funds ("AIFs") to investors within the EEA.

The Directive allows member states to permit the marketing of non-EEA AIFs by non-EEA AIFMs in accordance with local laws, provided that local laws meet the requirements of Article 42 (the so-called national private placement regimes). There is no requirement for member states to operate or maintain a national private placement regime and, if they do, the member state is free to impose stricter rules than the minimum requirements. In summary, under Article 42, the AIFM must: (i) provide prescribed pre-investment disclosures to investors; (ii) report prescribed information to regulators on a periodic basis; (iii) prepare an annual report containing prescribed information and make it available to investors and regulators; and (iv) if applicable: (a) comply with notification and disclosure requirements in relation to the acquisition and control of non-listed companies and issuers; and (b) restrict early distributions or reductions in capital in respect of portfolio companies (the asset-stripping rules).

In addition, there must be appropriate cooperation arrangements in place between the competent authorities of the relevant countries, and neither the country where the AIFM is established nor the country where the AIF is established can be listed as a non-cooperative country and territory by the Financial Action Task Force (the "FATF").

At present, some EEA states do not operate a national private placement regime at all; some member states apply the minimum requirements described above; others require the minimum plus, e.g., the appointment of a depositary; and some require compliance with substantially all of the Directive.

Where the Investment Adviser has marketed us in a member state resulting in investors from that member state investing in us, the Investment Adviser's ongoing compliance with the laws of that member state will continue until all of such investors dispose of their interests in us.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

The Directive has the potential to adversely affect our operations by (i) limiting the territories in the EEA in which we may seek investors, (ii) affecting the range of investment and realization strategies that we are able to pursue, (iii) disadvantaging us vis-à-vis non-AIF competitors, and (iv) materially adding to the costs associated with compliance, monitoring and reporting over our life.

In the future, the Investment Adviser may be compelled to seek, or it may determine that it should seek, authorization as an AIFM in an EEA member state (should that option become available) or under a similar regime elsewhere. This would entail compliance with all requirements of the AIFMD (or with similar requirements of a similar regime). Alternatively, it might be determined in the future that we should be managed by an associate of the Investment Adviser that is an authorized AIFM and has its registered office in an EEA member state. In either circumstance, the AIFM would become subject to additional requirements, such as rules relating to remuneration, minimum regulatory capital requirements, restrictions on the use of leverage, requirements in relation to liquidity, risk management, valuation of assets, etc. Such requirements could adversely affect us, among other things by increasing the regulatory burden and costs of operating and managing us and our investments. Any required changes to compensation structures and practices could make it harder for the AIFM and its associates to recruit and retain key personnel.

The interpretation and application of the Directive is subject to change as a result of, e.g., the issuance of further national guidance by a member state, the issuance of binding guidelines by the European Securities and Markets Authority ("ESMA"), further legislation supplementing the Directive, or a change in the national private placement regime of any member state. Compliance with the Directive could expose the Investment Adviser and/or us to conflicting regulatory requirements in the United States.

We will bear the costs and expenses of compliance with the Directive and any related regulations, including costs and expenses of collecting and calculating data and the preparation of regular reports to be filed with EEA member states.

The offer of our interests, insofar as such interests can be offered to investors domiciled or established in a member state of the EEA (as described above) is restricted to professional investors. A professional investor is an investor that is considered to be a "professional client", or who may, on request, be treated as a "professional client" within the meaning of Annex II to the MiFID II. Notwithstanding that all marketing activity of the Investment Adviser toward investors domiciled or established in the EEA shall be directed at investors who qualify as professional clients, such investors are not a "client" of the Investment Adviser. The Investment Adviser is not advising or making a recommendation to investors or prospective investors with respect to an investment in us and the Investment Adviser will not be responsible for providing protections that would otherwise be provided in an advisory-client relationship.

**Registration under the U.S. Commodity Exchange Act**

Registration with the U.S. Commodity Futures Trading Commission (the "CFTC") as a "commodity pool operator" or any change in our operations necessary to maintain the Investment Adviser's ability to rely upon an exemption from registration could adversely affect our ability to implement our investment program, conduct our operations and/or achieve our objectives and subject us to certain additional costs, expenses and administrative burdens. Furthermore, any determination by the Investment Adviser to cease or to limit investing in interests which may be treated as "commodity interests" in order to comply with the regulations of the CFTC may have a material adverse effect on our ability to implement our investment objectives and to hedge risks associated with our operations.

**Legal, Tax and Regulatory Risks**

Legal, tax and regulatory changes could occur during our term that may adversely affect us, our portfolio companies or unitholders. For example, from time to time the market for private investment transactions has been adversely affected by a decrease in the availability of senior and subordinated financing for transactions, in part in response to regulatory pressures on providers of financing to reduce or eliminate their exposure to such transactions.

Antitrust or other regulatory requirements may impose filing fees and other additional expenses on us and may adversely affect our ability to acquire or dispose of investment positions. We and/or the Investment Adviser may also be subject to regulation in jurisdictions in which we and/or the Investment Adviser engage in business. The regulatory environment for private investment funds is evolving, and changes in the regulation of private investment funds may adversely affect the value of investments held by us and our ability to effectively employ our investment strategies. Increased scrutiny and legislative changes applicable to private investment funds and their sponsors may also impose significant administrative burdens on the Investment Adviser and may divert time and attention from portfolio management activities. The effect of any future regulatory change on us could be substantial and adverse. In addition, the securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. The SEC, other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial action.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

Investors in us should understand that our business is dynamic and may change over time. Therefore, we may be subject to new or additional regulatory constraints in the future. This Annual Report on Form 10-K cannot address or anticipate every possible current or future regulation that may affect the Investment Adviser, us or their investments. Such regulations may have a significant impact on the unitholders or our operations, including, without limitation, restricting the types of investments we may make, preventing us from exercising our voting rights with regard to certain financial instruments, requiring us to disclose the identity of our investors or otherwise. The Investment Adviser may, in its sole discretion, cause us to be subject to such regulations if it believes that an investment or business activity is in our interest, even if such regulations may have a detrimental effect on one or more unitholders. Prospective investors are encouraged to consult their own advisors regarding an investment in us.

**Tax Consequences**

There is a risk that the Internal Revenue Service (the "IRS") will not concur as to the tax consequences of an investment in us.

The IRS may audit us and challenge any of the positions taken in regard to our formation, our investments or operations, and such audit may result in an audit of a unitholder's own tax returns and possibly adjustments to the tax liability reflected thereon.

Although we intend to continue to qualify annually as a RIC under Subchapter M of the Code, no assurance can be given that we will be able to maintain our RIC tax treatment. To maintain RIC tax treatment and be relieved of U.S. federal income taxes on income and gains distributed to the unitholders, we must meet the annual distribution, source-of-income and asset diversification requirements described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The annual distribution requirement generally is satisfied if we timely distribute dividends to the unitholders during the taxable year equal to at least 90% of our investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) plus 90.0% of our net interest income excludable under Section 103(a) of the Code. Because we use debt financing, we are subject to an asset coverage ratio requirement under the 1940 Act, and we may be subject to certain financial covenants contained in debt financing agreements (as applicable). This asset coverage ratio requirement and these financial covenants could, under certain circumstances, restrict us from making distributions to the unitholders, which distributions are necessary for us to satisfy the annual distribution requirement. If we are unable to obtain cash from other sources and thus are unable to make sufficient distributions to the unitholders, we could fail to qualify for tax treatment as a RIC and thus become subject to U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The source-of-income requirement will be satisfied if at least 90% of our gross income for each taxable year is derived from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or fee income (including but not limited to gains from options, futures or forward contracts) derived with respect to our business of investing in such stock, securities, or currencies, and (b) net income derived from a Qualified Publicly Traded Partnership (as defined in the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The asset diversification requirement will be satisfied if, at the end of each quarter of each taxable year, we diversify our holdings so that (a) at least 50% of the value of our total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5.0% of our total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of our total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers that we control and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly Traded Partnerships. Failure to meet these requirements may result in us having to dispose of certain investments quickly to prevent losing our RIC tax treatment. Because most of our investments are intended to be in private companies, and therefore may be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to maintain our RIC tax treatment for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes). In this event, the resulting tax liability could substantially reduce our members' capital, the amount of cash available for distribution, and the amount of our distributions, which would have a material adverse effect on our financial performance.

**Taxable Income in Excess of Cash**

For U.S. federal income tax purposes, we include in our taxable income our allocable share of certain amounts that we have not yet received in cash, such as original issue discount, which may occur if we receive warrants in connection with the

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

origination of a loan or possibly in other circumstances if we earn PIK interest, which generally represents contractual interest added to the loan balance and due at the end of the loan term. Our allocable share of such original issue discount and PIK interest is included in our taxable income before we receive any corresponding cash payments. We may also be required to include in our taxable income our allocable share of certain other amounts that we will not receive in cash.

Because in certain cases we may recognize taxable income before or without receiving cash representing such income, we may have difficulty making distributions to the unitholders that will be sufficient to enable us to meet the annual distribution requirement necessary for us to qualify for tax treatment as a RIC. Accordingly, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous. We may need to raise additional equity or debt capital, or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business) to enable us to make distributions to the unitholders that will be sufficient to enable us to meet the annual distribution requirement. If we are unable to obtain cash from other sources to enable us to meet the annual distribution requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate level U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes).

**Corporate-level Income Tax**

We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to U.S. federal and state corporate income taxes. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

**Special Tax Issues**

We expect to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to preserve our status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

**Publicly Offered Regulated Investment Company**

We do not currently qualify as a "publicly offered regulated investment company", as defined in the Code. Accordingly, U.S. individual and other noncorporate unitholders will be taxed as though they received a distribution of some of our expenses. A "publicly offered regulated investment company" is a RIC whose Units are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market, or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not qualify as a publicly offered RIC for the 2025 tax year, and we cannot determine when we will qualify as a publicly offered RIC. Since we are not a publicly offered RIC, a non-corporate unitholder's allocable portion of our affected expenses, including a portion of our management fees, will be treated as an additional distribution to the unitholders. A non-corporate unitholder's allocable portion of these expenses are treated as miscellaneous itemized deductions that are not currently deductible by such unitholder (and beginning in 2026, will be deductible to such unitholder only to the extent they exceed 2% of such unitholder's adjusted gross income), and are not deductible for alternative minimum tax purposes.

**Possible Legislative or Other Developments**

All statements contained in this Annual Report on Form 10-K concerning the U.S. federal income tax consequences of any investment in us are based upon current law and the interpretations thereof. Therefore, no assurance can be given that the currently anticipated U.S. federal income tax treatment of an investment in us will not be modified by legislative, judicial or administrative changes, possibly with retroactive effect, to the detriment of the unitholders. Additionally, tax authorities in jurisdictions where we maintain investments may materially change their tax laws so as to materially increase the tax burden associated with an investment in us or to force or attempt to force increased disclosure from or about us and/or our unitholders as to the identity of all persons having a direct or indirect interest in us. Such additional disclosure may take the form of additional filing requirements on unitholders.

**Potential Tax Legislation**

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Similarly, there are a number of proposals in Congress that would also modify the Code. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse consequences, including significantly and

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

negatively affect our ability to qualify for tax treatment as a RIC or otherwise impact the U.S. federal income tax consequences applicable to us and our stockholders of such qualification, or could have other adverse consequences.

Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

**Taxation in Other Jurisdictions**

If we make portfolio investments in a jurisdiction outside the United States, we may be subject to income or other tax in that jurisdiction. Any tax incurred in non-United States jurisdictions by us or vehicles through which it invests generally will not be creditable to or deductible by the unitholders.

**ERISA Considerations**

The Investment Adviser will use reasonable efforts to avoid having our assets constitute "plan assets" of any plan subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended. In this regard the Investment Adviser intends to limit investment in the Units by "benefit plan investors" to less than 25% of the total value of each class of equity interests in us (within the meaning of the Plan Asset Regulations), in which case we may decline to accept subscriptions from, or approve transfers of Units to, certain investors in order to limit equity participation by benefit plan investors in us to less than 25% of the total value of each class of equity interests in us.

**Risk Arising from Potential Control Group Liability**

Under ERISA, upon the termination of a tax-qualified single employer-defined benefit pension plan, the sponsoring employer and all members of its "controlled group" will be jointly and severally liable for 100% of the plan's unfunded benefit liabilities whether or not the controlled group members have ever maintained or participated in the plan. In addition, the U.S. Pension Benefit Guaranty Corporation (the "PBGC") may assert a lien with respect to such liability against any member of the controlled group on up to 30% of the collective net worth of all members of the controlled group. Similarly, in the event a participating employer partially or completely withdraws from a multiemployer (union) defined benefit pension plan, any withdrawal liability incurred under ERISA will represent a joint and several liability of the withdrawing employer and each member of its controlled group.

A "controlled group" includes all "trades or businesses" under 80% or greater common ownership. This common ownership test is broadly applied to include both "parent-subsidiary groups" and "brother-sister groups" applying complex exclusion and constructive ownership rules. However, regardless of the percentage ownership that we hold in one or more of our portfolio companies, we ourselves cannot be considered part of an ERISA controlled group unless we are considered to be a "trade or business."

While there are a number of cases that have held that managing investments is not a "trade or business" for tax purposes, in 2007 the PBGC Appeals Board ruled that a private equity fund was a "trade or business" for ERISA controlled group liability purposes and at least one U.S. Federal Circuit Court has similarly concluded that a private equity fund could be a trade or business for these purposes based upon a number of factors including the fund's level of involvement in the management of our portfolio companies and the nature of any management fee arrangements.

If we were determined to be a trade or business for purposes of ERISA, it is possible, depending upon the structure of the investment by us and/or our affiliates and other co-investors in a portfolio company and their respective ownership interests in the portfolio company, that any tax-qualified single employer defined benefit pension plan liabilities and/or multiemployer plan withdrawal liabilities incurred by the portfolio company could result in liability being incurred by us, with a resulting need for additional capital contributions, the appropriation of our assets to satisfy such pension liabilities and/or the imposition of a lien by the PBGC on certain of our assets. Moreover, regardless of whether or not we were determined to be a trade or business for purposes of ERISA, a court might hold that one of our portfolio companies could become jointly and severally liable for another portfolio company's unfunded pension liabilities pursuant to the ERISA "controlled group" rules, depending upon the relevant investment structures and ownership interests as noted above.

**Pay-To-Play Laws, Regulations and Policies**

In light of controversies and highly publicized incidents involving money managers, a number of states and municipal pension plans have adopted so-called "pay-to-play" laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including investments by public retirement funds. The SEC also has adopted rules that, among other things, prohibit an investment advisor from providing advisory services for compensation with respect to a government plan investor for two years after the advisor or certain of its executives or employees make a contribution to certain elected officials or candidates. If the Investment Adviser or its employees or affiliates fail to comply with such pay-to-play laws, regulations or policies, such

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

non-compliance could have an adverse effect on us by, for example, providing the basis for the withdrawal of the affected government plan investor.

**Contingent Liabilities**

Most of our investments involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us.

**Legal, Regulatory and Policy Changes** 

Despite political tensions and uncertainty, changes in federal policy, including tax policies, and changes in positions of regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain.

In addition, in June 2024, the U.S. Supreme Court in *Loper Bright Enterprises v. Raimondo* reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies. As a result of this decision, we cannot be sure whether there will be increased challenges to existing agency regulations or how lower courts will apply the *Loper* decision in the context of other regulatory schemes without more specific guidance from the U.S. Supreme Court. For example, the U.S. Supreme Court's decision in *Loper* could significantly impact how federal agencies will regulate consumer protection, advertising, cybersecurity, artificial intelligence, privacy, anti-corruption and anti-money laundering practices and other regulatory regimes with which we are required to comply. Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us, and may require additional resources to ensure our continued compliance. Uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.

**Item 1B.&nbsp;&nbsp;&nbsp;&nbsp;Unresolved Staff Comments**

None.

**Item 1C.&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity**

**Risk Management and Strategy**

We rely on the cybersecurity policies and procedures implemented by New Mountain Capital. New Mountain Capital has processes in place for assessing, identifying, and managing material risks from potential unauthorized occurrences on or through our electronic information systems that could adversely affect the confidentiality, integrity, or availability of our information systems or the information residing on those systems. These include a wide variety of controls, processes, systems, and tools that are designed to prevent, detect, or mitigate data loss, theft, misuse, unauthorized access, or other security incidents or vulnerabilities affecting our data. Pursuant to New Mountain Capital's Information Security Program, the New Mountain Capital Information Technology Steering Committee ("ITSC") is responsible for the development, evolution, and implementation of policies and technical measures to reasonably prevent security incidents. At times New Mountain Capital may also engage assessors, consultants, auditors, or other third parties to assist with assessing, identifying, and managing cybersecurity risks.

New Mountain Capital uses processes to oversee and identify material risks from cybersecurity threats, including those associated with the use of third-party service providers. Additionally, New Mountain Capital uses systems and processes designed to reduce the impact of a security incident at a third-party service provider. As part of its risk management process, New Mountain Capital also maintains an incident response plan that is utilized when cybersecurity incidents impacting us, our Investment Adviser, or our Administrator are detected. New Mountain Capital also requires that all employees, including employees of the Investment Adviser and Administrator, complete interactive security awareness training on an annual basis.

**Material Impact of Cybersecurity Risks**

As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, future incidents could have a material impact on our business. Additional information about cybersecurity risks we face is discussed in *Item 1A.—Risk Factors—Cybersecurity Breaches, Identity Theft and Other Disasters,* which should be read in conjunction with the information above

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Governance**

Our cybersecurity risks and associated mitigations are evaluated by our management and the ITSC as needed, but no less frequently than annually. Management and representatives of the ITSC periodically report to our board of directors on developments to the information security and cybersecurity risks we face. Reports include, among other things, an overview of New Mountain Capital's controls and procedures related to assessing, identifying, and managing risks related to cybersecurity threats, oversight of third-party service providers and related cybersecurity threats, and management's evaluation of cybersecurity risks material to us.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Properties**

We do not own any real estate or other physical properties materially important to our operations. Our principal executive offices are located at 1633 Broadway, 48th Floor, New York, New York 10019, where we occupy our office space pursuant to our Administration Agreement with the Administrator. The office space is shared with our Investment Adviser, our Administrator and New Mountain Capital. We believe that our current office facilities are suitable and adequate for our business as currently conducted.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

Neither we nor the Investment Adviser and the Administrator were subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, the Investment Adviser or the Administrator as of December 31, 2025. From time to time, we or the Investment Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures**

Not applicable.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**PART II**

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities**

**Market Information**

Our outstanding Units have been and will be offered and sold in transactions exempt from registration under the Securities Act under Section 4(a)(2) and Regulation D promulgated thereunder. See "*—Unregistered Sales of Equity Securities"* in this Annual Report on Form 10-K for more information. There is currently no public market for the Units, and we do not expect one to develop.

Because the Units are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our Units may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) our consent is granted, and (ii) the Units are registered under applicable securities laws or specifically exempted from registration (in which case the unitholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Units until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of Units may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Units and to execute such other instruments or certifications as are reasonably required by us.

**Unitholders**

As of March 5, 2026, there were 10 holders of record of our Units.

**Valuation of Portfolio Securities**

Please see *Item 1. Business—Valuation of Portfolio Securities* in this Annual Report on Form 10-K for disclosure regarding valuation of portfolio securities.

**Distributions**

We generally intend to distribute substantially all of our available earnings annually by paying distributions of our net investment income and cumulative net realized capital gains (if any) on a quarterly basis, as determined by our Board in its discretion. We expect to continue to pay comparable distributions in the future, subject to the Board's discretion.

**Reinvestment and Recycling of Capital**

Subject to the requirements of Section 852(a) of Subchapter M of the Code and the terms of any borrowings or other financings or similar obligations, proceeds realized by us from the sale or repayment of any investment (as opposed to investment income) during the Investment Period may be retained and be used by us for purposes of making investments or paying management fees, incentive fees, or our expenses. Any amounts so reinvested will not reduce an investor's unused capital commitment.

**Reports to Unitholders**

We plan to furnish or make available to our unitholders an annual report for each fiscal year ending December 31 containing financial statements audited by our independent registered public accounting firm. Additionally, we intend to comply with the periodic reporting requirements of the Exchange Act.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Unregistered Sales of Equity Securities**

The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023. The Units were issued and sold in reliance upon the available exemptions from the registration requirements of the Securities Act, including Section 4(a)(2) and Regulation D promulgated thereunder.

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Aggregate Offering Price** |
| | | **(in millions)** |
| ***Fiscal year ended December 31, 2025*** | | |
| June 30, 2025 | 5124050 | $51.2 |
| September 30, 2025 | 4099240 | 41.0 |
| November 19, 2025 | 6148860 | 61.5 |
| December 15, 2025 | 2562025 | 25.6 |
|  | 17934175 | $179.3 |
| ***Fiscal year ended December 31, 2024*** |  |  |
| May 21, 2024 | 13965250 | $139.7 |
| September 30, 2024 | 4905050 | 49.1 |
| December 20, 2024 | 2452525 | 24.5 |
| December 31, 2024 | 1423500 | 14.2 |
|  | 22746325 | $227.5 |
| ***Fiscal year ended December 31, 2023*** |  |  |
| May 16, 2023 | 100 | $0.0 |
| June 14, 2023 | 1049900 | 10.5 |
| September 29, 2023 | 1170000 | 11.7 |
| October 31, 2023 | 3330000 | 33.3 |
| November 8, 2023 | 1337500 | 13.4 |
| December 29, 2023 | 3672500 | 36.7 |
|  | 10560000 | $105.6 |

---

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Reserved**

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Guardian IV Income Fund, L.L.C. ("we", "us", "our", "GIV Income" or the "Company").

**Forward-Looking Statements**

The information contained in this section should be read in conjunction with the financial data and financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. Some of the statements in this Annual Report on Form 10-K (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk factors set forth in *Item 1A.—Risk Factors,* contained in this Annual Report on Form 10-K.

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

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

**Overview**

We are a Delaware limited liability company formed on November 4, 2022. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated for U.S. federal income tax purposes, and intend to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

We conducted a private offering (the "Private Offering") of units of our limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with us (each, a "Subscription Agreement"). Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. On November 20, 2024, pursuant to the limited liability company agreement, as amended and restated on July 10, 2024, (the "A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from November 23, 2024 to March 31, 2025. At the end of the Closing Period, we had aggregate Capital Commitments from investors of $512.4 million. We accepted and drew down on Capital Commitments from investors throughout the Closing Period. The final drawdown on Capital Commitments closed on December 15, 2025. We commenced our loan origination and investment activities on May 24, 2023. The investment period began on May 23, 2023 and will continue until March 31, 2029, the four-year anniversary of the end of the Closing Period (the "Investment Period"). Our term is until March 31, 2031, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by our board of directors.

New Mountain Guardian IV Income Fund SPV, L.L.C. ("GIV Income SPV"), our wholly owned direct subsidiary, was formed on December 18, 2025 as a Delaware limited liability company.

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

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of $10.0 million to $200.0 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

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

As of December 31, 2025, our top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

As of December 31, 2025, our members' capital was approximately $509.4 million and our portfolio had a fair value of approximately $482.7 million in 117 portfolio companies.

**Recent Developments**

On January 15, 2026, we entered into a Loan and Security Agreement by and among GIV Income SPV, as borrower, the Company, as seller, as equityholder and as collateral manager, Wells Fargo Bank, National Association, as the administrative agent, a lender, and swingline lender, and Western Alliance Trust Company, N.A. as the collateral custodian (the "Wells Credit Facility"). The Wells Credit Facility will mature on January 15, 2031 and has a maximum facility amount of $50.0 million. The Wells Credit Facility bears interest at a rate of SOFR plus 1.85% per annum.

**Critical Accounting Estimates**

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

***Valuation and Leveling of Portfolio Investments***

At all times, consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our members' capital.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

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

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

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

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

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

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

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

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

See *Item* 8.—*Financial Statements and Supplementary Data—Note 4. Fair Value* in this Annual Report on Form 10-K for additional information on fair value hierarchy for the year ended December 31, 2025.

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

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

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

After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

***Market Based Approach:***&nbsp;&nbsp;&nbsp;&nbsp;We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

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

See *Item 8.—Financial Statements and Supplementary Data—Note 4. Fair Value* in this Annual Report on Form 10-K for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of December 31, 2025.

***Revenue Recognition***

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

*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal balance on the capitalization date and are generally due at maturity or when redeemed by the issuer. For the years ended December 31, 2025 and December 31, 2024, we recognized PIK interest from investments of approximately $0.8 million and $0.8 million, respectively, and PIK dividends from investments of $0.1 million and $0.1 million, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

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

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

**Monitoring of Portfolio Investments** 

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yellow – 3C, 2B, and 1A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Orange – 2C and 1B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Red – 1C

The following table shows the Risk Ratings of our portfolio companies as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **(in millions)**<br>**Risk Rating** | **Cost** | **Percent** | **Fair Value** | **Percent** |
| Green | $482.7 | 99.6% | $480.7 | 99.6% |
| Yellow | 2.1 | 0.4% | 2.0 | 0.4% |
| Orange |  | —% |  | —% |
| Red |  | —% |  | —% |
|  | $484.8 | 100.0% | $482.7 | 100.0% |

---

As of December 31, 2025, all investments in our portfolio had a Green Risk Rating, with the exception of two portfolio companies that had a Yellow Risk Rating.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Portfolio and Investment Activity**

The fair value of our investments, as determined in good faith by our board of directors, was approximately $482.7 million in 117 portfolio companies at December 31, 2025 and approximately $377.8 million in 99 portfolio companies at December 31, 2024.&nbsp;&nbsp;&nbsp;&nbsp;

The following table shows our portfolio and investment activity for the years ended December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
|<br>**(in millions)** | **December 31, 2025** | **December 31, 2024** |
| New investments in 86 and 93 portfolio companies, respectively | $200.8 | $333.0 |
| Debt repayments in existing portfolio companies | (87.8) | (40.7) |
| Sales of securities in 4 and 3 portfolio companies, respectively | (7.1) | (4.7) |
| Change in unrealized appreciation on 52 and 54 portfolio companies, respectively | 1.2 | 1.4 |
| Change in unrealized depreciation on 76 and 42 portfolio companies, respectively | (5.4) | (0.5) |

---

**Recent Accounting Standards Updates**

See *Item 8.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates* in this Annual Report on Form 10-K for details on recent accounting standards updates.

**Results of Operations for the Years Ended December 31, 2025 and December 31, 2024:**

Results of Operations for the period from May 24, 2023 (commencement of operations) to December 31, 2023 can be found in *Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations* in the Annual Report on Form 10-K filed on March 5, 2025, which is incorporated by reference herein.

***Revenue***

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
|<br>**(in millions)** | **December 31, 2025** | **December 31, 2024** |
| Interest income | $41.8 | $25.1 |
| Dividend income | 0.5 | 0.1 |
| Fee income | 1.4 | 2.3 |
| Total investment income | $43.7 | $27.5 |

---

Our total investment income increased by approximately $16.2 million or 59%, for the year ended December 31, 2025 as compared to the same period in the prior year. For the year ended December 31, 2025, total investment income of approximately $43.7 million consisted of approximately $39.1 million in cash interest from investments, approximately $0.8 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $1.9 million, approximately $0.5 million in dividends from investments and approximately $1.4 million in fee income.

The increase in interest income of approximately $16.7 million during the year ended December 31, 2025 was primarily attributable to our increasing invested balances due to our full deployment of capital over the year ended December 31, 2025 as compared to the same period in the prior year. Fee income during the year ended December 31, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and ticking fees received from 47 different portfolio companies.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

***Operating Expenses***

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
|<br>**(in millions)** | **December 31, 2025** | **December 31, 2024** |
| Management fee | $3.3 | $2.0 |
| Less: management fee waiver |  | (0.3) |
| Net management fee | 3.3 | 1.7 |
| Interest and other financing expenses | 3.1 | 2.2 |
| Income based incentive fee | 3.5 | 2.2 |
| Administrative expenses | 1.1 | 0.9 |
| Professional fees | 0.6 | 0.7 |
| Organizational and offering expenses |  | 0.2 |
| Capital gains incentive fee | (0.1) | 0.1 |
| Other general and administrative expenses | 0.2 | 0.1 |
| Total expenses | 11.7 | 8.1 |
| Less: expenses waived |  | (0.2) |
| Net expenses | $11.7 | $7.9 |

---

Our total net operating expenses increased by approximately $3.8 million for the year ended December 31, 2025 as compared to the same period in the prior year. Our management fee net of waivers increased by approximately $1.6 million for the year ended December 31, 2025 as compared to the same period in the prior year. Per the Investment Management Agreement (as defined below), the management fee was reduced by 50% until the one-year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement). Our income based incentive fee increased by approximately $1.3 million and our capital gains incentive fee decreased by approximately $0.2 million for the year ended December 31, 2025 as compared to the same period in the prior year. The increase in management fees and income based incentive fees was attributable to larger managed and invested capital balances due to our full deployment of capital over the year ended December 31, 2025 as compared to the same period in the prior year, as well as the expiration of the 50% management fee waiver on May 31, 2024. The decrease in capital gains incentive fees was due to a decrease in the accrual for hypothetical gains recognized as if the portfolio was sold at fair value in accordance with GAAP. The hypothetical accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than such cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Amounts accrued are not payable unless gains are realized and distributions are greater than contributions. See *Item 8—Financial Statements and Supplementary Data—Note 5. Agreements and Related Parties* for details.

Interest and other financing expenses increased by approximately $0.9 million during the year ended December 31, 2025 as compared to the same period in the prior year, primarily due to higher drawn balances on our BMO Subscription Line.

Our net administrative expenses, professional fees and other general and administrative expenses increased by approximately $0.2 million during the year ended December 31, 2025 as compared to the same period in the prior year due to the continued ramp of investment operations and full deployment of capital.

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

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
|<br>**(in millions)** | **December 31, 2025** | **December 31, 2024** |
| Net realized gains (losses) on investments | $— | $0.3 |
| Net change in unrealized appreciation (depreciation) of investments | (4.2) | 0.9 |
| Net realized and unrealized gains (losses) | $(4.2) | $1.2 |

---

Our net realized losses and unrealized depreciation resulted in a net loss of approximately $4.2 million for the year ended December 31, 2025 as compared to the net realized gains and unrealized appreciation resulting in a net gain of approximately $1.2 million for the same period in the prior year. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the year ended December 31, 2025 was primarily driven by unrealized depreciation in RLG Holdings, LLC and Houghton Mifflin Harcourt Company and material accelerated amortization realized on our investment in Sierra Enterprises, LLC due to early repayments received during the period. The net gain for the year ended December 31, 2024 was primarily driven by the overall increase in

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

market prices of our investments during the period as well as by a realized gain upon sale of our investment in Virtusa Corporation.

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

**Liquidity and Capital Resources**

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

We expect to generate cash from (1) cash flows from investments and operations and (2) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Upon organization, we adopted the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, as amended by the Small Business Credit Availability Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions of the Units, our unitholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of December 31, 2025, there was no outstanding balance under our BMO Subscription Line or Unsecured Management Company Revolver.

Since our inception on November 4, 2022, we entered into Subscription Agreements with several investors on various dates. Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the Closing Period. At December 31, 2025 and December 31, 2024 we had aggregate capital commitments accepted and undrawn capital commitments from investors as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **December 31, 2025** | **December 31, 2024** |
| Capital Commitments | $512.4 | $512.4 |
| Unfunded Capital Commitments |  | 179.3 |
| % of Capital Commitments funded | 100.00% | 65.00% |

---

The BMO Subscription Line was terminated on December 15, 2025 and the Unsecured Management Company Revolver matured on December 31, 2025. As of December 31, 2024, our credit facilities consisted of the BMO Subscription Line and Unsecured Management Company Revolver. See *Item 8—Financial Statements and Supplementary Data—Note 6. Borrowings* in this Annual Report on Form 10-K for additional information.

At December 31, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $35.0 million and $19.6 million, respectively. Our cash used in operating activities for the year ended December 31, 2025 and December 31, 2024 was approximately $82.7 million and $265.9 million, respectively. We expect that all current liquidity needs will be met with cash flows from drawdowns on Capital Commitments, investments and operations and borrowings from banks or other lenders.

**Off-Balance Sheet Arrangements**

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of December 31, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $87.7 million and $78.0 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of December 31, 2025 and December 31, 2024, we had commitment letters to purchase investments in the aggregate par amount of $10.3 million and $13.5 million, respectively, which could require funding in the future. As of December 31, 2025 and December 31, 2024 we had not entered into any bridge financing commitments which could require funding in the future.

**Contractual Obligations**

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

We have also entered into an administration agreement (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator arranges office space for us and provides office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator also maintains, or oversees the maintenance of, our financial records, our reports to unitholders and reports filed with the SEC. The Administrator has hired a third party sub-administrator to assist with the provision of administrative services.

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

**Distributions and Dividends**

Tax characteristics of all distributions paid are reported to unitholders on Form 1099 or Form 1042 after the end of the calendar year. For the years ended December 31, 2025 and December 31, 2024 , total distributions declared were $32.0 million and $19.6 million, respectively, of which the distribution was comprised of approximately 97.96% and 97.19%, respectively, of ordinary income, 2.04% and 1.68%, respectively, of long-term capital gains and 0.00% and 1.13%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

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

**Related Parties**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into the Expense Limitation and Reimbursement Agreement with the Investment Adviser. The Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that we will not be required to pay certain expenses in excess of a maximum aggregate amount defined in the Expense Limitation and Reimbursement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. The Administrator has hired a third party sub-administrator to assist with the provision of administrative services. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the year ended December 31, 2025, approximately $0.7 million of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of December 31, 2025, $0.2 million of indirect administrative expenses were included in receivable from affiliates on the Statement of Assets, Liabilities and Members' Capital.

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

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware Limited Liability Company Act.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures.

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without prior approval of the directors who are not "interested persons," and, in some cases, the prior approval of the SEC. We, the Investment Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of ours subject to various approvals of our board of directors and other conditions. On May 13, 2025, we, the Investment Adviser and certain of our affiliates were granted a new order for exemptive relief (the "Exemptive Order") by the SEC. The Exemptive Order allows us to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of our board of directors make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis or is a sale of a tradeable security. Pursuant to the Exemptive Order, our board of directors oversees our participation in the co-investment program. As required by the Exemptive Order, we have adopted, and our Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to our board of directors.

On June 23, 2023, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $10.0 million maximum amount of borrowings available under the Unsecured Management Company Revolver, which had a maturity date of December 31, 2025.

See *Item 8.—Financial Statements and Supplementary Data—Note 5. Agreements and Related Parties* in this Annual Report on Form 10-K for more information.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 7A.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The Federal Reserve held interest rates flat in January 2026 after previously decreasing interest rates by 0.25% in each of September, October and December of 2025. The Federal Reserve has indicated that it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. In an elevated interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the year ended December 31, 2025, certain of the loans held in our portfolio had floating Prime or SOFR interest rates. As of December 31, 2025, approximately 98.67% of our investments at fair value (excluding unfunded debt investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and approximately 1.33% of our investments at fair value represent fixed-rate investments.

The following table estimates the potential changes in interest income net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on December 31, 2025. Interest expense is calculated based on the terms of our outstanding Unsecured Management Company Revolver. For our Unsecured Management Company Revolver, we use the outstanding balance as of December 31, 2025. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of December 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates.

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

---

| | |
|:---|:---|
| **Change in Interest Rates** | **Estimated Percentage<br>Change in Interest<br>Income Net of<br>Interest Expense<br>(unaudited)** |
| -200 Basis Points | (22.38)% |
| -150 Basis Points | (16.79)% |
| -100 Basis Points | (11.19)% |
| -50 Basis Points | (5.60)% |
| +50 Basis Points | 5.60% |
| +100 Basis Points | 11.19% |
| +150 Basis Points | 16.79% |
| +200 Basis Points | 22.38% |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Supplementary Data**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **PAGE** |
| **AUDITED FINANCIAL STATEMENTS** | |
| <u>[Report of Independent Registered Public Accounting Firm](#id5ad45031ae64adfb54a59506a66754e_88)</u> (PCAOB ID No. 34) | <u>[72](#id5ad45031ae64adfb54a59506a66754e_88)</u> |
| <u>[Statements of Assets, Liabilities and Members' Capital as of December 31, 2025 and December 31, 2024](#id5ad45031ae64adfb54a59506a66754e_94)</u> | <u>[73](#id5ad45031ae64adfb54a59506a66754e_94)</u> |
| <u>[Statements of Operations for the year](#id5ad45031ae64adfb54a59506a66754e_97)[s](#id5ad45031ae64adfb54a59506a66754e_97)[ended](#id5ad45031ae64adfb54a59506a66754e_97)[December 31, 202](#id5ad45031ae64adfb54a59506a66754e_97)[5](#id5ad45031ae64adfb54a59506a66754e_97)[and](#id5ad45031ae64adfb54a59506a66754e_97)[December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023](#id5ad45031ae64adfb54a59506a66754e_97)</u> | <u>[74](#id5ad45031ae64adfb54a59506a66754e_97)</u> |
| <u>[Statements of Changes in Members' Capital for the year](#id5ad45031ae64adfb54a59506a66754e_100)[s](#id5ad45031ae64adfb54a59506a66754e_100)[ended](#id5ad45031ae64adfb54a59506a66754e_100)[December 31, 202](#id5ad45031ae64adfb54a59506a66754e_100)[5 and](#id5ad45031ae64adfb54a59506a66754e_100)[December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023](#id5ad45031ae64adfb54a59506a66754e_100)</u> | <u>[75](#id5ad45031ae64adfb54a59506a66754e_100)</u> |
| <u>[Statements of Cash Flows for the year](#id5ad45031ae64adfb54a59506a66754e_103)[s](#id5ad45031ae64adfb54a59506a66754e_103)[ended](#id5ad45031ae64adfb54a59506a66754e_103)[December 31, 202](#id5ad45031ae64adfb54a59506a66754e_103)[5](#id5ad45031ae64adfb54a59506a66754e_103)[and](#id5ad45031ae64adfb54a59506a66754e_103)[December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023](#id5ad45031ae64adfb54a59506a66754e_103)</u> | <u>[76](#id5ad45031ae64adfb54a59506a66754e_103)</u> |
| <u>[Schedule of Investments December 31, 2025](#id5ad45031ae64adfb54a59506a66754e_106)</u> | <u>[77](#id5ad45031ae64adfb54a59506a66754e_106)</u> |
| <u>[Schedule of Investments December 31, 2024](#id5ad45031ae64adfb54a59506a66754e_115)</u> | <u>[96](#id5ad45031ae64adfb54a59506a66754e_115)</u> |
| <u>[Notes to the Financial Statements of New Mountain Guardian IV Income Fund, L.L.C](#id5ad45031ae64adfb54a59506a66754e_121)</u> | <u>[112](#id5ad45031ae64adfb54a59506a66754e_121)</u> |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the unitholders and the Board of Directors of New Mountain Guardian IV Income Fund, L.L.C.

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets, liabilities, and members' capital of New Mountain Guardian IV Income Fund, L.L.C. and subsidiary (the "Company"), including the schedules of investments as of December 31, 2025 and 2024, the related statements of operations, changes in members' capital, and cash flows for the years ended December 31, 2025, and 2024, and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, the financial highlights for the years ended December 31, 2025 and 2024, and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in members' capital, and cash flows and the financial highlights for the years ended December 31, 2025 and 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the loan agents and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

March 5, 2026

We have served as the Company's auditor since 2023.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Statements of Assets, Liabilities and Members' Capital**

**(in thousands, except units and per unit data)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments at fair value (cost of $484,787 and $375,695, respectively) | $482659 | $377794 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 35000 | 19551 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 2743 | 2446 |
| &nbsp;&nbsp;&nbsp;Receivable from affiliate | 152 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 146 | 121 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $520700 | $399912 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Subscription Line | $— | $58000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $442 and $334, respectively) |  | (88) |
| &nbsp;&nbsp;&nbsp;Net borrowings |  | 57912 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 8916 |  |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased |  | 4837 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee payable | 974 | 777 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 954 | 705 |
| &nbsp;&nbsp;&nbsp;Interest payable |  | 390 |
| &nbsp;&nbsp;&nbsp;Payable to affiliate |  | 305 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains incentive fee |  | 142 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 443 | 502 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 11287 | 65570 |
| **Commitments and contingencies (See Note 8)** |  |  |
| **Members' Capital** |  |  |
| &nbsp;&nbsp;Common units, 51,240,500 units and 33,306,325 issued and outstanding, respectively | 511915 | 332573 |
| &nbsp;&nbsp;&nbsp;Accumulated underdistributed (overdistributed) earnings | (2502) | 1769 |
| &nbsp;&nbsp;&nbsp;**Total members' capital** | $509413 | $334342 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and members' capital** | $520700 | $399912 |
| &nbsp;&nbsp;&nbsp;**Members' capital per unit** | $9.94 | $10.04 |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Statements of Operations**

**(in thousands, except units and per unit data)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| **Investment income** | | | |
| &nbsp;&nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $41028 | $24211 | $2102 |
| &nbsp;&nbsp;&nbsp;PIK interest income | 772 | 841 | 154 |
| &nbsp;&nbsp;&nbsp;Dividend income | 472 | 55 |  |
| &nbsp;&nbsp;&nbsp;Fee income | 1413 | 2341 | 765 |
| &nbsp;&nbsp;&nbsp;Total investment income | 43685 | 27448 | 3021 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and other financing expenses | 3116 | 2217 | 337 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee | 3541 | 2187 | 153 |
| &nbsp;&nbsp;&nbsp;Management fee | 3264 | 1962 | 273 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 1125 | 916 | 463 |
| &nbsp;&nbsp;&nbsp;Professional fees | 644 | 738 | 373 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | (142) | 142 |  |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 146 | 115 | 78 |
| &nbsp;&nbsp;&nbsp;Organizational and offering expenses | 8 | 158 | 1084 |
| &nbsp;&nbsp;&nbsp;Total expenses | 11702 | 8435 | 2761 |
| &nbsp;&nbsp;&nbsp;Less: management fees waived (See Note 5) | (16) | (305) | (149) |
| &nbsp;&nbsp;&nbsp;Less: expenses waived (See Note 5) |  | (213) | (310) |
| &nbsp;&nbsp;&nbsp;Net expenses | 11686 | 7917 | 2302 |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 31999 | 19531 | 719 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (4) | 326 | 1 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (4227) | 853 | 1246 |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gains (losses)** | (4231) | 1179 | 1247 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in members' capital resulting from operations** | $27768 | $20710 | $1966 |
| Earnings (loss) per unit (basic & diluted) | $0.73 | $1.01 | $0.71 |
| Weighted average common units outstanding - basic & diluted (See Note 11) | 37791624 | 20475860 | 2751057 |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Statements of Changes in Members' Capital**

**(in thousands, except units)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| **Increase (decrease) in members' capital resulting from operations** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $31999 | $19531 | $719 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (4) | 326 | 1 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (4227) | 853 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in members' capital resulting from operations** | 27768 | 20710 | 1966 |
| **Capital transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | 179342 | 227463 | 105599 |
| &nbsp;&nbsp;&nbsp;Placement fees | (16) | (16) | (13) |
| &nbsp;&nbsp;&nbsp;Distributions declared to unitholders from net investment income | (31163) | (19645) | (1723) |
| &nbsp;&nbsp;&nbsp;Distributions declared to unitholders from net realized gains | (860) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net increase (decrease) in members' capital resulting from capital transactions** | 147303 | 207802 | 103863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in members' capital** | 175071 | 228512 | 105829 |
| **Members' capital at the beginning of the period** | 334342 | 105830 | 1 |
| **Members' capital at the end of the period** | $509413 | $334342 | $105830 |
| **Capital unit activity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Units issued | 17934175 | 22746325 | 10559900 |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Statements of Cash Flows**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| **Cash flows from operating activities** | | | |
| Net increase in members' capital resulting from operations | $27768 | $20710 | $1966 |
| Adjustments to reconcile net (increase) decrease in members' capital resulting from operations to net cash (used in) provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (gains) losses on investments | 4 | (326) | (1) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of investments | 4227 | (853) | (1246) |
| &nbsp;&nbsp;&nbsp;Amortization of purchase discount | (1946) | (904) | (144) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 109 | 266 | 68 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 107 | 155 |
| &nbsp;&nbsp;&nbsp;Non-cash investment income | (857) | (926) | (77) |
| **(Increase) decrease in operating assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of investments and delayed draw facilities | (200732) | (332564) | (85106) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 94938 | 45365 | 103 |
| &nbsp;&nbsp;&nbsp;Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 63 | 116 | 39 |
| &nbsp;&nbsp;&nbsp;Cash paid for purchase of drawn portion of revolving credit facilities | (99) | (518) | (313) |
| &nbsp;&nbsp;&nbsp;Cash paid on drawn revolvers | (5104) | (3311) | (124) |
| &nbsp;&nbsp;&nbsp;Cash repayments on drawn revolvers | 4641 | 2740 | 256 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | (297) | (1759) | (687) |
| &nbsp;&nbsp;&nbsp;Receivable from affiliate | (152) |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | (26) | (77) | (44) |
| **Increase (decrease) in operating liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | (4837) | 4837 |  |
| &nbsp;&nbsp;&nbsp;Interest payable | (390) | 324 | 66 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee payable | 197 | 624 | 153 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains incentive fees | (142) | 142 |  |
| &nbsp;&nbsp;&nbsp;Management fee payable | 249 | 585 | 120 |
| &nbsp;&nbsp;&nbsp;Accrued organizational and offering expenses |  | (804) | 804 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | (305) | 242 | 63 |
| &nbsp;&nbsp;&nbsp;Other liabilities | (55) | 98 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows used in operating activities** | (82746) | (265886) | (83554) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (23107) | (19645) | (1723) |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuance of common units | 179342 | 227463 | 105599 |
| &nbsp;&nbsp;&nbsp;Proceeds from BMO Subscription Line | 146500 | 173700 | 36500 |
| &nbsp;&nbsp;&nbsp;Repayment of BMO Subscription Line | (204500) | (115700) | (36500) |
| &nbsp;&nbsp;&nbsp;Proceeds from Unsecured Management Company Revolver |  |  | 5000 |
| &nbsp;&nbsp;&nbsp;Repayment of Unsecured Management Company Revolver |  |  | (5000) |
| &nbsp;&nbsp;&nbsp;Placement fees paid | (16) | (14) | (13) |
| &nbsp;&nbsp;&nbsp;Deferred offering costs paid |  | (2) | (259) |
| &nbsp;&nbsp;&nbsp;Deferred financing costs paid | (24) | (241) | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows provided by financing activities** | 98195 | 265561 | 103429 |
| **Net increase in cash and cash equivalents** | 15449 | (325) | 19875 |
| **Cash and cash equivalents at the beginning of the period** | 19551 | 19876 | 1 |
| **Cash and cash equivalents at the end of the period** | $35000 | $19551 | $19876 |
| **Supplemental disclosure of cash flow information** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash interest paid | $3449 | $1275 | $178 |
| **Non-cash financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions declared and payable | $8916 | $— | $— |
| &nbsp;&nbsp;&nbsp;Accrual for deferred credit facility costs | 2 | 5 | 37 |
| &nbsp;&nbsp;&nbsp;Accrual for placement fees | 2 | 2 |  |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | $7744 | $7741 | $7744 |  |
|  | Subordinated(2) | Fixed(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1452 | 1449 | 1481 |  |
|  | Subordinated(2) | Fixed(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 554 | 554 | 569 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 259 | 259 | 259 |  |
|  |  |  |  |  |  |  | 10009 | 10003 | 10053 | 1.97% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.50% | 8.32% | 10/2023 | 06/2029 | 10034 | 10024 | 10034 | 1.97% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 11/2024 | 11/2031 | 9900 | 9857 | 9900 | 1.94% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 5210 | 5203 | 5210 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 02/2024 | 10/2028 | 2873 | 2862 | 2873 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 11/2024 | 10/2028 | 686 | 684 | 686 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 589 | 589 | 589 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 255 | 255 | 255 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 147 | 147 | 147 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 20 | 20 | 20 |  |
|  |  |  |  |  |  |  | 9780 | 9760 | 9780 | 1.92% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(Q) | 4.50% | 8.17% | 10/2023 | 12/2032 | 8926 | 8909 | 8903 | 1.75% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(M) | 4.50% | 8.23% | 04/2024 | 12/2032 | 8747 | 8712 | 8761 | 1.72% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 10/2023 | 10/2030 | 2509 | 2491 | 2509 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 10/2024 | 10/2030 | 2435 | 2430 | 2435 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 10/2030 | 2046 | 2041 | 2046 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 10/2030 | 863 | 861 | 863 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 10/2030 | 832 | 830 | 832 |  |
|  |  |  |  |  |  |  | 8685 | 8653 | 8685 | 1.70% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.25% | 9.09% | 11/2024 | 02/2030 | 8527 | 8527 | 8527 | 1.67% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 11/2032 | 8494 | 8471 | 8473 | 1.66% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 6.50% | 10.36% | 01/2025 | 01/2031 | 8342 | 8269 | 8258 | 1.62% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 08/2031 | 5011 | 4990 | 5011 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 08/2031 | 2946 | 2934 | 2946 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.43% | 08/2024 | 08/2031 | 204 | 204 | 204 |  |
|  |  |  |  |  |  |  | 8161 | 8128 | 8161 | 1.60% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 4.50% | 8.42% | 07/2024 | 07/2031 | $5953 | $5928 | $5953 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.50% | 8.28% | 07/2024 | 07/2031 | 1640 | 1634 | 1640 |  |
|  | First Lien(2) | SOFR(S) | 4.50% | 8.23% | 11/2025 | 07/2031 | 501 | 499 | 501 |  |
|  |  |  |  |  |  |  | 8094 | 8061 | 8094 | 1.59% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 10/2023 | 12/2029 | 5822 | 5819 | 5822 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 07/2023 | 12/2029 | 1146 | 1138 | 1146 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 8.72% | 08/2024 | 12/2029 | 613 | 611 | 613 |  |
|  |  |  |  |  |  |  | 7581 | 7568 | 7581 | 1.49% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.00% | 8.84% | 03/2024 | 09/2028 | 7504 | 7480 | 7503 | 1.47% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 7245 | 7245 | 7245 | 1.42% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien | SOFR(Q) | 3.75% | 7.85% | 06/2024 | 08/2028 | 7182 | 6952 | 6640 |  |
|  | Second Lien(2) | SOFR(Q) | 6.50% | 10.60% | 01/2025 | 08/2029 | 594 | 565 | 594 |  |
|  |  |  |  |  |  |  | 7776 | 7517 | 7234 | 1.42% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 09/2025 | 09/2032 | 7042 | 7025 | 7024 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.50% | 8.22% | 09/2025 | 09/2032 | 182 | 182 | 182 |  |
|  |  |  |  |  |  |  | 7224 | 7207 | 7206 | 1.41% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 06/2024 | 06/2031 | 7205 | 7175 | 7205 | 1.41% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 08/2024 | 09/2031 | 7137 | 7108 | 7137 | 1.40% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.75% | 9.61% | 09/2023 | 08/2028 | 6981 | 6962 | 6793 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.75% | 9.59% | 03/2024 | 08/2028 | 117 | 119 | 114 |  |
|  |  |  |  |  |  |  | 7098 | 7081 | 6907 | 1.36% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.00% | 8.67% | 12/2024 | 12/2031 | 6864 | 6834 | 6864 | 1.35% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 3179 | 3176 | 3179 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 2137 | 2134 | 2137 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 818 | 817 | 818 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 07/2025 | 10/2029 | 247 | 246 | 247 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 183 | 183 | 183 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 82 | 82 | 82 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 65 | 65 | 65 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 30 | 30 | 30 |  |
|  |  |  |  |  |  |  | 6741 | 6733 | 6741 | 1.32% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.50% | 8.17% | 10/2023 | 05/2029 | 6749 | 6734 | 6682 | 1.31% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.50% | 8.17% | 08/2024 | 08/2031 | $4985 | $4975 | $4986 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.17% | 08/2024 | 08/2031 | 1627 | 1623 | 1627 |  |
|  |  |  |  |  |  |  | 6612 | 6598 | 6613 | 1.30% |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.00% | 8.67% | 11/2025 | 11/2029 | 5786 | 5786 | 5786 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 8.67% | 11/2025 | 11/2028 | 682 | 682 | 682 |  |
|  |  |  |  |  |  |  | 6468 | 6468 | 6468 | 1.27% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien | SOFR(M) | 5.25% | 9.07% | 10/2023 | 04/2029 | 7168 | 7019 | 6344 | 1.25% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(Q) | 5.75% | 9.57% | 06/2024 | 08/2029 | 3523 | 3523 | 3523 |  |
|  | First Lien(2) | SOFR(Q) | 6.00% | 9.82% | 09/2023 | 08/2029 | 1927 | 1921 | 1927 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.25% | 9.07% | 08/2024 | 08/2029 | 853 | 850 | 853 |  |
|  |  |  |  |  |  |  | 6303 | 6294 | 6303 | 1.24% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien | SOFR(S) | 5.25% | 8.94% | 12/2025 | 12/2031 | 6314 | 6283 | 6283 | 1.23% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 4.25% | 7.97% | 11/2023 | 11/2030 | 6265 | 6258 | 6265 | 1.23% |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(M) | 4.50% | 8.22% | 03/2024 | 06/2031 | 6175 | 6165 | 6175 | 1.21% |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(Q) | 4.75% | 8.54% | 12/2025 | 12/2031 | 6060 | 6045 | 6045 | 1.19% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.74% | 06/2024 | 12/2030 | 5871 | 5868 | 5871 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.60% | 04/2025 | 12/2030 | 62 | 62 | 62 |  |
|  |  |  |  |  |  |  | 5933 | 5930 | 5933 | 1.16% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 5903 | 5881 | 5903 | 1.16% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.75% | 9.47% | 04/2024 | 04/2030 | 5776 | 5724 | 5776 | 1.13% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(M) | 5.25% | 9.07% | 11/2023 | 12/2027 | 3707 | 3688 | 3707 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 8.82% | 03/2025 | 12/2027 | 1825 | 1818 | 1825 |  |
|  |  |  |  |  |  |  | 5532 | 5506 | 5532 | 1.09% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 01/2024 | 05/2029 | 5272 | 5265 | 5272 | 1.03% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 05/2024 | 06/2031 | 2469 | 2454 | 2469 |  |
|  | First Lien(2) | SOFR(M) | 4.25% | 7.97% | 05/2025 | 06/2031 | 2786 | 2770 | 2786 |  |
|  |  |  |  |  |  |  | 5255 | 5224 | 5255 | 1.03% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2) | SOFR(Q) | 5.75% | 9.42% | 06/2024 | 12/2028 | 5315 | 5304 | 5083 | 1.00% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 07/2023 | 10/2030 | $1806 | $1805 | $1806 |  |
|  | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 10/2024 | 10/2030 | 3191 | 3178 | 3191 |  |
|  |  |  |  |  |  |  | 4997 | 4983 | 4997 | 0.98% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 10/2024 | 02/2028 | 2395 | 2386 | 2395 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 12/2023 | 02/2028 | 1867 | 1864 | 1867 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 02/2028 | 613 | 611 | 613 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.44% | 12/2023 | 02/2028 | 74 | 76 | 74 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 02/2028 | 46 | 46 | 46 |  |
|  |  |  |  |  |  |  | 4995 | 4983 | 4995 | 0.98% |
| &nbsp;&nbsp;Nexus Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Second Lien | SOFR(M) | 5.75% | 9.47% | 08/2025 | 02/2032 | 5000 | 4952 | 4965 | 0.97% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 6.50% | 10.34% | 10/2024 | 11/2029 | 4897 | 4847 | 4896 | 0.96% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.61% | 07/2024 | 07/2031 | 4890 | 4875 | 4890 | 0.96% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second Lien(2) | SOFR(M) | 5.50% | 9.22% | 07/2025 | 07/2033 | 4756 | 4733 | 4732 | 0.93% |
| &nbsp;&nbsp;Asurion, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(M) | 4.25% | 7.97% | 06/2025 | 09/2030 | 4523 | 4399 | 4527 | 0.89% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.50% | 9.23% | 08/2025 | 08/2032 | 4545 | 4524 | 4523 | 0.89% |
| &nbsp;&nbsp;GHX Ultimate Parent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 02/2025 | 12/2031 | 4249 | 4210 | 4249 | 0.83% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.50% | 8.17% | 01/2024 | 01/2030 | 4211 | 4180 | 4211 | 0.83% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 03/2024 | 12/2032 | 4139 | 4139 | 4139 |  |
|  | First Lien(2)(3) - Drawn | P(Q) | 3.75% | 10.50% | 10/2024 | 12/2032 | 15 | 15 | 15 |  |
|  |  |  |  |  |  |  | 4154 | 4154 | 4154 | 0.82% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 10/2024 | 10/2031 | 3970 | 3953 | 3970 | 0.78% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 09/2032 | 3929 | 3909 | 3909 | 0.77% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 3882 | 3813 | 3889 | 0.76% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 3137 | 3128 | 3137 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 538 | 536 | 538 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.00% | 8.75% | 04/2024 | 08/2030 | 84 | 84 | 84 |  |
|  |  |  |  |  |  |  | 3759 | 3748 | 3759 | 0.74% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M)\* | 2.75% +2.75%/PIK | 9.23% | 08/2024 | 08/2031 | $3428 | $3401 | $3428 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2031 | 162 | 161 | 162 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2030 | 128 | 127 | 128 |  |
|  |  |  |  |  |  |  | 3718 | 3689 | 3718 | 0.73% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.25% | 7.98% | 09/2023 | 09/2029 | 3600 | 3571 | 3600 | 0.71% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.50% | 8.48% | 10/2025 | 06/2029 | 2133 | 2123 | 2133 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.50% | 06/2023 | 06/2029 | 1451 | 1446 | 1451 |  |
|  |  |  |  |  |  |  | 3584 | 3569 | 3584 | 0.70% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 10/2023 | 12/2027 | 1789 | 1782 | 1789 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.75% | 8.47% | 10/2024 | 12/2027 | 1766 | 1760 | 1766 |  |
|  |  |  |  |  |  |  | 3555 | 3542 | 3555 | 0.70% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(Q) | 5.50% | 9.27% | 12/2025 | 12/2032 | 3551 | 3533 | 3533 | 0.69% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2) | SOFR(Q) | 6.00% | 9.67% | 05/2025 | 05/2030 | 3371 | 3348 | 3345 | 0.66% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 08/2024 | 08/2031 | 3225 | 3212 | 3225 | 0.63% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(M) | 5.25% | 9.07% | 10/2024 | 09/2027 | 3186 | 3186 | 3186 | 0.63% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 6.75% | 10.42% | 12/2023 | 04/2029 | 3119 | 3087 | 3119 | 0.61% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 5.25% | 9.11% | 08/2025 | 08/2031 | 3111 | 3097 | 3096 | 0.61% |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q)\* | 2.25% +2.75%/PIK | 8.84% | 01/2025 | 02/2032 | 2457 | 2452 | 2451 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.50% | 8.34% | 01/2025 | 02/2032 | 576 | 575 | 576 |  |
|  |  |  |  |  |  |  | 3033 | 3027 | 3027 | 0.59% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien | SOFR(M) | 4.25% | 8.08% | 05/2024 | 07/2028 | 4910 | 4906 | 3021 | 0.59% |
| &nbsp;&nbsp;Vamos Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 01/2025 | 01/2032 | 3010 | 2996 | 2995 | 0.59% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 2864 | 2850 | 2848 |  |
|  | First Lien(3) - Drawn | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 95 | 95 | 95 |  |
|  |  |  |  |  |  |  | 2959 | 2945 | 2943 | 0.58% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 2914 | 2904 | 2903 | 0.57% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.25% | 8.13% | 05/2025 | 05/2032 | $2914 | $2901 | $2899 | 0.57% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(M) | 6.00% | 9.72% | 10/2023 | 11/2030 | 2915 | 2892 | 2788 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 6.00% | 9.84% | 10/2023 | 11/2029 | 39 | 40 | 37 |  |
|  |  |  |  |  |  |  | 2954 | 2932 | 2825 | 0.55% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (5) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.50% | 8.25% | 09/2024 | 09/2031 | 2764 | 2752 | 2764 | 0.54% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 03/2025 | 03/2032 | 2250 | 2245 | 2244 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.69% | 03/2025 | 03/2032 | 244 | 244 | 244 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.69% | 10/2025 | 03/2032 | 232 | 230 | 230 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 37 | 37 | 36 |  |
|  |  |  |  |  |  |  | 2763 | 2756 | 2754 | 0.54% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 2085 | 2085 | 2085 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 284 | 281 | 284 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 256 | 256 | 256 |  |
|  |  |  |  |  |  |  | 2625 | 2622 | 2625 | 0.52% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 2442 | 2433 | 2442 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 143 | 143 | 143 |  |
|  |  |  |  |  |  |  | 2585 | 2576 | 2585 | 0.51% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 2578 | 2567 | 2566 | 0.50% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 1817 | 1817 | 1817 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 699 | 692 | 699 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.44% | 12/2025 | 02/2031 | 41 | 42 | 40 |  |
|  |  |  |  |  |  |  | 2557 | 2551 | 2556 | 0.50% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.25% | 9.22% | 10/2024 | 09/2027 | 1767 | 1767 | 1767 |  |
|  | First Lien(2) | SOFR(Q) | 5.25% | 9.22% | 10/2024 | 09/2027 | 506 | 506 | 506 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.25% | 9.08% | 03/2024 | 09/2027 | 270 | 267 | 270 |  |
|  |  |  |  |  |  |  | 2543 | 2540 | 2543 | 0.50% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.75% | 9.47% | 07/2025 | 07/2030 | 2440 | 2423 | 2423 | 0.48% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 07/2025 | 07/2032 | 2367 | 2356 | 2355 | 0.46% |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 6.24% | 10.25% | 04/2025 | 03/2028 | 2353 | 2342 | 2353 | 0.46% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 5.25% | 9.09% | 11/2023 | 11/2030 | 2150 | 2139 | 2150 | 0.42% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | $1708 | $1692 | $1708 |  |
|  | First Lien(2) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 284 | 282 | 284 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 45 | 45 | 45 |  |
|  |  |  |  |  |  |  | 2037 | 2019 | 2037 | 0.40% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 7.50% | 11.34% | 07/2024 | 07/2029 | 2098 | 2074 | 1997 | 0.39% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.25% | 8.15% | 10/2025 | 10/2032 | 1936 | 1934 | 1933 | 0.38% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 4.50% | 8.27% | 12/2024 | 01/2031 | 1933 | 1925 | 1923 | 0.38% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.50% | 8.34% | 08/2023 | 08/2029 | 910 | 902 | 910 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.34% | 08/2023 | 08/2029 | 696 | 690 | 696 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.34% | 07/2024 | 08/2029 | 196 | 195 | 196 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.50% | 8.34% | 01/2025 | 08/2029 | 16 | 17 | 16 |  |
|  |  |  |  |  |  |  | 1818 | 1804 | 1818 | 0.36% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 6.25% | 10.17% | 07/2024 | 07/2027 | 1787 | 1787 | 1766 | 0.35% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.60% | 11/2024 | 11/2031 | 1234 | 1226 | 1234 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.75% | 8.63% | 11/2024 | 11/2031 | 244 | 243 | 244 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.44% | 07/2025 | 11/2031 | 204 | 202 | 204 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.60% | 11/2024 | 11/2031 | 83 | 83 | 83 |  |
|  |  |  |  |  |  |  | 1765 | 1754 | 1765 | 0.35% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q)\* | 2.75% +3.25%/PIK | 9.88% | 08/2025 | 08/2032 | 1607 | 1599 | 1599 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.50% | 9.31% | 08/2025 | 08/2032 | 159 | 159 | 159 |  |
|  |  |  |  |  |  |  | 1766 | 1758 | 1758 | 0.35% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 5.25% | 8.97% | 02/2024 | 02/2031 | 1588 | 1581 | 1588 | 0.31% |
| &nbsp;&nbsp;Javelin Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2) | SOFR(Q) | 5.00% | 8.82% | 10/2024 | 12/2032 | 1530 | 1524 | 1530 | 0.30% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 1446 | 1439 | 1439 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 8 | 8 | 8 |  |
|  |  |  |  |  |  |  | 1454 | 1447 | 1447 | 0.28% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.50% | 8.17% | 04/2024 | 09/2028 | 894 | 884 | 894 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.17% | 04/2024 | 09/2028 | 539 | 536 | 539 |  |
|  |  |  |  |  |  |  | 1433 | 1420 | 1433 | 0.28% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | $1439 | $1431 | $1431 | 0.28% |
| &nbsp;&nbsp;Pathway Vet Alliance LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien | SOFR(Q) | 5.00% | 8.84% | 04/2025 | 06/2028 | 1330 | 1330 | 1343 | 0.26% |
| &nbsp;&nbsp;PDQ.COM Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 10/2032 | 714 | 712 | 714 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.62% | 10/2023 | 10/2032 | 444 | 442 | 444 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.61% | 10/2023 | 10/2032 | 72 | 72 | 72 |  |
|  |  |  |  |  |  |  | 1230 | 1226 | 1230 | 0.24% |
| &nbsp;&nbsp;Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(M) | 4.75% | 8.47% | 05/2024 | 03/2031 | 1307 | 1309 | 1110 | 0.22% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.50% | 8.23% | 06/2024 | 12/2028 | 1072 | 1070 | 1072 | 0.21% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 6.25% | 10.25% | 11/2024 | 08/2029 | 553 | 549 | 553 |  |
|  | First Lien(2) | SOFR(Q) | 6.25% | 10.25% | 08/2025 | 08/2029 | 482 | 479 | 482 |  |
|  | First Lien(2) | SOFR(Q) | 6.25% | 10.25% | 11/2024 | 08/2029 | 27 | 27 | 27 |  |
|  |  |  |  |  |  |  | 1062 | 1055 | 1062 | 0.21% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(M) | 5.50% | 9.22% | 06/2025 | 05/2028 | 958 | 952 | 954 | 0.19% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(Q) | 5.25% | 9.07% | 09/2024 | 12/2029 | 762 | 758 | 762 |  |
|  | First Lien(2)(3) - Drawn | SOFR(S) | 5.25% | 9.26% | 03/2025 | 12/2029 | 137 | 136 | 137 |  |
|  |  |  |  |  |  |  | 899 | 894 | 899 | 0.19% |
| &nbsp;&nbsp;LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien | SOFR(Q) | 4.50% | 8.17% | 04/2025 | 03/2032 | 812 | 796 | 796 | 0.16% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 735 | 732 | 735 | 0.14% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 676 | 676 | 676 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 12 | 12 | 12 |  |
|  | First Lien(2) | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 38 | 38 | 38 |  |
|  |  |  |  |  |  |  | 726 | 726 | 726 | 0.14% |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(M) | 5.25% | 8.97% | 11/2025 | 04/2030 | 706 | 704 | 704 | 0.15% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 671 | 668 | 667 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 16 | 16 | 16 |  |
|  |  |  |  |  |  |  | 687 | 684 | 683 | 0.13% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Drawn | SOFR(M) | 4.75% | 8.47% | 07/2024 | 10/2028 | 316 | 315 | 316 | 0.06% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Drawn | SOFR(Q) | 6.00% | 9.82% | 11/2023 | 03/2028 | $140 | $139 | $140 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.75% | 9.71% | 11/2023 | 03/2028 | 117 | 117 | 117 |  |
|  |  |  |  |  |  |  | 257 | 256 | 257 | 0.06% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.75% | 9.67% | 11/2023 | 10/2028 | 9 | 9 | 9 | 0.00% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  | $**463060** | $**460868** | $**458420** | **89.99%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| Accelya Lux Finco S.a r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(Q) | 5.25% | 8.92% | 09/2025 | 10/2032 | $4776 | $4681 | $4761 | 0.93% |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2) | SOFR(Q) | 4.75% | 8.48% | 05/2025 | 06/2032 | 4193 | 4055 | 4193 | 0.82% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 6.50% | 10.45% | 02/2024 | 02/2030 | 2439 | 2416 | 2439 |  |
|  | First Lien(2) | SOFR(Q) | 6.50% | 10.44% | 02/2024 | 02/2030 | 1383 | 1377 | 1383 |  |
|  |  |  |  |  |  |  | 3822 | 3793 | 3822 | 0.75% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**12791** | $**12529** | $**12776** | **2.50%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 10.42% | 05/2024 | 05/2030 | $2390 | $2372 | $2390 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 6.25% | 9.98% | 05/2024 | 05/2030 | 60 | 60 | 60 |  |
|  |  |  |  |  |  |  | 2450 | 2432 | 2450 | 0.49% |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 8.61% | 06/2025 | 12/2029 | 941 | 939 | 941 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 8.61% | 12/2023 | 12/2029 | 664 | 659 | 664 |  |
|  |  |  |  |  |  |  | 1605 | 1598 | 1605 | 0.32% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  | $**4055** | $**4030** | $**4055** | **0.80%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.40% | 06/2025 | 07/2031 | $2564 | $2564 | $2564 |  |
|  | First Lien(2) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.12% | 06/2025 | 07/2031 | 142 | 142 | 142 |  |
|  |  |  |  |  |  |  | 2706 | 2706 | 2706 | 0.53% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  | $**2706** | $**2706** | $**2706** | **0.53%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  | $**482612** | $**480133** | $**477957** | **93.83%** |
| **Structured Finance Obligations - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligations(2) | SOFR(Q) | 7.00% | 10.86% | 11/2024 | 01/2037 | $472 | $472 | $479 | 0.09% |
| **Total Structured Finance Obligations - United States** |  |  |  |  |  |  | $**472** | $**472** | $**479** | **0.09%** |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| **Equity - United States** | | | | | | | | | | |
| &nbsp;&nbsp;HIG Intermediate, Inc. (6) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Series A preferred shares(2) | Fixed(Q) | 10.50% | 10.50% | 12/2024 |  | 3443 | $3417 | $3443 | 0.68% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (5) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred Shares(2) | Fixed(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 74 | 857 | 866 | 0.17% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Class B preferred units(2) | Fixed(A)\* | 20.00%/PIK | 20.00% | 10/2024 |  | 330 | 52 | 52 | 0.01% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**4326** | $**4361** | **0.86%** |
| **Total Shares** |  |  |  |  |  |  |  | $**4326** | $**4361** | **0.86%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**484931** | $**482797** | **94.78%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) - Undrawn |  |  |  | 12/2024 | 12/2028 | $655 | $— | $1 |  |
|  | First Lien(3) - Undrawn |  |  |  | 04/2024 | 12/2032 | 818 | (3) |  |  |
|  |  |  |  |  |  |  | 1473 | (3) | 1 | 0.00% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2031 | 230 | (1) |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 03/2025 | 03/2027 | 4558 |  |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 10/2026 | 1258 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 12/2027 | 140 |  |  |  |
|  |  |  |  |  |  |  | 1398 |  |  | —% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 07/2028 | 487 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 07/2028 | 346 |  |  |  |
|  |  |  |  |  |  |  | 833 |  |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 09/2023 | 09/2029 | 313 | (2) |  | —% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2030 | 340 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 10/2026 | 2226 |  |  |  |
|  |  |  |  |  |  |  | 2566 |  |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 198 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 10/2029 | 195 |  |  |  |
|  |  |  |  |  |  |  | 393 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2027 | $1337 | $— | $— | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 73 |  |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 02/2023 | 06/2027 | 773 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 02/2023 | 02/2029 | 592 |  |  |  |
|  |  |  |  |  |  |  | 1365 |  |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2026 | 373 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 10/2028 | 138 | (1) |  |  |
|  |  |  |  |  |  |  | 511 | (1) |  | —% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 04/2026 | 538 | (1) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 08/2030 | 274 | (1) |  |  |
|  |  |  |  |  |  |  | 812 | (2) |  | —% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1538 |  |  | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 01/2025 | 01/2027 | 246 | (1) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2023 | 08/2029 | 328 | (2) |  |  |
|  |  |  |  |  |  |  | 574 | (3) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 01/2030 | 414 | (3) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 1669 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 09/2027 | 132 |  |  |  |
|  |  |  |  |  |  |  | 1801 |  |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 09/2028 | 744 | (3) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 06/2031 | 794 | (3) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 06/2026 | 1489 |  |  |  |
|  |  |  |  |  |  |  | 2283 | (3) |  | —% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2027 | 336 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 12/2023 | 02/2028 | 297 | (1) |  |  |
|  |  |  |  |  |  |  | 633 | (1) |  | —% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 09/2027 | $457 | $— | $— | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 02/2031 | 52 |  |  | —% |
| &nbsp;&nbsp;PDQ.COM Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2027 | 396 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 10/2032 | 217 | (1) |  |  |
|  |  |  |  |  |  |  | 613 | (1) |  | —% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 05/2029 | 482 | (1) |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 3175 |  |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 12/2032 | 251 |  |  | —% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 03/2028 | 106 | (1) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 10/2030 | 614 | (4) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 04/2030 | 630 | (6) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 773 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 12/2029 | 353 |  |  |  |
|  |  |  |  |  |  |  | 1126 |  |  | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2031 | 661 | (3) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 05/2028 | 487 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2026 | 344 |  |  |  |
|  |  |  |  |  |  |  | 1492 | (3) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1320 |  |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 10/2028 | 165 | (1) |  | —% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1239 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 03/2025 | 03/2027 | 10 |  |  |  |
|  |  |  |  |  |  |  | 1249 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 12/2030 | $513 | $— | $— |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 04/2025 | 11/2026 | 43 |  |  |  |
|  |  |  |  |  |  |  | 556 |  |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2029 | 169 | (1) |  | —% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (5) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 09/2024 | 09/2026 | 468 |  |  | —% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2031 | 726 | (1) |  | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 33 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2030 | 265 | (3) |  |  |
|  |  |  |  |  |  |  | 298 | (3) |  | —% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2027 | 1414 | (2) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 480 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 05/2028 | 435 | (1) |  |  |
|  |  |  |  |  |  |  | 915 | (1) |  | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2031 | 543 | (2) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 814 |  |  |  |
|  |  |  |  |  |  |  | 1357 | (2) |  | —% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2031 | 898 | (4) |  |  |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 09/2031 | 814 | (3) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 2036 |  |  |  |
|  |  |  |  |  |  |  | 2850 | (3) |  | —% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 07/2032 | 742 |  |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 02/2028 | 66 |  |  | —% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 06/2028 | 47 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 06/2029 | $122 | $(1) | $— |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2027 | 457 |  |  |  |
|  |  |  |  |  |  |  | 579 | (1) |  | —% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 12/2025 | 02/2031 | 193 |  |  | —% |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 11/2029 | 820 |  |  | —% |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) - Undrawn |  |  |  | 03/2024 | 09/2026 | 613 | (3) |  | —% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 10/2031 | 375 | (2) |  | —% |
| &nbsp;&nbsp;GHX Ultimate Parent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 02/2025 | 12/2031 | 382 | (3) |  | —% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 11/2026 | 348 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 11/2031 | 124 | (1) |  |  |
|  |  |  |  |  |  |  | 472 | (1) |  | —% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 03/2025 | 10/2031 | 161 | (1) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 03/2025 | 01/2027 | 277 |  |  |  |
|  |  |  |  |  |  |  | 438 | (1) |  | —% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 05/2025 | 06/2027 | 1026 | (3) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 06/2030 | 832 | (5) |  |  |
|  |  |  |  |  |  |  | 1858 | (8) |  | —% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 12/2024 | 12/2031 | 859 | (4) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 12/2024 | 12/2026 | 1718 |  |  |  |
|  |  |  |  |  |  |  | 2577 | (4) |  | —% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2032 | 264 |  |  | —% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 07/2030 | 177 | (1) |  | —% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2031 | $242 | $(1) | $(1) |  |
|  | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2027 | 303 |  |  |  |
|  |  |  |  |  |  |  | 545 | (1) | (1) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2027 | 154 |  | (2) | (0.00)% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2031 | 382 | (2) | (2) |  |
|  | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2028 | 2386 |  |  |  |
|  |  |  |  |  |  |  | 2768 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 12/2024 | 07/2026 | 430 |  | (2) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2027 | 657 |  | (4) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 03/2025 | 03/2032 | 208 | (1) | (1) |  |
|  |  |  |  |  |  |  | 865 | (1) | (5) | (0.00)% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2025 | 08/2032 | 455 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 07/2032 | 567 | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2025 | 08/2032 | 122 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2025 | 08/2027 | 469 |  | (2) |  |
|  |  |  |  |  |  |  | 591 | (1) | (3) | (0.00)% |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 01/2025 | 02/2032 | 427 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 01/2025 | 02/2027 | 845 |  | (2) |  |
|  |  |  |  |  |  |  | 1272 | (1) | (3) | (0.00)% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(3) - Undrawn |  |  |  | 05/2025 | 05/2030 | 429 | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 07/2032 | 180 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 01/2028 | 480 |  | (3) |  |
|  |  |  |  |  |  |  | 660 | (1) | (4) | (0.00)% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 04/2025 | 10/2027 | 584 | (1) | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 04/2025 | 04/2032 | 366 | (1) | (1) |  |
|  |  |  |  |  |  |  | 950 | (2) | (3) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2027 | $1731 | $— | $— |  |
|  | First Lien(3) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1132 | (4) | (4) |  |
|  | First Lien(3) - Undrawn |  |  |  | 12/2025 | 03/2026 | 865 |  |  |  |
|  |  |  |  |  |  |  | 3728 | (4) | (4) | (0.00)% |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 11/2027 | 353 |  | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 11/2027 | 353 |  | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 11/2027 | 353 |  | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 11/2027 | 353 |  | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2025 | 11/2027 | 353 |  | (1) |  |
|  |  |  |  |  |  |  | 1765 |  | (5) | (0.00)% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2032 | 890 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2032 | 679 | (3) | (3) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2032 | 228 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2032 | 912 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 10/2032 | 25 |  |  |  |
|  |  |  |  |  |  |  | 2734 | (4) | (4) | (0.00)% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 09/2031 | 536 | (3) | (3) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2025 | 09/2027 | 536 |  | (3) |  |
|  |  |  |  |  |  |  | 1072 | (3) | (6) | (0.00)% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 09/2025 | 09/2032 | 776 | (2) | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 09/2025 | 09/2027 | 1437 |  | (4) |  |
|  |  |  |  |  |  |  | 2213 | (2) | (6) | (0.00)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 08/2028 | 238 | (2) | (7) | (0.00)% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2025 | 05/2027 | 899 |  | (4) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2025 | 05/2032 | 449 | (2) | (2) |  |
|  |  |  |  |  |  |  | 1348 | (2) | (6) | (0.00)% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 08/2025 | 08/2031 | 346 | (2) | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2025 | 08/2027 | 1037 |  | (4) |  |
|  |  |  |  |  |  |  | 1383 | (2) | (6) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 07/2032 | $419 | $(2) | $(2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2025 | 07/2027 | 985 |  | (5) |  |
|  |  |  |  |  |  |  | 1404 | (2) | (7) | (0.00)% |
| &nbsp;&nbsp;Vamos Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2025 | 01/2032 | 378 | (2) | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 01/2025 | 02/2027 | 1260 |  | (6) |  |
|  |  |  |  |  |  |  | 1638 | (2) | (8) | (0.00)% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2025 | 01/2031 | 863 | (7) | (9) | (0.00)% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2029 | 210 | (2) | (10) | (0.01)% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 06/2025 | 12/2030 | 337 | (2) | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 06/2025 | 04/2027 | 2231 |  | (11) |  |
|  |  |  |  |  |  |  | 2568 | (2) | (13) | (0.01)% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 11/2029 | 349 | (3) | (15) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  | $**86034** | $**(134)** | $**(138)** | **(0.03)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | $524 | $— | $— |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2030 | 273 | (3) |  |  |
|  |  |  |  |  |  |  | 797 | (3) |  | —% |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 06/2025 | 12/2028 | 99 |  |  | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  | $**896** | $**(3)** | $**—** | **— %** |
| **Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2030 | $774 | $(7) | $— |  |
| **Total Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**774** | $**(7)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  | $**87704** | $**(144)** | $**(138)** | **(0.03)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**484787** | $**482659** | **94.75%** |
| **Total Investments** |  |  |  |  |  |  |  | $**484787** | $**482659** | **94.75%** |

---

(1)New Mountain Guardian IV Income Fund, L.L.C. (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.

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

(2)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.

(3)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(4)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2025.

(5)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

(6)The Company holds preferred equity in HIG Intermediate, Inc. and a first lien term loan and first lien delayed draw in Higginbotham Insurance Agency, Inc., a wholly-owned subsidiary of HIG Intermediate, Inc.

(7)The Company holds preferred equity in FS WhiteWater Holdings, LLC, a first lien term loan and two first lien delayed draws in in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC.

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

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2025, 3.84% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

December 31, 2025

---

| | |
|:---|:---|
|<br>**Investment Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 95.08% |
| Second lien | 3.50% |
| Subordinated | 0.42% |
| Structured finance obligations | 0.10% |
| Equity and other | 0.90% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 34.13% |
| Software | 30.52% |
| Financial Services & Technology | 14.79% |
| Healthcare | 10.32% |
| Consumer Services | 4.46% |
| Education | 3.34% |
| Business Products | 0.87% |
| Food & Beverage | 0.69% |
| Packaging | 0.63% |
| Distribution & Logistics | 0.15% |
| Investment Fund | 0.10% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 98.67% |
| Fixed rates | 1.33% |
| Total investments | 100.00% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments** 

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.00% | 9.52% | 11/2024 | 11/2031 | $10000 | $9951 | $9950 | 2.98% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2) | SOFR(Q) | 6.75% | 11.34% | 05/2023 | 05/2027 | 9947 | 9127 | 9947 | 2.97% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 6.50% | 11.32% | 05/2024 | 07/2028 | 7823 | 7820 | 7823 |  |
|  | Subordinated(2) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1260 | 1257 | 1260 |  |
|  | Subordinated(2) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 481 | 480 | 481 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 6.50% | 11.28% | 05/2024 | 07/2028 | 244 | 243 | 244 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 6.50% | 11.32% | 05/2024 | 07/2028 | 101 | 101 | 101 |  |
|  |  |  |  |  |  |  | 9909 | 9901 | 9909 | 2.96% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.50% | 9.96% | 10/2024 | 09/2028 | 9188 | 9143 | 9188 | 2.75% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 5.00% | 9.57% | 10/2023 | 10/2028 | 5266 | 5255 | 5266 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.00% | 9.44% | 02/2024 | 10/2028 | 2077 | 2066 | 2077 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 9.50% | 11/2024 | 10/2028 | 693 | 691 | 693 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 9.57% | 10/2023 | 10/2028 | 595 | 595 | 595 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 9.56% | 10/2023 | 10/2028 | 257 | 257 | 257 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 9.50% | 10/2023 | 10/2028 | 148 | 148 | 148 |  |
|  | First Lien(2) | SOFR(Q) | 5.00% | 9.55% | 10/2023 | 10/2028 | 21 | 21 | 21 |  |
|  |  |  |  |  |  |  | 9057 | 9033 | 9057 | 2.71% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.25% | 9.84% | 11/2024 | 02/2030 | 8614 | 8614 | 8614 | 2.58% |
| &nbsp;&nbsp;Accession Risk Management Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(Q) | 4.75% | 9.32% | 09/2024 | 11/2029 | 6426 | 6408 | 6435 |  |
|  | First Lien | SOFR(Q) | 4.75% | 9.26% | 08/2023 | 11/2029 | 1983 | 1983 | 1986 |  |
|  | First Lien | SOFR(Q) | 4.75% | 9.33% | 08/2024 | 11/2029 | 182 | 182 | 182 |  |
|  |  |  |  |  |  |  | 8591 | 8573 | 8603 | 2.57% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.00% | 9.67% | 03/2024 | 09/2028 | 7579 | 7547 | 7579 | 2.27% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 04/2024 | 04/2031 | 7348 | 7314 | 7348 | 2.20% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 5.00% | 9.33% | 06/2024 | 06/2031 | 7278 | 7244 | 7242 | 2.17% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien | SOFR(M) | 5.25% | 9.71% | 10/2023 | 04/2029 | 7242 | 7053 | 7146 | 2.14% |
| &nbsp;&nbsp;OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(M) | 4.75% | 9.11% | 06/2024 | 12/2028 | 7112 | 7096 | 7112 | 2.13% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M)\* | 2.50% +2.75%/PIK | 9.61% | 08/2024 | 09/2031 | 7126 | 7092 | 7090 | 2.12% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.75% | 10.38% | 09/2023 | 08/2028 | $6981 | $6955 | $6928 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.75% | 10.34% | 03/2024 | 08/2028 | 71 | 73 | 71 |  |
|  |  |  |  |  |  |  | 7052 | 7028 | 6999 | 2.09% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 10/2023 | 12/2029 | 5883 | 5877 | 5883 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.36% | 07/2023 | 12/2029 | 1112 | 1100 | 1112 |  |
|  |  |  |  |  |  |  | 6995 | 6977 | 6995 | 2.09% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(Q) | 5.00% | 9.33% | 12/2024 | 12/2031 | 6916 | 6882 | 6881 | 2.06% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 5.25% | 9.61% | 09/2024 | 05/2029 | 4516 | 4516 | 4516 |  |
|  | First Lien(2) | SOFR(M) | 5.75% | 10.11% | 10/2023 | 05/2029 | 2302 | 2283 | 2302 |  |
|  |  |  |  |  |  |  | 6818 | 6799 | 6818 | 2.04% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 3179 | 3176 | 3179 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 2137 | 2133 | 2137 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 818 | 817 | 818 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 183 | 183 | 183 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 82 | 82 | 82 |  |
|  | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 65 | 65 | 65 |  |
|  |  |  |  |  |  |  | 6464 | 6456 | 6464 | 1.93% |
| &nbsp;&nbsp;Michael Baker International, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(M) | 4.75% | 9.11% | 05/2024 | 12/2028 | 6426 | 6433 | 6450 | 1.93% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 11/2023 | 11/2030 | 5938 | 5929 | 5938 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.36% | 11/2023 | 11/2030 | 391 | 390 | 391 |  |
|  |  |  |  |  |  |  | 6329 | 6319 | 6329 | 1.89% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 08/2031 | 5024 | 5000 | 4999 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 08/2031 | 935 | 931 | 931 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 08/2031 | 147 | 146 | 146 |  |
|  |  |  |  |  |  |  | 6106 | 6077 | 6076 | 1.82% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 4.75% | 9.11% | 07/2024 | 07/2031 | 5561 | 5534 | 5533 |  |
|  | First Lien(2)(3) - Drawn | SOFR(S) | 4.75% | 9.04% | 07/2024 | 07/2031 | 488 | 486 | 486 |  |
|  |  |  |  |  |  |  | 6049 | 6020 | 6019 | 1.80% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(S) | 4.75% | 9.03% | 05/2024 | 12/2028 | 5903 | 5875 | 5903 | 1.76% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;HIG Intermediate, Inc. (6) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 4.50% | 8.86% | 08/2023 | 11/2028 | $4556 | $4547 | $4556 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.75% | 9.11% | 03/2024 | 11/2028 | 1227 | 1222 | 1227 |  |
|  |  |  |  |  |  |  | 5783 | 5769 | 5783 | 1.73% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M)\* | 2.88% +3.38%/PIK | 10.63% | 04/2024 | 04/2030 | 5666 | 5603 | 5666 | 1.69% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(Q) | 5.75% | 10.26% | 06/2024 | 08/2029 | 3558 | 3559 | 3558 |  |
|  | First Lien(2) | SOFR(Q) | 6.00% | 10.52% | 09/2023 | 08/2029 | 1947 | 1940 | 1947 |  |
|  |  |  |  |  |  |  | 5505 | 5499 | 5505 | 1.65% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien | SOFR(Q) | 5.75% | 10.08% | 06/2024 | 12/2028 | 5315 | 5301 | 5302 | 1.59% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 4.50% | 8.86% | 01/2024 | 05/2029 | 5272 | 5264 | 5250 | 1.57% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 9.09% | 06/2024 | 12/2030 | 5230 | 5230 | 5230 | 1.56% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 4.50% | 8.86% | 08/2024 | 08/2031 | 5036 | 5023 | 5023 | 1.50% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 5.25% | 9.58% | 10/2023 | 10/2030 | 2535 | 2512 | 2535 |  |
|  | First Lien(2) | SOFR(Q) | 5.25% | 9.58% | 10/2024 | 10/2030 | 2460 | 2454 | 2460 |  |
|  |  |  |  |  |  |  | 4995 | 4966 | 4995 | 1.49% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien | SOFR(M) | 4.25% | 8.72% | 05/2024 | 07/2028 | 4962 | 4956 | 4913 | 1.47% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 6.75% | 11.30% | 10/2024 | 11/2029 | 4971 | 4911 | 4909 | 1.47% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien | SOFR(Q) | 3.75% | 8.60% | 06/2024 | 08/2028 | 4967 | 4890 | 4868 | 1.46% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.25% | 9.58% | 10/2023 | 06/2029 | 4667 | 4654 | 4667 | 1.40% |
| &nbsp;&nbsp;Syndigo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2) | SOFR(Q) | 8.00% | 12.89% | 06/2024 | 12/2028 | 2593 | 2513 | 2593 |  |
|  | First Lien | SOFR(Q) | 4.50% | 9.28% | 08/2023 | 12/2027 | 1969 | 1882 | 1975 |  |
|  |  |  |  |  |  |  | 4562 | 4395 | 4568 | 1.37% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 9.08% | 10/2024 | 02/2027 | 2420 | 2403 | 2420 |  |
|  | First Lien(2) | SOFR(Q) | 4.75% | 9.08% | 12/2023 | 02/2027 | 1887 | 1881 | 1887 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 02/2027 | 59 | 58 | 59 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 9.08% | 12/2023 | 02/2027 | 18 | 18 | 18 |  |
|  |  |  |  |  |  |  | 4384 | 4360 | 4384 | 1.31% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 6.50% | 10.86% | 01/2024 | 01/2030 | 4348 | 4310 | 4348 | 1.30% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.25% | 9.72% | 03/2024 | 09/2027 | $4171 | $4171 | $4171 |  |
|  | First Lien(2)(3) - Drawn | P(Q) | 4.25% | 11.75% | 10/2024 | 09/2027 | 67 | 67 | 67 |  |
|  |  |  |  |  |  |  | 4238 | 4238 | 4238 | 1.27% |
| &nbsp;&nbsp;QBS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 9.27% | 11/2024 | 11/2031 | 4240 | 4230 | 4229 | 1.26% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 10/2024 | 10/2031 | 4000 | 3980 | 3980 | 1.19% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.25% | 9.61% | 07/2024 | 03/2031 | 3827 | 3818 | 3817 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.25% | 9.80% | 07/2024 | 03/2030 | 129 | 129 | 129 |  |
|  |  |  |  |  |  |  | 3956 | 3947 | 3946 | 1.18% |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.25% | 9.60% | 12/2023 | 12/2030 | 2038 | 2020 | 2038 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.25% | 9.74% | 12/2023 | 12/2030 | 1872 | 1856 | 1872 |  |
|  |  |  |  |  |  |  | 3910 | 3876 | 3910 | 1.17% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.75% | 9.38% | 07/2024 | 07/2031 | 3881 | 3872 | 3872 | 1.16% |
| &nbsp;&nbsp;GraphPAD Software, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 4.75% | 9.08% | 06/2024 | 06/2031 | 3666 | 3657 | 3656 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 4.75% | 9.08% | 06/2024 | 06/2031 | 92 | 91 | 91 |  |
|  |  |  |  |  |  |  | 3758 | 3748 | 3747 | 1.12% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(S) | 5.00% | 10.09% | 04/2024 | 08/2030 | 3137 | 3126 | 3137 |  |
|  | First Lien(2) | SOFR(S) | 5.00% | 10.09% | 04/2024 | 08/2030 | 538 | 536 | 538 |  |
|  |  |  |  |  |  |  | 3675 | 3662 | 3675 | 1.10% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 6.25% | 10.64% | 09/2023 | 09/2029 | 3600 | 3564 | 3600 | 1.08% |
| &nbsp;&nbsp;Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.50% | 10.09% | 11/2023 | 06/2029 | 3222 | 3197 | 3222 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.50% | 10.09% | 11/2023 | 06/2029 | 246 | 243 | 246 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.50% | 9.83% | 11/2023 | 06/2029 | 49 | 48 | 49 |  |
|  | First Lien(2) | SOFR(Q) | 5.50% | 10.09% | 11/2023 | 06/2029 | 12 | 12 | 12 |  |
|  |  |  |  |  |  |  | 3529 | 3500 | 3529 | 1.06% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 08/2024 | 08/2031 | 3258 | 3242 | 3242 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.36% | 08/2024 | 08/2031 | 244 | 243 | 243 |  |
|  |  |  |  |  |  |  | 3502 | 3485 | 3485 | 1.04% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q)\* | 2.75% +2.75%/PIK | 10.02% | 08/2024 | 08/2031 | $3359 | $3327 | $3325 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.41% | 08/2024 | 08/2030 | 39 | 39 | 39 |  |
|  |  |  |  |  |  |  | 3398 | 3366 | 3364 | 1.01% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(M) | 5.25% | 9.71% | 10/2024 | 09/2027 | 3219 | 3219 | 3219 | 0.96% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 6.75% | 11.08% | 12/2023 | 04/2029 | 3151 | 3111 | 3151 | 0.94% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(M) | 6.00% | 10.36% | 10/2023 | 11/2030 | 2944 | 2918 | 2944 | 0.88% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (5) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.75% | 9.26% | 09/2024 | 09/2031 | 2764 | 2751 | 2750 | 0.82% |
| &nbsp;&nbsp;Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 7.25% | 11.82% | 06/2024 | 02/2029 | 2727 | 2703 | 2727 | 0.82% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.25% | 9.58% | 03/2024 | 05/2028 | 2506 | 2507 | 2506 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.25% | 9.58% | 03/2024 | 05/2028 | 202 | 198 | 202 |  |
|  |  |  |  |  |  |  | 2708 | 2705 | 2708 | 0.81% |
| &nbsp;&nbsp;Enverus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.50% | 9.86% | 12/2023 | 12/2029 | 2644 | 2626 | 2644 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.50% | 9.86% | 12/2023 | 12/2029 | 6 | 6 | 6 |  |
|  |  |  |  |  |  |  | 2650 | 2632 | 2650 | 0.79% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Drawn | SOFR(M) | 5.25% | 9.71% | 11/2023 | 12/2027 | 2522 | 2503 | 2522 | 0.75% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 6.50% | 11.17% | 02/2024 | 02/2030 | 2464 | 2436 | 2464 | 0.74% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 6.25% | 10.58% | 05/2024 | 05/2030 | 2349 | 2328 | 2349 | 0.70% |
| &nbsp;&nbsp;Pushpay USA Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien | SOFR(Q) | 4.50% | 8.83% | 08/2024 | 08/2031 | 2255 | 2234 | 2275 | 0.68% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.75% | 9.21% | 07/2023 | 10/2030 | 1824 | 1823 | 1824 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 4.75% | 9.21% | 10/2024 | 10/2030 | 385 | 383 | 385 |  |
|  |  |  |  |  |  |  | 2209 | 2206 | 2209 | 0.66% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.50% | 10.09% | 01/2024 | 02/2031 | 1938 | 1930 | 1938 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.50% | 10.00% | 01/2024 | 02/2031 | 252 | 250 | 252 |  |
|  |  |  |  |  |  |  | 2190 | 2180 | 2190 | 0.66% |
| &nbsp;&nbsp;Nielsen Consumer Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(M) | 4.75% | 9.11% | 06/2024 | 03/2028 | 2156 | 2124 | 2151 | 0.64% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 4.75% | 9.11% | 05/2024 | 06/2031 | 2166 | 2151 | 2150 | 0.64% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(M) | 7.50% | 11.86% | 07/2024 | 07/2029 | $2098 | $2069 | $2098 | 0.63% |
| &nbsp;&nbsp;RxB Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(M) | 5.25% | 9.61% | 06/2023 | 12/2027 | 1965 | 1929 | 1965 | 0.59% |
| &nbsp;&nbsp;Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(M) | 4.75% | 9.11% | 05/2024 | 03/2031 | 1990 | 1992 | 1963 | 0.59% |
| &nbsp;&nbsp;CommerceHub, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 6.25% | 10.90% | 06/2023 | 12/2027 | 1960 | 1805 | 1960 | 0.59% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(Q) | 4.50% | 8.83% | 12/2024 | 01/2031 | 1933 | 1924 | 1923 | 0.58% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 10/2023 | 12/2027 | 1807 | 1793 | 1807 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.36% | 10/2024 | 12/2027 | 57 | 56 | 57 |  |
|  |  |  |  |  |  |  | 1864 | 1849 | 1864 | 0.56% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.25% | 9.84% | 02/2024 | 02/2031 | 1755 | 1739 | 1755 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.25% | 9.59% | 02/2024 | 02/2031 | 81 | 80 | 81 |  |
|  |  |  |  |  |  |  | 1836 | 1819 | 1836 | 0.55% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.50% | 9.93% | 10/2023 | 12/2027 | 1729 | 1729 | 1729 |  |
|  | First Lien(2)(3) - Drawn | SOFR(Q) | 5.50% | 9.93% | 10/2023 | 12/2027 | 74 | 74 | 74 |  |
|  |  |  |  |  |  |  | 1803 | 1803 | 1803 | 0.54% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 6.25% | 10.86% | 07/2024 | 07/2027 | 1787 | 1787 | 1767 | 0.53% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 5.75% | 10.27% | 11/2023 | 11/2030 | 1747 | 1736 | 1747 | 0.52% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.25% | 9.71% | 10/2024 | 09/2027 | 1210 | 1209 | 1210 |  |
|  | First Lien(2) | SOFR(M) | 5.25% | 9.71% | 10/2024 | 09/2027 | 511 | 511 | 511 |  |
|  |  |  |  |  |  |  | 1721 | 1720 | 1721 | 0.51% |
| &nbsp;&nbsp;CB Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 5.25% | 9.61% | 07/2024 | 07/2031 | 1654 | 1646 | 1646 | 0.49% |
| &nbsp;&nbsp;More cowbell II LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(A) | 5.00% | 8.89% | 08/2023 | 09/2030 | 1554 | 1544 | 1554 |  |
|  | First Lien(2)(3) - Drawn | SOFR(S) | 5.00% | 9.33% | 08/2023 | 09/2029 | 89 | 89 | 89 |  |
|  |  |  |  |  |  |  | 1643 | 1633 | 1643 | 0.49% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(M) | 5.25% | 9.61% | 02/2024 | 02/2031 | 1604 | 1596 | 1604 | 0.48% |
| &nbsp;&nbsp;Javelin Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2) | SOFR(Q) | 5.25% | 9.69% | 10/2024 | 12/2032 | 1530 | 1523 | 1522 | 0.46% |
| &nbsp;&nbsp;Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 6.25% | 10.58% | 01/2024 | 10/2028 | 1515 | 1515 | 1515 | 0.45% |
| &nbsp;&nbsp;Disco Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2) | SOFR(Q) | 7.50% | 12.01% | 10/2024 | 03/2029 | 1514 | 1500 | 1514 | 0.45% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 4.50% | 8.83% | 04/2024 | 09/2028 | $903 | $890 | $894 |  |
|  | First Lien(2) | SOFR(Q) | 4.50% | 8.83% | 04/2024 | 09/2028 | 545 | 542 | 540 |  |
|  |  |  |  |  |  |  | 1448 | 1432 | 1434 | 0.43% |
| &nbsp;&nbsp;Bayou Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(Q) | 4.50% | 9.35% | 12/2024 | 08/2028 | 1311 | 1302 | 1311 | 0.39% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.00% | 9.57% | 11/2024 | 11/2031 | $1244 | $1234 | $1234 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.46% | 11/2024 | 11/2031 | 58 | 58 | 58 |  |
|  |  |  |  |  |  |  | 1302 | 1292 | 1292 | 0.39% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.00% | 9.36% | 08/2023 | 08/2029 | 919 | 910 | 919 |  |
|  | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.36% | 08/2023 | 08/2029 | 313 | 310 | 313 |  |
|  |  |  |  |  |  |  | 1232 | 1220 | 1232 | 0.37% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(S) | 5.25% | 9.63% | 06/2023 | 06/2028 | 970 | 964 | 970 | 0.29% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2) | SOFR(Q) | 5.75% | 10.23% | 09/2024 | 12/2027 | 919 | 910 | 919 | 0.27% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2) | SOFR(S)\* | 3.38% +3.38%/PIK | 11.39% | 11/2024 | 02/2028 | 553 | 549 | 553 | 0.17% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(M) | 5.25% | 9.61% | 05/2024 | 10/2029 | 525 | 523 | 525 | 0.16% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 4.75% | 9.41% | 10/2023 | 08/2027 | 449 | 446 | 449 | 0.13% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.50% | 10.01% | 01/2024 | 04/2027 | 240 | 238 | 240 | 0.07% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Drawn | SOFR(S) | 4.75% | 9.18% | 06/2024 | 12/2028 | 234 | 232 | 234 | 0.07% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Drawn | SOFR(Q) | 5.75% | 10.42% | 11/2023 | 03/2028 | 111 | 111 | 108 | 0.03% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Drawn | SOFR(M) | 5.00% | 9.37% | 07/2024 | 10/2028 | 28 | 27 | 28 | 0.01% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Drawn | SOFR(Q) | 5.75% | 10.36% | 11/2023 | 10/2028 | 9 | 9 | 9 | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  | $373368 | $370455 | $372559 | 111.44% |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.00% | 9.63% | 12/2023 | 12/2029 | $671 | $665 | $671 | 0.20% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  | $**671** | $**665** | $**671** | **0.20%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  | $**374039** | $**371120** | $**373230** | **111.64%** |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| **Structured Finance Obligations - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligations | SOFR(S) | 7.00% | 11.46% | 11/2024 | 01/2037 | $472 | $472 | $472 | 0.14% |
| &nbsp;&nbsp;**Total Structured Finance Obligations - United States** |  |  |  |  |  |  | $**472** | $**472** | $**472** | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Intermediate, Inc. (6) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred Shares(2) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 12/2024 |  | 3443 | 3417 | 3417 | 1.02% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (5) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred Shares(2) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 74 | 759 | 759 | 0.23% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Preferred Shares(2) | FIXED(A)\* | 20.00%/PIK | 20.00% | 10/2024 |  | 330 | 43 | 43 | 0.01% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**4219** | $**4219** | **1.26%** |
| **Total Shares** |  |  |  |  |  |  |  | $**4219** | $**4219** | **1.26%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**375811** | $**377921** | **113.04%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accession Risk Management Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | $1022 | $(2) | $1 |  |
|  | First Lien(3) - Undrawn |  |  |  | 08/2024 | 11/2029 | 134 |  |  |  |
|  |  |  |  |  |  |  | 1156 | (2) | 1 | —% |
| &nbsp;&nbsp;HIG Intermediate, Inc. (6) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 3011 |  |  | —% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 10/2026 | 2826 |  |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 09/2028 | 744 | (4) |  | —% |
| &nbsp;&nbsp;Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 10/2028 | 152 |  |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 1941 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 09/2027 | 100 |  |  |  |
|  |  |  |  |  |  |  | 2041 |  |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 3175 |  |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2025 | 1219 |  |  | —% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 06/2025 | $237 | $— | $— | —% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 12/2025 | 843 |  |  | —% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1539 |  |  | —% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 12/2030 | 464 |  |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2026 | 663 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 10/2028 | 138 | (1) |  |  |
|  |  |  |  |  |  |  | 801 | (1) |  | —% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2029 | 210 | (3) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 07/2023 | 07/2025 | 45 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1390 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 12/2029 | 353 | (1) |  |  |
|  |  |  |  |  |  |  | 1788 | (1) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 445 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 10/2029 | 225 |  |  |  |
|  |  |  |  |  |  |  | 670 |  |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 02/2026 | 199 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 02/2031 | 195 | (1) |  |  |
|  |  |  |  |  |  |  | 394 | (1) |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2031 | 230 | (1) |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2026 | 816 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 10/2028 | 165 | (1) |  |  |
|  |  |  |  |  |  |  | 981 | (1) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2025 | 451 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2029 | 169 | (1) |  |  |
|  |  |  |  |  |  |  | 620 | (1) |  | —% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 10/2025 | $295 | $— | $— |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 08/2027 | 163 | (1) |  |  |
|  |  |  |  |  |  |  | 458 | (1) |  | —% |
| &nbsp;&nbsp;Enverus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 12/2023 | 12/2025 | 133 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 12/2023 | 12/2029 | 197 | (1) |  |  |
|  |  |  |  |  |  |  | 330 | (1) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 289 | (1) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 03/2026 | 709 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 05/2028 | 691 | (1) |  |  |
|  |  |  |  |  |  |  | 1400 | (1) |  | —% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2026 | 699 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2031 | 234 | (2) |  |  |
|  |  |  |  |  |  |  | 933 | (2) |  | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2023 | 08/2025 | 388 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2026 | 197 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2023 | 08/2029 | 253 | (2) |  |  |
|  |  |  |  |  |  |  | 838 | (2) |  | —% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 524 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2030 | 333 | (3) |  |  |
|  |  |  |  |  |  |  | 857 | (3) |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 09/2023 | 09/2029 | 313 | (3) |  | —% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 11/2025 | 388 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 11/2029 | 388 | (3) |  |  |
|  |  |  |  |  |  |  | 776 | (3) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 01/2030 | 414 | (4) |  | —% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 04/2026 | $1282 | $— | $— |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 04/2031 | 801 | (4) |  |  |
|  |  |  |  |  |  |  | 2083 | (4) |  | —% |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1523 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 12/2023 | 12/2025 | 66 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 12/2023 | 12/2029 | 440 | (4) |  |  |
|  |  |  |  |  |  |  | 2029 | (4) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 10/2023 | 10/2030 | 614 | (5) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 04/2030 | 630 | (7) |  | —% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) - Undrawn |  |  |  | 12/2024 | 07/2026 | 430 |  |  | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 09/2027 | 457 |  |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 12/2025 | 22 |  |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 08/2025 | 773 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 02/2029 | 592 |  |  |  |
|  |  |  |  |  |  |  | 1365 |  |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 06/2023 | 04/2025 | 555 |  |  | —% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 08/2025 | 3096 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 02/2024 | 02/2030 | 774 | (8) |  |  |
|  |  |  |  |  |  |  | 3870 | (8) |  | —% |
| &nbsp;&nbsp;Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 06/2029 | 144 | (1) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 06/2025 | 939 |  |  |  |
|  |  |  |  |  |  |  | 1083 | (1) |  | —% |
| &nbsp;&nbsp;More cowbell II LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 08/2023 | 09/2025 | 171 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2023 | 09/2029 | 133 | (1) |  |  |
|  |  |  |  |  |  |  | 304 | (1) |  | —% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 05/2025 | $286 | $— | $— |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2030 | 340 |  |  |  |
|  |  |  |  |  |  |  | 626 |  |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 10/2026 | 2978 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 12/2027 | 140 | (1) |  |  |
|  |  |  |  |  |  |  | 3118 | (1) |  | —% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 09/2026 | 557 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 12/2023 | 02/2027 | 303 | (2) |  |  |
|  |  |  |  |  |  |  | 860 | (2) |  | —% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 07/2028 | 244 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 07/2028 | 506 |  |  |  |
|  |  |  |  |  |  |  | 750 |  |  | —% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 04/2026 | 538 | (2) |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 04/2024 | 08/2030 | 359 | (1) |  |  |
|  |  |  |  |  |  |  | 897 | (3) |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 09/2027 | 200 |  |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 2179 |  |  | —% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 11/2026 | 497 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 11/2031 | 149 | (1) | (1) |  |
|  |  |  |  |  |  |  | 646 | (1) | (1) | —% |
| &nbsp;&nbsp;QBS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 11/2024 | 11/2031 | 448 | (1) | (1) | —% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2027 | 154 |  | (2) | —% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 10/2024 | 10/2031 | 375 | (2) | (2) | —% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 01/2024 | 05/2029 | 482 | (1) | (2) | —% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 03/2024 | 08/2028 | $285 | $(2) | $(2) | —% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (5) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 09/2024 | 09/2026 | 468 |  | (2) | —% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 03/2030 | 321 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 09/2025 | 601 | (1) | (2) |  |
|  |  |  |  |  |  |  | 922 | (2) | (3) | —% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2025 | 1111 |  |  |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 03/2028 | 111 | (1) | (3) |  |
|  |  |  |  |  |  |  | 1222 | (1) | (3) | —% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2027 | 1111 |  | (3) | —% |
| &nbsp;&nbsp;GraphPAD Software, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 06/2031 | 345 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 06/2026 | 827 | (2) | (2) |  |
|  |  |  |  |  |  |  | 1172 | (3) | (3) | —% |
| &nbsp;&nbsp;CB Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2031 | 182 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2026 | 467 |  | (2) |  |
|  |  |  |  |  |  |  | 649 | (1) | (3) | —% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) - Undrawn |  |  |  | 12/2024 | 12/2026 | 1718 |  |  |  |
|  | First Lien(3) - Undrawn |  |  |  | 12/2024 | 12/2031 | 859 | (4) | (4) |  |
|  |  |  |  |  |  |  | 2577 | (4) | (4) | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2031 | 299 | (1) | (1) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 815 |  | (4) |  |
|  |  |  |  |  |  |  | 1114 | (1) | (5) | —% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 06/2026 | 327 |  | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 05/2024 | 06/2030 | 458 | (3) | (3) |  |
|  |  |  |  |  |  |  | 785 | (3) | (5) | —% |

---

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (4)** | **Spread (4)** | **Interest Rate (4)** | **Purchase Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2031 | $726 | $(2) | $(2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1639 |  | (4) |  |
|  |  |  |  |  |  |  | 2365 | (2) | (6) | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 196 |  | (2) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2030 | 353 | (4) | (4) |  |
|  |  |  |  |  |  |  | 549 | (4) | (6) | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2031 | 618 | (3) | (3) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1366 |  | (7) |  |
|  |  |  |  |  |  |  | 1984 | (3) | (10) | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 06/2031 | 794 | (4) | (4) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 06/2024 | 06/2026 | 1489 |  | (8) |  |
|  |  |  |  |  |  |  | 2283 | (4) | (12) | (0.01)% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 09/2031 | 814 | (4) | (4) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 2036 |  | (10) |  |
|  |  |  |  |  |  |  | 2850 | (4) | (14) | (0.01)% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2031 | 955 | (5) | (5) |  |
|  | First Lien(2)(3) - Undrawn |  |  |  | 08/2024 | 08/2026 | 2018 |  | (10) |  |
|  |  |  |  |  |  |  | 2973 | (5) | (15) | (0.01)% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) - Undrawn |  |  |  | 11/2023 | 11/2025 | 784 |  | (24) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  | $**77979** | $**(116)** | $**(127)** | **(0.04)%** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  | $**77979** | $**(116)** | $**(127)** | **(0.04)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**375695** | $**377794** | **113.00%** |
| **Total Investments** |  |  |  |  |  |  |  | $**375695** | $**377794** | **113.00%** |

---

(1)New Mountain Guardian IV Income Fund, L.L.C. (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)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.

(3)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(4)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2024.

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

(5)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

(6)The Company holds preferred equity in HIG Intermediate, Inc. and a first lien term loan and first lien delayed draw in Higginbotham Insurance Agency, Inc., a whollyowned subsidiary of HIG Intermediate, Inc.

(7)The Company holds preferred equity in FS WhiteWater Holdings, LLC and a first lien term loan in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC.

\*&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of interest contains PIK interest.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024, 2.60% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

------

**New Mountain Guardian IV Income Fund, L.L.C.**

**Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | |
|:---|:---|
|<br>**Investment Type** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 95.81% |
| Second lien | 2.49% |
| Subordinated | 0.46% |
| Structured finance obligations | 0.12% |
| Equity and other | 1.12% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 33.67% |
| Software | 30.65% |
| Financial Services & Technology | 14.72% |
| Healthcare | 10.57% |
| Education | 3.18% |
| Consumer Services | 3.16% |
| Food & Beverage | 2.63% |
| Packaging | 1.30% |
| Investment Fund | 0.12% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 98.46% |
| Fixed rates | 1.54% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C.**

**December 31, 2025**

**(in thousands, except unit data)**

**Note 1. Formation and Business Purpose**

New Mountain Guardian IV Income Fund, L.L.C. (the "Company"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

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

The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). Closings occurred, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. On November 20, 2024, pursuant to the limited liability company agreement, as amended and restated on July 10, 2023, (the "A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from November 23, 2024 to March 31, 2025. At the end of the Closing Period, the Company had aggregate Capital Commitments from investors of $512,405. The Company accepted and drew down on Capital Commitments from investors throughout and after the Closing Period. The final drawdown of Capital Commitments closed on December 15, 2025. The Company commenced loan origination and investment activities on May 24, 2023. The "Investment Period" began on May 23, 2023 and will continue until March 31, 2029, the four-year anniversary of the end of the Closing Period. The term of the Company is until March 31, 2031, six years from the end of the Closing Period, subject to (i) a one-year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors.

The Company established New Mountain Guardian IV Income Fund SPV L.L.C. ("GIV Income SPV") on December 18, 2025 as a wholly-owned direct subsidiary of the Company. As of December 31, 2025, there were no assets or liabilities held in GIV Income SPV.

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

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include "last-out" positions, which generally heighten the risk of loss. The Company generally does not hold any last-out positions. In some cases, the Company's investments may also include equity interests.

As of December 31, 2025, the Company's top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

**Note 2. Summary of Significant Accounting Policies**

***Basis of accounting***—The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, *Financial Services*—*Investment Companies* ("ASC 946").

The Company's financial statements have eliminated all intercompany transactions. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-K and Article 6 of Regulation S-X.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

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

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

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

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

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

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

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

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

***Cash and cash equivalents***—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of December 31, 2025 and December 31, 2024. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

***Revenue recognition***

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

*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, the Company recognized PIK interest from investments of approximately $772, $841 and $154, respectively, and PIK dividends from investments of $108, $55 and $0, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

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

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

***Interest and other financing expenses***—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. *Borrowings*, for details.

***Organizational expenses***—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.

***Deferred offering costs***—The Company's deferred offering costs consist of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company's Statements of Assets, Liabilities and Members' Capital until amortized.

***Deferred financing costs***—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. *Borrowings*, for details.

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

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

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

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

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

Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, *Income Taxes* ("ASC 740") through

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

December 31, 2025. The 2023 tax year and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

***Distributions***—Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.***&nbsp;&nbsp;&nbsp;&nbsp;***

***Earnings per Unit***—The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

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

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

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

**Note 3. Investments**

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

**Investment Cost and Fair Value by Type**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $460908 | $458865 |
| Second lien | 17078 | 16904 |
| Subordinated | 2003 | 2050 |
| Structured finance obligations | 472 | 479 |
| Equity and other | 4326 | 4361 |
| Total investments | $484787 | $482659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

**Investment Cost and Fair Value by Industry**

---

| | | |
|:---|:---|:---|
| | **Cost (1)** | **Fair Value (1)** |
| Business Services | $164057 | $164717 |
| Software | 147745 | 147292 |
| Financial Services & Technology | 71193 | 71399 |
| Healthcare | 49573 | 49808 |
| Consumer Services | 21615 | 21541 |
| Education | 17100 | 16141 |
| Packaging | 4906 | 3021 |
| Business Products | 4055 | 4193 |
| Food & Beverage | 3345 | 3342 |
| Distribution & Logistics | 726 | 726 |
| Investment Fund | 472 | 479 |
| Total investments | $484787 | $482659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the year ended December 31, 2025, the Company updated its investment industry classification to better reflect the business mix of underlying portfolio companies. The Schedule of Investments as of December 31, 2024, as well as the industry composition of investments as of December 31, 2024, has been updated to conform to the classifications used to prepare the financial statements as of and for the year ended December 31, 2025.

At December 31, 2024, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $359930 | $361945 |
| Second lien | 9337 | 9417 |
| Subordinated | 1737 | 1741 |
| Structured finance obligations | 472 | 472 |
| Equity and other | 4219 | 4219 |
| Total investments | $375695 | $377794 |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

**Investment Cost and Fair Value by Industry**

---

| | | |
|:---|:---|:---|
| | **Cost (1)** | **Fair Value (1)** |
| Business Services | $126825 | $127162 |
| Software | 115270 | 115791 |
| Financial Services & Technology | 55434 | 55626 |
| Healthcare | 39798 | 39936 |
| Education | 11943 | 12014 |
| Consumer Services | 11870 | 11933 |
| Food & Beverage | 9127 | 9947 |
| Packaging | 4956 | 4913 |
| Investment Fund | 472 | 472 |
| Total investments | $375695 | $377794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the year ended December 31, 2025, the Company updated its investment industry classification to better reflect the business mix of underlying portfolio companies. The Schedule of Investments as of December 31, 2024, as well as the industry composition of investments as of December 31, 2024, has been updated to conform to the classifications used to prepare the financial statements as of and for the year ended December 31, 2025.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For discussion of the Company's unfunded commitments, see Note 8. *Commitments and Contingencies*.

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

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

The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, the Company may lose the value of its investment. The Company will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent the Company invests in the "last out" tranche of a unitranche loan. The Company generally does not hold any last-out positions.

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

**Note 4. Fair Value**

Pursuant to Rule 2a-5 under the 1940 Act, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that "quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

reliable." Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, *Fair Value Measurements and Disclosure* ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:*&nbsp;&nbsp;&nbsp;&nbsp;*

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

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

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

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

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

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

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

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

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 fell into as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $458865 | $— | $41193 | $417672 |
| Second lien | 16904 |  | 4965 | 11939 |
| Subordinated | 2050 |  |  | 2050 |
| Structured finance obligations | 479 |  |  | 479 |
| Equity and other | 4361 |  |  | 4361 |
| Total investments | $482659 | $— | $46158 | $436501 |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $361945 | $— | $40345 | $321600 |
| Second lien | 9417 |  | 5302 | 4115 |
| Subordinated | 1741 |  |  | 1741 |
| Structured finance obligations | 472 |  | 472 |  |
| Equity and other | 4219 |  |  | 4219 |
| Total investments | $377794 | $— | $46119 | $331675 |

---

The following table summarizes the changes in fair value of Level III portfolio investments for the year ended December 31, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Structured Finance Obligations** | **Equity and other** |
| **Fair value, December 31, 2024** | $331675 | $321600 | $4115 | $1741 | $— | $4219 |
| Total gains or losses included in earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | 24 | 24 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 272 | 358 | (171) | 43 | 7 | 35 |
| Purchases, including capitalized PIK and revolver fundings | 189157 | 183491 | 5293 | 266 |  | 107 |
| Proceeds from sales and paydowns of investments | (87843) | (85250) | (2593) |  |  |  |
| Transfers into Level III (1) | 22726 | 15436 | 6818 |  | 472 |  |
| Transfers out of Level III (1) | (19510) | (17987) | (1523) |  |  |  |
| **Fair value, December 31, 2025** | $436501 | $417672 | $11939 | $2050 | $479 | $4361 |
| Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $398 | $490 | $(177) | $43 | $7 | $35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As of December 31, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

The following table summarizes the changes in fair value of Level III portfolio investments for the year ended December 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and other** |
| **Fair value, December 31, 2023** | $76117 | $75365 | $752 | $— | $— |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | 5 | 5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 1701 | 1588 | 109 | 4 |  |
| Purchases, including capitalized PIK and revolver fundings | 294832 | 284847 | 4029 | 1737 | 4219 |
| Proceeds from sales and paydowns of investments | (41604) | (40829) | (775) |  |  |
| Transfers into Level III (1) | 2975 | 2975 |  |  |  |
| Transfers out of Level III (1) | (2351) | (2351) |  |  |  |
| **Fair value, December 31, 2024** | $331675 | $321600 | $4115 | $1741 | $4219 |
| Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $1544 | $1455 | $85 | $4 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As of December 31, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the years ended December 31, 2025 and December 31, 2024. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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

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

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

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

***Market Based Approach:***&nbsp;&nbsp;&nbsp;&nbsp;The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of December 31, 2025 and December 31, 2024, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

***Income Based Approach:***&nbsp;&nbsp;&nbsp;&nbsp;The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of December 31, 2025 and December 31, 2024, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of December 31, 2025** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average (1)** |
| First lien | $382843 | Market & income approach | EBITDA multiple | 7.0x | 31.3x | 17.5x |
|  |  |  | Revenue multiple | 4.0x | 14.0x | 10.7x |
|  |  |  | Discount rate | 6.1% | 13.2% | 8.5% |
|  | 34829 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 11939 | Market & income approach | EBITDA multiple | 14.0x | 18.0x | 16.0x |
|  |  |  | Discount rate | 8.8% | 13.7% | 10.4% |
| Subordinated | 2050 | Market & income approach | EBITDA multiple | 13.5x | 13.5x | 13.5x |
|  |  |  | Discount rate | 14.6% | 14.6% | 14.6% |
| Structured Finance Obligations | 479 | Income approach | Discount rate | 10.5% | 10.5% | 10.5% |
| Equity and other | 4361 | Market & income approach | EBITDA multiple | 12.0x | 19.0x | 17.6x |
|  |  |  | Discount rate | 11.3% | 12.7% | 11.5% |
|  | $436501 |  |  |  |  |  |

---

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

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of December 31, 2024** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average (1)** |
| First lien | $312800 | Market & income approach | EBITDA multiple | 8.5x | 35.0x | 16.8x |
|  |  |  | Revenue multiple | 3.0x | 13.0x | 8.9x |
|  |  |  | Discount rate | 6.8% | 12.7% | 9.2% |
|  | 8800 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 4115 | Market & income approach | Discount rate | 9.9% | 10.2% | 10.1% |
| Subordinated | 1741 | Market & income approach | EBITDA multiple | 14.5x | 15.5x | 15.0x |
|  |  |  | Discount rate | 14.6% | 14.6% | 14.6% |
| Equity and other | 802 | Market & income approach | EBITDA multiple | 12.0x | 18.0x | 16.3x |
|  |  |  | Discount rate | 13.5% | 13.5% | 13.5% |
|  | 3417 | Other | N/A (2) | N/A | N/A | N/A |
|  | $331675 |  |  |  |  |  |

---

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

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

The BMO Subscription Line (as defined below) and the Unsecured Management Company Revolver (as defined below) are considered Level III investments. See Note 6. *Borrowings* for details.

The following are the principal amounts and fair values of the Company's borrowings as of December 31, 2025 and December 31, 2024. As of December 31, 2025 and December 31, 2024, there was no balance outstanding under the Unsecured Management Company Revolver. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| BMO Subscription Line | $— | $— | $58000 | $58273 |

---

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

**Note 5. Agreements and Related Parties**

The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on December 14, 2022. The Investment Management Agreement initially had a term of two years which began on December 14, 2022, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. The Investment

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

Management Agreement was most recently re-approved by the Company's board of directors on February 11, 2026 for a period of 12 months commencing on March 1, 2026. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company.

Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee was reduced by 50% (for the avoidance of doubt, this resulted in an annual management fee rate of 0.375% through May 31, 2024). Because the one year anniversary of the Initial Drawdown Date occurred on a date other than the last day of a calendar quarter, the management fee was prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee also could be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), and any fund expenses in excess of the Specified Expenses Cap (as defined below).

The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

*Incentive Fee on Pre-Incentive Fee Net Investment Income*

The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.389% in any calendar quarter; and

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.

For the years ended December 31, 2025 and December 31, 2024 incentive fees waived were under $1 thousand. For the period from May 24, 2023 (commencement of operations) to December 31, 2023, incentive fees waived were $0. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

*Incentive Fee on Capital Gains*

The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Second, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains.

Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than such cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

*Incentive Fee Waiver*

On December 18, 2023, the Company and the Investment Adviser entered into a voluntary letter waiver agreement (the "Waiver Agreement") effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by the Company to the Investment Adviser pursuant to the Investment Management Agreement. The Waiver Agreement increases the hurdle rate, as described above, to 6.0% and waives any income based incentive fees that would have been earned at the current hurdle rate of 5.0%, so long as the average three-month SOFR over the trailing three-month period (the "Three Month SOFR") is equal to or greater than 3.0% on the last day of the applicable quarter. If the Three Month SOFR falls below 3.0% on the last day of the applicable quarter, the hurdle rate will reset to 5.0%. Additionally, through the Waiver Agreement and with respect to the incentive fee on capital gains, the annualized, cumulative internal rate of return will be calculated using a Weighted Average Hurdle Rate (as defined in the Waiver Agreement) that takes into account any hurdle rate increases during the year.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

*Expense Limitation*

Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500,000 or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $500,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the A&R LLC Agreement) incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the A&R LLC Agreement) (which are subject to the Organizational and Offering Expenses Cap as defined in the A&R LLC Agreement), (iv) Placement Fees (as defined in the A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.

If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, there have been no reimbursements to the Investment Adviser pursuant to this provision.

The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the company's outstanding Units.

The following table summarizes the management fees and incentive fees incurred by the Company for the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| Management fee | $3264 | $1962 | $273 |
| Less: management fee waiver | (16) | (305) | (149) |
| **Net management fee** | 3248 | 1657 | 124 |
| Incentive fee, excluding accrued incentive fees on capital gains | $3541 | $2187 | $153 |
| Accrued capital gains incentive fee | $(142) | $142 | $— |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

As of December 31, 2025 and December 31, 2024, $0 and $142, respectively, of incentive fees on capital gains were accrued but are not payable under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions.

The Company has entered into an administration agreement with the Administrator (the "Administration Agreement") under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on January 29, 2025 for a period of 12 months commencing on March 1, 2025. The Administrator maintains, or oversees the maintenance of, the Company's financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, approximately $656, $571 and $340 respectively, of indirect administrative expenses were included in administrative expenses, of which $0, $213 and $310, respectively, were waived by the Administrator. As of December 31, 2025 and December 31, 2024, $179 and $147, respectively, of indirect administrative expenses were included in receivable from affiliates and payable to affiliates, respectively.

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

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company's Chief Compliance Officer will provide reporting to the board of directors.

On June 23, 2023, the Company entered into the Uncommitted Revolving Loan Agreement (as defined below)&nbsp;&nbsp;&nbsp;&nbsp; with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $10,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2025. Refer to Note 6. *Borrowings* for discussion of the Unsecured Management Company Revolver (as defined below).

**Note 6. Borrowings**

***Unsecured Management Company Revolver***—The Uncommitted Revolving Loan Agreement, dated June 23, 2023, between the Company, as the borrower, and NMF Investments III, L.L.C., an affiliate of the Investment Adviser, as the lender (the "Uncommitted Revolving Loan Agreement"), was structured as a discretionary unsecured revolving credit facility (the "Unsecured Management Company Revolver"). The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver was December 31, 2025 and the maximum facility amount was $10,000. The Unsecured Management Company Revolver generally bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). For the years ended December 31, 2025 and December 31, 2024, interest expense incurred on the Unsecured Management Company Revolver was $0 and $0, respectively, and amortization of financing costs incurred on the Unsecured Management Company Revolver was $7 and $7, respectively. For the period from May 24, 2023 (commencement of operations) to December 31, 2023, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $19 and $3, respectively. The weighted average interest rate and effective interest rate for the period from May 24, 2023 (commencement of operations) to December 31, 2023 was 7.0% and 8.1%, respectively.

As of December 31, 2025 and December 31, 2024, there was no outstanding balance under the Unsecured Management Company Revolver.

***BMO Subscription Line***—On June 29, 2023, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended from time to time, and most recently amended on April 12, 2024, the "Loan Authorization Agreement"), which allowed the Company to borrow on a revolving credit basis an aggregate principal amount not exceeding $65,332 (the "BMO Subscription Line"). All outstanding borrowings under the BMO Subscription Line were due on BMO's demand within 15 business days or the earliest to occur on the date (x) six months after each advance date and (y) 30 days prior to the termination of the Investment Period, which varied throughout the period. The BMO Subscription Line was collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Statements of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. On December 15, 2025, the BMO Subscription Line was terminated in connection with the final drawdown on Capital Commitments. The BMO Subscription Line bore interest at the greater of the prime commercial rate minus 0.25% per annum or the SOFR Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. The BMO Subscription Line also charged an annual administrative fee, based on the Amount of Maximum Credit then in effect (as defined in the Loan Authorization Agreement).

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

The following table summarizes the interest expense, administrative fees and amortization of financing costs incurred on the BMO Subscription Line for the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025 (2)** | **December 31, 2024** | **December 31, 2023 (1)** |
| Interest expense | $3060 | $1600 | $224 |
| Administrative fees | $(52) | $352 | $25 |
| Amortization of financing costs | $101 | $258 | $65 |
| Weighted average interest rate | 7.2% | 7.9% | 8.3% |
| Effective interest rate | 7.3% | 10.9% | 10.7% |
| Average debt outstanding | $44411 | $20331 | $5333 |

---

(1)For the year ended December 31, 2023, amounts represent the period from June 29, 2023 (entry into the Loan Authorization Agreement) to December 31, 2023.

(2)For the year ended December 31, 2025, amounts represent the period from January 1, 2025 to December 15, 2025 (termination of the Loan Authorization Agreement).

As of December 31, 2024, the outstanding balance on the BMO Subscription Line was $58,000 and the Company was in compliance with the applicable covenants of the Loan Authorization Agreement on this date.

***Leverage risk factors***—The Company intends to be generally unlevered during the course of its life (excluding borrowings under any subscription line secured by unfunded Capital Commitments and short-term working capital facilities) and will not incur leverage to the same extent as is customary for other business development companies, or for long-term investment purposes. The Company's lenders will have fixed dollar claims on the unfunded Capital Commitments of each of the Company's unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's members' capital. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its unitholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

**Note 7. Regulation**

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

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

**Note 8. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of December 31, 2025, the Company had unfunded commitments on revolving credit facilities of $31,141, no outstanding bridge financing commitments

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

and other future funding commitments of $56,563. As of December 31, 2024, the Company had unfunded commitments on revolving credit facilities of $21,164, no outstanding bridge financing commitments, and other future funding commitments of $56,815. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedules of Investments.

The Company also had revolving borrowings available under the Unsecured Management Company Revolver as of December 31, 2025 and the Unsecured Management Company Revolver and BMO Subscription Line as of December 31, 2024. See Note 6. *Borrowings*, for details.

The Company may from time to time enter into financing commitment letters. As of December 31, 2025 and December 31, 2024, the Company had commitment letters to purchase investments in the aggregate par amount of $10,323 and $13,473, respectively, which could require funding in the future.

**Note 9. Members' Capital**

The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Drawdown Date** | **Unit Issue Date** | **Units Issued** | **Aggregate Offering Price** |
| June 13, 2025 | June 30, 2025 | 5124050 | $51241 |
| September 16, 2025 | September 30, 2025 | 4099240 | 40992 |
| November 4, 2025 | November 19, 2025 | 6148860 | 61489 |
| December 1, 2025 | December 15, 2025 | 2562025 | 25620 |
|  |  | 17934175 | $179342 |

---

The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Drawdown Date** | **Unit Issue Date** | **Units Issued** | **Aggregate Offering Price** |
| May 2, 2024 | May 21, 2024 | 13965250 | $139653 |
| September 16, 2024 | September 30, 2024 | 4905050 | 49050 |
| December 6, 2024 | December 20, 2024 | 2452525 | 24525 |
| December 20, 2024 | December 31, 2024 | 1423500 | 14235 |
|  |  | 22746325 | $227463 |

---

The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from November 4, 2022 (inception) to December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Drawdown Date** | **Unit Issue Date** | **Units Issued** | **Aggregate Offering Price** |
| May 16, 2023 | May 16, 2023 | 100 | $1 |
| May 31, 2023 | June 14, 2023 | 1049900 | 10499 |
| September 15, 2023 | September 29, 2023 | 1170000 | 11700 |
| October 17, 2023 | October 31, 2023 | 3330000 | 33300 |
| October 25, 2023 | November 8, 2023 | 1337500 | 13375 |
| December 18, 2023 | December 29, 2023 | 3672500 | 36725 |
|  |  | 10560000 | $105600 |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

The following table reflects the distributions declared on the Company's Units for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** |
| March 25, 2025 | March 28, 2025 | April 21, 2025 | $0.222 |
| June 23, 2025 | June 27, 2025 | July 21, 2025 | 0.226 |
| September 22, 2025 | September 29, 2025 | October 20, 2025 | 0.213 |
| December 18, 2025 | December 31, 2025 | January 20, 2026 | 0.174 |
|  |  |  | $0.835 |

---

The following table reflects the distributions declared on the Company's Units for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** |
| March 20, 2024 | March 27, 2024 | April 19, 2024 | $0.273 |
| May 16, 2024 | May 20, 2024 | July 19, 2024 | 0.153 |
| June 25, 2024 | June 27, 2024 | July 19, 2024 | 0.087 |
| September 23, 2024 | September 27, 2024 | October 18, 2024 | 0.242 |
| December 12, 2024 | December 27, 2024 | December 30, 2024 | 0.222 |
|  |  |  | $0.977 |

---

The following table reflects the distributions declared on the Company's Units for the period from May 24, 2023 (commencement of operations) to December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** |
| September 27, 2023 | September 28, 2023 | October 20, 2023 | $0.225 |
| November 3, 2023 | November 7, 2023 | December 29, 2023 | 0.057 |
| December 19, 2023 | December 28, 2023 | December 29, 2023 | 0.170 |
|  |  |  | $0.452 |

---

**Note 10. Distributions**

The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023, the Company's reclassifications of amounts for book purposes arising from permanent book/tax differences primarily related to nondeductible expenses were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| Undistributed net investment income | $— | $335 | $155 |
| Distributions in excess of net realized gains |  |  |  |
| Contributed capital |  | (335) | (155) |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid by the Company for the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023 were estimated to be as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| Ordinary income | $31371 | $19092 | 1717 |
| Capital gains | 652 | 331 |  |
| Return of capital |  | 222 | 6 |
| Total | $32023 | $19645 | $1723 |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

As of December 31, 2025 and December 31, 2024, the costs of investments for the Company for U.S. federal income tax purposes were $483,415 and $375,086, respectively.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| Tax cost | $483415 | $375086 |
| Gross unrealized appreciation on investments | 3554 | 109317 |
| Gross unrealized depreciation on investments | (4310) | (106609) |
| Total investments at fair value | $482659 | $377794 |

---

As of December 31, 2025 and December 31, 2024, the components of distributable earnings on a tax basis differ from the amounts reflected per the Company's Statements of Assets, Liabilities and Members' Capital by temporary book/tax differences primarily arising from differences between the tax and book basis of the Company's investment in securities held directly and undistributed income.

For the years ended December 31, 2025 and December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023 the Company's components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| Accumulated capital loss carryforwards | $— | $— | $(11) |
| Other temporary differences | (1746) | (941) | (966) |
| Undistributed ordinary income |  |  |  |
| Unrealized depreciation | (756) | 2710 | 1362 |
| Total | $(2502) | $1769 | $385 |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

The Company is subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. For the years ended December 31, 2025 and December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023, the Company did not incur any excise taxes.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

The following information is hereby provided with respect to distributions declared during the years ended December 31, 2025 and December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| Distributions per share | $0.835 | $0.977 | $0.452 |
| Ordinary dividends(2) | 97.96% | 97.19% | 99.62% |
| Long-term capital gains | 2.04% | 1.68% | —% |
| Qualified dividend income | —% | —% | —% |
| Dividends received deduction | —% | —% | —% |
| Interest-related dividends(3) | 90.71% | 87.85% | —% |
| Qualified short-term capital gains(3) | 0.65% | —% | —% |
| Return of capital | —% | 1.13% | 0.38% |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

(2)Ordinary dividends are from the Company's net investment income and net short-term capital gains for the year. This type of dividend is reported as ordinary income. Ordinary dividend distributions from a RIC generally do not qualify for the preferential tax rate on dividend income from domestic corporations and qualified foreign corporations except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations.

(3)Interest-related dividends and short-term capital gain dividends received by nonresident aliens and foreign corporations are generally eligible for exemption from U.S. withholding tax in accordance with Sections 871(k) and 881(e) of the Code.

**Note 11. Earnings Per Unit**

The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| **Earnings per unit—basic & diluted** | | | |
| Numerator for basic & diluted earnings per unit: | $27768 | $20710 | $1966 |
| Denominator for basic & diluted weighted average unit: | 37791624 | 20475860 | 2751057 |
| Basic & diluted earnings per unit: | $0.73 | $1.01 | $0.71 |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

**Note 12. Financial Highlights**

The following information sets forth the Company's financial highlights for the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023 (1)** |
| **Per unit data(2):** | | | |
| Members' capital at the beginning of the period | $10.04 | $10.02 | $10.00 |
| Net investment income (loss) | 0.85 | 0.95 | 0.26 |
| Net realized and unrealized gains (losses) | (0.12) | 0.06 | 0.45 |
| Total net increase (decrease) | 0.73 | 1.01 | 0.71 |
| Net increase (decrease) in members' capital from capital transactions | 0.01 | (0.01) | (0.24) |
| Distributions declared to unitholders from net investment income | (0.82) | (0.98) | (0.45) |
| Distributions declared to unitholders from net realized gains | (0.02) |  |  |
| Members' capital at the end of the period | $9.94 | $10.04 | $10.02 |
| Total return based on members' capital(3) | 7.58% | 10.31% | 4.84% |
| Units outstanding at end of period | 51240500 | 33306325 | 10560000 |
| Average weighted Units outstanding for the period | 37791624 | 20475860 | 2751057 |
| Average members' capital for the period | $377476 | $205321 | $27134 |
| **Ratio to average members' capital:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(4) | 8.48% | 9.51% | 6.93% |
| &nbsp;&nbsp;&nbsp;Total expenses, before waivers(4) | 3.10% | 4.11% | 14.15% |
| &nbsp;&nbsp;&nbsp;Total expenses, net of waivers(4) | 3.10% | 3.86% | 11.37% |
| Average debt outstanding—Unsecured Management Company Revolver | $— | $— | $521 |
| Average debt outstanding—BMO Subscription Line(6) | $44411 | $20331 | $5333 |
| Asset coverage ratio(5) | N/A | 676.45% | N/A |
| Portfolio turnover | 23.56% | 23.83% | 0.80% |
| Capital Commitments | $512405 | $512405 | $211200 |
| Funded Capital Commitments | $512405 | $333063 | $105600 |
| % of Capital Commitments funded | 100.00% | 65.00% | 50.00% |

---

(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.

(2)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(3)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter.

(4)Annualized for the period from May 24, 2023 (commencement of operations) to December 31, 2023, except organizational and offering costs.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Notes to the Financial Statements of**

**New Mountain Guardian IV Income Fund, L.L.C. (Continued)**

**December 31, 2025**

**(in thousands, except unit data)**

(5)N/A - As of December 31, 2025 and December 31, 2023, there was no outstanding balance under the BMO Subscription Line or Unsecured Management Company Revolver.

(6)For the year ended December 31, 2025, average debt outstanding represents the period from January 1, 2025 to December 15, 2025 (termination of the Loan Authorization Agreement).

**Note 13. Recent Accounting Standards Updates**

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

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes-Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company's financial statements.

**Note 14. Segment Reporting**

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

**Note 15. Subsequent Events**

On January 15, 2026, the Company entered into a Loan and Security Agreement by and among GIV Income SPV, as borrower, the Company, as seller, as equityholder and as collateral manager, Wells Fargo Bank, National Association, as the administrative agent, a lender, and swingline lender, and Western Alliance Trust Company, N.A. as the collateral custodian (the "Wells Credit Facility"). The Wells Credit Facility will mature on January 15, 2031 and has a maximum facility amount of $50,000. The Wells Credit Facility bears interest at a rate of SOFR plus 1.85% per annum.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

*The terms "we", "us", "our" and the "Company" refers to New Mountain Guardian IV Income Fund, L.L.C.*

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

***(a)Evaluation of Disclosure Controls and Procedures***

As of December 31, 2025 (the end of the period covered by this Annual Report on Form 10-K), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic U.S. Securities and Exchange Commission ("SEC") filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

***(b)Report of Management on Internal Control Over Financial Reporting***

Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to our assets: (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Management performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon the criteria in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on management's assessment, management determined that our internal control over financial reporting was effective as of December 31, 2025.

Due to our status as an "emerging growth company" under the JOBS Act, we were not required to obtain an attestation report from our independent registered public accounting firm on our internal control over financial reporting as of December 31, 2025.

***(c)Changes in Internal Control Over Financial Reporting***

Management has not identified any change in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

(a)&nbsp;&nbsp;&nbsp;&nbsp;None.

(b)&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal quarter ended December 31, 2025, neither the Company nor any director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

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

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

*The terms "we", "us", "our" and the "Company" refers to New Mountain Guardian IV Income Fund, L.L.C.*

**PART III**

**Item 10.&nbsp;&nbsp;&nbsp;&nbsp;Directors, Executive Officers and Corporate Governance** 

Our business and affairs are managed under the direction of our board of directors (our "Board"). Our Board appoints our officers, who serve at the discretion of our Board. Our Board has an audit committee, a nominating and corporate governance committee and a valuation committee and may establish additional committees from time to time as necessary. Our Board consists of five members, three of whom are not "interested persons" of the Company (the "Independent Directors") as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"). Our governing documents also give our Board sole authority to appoint directors to fill vacancies that are created either through an increase in the number of directors or due to the resignation, removal or death of any director. There were no legal proceedings of the type described in Item 401(f) of Regulation S-K in the past 10 years against any of our the directors, officers, or promoters and none are currently pending. There were no legal proceedings of the type described in Item 401(g) of Regulation S-K in the past five years against the Investment Adviser, which may be deemed to be a promoter of the Company, which would be material to a voting or investment decision in the Company. There is no arrangement or understanding between any of our directors or officers pursuant to which they were selected as directors or officers and the Company or any other person or entity.

***Directors***

Information regarding our Board is set forth below as of the date hereof. The directors have been divided into two groups: Independent Directors and interested directors. Our interested directors are "interested persons" as defined in Section 2(a)(19) of the 1940 Act. The address for each director is c/o New Mountain Guardian IV Income Fund, L.L.C., 1633 Broadway, 48th Floor, New York, New York 10019.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held with the Company** | **Principal Occupation(s) During Past Five Years** | **Number of Portfolios in Fund Complex Overseen by Director (1)** | **Other Directorships Held by Director** | **Director Since** |
| *Independent Directors* |  |  |  |  |  |  |
| David Ogens | 71 | Director | Chief Executive Officer and Director of HealthBridge LLC (chronic care management and remote patient monitoring) from 2019 to 2022. | 4 | Director of Med Inc. from 2011 to 2023 | 2022 |
| Rome G. Arnold III | 70 | Director | Senior Advisor of Rose and Co. (a financial technology startup with a focus on digital media) from 2017-2023. | 3 | Director of Forbes Energy Services Ltd. (oilfield services contractor) from 2017 to February 2021 | 2022 |
| Daniel B. Hébert | 70 | Director | Chief Executive Officer of 777 Securities, LLC (Registered Broker Dealer) since September 2018; Co-Founder, Chief Operating Officer and Chief Compliance Officer of Vision One Management Partners, LP (Registered Investment Advisor) from 2022 to 2024 | 4 | None other than those in the Fund Complex (1) | 2026 |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Interested Directors* |  |  |  |  |  |  |
| John R. Kline | 50 | Chairman of the Board of Directors, President and Chief Executive Officer | Chief Executive Officer of the Company since 2023 and President of the Company since 2022; Chief Executive Officer of New Mountain Guardian III BDC, L.L.C. (BDC) from 2023 to 2024; Chief Executive Officer of NMF SLF I, Inc. (BDC) and New Mountain Guardian IV Income Fund, L.L.C. (BDC) since January 2023; Chief Executive Officer of New Mountain Private Credit Fund (BDC) since 2024; President of New Mountain Finance Corporation since 2016; President of New Mountain Guardian III BDC, L.L.C. (BDC) from 2019 to 2024; President of NMF SLF I, Inc. (BDC) since 2019; President of New Mountain Guardian IV Income Fund, L.L.C. since 2022; President of New Mountain Private Credit Fund (BDC) since 2024; Chief Operating Officer of New Mountain Finance Corporation from 2013 to 2022; Executive Vice President of New Mountain Finance Corporation from 2013 to 2016; Chief Operating Officer of NMF SLF I, Inc. (BDC) from 2019 to 2022; Chief Operating Officer of New Mountain Guardian III BDC, L.L.C. (BDC) from 2019 to 2022; and Managing Director of New Mountain Capital, L.L.C. (advisory) (private equity firm) since 2008. | 5 | Director of Unitek Global Services, Inc. (business services company) since January 2015 | 2022 |
| Adam B. Weinstein | 46 | Director, Executive Vice President | Executive Vice President of the Company since 2022; Executive Vice President and Chief Administrative Officer of New Mountain Finance Corporation (BDC) since January 2013; Executive Vice President of NMF SLF I, Inc. (BDC) since 2019; Executive Vice President of New Mountain Guardian III BDC, L.L.C. (BDC) from 2019 to 2024; Executive Vice President of New Mountain Private Credit Fund (BDC) since 2024; Executive Vice President of New Mountain Guardian IV Income Fund, L.L.C. (BDC) since 2022; and Managing Director, President, Chief Operating Officer, and Chief Financial Officer, along with various other roles, of New Mountain Capital, L.L.C. (private equity firm) since 2005. | 4 | Director of Grant Thornton (independent audit, tax and advisory firm) since 2024; Director of Sonrava Health (dental office chain) from 2021-2024; Director of Citrin Cooperman, LLP (licensed CPA firm) from 2021-2024 | 2022 |

---

(1)The term "Fund Complex" includes the Company, New Mountain Finance Corporation, New Mountain Guardian IV BDC, L.L.C., NMF SLF I, Inc. and New Mountain Private Credit Fund, each of which is a business development company advised by the Investment Adviser.

***Executive Officers Who Are Not Directors***

Information regarding each of our executive officers who is not a director is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position(s)** | **Officer Since** |
| Joseph W. Hartswell | 47 | Chief Compliance Officer | 2022 |
| Laura C. Holson | 40 | Chief Operating Officer | 2022 |
| Kris Corbett | 50 | Chief Financial Officer and Treasurer | 2023 |

---

The address for each executive officer is c/o New Mountain, 1633 Broadway, 48th Floor, New York, New York 10019.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Biographical Information** 

***Directors***

Each of our directors has demonstrated high character and integrity, superior credentials and recognition in his respective field and the relevant expertise and experience upon which to be able to offer advice and guidance to our management. Each of our directors also has sufficient time available to devote to our affairs, is able to work with the other members of the Board and contribute to our success and can represent the long-term interests of our unitholders as a whole. We have selected our current directors to provide a range of backgrounds and experience to our Board. Set forth below is biographical information for each director, including a discussion of the director's particular experience, qualifications, attributes or skills that led us to conclude, as of the date of this Annual Report on Form 10-K, that the individual should serve as a director, in light of our business and structure.

***Independent Directors***

***Daniel B. Hébert*** has been our director since 2026. Mr. Hébert has also served as a director of New Mountain Finance Corporation since 2019 and was previously a director from August 2011 until March 2012, and a trustee of New Mountain Private Credit Fund since 2024. Mr. Hébert has served as the Chief Executive Officer of 777 Securities, LLC, a registered broker-dealer, since September 2018. He was Co-Founder, Chief Operating Officer and Chief Compliance Officer of Vision One Management Partners, LP, a registered investment advisor, from 2022 to 2024. He served as Chief Executive Officer of Bernstein Hébert Securities, a registered broker-dealer, from September 2018 to June 2020, and as Chief Operating Officer of Bernstein Equity Partners, LLC, a family office and investment banking boutique, from May 2017 to June 2020. From 2013 until 2017, Mr. Hébert was a Managing Director at Sandler & O'Neill, an investment banking firm. He served as a Partner and Managing Director at North Sea Partners LLC, an investment banking firm, from 2011 until 2013. Prior to that he served as a Managing Director at Tri-Artisan Partners, LLC from 2005 through the summer of 2011. Before Tri-Artisan, Mr. Hébert spent approximately seven years as the Head of Merger & Acquisitions at Rabo Bank International. From September 1991 through March 1999, he was a Managing Director in the Corporate Finance Department of BT Alex Brown. Prior to joining BT Alex Brown, Mr. Hébert formed Dakota Capital in February 1991 to acquire a Canadian wine distributor; and from 1985 to 1991, he worked as a Director in the Corporate Finance Department of Salomon Brothers. Mr. Hébert began his career in the Corporate Finance Department at Morgan Stanley in New York in 1982. Mr. Hébert holds a Bachelor of Arts from Acadia University and received his M.B.A. from Richard Ivey School of Business.

Mr. Hébert brings experience in the investment banking industry to our Board. This background positions Mr. Hébert well to serve as our director.

***David Ogens*** has been our director since 2022. He has also served as a director of NMFC since 2010, New Mountain Guardian IV BDC, L.L.C. since 2022, and NMF SLF I, Inc. since 2019. Mr. Ogens was a director of New Mountain Guardian III BDC, L.L.C. from 2019 to 2024. Mr. Ogens served as the President and a Director of Med Inc. from 2011 to 2023, a company that provided complex rehabilitation services to patients with serious neuromuscular and respiratory diseases. Previously, Mr. Ogens served as Senior Managing Director and Head of Investment Banking at Leerink Swann LLC, a specialized healthcare investment bank focused on emerging growth healthcare companies, from 2005 to 2009. Prior to serving at Leerink Swann LLC, Mr. Ogens was Chairman and Co-Founder of SCS Financial Services, LLC, a private wealth management firm. Before co-founding SCS Financial Services, LLC in 2002, Mr. Ogens was a Managing Director in the Investment Banking Division of Goldman Sachs & Co, where he served as a senior investment banker and a head of the High Technology Investment Banking Group. Mr. Ogens received his B.A. and M.B.A. from the University of Virginia.

Mr. Ogens brings his experience in wealth management and investment banking, including experience with debt issuances, as well as industry-specific expertise in the healthcare industry to our Board. This background positions Mr. Ogens well to serve as our director.

***Rome G. Arnold III*** has been our director since 2022. He has also served as a director of NMFC since 2017 and New Mountain Guardian IV BDC, L.L.C. since 2022. Mr. Arnold was a director of New Mountain Guardian III BDC, L.L.C. from 2019 to 2024. From 2017 until 2023, Mr. Arnold served as a Senior Advisor at Rose and Co., a financial-technology startup company with a focus on digital media. From 2012 through 2016, Mr. Arnold was a Managing Director at UBS Securities in their Energy Group, serving as the Head of Oil Field Services. He received his M.B.A. from Harvard Business School, with High Distinction (Baker Scholar). Mr. Arnold received his B.A., cum laude, in Psychology and History of Art from Yale College.

Mr. Arnold brings his extensive experience in investment banking generally, with detailed knowledge of the energy industry specifically to the work of our Board of Directors. His knowledge and experience positions Mr. Arnold well to serve as one of our directors.

***Interested Directors***

***John R. Kline*** has been our Chief Executive Officer ("CEO") since 2023 and our President and Chairman of the Board since 2022. Mr. Kline has also served as CEO of NMFC, NMF SLF I, Inc. and New Mountain Guardian IV BDC, L.L.C. since 2023. Mr. Kline also serves as a Managing Director of New Mountain Capital, a director of NMFC since 2019, the

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

Chairman of the Board of NMF SLF I, Inc. since 2019 and New Mountain Guardian IV BDC, L.L.C. since 2022. He also serves as CEO and a trustee of New Mountain Private Credit Fund since 2024. Mr. Kline served as the Chairman of the Board and President of New Mountain Guardian III BDC, L.L.C. from 2019 to 2024 and as the CEO of New Mountain Guardian III BDC, L.L.C. from 2023 to 2024. He previously served as Chief Operating Officer of NMFC, New Mountain Guardian III BDC, L.L.C. and NMF SLF I, Inc. from 2019 to 2022. Prior to joining New Mountain Capital in 2008, he worked at GSC Group Inc. ("GSC") from 2001 to 2008 as an investment analyst and trader for GSC Group Inc.'s control distressed and corporate credit funds. From 1999 to 2001, Mr. Kline was with Goldman Sachs & Co. where he worked in the Credit Risk Management and Advisory Group. He currently serves as a director of UniTek Global Services, Inc. Mr. Kline received an A.B. degree in History from Dartmouth College.

Mr. Kline's depth of experience in managerial operational positions in investment management and financial services and as a member of other corporate boards of directors, as well as his intimate knowledge of our business and operations, provides our Board valuable industry- and company-specific knowledge and expertise.

***Adam B. Weinstein*** has been our director and has served as our Executive Vice President ("EVP") since 2022. Mr. Weinstein also serves as a Managing Director, President and Chief Operating Officer of New Mountain Capital and has been in various roles since joining in 2005. Additionally, Mr. Weinstein serves as EVP, Chief Administrative Officer and director of NMFC and New Mountain Guardian IV BDC, L.L.C., and EVP of NMF SLF I, Inc. He also serves as a trustee of New Mountain Private Credit Fund since 2024. Mr. Weinstein served as a director and EVP of New Mountain Guardian III BDC, L.L.C. from 2019 to 2024. Prior to joining New Mountain Capital in 2005, Mr. Weinstein was a Manager at Deloitte & Touche LLP and worked in that firm's merger and acquisition and private equity investor services areas. He also currently serves as a director of Bellerophon Therapeutics Inc., Great Oaks Foundation and Victory Education Partners. Mr. Weinstein sits on a number of boards of directors for professional and non-profit organizations. Mr. Weinstein received his B.S. from Binghamton University, is a member of the AICPA and is a New York State Certified Public Accountant.

Mr. Weinstein brings his industry-specific expertise and background in accounting to our board of directors. This background positions Mr. Weinstein well to serve as our director.

***Executive Officers Who Are Not Directors***

***Joseph W. Hartswell*** has been our Chief Compliance Officer ("CCO") since 2022. He has also served as CCO of NMFC, NMF SLF I, Inc. and New Mountain Guardian IV BDC, L.L.C. since 2022, and New Mountain Private Credit Fund since 2024. Mr. Hartswell served as the CCO of New Mountain Guardian III BDC, L.L.C. from 2022 to 2024. Since 2015, Mr. Hartswell has served as a Managing Director and the CCO of New Mountain Capital. Prior to New Mountain, Mr. Hartswell was the CCO for Mount Kellett Capital Management LP, a global investment firm focused on distressed, special situations and opportunistic investing. Prior to joining Mount Kellett, Mr. Hartswell was a Director, Asset Management Financial Services Regulatory Practice for PricewaterhouseCoopers LLP ("PwC") where he assisted with the development of compliance programs for hedge funds, private equity funds, venture capital funds, registered investment companies, separate accounts and business development companies. Prior to PwC, Mr. Hartswell was a Vice President and Deputy CCO for AIG Investments where he assisted with strategies and operational planning for a global asset manager and its SEC registered investment advisers and served as the designated CCO for products registered under the Investment Company Act of 1940. Prior to AIG Investments, Mr. Hartswell was a Securities Compliance Examiner for the U.S. Securities and Exchange Commission. Mr. Hartswell holds a Bachelor of Science ("B.S.") in Finance and International Business from the University of Maryland and is a CFA charterholder.

***Laura C. Holson*** has been our Chief Operating Officer ("COO") since 2022. Ms. Holson has also served as COO of NMFC, NMF SLF I, Inc. and New Mountain Guardian IV BDC, L.L.C. since 2022, and New Mountain Private Credit Fund since 2024. Ms. Holson served as the COO of New Mountain Guardian III BDC, L.L.C. from 2022 to 2024. Since joining New Mountain Capital in 2009, Ms. Holson has worked on both the private equity and credit deal teams. From 2017 until 2021, Ms. Holson served as Head of Capital Markets; in this capacity, she managed the Firm's financing activities and relationships across its various product lines. Before joining New Mountain, Ms. Holson worked in Healthcare Investment Banking at Morgan Stanley in New York. Ms. Holson received a B.S. in Economics with concentrations in Finance and Marketing from The Wharton School, University of Pennsylvania, where she graduated magna cum laude.

***Kris Corbett*** has been our Chief Financial Officer ("CFO") and Treasurer since 2023. Mr. Corbett has also served as CFO and Treasurer of NMFC, New Mountain Guardian IV BDC, L.L.C. and NMF SLF I, Inc. since 2023, and New Mountain Private Credit Fund since 2024. Mr. Corbett served as the CFO and Treasurer of New Mountain Guardian III BDC, L.L.C. from 2023 to 2024. Mr. Corbett previously served as a Senior Vice President, Controller and Treasurer of both Blackstone Private Credit Fund and Blackstone Secured Lending Fund. Prior to joining Blackstone in 2016, Mr. Corbett was a Managing Director at Perella Weinberg Partners where he performed roles in finance, accounting and financial reporting within alternative asset management. Prior to Perella Weinberg Partners, Mr. Corbett held a variety of positions in accounting and financial reporting at King Street Capital Management and Ziff Brothers Investments. He began his career in public accounting at Pricewaterhouse

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

Coopers LLP. Mr. Corbett received a Bachelor of Business Administration in Accounting from University of Massachusetts and is a Certified Public Accountant in the state of New York and a CFA charterholder.

Our Board has adopted a code of ethics that applies to our executive officers, which forms part of our broader compliance policies and procedures. See *Item 1. Business—Compliance Policies and Procedures* in this Annual Report on Form 10-K.

The Board met four times during the fiscal year ended December 31, 2025 and acted on various occasions by written consent. All directors then in office attended at least 75% of the aggregate number of meetings of the Board held during the period for which they were a director and of the respective committees on which they served during 2025.

**Audit Committee** 

The audit committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the audit committee. The audit committee's responsibilities include selecting our independent registered public accounting firm, reviewing with such independent registered public accounting firm the planning, scope and results of their audit of our financial statements, pre-approving the fees for services performed, reviewing with the independent registered public accounting firm the adequacy of internal control systems, reviewing our annual financial statements and periodic filings and receiving our audit reports and financial statements. The audit committee has also established guidelines and makes recommendations to our Board regarding the valuation of our investments. The audit committee is responsible for aiding our Board in determining the fair value of debt and equity securities that are not publicly traded or for which current market values are not readily available. The Board and the audit committee may utilize the services of nationally recognized third-party valuation firms to help determine the fair value of material assets. The audit committee is composed of Messrs. Hébert, Ogens and Arnold. Mr. Arnold serves as Chairman of the audit committee. Our Board has determined that Daniel B. Hébert, David Ogens and Rome G. Arnold III are "audit committee financial experts" as that term is defined under Item 407 of Regulation S-K, as promulgated under the Exchange Act. All audit committee members meet the current independence and experience requirements of Rule 10A-3 of the Exchange Act.

**Code of Ethics**

We and the Investment Adviser have adopted the Code of Ethics and the Adviser's Code of Ethics, each of which establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us so long as such investments are made in accordance with the code's requirements. You may read the Code of Ethics on the SEC's website at *www.sec.gov*.

**Nomination of Directors** 

There have been no material changes to the procedures by which unitholders may recommend nominees to our Board implemented since the filing of Amendment No.1 to our Registration Statement on Form 10.

**Insider Trading Policies** 

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

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 11.&nbsp;&nbsp;&nbsp;&nbsp;Executive Compensation**

**Compensation of Executive Officers** 

We do not currently have any employees and do not expect to have any employees. Services necessary for our business, including such services provided by our executive officers, are provided by individuals who are employees of the Investment Adviser, pursuant to the terms of our Investment Management Agreement, or through the Administration Agreement. Therefore, our day-to-day investment operations are managed by the Investment Adviser, and most of the services necessary for the origination and administration of our investment portfolio are provided by investment professionals employed by the Investment Adviser.

None of our executive officers receive direct compensation from us. We reimburse the Administrator for expenses incurred by it on our behalf in performing its obligations under the Administration Agreement, including the compensation of our CFO and CCO, and their respective staff. Certain of our executive officers, through their ownership interest in or management positions with the Investment Adviser, may be entitled to a portion of any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of our Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under our Investment Management Agreement. The Investment Adviser may pay additional salaries, bonuses, and individual performance awards and/or individual performance bonuses to our executive officers in addition to their ownership interest.

**Compensation of Directors** 

The following table sets forth compensation of our directors for the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash (2)** | **Total Compensation Paid from the Fund Complex (5)** | **Total** |
| *Interested Directors(1)* |  |  |  |
| John R. Kline | $— | $— | $— |
| Adam B. Weinstein | $— | $— | $— |
| *Independent Directors* |  |  |  |
| Alfred F. Hurley, Jr. (3) | $9000 | $168167 | $177167 |
| David Ogens | $10000 | $172667 | $182667 |
| Rome G. Arnold III | $10625 | $155875 | $166500 |
| Daniel B. Hébert (4) | $— | $163188 | $163188 |

---

(1)No compensation will be paid to directors who are "interested persons," as that term is defined in the 1940 Act.

(2)We do not maintain a stock or option plan, non-equity incentive plan or pension plan for our directors.

(3)Mr. Hurley retired as director of the Board on January 15, 2026.

(4)Mr. Hébert was appointed as a director of the Board on January 15, 2026 and did not receive any compensation for the year ended December 31, 2025.

(5)Total compensation paid from the Fund Complex refers to the sum of the following fees paid to each Independent Director in connection with their respective positions as a director of certain affiliates of the Company: (a) the compensation paid by the Company as described in the table above; (b) $558,000 in compensation paid to Messrs. Arnold, Hébert, Hurley and Ogens by New Mountain Finance Corporation; (c) $41,833 in compensation paid to Messrs. Hurley and Ogens by NMF SLF I, Inc.; (d) $28,875 in compensation paid to Messrs. Arnold, Hurley and Ogens by New Mountain Guardian IV Income Fund, L.L.C.; and (e) $31,188 paid to Mr. Hébert by New Mountain Private Credit Fund for the fiscal year ended December 31, 2025.

Each of our Independent Directors receive an annual retainer fee of $5,000, payable once per year, if the director attends at least 75% of the meetings held during the previous year. In addition, Independent Directors receive $625 for each regularly scheduled board meeting and $250 for each special board meeting that they participate in. For this purpose, actions taken by written consent relating to matters that supplement or follow up on items covered at regularly scheduled board meetings are treated as special board meetings. We also reimburse Independent Directors for all reasonable out-of-pocket expenses incurred in connection with participating in each board meeting. For the year ended December 31, 2025, out-of-pocket expenses reimbursed were $1,003.

With respect to each audit committee meeting not held concurrently with a board meeting, our Independent Directors are reimbursed for all reasonable out-of-pocket expenses incurred in connection with participating in such audit committee meeting. In addition, the chairman of the audit committee receives an annual retainer of $1,875, the chairman of the nominating

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

and corporate governance committee receives an annual retainer of $250 and the chairman of the valuation committee receives an annual retainer of $1,250.

**Compensation Committee** 

We currently do not have a compensation committee because our executive officers do not receive compensation from us.

**Compensation Committee Interlocks and Insider Participation** 

During the fiscal year ended December 31, 2025, none of our executive officers served on the board (or a compensation committee thereof or other board committee performing equivalent functions) of any entities that had one or more executive officers serve on our compensation committee (as the Board does not have a compensation committee) or on our Board. No executive officer or member of our Board participated in deliberations of the Board concerning executive officer compensation. No member of our Board had any relationship requiring disclosure under any paragraph of Item 404 of Regulation S-K.

**Compensation Committee Report** 

Currently, we do not directly compensate any of our executive officers, and as such we are not required to produce a report on executive officer compensation for inclusion in our annual report on Form 10-K.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 12.&nbsp;&nbsp;&nbsp;&nbsp;Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth, as of March 5, 2026, the beneficial ownership of each current director, our executive officers, each person known to us to beneficially own more than 5% of the outstanding Units, and the executive officers and directors as a group. Percentage of beneficial ownership is based on 51,240,500 Units outstanding as of March 5, 2026. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the Units. Ownership information for those persons who beneficially own more than 5% of our Units is based upon filings by such persons with the SEC and other information obtained from such persons, if available. Unless otherwise indicated, we believe that each beneficial owner set forth in the table has sole voting and investment power over such Units. Unless otherwise indicated, the address of all executive officers and directors is c/o New Mountain Guardian IV Income Fund, L.L.C., 1633 Broadway, 48th Floor, New York, New York 10019.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Type of Ownership** | **Number of Units Owned** | **Percentage** |
| *Interested Directors* |  |  |  |
| John R. Kline |  |  | —% |
| Adam B. Weinstein |  |  | —% |
| *Independent Directors* |  |  |  |
| David Ogens |  |  | —% |
| Rome G. Arnold III |  |  | —% |
| Daniel B. Hébert |  |  | —% |
| *Executive Officers Who Are Not Directors* |  |  |  |
| Joseph W. Hartswell |  |  | —% |
| Laura C. Holson |  |  | —% |
| Kris Corbett |  |  | —% |
| **All Directors and Executive Officers as a Group (8 persons)** |  |  | —% |
| *Five-Percent Unitholders* |  |  |  |
| New Mountain Guardian IV Income Rated Feeder II, Ltd.(1) | Record | 30000000 | 58.55% |
| Caisse de retraite d'Hydro-Québec(2) | Record | 10000000 | 19.52% |
| Suva(3) | Record | 7000000 | 14.93% |

---

(1)The address of New Mountain Guardian IV Income Rated Feeder II, Ltd. is 1633 Broadway, 48th Floor, New York, NY 10019.

(2)The address of Caisse de retraite d'Hydro-Québec is 75 Rene-Levesque Blvd West, 5th Floor, Montreal (Quebec) H2Z 1A4 Canada.

(3)The address of Suva is Fluhmattstrasse 1 Postfach 4358, 6002 Luzern, Switzerland. The number of units in the table above reflects the units owned by both Suva and Pensionskasse Suva as set forth in the latest Schedule 13G/A filed on January 27, 2025.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Certain Relationships and Related Transactions, and Director Independence**

***Transactions with Related Persons; Review, Approval or Ratification of Transaction with Related Persons***

**Investment Management Agreement; Administration Agreement** 

We have entered into the Investment Management Agreement with our Investment Adviser pursuant to which we pay management fees and incentive fees to the Investment Adviser, and we have entered into the Administration Agreement with the Administrator pursuant to which we make payments equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Investment Management Agreement and the Administration Agreement were most recently re-approved by our board of directors on February 11, 2026, for a period of 12 months commencing on March 1, 2026.

The Investment Management Agreement and Administration Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. See "*Item 1A. Risk Factors—Certain General Risks of an Investment in our Units—Role of New Mountain and its Professionals; No Dedicated Investment Team*" in this Annual Report on Form 10-K. Notwithstanding the foregoing, each of the Investment Management Agreement and the Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, provided, that, such termination will be directed or approved by the vote of a majority of our outstanding voting securities, by the vote of our directors, or by the Investment Adviser or Administrator (as applicable). If the Investment Management Agreement is terminated according to this paragraph, we will pay the Investment Adviser a pro-rated portion of the management fee.

**Trademark License Agreement** 

We, the Investment Adviser and the Administrator have entered into a Trademark License Agreement with New Mountain Capital, pursuant to which New Mountain Capital will agree to grant us a non-exclusive, royalty-free license to use the "New Mountain Capital" names under the Trademark License Agreement, subject to certain conditions, we, the Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" names, for so long as the Investment Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we will have no legal right to the "New Mountain Capital" name.

**Potential Conflicts of Interest** 

*Valuation Matters* 

Most of our portfolio investments are made in the form of securities that are not publicly traded. As a result, the Board determines the fair value of these securities in good faith. In connection with this determination, investment professionals from the Investment Adviser may provide the Board with portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each company in which such portfolio investments are made or the issuers of such portfolio investments. The participation of the Investment Adviser's investment professionals in our valuation process, and the indirect pecuniary interest in the Investment Adviser by a member of the Board, could result in a conflict of interest as the Investment Adviser's management fee and incentive fees are based, in part, on the value of our assets.

*Incentive Fees* 

The existence of incentive fees may create an incentive for the Investment Adviser to make riskier or more speculative investments on our behalf than would be the case in the absence of such performance-based compensation, although the commitment of capital by New Mountain Capital, L.L.C. ("New Mountain") professionals to us should somewhat reduce this incentive.

In addition, the manner in which the Investment Adviser's entitlement to incentive fees is determined may result in a conflict between its interests and the interests of unitholders with respect to the sequence and timing of disposals of investments. For example, the ultimate beneficial owners of the Investment Adviser are generally subject to U.S. federal and local income tax (unlike certain of the unitholders). The Investment Adviser may be incentivized to operate the Company, including to hold and/or sell investments, in a manner that takes into account the tax treatment of its incentive fees. Investors should note in this regard that recently enacted tax reform legislation relating to the taxation of carried interest provide for a lower capital gains tax rate in respect of investments held for at least three years. While the Investment Adviser generally intends to seek to maximize pretax returns for us as a whole, the Investment Adviser may nonetheless be incentivized, for example, to hold investments longer to ensure long-term capital gains treatment and/or realize investments prior to any change in law that results in a higher effective income tax rate on its incentive fees.

*Other Fees* 

The Investment Adviser or its affiliates may from time to time receive compensation from a company in which we hold a portfolio investment, including monitoring fees, financial arranging services, loan administration or servicing, break-up fees, directors' fees and/or other similar advisory fees (collectively, "Transaction Fees"). To the extent the Investment Adviser or its

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

affiliates receive any transaction fees, the base management fee (and, if necessary, the incentive fee) shall be reduced by the allocable portion of such fees attributable to us, as determined pro rata based on the amount of capital committed to the relevant portfolio investment by us, any other funds or accounts managed by the Investment Adviser and its affiliates and/or any account owned or controlled by the Investment Adviser or an affiliate. Transaction fees shall not include any salary, benefits, directors' fees, stock options and other compensation granted or paid by portfolio companies to (i) senior advisors for serving in portfolio company roles (and New Mountain may reduce the compensation paid by the manager to senior advisors who serve in portfolio company roles) or (ii) other New Mountain personnel in respect of services performed in an executive management role at a portfolio company during a period in which such other personnel was not an employee of New Mountain.

Moreover, New Mountain and its personnel can be expected to receive certain intangible and/or other benefits and/or perquisites arising or resulting from their activities on our behalf which will not be subject to the management fee offset or otherwise shared with us, our unitholders and/or the portfolio companies. For example, airline travel or hotel stays incurred as Company expenses typically result in "miles" or "points" or credit in loyalty/status programs, and such benefits and/or amounts will, whether or not de minimis or difficult to value, inure exclusively to New Mountain and/or such personnel (and not us, our unitholders and/or the portfolio companies) even though the cost of the underlying service is borne by us and/or the portfolio companies.

*Allocations of Investment Opportunities* 

The Investment Adviser and its affiliates may also manage other accounts in the future that may have investment mandates that are similar, in whole and in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other accounts. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other accounts. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures.&nbsp;&nbsp;&nbsp;&nbsp;

It is the policy of the Investment Adviser to allocate investment opportunities to us and to any other accounts on a fair and equitable basis, to the extent practicable and in accordance with our or other accounts' applicable investment strategies, over a period of time, in each case, in accordance with the Investment Adviser's allocation policy.

In respect of certain investments where terms other than price are subject to negotiation, we are only able to co-invest with other accounts in accordance with the terms of the exemptive order issued by the SEC on May 13, 2025 (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on October 8, 2019, as amended on August 30, 2022. Pursuant to such Exemptive Order, we are generally permitted to co-invest in certain negotiated transactions with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the board of directors make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where an affiliate of ours has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis or is a sale of a tradeable security. Pursuant to the Exemptive Order, the board of directors oversees the Company's participation in the co-investment program.

As a result, we may be forced to forego certain investment or disposition opportunities that would otherwise be attractive for us to the extent co-investment is not permitted under the 1940 Act or the Exemptive Order.

Where the terms of the Exemptive Order are met, including consent of the Board and the board of any other Regulated Fund (as defined in the Exemptive Order) participating in the transaction, or in respect of investment opportunities where the only term negotiated is price, we may typically invest alongside other accounts in accordance with the terms of the Investment Adviser's allocation policy.

The Investment Adviser has no obligation to purchase or sell a security for, enter into a transaction on behalf of, or provide an investment opportunity to, us or other accounts solely because the Investment Adviser or its affiliates purchase or sell the same security for, enter into a transaction on behalf of, or provide an opportunity to, another account or us if, in its reasonable opinion, such security, transaction or investment opportunity does not appear to be suitable, practicable or desirable for us or the other account.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

*Co-Investments* 

The Investment Adviser and its affiliates may, from time to time, subject to applicable law and the conditions of the Exemptive Order, offer one or more unitholders or investors in other accounts and/or other third-party investors the opportunity to co-invest with us in particular investments, including through one or more co-mingled funds designed for co-investment with us. Except as otherwise agreed with any individual unitholders, the Investment Adviser and its affiliates are not obligated to arrange co-investment opportunities, and no unitholders will be obligated to participate in such an opportunity. The Investment Adviser and its affiliates have sole discretion as to the amount (if any) of a co-investment opportunity that will be allocated to particular unitholders or vehicles in which unitholders participate and may allocate co-investment opportunities instead to investors in other accounts or to third parties. The Investment Adviser or its affiliates may receive fees and/or allocations from co-investors, which may differ as among co-investors (and certain co-investors or co-investment vehicles may not be charged any fees), and also may differ from the fees borne by us.

*Allocation of Personnel* 

The Investment Adviser shall cause its personnel to devote such time as shall be reasonably necessary to conduct our business affairs in an appropriate manner. New Mountain personnel, including those responsible for our affairs, have commitments to, and may work on other projects unrelated to, us. Such personnel may also (i) serve as members of the boards of directors of various public and private companies other than portfolio companies and retain fees for such services for such person's own account, (ii) engage in such civic, trade association (or similar organization), industry and charitable activities as such person shall choose, (iii) conduct and manage such person's personal and family investment and related activities and (iv) engage in any other activities not prohibited by the A&R LLC Agreement. Conflicts may arise as a result of such other activities and in allocating management time services and functions. The possibility exists that such companies could engage in transactions which would be suitable for us, but in which we might be unable to invest. See also "*Item 1A. Risk Factors—Certain General Risks of an Investment in our Units—Role of New Mountain and its Professionals; No Dedicated Investment Team*" in this Annual Report on Form 10-K.

*Conflicts Related to Portfolio Investments* 

Officers, employees and senior advisors of New Mountain may serve, and certain unitholders may serve, as directors of certain portfolio investments and, in that capacity, will be required to make decisions that consider the best interests of such portfolio investment and its shareholders. In certain circumstances, for example in situations involving bankruptcy or near-insolvency of a portfolio company, actions that may be in the best interest of the portfolio investment may not be in our best interests, and vice versa. Accordingly, in these situations, there will be conflicts of interest between such individual's duties as an officer or employee of New Mountain, or as a unitholder, and such individual's duties as a director of the portfolio company. A portfolio company may enter into transactions with another portfolio company or a portfolio company of another New Mountain product. If an issuer in which the Company and a New Mountain-managed or sponsored fund or other investment vehicle hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including conflicts over proposed waivers and amendments to debt covenants and other terms).

*Diverse Unitholder Group* 

The unitholders are expected to be based in a wide variety of jurisdictions and take a wide variety of forms. The unitholders may have conflicting regulatory, investment, tax and other interests with respect to their investments in us. The conflicting interests of individual unitholders with respect to other unitholders and relative to investors in other investment vehicles may relate to or arise from, among other things, the nature of portfolio investments made by us and other such partnerships, the selection, structuring, acquisition and management of portfolio investments, the timing of disposition of portfolio investments, internal investment policies of the Investment Adviser and unitholders and target risk/return profiles of unitholders. As a consequence, conflicts of interest may arise in connection with the decisions made by the Investment Adviser, including with respect to the nature or structuring of portfolio investments that may be more beneficial for one investor than for another investor, especially with respect to investors' individual tax situations. In addition, we may make portfolio investments which have a negative impact on related investments made by the unitholders in separate transactions. In selecting and structuring portfolio investments appropriate for us, the Investment Adviser will generally consider our investment and tax objectives and our unitholders as a whole, and not the investment, tax or other objectives of any unitholder individually. In addition, certain unitholders may also be limited partners in other New Mountain funds, including co-investment vehicles that may invest alongside us in one or more investments. It is also possible that we or our portfolio companies may be counterparties (such counterparties dealt with on an arm's-length basis) or participants in agreements, transactions, or other arrangements with a unitholder or an affiliate of a unitholder. Such unitholders described in the previous two sentences may therefore have different information about New Mountain and us than unitholders not similarly positioned.

Certain unitholders have representatives on the advisory committee. The advisory committee has a role in certain matters regarding the Company, including with respect to certain conflicts of interest, in each case as provided in the Amended and Restated Limited Liability Company Agreement. Members of the advisory committee may have various business and other

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

relationships with New Mountain and its affiliates (and may be investors in, and/or serve on similar committees of other New Mountain funds or arrangements, including those engaged in transactions with us). The presence of these other relationships may influence their decisions as members of the advisory committee.

*Joint Venture Partners* 

In certain instances, the Investment Adviser may seek to make portfolio investments involving one or more joint venture partners, and joint venture partners and other third parties may co-invest with us with respect to certain investments. There can be no assurance that New Mountain's relationship with any existing joint venture partners will continue or that suitable joint venture partners will be found with respect to our investments. To the extent a dispute arises between New Mountain and such joint venture partners, our portfolio investments relating thereto may be affected.

***Investments by New Mountain Principals and Employees in Us and Other Accounts***

The New Mountain principals and employees may choose to personally invest, directly and/or indirectly, in us. Investments by the New Mountain principals and employees in us could incentivize the principals and employees to increase or decrease our risk profile.

***Investments in Securities by Adviser Personnel***

The New Mountain Code of Ethics places restrictions on personal trades by employees, including that they disclose their personal securities holdings and transactions to New Mountain on a periodic basis, and requires that employees pre-clear certain types of personal securities transactions. The Investment Adviser, its affiliates and their respective employees may give advice or take action for their own accounts that may differ from, conflict with or be adverse to advice given or action taken for us.

***Investments in Debt Obligations of Issuers***

Issuers of debt obligations in which we invests may agree to pay for some expenses that would otherwise be expenses of the Investment Adviser, including, without limitation, administrative and overhead expenses. While the Investment Adviser will act in a manner consistent with its fiduciary duties to us, payments of such expenses by such issuers may present a conflict of interest.

***Allocation of Expenses Among Accounts and Co-Investors***

The Investment Adviser seeks to fairly allocate expenses among the accounts, including us, and any co-investors. Generally, accounts and co-investors that own an investment share in expenses related to such investment, including expenses originally charged solely to any account. However, it is not always possible or reasonable to allocate or re-allocate expenses to a co-investor, depending upon the circumstances surrounding the applicable investment (including the timing of the investment) and the financial and other terms governing the relationship of the co-investor to the accounts with respect to the investment, and, as a result, there may be occasions where co-investors do not bear a proportionate share of such expenses. In addition, where a potential investment is contemplated but ultimately not consummated, potential co-investors generally will not share in any expenses related to such potential investment, including expenses borne by any account with respect to such potential investment. Similarly, there may be circumstances when New Mountain has considered a potential equity investment in a portfolio company on behalf of an account, has determined not to make such equity investment and a debt investment is eventually made in such portfolio company by us, other New Mountain credit funds, or other investment vehicles sponsored by New Mountain. In these circumstances, we, such other New Mountain credit funds, or such other vehicles may benefit from research by New Mountain's investment team and/or from costs borne by the applicable account in pursuing the potential portfolio investment, but will not be required to reimburse such account for expenses incurred in connection with such investment.

***Cross Transactions***

To the extent permitted by the 1940 Act, including Rule 17a-7 thereunder, the Investment Adviser may determine that it would be in our best interests and one or more other accounts to transfer a security from one account to another (each such transfer, a "Cross Transaction") for a variety of reasons, including, without limitation, tax purposes, liquidity purposes, to rebalance the portfolios of the accounts, or to reduce transaction costs. If the Investment Adviser decides to engage in a Cross Transaction, the Investment Adviser will determine that the trade is in the best interests of both of the accounts involved, take steps to ensure that the transaction is consistent with the duty to obtain best execution for each of those accounts and confirm that the transaction is consistent with the requirements set forth in Rule 17a-7.

Among other things, one or more of our subsidiaries may offer to other accounts participations in and/or assignments or sales of loans (or interests therein) that the subsidiaries have originated or purchased. In the event of such an offer, the price of the participation, assignment or sale will be based on the current market price or readily available market quotation of such loans

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

and ascertained in a manner required by the 1940 Act. Further, the decision by such other accounts to accept or reject the relevant subsidiary's offer will be made by a party independent of the Investment Adviser, such as a loan acquisition committee.

***Principal Transactions***

To the extent that Cross Transactions may be viewed as principal transactions as such term is used under the Investment Advisers Act of 1940, as amended (the "Advisers Act") due to the ownership interest in an account by the Investment Adviser or its personnel, the Investment Adviser will comply with the requirements of Section 206(3) of the Advisers Act. In connection with principal transactions, Cross Transactions, related-party transactions and other transactions and relationships involving potential conflicts of interest, the Investment Adviser will consult with the Board on such Cross Transactions; provided that the Investment Adviser will not consult with the Board or the unitholders for the sale of a loan to, or the purchase of a loan from, other accounts that are not principal accounts. Cross Transactions may be made when the Investment Adviser determines that it is in our best interests and other accounts' to effectuate such trades. The Board may be consulted prior to or contemporaneous with, or subsequent to, the consummation of a Cross Transaction. In no event will any such transaction be entered into unless it complies with applicable law. The Board may be exculpated and indemnified by us.

***Proxy Voting Policy***

In compliance with Rule 206(4)-6 under the Advisers Act, the Investment Adviser has adopted proxy voting policies and procedures. The general policy is to vote proxy proposals, amendments, consents or resolutions (collectively, "Proxies") in the best interests of its clients.

Because our investment program primarily involves investing through privately negotiated transactions, the Investment Adviser typically is not presented with traditional Proxy votes.

On the rare occasion we are asked to decide on matters involving voting our ownership interest in a portfolio investment, the Investment Adviser will seek to vote our Proxies in our best interest. It will review on a case-by-case basis each proposal submitted for a unitholder vote to determine its impact on the portfolio securities held by us. Although the Investment Adviser will generally vote against proposals that may have a negative impact on our portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

The Proxy voting decisions of the Investment Adviser are made by the senior officers who are responsible for monitoring our investments. To ensure that our vote is not the product of a conflict of interest, we will require that: (a) anyone involved in the decision-making process disclose to our CCO any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a Proxy vote; and (b) employees involved in the decision-making process or vote administration are prohibited from revealing how the Investment Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

The Investment Adviser has identified one potential conflict of interest between our interests and its own arising from its Proxy voting process. From time to time, the Investment Adviser may be in a position where it must vote to approve certain directors' participation on the boards of public companies in which we invest. Since the Investment Adviser's employees are permitted to participate on public company boards (upon notification to, or approval by, our CCO, as applicable) there may be situations where the Investment Adviser has a decision as to whether to vote in favor of, or against, a public company director that is also compensated as an employee. If the Investment Adviser determines that it may have, or is perceived to have, a conflict of interest when voting Proxies, the Investment Adviser will either (i) convene a Proxy voting committee to address conflicts or (ii) refrain from voting when doing so is in our best interest.

***The Investment Adviser Has Different Compensation Arrangements with Other Accounts***

The Investment Adviser could be subject to a conflict of interest because varying compensation arrangements among us and other accounts could incentivize the Investment Adviser to manage us and such other accounts differently. These and other differences could make us less profitable to the Investment Adviser than certain other accounts.

***Service Providers***

The service providers or their affiliates (including any administrators, lenders, brokers, attorneys, consultants, accountants, appraisers, valuation experts, tax advisors, servicers, asset managers and investment banking firms) of us, New Mountain or any of their affiliates may also provide goods or services to or have business, personal, political, financial or other relationships with New Mountain, the Investment Adviser or their affiliates. Such service providers may be investors in us, affiliates of the Investment Adviser and/or sources of investment opportunities and co-investors or counterparties therewith. These relationships may influence the Investment Adviser in deciding whether to select or recommend such a service provider to perform services for us or a portfolio company or to have other relationships with New Mountain. Notwithstanding the foregoing, investment transactions for us that require the use of a service provider will generally be allocated to service providers on the basis of best execution, the evaluation of which includes, among other considerations, such service provider's provision of certain investment-related services and research that the Investment Adviser believes to be of benefit to us. Additionally,

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

misconduct by service providers (such as the improper use or disclosure of confidential information which could result in litigation or serious financial harm by limiting our business prospects or future activities), which we may not be able to detect and prevent, could cause significant losses to us.

***Our Self-Administration***

The Administrator, solely or through the use of any third party sub-administrator, may provide all or any part of fund administration services (including the valuation of our assets) to us. Any costs for providing these services will not be included in the management fee and would be paid separately by us. The Investment Adviser's ability to determine the fund administration fee the Administrator receives from us creates a conflict of interest. The Investment Adviser addresses this conflict by reviewing its fund administration fee as the Investment Adviser believes is appropriate to ensure that it is fair and comparable to equivalent services that could be performed by a non-affiliated third party, at a rate negotiated on an arm's length basis.

***Brokerage Arrangements***

Depending upon market conditions and the types of financial instruments purchased and sold by us, we may or may not utilize broker-dealers. To the extent that we effect any transaction through a broker-dealer, we may elect to use one or more prime brokers or other broker-dealers for our transactions. We generally do not expect to enter into transactions in which commissions are charged, but in the event of any commission-based transaction, we will attempt to negotiate the lowest available commission rates commensurate with the particular services provided in connection with the transaction. Consequently, we may select broker-dealers that charge a higher commission or fee than another broker-dealer would have charged for effecting the same transaction. The selection of a broker-dealer will be made on the basis of best execution as determined by the Investment Adviser in its sole discretion, taking into consideration a number of factors, which may include, among others, commission rates, reliability, financial responsibility, strength of the broker-dealer and the ability of the broker-dealer to efficiently execute transactions, the broker-dealer's facilities, and the broker-dealer's provision or payment of the costs of research and other services or property that will be of benefit to us, the Investment Adviser, or other accounts to which the Investment Adviser or any of its affiliates provides investment services.

In addition, the Investment Adviser may be influenced in its selection of broker-dealers by their provision of other services, including but not limited to capital introduction, marketing assistance, information technology services, operations and operating equipment and other services or items. Such execution services, research, investment opportunities or other services may be deemed to be "soft dollars." In the event that the Investment Adviser enters into "soft dollar" arrangements, it will do so within the "safe harbor" of Section 28(e) of the Commodity Exchange Act, as amended.

***Research and Other Soft Dollar Benefits***

New Mountain has no written, third party "soft dollar" arrangement with any broker-dealer at present, but it may utilize both third party and proprietary research and cause us or other New Mountain products to pay commissions (or markups or markdowns) higher than those charged by other broker dealers in return for proprietary soft dollar benefits. In so doing, New Mountain has an incentive to select or recommend the broker-dealer based on its interest in receiving research or other products or services because New Mountain would not have to pay for such research or services directly.

We or other New Mountain products may and will bear more or less of the costs of "soft dollar" or other research than other New Mountain products who benefit from such products or services. These research products or services may and will also benefit and be used to assist other New Mountain products. In addition, research generated for New Mountain's credit strategy will be used to benefit other New Mountain investment strategies and vice versa.

In the event that New Mountain does enter into a "soft dollar" arrangement, the following policy will apply to New Mountain's "soft dollar" practices:

In selecting a broker for any transaction or series of transactions, New Mountain may consider a number of factors. Where best execution may be obtained from more than one broker, New Mountain may purchase and sell securities through brokers that provide research, statistical and other information, although not all funds may in every instance be the direct beneficiaries of the research services provided. Research furnished by brokers may include, but is not limited to, information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance analysis and analysis of corporate responsibility issues. Such research services are received primarily in the form of written reports, telephone contacts and personal meetings with security analysts.

***Outside Statements***

The Investment Adviser and its affiliates and employees have made, and may in the future make, oral and written statements or expressions of intent or expectation to investors in us or their affiliates or acknowledge statements by such persons ("Outside Statements") regarding our or New Mountain's activities pertaining thereto. These may include, for example, the

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

anticipated or expected allocation and terms of co-investment opportunities, the anticipated or expected allocation of investment opportunities to us generally and other topics often addressed in legally binding side letters. Although such Outside Statements are not legally binding, such Outside Statements may influence allocation and other decisions of the Investment Adviser and its affiliates and employees with respect to our operations and investment activities and may influence a prospective investor's decision as to whether to invest in us.

The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in us. Prospective investors should read our offering documents and consult with their own advisors before deciding whether to invest in us. In addition, as our investment program develops and changes over time, an investment in us may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.

**Certain Business Relationships** 

Certain of our current directors and officers are directors or officers of the Investment Adviser.

In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, us, companies controlled by us and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek board review and approval or exemptive relief for such transaction. Our Board reviews these procedures on a quarterly basis.

We have adopted the Code of Ethics which applies to, among others, our senior officers, including our chief executive officer and chief financial officer, as well as all of our officers, directors and employees. Our Code of Ethics requires that all employees and directors avoid any conflict, or the appearance of a conflict, between an individual's personal interests and our interests. Pursuant to such Code of Ethics, each employee and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict, to our CCO.

**Director Independence**

Pursuant to Section 56 of the 1940 Act, a majority of a BDC's board of directors must be comprised of persons who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the BDC or any of its affiliates.

Consistent with these considerations, after review of all relevant transactions and relationships between each director, or any of his or her family members, and us, the Investment Adviser, or of any of their respective affiliates, the Board has determined that Messrs. Hébert, Ogens and Arnold qualify as Independent Directors. Each director who serves on the audit committee is an Independent Director for purposes of Rule 10A-3 under the Exchange Act.

**Indebtedness of Management** 

None.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services**

Deloitte & Touche LLP served as our independent registered public accounting firm for the fiscal year ended December 31, 2025, and the audit committee and the Independent Directors of our Board have selected Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2026.

Deloitte & Touche LLP has advised us that neither the firm nor any present member or associate of it has any material financial interest, direct or indirect, in us or our affiliates.

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** |
| Audit Fees | $177500 | $115000 |
| Audit-Related Fees |  |  |
| Tax Fees | 38170 | 36700 |
| All Other Fees |  |  |
| **Total Fees** | $215670 | $151700 |

---

*Audit Fees*: Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and reviews of the financial statements filed with the SEC on Forms 10-K and 10-Q.

*Audit-Related Fees*: Audit-related services consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit Fees". These services include, among other things, providing comfort letters, consents and review of documents filed with the SEC, as well as attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

*Tax Services Fees*: Tax services fees consist of fees billed for professional tax services. These services also include assistance regarding federal, state, and local tax compliance.

*All Other Fees*: Other fees would include fees for products and services other than the services reported above.

**Pre-Approval Policies** 

The audit committee has established a pre-approval policy that describes the permitted audit, audit-related, consulting services and other services to be provided by Deloitte & Touche LLP. The policy requires that the audit committee pre-approve the audit, non-audit and consulting services performed by the independent auditors in order to assure that the provision of such services does not impair the auditors' independence.

Any requests for audit, audit-related, tax and other services that have not received general pre-approval must be submitted to the audit committee for specific pre-approval, irrespective of the amount, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the audit committee. However, the audit committee may delegate pre-approval authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee does not delegate its responsibilities to pre-approve services performed by the independent registered public accounting firm to management. For the fiscal year ended December 31, 2025, the audit committee pre-approved 100% of services described in this policy.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**PART IV**

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules**

**(a)Documents Filed as Part of this Report**

The following financial statements are set forth in Item 8:

---

| | |
|:---|:---|
| **New Mountain Guardian IV Income Fund, L.L.C** | |
| &nbsp;&nbsp;<u>[Statements of Assets, Liabilities and Members' Capital as of December 31, 2025 and December 31, 2024](#id5ad45031ae64adfb54a59506a66754e_94)</u> | <u>[73](#id5ad45031ae64adfb54a59506a66754e_94)</u> |
| &nbsp;&nbsp;<u>[Statements of Operations for the years ended December 31, 2025 and December 31,](#id5ad45031ae64adfb54a59506a66754e_97)[2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023](#id5ad45031ae64adfb54a59506a66754e_97)</u> | <u>[74](#id5ad45031ae64adfb54a59506a66754e_97)</u> |
| &nbsp;&nbsp;<u>[Statements of Changes in Members' Capital for the years ended December 31, 2025 and December 31, 2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023](#id5ad45031ae64adfb54a59506a66754e_100)</u> | <u>[75](#id5ad45031ae64adfb54a59506a66754e_100)</u> |
| &nbsp;&nbsp;<u>[Statements of Cash Flows for the years ended December 31, 2025 and December 31,](#id5ad45031ae64adfb54a59506a66754e_103)[2024 and for the period from May 24, 2023 (commencement of operations) to December 31, 2023](#id5ad45031ae64adfb54a59506a66754e_103)</u> | <u>[76](#id5ad45031ae64adfb54a59506a66754e_103)</u> |
| &nbsp;&nbsp;<u>[Schedule of Investments as of December 31, 2025](#id5ad45031ae64adfb54a59506a66754e_106)</u> | <u>[77](#id5ad45031ae64adfb54a59506a66754e_106)</u> |
| &nbsp;&nbsp;<u>[Schedule of Investments as of December 31, 202](#id5ad45031ae64adfb54a59506a66754e_115)[4](#id5ad45031ae64adfb54a59506a66754e_115)</u> | <u>[96](#id5ad45031ae64adfb54a59506a66754e_115)</u> |
| &nbsp;&nbsp;<u>[Notes to the Financial Statements of New Mountain Guardian IV Income Fund, L.L.C](#id5ad45031ae64adfb54a59506a66754e_121)</u> | <u>[112](#id5ad45031ae64adfb54a59506a66754e_121)</u> |

---

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**(b)Exhibits**

The following exhibits are filed as part of this Annual Report on Form 10-K or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Amended and Restated Limited Liability Company Agreement, dated as of May 23, 2023(](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/newmountainguardianivunl.htm)[5](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/newmountainguardianivunl.htm)[)](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/newmountainguardianivunl.htm)</u> |
| 3.2 | <u>[Amendment to the Amended and Restated Limited Liability Company Agreement dated as of July 10, 2023(](https://www.sec.gov/Archives/edgar/data/1976719/000110465923080746/tm2321143d1_ex3-2.htm)[3](https://www.sec.gov/Archives/edgar/data/1976719/000110465923080746/tm2321143d1_ex3-2.htm)[)](https://www.sec.gov/Archives/edgar/data/1976719/000110465923080746/tm2321143d1_ex3-2.htm)</u> |
| 3.3 | <u>[Amended and Restated Certificate of Formation, effective as of July 10, 2023(](https://www.sec.gov/Archives/edgar/data/1976719/000110465923080746/tm2321143d1_ex3-1.htm)[3](https://www.sec.gov/Archives/edgar/data/1976719/000110465923080746/tm2321143d1_ex3-1.htm)[)](https://www.sec.gov/Archives/edgar/data/1976719/000110465923080746/tm2321143d1_ex3-1.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit41-form10ax12ga1.htm)</u> |
| 4.2 | <u>[Description of Securities](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/nmg4income-12312023xex042.htm)</u> |
| 10.1 | <u>[Investment Advisory and Management Agreement between New Mountain Guardian IV Income Fund, L.L.C. and New Mountain Finance Adviser BDC, L.L.C., dated December 14, 2022(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit101-form10x12ga1.htm)</u> |
| 10.2 | <u>[Administration Agreement between New Mountain Guardian IV Income Fund, L.L.C. and New Mountain Finance Administration, L.L.C., dated December 14, 2022(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit102-form10x12ga1.htm)</u> |
| 10.3 | <u>[Trademark Agreement by and between New Mountain Guardian IV Income Fund, L.L.C. and New Mountain Capital, L.L.C., dated December 14, 2022(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit103-form10x12ga1.htm)</u> |
| 10.4 | <u>[Custodian Agreement between New Mountain Guardian IV Income Fund, L.L.C. and State Street Bank and Trust Company, dated May 15, 2023(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit104-form10x12ga1.htm)</u> |
| 10.5 | <u>[Expense Limitation and Reimbursement Agreement between New Mountain Guardian IV Income Fund, L.L.C. and New Mountain Finance Advisers BDC, L.L.C.(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit105-form10x12ga1.htm)</u> |
| 10.6 | <u>[Transfer Agency and Registrar Services Agreement between New Mountain Guardian IV Income Fund, L.L.C. and State Street Bank and Trust Company, dated May 15, 2023(1)](https://www.sec.gov/Archives/edgar/data/1976719/000162828023025241/exhibit106-form10x12ga1.htm)</u> |
| 10.7 | <u>[Uncommitted Revolving Loan Agreement between New Mountain Guardian IV Income Fund, L.L.C. and NMF Investments III, L.L.C., dated as of June 23, 2023(2)](https://www.sec.gov/Archives/edgar/data/1976719/000110465923076322/tm2320013d1_ex10-1.htm)</u> |
| 10.10 | <u>[Fee Waiver Letter Agreement, dated December 18, 2023, delivered pursuant to the Investment Advisory and Management Agreement by and between New Mountain Guardian IV Income Fund, L.L.C. and New Mountain Finance Advisers BDC, L.L.C.(](https://www.sec.gov/Archives/edgar/data/1976719/000110465923128800/tm2333542d1_ex10-1.htm)[4](https://www.sec.gov/Archives/edgar/data/1976719/000110465923128800/tm2333542d1_ex10-1.htm)[)](https://www.sec.gov/Archives/edgar/data/1976719/000110465923128800/tm2333542d1_ex10-1.htm)</u> |
| 10.13 | <u>[Amended and Restated Custodian Agreement between New Mountain Guardian IV Income Fund, L.L.C. and State Street Bank Trust Company, dated December 3, 2024](https://www.sec.gov/Archives/edgar/data/1925531/000192553125000004/nm-bdcamendedrestatedmas.htm)[(6)](https://www.sec.gov/Archives/edgar/data/1925531/000192553125000004/nm-bdcamendedrestatedmas.htm)</u> |
| 10.14 | <u>[Loan and Security Agreement, dated as of January 15, 2026, by and among New Mountain Guardian IV Income Fund SPV, L.L.C., as borrower, New Mountain Guardian IV Income Fund, L.L.C., as seller, equityholder, and collateral manager, Wells Fargo Bank, National Association, as administrative agent and swingline lender, and Western Alliance Trust Company, N.A., as collateral custodian\*](a01wells-newmountainguar.htm)</u> |
| 14.1 | <u>[Code of Ethics and Code of Business Conduct(](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/codeofethicsandcodeofbus.htm)[5](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/codeofethicsandcodeofbus.htm)[)](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/codeofethicsandcodeofbus.htm)</u> |
| 19.1 | <u>[Insider Trading Policy and Procedures(](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/appendixh-statementofpol.htm)[5](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/appendixh-statementofpol.htm)[)](https://www.sec.gov/Archives/edgar/data/1976719/000197671924000003/appendixh-statementofpol.htm)</u> |
| 21.1 | Subsidiaries of New Mountain Guardian IV Income Fund, L.L.C.: |
|  | &nbsp;&nbsp;New Mountain Guardian IV Income Fund SPV, L.L.C. (Delaware) |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended\*](nmg4income-12312025xex311.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended\*](nmg4income-12312025xex312.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)\*](nmg4income-12312025xex321.htm)</u> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)\*](nmg4income-12312025xex322.htm)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s (formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C) Pre-Effective Amendment No.1 to its Registration Statement on Form 10 (File No. 000-56554) filed on July 20, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Previously filed in connection with New Mountain Guardian IV Unlevered BDC, L.L,C,'s (now known as New Mountain Guardian IV Income Fund, L.L.C.) current report on Form 8-K filed on June 29, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s current report on Form 8-K filed on July 13, 2023.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s current report on Form 8-K filed on December 22, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s annual report on Form 10-K filed on March 5, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Previously filed in connection with New Mountain Guardian IV Income Fund, L.L.C.'s annual report on Form 10-K filed on March 5, 2025.

\* Filed herewith.

**Financial Statement Schedules**

No financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Form 10-K Summary**

None.

------

<u>[**Table of Contents**](#id5ad45031ae64adfb54a59506a66754e_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on March 5, 2026.

---

| | |
|:---|:---|
| NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. | NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. |
| By: | /s/ JOHN R. KLINE |
|  | John R. Kline<br>*President and Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **<u>SIGNATURE</u>** | **<u>SIGNATURE</u>** | **<u>TITLE</u>** | **<u>DATE</u>** |
| By: | /s/ JOHN R. KLINE | President, Chief Executive Officer (Principal Executive Officer) and Chairman of the Board of Directors | March 5, 2026 |
|  | John R. Kline | President, Chief Executive Officer (Principal Executive Officer) and Chairman of the Board of Directors | March 5, 2026 |
| By: | /s/ KRIS CORBETT | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | March 5, 2026 |
|  | Kris Corbett | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | March 5, 2026 |
| By: | /s/ ADAM B. WEINSTEIN | Executive Vice President and Director | March 5, 2026 |
|  | Adam B. Weinstein | Executive Vice President and Director | March 5, 2026 |
| By: | /s/ ROME G. ARNOLD III | Director | March 5, 2026 |
|  | Rome G. Arnold III | Director | March 5, 2026 |
| By: | /s/ DANIEL B. HÉBERT | Director | March 5, 2026 |
|  | Daniel B. Hébert | Director | March 5, 2026 |
| By: | /s/ DAVID OGENS | Director | March 5, 2026 |
|  | David Ogens | Director | March 5, 2026 |

---

## Exhibit 10.14

![](a01wells-newmountainguar001.jpg)

EXECUTION VERSION 4147-5771-6068.5 Up To U.S. $50,000,000 LOAN AND SECURITY AGREEMENT by and among NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., as the Collateral Manager NEW MOUNTAIN GUARDIAN IV INCOME FUND SPV, L.L.C., as the Borrower NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., as the Equityholder and as the Seller EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as the Lenders WELLS FARGO BANK, NATIONAL ASSOCIATION, (Swingline Lender) WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent and WESTERN ALLIANCE TRUST COMPANY, N.A., as the Collateral Custodian Dated as of January 15, 2026 **TABLE OF CONTENTS** Page i 4147-5771-6068.5 ARTICLE I. DEFINITIONS ......................................................................................................... 2 Section 1.1. Certain Defined Terms ............................................................................ 2 Section 1.2. Other Terms ........................................................................................... 56 Section 1.3. Computation of Time Periods ............................................................... 56 Section 1.4. Interpretation ......................................................................................... 57 ARTICLE II. THE FACILITY .................................................................................................... 59 Section 2.1. Advances ............................................................................................... 59 Section 2.2. Procedures for Advances by the Lenders .............................................. 60 Section 2.3. Reduction of the Facility Amount; Optional Repayments .................... 62 Section 2.4. Determination of Interest and Non-Usage Fee ...................................... 64 Section 2.5. Exchange Rates; Currency Equivalents; Daily Simple RFR Advances ............................................................................................... 64 Section 2.6. Principal Repayments ............................................................................ 65 Section 2.7. Settlement Procedures ........................................................................... 65 Section 2.8. Alternate Settlement Procedures ........................................................... 68 Section 2.9. Collections and Allocations ................................................................... 69 Section 2.10. Payments, Computations, Etc ................................................................ 72 Section 2.11. Fees ........................................................................................................ 72 Section 2.12. Increased Costs; Capital Adequacy; Illegality ...................................... 73 Section 2.13. Taxes ...................................................................................................... 75 Section 2.14. Discretionary Sales ................................................................................ 79 Section 2.15. Assignment of the Sale Agreement ....................................................... 80 Section 2.16. Effect of Benchmark Transition Event .................................................. 80 Section 2.17. Refunding of Swingline Advances ........................................................ 82 Section 2.18. Mitigation Obligations; Replacement of Lenders ................................. 83 Section 2.19. Defaulting Lenders ................................................................................ 84 ARTICLE III. CONDITIONS TO CLOSING AND ADVANCES ............................................ 86 Section 3.1. Conditions to Closing and Initial Advance ........................................... 86 Section 3.2. Conditions Precedent to All Advances and Reinvestments .................. 88 Section 3.3. Custodianship; Transfer of Loans and Permitted Investments .............. 90 ARTICLE IV. REPRESENTATIONS AND WARRANTIES ................................................... 92 Section 4.1. Representations and Warranties of the Borrower .................................. 92 Section 4.2. Representations and Warranties of the Borrower Relating to the Agreement and the Collateral .............................................................. 101 Section 4.3. Representations and Warranties of the Collateral Manager ................ 102 Section 4.4. Representations and Warranties of the Collateral Custodian .............. 105 Section 4.5. Representations and Warranties of the Seller ...................................... 106 ARTICLE V. GENERAL COVENANTS ................................................................................. 106 Section 5.1. Affirmative Covenants of the Borrower .............................................. 106 Section 5.2. Negative Covenants of the Borrower .................................................. 112 **TABLE OF CONTENTS** (continued) Page ii 4147-5771-6068.5 Section 5.3. Affirmative Covenants of the Collateral Manager .............................. 115 Section 5.4. Negative Covenants of the Collateral Manager ................................... 119 Section 5.5. Affirmative Covenants of the Collateral Custodian ............................ 120 Section 5.6. Negative Covenants of the Collateral Custodian ................................. 120 Section 5.7. Covenants of the Seller ........................................................................ 120 ARTICLE VI. COLLATERAL MANAGEMENT ................................................................... 121 Section 6.1. Designation of the Collateral Manager ................................................ 121 Section 6.2. Duties of the Collateral Manager ........................................................ 121 Section 6.3. Authorization of the Collateral Manager ............................................. 123 Section 6.4. Collection of Payments; Accounts ...................................................... 123 Section 6.5. Realization Upon Defaulted or Delinquent Loans .............................. 125 Section 6.6. [Reserved] ............................................................................................ 125 Section 6.7. Payment of Certain Expenses by Collateral Manager ......................... 125 Section 6.8. Reports ................................................................................................. 125 Section 6.9. Annual Statement as to Compliance .................................................... 127 Section 6.10. The Collateral Manager Not to Resign ................................................ 127 Section 6.11. Collateral Manager Defaults ................................................................ 127 ARTICLE VII. THE COLLATERAL CUSTODIAN ............................................................... 128 Section 7.1. Designation of Collateral Custodian ................................................... 128 Section 7.2. Duties of Collateral Custodian ............................................................ 128 Section 7.3. Merger or Consolidation ...................................................................... 132 Section 7.4. Collateral Custodian Compensation .................................................... 133 Section 7.5. Collateral Custodian Removal ............................................................. 133 Section 7.6. Limitation on Liability ........................................................................ 133 Section 7.7. Resignation of the Collateral Custodian .............................................. 135 Section 7.8. Release of Documents ......................................................................... 136 Section 7.9. Return of Underlying Instruments ....................................................... 136 Section 7.10. Access to Certain Documentation and Information Regarding the Collateral; Audits ................................................................................. 137 ARTICLE VIII. SECURITY INTEREST ................................................................................. 138 Section 8.1. Grant of Security Interest .................................................................... 138 Section 8.2. Release of Lien on Collateral .............................................................. 139 Section 8.3. Further Assurances .............................................................................. 139 Section 8.4. Remedies ............................................................................................. 139 Section 8.5. Waiver of Certain Laws ....................................................................... 140 Section 8.6. Power of Attorney ............................................................................... 140 ARTICLE IX. EVENTS OF DEFAULT ................................................................................... 141 Section 9.1. Events of Default ................................................................................. 141 Section 9.2. Remedies ............................................................................................. 143 **TABLE OF CONTENTS** (continued) Page iii 4147-5771-6068.5 ARTICLE X. INDEMNIFICATION ......................................................................................... 144 Section 10.1. Indemnities by the Borrower ............................................................... 144 Section 10.2. Indemnities by the Collateral Manager ............................................... 147 Section 10.3. Taxes .................................................................................................... 148 ARTICLE XI. THE ADMINISTRATIVE AGENT .................................................................. 149 Section 11.1. Appointment ........................................................................................ 149 Section 11.2. Exculpatory Provisions ........................................................................ 149 Section 11.3. Administrative Agent's Reliance, Etc ................................................. 150 Section 11.4. Credit Decision with Respect to the Administrative Agent ................ 151 Section 11.5. Indemnification of the Administrative Agent ...................................... 151 Section 11.6. Successor Administrative Agent ......................................................... 152 Section 11.7. Delegation of Duties ............................................................................ 152 Section 11.8. Payments by the Administrative Agent ............................................... 152 Section 11.9. Collateral Matters ................................................................................ 153 Section 11.10. Erroneous Payments ............................................................................ 153 ARTICLE XII. MISCELLANEOUS ......................................................................................... 155 Section 12.1. Amendments and Waivers ................................................................... 155 Section 12.2. Notices, Etc .......................................................................................... 157 Section 12.3. Ratable Payments ................................................................................ 157 Section 12.4. No Waiver; Remedies .......................................................................... 158 Section 12.5. Binding Effect; Benefit of Agreement ................................................ 158 Section 12.6. Term of this Agreement ....................................................................... 158 Section 12.7. Governing Law; Waiver of Jury Trial ................................................. 158 Section 12.8. Consent to Jurisdiction; Waiver of Objection to Venue; Waivers ...... 158 Section 12.9. Costs and Expenses ............................................................................. 159 Section 12.10. No Proceedings .................................................................................... 159 Section 12.11. Recourse Against Certain Parties ........................................................ 160 Section 12.12. Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances .............................................................. 161 Section 12.13. Confidentiality ..................................................................................... 162 Section 12.14. Execution in Counterparts; Severability; Integration .......................... 164 Section 12.15. Waiver of Setoff .................................................................................. 164 Section 12.16. Status of Lenders; Assignments by the Lenders .................................. 164 Section 12.17. Heading and Exhibits .......................................................................... 166 Section 12.18. Intent of the Parties .............................................................................. 166 Section 12.19. Recognition of the U.S. Special Resolution Regimes ......................... 166

------

![](a01wells-newmountainguar002.jpg)

iv 4147-5771-6068.5 EXHIBITS EXHIBIT A-1 Form of Funding Notice EXHIBIT A-2 Form of Repayment Notice EXHIBIT A-3 Form of Reinvestment Notice EXHIBIT A-4 Form of Borrowing Base Certificate EXHIBIT A-5 Form of Approval Notice EXHIBIT B [Reserved] EXHIBIT C Form of Officer's Certificate as to Solvency EXHIBIT D Form of Officer's Closing Certificate EXHIBIT E Form of Release of Underlying Instruments EXHIBIT F Form of Certificate of Assignment EXHIBIT G [Reserved] EXHIBIT H [Reserved] EXHIBIT I Form of Joinder Supplement EXHIBIT J [Reserved] EXHIBIT K [Reserved] EXHIBIT L-1 Form of Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT L-2 Form of Tax Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT L-3 Form of Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT L-4 Form of Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT M Form of Loan Checklist SCHEDULES SCHEDULE I Legal Names SCHEDULE II Approved Broker Dealers and Approved Valuation Firms SCHEDULE III Loan List SCHEDULE IV Credit and Collection Policy SCHEDULE V Agreed-Upon Procedures SCHEDULE VI Closing Date Participation Interests ANNEXES ANNEX A Addresses for Notices ANNEX B Commitments 4147-5771-6068.5 LOAN AND SECURITY AGREEMENT THIS LOAN AND SECURITY AGREEMENT (as amended, modified, waived, supplemented, restated or replaced from time to time, this "Agreement") is made as of January 15, 2026, by and among: NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., a Delaware limited liability company, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"); NEW MOUNTAIN GUARDIAN IV INCOME FUND SPV, L.L.C., a Delaware limited liability company, as the borrower (the "Borrower"); NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., a Delaware limited liability company, as the equityholder (the "Equityholder") and as the seller (the "Seller"); EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a "Lender", collectively, the "Lenders"); WELLS FARGO BANK, NATIONAL ASSOCIATION, as the swingline lender (together with its successors and assigns in such capacity, the "Swingline Lender"); WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association ("Wells Fargo"), as the administrative agent hereunder (together with its successors and assigns in such capacity, the "Administrative Agent"); and WESTERN ALLIANCE TRUST COMPANY, N.A., not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). R E C I T A L S WHEREAS, the Borrower has requested that the Lenders provide Commitments and make Advances (each as defined below) from time to time prior to the Revolving Period End Date (as defined below) for the general business purposes of the Borrower; WHEREAS, the Borrower has requested that the Collateral Manager act as the collateral manager of the Borrower and manage the Collateral (as defined below); WHEREAS, the Borrower and the Lenders have requested the Collateral Custodian to act as Collateral Custodian hereunder, with all covenants and agreements made by the Borrower herein being for the benefit and security of the Secured Parties; and the Collateral Custodian is willing to accept the trusts created hereby; and 2 4147-5771-6068.5 WHEREAS, the Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein. NOW, THEREFORE, based upon the foregoing Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: ARTICLE I. DEFINITIONS Section 1.1. Certain Defined Terms. Certain capitalized terms used throughout this Agreement are defined in this Section 1.1. As used in this Agreement and its schedules, exhibits and other attachments, unless the context requires a different meaning, the following terms shall have the following meanings: "1940 Act": The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. "Account": Any of the Canadian Dollar Account, the Collateral Account, the Euro Account, the Australian Dollar Account, the GBP Account, the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account and any sub-accounts thereof reasonably deemed appropriate or necessary by the Securities Intermediary or the Administrative Agent for convenience in administering such accounts. "Accreted Interest": Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it accrues. "Accrual Period": With respect to (a) the first Payment Date, the period from and including the Closing Date to and including the Determination Date immediately preceding the first Payment Date, and (b) any subsequent Payment Date, the period from but excluding the Determination Date preceding the previous Payment Date to and including the Determination Date preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). "Administrative Agent": Wells Fargo, in its capacity as administrative agent, together with its successors and assigns, including any successor appointed pursuant to Section 11.6. "Administrative Expenses": All amounts (including indemnification payments) due or accrued and payable by the Borrower to any Person pursuant to any Transaction Document or otherwise required to be reimbursed by the Borrower, including, but not limited to, the Collateral Manager, the Independent Manager, any third party service provider to the Borrower, any Lender, the Administrative Agent or the Collateral Custodian, any Approved Broker Dealer or Approved Valuation Firm, accountants, agents and counsel of any of the foregoing for 3 4147-5771-6068.5 reasonable fees and expenses or any other Person in respect of any other reasonable fees, expenses, or other payments (including indemnification payments). "Advance": Each funding by the Lenders (including the Swingline Lender) hereunder (including each Loan Advance, each Swingline Advance and each advance made for the purpose of refunding the Swingline Lender for any Swingline Advances pursuant to Section 2.17(a)). "Advance Rate": With respect to (a) any Broadly Syndicated Loan, 70%, (b) any First Lien Middle Market Loan, 67.5%, (c) any Recurring Revenue Loan, 55%, (d) any First Lien Last Out Loan, 45% and (e) any Second Lien Loan, 25%. "Advances Outstanding": On any date of determination, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day; provided that, in each case, other than as explicitly set forth herein, if such Advances and repayments are denominated in an Alternative Currency, Advances Outstanding shall be measured in respect of the equivalent in Dollars of such amounts, determined by the Administrative Agent using the Spot Rate. "Affected Party": The Administrative Agent, each Lender, all assignees and participants of each Lender and any sub-agent of the Administrative Agent. "Affiliate": With respect to a Person, means any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, or is a director or officer of such Person; provided that, for purposes of determining whether any Loan is an Eligible Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this definition, "control," when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. "Aggregate Borrowing Base": As of any Measurement Date, an amount equal to the greater of (A) zero and (B) the least of: (a) an amount equal to (i) the product of (x) the Aggregate OLB on such date minus the Excess Concentration Amount on such date and (y) the Weighted Average Advance Rate, on such date, plus (ii) the amount on deposit in the Principal Collection Account on such date minus (iii) the greater of (x) zero and (y)(A) the Unfunded Exposure Equity Amount on such date minus (B) the amount on deposit in the Unfunded Exposure Account on such date; (b) an amount equal to (i) the Aggregate OLB on such date, minus (ii) the Required Minimum Equity Amount on such date, plus (iii) the amount on deposit in the Principal Collection Account on such date, minus (iv) the greater of (x) zero and (y) (A) the Unfunded Exposure Equity Amount on such date minus (B) the amount on deposit in the Unfunded Exposure Account on such date minus (v) the Excess Concentration Amount; and

------

![](a01wells-newmountainguar003.jpg)

4 4147-5771-6068.5 (c) an amount equal to (i) the Facility Amount as of such date, minus (ii) the greater of (x) zero and (y) (A) the Aggregate Unfunded Exposure Amount on such date, minus (B) the amount on deposit in the Unfunded Exposure Account on such date. "Aggregate OLB": On any date of determination, the sum of the OLBs of all Eligible Loans on such date. "Aggregate Unfunded Exposure Amount": On any date of determination, the sum of the Unfunded Exposure Amounts of all Loans included in the Collateral. "Agreement": The meaning specified in the Preamble. "Alternative Currency": Each Available Currency other than Dollars. "Alternative Currency Equivalent": Subject to Section 2.5, for any amount, at the time of determination thereof, with respect to any amount expressed in Dollars, the equivalent of such amount thereof in the applicable Alternative Currency as determined by the Administrative Agent in its sole discretion by reference to the most recent Spot Rate (as determined as of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. "Anti-Corruption Laws": (a) The U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anti- corruption laws, regulations or ordinances in any jurisdiction in which the Borrower, the Collateral Manager, the Equityholder, the Seller or any of their respective Subsidiaries is located or doing business. "Anti-Money Laundering Laws": Applicable Laws in any jurisdiction in which the Borrower, the Collateral Manager, the Equityholder, the Seller or any of their respective Subsidiaries is located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. "Applicable Exchange Rate": With respect to any Alternative Currency on any date of determination (x) for an actual currency exchange, the applicable currency-Dollar spot rate obtained by the Collateral Custodian through its FX desk at the time of such exchange, obtained upon the written direction of the Collateral Manager or (y) for all other purposes, the applicable currency-Dollar spot rate obtained by the Collateral Manager through customary banking channels on such date. "Applicable Law": For any Person or property of such Person, all existing and future laws, rules, regulations (including proposed, temporary and final tax regulations), statutes, treaties, codes, ordinances, permits, certificates, licenses and orders of, and interpretations by, any Governmental Authority which are applicable to such Person or property (including, without limitation, predatory lending laws, usury laws, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 5 4147-5771-6068.5 "Applicable Reference Rate": (a) With respect to any Advances denominated in Dollars, Daily Simple SOFR, (b) with respect to any Advances denominated in Canadian Dollars, Term CORRA for the applicable Interest Period, (c) with respect to any Advances denominated in GBP, Daily Simple SONIA or (d) with respect to any Advances denominated in Euros or Australian Dollars, the applicable Eurocurrency Rate for the applicable Interest Period. "Applicable Spread": 1.85% per annum; provided that, upon the occurrence and during the existence of an Event of Default (including the occurrence of the Termination Date) the Applicable Spread will increase by 2.00% per annum. "Approval Notice": A notice substantially in the form of Exhibit A-5 attached hereto, executed by the Administrative Agent, evidencing the approval of the Administrative Agent, in its sole discretion in accordance with clause (B) of the definition of "Eligible Loan", of the Loans to be added to the Collateral. "Approved Broker Dealer": (a) Each broker dealer listed on part I of Schedule II hereto and (b) any other financial institution designated as an "Approved Broker Dealer" by the Collateral Manager and reasonably acceptable to the Administrative Agent. "Approved Jurisdictions": Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Luxembourg, The Netherlands, Norway, Sweden, Switzerland, the United Kingdom, Australia and any other country added with the prior written consent of the Administrative Agent in its sole discretion. "Approved Valuation Firm": (a) Each valuation firm listed on part II of Schedule II hereto and (b) any other nationally recognized accounting firm or valuation firm approved by the Administrative Agent in its sole discretion. "Asset Rejection Percentage": The ratio of (a)(i) the number of Partially Eligible Loans submitted by the Borrower to the Administrative Agent to be included in the Collateral which are rejected by the Administrative Agent pursuant to clause (B) of the definition of "Eligible Loan" plus (ii) the number of Eligible Loans which are given an Assigned Value of less than 50% of their respective Purchase Price by the Administrative Agent pursuant to clause (a)(iii) of the definition of "Assigned Value" to (b) the total number of Partially Eligible Loans submitted by the Borrower to the Administrative Agent to be included in the Collateral; provided that, until fifteen (15) Partially Eligible Loans have been submitted to the Administrative Agent by the Borrower, the Asset Rejection Percentage shall be zero. "Assigned Value": (a) With respect to any Loan as of any date of determination and subject to the following clauses (b) through (f), the lowest of (i) 100%, (ii) the Purchase Price with respect to such Loan and (iii) the value (expressed as a percentage of par) of such Loan as determined by the Administrative Agent in its sole discretion as of the date upon which such Loan is acquired by the Borrower. For the avoidance of doubt, other than pursuant to clause (d) of the definition hereof, the "Assigned Value" of any Loan may not subsequently be adjusted absent a Value Adjustment Event with respect to such Loan or pursuant to the last paragraph of this definition of "Assigned Value". 6 4147-5771-6068.5 (b) If a Value Adjustment Event with respect to such Loan occurs, the "Assigned Value" may be amended at any time thereafter by the Administrative Agent, in its sole discretion (but subject to the following clauses). (c) If a Value Adjustment Event of the type described in clause (a) occurs with respect to any Loan other than a Recurring Revenue Loan and the Administrative Agent, in its sole discretion, chooses to reduce the applicable Assigned Value, then such Assigned Value shall not be lower than the lesser of (i) the Initial Assigned Value and (ii)(x) in the case of a Broadly Syndicated Loan, its Market Value or (y) otherwise, the value that would result in the Facility Attachment Ratio for such Loan being equal to or lower than the "Minimum Facility Attachment Ratio" specified therefor in accordance with the grids below: First Lien Loans Net Senior Leverage Ratio Minimum Facility Attachment Ratio Less than 4.25x 2.90x Greater than or equal to 4.25 and less than 5.00x 2.80x Greater than or equal to 5.00 and less than 6.00x 2.70x Greater than or equal to 6.00 and less than 7.00x 2.60x Greater than or equal to 7.00 and less than 8.00x 2.40x Greater than or equal to 8.00x 0.00x First Lien Last Out Loans Net Senior Leverage Ratio Minimum Facility Attachment Ratio Less than 5.00x Facility Attachment Ratio as of the date of acquisition of such Loan Greater than or equal to 5.00 and less than 6.00x Facility Attachment Ratio as of the date of acquisition of such Loan less 0.25x Greater than or equal to 6.00 and less than 7.00x Facility Attachment Ratio as of the date of acquisition of such Loan less 0.50x Greater than or equal to 7.00x 0.00x Second Lien Loans Total Leverage Ratio Minimum Facility Attachment Ratio Less than 5.00x Facility Attachment Ratio as of the date of acquisition of such Loan Greater than or equal to 5.00 and less than 6.00x Facility Attachment Ratio as of the date of acquisition of such Loan less 0.25x Greater than or equal to 6.00 and less than 7.00x Facility Attachment Ratio as of the date of acquisition of such Loan less 0.50x Greater than or equal to 7.00x 0.00x 7 4147-5771-6068.5 Designated Loans Total Leverage Ratio Minimum Facility Attachment Ratio Less than 6.00x Lesser of (x) the Facility Attachment Ratio as of the date of acquisition of such Loan and (y) 2.00x Greater than or equal to 6.00x 0.00x (d) At any time, the Borrower may request a revaluation of any Eligible Loan with an Assigned Value less than 100% and the Administrative Agent may adjust the applicable Assigned Value to the least of (i) the value determined by the Administrative Agent in its sole discretion (but not to be less than the existing Assigned Value), and (ii) 100%; provided that, any such increase in the applicable Assigned Value may be conditioned on a reset of the Original Cash Interest Coverage Ratio, the Original Net Senior Leverage Ratio, the Recurring Revenue Loan Gross Leverage Ratio or Original Total Leverage Ratio, as applicable, for such Eligible Loan. After the occurrence and during the continuation of an ongoing Value Adjustment Event, the Borrower may request, or the Administrative Agent may apply absent a Borrower request, an increase to the Assigned Value, up to the Initial Assigned Value; (e) The Assigned Value shall be zero for any Loan that is not an Eligible Loan; (f) The Assigned Value shall be zero for any Loan subject to mandatory repurchase by the Seller under the Sale Agreement; and (g) Following any reduction to the Assigned Value of a Loan pursuant to clause (a), (b), (c), (d), (e), (g) or (i) of the definition of "Value Adjustment Event" (the "Assigned Value Challengeable Events"), if the Borrower disagrees with the Administrative Agent's determination of the Assigned Value of such Loan, the Borrower may (at its expense) retain an Approved Valuation Firm during the applicable Assigned Value Challenge Cap Notice Period to value such Loan, and if the value determined by such Approved Valuation Firm is greater than the Administrative Agent's determination of the Assigned Value, such Approved Valuation Firm's valuation shall become the Assigned Value of such Loan; provided that (i) the Assigned Value of such Loan shall be the value assigned by the Administrative Agent until such Approved Valuation Firm has determined its value; (ii) the Borrower shall promptly notify the Administrative Agent that it has retained an Approved Valuation Firm to value such Loan, and such Approved Valuation Firm shall provide its value determination within fifteen (15) Business Days after the end of the applicable Assigned Value Challenge Cap Notice Period; (iii) in no event may the Assigned Value of any Loan determined by an Approved Valuation Firm exceed the applicable Assigned Value Challenge Cap; and (iv) the Borrower may only challenge such determination of its Assigned Value if, after giving effect to such challenge, the aggregate principal balance of Eligible Loans subject to such a challenge does not exceed 25.0% of the aggregate principal balance of Eligible Loans subject to Assigned Value Challengeable Events in the calendar quarter in which such challenge occurs (it being understood and agreed that all such calculations shall be based on the higher of the principal balance of the applicable Eligible Loans as of the first day of such quarter and the applicable calculation date).

------

![](a01wells-newmountainguar004.jpg)

8 4147-5771-6068.5 Any Assigned Value determined hereunder with respect to any Loan on any date after the date such Loan is transferred to the Borrower shall be communicated by the Administrative Agent to the Borrower, the Collateral Manager, the Collateral Custodian and the Lenders. "Assigned Value Challenge Cap": With respect to any Loan subject to a Value Adjustment Event, the Assigned Value that existed immediately prior to the start of the related Assigned Value Challenge Cap Notice Period. "Assigned Value Challenge Cap Notice Period": With respect to any Loan, the period commencing on the date that the Administrative Agent gives notice to the Borrower and the Collateral Manager of a reduction in the Assigned Value of such Loan pursuant to clause (a), (b), (c), (d), (e), (g) or (i) of the definition of "Value Adjustment Event" and ending on the date that is thirty (30) days following notice of such reduction. "Assigned Value Challengeable Events": The meaning specified in the definition of "Assigned Value". "Australian Dollar Borrowing Base": As of any Measurement Date, an amount equal to the greater of (i) zero and (ii) the aggregate sum of (a) the sum of the products, for each Eligible Loan denominated in Australian Dollars as of such date, of (A) the OLB of each such Eligible Loan as of such date and (B) 85.0%, plus (b) the amount of Australian Dollars that are Principal Collections on deposit in the Australian Dollar Account as of such date, minus (c) the greater of (x) zero and (y)(i) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Australian Dollars minus (ii) the amount of Australian Dollars that are Unfunded Exposure Collections on deposit in the Australian Dollar Account. "Australian Dollar Account": Collectively, each Securities Account and any sub- accounts created and maintained on the books and records of the Collateral Custodian for the deposit of Australian Dollars in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Australian Dollars": The lawful currency for the time being of Australia. "Available Currency": Dollars, Canadian Dollars, Euros, Australian Dollars and GBP. "Available Tenor": As of any date of determination and with respect to any then-current Benchmark for any Available Currency, as applicable, if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 2.16(d). "Availability": As of any day, an amount equal to the excess, if any, of (i) the Aggregate Borrowing Base minus (ii) the Advances Outstanding on such day; provided that at all times on and after the earliest to occur of the Revolving Period End Date, the Revolving Period Termination Date and the Termination Date, the Availability shall be zero. 9 4147-5771-6068.5 "Available Funds": With respect to any Payment Date, all amounts on deposit in the Collection Account (including, without limitation, any Collections) as of the last day of the related Collection Period. "Bankruptcy Code": The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time. "Base Rate": For any day, the rate per annum (rounded upward, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) zero, (b) the Federal Funds Rate in effect on such day plus 0.50% and (c) the Prime Rate in effect on such day. "BBSY": The meaning specified in the definition of "Eurocurrency Rate". "Benchmark": Initially, with respect to an Available Currency, the Applicable Reference Rate; provided that if a Benchmark Transition Event with respect to such Applicable Reference Rate has occurred, then "Benchmark" means, with respect to the Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, such Available Currency, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.16. "Benchmark Replacement": With respect to any Benchmark Transition Event for any then-current Benchmark, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for such Benchmark, giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in the applicable Available Currency at such time and (b) the related Benchmark Replacement Adjustment, if any; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for purposes of this Agreement and the other Transaction Documents. "Benchmark Replacement Adjustment": With respect to any replacement of any then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Available Currency at such time. "Benchmark Replacement Date": The earlier to occur of the following events with respect to the then-current Benchmark for any Available Currency: 10 4147-5771-6068.5 (a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof); or (b) in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non- representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. For the avoidance of doubt, if such Benchmark is a term rate, the "Benchmark Replacement Date" will be deemed to have occurred with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Event": With respect to the then-current Benchmark for any Available Currency, the occurrence of one or more of the following events with respect to such Benchmark: (a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); (b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, the central bank for the Available Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, 11 4147-5771-6068.5 there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or (c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative. For the avoidance of doubt, if such Benchmark is a term rate, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then- current Available Tenor of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Start Date": Following the occurrence of a Benchmark Transition Event with respect to any then-current Benchmark for any Available Currency, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication). "Benchmark Unavailability Period": With respect to any then-current Benchmark for any Available Currency, the period (if any) (x) beginning at the time that a Benchmark Replacement Date with respect to such Benchmark has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 2.16 and (y) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 2.16. "Beneficial Ownership Certification": A certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. "Beneficial Ownership Regulation": 31 C.F.R. § 1010.230. "BHC Act Affiliate": The meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "Borrower": The meaning specified in the Preamble. "Borrower LLC Agreement": The Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of the Closing Date, as the same may be amended, restated, modified or supplemented from time to time.

------

![](a01wells-newmountainguar005.jpg)

12 4147-5771-6068.5 "Borrower's Notice": Any (a) Funding Notice or (b) Reinvestment Notice. "Borrowing Base Certificate": A certificate, in the form of Exhibit A-4, setting forth, among other things, the calculation of the Borrowing Base as of each Measurement Date. "Borrowing Base Deficiency": A condition occurring on any Measurement Date on which the Advances Outstanding exceed the Aggregate Borrowing Base. "Borrowing Base Deficiency (Currency)": With respect to the Borrowing Base denominated in any Available Currency, a condition occurring on any Measurement Date on which, (a) as to the Canadian Dollar Borrowing Base, the Advances Outstanding in Canadian Dollars exceed the Canadian Dollar Borrowing Base, (b) as to the Dollar Borrowing Base, the Advances Outstanding in Dollars exceed the Dollar Borrowing Base, (c) as to the Euro Borrowing Base, the Advances Outstanding in Euros exceed the Euro Borrowing Base, (d) as to the GBP Borrowing Base, the Advances Outstanding in GBP exceed the GBP Borrowing Base or (e) as to the Australian Dollar Borrowing Base, the Advances Outstanding in Australian Dollars exceed the Australian Dollar Borrowing Base. "Borrowing Bases": Collectively, the Aggregate Borrowing Base, the Australian Dollar Borrowing Base, the Canadian Dollar Borrowing Base, the Dollar Borrowing Base, the Euro Borrowing Base and the GBP Borrowing Base. "Breakage Costs": With respect to any Lender, any amount or amounts as shall compensate such Lender for any loss, cost or expense incurred by such Lender (as determined by the applicable Lender in such Lender's reasonable discretion, but excluding the Applicable Spread) as a result of a payment by the Borrower of Advances Outstanding or Interest other than on a Payment Date. All Breakage Costs shall be due and payable hereunder on each Payment Date in accordance with Section 2.7 and Section 2.8. The determination by the applicable Lender of the amount of any such loss, cost or expense shall be conclusive absent manifest error. For the avoidance of doubt, no Breakage Costs shall be due in connection with a prepayment by the Borrower of any Daily Simple RFR Advance. "Broadly Syndicated Loan": Any First Lien Loan (i) issued pursuant to an Underlying Instrument governing the issuance of Indebtedness of the related Obligor having an aggregate principal amount (whether drawn or undrawn) of $350,000,000 or greater (or equivalent in an Available Currency), (ii) with a related Obligor with EBITDA of at least $75,000,000 (or equivalent in an Available Currency) for the twelve months immediately prior to the acquisition of such Loan by the Borrower and (iii) is publicly rated by both of S&P and Moody's (or the related Obligor is rated by both of S&P and Moody's) and no such rating is lower than "B3" in the case of Moody's and "B-" in the case of S&P. "Business Day": Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in New York, New York; Charlotte, North Carolina; or the United States location of the Collateral Custodian's Corporate Trust Office; provided that, if any determination of a Business Day shall relate to an Advance bearing interest at (w), Daily Simple SOFR, the term "Business Day" shall also exclude any day that is not a U.S. Government Securities Business Day, (x) Term CORRA, the term "Business Day" shall also exclude any day 13 4147-5771-6068.5 that is not a CORRA Business Day, (y) Daily Simple SONIA, the term "Business Day" shall also exclude any day that is not a SONIA Business Day and (z) any Eurocurrency Rate, the term "Business Day" shall also exclude any day that is not a Eurocurrency Business Day. For avoidance of doubt, if the offices of the Collateral Custodian are authorized by applicable law, regulation or executive order to close on any day but such offices remain open on such day, such day shall not be a "Business Day." "Canadian Dollar Account": Collectively, each Securities Account and any sub-accounts created and maintained on the books and records of the Collateral Custodian for the deposit of Canadian Dollars in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Canadian Dollar Borrowing Base": As of any Measurement Date, an amount equal to the greater of (i) zero and (ii) the aggregate sum of (a) the sum of the products, for each Eligible Loan denominated in Canadian Dollars as of such date, of (A) the OLB of each such Eligible Loan as of such date and (B) 85.0%, plus (b) the amount of Canadian Dollars that are Principal Collections on deposit in the Canadian Dollar Account as of such date, minus (c) the greater of (x) zero and (y)(i) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Canadian Dollars minus (ii) the amount of Canadian Dollars that are Unfunded Exposure Collections on deposit in the Canadian Dollar Account. "Canadian Dollars": The lawful currency for the time being of Canada. "Cash": Cash or legal currency of the United States as at the time shall be legal tender for payment of all public and private debts. "Cash Interest Coverage Ratio": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Cash Interest Coverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Cash Interest Coverage Ratio" or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith. "Cash Interest Expense": With respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite the caption "interest expense" or any like caption reflected on the most recent financial statements delivered by such Obligor to the Borrower for such period. "Certificated Security": The meaning specified in Section 8-102(a)(4) of the UCC. "Change of Control": Any of the following: (a) the creation, imposition or, to the knowledge of the Borrower or the Collateral Manager, threatened imposition of any Lien on any limited liability company membership interest in the Borrower; (b) the Borrower LLC Agreement shall fail to be in full force and effect; 14 4147-5771-6068.5 (c) the failure of the Equityholder to directly own in the aggregate 100% of the limited liability company membership interests in the Borrower; or (d) the dissolution, termination, liquidation, transfer or other disposition of all or substantially all of the assets of the Collateral Manager or the Equityholder. "Clearing Agency": An organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act. "Closing Date": January 15, 2026. "Closing Date Participation Interest": A Participation Interest granted by the Equityholder to the Borrower in and to each Loan identified on Schedule IV hereto and on which a Lien is granted therein by a Borrower to the Administrative Agent pursuant to this Agreement. "Code": The Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated or issued thereunder. "Collateral": All of the Borrower's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all accounts (as defined in the UCC), General Intangibles, Instruments and Investment Property and any and all other property of any type or nature owned by it, including but not limited to: (a) all Loans, Permitted Investments and Equity Securities, all payments thereon or with respect thereto and all contracts to purchase, commitment letters, confirmations and due bills relating to any Loans, Permitted Investments or Equity Securities; (b) the Accounts and all Cash and Financial Assets credited thereto and all income from the investment of funds therein; (c) all Transaction Documents to which the Borrower is a party; (d) all funds; and (e) all accounts, accessions, profits, income benefits, proceeds, substitutions and replacements, whether voluntary or involuntary, of and to any of the property of the Borrower described in the preceding clauses. "Collateral Account": A Securities Account created and maintained on the books and records of the Collateral Custodian entitled "Collateral Account" in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Collateral Custodian": Western Alliance Trust Company, N.A., not in its individual capacity, but solely as Collateral Custodian, its successor in interest pursuant to Section 7.3 or such Person as shall have been appointed Collateral Custodian pursuant to Section 7.5. 15 4147-5771-6068.5 "Collateral Custodian Fee": The fees, expenses and indemnities set forth as such in the Collateral Custodian Fee Letter and as provided for in this Agreement or any other Transaction Document. "Collateral Custodian Fee Letter": The fee schedule provided by the Collateral Custodian and acknowledged by the Collateral Manager. "Collateral Custodian Termination Notice": The meaning specified in Section 7.5. "Collateral Manager": The meaning specified in the Preamble. "Collateral Manager Default": The occurrence of any one or more of the following: (a) the Collateral Manager in bad faith willfully violates, or takes any action that it knows breaches, any material provision of any Transaction Document applicable to it (other than a willful and intentional breach that results from a good faith dispute regarding reasonable alternative courses of action or interpretation of instructions); (b) the Collateral Manager fails to observe or perform any covenant or agreement applicable to it in any Transaction Document which has a material adverse effect on the Lenders (it being understood and agreed that the Collateral Manager shall have no responsibility for the creditworthiness or continuing eligibility of any Eligible Loan) and such failure continues unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (A) a Responsible Officer of the Collateral Manager's actual knowledge of such failure or (B) its receipt of written notice of such failure; (c) any representation, warranty or certification made by the Collateral Manager in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made, which has a material adverse effect on any Lender, the Collateral Custodian or the Administrative Agent and which continues to be unremedied for a period of thirty (30) days after the earlier to occur of (A) a Responsible Officer of the Collateral Manager's actual knowledge of such failure or (B) its receipt of written notice of such failure; (d) the occurrence of an Event of Default that results primarily from any material breach by the Collateral Manager of its duties under the Transaction Documents and which continues to be unremedied for a period of ten (10) Business Days; (e) the Collateral Manager, New Mountain Finance Advisers, L.L.C. and Affiliates collectively fail to maintain at least $3,500,000,000 of assets under its management; (f) New Mountain Guardian IV Income Fund, L.L.C. (or a Qualified Affiliate thereof) ceases to be the Collateral Manager unless it is removed pursuant to Section 6.11; (g) an Insolvency Event shall occur with respect to the Collateral Manager; (h) (A) the occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations under the Transaction Documents

------

![](a01wells-newmountainguar006.jpg)

16 4147-5771-6068.5 (as determined pursuant to a final adjudication by a court of competent jurisdiction), (B) the Collateral Manager being indicted for a felony offense materially related to its business of providing asset management services or (C) any Responsible Officer of the Collateral Manager primarily responsible for the performance by the Collateral Manager of its obligations under the Transaction Documents (in the performance of his or her investment management duties) is indicted for a felony offense materially related to the business of the Collateral Manager providing asset management services and continues to have responsibility for the performance by the Collateral Manager under the Transaction Documents for a period of 30 days after such indictment; (i) any failure by the Collateral Manager to make any payment, transfer or deposit into the Collection Account as required by this Agreement which continues unremedied for a period of two (2) Business Days; (j) the failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) with respect to any recourse debt which debt is in excess of $15,000,000, individually or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such recourse debt; (k) [reserved]; (l) any Change of Control described in clause (d) of the definition thereof occurs; (m) any failure by the Collateral Manager to deliver any Required Reports hereunder on or before the date occurring two (2) Business Days after the date such report is required to be made or given, as the case may be, under the terms of this Agreement; (n) the rendering against the Collateral Manager of one or more final judgments, decrees or orders for the payment of money in excess of $15,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a stay of execution; or (o) the Equityholder shall fail to maintain at least $2,000,000 of unencumbered liquidity (calculated as the sum (without duplication) of (i) cash or cash equivalents, (ii) assets which satisfy the criteria set forth in the definition of Eligible Loans (other than clauses (A) and (B) and except that they are owned by the Equityholder or a wholly-owned Subsidiary thereof (excluding New Mountain Guardian IV SPV, L.L.C. or any other special purpose vehicles with a leverage financing in place) instead of the Borrower), (iii) committed, undrawn equity capital, (iv) uncalled capital commitments that are in excess of any indebtedness incurred under a subscription facility, in each case which are not subject to any Liens (other than all asset liens or liens in favor of a subscription facility lender) or which otherwise would be considered available for general corporate purposes in the reasonable determination of the Collateral Manager and (v) the Availability). "Collateral Manager Termination Notice": The meaning specified in Section 6.11 17 4147-5771-6068.5 "Collection Account": Collectively, the Interest Collection Account and the Principal Collection Account. "Collection Period": With respect to the first Payment Date, the period from and including the Closing Date to and including the Determination Date immediately preceding the first Payment Date; and thereafter, the period from but excluding the Determination Date immediately preceding the previous Payment Date to and including the Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). "Collections": All cash collections and other cash proceeds of any Collateral, including, without limitation or duplication, any Interest Collections, Principal Collections, collections on Permitted Investments or other amounts received in respect thereof (but excluding any Excluded Amounts). "Conforming Changes": With respect to the use or administration of any Benchmark or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "CORRA Business Day," the definition of "SONIA Business Day," the definition of "Eurocurrency Business Day," the definition of "Accrual Period", the definition of "Interest Period", timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent, in consultation with the Borrower, decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents). "Control": The possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Commitment": With respect to each Revolving Lender, the commitment of such Lender to make Advances in accordance herewith in an amount up to (a) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the dollar amount set forth opposite such Revolving Lender's name on Annex B hereto or the amount set forth as such Revolving Lender's "Commitment" on Schedule I to the Joinder Supplement relating to such Revolving Lender, as such amounts may be reduced, increased or assigned from time to time pursuant to the terms of this Agreement, and (b) on or after the earlier to occur of the Revolving Period End Date or the Termination Date, zero. 18 4147-5771-6068.5 "Commitment Reduction Fee": With respect to any reduction of the Facility Amount pursuant to Section 2.3(a), an amount equal to the product of (i) the amount of such reduction multiplied by (ii) the applicable Commitment Reduction Percentage. "Commitment Reduction Percentage": On any date (a) on or prior to the second anniversary of the Closing Date, the Asset Rejection Percentage is less than or equal to 50%, and (i) if such date is on or prior to the first anniversary of the Closing Date, 2.00% or (ii) if such date is after the first anniversary of the Closing Date, a percentage equal to the product of (x) the number of days remaining until the two-year anniversary of the Closing Date divided by 365 and (y) 1.00% and (b) where either the Asset Rejection Percentage is greater than 50% or such date is after the second anniversary of the Closing Date, zero percent. "Connection Income Taxes": Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. "Contractual Obligation": With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject. "Corporate Trust Office": The designated corporate trust office of the Collateral Custodian specified on Annex A or such other address within the United States as the Collateral Custodian may designate from time to time by notice to the Administrative Agent. "CORRA": A rate equal to the Canadian Overnight Repo Rate Average as administered by the CORRA Administrator. "CORRA Administrator": The Bank of Canada, or a comparable or successor administrator approved by the Administrative Agent. "CORRA Business Day": Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in Toronto. "Covenant Compliance Period": The period beginning on the Closing Date and ending on the date on which all Commitments have been terminated and the Obligations have been paid in full (other than contingent indemnification and reimbursement obligations for which no claim giving rise thereto has been asserted). "Covered Party": Any Secured Party that is one of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b). "Credit and Collection Policy": The written credit policies and procedures manual of the Collateral Manager set forth on Schedule IV, as such credit and collection policy may be as amended or supplemented from time to time in accordance with Section 5.1(h). 19 4147-5771-6068.5 "Daily Simple RFR Advance": Any Advance that bears interest at a rate based on Daily Simple SOFR or Daily Simple SONIA. "Daily Simple SOFR": For any day (a "SOFR Rate Day"), a rate per annum equal to the greater of (a) SOFR for the day (such day, a "SOFR Determination Day") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website, and (b) the Floor. If by 5:00 p.m. on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days; provided further that in no event shall Daily Simple SOFR determined pursuant to this sentence be less than the Floor. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. "Daily Simple SONIA": For any day (a "SONIA Rate Day"), a rate per annum equal to the greater of (a) SONIA for the day (such day, a "SONIA Determination Day") that is five (5) SONIA Business Days prior to (i) if such SONIA Rate Day is a SONIA Business Day, such SONIA Rate Day or (ii) if such SONIA Rate Day is not a SONIA Business Day, the SONIA Business Day immediately preceding such SONIA Rate Day, in each case, as such SONIA is published by the SONIA Administrator on the SONIA Administrator's Website, and (b) the Floor. If by 5:00 p.m. (London time) on the second (2nd) SONIA Business Day immediately following any SONIA Determination Day, SONIA in respect of such SONIA Determination Day has not been published on the SONIA Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple SONIA has not occurred, then SONIA for such SONIA Determination Day will be SONIA as published in respect of the first preceding SONIA Business Day for which such SONIA was published on the SONIA Administrator's Website; provided that any SONIA determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SONIA for no more than three (3) consecutive SONIA Rate Days; provided further that in no event shall Daily Simple SONIA determined pursuant to this sentence be less than the Floor. Any change in Daily Simple SONIA due to a change in SONIA shall be effective from and including the effective date of such change in SONIA without notice to the Borrower. "Default": Any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default. "Default Right": The meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

------

![](a01wells-newmountainguar007.jpg)

20 4147-5771-6068.5 "Defaulting Lender": Any Lender that (i) has failed to fund any portion of the Advances or participations in Swingline Advances required to be funded by it hereunder within one (1) Business Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit or (iv) is not Solvent or has become the subject of an Insolvency Proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. "Delayed Draw Loan": A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation. "Deposit Placement Program": A network of FDIC-insured depository institutions and/or their affiliates who are FDIC-insured depository institutions (as defined in Section 3 of the Federal Deposit Insurance Act), that have entered into agreements with IntraFi Network LLC and/or its successors or assigns to collect and/or place deposits with the purpose of providing each participating institution's depositors increased access to FDIC deposit insurance. "Designated Loan": Any Loan that the Administrative Agent, in its sole discretion, has designated as a "Designated Loan" on the related Approval Notice solely for the purposes of determining the Assigned Value of such Loan in reference to the "Minimum Facility Attachment Ratio" specified therefor and set forth in the definition of "Assigned Value." "Determination Date": The last day of each calendar month; provided that, with respect to the Termination Date, the Determination Date shall be the Termination Date. "DIP Loan": Any Loan (i) with respect to which the related Obligor is a debtor-in- possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding). "Discretionary Sale": The meaning specified in Section 2.14. "Discretionary Sale Date": With respect to any Discretionary Sale, the Business Day on which such Discretionary Sale occurs. "Disruption Event": The occurrence of any of the following with respect to an Available Currency: (a) any Lender shall have notified the Administrative Agent, the Collateral Custodian, the Collateral Manager and the Borrower of a determination by such Lender that it would be 21 4147-5771-6068.5 contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain such Available Currency in the applicable interbank market to fund any Advance, (b) any Lender shall have notified the Administrative Agent, the Collateral Custodian, the Collateral Manager and the Borrower of the inability, for any reason, of such Lender to determine the Benchmark then-applicable to such Available Currency, (c) any Lender shall have notified the Administrative Agent, the Collateral Custodian, the Collateral Manager and the Borrower of a determination by such Lender that the rate at which deposits of such Available Currency are being offered to such Lender in the applicable interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Advance, or (d) any Lender shall have notified the Administrative Agent, the Collateral Custodian, the Collateral Manager and the Borrower of the inability of such Lender, as applicable, to obtain such Available Currency to make, fund or maintain any Advance. "Dollar Borrowing Base": As of any Measurement Date, an amount equal to the greater of (i) zero and (ii) the aggregate sum of (a) the sum of the products, for each Eligible Loan denominated in Dollars as of such date, of (A) the OLB of each such Eligible Loan as of such date and (B) 85.0%, plus (b) the amount of Dollars on deposit in the Principal Collection Account as of such date, minus (c) the greater of (x) zero and (y)(i) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Dollars minus (ii) the amount of Dollars on deposit in the Unfunded Exposure Account. "Dollar Equivalent": Subject to Section 2.5, for any amount, at the time of determination thereof: (a) with respect to any amount denominated in Dollars, such amount; and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time in its sole discretion by reference to the most recent Spot Rate for such Alternative Currency (as determined as of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. "Dollars": Means, and the conventional "$" signifies, the lawful currency of the United States. "EBITDA": With respect to the Relevant Test Period with respect to the related Loan, the meaning of "EBITDA", "Adjusted EBITDA" or any comparable definition in the related Underlying Instruments, and in any case that "EBITDA", "Adjusted EBITDA" or such comparable definition is not defined in such Underlying Instruments, an amount, for the principal Obligor on such Loan and any parent or subsidiary that is obligated pursuant to the Underlying Instruments for such Loan (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus (a) interest expense, (b) income taxes, (c) unallocated depreciation and amortization for such Relevant Test Period (to the extent deducted in determining earnings from continuing operations for such period), (d) amortization of intangibles (including, but not limited to, goodwill, financing fees and other capitalized costs), other non-cash charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring non-cash charges consistent with the compliance statements and financial reporting packages provided by the Obligors, and (g) and any other item the Borrower and the Administrative Agent mutually deem to be appropriate; provided that, with respect to any Obligor for which four full fiscal quarters of 22 4147-5771-6068.5 economic data are not available, EBITDA shall be determined for such Obligor based on annualizing the economic data from the reporting periods actually available. "Elevation": An elevation of a Closing Date Participation Interest in accordance with the terms of the related participation agreement. "Elevation Date": The date on which an Elevation occurs with respect to a Closing Date Participation Interest. "Eligible Loan": Each Loan (A) for which the Administrative Agent and the Collateral Custodian have received (or, in accordance with clause (b) of the definition of "Required Loan Documents", the Collateral Custodian will receive) the related Required Loan Documents; (B) that has been approved by the Administrative Agent in its sole discretion on or prior to the date of the related Transaction; and (C) that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Loan): (a) such Loan is a First Lien Loan, a Recurring Revenue Loan, a First Lien Last Out Loan or a Second Lien Loan; (b) such Loan is denominated and payable in an Available Currency and does not permit the currency in which such Loan is payable to be changed (unless such permitted currency is another Available Currency); provided that the sum of the OLBs of all Loans denominated in a currency other than Dollars may comprise up to the greater of (A) $5,000,000 and (B) 15.0% of the Aggregate OLB; (c) the acquisition of such Loan will not cause the Borrower or the pool of Collateral to be required to register as an investment company under the 1940 Act; (d) such Loan does not constitute a DIP Loan; (e) the primary Underlying Asset for such Loan is not real property; (f) as of the date such Loan is first included as part of the Collateral hereunder, such Loan is not delinquent in payment after taking into account any applicable grace or cure period; (g) such Loan and any Underlying Assets comply in all material respects with all Applicable Laws; (h) such Loan is eligible under its Underlying Instruments (giving effect to the provisions of Sections 9-406 and 9-408 of the UCC) to be sold to the Borrower and to have a security interest therein granted to the Administrative Agent, as agent for the Secured Parties; (i) such Loan, together with the Underlying Instruments related thereto, (i) is, to the knowledge of the Borrower following the Borrower's completion of customary due diligence, in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms, subject to 23 4147-5771-6068.5 customary bankruptcy, insolvency and equity limitations, (ii) is not subject to any litigation, dispute or offset as of the Purchase Date, and (iii) contains provisions substantially to the effect that the Obligor's payment obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the Borrower or any assignee thereof except as required by law; (j) such Loan (i) was originated and underwritten, or purchased and re- underwritten, by the Borrower or any of its Affiliates in accordance with the Credit and Collection Policy and (ii) is fully documented; (k) (i) the Borrower has good and marketable title to, and is the sole owner of, such Loan, and (ii) the Borrower has granted to the Administrative Agent a valid and perfected first-priority (subject to Permitted Liens) security interest in the Loan and Underlying Instruments, for the benefit of the Secured Parties; (l) such Loan, and any payment made with respect to such Loan, is not subject to any withholding tax unless the Obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an after-tax basis (subject only to customary carve-outs); (m) (x) all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the making, acquisition, transfer or performance by the Borrower of such Loan and (y) all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the borrowing or performance by the related Obligor of such Loan (unless the failure to do so could not be reasonably expected to have a material adverse effect), in each case have been duly obtained, effected or given and are in full force and effect; (n) such Loan and the Underlying Instruments related thereto, are eligible to be sold, assigned or transferred to the Borrower, and neither the sale, transfer or assignment of such Loan to the Borrower, nor the granting of a security interest hereunder to the Administrative Agent, violates, conflicts with or contravenes in any material respect any Applicable Law or any contractual or other restriction, limitation or encumbrance binding on the Borrower; (o) such Loan requires the related Obligor to pay customary maintenance, repair, insurance and taxes, together with all other ancillary costs and expenses, with respect to the related, underlying collateral of such Loan; (p) such Loan has an original term to stated maturity as of the Purchase Date that does not exceed ten (10) years; (q) the Underlying Instruments for such Loan do not contain a confidentiality provision that would prohibit the Administrative Agent or any Secured Party from obtaining all necessary information with regard to such Loan, so long as the Administrative Agent or such Secured Party, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments;

------

![](a01wells-newmountainguar008.jpg)

24 4147-5771-6068.5 (r) such Loan requires (i) periodic payments of accrued and unpaid interest in cash (x) in a minimum amount of (A) if such Loan has a floating interest rate based on the applicable interest rate index (including any Partial PIK Loan), such applicable interest rate index plus 2.15% per annum, (B) if such Loan has a floating interest rate based on the Prime Rate, the Prime Rate or (C) if such Loan has a fixed interest rate, 6.0% per annum and (y) on a current basis no less frequently than quarterly and (ii) a fixed amount of principal payable in cash no later than its stated maturity; (s) if such Loan is a registration-required obligation within the meaning of Section 163(f)(2) of the Code, such Loan is Registered; (t) such Loan is not a participation interest unless it is a Closing Date Participation Interest with an Elevation Date no later than sixty (60) days after the Closing Date; for the avoidance of doubt, any Loan that ceases to be an "Eligible Loan" as a result of not being Elevated within the above time period shall upon Elevation no longer be excluded from constituting an Eligible Loan as a result of this clause (t); (u) such Loan shall not cause the sum of the OLBs of all Loans (i) with respect to which the related Obligor is domiciled in Australia or (ii) that are denominated in Australian Dollars to exceed 5.0% of the Aggregate OLB as of such date; (v) such Loan (A) is not an Equity Security and (B) does not provide for the conversion or exchange into an Equity Security at any time on or after the date it is included as part of the Collateral; (w) such Loan does not constitute Margin Stock; (x) unless such Loan is a Delayed Draw Loan or a Revolving Loan, such Loan does not require the Borrower to make advances in respect of such Loan at any time after the Borrower's purchase of such Loan; provided that, if such Loan is a Delayed Draw Loan or a Revolving Loan, the acquisition of such Loan would not cause the sum of the aggregate OLBs and Unfunded Exposure Amount of all Loans that would qualify as a Revolving Loan plus the Aggregate Unfunded Exposure Amount of all Loans that would qualify as a Delayed Draw Loan to exceed the greater of (i) 10% of the Aggregate OLB as of such date and (ii) $5,000,000; (y) such Loan shall not cause the aggregate OLBs of all Loans with respect to which the related Obligor is not domiciled, organized or incorporated in the United States or any State or territory thereof or Canada to exceed the greater of (i) 15% of the Aggregate OLB as of such date and (ii) $5,000,000; (z) such Loan shall not cause the aggregate OLBs of all Loans that are fixed rate loans to exceed the greater of (i) 10% of the Aggregate OLB as of such date and (ii) $5,000,000; (aa) such Loan shall not cause the sum of the aggregate OLBs and Unfunded Exposure Amounts of Loans that are Recurring Revenue Loans to exceed the greater of (i) 20% of the Aggregate OLB as of such date and (ii) $5,000,000; 25 4147-5771-6068.5 (bb) the Obligor of which is an Eligible Obligor; and (cc) if such Loan is a Partial PIK Loan, the Weighted Average Spread Test has been satisfied as of the date of acquisition of such Partial PIK Loan. For purposes of determining compliance with clause (B) of the definition of "Eligible Loan," each Loan included in the Loan List set forth on Schedule III hereto as of the Closing Date shall be deemed to be approved by the Administrative Agent. With respect to clauses (b), (x), (y), (z) and (aa), only the portion of such assets that exceed the thresholds will be deemed to be ineligible. "Eligible Obligor": Any Obligor: (a) that is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization; (b) that is not a Governmental Authority; (c) that is not an Affiliate of the Borrower, the Equityholder or the Collateral Manager; (d) that is organized or incorporated in (i) the United States (or any State thereof) or (ii) an Approved Jurisdiction; and (e) that is not the subject of an Insolvency Event and, as of the Purchase Date, such Obligor has not, to the Borrower's knowledge after completion of customary due diligence, experienced a material adverse change in its financial condition since the date the related Loan was underwritten by the Borrower or its Affiliate. "EMU Legislation": The legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency. "Equityholder": The meaning specified in the Preamble. "Equityholder Loan": Any Loan that is sold and/or contributed by the Equityholder to the Borrower pursuant to the Sale Agreement. "Equityholder Purchased Loan Balance": As of any date of determination, an amount equal to the outstanding balance of all Equityholder Loans acquired by the Borrower prior to such date. "Equity Security": (i) Any equity security or any other security that is not eligible for purchase by the Borrower as a Loan and (ii) any security purchased as part of a "unit" with a Loan and that itself is not eligible for purchase by the Borrower as a Loan. "ERISA": The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated or issued thereunder. 26 4147-5771-6068.5 "ERISA Affiliate": (a) Any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower. "EURIBOR": The meaning specified in the definition of "Eurocurrency Rate". "Euro" and "€": The lawful currency of each state so described in any EMU Legislation introduced in accordance with the EMU Legislation. "Euro Account": Collectively, each Securities Account and any sub-accounts created and maintained on the books and records of the Collateral Custodian for the deposit of Euros in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Euro Borrowing Base": As of any Measurement Date, an amount equal to the greater of (i) zero and (ii) the aggregate sum of (a) the sum of the products, for each Eligible Loan denominated in Euros as of such date, of (A) the OLB of each such Eligible Loan as of such date and (B) 85.0%, plus (b) the amount of Euros that are Principal Collections on deposit in the Euro Account as of such date, minus (c) the greater of (x) zero and (y)(i) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in Euros minus (ii) the amount of Euros that are Unfunded Exposure Collections on deposit in the Euro Account. "Eurocurrency Business Day": (a) With respect to Advances denominated in Euros, any TARGET Day and (b) with respect to any Advances denominated in Australian Dollars, any day (other than a Saturday or Sunday) on which banks are open for business in Melbourne. "Eurocurrency Rate": For any Interest Period: (a) with respect to Advances denominated in Euros, the greater of (i) the rate per annum equal to the Euro Interbank Offered Rate ("EURIBOR") as administered by the European Money Markets Institute, or a comparable or successor administrator approved by the Administrative Agent, for a period of one month, at approximately 11:00 a.m. (Brussels time) on the applicable Eurocurrency Rate Determination Day and (ii) the Floor; and (b) with respect to Advances denominated in Australian Dollars, the greater of (i) the rate per annum equal to the Bank Bill Swap Reference Bid Rate ("BBSY") as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time), for a period of one month, at approximately 10:30 a.m. (Melbourne time) on the applicable Eurocurrency Rate Determination Day and (ii) the Floor. "Eurocurrency Rate Determination Day": With respect to any Interest Period relating to EURIBOR or BBSY, two (2) Eurocurrency Business Days prior to the commencement of such Interest Period such other day as is generally treated as the rate fixing day by market practice in the applicable interbank market, as determined by the Administrative Agent; provided that to the 27 4147-5771-6068.5 extent that such market practice is not administratively feasible for the Administrative Agent, such other day as otherwise reasonably determined by the Administrative Agent). "Event of Default": The meaning specified in Section 9.1. "Excepted Persons": The meaning specified in Section 12.13(a). "Excess Concentration Amount": The greater of (a) zero and (b) the sum of (x) the aggregate OLB of all Non-First Lien Loans minus the greater of (i) the product of (A) the Aggregate OLB and (B) 20% and (ii) $10,000,000, (y) the aggregate OLB of all Second Lien Loans minus the greater of (i) the product of (A) the Aggregate OLB and (B) 15% and (ii) $7,500,000 and (z) the amount by which the sum of the OLBs of all Eligible Loans made to such Obligor (including any Affiliate thereof) exceeds (i) if such Obligor is one of the two (2) largest Obligors (by aggregate OLB for such Obligor), $5,000,000, (ii) if such Obligor is one of the next three (3) largest Obligors (by aggregate OLB for such Obligor) other than those set forth in clause (i) above, $4,250,000, or (iii) otherwise, $3,500,000. "Exchange Act": The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. "Excluded Amounts": Any amount received in the Collection Account with respect to any Loan included as part of the Collateral, (i) which amount is attributable to the reimbursement of payment by the Borrower or any Affiliate (other than from amounts on deposit in the Collection Account) of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Assets or (ii) which amount was deposited into the Collection Account in error. "Excluded Taxes": Any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance or a Commitment (other than pursuant to an assignment request by the Borrower under Section 2.18(b)) pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Advance or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.13, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.13(g) and (d) any U.S. federal withholding Taxes imposed under FATCA. "Exposure Amount Shortfall": The meaning specified in Section 2.2(e). "Facility Attachment Ratio": With respect to any Eligible Loan, as of any date of determination, an amount equal to (a) if such Eligible Loan is a First Lien Loan, the product of

------

![](a01wells-newmountainguar009.jpg)

28 4147-5771-6068.5 (i) the First Out Attachment Ratio, (ii) the applicable Advance Rate and (iii) the Assigned Value, (b) if such Eligible Loan is a First Lien Last Out Loan, the sum of (i) the First Out Attachment Ratio and (ii) the product of (A) the Last Out Attachment Ratio less the First Out Attachment Ratio, (B) the applicable Advance Rate and (C) the Assigned Value, (c) if such Eligible Loan is a Second Lien Loan, the sum of (i) the Net Senior Leverage Ratio and (ii) the product of (A) the Total Leverage Ratio less the Net Senior Leverage Ratio, (B) the applicable Advance Rate and (C) the Assigned Value, and (d) if such Eligible Loan is a Designated Loan, the applicable Facility Attachment Ratio calculation above for a First Lien Loan. "Facility Amount": $50,000,000, as such amount may vary from time to time pursuant to Sections 2.1(c) and 2.3 hereof; provided that on or after the earlier to occur of the Revolving Period End Date or the Termination Date, the Facility Amount shall mean the Advances Outstanding. "Facility Maturity Date": The two-year anniversary of the Revolving Period End Date. "FATCA": Sections 1471 through 1474 of the Code, as in effect on the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing. "FDIC": The Federal Deposit Insurance Corporation, and any successor thereto. "Federal Funds Rate": For any day, a per annum rate equal to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent for such day (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such day. "Financial Asset": The meaning specified in Section 8-102(a)(9) of the UCC. "Financial Sponsor": Any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. "First Lien Last Out Loan": A Loan which (a) satisfies clause (a) of the definition of First Lien Loan except that such Loan is subordinated in application of proceeds pursuant to a specified priority of payments to other senior secured loans of the same Obligor until such other senior secured loans are paid in full and (b) has not been designated as a First Lien Loan pursuant to clause (b) of the definition of First Lien Loan. 29 4147-5771-6068.5 "First Lien Loan": A Loan that either (a)(i) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) that is secured by a pledge of collateral, which security interest is validly perfected and first priority (subject to Liens permitted under the related Underlying Instruments that are reasonable and customary for similar loans, and Liens accorded priority by law in favor of the United States or any state or agency thereof) under Applicable Law and (iii) the Collateral Manager determines in good faith that the value of the collateral securing the Loan on or about the time of origination equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral or (b) is a First Lien Last Out Loan and is designated by the Administrative Agent in its sole discretion as a "First Lien Loan" on the related Approval Notice. "First Lien Middle Market Loan": A First Lien Loan that does not meet the criteria set forth in clauses (i)-(iii) of the definition of "Broadly Syndicated Loan". "First Out Attachment Ratio": With respect to any Eligible Loan, as of any date of determination, an amount equal to the "senior net leverage ratio" or any comparable term relating to any "first out" senior secured Indebtedness in the Underlying Instruments for such Loan; provided that if the "senior net leverage ratio" or such comparable term is not defined in the Underlying Instruments, then the First Out Attachment Ratio shall be the ratio of such "first out" senior secured Indebtedness (less Unrestricted Cash) to EBITDA, as calculated by the Collateral Manager in good faith using information from calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying Instruments. For the avoidance of doubt, "first out" senior secured Indebtedness refers to all or any portion of such Loan that constitutes first lien senior secured Indebtedness that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the relevant Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings. "Fitch": Fitch Ratings, Inc. or any successor thereto. "Floor": A rate of interest equal to 0.0%. "Foreign Lender": A Lender that is not a U.S. Person. "Fronting Exposure": At any time there is a Defaulting Lender with respect to the Swingline Lender, such Defaulting Lender's Pro Rata Share of Swingline Advances other than Swingline Advances as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other credit support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof. "Funding Date": With respect to any Advance, the date on which such Advance is made, which shall be the Business Day following the Business Day of receipt by the Administrative Agent and Lender of a Funding Notice and other required deliveries in accordance with Section 2.2. 30 4147-5771-6068.5 "Funding Notice": A notice in the form of Exhibit A-1 requesting an Advance, including the items required by Section 2.2. "GAAP": Generally accepted accounting principles as in effect from time to time in the United States. "GBP" and "£": The lawful currency of the United Kingdom. "GBP Account": Collectively, each Securities Account and any sub-accounts created and maintained on the books and records of the Collateral Custodian for the deposit of GBP in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "GBP Borrowing Base": As of any Measurement Date, an amount equal to the greater of (i) zero and (ii) the aggregate sum of (a) the sum of the products, for each Eligible Loan denominated in GBP as of such date, of (A) the OLB of each such Eligible Loan as of such date and (B) 85.0%, plus (b) the amount of GBP that are Principal Collections on deposit in the GBP Account as of such date, minus (c) the greater of (x) zero and (y)(i) the Unfunded Exposure Equity Amount with respect to Eligible Loans denominated in GBP minus (ii) the amount of GBP that are Unfunded Exposure Collections on deposit in the GBP Account. "General Intangible": The meaning specified in Section 9-102(a)(42) of the UCC. "Governmental Authority": With respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person. "Highest Required Investment Category": (i) With respect to ratings assigned by Moody's, "Aa2" or "P-1" for one (1) month instruments, "Aa2" and "P-1" for three (3) month instruments, "Aa3" and "P-1" for six (6) month instruments and "Aa2" and "P-1" for instruments with a term in excess of six (6) months, (ii) with respect to rating assigned by S&P, "A-1" for short-term instruments and "A" for long-term instruments, and (iii) with respect to rating assigned by Fitch (if such investment is rated by Fitch), "F-1+" for short-term instruments and "AAA" for long-term instruments. "Increased Costs": Any amounts that an Affected Party has notified the Borrower pursuant to Section 2.12(d) are required to be paid by the Borrower to an Affected Party pursuant to Section 2.12. "Indebtedness": With respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness customary for indebtedness of that type, (b) all obligations of such Person under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (c) all obligations of such Person in respect of acceptances issued or created for 31 4147-5771-6068.5 the account of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness, obligations or liabilities of that Person in respect of derivatives, and (f) all obligations under direct or indirect guaranties in respect of obligations (contingent or otherwise) to purchase or otherwise acquire, or to otherwise assure a creditor against loss in respect of, indebtedness or obligations of others of the kind referred to in clauses (a) through (e) above. "Indemnified Amounts": The meaning specified in Section 10.1(a). "Indemnified Parties": The meaning specified in Section 10.1(a). "Indemnified Taxes": (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in (a), Other Taxes. "Independent": As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof, or an investment bank and any member thereof) who (a) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person (other than the payment of any amounts as compensation for actual services rendered), and (b) is not connected with such Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. "Independent" when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. "Independent Manager": The meaning specified in Section 4.1(u)(xxv). "Indorsement": The meaning specified in Section 8-102(a)(11) of the UCC, and "Indorsed" has a corresponding meaning. "Ineligible Assignee": Any private investment company, investment firm, investment partnership, private equity fund or other private equity investment vehicle. "Initial Assigned Value": With respect to any Loan, the "Initial Assigned Value", if any, set forth on the related Approval Notice by the Administrative Agent in its sole discretion, or such higher percentage as may be notified by the Administrative Agent to the Collateral Manager in its sole discretion from time to time. "Initial Syndication Date": The first date after the Closing Date on which a Lender other than Wells Fargo is a Lender hereunder. "Insolvency Event": With respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction over such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for

------

![](a01wells-newmountainguar010.jpg)

32 4147-5771-6068.5 such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person's affairs, and such decree, order or appointment shall remain unstayed and in effect for a period of sixty (60) consecutive days, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or (d) the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. "Insolvency Laws": The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. "Insolvency Proceeding": Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event. "Instrument": The meaning specified in Section 9-102(a)(47) of the UCC. "Interest": For each Accrual Period, the sum of the amounts determined (with respect to each day during such Accrual Period) in accordance with the following formula: IR x P x 1 D where: IR = the Interest Rate for such day; P = the Advances Outstanding on such day; and D = 360 days (or, to the extent the Interest Rate is based on (x) CORRA or SONIA, 365 days or (y) the Base Rate, 365 or 366 days, as applicable); provided that (i) no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason. "Interest Collections": All payments of interest, late fees, amendment fees, prepayment fees and premiums, extension fees, consent fees and waiver fees on Loans and Permitted Investments, including any payments of accrued interest received on the sale of Loans or Permitted Investments and all payments of principal (including principal prepayments) on Permitted Investments purchased with the proceeds described in this definition, in each case, received in cash by or on behalf of the Borrower or Collateral Custodian; provided that, Interest Collections shall not include (x) Sale Proceeds representing accrued interest that are applied 33 4147-5771-6068.5 toward payment for accrued interest on the purchase of a Loan and (y) interest received in respect of a Loan (including in connection with any sale thereof), which interest was purchased with Principal Collections. "Interest Collection Account": A Securities Account created and maintained on the books and records of the Collateral Custodian entitled "Interest Collection Account" in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Interest Period": With respect to any Term Rate Advance, (x) in the case of the first Rollover Date for such Advance, the period commencing on and including the Funding Date of such Advance to but excluding such Rollover Date and (y) in the case of any subsequent Rollover Date, the one-month period commencing on and including the prior Rollover Date and ending on but excluding such Rollover Date; provided, that: (a) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided further that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; (b) no Interest Period shall extend beyond the Termination Date; and (c) there shall be no more than twenty (20) Interest Periods in effect at any time. "Interest Rate": (a) The Benchmark plus (b) the Applicable Spread; provided that, (x) if a Lender shall have notified the Administrative Agent that a Disruption Event has occurred with respect to an Available Currency, then, with respect to the Advances owing to such Lender accruing interest at the Benchmark applicable to such Available Currency or (y) during a Benchmark Unavailability Period with respect to the then-current Benchmark for an Available Currency, "Interest Rate" with respect to the Advances Outstanding that bear interest at a rate based on such Benchmark shall mean the Base Rate plus the Applicable Spread until such Lender shall have notified the Administrative Agent that such Disruption Event or Benchmark Unavailability Period, as applicable, has ceased, at which time the Interest Rate shall again be equal to the Benchmark for such Available Currency for such date plus the Applicable Spread. "Investment": With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity Securities otherwise permitted by the terms hereof which are related to such Loans. "Investment Property": The meaning specified in Section 9-102(a)(49) of the UCC. "IRS": The United States Internal Revenue Service. "Joinder Supplement": An agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit I to this Agreement (appropriately completed) 34 4147-5771-6068.5 delivered in connection with a Person becoming a Lender hereunder after the Closing Date, as contemplated by Section 2.1(c). "Last Out Attachment Ratio": With respect to any Eligible Loan as of any date of determination, an amount equal to the Net Senior Leverage Ratio. "Lenders": The meaning specified in the Preamble, including Wells Fargo Bank, National Association, and each financial institution which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower as contemplated by Section 2.1(c). For the avoidance of doubt, the Swingline Lender shall constitute a "Lender" with respect to the repayment of Swingline Advances for all purposes hereunder. "Lien": Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person's assets or properties in favor of any other Person. "Loan": Any loan (including any Closing Date Participation Interest) which represents an obligation of the relevant Obligor that is (a) sourced or originated by the Seller or any of its Affiliates and which the Borrower acquires or (b) which the Borrower originates or acquires from a third party in the ordinary course of its business; provided that, any such loan is similar to those typically made to a commercial client or syndicated, sold or participated to a commercial bank or institutional loan investor or other financial institution in the ordinary course of business. "Loan Advance": The meaning specified in Section 2.1(a). "Loan Checklist": An electronic or hard copy, as applicable, of a checklist in the form of Exhibit M delivered by or on behalf of the Borrower to the Collateral Custodian for each Loan of the related Loan File, including all related Required Loan Documents, which shall also specify whether such document is an original or a copy. "Loan File": For each Loan, the following documents or instruments (in each case, as set forth in the related Loan Checklist): (a) copies of each of the Required Loan Documents; (b) to the extent applicable to such Loan, the final copies for any related subordination agreement, intercreditor agreement, or similar instruments, assumption or substitution agreement or similar material operative document, in each case together with any amendment or modification thereto; and (c) either (i) copies of any financing statements under the UCC, if any, and any related continuation statements, each showing the Obligor as debtor and each with evidence of filing thereon, or (ii) copies of any such financing statements certified by the Collateral Manager to be true and complete copies thereof in instances where the original financing statements have been sent to the appropriate public filing office for filing. 35 4147-5771-6068.5 "Loan List": The Loan List provided by the Borrower to the Administrative Agent and the Collateral Custodian, in the form of Schedule III hereto, as such list may be amended, supplemented or modified from time to time in accordance with this Agreement. "Loan Register": The meaning specified in Section 5.3(n). "Loan Tape": The loan tape to be delivered in connection with each Borrowing Base Certificate, which tape shall include (but not be limited to) the aggregate OLB of all Loans and, with respect to each Loan, the following information: (a) name of the related Obligor; (b) calculation of the Net Senior Leverage Ratio for the Relevant Test Period immediately prior to the date of the applicable Approval Notice and for the most recent Relevant Test Period; (c) calculation of the Cash Interest Coverage Ratio for the Relevant Test Period immediately prior to the date of the applicable Approval Notice and for the most recent Relevant Test Period; (d) calculation of the Total Leverage Ratio for the most recent Relevant Test Period; (e) collection status (number of days past due); (f) loan status (whether in default (and the number of days such default is outstanding) or on non-accrual status); (g) scheduled maturity date; (h) loan rate of interest (and reference rate, if applicable); (i) floating rate floor (if applicable); (j) OLB; (k) principal balance; (l) Assigned Value; (m) Purchase Price; (n) Moody's Obligor rating (if available); (o) S&P Obligor rating (if available); (p) whether such Loan has been subject to an Value Adjustment Event (and of what type);

------

![](a01wells-newmountainguar011.jpg)

36 4147-5771-6068.5 (q) whether such Loan has been subject to any waiver, amendment, restatement, supplement or other modification (and whether such action constitutes a Material Modification); (r) the date on which such Loan was acquired or originated by the Borrower; (s) maintenance capital expenditures and cash taxes paid by the related Obligor during the applicable Relevant Test Period or, if either are unavailable, a good faith approximation by the Collateral Manager; provided that, the information required under this clause (s) shall only be updated annually or as otherwise requested by the Administrative Agent; (t) payment frequency; (u) Obligor's domicile; (v) financial reporting failure (yes or no); (w) EBITDA for the applicable Relevant Test Period (and the date as of which such calculation was made); (x) revenue for the applicable Relevant Test Period (and the date as of which such calculation was made) as calculated and delivered by the related Obligor or, if not calculated and delivered by such Obligor, as calculated by the Collateral Manager in its commercially reasonable determination; (y) aggregate gross debt (and the date as of which such calculation was made), as calculated and delivered by the related Obligor or, if not calculated and delivered by such Obligor, as calculated by the Collateral Manager in its commercially reasonable determination; (z) the "as of" date, with respect to the financials used for such Obligor; (aa) Loan type (Broadly Syndicated Loan, First Lien Loan, First Lien Middle Market Loan, First Lien Last Out Loan, Second Lien Loan or Recurring Revenue Loan); (bb) tranche size; and (cc) whether such Loan is a Delayed Draw Loan or a Revolving Loan. "Margin Stock": "Margin Stock" as defined under Regulation U. "Market Value": With respect to any Broadly Syndicated Loan as of any date of determination, the price (expressed as a percentage of par) as of the immediately preceding Measurement Date (or, if such date is a Measurement Date, as of such date) determined in the following manner: (a) by using the bid side quote determined by any of Loan Pricing Corporation, MarkIt Partners or any other nationally recognized loan pricing service or broker 37 4147-5771-6068.5 quote selected by the Collateral Manager and approved in writing by the Administrative Agent; provided that, if the Administrative Agent or the Equityholder reasonably determines that any such quote is not current or accurate, either of the Administrative Agent or the Equityholder may reject such quote; (b) if the value of a Broadly Syndicated Loan is not determined in accordance with clause (a) above (either because no bid side quote is available or the Administrative Agent or the Equityholder reasonably rejects any such quote), by using the average of the bid side quotes determined by three Approved Broker Dealers active in the trading of such asset; or (i) if only two such bids can be obtained, the average of the bid side quotes of such two bids; or (ii) if only one such bid can be obtained, such bid; provided that, if the Administrative Agent reasonably determines that the quote of any such Approved Broker Dealer is not current or accurate, the Administrative Agent may reject such quote; or (c) if the value of a Loan is not determined in accordance with clause (a) or (b) above (either because no bid side quote is available or the Administrative Agent reasonably rejects one or more bid side quotes), by using the value assigned by the Administrative Agent in a notice thereof sent to the Collateral Manager, the Equityholder and the Collateral Custodian; "Material Action": The meaning specified in the Borrower LLC Agreement. "Material Adverse Effect": With respect to any event or circumstance, a material adverse effect on (a) the business, assets, financial condition, operations, performance or properties of the Borrower, (b) the validity, enforceability or collectability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c) the rights and remedies of the Administrative Agent, the Lenders and the Secured Parties with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower or the Collateral Manager to perform its obligations under any Transaction Document to which it is a party, or (e) the status, existence, perfection, priority or enforceability of the Administrative Agent's or the other Secured Parties', lien on the Collateral. "Material Modification": Any amendment or waiver of, or modification or supplement to, an Underlying Instrument governing a Loan executed or effected on or after the date on which the Borrower acquired such Loan that: (a) (i) reduces, delays or forgives any or all of the principal amount of such Loan as and when due or (ii) extends or delays (A) the stated maturity date of such Loan or (B) the required or scheduled amortization for such Loan, and such extension or delay has not been approved by the Administrative Agent in its sole discretion; (b) waives one or more interest payments, or permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Loan (other than any such 38 4147-5771-6068.5 waiver that occurs without any further action in accordance with the terms of the applicable Underlying Instrument); (c) contractually or structurally subordinates such Loan by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the Underlying Assets securing such Loan; (d) substitutes, alters or releases (other than as permitted by such Underlying Instruments) all or a material portion of the Underlying Assets securing such Loan, and each such substitution, alteration or release, as determined in the sole discretion of the Administrative Agent, materially and adversely affects the value of such Loan; or (e) amends, waives, forbears, supplements or otherwise modifies in any way the definition of "Net Senior Leverage Ratio", "Total Leverage Ratio", "Cash Interest Coverage Ratio", "Recurring Revenue" or "Permitted Liens" (or any respective comparable definition in its Underlying Instruments, including any adjustment to EBITDA or Adjusted EBITDA or similar definition) or the definition of any component thereof (including any adjustment to EBITDA or Adjusted EBITDA or similar definition) in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to the Administrative Agent or any Lender; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may waive any Material Modification resulting from such implementation pursuant to this clause (e); provided that no Material Modification will be deemed to have occurred with respect to any publicly rated Loan if after the occurrence of any of the events listed in clause (d) of this definition if any of S&P, Fitch or Moody's (or, if such Loan is rated by some or all of S&P, Fitch and Moody's each of S&P, Fitch and Moody's) has affirmed its public rating of such Loan, in each case unless such Loan is considered to be "significantly modified" within the meaning of Treasury Regulation §1.1001-3. "Measurement Date": Each of the following: (i) the Closing Date; (ii) each date on which the Administrative Agent, by notice to the Borrower, adjusts the Assigned Value of a Loan following the occurrence of a Value Adjustment Event with respect thereto; (iii) each Determination Date, (iv) the date of each Transaction and (v) the date of each Discretionary Sale. "Moody's": Moody's Investors Service, Inc., and any successor thereto. "Multiemployer Plan": A "multiemployer plan" as defined in Section 4001(a)(3) of ERISA that is or was at any time during the current year or the preceding five (5) years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees. "Net Senior Leverage Ratio": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Net Senior Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Senior Leverage Ratio" or comparable definition, the ratio of (i) the senior Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination minus the Unrestricted Cash of 39 4147-5771-6068.5 such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the related Underlying Instruments. "Non-First Lien Loan": A Second Lien Loan or a First Lien Last Out Loan. "Non-Usage Fee": A fee with respect to each Accrual Period in an amount equal to the sum for each day during such Accrual Period of (x) the product of (a) the Unused Facility Amount as of the close of business on such day multiplied by (b) the Non-Usage Fee Rate with respect to such day, divided by (y) 365. "Non-Usage Fee Rate": For each day (a) prior to the six-month anniversary of the Closing Date, 0.50%; and (b) on and after the six-month anniversary of the Closing Date, (i) 0.50% on the first portion of the Unused Facility Amount up to the product of (x) 75% and (y) the Facility Amount and (ii) 1.75% on the portion of the Unused Facility Amount in excess of the product of (x) 75% and (y) the Facility Amount. "Noteless Loan": A Loan with respect to which the Underlying Instruments either (i) do not require the Obligor to execute and deliver a promissory note to evidence the indebtedness created under such Loan or (ii) require execution and delivery of such a promissory note only upon the request of any holder of the indebtedness created under such Loan, and as to which the Borrower has not requested a promissory note from the related Obligor. "Notice of Exclusive Control": The meaning specified in the Securities Account Control Agreement. "Obligations": The unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Advances and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the Advances and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with any Transaction Document, and any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Administrative Agent, the Collateral Custodian or to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Transaction Documents) or otherwise. "Obligor": With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including any guarantor thereof. "OLB": For any Loan as of any date of determination, an amount equal to the product of (x)(a) if such Loan is denominated and payable in Dollars, the principal balance of such Loan outstanding (exclusive of any Accreted Interest) as of such date of determination and (b) if such

------

![](a01wells-newmountainguar012.jpg)

40 4147-5771-6068.5 Loan is denominated and payable in an Available Currency other than Dollars, the equivalent in Dollars of the principal balance of such Loan, determined by the Borrower (or the Collateral Manager on its behalf) using the Applicable Exchange Rate, as of such date of determination and (y) the Assigned Value of such Loan as of such date of determination. "Operating Lease Implementation": The implementation by an Obligor of IFRS 16/ASC 842. "Opinion of Counsel": A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole discretion. "Original Cash Interest Coverage Ratio": With respect to any Loan, the Cash Interest Coverage Ratio for such Loan on the date of the related Approval Notice. "Original Net Senior Leverage Ratio": With respect to any Loan, the Net Senior Leverage Ratio for such Loan on the date of the related Approval Notice. "Original Total Leverage Ratio": With respect to any Loan, the Total Leverage Ratio for such Loan on the date of the related Approval Notice. "Other Connection Taxes": With respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Advance or Transaction Document). "Other Taxes": All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document or any other document providing liquidity support, credit enhancement or other similar support to the Lenders in connection with this Agreement or the funding or maintenance of Advances hereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to a request by the Borrower). "Partial PIK Loan": A Loan which at the time of contribution to the Borrower (i) allows for any portion of the interest accrued for a specified period of time or until the maturity thereof is, at the option of the Obligor or pursuant to conditions specified (in each case, under the related loan agreement and without default), added to the principal balance of such Loan or otherwise deferred rather than being paid in cash and (ii) a portion of interest accruing thereon is contractually required to be paid in cash and such cash interest accrues at a rate equal to or in excess of (a) the applicable interest rate index plus 2.15% if such Loan is a floating rate loan pursuant to the loan agreement for such Loan, (b) the applicable prime rate if such Loan is a floating rate loan with an interest rate based on the applicable prime rate, and (c) 6.00% if such Loan is a fixed rate loan; provided that, any Partial PIK Loan that is a floating rate loan and has a minimum contractual cash coupon of not less than the applicable interest rate index plus 4.00% 41 4147-5771-6068.5 shall not be considered a Partial PIK Loan for purposes of clause (cc) of the definition of "Eligible Loan". "Partially Eligible Loan": Any Loan which meets each of the criteria listed in the definition of "Eligible Loan" other than clause (B) of such definition, whether or not rejected by the Administrative Agent pursuant to such clause (B). "Participant Register": The meaning specified in Section 12.16(b). "Participation Interest": An undivided 100% participation in a loan originated by a bank or financial institution that, at the time of acquisition, or the Borrower's commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Loan were it acquired directly, (ii) the selling institution is a lender on the loan, (iii) the aggregate participation in the loan granted by such selling institution to any one or more participants does not exceed the principal amount or commitment with respect to which the selling institution is a lender under such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the selling institution holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from the selling institution or its affiliates) at the time of the Borrower's acquisition (or, to the extent of a participation in the unfunded commitment under a Revolving Loan or Delayed Draw Loan, at the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a sub-participation in any loan. "Payment Date": The sixth Business Day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing in April 2026. "Payment Duties": The meaning specified in Section 7.2(b)(vii). "Payment Recipient": The meaning specified in Section 11.10(a). "Pension Plans": The meaning specified in Section 4.1(w). "Permitted Investments": Negotiable instruments or securities or other investments (which may include obligations, deposits, instruments, investments and securities of or with the Collateral Custodian or any Affiliate of the Collateral Custodian, or with issuers for which the Collateral Custodian or an Affiliate of the Collateral Custodian provides services or receives compensation) that (i) except in the case of time deposits and investments in money market funds, are represented by instruments in registered form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers, (ii) as of any date of determination, mature by their terms on or prior to the Business Day preceding the next Payment Date, (iii) have payments thereon to the Borrower that are not subject to any withholding tax unless the obligor thereon is 42 4147-5771-6068.5 required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an after-tax basis and (iv) evidence: (a) direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States); (b) demand deposits, bank deposit products of, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; provided that, at the time of the Borrower's investment or contractual commitment to invest therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from any Rating Agency in the Highest Required Investment Category granted by such Rating Agency; (c) commercial paper, or other short-term obligations, having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating in the Highest Required Investment Category granted by any Rating Agency; (d) demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term deposits from Moody's and S&P of "P-1" and "A-1", respectively, and if rated by Fitch, from Fitch of "F-1+"; (e) interest bearing deposits, including but not limited to Deposit Placement Programs, in United States Dollars held at Western Alliance Bank or a bank that is well- capitalized as reflected on the subject bank's Consolidated Report of Condition and Income or such other report of condition as is required by the bank's primary Federal banking regulator; or (f) time deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each of Moody's, S&P and Fitch (if rated by Fitch). "Permitted Liens": Any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as bank's, securities intermediary's, materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) Liens granted pursuant to or by the Transaction Documents and (d) Liens expressly permitted under the Securities Account Control Agreement. 43 4147-5771-6068.5 "Permitted RIC Distribution": Distributions on any Payment Date to the Equityholder (from the Collection Account) to the extent required to allow the Equityholder to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal or state income or excise taxes payable by the Equityholder in or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); provided that the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Equityholder shall not exceed 115% of the amounts that the Borrower would have been required to distribute to the Equityholder to: (i) allow the Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower's liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Borrower's liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Borrower had qualified to be taxed as a regulated investment company under the Code. "Person": An individual, partnership, corporation, company, limited liability company, limited liability partnership, joint stock company, trust (including a statutory or business trust), estate, unincorporated association, sole proprietorship, joint venture, nonprofit corporation, group, sector, government (or any agency, instrumentality or political subdivision thereof), territory or other entity or organization. "Pool Factor": As of any Determination Date, the percentage obtained by dividing the aggregate outstanding principal balance of all Loans on such date by the aggregate outstanding principal balance of all Loans on the Revolving Period End Date. "Prime Rate": The greater of (x) zero and (y) the rate announced by Wells Fargo from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Wells Fargo or any other specified financial institution in connection with extensions of credit to debtors. "Principal Collections": All amounts received by the Borrower or the Collateral Custodian in respect of the Loans, Permitted Investments and Equity Securities that are not Interest Collections to the extent received in cash by or on behalf of the Borrower or the Collateral Custodian. "Principal Collection Account": A Securities Account created and maintained on the books and records of the Collateral Custodian entitled "Principal Collection Account" in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Pro Rata Share": With respect to a Lender, the percentage obtained by dividing the amount of the Commitment of (or, after the Revolving Period End Date, the Advances

------

![](a01wells-newmountainguar013.jpg)

44 4147-5771-6068.5 Outstanding owing to) such Lender (as determined pursuant to the definition of Commitment) by the Facility Amount. "Proceeds": With respect to any Collateral, all property that is receivable or received when such Collateral is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to any insurance relating to such Collateral. "Purchase Date": With respect to any Loan, the date of the acquisition or origination of such Loan by the Borrower. "Purchase Price": With respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the purchase price (or, if different principal amounts of such Loan were purchased at different purchase prices, the weighted average of such purchase prices) paid by the Borrower for such Loan (exclusive of any interest, Accreted Interest and original issue discount) divided by (ii) the principal balance of such Loan outstanding as of the date of such purchase (exclusive of any interest, Accreted Interest and original issue discount); provided that, if the ratio of clause (i) to clause (ii) above with respect to a Loan purchased in the primary syndication thereof is equal to 95% or higher, such Loan shall be deemed to have a Purchase Price of 100%. "QFC": The meaning assigned to the term "qualified financial contract" in, and interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). "Qualified Affiliate": Any Affiliate of the Collateral Manager (a) that has the ability, personnel and experience to professionally and competently perform duties similar to those imposed upon the Collateral Manager under this Agreement, (b) that is legally qualified and has the capacity and applicable licenses or other regulatory qualifications to act as Collateral Manager under this Agreement, (c) for which the Administrative Agent and the Collateral Custodian have received all "know your customer" documentation and information reasonably and timely requested and (d) that shall assume the obligations of the Collateral Manager. "Qualified Institution": A depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (b) the parent corporation of which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (c) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the FDIC. "Rating Agency": Each of S&P, Fitch and Moody's. "Recipient": (a) The Administrative Agent, and (b) any Lender, as applicable. "Recurring Revenue": With respect to any Recurring Revenue Loan, the meaning of "Recurring Revenue" or any comparable definition in the related Underlying Instruments 45 4147-5771-6068.5 relating to recurring maintenance or support revenues, subscription revenues, and recurring revenues attributable to software licensed or sold (excluding one-time license revenues) in the Underlying Instruments for such Loan. "Recurring Revenue Loan": A Loan that (i) has a related Obligor organized under the law of the United States and is denominated in Dollars, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law, (iii) has a related Obligor that is principally engaged in an enterprise software business that derives revenue primarily under contractual agreements and/or selling software as a service, (iv) is structured or underwritten based on a multiple of the related Obligor's Recurring Revenue, and (v) that contains a Recurring Revenue Loan Covenant Flip Scheduled Date (which date is no later than the 3 year anniversary of the date on which the Borrower acquired such Loan); provided that the Administrative Agent may re-designate such Loan as a First Lien Loan or a Second Lien Loan in its sole discretion if the recurring revenue covenants in the related Underlying Instruments are replaced (whether by amendment or by operation of such Underlying Instruments) with traditional cash flow leverage lending covenants (such as those based on total leverage, senior leverage, and interest coverage) (a "Recurring Revenue Reclassification Date"). For any Loan subject to a Recurring Revenue Reclassification Date, any references to the Senior Leverage Ratio, Interest Coverage Ratio and the Assigned Value as of the date on which such Loan was acquired by the Borrower shall be deemed to be determined by the Administrative Agent in its sole discretion as of the Recurring Revenue Reclassification Date. "Recurring Revenue Loan Covenant Flip Scheduled Date": With respect to any Recurring Revenue Loan, as of its date of acquisition by the Borrower, the scheduled date upon which the covenants for such Loan are to be replaced with traditional cash flow leverage lending covenants (such as those based on total leverage, senior leverage, and interest coverage) as specified in the original Underlying Instruments for such Loan. "Recurring Revenue Loan Gross Leverage Ratio": With respect to any Recurring Revenue Loan, the ratio for the related Obligor of (a) indebtedness to (b) Recurring Revenue, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Instruments. "Recurring Revenue Reclassification Date": The meaning specified in the definition of Recurring Revenue Loan. "Reinvestment Notice": Each notice required to be delivered by the Borrower pursuant to Section 3.2(a) in respect of any reinvestment, in the form of Exhibit A-3. "Register": The meaning specified in Section 12.16(b). "Registered": With respect to any registration-required obligation within the meaning of Section 163(f)(2) of the Code, a debt obligation that was issued after July 18, 1984 and that is in registered form within the meaning of Section 5f.103-1(c) of the Treasury Regulations. "Regulation U": Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 221, or any successor regulation. 46 4147-5771-6068.5 "Related Parties": With respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and such Person's Affiliates. "Relevant Governmental Body": (a) With respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto and (b) with respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, any Available Currency other than Dollars, (1) the central bank for the Available Currency in which such amounts are denominated, or calculated with respect to, or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the Available Currency in which such amounts are denominated, or calculated with respect to, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof. "Relevant Test Period": With respect to any Loan, the relevant test period for the calculation of Net Senior Leverage Ratio, Total Leverage Ratio or Cash Interest Coverage Ratio, as applicable, for such Loan in accordance with the related Underlying Instruments or, if no such period is provided for therein, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Loan; provided that, with respect to any Loan for which the relevant test period is not provided for in the related Underlying Instruments, if four (4) consecutive fiscal quarters have not yet elapsed since the closing date of the relevant Underlying Instruments, "Relevant Test Period" shall initially include the period from such closing date to the end of the fourth fiscal quarter thereafter, and shall subsequently include each period of the last four (4) consecutive reported fiscal quarters of such Obligor. "Repayment Notice": Each notice required to be delivered by the Borrower pursuant to Section 2.3 in respect of any reduction in the Facility Amount or repayment of Advances Outstanding, in the form of Exhibit A-2. "Reportable Event": The meaning specified in Section 4.1(w). "Reporting Date": The date that is the sixth Business Day of each calendar month, with the first Reporting Date occurring in March 2026. "Required Lenders": The Administrative Agent and the Revolving Lenders representing an aggregate of more than 50% of (a) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in effect and (b) thereafter, the outstanding Advances; provided that, for the purposes of determining the Required Lenders, (i) if at any time there is more than one non-Defaulting Lender (counting affiliated Lenders as a single Lender), at least two unaffiliated non-Defaulting Lenders shall be 47 4147-5771-6068.5 required to constitute "Required Lenders" and (ii) the Commitment of any Defaulting Lender shall be disregarded for purposes of determining whether the consent of the Required Lenders has been obtained and such Lender shall not constitute a Required Lender hereunder. "Required Loan Documents": For each Loan, the following documents or instruments, in each case as specified on the related Loan Checklist: (a) unless such Loan is a Noteless Loan, if applicable, the original executed promissory note (or, in the case of a lost note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and indemnity from the applicable Secured Party to the Administrative Agent); and/or (b) (i) unless such Loan is a Noteless Loan, an unbroken chain of endorsements from each prior holder of such promissory note to the applicable Secured Party, (ii) executed copies of an unbroken chain of assignment and assumption agreements, transfer documents or instruments relating to such Loan evidencing the assignment of such Loan from each prior third party owner thereof to the applicable Secured Party, (iii) an executed assignment and assumption agreement, transfer document or instrument relating to such Loan evidencing the assignment of such Loan to the applicable Secured Party that, to the extent required by the Underlying Instruments, is counter-signed by the applicable underlying administrative agent, (iv) a copy of the loan register held by the administrative agent for such Loan showing that the applicable Secured Party is the lender of record with respect to such Loan, or (v) a copy of the executed credit or loan agreement to which the applicable Secured Party was an original signatory (which includes such Secured Party's commitment). "Required Minimum Equity Amount": On any day, the greater of (x) $14,500,000 and (y) the aggregate OLB of the Loans of the three (3) largest Obligors forming part of the Collateral. "Required Reports": Collectively, the Borrowing Base Certificate, the financial statements of Obligors and the Equityholder and the annual statements as to compliance and the annual Independent public accountant's report. "Responsible Officer": With respect to any Person, any duly authorized officer, administrative manager or managing member of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer, administrative manager or managing member of such Person to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, and with respect to the Collateral Custodian, an officer to whom a corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and having direct responsibility for the administration of this transaction. "Restricted Payment": (i) Any dividend or other distribution, direct or indirect, on account of any class of membership interests of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership interests or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of

------

![](a01wells-newmountainguar014.jpg)

48 4147-5771-6068.5 membership interests of the Borrower now or hereafter outstanding, and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding. "Revaluation Date": Subject to Section 2.5, with respect to any Advance denominated in an Alternative Currency, each of the following: (i) the Funding Date of such Advance but only as to the amounts so borrowed on such date, (ii) each date of a Rollover of such Advance pursuant to the terms of this Agreement, but only as to the amounts so renewed on such date, and (iii) such additional dates as the Administrative Agent shall determine. "Revenue Recognition Implementation": The implementation by an Obligor of IFRS 15/ASC 606. "Review Criteria": The meaning specified in Section 7.2(b)(i). "Revolving Lender": Each Lender with a Commitment to fund Advances other than Swingline Advances. "Revolving Loan": Any Loan (other than a Delayed Draw Loan, but including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under the Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower. "Revolving Period": The period commencing on the Closing Date and ending on the day preceding the earlier to occur of the Revolving Period End Date or the Termination Date. "Revolving Period End Date": The earlier to occur of (a) the three-year anniversary of the Closing Date (as such date may be extended pursuant to Section 2.3(c)) and (b) the Revolving Period Termination Date. "Revolving Period Termination Date": The date of the declaration of the Termination Date pursuant to Section 9.2(a). "Rollover": The renewal of all or any part of any Term Rate Advance upon the expiration of the applicable Interest Period with respect thereto. "Rollover Date": The date that is one (1) Business Day after the immediately preceding Determination Date. "S&P": S&P Global Ratings (or its successors in interest). "Sale Agreement": The Loan Sale Agreement, dated as of the Closing Date, between the Seller, as seller, and the Borrower, as purchaser, as the same may be amended, modified, waived, supplemented or restated from time to time. 49 4147-5771-6068.5 "Sale Proceeds": With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower, the Collateral Manager and the Collateral Custodian incurred in connection with any such sale. "Sanction" or "Sanctions": Individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future statute or executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other Governmental Authorities with jurisdiction over any Borrower, the Collateral Manager, any Equityholder or any of their respective Subsidiaries. "Sanctioned Person": Any Person that is a target of Sanctions, including without limitation, a Person that is: (a) on any list of targets identified or designated pursuant to any Sanctions, including those listed on OFAC's Specially Designated Nationals (SDN) and Blocked Persons List and OFAC's Consolidated Non-SDN List; (b) a legal entity that is a Sanctions target based on the ownership or control of such legal entity by Sanctioned Person(s); or (c) the target of or subject to any territorial or country-based Sanctions program (as of the Closing Date, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic). "Scheduled Payment": Each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related Underlying Instruments, if applicable. "Second Lien Loan": Any Loan that (x)(i) is secured by a pledge of collateral which security interest is validly perfected and second priority security under Applicable Law (subject to Liens permitted by the applicable Underlying Instruments), (ii) is either pari passu or second priority in right of payment with the Indebtedness of the holders of the first priority security interest and (iii) pursuant to an intercreditor agreement between the Borrower and the holder of such first priority security interest, the amount of Indebtedness covered by such first priority security interest is limited in terms of aggregate outstanding amount or percent of outstanding principal or (y) is designated by the Administrative Agent as a "Second Lien Loan" on the related Approval Notice. "Secured Party": (i) Each Lender, (ii) the Administrative Agent and (iii) the Collateral Custodian. "Securities Account": The meaning specified in Section 8-501(a) of the UCC. "Securities Account Control Agreement": The Account Control Agreement, dated as of the date hereof, among the Borrower, as the pledgor, the Administrative Agent and Western Alliance Trust Company, N.A., as the Collateral Custodian and as the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time. 50 4147-5771-6068.5 "Securities Act": The U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. "Securities Intermediary": A Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity. "Security Certificate": The meaning specified in Section 8-102(a)(16) of the UCC. "Security Entitlement": The meaning specified in Section 8-102(a)(17) of the UCC. "Seller": The meaning specified in the Preamble. "SOFR": A rate equal to the secured overnight financing rate as administered by the SOFR Administrator. "SOFR Administrator": The Federal Reserve Bank of New York (or any successor administrator). "SOFR Administrator's Website": The website of the SOFR Administrator, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. "SOFR Determination Day": The meaning specified in the definition of "Daily Simple SOFR." "SOFR Rate Day": The meaning specified in the definition of "Daily Simple SOFR." "Solvent": As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person's liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person's property assets would constitute unreasonably small capital. "SONIA": A rate equal to the sterling overnight index average as administered by the SONIA Administrator. "SONIA Administrator": The Bank of England (or any successor administrator of the sterling overnight index average). 51 4147-5771-6068.5 "SONIA Administrator's Website": The Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the sterling overnight index average identified as such by the SONIA Administrator from time to time. "SONIA Business Day": Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in London. "SONIA Determination Day": The meaning specified in the definition of "Daily Simple SONIA". "SONIA Rate Day": The meaning specified in the definition of "Daily Simple SONIA". "Special Purpose Provisions": The meaning specified in the Borrower LLC Agreement. "Spot Rate": Subject to Section 2.5, for any Alternative Currency, the rate provided (either by publication or otherwise provided or made available to the Administrative Agent) by Thomson Reuters Corp. (or equivalent service chosen by the Administrative Agent in its reasonable discretion) as the spot rate for the purchase of such Alternative Currency with another currency at a time selected by the Administrative Agent in accordance with the procedures generally used by the Administrative Agent for syndicated credit facilities in which it acts as administrative agent. "Spread": In the case of each Loan that is a floating rate loan that bears interest at a spread over the applicable benchmark as provided for in its related loan agreement, the current cash pay interest rate spread (for avoidance of doubt, excluding any non-cash interest or paid-in- kind interest) on such Loan above such applicable benchmark. "Subsidiary": As to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. "Swingline Advance": Any swingline advance made by the Swingline Lender to the Borrower pursuant to Section 2.1, and all such swingline advances collectively as the context requires. For the avoidance of doubt, unless otherwise specified a Swingline Advance shall constitute an Advance hereunder. "Swingline Commitment": The commitment of the Swingline Lender to fund Swingline Advances, subject to the terms and conditions herein, in an amount not greater than (a) after the joinder of the first additional Lender to this Agreement after the Closing Date (if any), $1,000,000 (without regard to any future reimbursement of Swingline Advances by the Revolving Lenders) or (b) otherwise, $0, in each case as such amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement; provided that Swingline Advances may only be funded in Dollars. The Swingline Commitment is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a Revolving Lender hereunder, and is not in addition thereto.

------

![](a01wells-newmountainguar015.jpg)

52 4147-5771-6068.5 "Swingline Lender": Wells Fargo Bank, National Association in its capacity as swingline lender hereunder or any successor thereto. "Swingline Refund Date": The meaning specified in Section 2.17(a). "T2": The real time gross settlement system operated by the Eurosystem, or any successor system. "TARGET Day": Any day on which T2 is open for the settlement of payments in Euros. "Taxes": Any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Term CORRA": For any Interest Period with respect to Advances denominated in Canadian Dollars, the greater of (i) the sum of (x) the Term CORRA Reference Rate for a period of one month, at approximately 10:00 a.m. (Toronto time) on the day (such day, a "Term CORRA Determination Day") that is two (2) CORRA Business Days prior to the first day of such Interest Period as such Term CORRA Reference Rate is published by the Term CORRA Administrator plus (y) the Term CORRA Adjustment and (ii) the Floor. If, by 5:00 p.m. (Toronto time) on any Term CORRA Determination Day, the Term CORRA Reference Rate for a period of one month has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for a period of one month as published by the Term CORRA Administrator on the first preceding CORRA Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding CORRA Business Day is not more than three (3) CORRA Business Days prior to such Term CORRA Determination Day; provided further that in no event shall Term CORRA determined pursuant to this sentence be less than the Floor. "Term CORRA Adjustment": A percentage equal to 0.29547% (29.547 basis points) per annum. "Term CORRA Administrator": CanDeal Benchmark Administration Services Inc. ("CanDeal") or, in the reasonable discretion of Administrative Agent, TSX Inc. or an affiliate of TSX Inc. as the publication source of the CanDeal/TMX Term CORRA benchmark that is administered by CanDeal (or a successor administrator of the Term CORRA Reference Rate selected by Administrative Agent in its reasonable discretion). "Term CORRA Determination Day": The meaning specified in the definition of "Term CORRA." "Term CORRA Reference Rate": The forward-looking term rate based on CORRA. "Term Rate Advance": Any Advance that bears interest at a rate based on Term CORRA or any Eurocurrency Rate. 53 4147-5771-6068.5 "Termination Date": The earliest of (a) the date of the termination in whole of the Facility Amount pursuant to Section 2.3(a), (b) the Facility Maturity Date and (c) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to Section 9.2(a). "Total Leverage Ratio": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Total Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Total Leverage Ratio" or comparable definition, the ratio of (i) the total Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the related Underlying Instruments. "Transaction": The meaning specified in Section 3.2(a). "Transaction Documents": This Agreement, the Sale Agreement, the Securities Account Control Agreement, any Joinder Supplement and the Collateral Custodian Fee Letter. "UCC": The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions. "Unadjusted Benchmark Replacement": The applicable Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment. "Uncertificated Security": The meaning specified in Section 8-102(a)(l8) of the UCC. "Underlying Assets": With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including, without limitation, to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets. "Underlying Assignment Agreement": Any assignment and acceptance, assignment and assumption, joinder or other assignment agreement, the form of which is specified under the applicable Underlying Instruments for use when assigning the related Loan. "Underlying Instruments": The loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan or Permitted Investment has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan or Permitted Investment or of which the holders of such Loan or Permitted Investment are the beneficiaries. "United States": The United States of America. 54 4147-5771-6068.5 "Unfunded Exposure Account": A Securities Account created and maintained on the books and records of the Collateral Custodian entitled "Unfunded Exposure Account" in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Unfunded Exposure Amount": On any date of determination, with respect to any Loan, the aggregate amount (without duplication) of all (i) unfunded commitments and (ii) all standby or contingent commitments associated with such Loan. "Unfunded Exposure Collections": Any amounts (w) in Australian Dollars on deposit in the Australian Dollar Account, (x) in Canadian Dollars on deposit in the Canadian Dollar Account, (y) in Euros on deposit in the Euro Account or (z) in GBP and on deposit in the GBP Account and, in each case, designated by the Borrower to be reserved against the Unfunded Exposure Amount. "Unfunded Exposure Equity Amount": On any date of determination, an amount equal to the sum, for each Loan, of (a) the Unfunded Exposure Amount for such Loan minus (b) the product of (i) the Unfunded Exposure Amount for such Loan, (ii) the Advance Rate for such Loan and (iii) the Assigned Value of such Loan. "Unrestricted Cash": The meaning of "Unrestricted Cash" or any comparable definition in the Underlying Instruments for each Loan, and in any case that "Unrestricted Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been delivered to the Borrower. "Unused Facility Amount": At any time, (a) the Facility Amount minus (b) the Advances Outstanding at such time. "USA Patriot Act": The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. "U.S. Government Securities Business Day": Any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities; provided, that for purposes of the notice requirements in Section 2.3(b), such day is also a Business Day. "U.S. Person": Any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code. "U.S. Special Resolution Regime": Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 55 4147-5771-6068.5 "U.S. Tax Compliance Certificate": The meaning assigned to such term in Section 2.13(g). "Value Adjustment Event": With respect to any Loan, the occurrence of any one or more of the following events after the related Funding Date: (a) (i) solely with respect to any First Lien Loan or any First Lien Last Out Loan, the Net Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (A) greater than 3.50 to 1.00 and (B) greater than 0.75 higher than the Original Net Senior Leverage Ratio (or, if applicable, the Net Senior Leverage Ratio as of the related Recurring Revenue Reclassification Date) and (ii) solely with respect to any Second Lien Loan or any Designated Loan, the Total Leverage Ratio of the related Obligor with respect to such Loan is (A) greater than 4.00 to 1.00 and (B) greater than 0.75 higher than the Original Total Leverage Ratio; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may retroactively adjust the Net Senior Leverage Ratio or the Total Leverage Ratio for any Loan as determined on the related Funding Date; (b) the Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (i) less than 1.50 to 1.00 and (ii) less than 85% of the Original Cash Interest Coverage Ratio (or, if applicable, the Cash Interest Coverage Ratio as of the related Recurring Revenue Reclassification Date); provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may retroactively adjust the Cash Interest Coverage Ratio for any Loan as determined on the related Funding Date; (c) solely with respect to Recurring Revenue Loans, the Recurring Revenue Loan Gross Leverage Ratio with respect to such Eligible Loan increases by greater than 10.0% from such ratio at the time the asset was first acquired by the Borrower; (d) solely with respect to Recurring Revenue Loans, either (i) the recurring revenue covenants for such Eligible Loan fail to be replaced with traditional cash flow leverage lending covenants by the Recurring Revenue Loan Covenant Flip Scheduled Date or (ii) the Recurring Revenue Loan Covenant Flip Scheduled Date is extended; (e) solely with respect to Recurring Revenue Loans, such Loan fails to maintain a liquidity amount of at least (x) 1.20x greater than the applicable "liquidity covenant" (or such comparable definition) in the related Underlying Instruments or (y) if such "liquidity covenant" is not available in the related Underlying Instruments, the amount determined by the Administrative Agent in its sole discretion and set forth on the applicable Approval Notice for such Loan; (f) any of (i) a payment default under such Loan (after giving effect to any applicable grace or cure periods, but in any case not to exceed five (5) Business Days, in accordance with the Underlying Instruments) or, (ii) a default under such Loan, together with the election by any Person or group of Persons authorized to exercise any rights or remedies by the applicable Underlying Instruments (including, without limitation, the Borrower) to enforce any

------

![](a01wells-newmountainguar016.jpg)

56 4147-5771-6068.5 of their respective rights or remedies (including, without limitation, acceleration of the Loan but excluding the imposition of default interest) pursuant to the applicable Underlying Instruments; (g) the occurrence of a Material Modification with respect to such Loan; (h) the occurrence of an Insolvency Event with respect to the related Obligor; or (i) the failure to deliver (i) with respect to quarterly reports, any financial statements (including unaudited financial statements) to the Administrative Agent sufficient to calculate the Net Senior Leverage Ratio, the Total Leverage Ratio or the Cash Interest Coverage Ratio of the related Obligor by the date that is no later than eighty (80) days after the end of the first, second or third quarter of any fiscal year and (ii) with respect to annual reports, any audited financial statements to the Administrative Agent sufficient to calculate the Net Senior Leverage Ratio, the Total Leverage Ratio or the Cash Interest Coverage Ratio of the related Obligor by the date that is no later than one hundred and sixty (160) days after the end of any fiscal year. "Weighted Average Advance Rate": As of any date of determination with respect to all Eligible Loans on such date, (a) the sum of the products for each Eligible Loan of (i) such Eligible Loan's Advance Rate and (ii) such Eligible Loan's OLB minus the portion, if any, of such Eligible Loan's OLB included in the Excess Concentration Amount divided by (b) the Aggregate OLB on such date minus the Excess Concentration Amount. "Weighted Average Spread": As of any date of determination solely with respect to all Eligible Loans that are floating rate loans, a fraction (expressed as a percentage) obtained by dividing (x) the sum of the products of (i) each Eligible Loan's Spread and (ii) each Eligible Loan's outstanding principal balance by (y) the sum of each Eligible Loan's outstanding principal balance. "Weighted Average Spread Test": A test that is satisfied if the Weighted Average Spread equals or exceeds 4.00%. "Wells Fargo": The meaning specified in the Preamble. "Withholding Agent": The Borrower, the Collateral Custodian and the Administrative Agent. Section 1.2. Other Terms. All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined in such Article 9. Section 1.3. Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding." 57 4147-5771-6068.5 Section 1.4. Interpretation. In each Transaction Document, unless a contrary intention appears: (a) the singular number includes the plural number and vice versa; (b) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by the Transaction Documents; (c) reference to any gender includes each other gender; (d) reference to day or days without further qualification means calendar days; (e) reference to any time means Charlotte, North Carolina time; (f) reference to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; (g) reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; (h) if any date for compliance with the terms or conditions of any Transaction Document falls due on a day which is not a Business Day, then such due date shall be deemed to be the immediately following Business Day; (i) reference to any delivery or transfer to the Collateral Custodian with respect to the Collateral in this Agreement means delivery or transfer to the Collateral Custodian for the benefit of the Administrative Agent on behalf of the Secured Parties; (j) the word "including" is not limiting and means "including without limitation;" (k) the word "any" is not limiting and means "any and all" unless the context clearly requires or the language provides otherwise; (l) references herein to the knowledge or actual knowledge of a Person shall mean the actual knowledge following due inquiry of a Responsible Officer of such Person; 58 4147-5771-6068.5 (m) any use of "material" or "materially" or words of similar meaning in this Agreement shall mean material, as determined by the Administrative Agent in its reasonable discretion; (n) for purposes of this Agreement, an Event of Default shall be deemed to be continuing until it is waived in accordance with Section 12.1; (o) unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any other Transaction Document, Borrower and Administrative Agent shall negotiate in good faith to amend such covenant to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) Borrower shall provide to Administrative Agent a written reconciliation in form and substance reasonably satisfactory to Administrative Agent, between calculations of such covenant made before and after giving effect to such change in generally accepted accounting principles; (p) neither the Administrative Agent nor the Collateral Custodian warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to Daily Simple SOFR, Daily Simple SONIA, Term CORRA, any Eurocurrency Rate, or any other Benchmark, or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 2.16, will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Daily Simple SOFR, Daily Simple SONIA, Term CORRA, any Eurocurrency Rate, or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. (q) for purposes of calculating the Aggregate Borrowing Base and Unfunded Exposure Amount on any date of determination, the Aggregate Borrowing Base and Unfunded Exposure Amount of the applicable Loans (or Advances) shall be converted to Dollars, if necessary, by the Collateral Manager using the Applicable Exchange Rate and for purposes of 59 4147-5771-6068.5 determining the existence or occurrence of any Borrowing Base Deficiency, the Advances Outstanding shall be converted to Dollars, if necessary, by the Collateral Manager using the Applicable Exchange Rate; and (r) (i) all Australian Dollars will be deposited into the Australian Dollar Account and will remain in such account unless otherwise provided for herein; the Collateral Custodian shall maintain records designating the amounts in the Australian Dollar Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Custodian's reports shall indicate the same, (ii) all Canadian Dollars will be deposited into the Canadian Dollar Account and will remain in such account unless otherwise provided for herein; the Collateral Custodian shall maintain records designating the amounts in the Canadian Dollar Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Custodian's reports shall indicate the same, (iii) all Euros will be deposited into the Euro Account and will remain in such account unless otherwise provided for herein; the Collateral Custodian shall maintain records designating the amounts in the Euro Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Custodian's reports shall indicate the same and (iv) all GBP will be deposited into the GBP Account and will remain in such account unless otherwise provided for herein; the Collateral Custodian shall maintain records designating the amounts in the GBP Account as Principal Collections, Interest Collections or Unfunded Exposure Collections; and the Collateral Custodian's reports shall indicate the same. ARTICLE II. THE FACILITY Section 2.1. Advances. (a) During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a "Loan Advance") under this Agreement pursuant to a Funding Notice, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the Revolving Period End Date or the Termination Date; provided, further, notwithstanding anything to the contrary herein, that any Loan Advance denominated in an Available Currency other than Dollars shall require the Administrative Agent's prior written consent. (b) Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Lenders shall fund such Loan Advance. Notwithstanding anything to the contrary herein, no Revolving Lender shall be obligated to make any Loan Advance if, after giving effect to such Loan Advance and the addition to the Collateral of the Eligible Loans to be acquired by the Borrower with the proceeds of such Loan Advance, (i) an Event of Default, Default or Collateral Manager Default would result therefrom on the date of such Loan Advance, (ii) a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency) in the relevant Available Currency would occur or (iii) the Advances Outstanding made by such Revolving Lender would exceed its Commitment.

------

![](a01wells-newmountainguar017.jpg)

60 4147-5771-6068.5 (c) During the Revolving Period, the Borrower may, at its option, request the Swingline Lender make Swingline Advances to the Borrower by delivering a Funding Notice with respect to such requested Swingline Advance to the Administrative Agent, which shall forward such Funding Notice to the Swingline Lender and provide notification to the Lenders with respect thereto. Following the receipt of a Funding Notice during the Revolving Period and subject to the terms and conditions hereinafter set forth, the Swingline Lender shall make the requested Swingline Advances to the Borrower. Swingline Advances will only be funded in Dollars. Notwithstanding anything to the contrary herein, the Swingline Lender shall not be obligated to fund any Swingline Advance if, after giving effect to the amount of the Swingline Advance requested and the addition to the Collateral of the Eligible Loans to be acquired by the Borrower with the proceeds of such Swingline Advance, (i) in the sole discretion of the Swingline Lender, a Default or Event of Default would or could be expected to result therefrom or (ii) a Borrowing Base Deficiency would occur. (d) The Borrower may, with the written consent of the Administrative Agent, add additional Persons as Revolving Lenders and increase the Commitments hereunder; provided that, the Commitment of any Revolving Lender may only be increased with the prior written consent of such Lender and the Administrative Agent. Each additional Revolving Lender shall become a party hereto by executing and delivering to the Administrative Agent and the Borrower a Joinder Supplement and a representation letter in the form of Exhibit I. Upon such increase, Annex B hereto shall be deemed to be revised to reflect such increase in such Revolving Lender's Commitment. (e) Advances to be made for the purpose of refunding Swingline Advances shall be made by the Revolving Lenders as provided in Section 2.17. Section 2.2. Procedures for Advances by the Lenders. (a) Subject to the limitations set forth herein, the Borrower may request a Loan Advance or Swingline Advance from the Lenders by delivering to the Lenders at certain times the information and documents set forth in this Section 2.2. (b) (x) With respect to any Swingline Advance, no later than 3:00 p.m. on the proposed Funding Date, and (y) with respect to any other Advance (A) if the Advance is denominated in Dollars, (I) prior to the Initial Syndication Date, no later than 3:00 p.m. on the proposed Funding Date and (II) on or after the Initial Syndication Date, no later than 3:00 p.m. one (1) Business Day prior to the proposed Funding Date, (B) if the Advance is denominated in Canadian Dollars, Euros or GBP, no later than 3:00 p.m. at least three (3) Business Days prior to the proposed Funding Date and (C) if the Advance is denominated in Australian Dollars, no later than 3:00 p.m. at least five (5) Business Days prior to the proposed Funding Date (or, in each case, such shorter time period as is acceptable to the Administrative Agent), the Borrower (or the Collateral Manager on its behalf), shall deliver: (i) to the Administrative Agent (with a copy to each Revolving Lender and/or Swingline Lender) and the Collateral Custodian a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof; 61 4147-5771-6068.5 (ii) to the Administrative Agent a description of the Obligor and the Loan(s) to be funded by the proposed Advance; (iii) to the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered; (iv) to the Administrative Agent and the Collateral Custodian a duly completed Funding Notice which shall (a) specify whether such Advance is a Loan Advance or a Swingline Advance and the desired amount of such Advance, which amount shall not cause a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency) in the relevant Available Currency and must be at least equal to $500,000 (or the Alternative Currency Equivalent thereof) (or, in the case of any Advance to be applied to fund any draw under a Delayed Draw Loan or Revolving Loan, such lesser amount as may be required to fund such draw), to be allocated to each Lender in accordance with its Pro Rata Share, (b) specify the proposed Funding Date of such Advance, (c) specify the Loan(s) to be financed on such Funding Date (including the appropriate file number, Obligor, original loan balance, OLB, Assigned Value and Purchase Price for each Loan) and, with respect to any Delayed Draw Loan or Revolving Loan, the amount to be deposited in the Unfunded Exposure Account in connection with the acquisition of such Loan(s) pursuant to Section 2.2(e) and (d) include a representation that all conditions precedent for an Advance described in Article III hereof have been met (except as otherwise provided in Section 2.2(e)). Each Funding Notice shall be irrevocable. If any Funding Notice is received by the Administrative Agent and each Lender after 3:00 p.m. on the Business Day prior to the Business Day for which such Advance is requested or on a day that is not a Business Day, such Funding Notice shall be deemed to be received by the Administrative Agent and each Lender at 9:00 a.m. on the next Business Day. (c) On the proposed Funding Date, subject to the limitations set forth in Section 2.1(a) and upon satisfaction or waiver of the applicable conditions set forth in Article III: (i) in the case of a Loan Advance, each Revolving Lender shall make available to the Borrower in same day funds, by wire transfer to the account designated by the Borrower in the Funding Notice given pursuant to this Section 2.2, an amount equal to such Revolving Lender's Pro Rata Share of the least of (1) the amount requested by the Borrower for such Loan Advance, (2) the aggregate unused Commitments then in effect and (3) the maximum amount that, after taking into account the proposed use of the proceeds of such Loan Advance, could be advanced to the Borrower hereunder without causing a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency) in the relevant Available Currency; and (ii) in the case of a Swingline Advance, the Swingline Lender shall make available to the Borrower in same day funds by wire transfer to the account designated by the Borrower in the applicable Funding Notice given pursuant to this Section 2.2, an amount equal to the least of (1) the amount requested by the Borrower for such Swingline Advance, (2) the positive difference between (A) the Swingline Commitment then in effect and (B) the aggregate outstanding Swingline Advances as of 62 4147-5771-6068.5 such date, (3) the maximum amount that, after taking into account the proposed use of the proceeds of such Swingline Advance, could be advanced to the Borrower hereunder without causing a Borrowing Base Deficiency and (4) the unused Commitment of the Swingline Lender at such time in its capacity as a Lender. (d) On each Funding Date, the obligation of each Revolving Lender to remit its Pro Rata Share of any such Loan Advance shall be several from that of each other Revolving Lender and the failure of any Revolving Lender to so make such amount available to the Borrower shall not relieve any other Revolving Lender of its obligation hereunder. (e) Notwithstanding anything to the contrary herein, upon the occurrence of the earlier of (i) an Event of Default or (ii) the Revolving Period End Date, if the amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such shortfall (the "Exposure Amount Shortfall"). Following receipt of a Funding Notice (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested), the Lenders shall fund such Exposure Amount Shortfall in accordance with Section 2.2(b) as if the Revolving Period were still in effect and notwithstanding anything to the contrary herein (including, without limitation, the Borrower's failure to satisfy any of the conditions precedent set forth in Section 3.2), except that no Lender shall make any Advance to the extent that, after giving effect to such Advance, a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency) would exist. (f) Notwithstanding anything to the contrary contained in this Section 2.2, the Swingline Lender shall not be obligated to make any Swingline Advance at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender has entered into arrangements (which may include the delivery of cash collateral) with the Borrower or such Defaulting Lender which are satisfactory to the Swingline Lender to eliminate the Swingline Lender's Fronting Exposure (after giving effect to the application of funds pursuant to Section 2.17(a)(ii)) with respect to any such Defaulting Lender. (g) Each Term Rate Advance shall automatically Rollover upon the termination of each applicable Interest Period without notice from the Borrower until repaid. On each Rollover Date, all Term Rate Advances in the same Available Currency that are outstanding on such Rollover Date shall, whether or not they are separate Term Rate Advances prior to such Rollover Date, be combined into a single Term Rate Advance in such Available Currency with one (1) Interest Period related to such Term Rate Advance. Section 2.3. Reduction of the Facility Amount; Optional Repayments. (a) The Borrower shall be entitled at its option to terminate the Facility Amount in whole or reduce in part the portion of the Facility Amount that exceeds the sum of the Advances Outstanding, accrued Interest and Breakage Costs; provided that (i) the Borrower shall provide a Repayment Notice to the Administrative Agent at least (x) ten (10) Business Days prior to such termination of the Facility Amount in whole and (y) one (1) Business Day prior to such reduction of the Facility Amount in part; (ii) any partial reduction of the Facility Amount shall be in an amount equal to $2,500,000 (or the Alternative Currency Equivalent thereof) and 63 4147-5771-6068.5 in integral multiples of $250,000 (or the Alternative Currency Equivalent thereof) in excess thereof; and (iii) in the case of such termination or reduction on or prior to the second anniversary of the Closing Date other than in connection with (i) a refinancing using the proceeds of any (a) other financing in which the Administrative Agent or an Affiliate thereof holds at least 25% of the aggregate commitments of such replacement or other financing or (b) distributed capital markets offering or (ii) an amendment and restatement of this Agreement, the Borrower shall pay to the Administrative Agent the applicable Commitment Reduction Fee in accordance with Section 2.7 or Section 2.8, as applicable. Any request for a reduction or termination pursuant to this Section 2.3(a) shall be irrevocable. The Commitment of each Lender shall be reduced by an amount equal to its Pro Rata Share (prior to giving effect to any reduction of Commitments hereunder but subject to Section 2.18(b) which may result in a non pro rata reduction) of the aggregate amount of any reduction under this Section 2.3(a). (b) The Borrower shall be entitled at its option, at any time, to reduce Advances Outstanding; provided that (i) the Borrower shall provide a Repayment Notice to the Administrative Agent, (A) if the Advances Outstanding are denominated in Dollars, (x) if Wells Fargo is the only Lender hereunder, no later than 3:00 p.m. on the proposed day of such reduction or (y) if Wells Fargo is not the only Lender hereunder, no later than 3:00 p.m. one Business Day prior to the reduction, (B) if the Advances Outstanding are denominated in Canadian Dollars, Euros or GBP, no later than 3:00 p.m. three (3) Business Days prior to the reduction and (C) if the Advances Outstanding are denominated in Australian Dollars, no later than 3:00 p.m. five (5) Business Days prior to the reduction, and (ii) any reduction of Advances Outstanding (other than with respect to repayments of Advances Outstanding made by the Borrower to reduce Advances Outstanding such that no Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) exists) shall be in a minimum amount of $500,000 (or the Alternative Currency Equivalent thereof) and in integral multiples of $100,000 (or the Alternative Currency Equivalent thereof) in excess thereof. In connection with any such reduction of Advances Outstanding, the Borrower shall deliver to each Lender (1) instructions to reduce such Advances Outstanding and (2) funds sufficient to repay such Advances Outstanding together with all accrued Interest and any Breakage Costs; provided that, the Advances Outstanding will not be reduced unless sufficient funds have been remitted to pay the related accrued Interest and Breakage Costs, if any, in full. The Administrative Agent shall apply amounts received from the Borrower pursuant to this Section 2.3(b) to, subject to Section 2.18(b), the pro rata reduction of the Advances Outstanding, to the payment of accrued Interest on the amount of the Advances Outstanding to be repaid and to the payment of any Breakage Costs. Any Advance so repaid may, subject to the terms and conditions hereof, be reborrowed during the Revolving Period. Any Repayment Notice relating to any repayment pursuant to this Section 2.3(b) shall be irrevocable. (c) At any time after the nine-month anniversary of the Closing Date and on or prior to the date set forth in clause (a) of the definition of "Revolving Period End Date," the Borrower may make a request to the Lenders to extend the date set forth in clause (a) of the definition of "Revolving Period End Date" (and in accordance therewith, the Facility Maturity Date shall be automatically extended) for an additional period of one (1) year (or such shorter period as determined by the Collateral Manager). Each Lender shall have the right in its sole discretion to approve or deny any such extension request. Upon written notice from the Administrative Agent and each Lender agreeing to such extension, the Revolving Period shall be

------

![](a01wells-newmountainguar018.jpg)

64 4147-5771-6068.5 extended to such date as is approved by each Lender for all purposes hereof (and clause (a) of the definition of "Revolving Period End Date" shall be deemed amended). Section 2.4. Determination of Interest and Non-Usage Fee. The Administrative Agent shall determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date) and the Non-Usage Fee (including any previously accrued and unpaid Non-Usage Fee) to be paid by the Borrower on each Payment Date for the related Accrual Period and shall advise the Collateral Manager thereof on the third Business Day prior to such Payment Date. In connection with the use or administration of any Benchmark, the Administrative Agent will have, in consultation with the Collateral Manager, the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. The Administrative Agent will promptly notify the Borrower, the Collateral Custodian and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of any Benchmark. Interest due on any Payment Date shall be calculated on the Determination Date immediately preceding such Payment Date using the Applicable Exchange Rate as of such Determination Date. In connection with the use or administration of any Benchmark, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. The Administrative Agent will promptly notify the Borrower, the Collateral Custodian and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of any Benchmark. Section 2.5. Exchange Rates; Currency Equivalents; Daily Simple RFR Advances. (a) The Administrative Agent shall determine the Dollar Equivalent amount of each Advance denominated in an Alternative Currency. Such Dollar Equivalent shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of any Required Reports or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of Advances Outstanding in any Alternative Currency for purposes of the Transaction Documents (including, for the avoidance of doubt, calculation of the Non-Usage Fee) shall be such Dollar Equivalent amount as so determined by the Administrative Agent. (b) Wherever in this Agreement in connection with the making, Rollover or prepayment of an Advance, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Advance is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as 65 4147-5771-6068.5 determined by the Administrative Agent. (c) Notwithstanding the foregoing provisions of this Section 2.5 or any other provision of this Agreement, in connection with Daily Simple RFR Advances in an Alternative Currency, the Spot Rate on the applicable Funding Date shall be the Spot Rate in effect as of the Revaluation Date applicable to the first Advance of any such Daily Simple RFR Advances in such Alternative Currency (or, if applicable, any later Revaluation Date pursuant to clause (iii) of the definition of "Revaluation Date"). Section 2.6. Principal Repayments. (a) Unless sooner prepaid pursuant to the terms hereof, the Advances Outstanding shall be repaid in full on the Termination Date or on such later date as is agreed to in writing by the Borrower, the Collateral Manager, the Administrative Agent and the Lenders. (b) At the Borrower's option in its sole discretion, it may take any of the following actions at any time to cure any Borrowing Base Deficiency or Borrowing Base Deficiency (Currency): (i) depositing Cash into the Principal Collection Account; (ii) repaying Advances Outstanding in accordance with Section 2.3(b); and/or (iii) posting additional Eligible Loans as Collateral. Section 2.7. Settlement Procedures. (a) On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Interest Collection Account and Interest Collections in the Australian Dollar Account, Canadian Dollar Account, the Euro Account and the GBP Account of the Borrower to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate) to the following Persons, the following amounts in the following order of priority: (1) pro rata to (A) the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided that, the aggregate amount payable pursuant to this Section 2.7(a)(1)(A), Section 2.7(b)(1)(A) and Section 2.8(1)(A) shall not exceed $100,000 per annum, and (B) the applicable Governmental Authority for any Tax; provided that, the aggregate amount payable pursuant to this Section 2.7(a)(1)(B), Section 2.7(b)(1)(B) and Section 2.8(1)(B) shall not exceed $25,000 per annum; (2) to the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable pursuant to this Section 2.7(a)(2), Section 2.7(b)(2) and Section 2.8(2) shall not exceed $100,000 per annum; 66 4147-5771-6068.5 (3) pro rata to each Lender, in an amount equal to (A) such Lender's share of the Interest for the related Accrual Period and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender's pro rata share of the Non-Usage Fee for the related Accrual Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage Costs with respect to such Lender; (4) pro rata to the Administrative Agent and each Lender, all fees and other amounts, including any Increased Costs and Structuring Fee, but other than the principal of Advances Outstanding, Commitment Reduction Fees and Administrative Expenses, then due to each such Person under this Agreement; (5) if a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency) exists, pro rata to each Lender, to reduce the Advances Outstanding in an amount necessary (and in the applicable Available Currency) to cure a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency), as applicable; (6) pro rata to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee; (7) (i) prior to the Revolving Period End Date, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Unfunded Exposure Equity Amount, and (ii) after the end of the Revolving Period, to the Unfunded Exposure Account in an amount equal to Exposure Amount Shortfall; (8) to the Equityholder, to make any applicable Permitted RIC Distribution; (9) first, to the Collateral Custodian, and second, on a pro rata basis to each other applicable party, to pay all other accrued and unpaid Administrative Expenses and Taxes; and (10) (A) during a Default, to remain in the Interest Collection Account or (B) otherwise, any remaining amounts shall be distributed to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder). (b) On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Principal Collection Account and Principal Collections in the Australian Dollar Account, Canadian Dollar Account, the Euro Account and the GBP Account to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate) to the following Persons, the following amounts in the following order of priority: (1) to (A) first, to the extent not paid pursuant to Section 2.7(a)(1)(A), to the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(A), this Section 2.7(b)(1)(A) and Section 2.8(1)(A) shall not exceed 67 4147-5771-6068.5 $100,000 per annum and (B) second, to the extent not paid pursuant to Section 2.7(a)(1)(B), to the applicable Governmental Authority for any Tax; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(B), this Section 2.7(b)(1)(B) and Section 2.8(1)(B) shall not exceed $25,000 per annum; (2) to the extent not paid pursuant to Section 2.7(a)(2), to the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable pursuant to Section 2.7(a)(2), this Section 2.7(b)(2) and Section 2.8(2) shall not exceed $100,000 per annum; (3) to the extent not paid pursuant to Section 2.7(a)(3), pro rata to each Lender, in an amount equal to (A) such Lender's share of the Interest for the related Accrual Period and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender's share of the Non-Usage Fee for the related Accrual Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage Costs with respect to such Lender; (4) to the extent not paid pursuant to Section 2.7(a)(4), pro rata to the Administrative Agent and each Lender, all other fees and other amounts, including any Increased Costs and Structuring Fee, but other than the principal of Advances Outstanding, Commitment Reduction Fee and Administrative Expenses, then due to each such Person under this Agreement; (5) to the extent not paid pursuant to Section 2.7(a)(5), pro rata to each Lender, to reduce the Advances Outstanding in an amount necessary (and in the applicable Available Currency) to cure a Borrowing Base Deficiency or Borrowing Base Deficiency (Currency), as applicable; (6) to the extent not paid pursuant to Section 2.7(a)(6), pro rata to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee; (7) during the Revolving Period, as directed by the Collateral Manager, to (A) repay Advances Outstanding and/or (B) return cash to the Principal Collection Account for application in accordance with the terms hereof; (8) to the extent not paid pursuant to Section 2.7(a)(7), to the Unfunded Exposure Account in an amount equal to (i) prior to the Revolving Period End Date, necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Unfunded Exposure Equity Amount, and (ii) after the end of the Revolving Period, the Exposure Amount Shortfall; (9) if a Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) exists, pro rata to each Lender an amount necessary (and in the applicable Available Currency) to cure such Borrowing Base Deficiency or Borrowing Base Deficiency (Currency), as applicable; (10) to the extent not paid pursuant to Section 2.7(a)(8), to the Equityholder to make any applicable Permitted RIC Distribution;

------

![](a01wells-newmountainguar019.jpg)

68 4147-5771-6068.5 (11) to the extent not paid pursuant to Section 2.7(a)(9) and in the order set forth therein, to each applicable party to pay all other Administrative Expenses and Taxes; (12) if the Weighted Average Spread Test is not satisfied, (x) to be retained in the Principal Collection Account and invested in Eligible Loans or (y) to repay Advances Outstanding; and (13) (A) during a Default, to remain in the Principal Collection Account or (B) otherwise, any remaining amounts shall be distributed to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder). (c) The Collateral Manager may, in its sole discretion, direct the Collateral Custodian to make a payment to the Borrower from the Principal Collection Account on any Business Day other than a Payment Date if, both immediately prior and after giving effect to such payment (i) the Availability is greater than zero and (ii) no Default or Event of Default has occurred and is continuing. (d) Subject to the satisfaction of the applicable conditions set forth in Section 3.2, the Collateral Manager may direct the Collateral Custodian to withdraw funds on deposit in the Principal Collection Account on any Business Day in order to reinvest such funds in Eligible Loans to be pledged hereunder. Section 2.8. Alternate Settlement Procedures. On each Payment Date following the occurrence of and during the continuation of an Event of Default, the Collateral Manager (or, after delivery of a Notice of Exclusive Control, the Administrative Agent) shall direct the Collateral Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Collection Account, the Australian Dollar Account, Canadian Dollar Account, the Euro Account and the GBP Account to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate) to the following Persons, the following amounts in the following order of priority: (1) to (A) first, to the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(A), Section 2.7(b)(1)(A) and this Section 2.8(1)(A) shall not exceed $100,000 per annum, and (B) second, to the applicable Governmental Authority for any Tax; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(B), Section 2.7(b)(1)(B) and this Section 2.8(1)(B) shall not exceed $25,000 per annum; (2) to the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable pursuant to Section 2.7(a)(2), Section 2.7(b)(2) and this Section 2.8(2) shall not exceed $100,000 per annum; 69 4147-5771-6068.5 (3) pro rata to each Lender, in an amount equal to (A) such Lender's share of the Interest for the related Accrual Period and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender's share of the Non-Usage Fee for the related Accrual Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage Costs with respect to such Lender; (4) pro rata to the Administrative Agent and each Lender, all other fees and other amounts, including any Increased Costs and Structuring Fee, but other than the principal of Advances Outstanding, Commitment Reduction Fee and Administrative Expenses, then due to each such Person under this Agreement; (5) to the Unfunded Exposure Account in an amount equal to Exposure Amount Shortfall; (6) pro rata to the Lenders to pay the Advances Outstanding and any accrued and unpaid Commitment Reduction Fee; (7) to the Equityholder, to make any applicable Permitted RIC Distribution; (8) first, to the Collateral Custodian, and second, on a pro rata basis to each other applicable party, to pay all other Administrative Expenses and Taxes; and (9) (A) so long as such Event of Default is continuing, to remain in the Collection Account or (B) otherwise, any remaining amounts shall be distributed to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder). Section 2.9. Collections and Allocations. (a) Collections. The Collateral Manager shall promptly identify any collections received as being on account of Interest Collections or Principal Collections in any Available Currency and shall transfer, or cause to be transferred, (i) all Collections received denominated in Dollars to the appropriate Collection Account within two (2) Business Days after such Collections are received, (ii) all Collections received denominated in Australian Dollars to the Australian Dollar Account within five (5) Business Days after such Collections are received, (iii) all Collections received denominated in Canadian Dollars to the Canadian Dollar Account within two (2) Business Days after such Collections are received, (iv) all Collections received denominated in Euros to the Euro Account within two (2) Business Days after such Collections are received and (v) all Collections denominated in GBP to the GBP Account within two (2) Business Days after such Collections are received. All Collections in (i) Australian Dollars shall be deposited into the Australian Dollar Account, (ii) Canadian Dollars shall be deposited into the Canadian Dollar Account, (iii) Euros shall be deposited into the Euro Account and (iv) GBP shall be deposited into the GBP Account. For purposes of Section 2.7 and Section 2.8, any Principal Collections and Interest Collections shall be applied on any Payment Date (i) first, to make payments in the applicable Available Currency and (ii) second, to make payments in any other Available Currency (pro rata based on available amounts from each other Available Currency), as converted by the Collateral Custodian at the direction of the Collateral Manager 70 4147-5771-6068.5 using the Applicable Exchange Rate; provided, that such payments shall be subject to availability of such funds pursuant to Section 2.7 and Section 2.8. The Collateral Manager shall instruct the Collateral Custodian on the Determination Date immediately preceding each Payment Date, to convert amounts on deposit in any Available Currency other than Dollars into Dollars to the extent necessary to make payments pursuant to Section 2.7 and Section 2.8 (as determined by the Collateral Manager using the Applicable Exchange Rate). Any Principal Collections may be converted by the Collateral Custodian at the direction of the Collateral Manager into another Available Currency on any Business Day (other than a Payment Date) using the Applicable Exchange Rate so long as no Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) exists either prior to or after giving effect to such conversion. The Collateral Manager shall include a statement as to the amount of Principal Collections and Interest Collections on deposit on each Reporting Date in the Borrowing Base Certificate delivered pursuant to Section 5.1(p). (b) Excluded Amounts. With the prior written consent of the Administrative Agent, the Collateral Manager may withdraw from the Collection Account any deposits thereto constituting Excluded Amounts if the Collateral Manager has, prior to such withdrawal and consent, delivered to the Administrative Agent and each Lender a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent and each Lender. (c) Initial Deposits. On each Funding Date, the Collateral Manager will instruct the related Obligor to deposit all Collections with respect to Collateral being acquired by the Borrower on such date into the Collection Account, the Australian Dollar Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable. (d) Investment of Funds. Unless a Collateral Manager Default or an Event of Default has occurred and is continuing, all amounts deposited in the Collection Account shall be invested in Permitted Investments selected by the Borrower or the Collateral Manager on its behalf on each Payment Date (or pursuant to standing instructions provided by the Collateral Manager); provided that, if a Collateral Manager Default or an Event of Default has occurred and is continuing, to the extent there are uninvested amounts in the Collection Account, all such amounts may be invested in Permitted Investments selected by the Administrative Agent (or pursuant to standing instructions provided by the Administrative Agent). Absent any such direction by the Borrower, Collateral Manager or Administrative Agent, as applicable, funds shall remain uninvested. All earnings (net of losses and investment expenses) thereon shall be retained or deposited into the applicable Collection Account, in each case, as Principal Collections, and shall be applied on each Payment Date pursuant to the provisions of Section 2.7 or Section 2.8 (as applicable). Funds in the Australian Dollar Account, the Canadian Dollar Account, the Euro Account, the GBP Account, the Collateral Account and the Unfunded Exposure Account shall remain uninvested. (e) Unfunded Exposure Account. (i) Amounts on deposit in the Unfunded Exposure Account may be withdrawn (A) by the Collateral Custodian pursuant to Section 2.9(e)(ii) to fund any draw requests of the relevant Obligors under any Delayed Draw Loan or Revolving Loan or 71 4147-5771-6068.5 (B) if the amount on deposit in the Unfunded Exposure Account exceeds the Aggregate Unfunded Exposure Amount, by the Borrower (or the Collateral Manager on the Borrower's behalf) to make a deposit into the Principal Collection Account to the extent of such excess. (ii) After the end of the Revolving Period, any draw request made by an Obligor under a Delayed Draw Loan or Revolving Loan, along with wiring instructions for the applicable Obligor, shall be forwarded by the Collateral Manager (on the Borrower's behalf) to the Collateral Custodian (with a copy to the Administrative Agent) along with an instruction to the Collateral Custodian to withdraw the applicable amount from the Unfunded Exposure Account. Upon receipt of, and in accordance with, such instruction, the Collateral Custodian shall fund such draw request directly from the Unfunded Exposure Account. (f) For all U.S. federal tax reporting purposes, all income earned on the funds invested and allocable to the Accounts is legally owned by the Borrower (and beneficially owned by the Borrower or the Equityholder). The Borrower is required to provide to Western Alliance Trust Company, N.A., in its capacity as Collateral Custodian (i) an IRS Form W-9 or W-8 no later than the date hereof, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by Applicable Law or upon the reasonable request of the Collateral Custodian as may be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes and (b) to permit the Collateral Custodian to fulfill its tax reporting obligations under Applicable Law with respect to the Accounts or any amounts paid to the Borrower. The Borrower is further required to report to the Collateral Custodian comparable information upon any change in the legal or beneficial ownership of the income allocable to the Accounts. Western Alliance Trust Company, N.A., both in its individual capacity and in its capacity as Collateral Custodian, shall have no liability to the Borrower or any other person in connection with any tax withholding amounts paid, or retained for payment, to a governmental authority from the Accounts arising from the Borrower's failure to timely provide an accurate, correct and complete IRS Form W-9 or W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Accounts absent the Collateral Custodian having first received (x) instructions with respect to the investment of such funds, and (y) the forms and other documentation required by this paragraph. (g) The Borrower shall bear all risks of investing in Collateral denominated in a foreign currency. For purposes of making any currency conversion required hereunder, save in the case of manifest error, the Collateral Custodian may rely conclusively on the determination of the Applicable Exchange Rate provided to it and shall not be liable for any losses, shortfalls or expenses associated with the determination of such rate or conversion and delivery of such amounts on behalf of the Borrower of such amounts. The Collateral Custodian shall be entitled at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions.

------

![](a01wells-newmountainguar020.jpg)

72 4147-5771-6068.5 Section 2.10. Payments, Computations, Etc. (a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Collateral Manager hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m. on the day when due in lawful money of the United States in immediately available funds and any amount not received before such time shall be deemed received on the next Business Day. The Borrower or the Collateral Manager, as applicable, shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts (other than Advances) not paid or deposited when due hereunder at 5.25% per annum above the Prime Rate, payable on demand; provided that, such interest rate shall not at any time exceed the maximum rate permitted by Applicable Law. Such interest shall be for the account of the applicable Secured Party. All computations of interest and other fees hereunder shall be made on the basis of a year consisting of 360 days (other than calculations with respect to (x) CORRA or SONIA, which shall be based on a year consisting of 365 days or (y) the Base Rate and the Non-Usage Fee, which shall each be based on a year consisting of 365 or 366 days, as applicable) for the actual number of days elapsed. (b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of Interest or any fee payable hereunder, as the case may be. For avoidance of doubt, to the extent that Available Funds are insufficient on any Payment Date to satisfy the full amount of any Increased Costs then due pursuant to Section 2.12, such unpaid amounts shall remain due and owing and shall accrue interest as provided in Section 2.10(a) until repaid in full. (c) If any Advance requested by the Borrower is not effectuated as a result of the Borrower's actions or failure to fulfill any condition under Section 3.2, as the case may be, on the date specified therefor, the Borrower shall indemnify the applicable Lender against any reasonable loss, cost or expense incurred by the applicable Lender, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the applicable Lender to fund or maintain such Advance, but excluding the Applicable Spread. Section 2.11. Fees. (a) The Collateral Manager on behalf of the Borrower shall pay or cause to be paid in accordance with Sections 2.7 and 2.8, the applicable Non-Usage Fee. (b) The Collateral Custodian shall be entitled to receive the Collateral Custodian Fee in accordance with Sections 2.7 and 2.8. (c) The Borrower shall pay to Orrick, Herrington & Sutcliffe LLP as counsel to the Administrative Agent on the Closing Date, its reasonable estimated fees and out-of-pocket expenses through the Closing Date, and shall pay all additional reasonable fees and out-of-pocket expenses of Orrick, Herrington & Sutcliffe LLP required to be paid by the Borrower hereunder and on the immediately following Payment Date after its receipt of an invoice therefor in accordance with the terms of Section 2.7 or 2.8, as applicable. 73 4147-5771-6068.5 Section 2.12. Increased Costs; Capital Adequacy; Illegality. (a) If either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation of any Applicable Law or (ii) the compliance by an Affected Party with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in each case, adopted, made or implemented after the Closing Date, shall (a) subject any Affected Party to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, (b) impose, modify or deem applicable any reserve requirement (including, without limitation, any reserve requirement imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve requirement, if any, included in the determination of Interest), special deposit or similar requirement against assets of, deposits with or for the amount of, or credit extended by, any Affected Party or (c) impose any other condition (other than Taxes) affecting the ownership interest in the Collateral conveyed to the Lenders hereunder or any Affected Party's rights hereunder or under any other Transaction Document, the result of which is to increase the cost to any Affected Party or to reduce the amount of any sum received or receivable by an Affected Party under this Agreement or under any other Transaction Document, then on the later of the next Payment Date and 30 days after receipt by the Borrower of demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis for such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such additional or increased cost incurred or such reduction suffered. (b) If either (i) the introduction of or any change in or in the interpretation of any law, guideline, rule, regulation, directive or request or (ii) compliance by any Affected Party with any law, guideline, rule, regulation, directive or request from any central bank or other Governmental Authority or agency (whether or not having the force of law), including, without limitation, compliance by an Affected Party with any request or directive regarding capital adequacy, in each case, adopted, made or implemented after the Closing Date, has or would have the effect of reducing the rate of return on the capital of any Affected Party as a consequence of its obligations hereunder or arising in connection herewith to a level below that which any such Affected Party could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy) by an amount deemed by such Affected Party to be material, then from time to time, on the later of the next Payment Date and 30 days after receipt by the Borrower of demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis for such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such reduction. (c) If as a result of any event or circumstance similar to those described in clause (a) or (b) of this Section 2.12 that occurs after the Closing Date, any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support to such Affected Party in connection with this Agreement or the funding or maintenance of Advances hereunder, then on the later of the next Payment Date 74 4147-5771-6068.5 and 30 days after receipt of a statement describing such costs in reasonable detail, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any amounts payable or paid by it. (d) In determining any amount provided for in this Section 2.12, the Affected Party may use any reasonable averaging and attribution methods. Any Affected Party making a claim under this Section 2.12 shall submit to the Collateral Manager a written description as to such additional or increased cost or reduction and the calculation thereof, which written description shall be conclusive absent manifest error. (e) If a Disruption Event with respect to any Lender has occurred with respect to any then-current Benchmark, such Lender shall in turn so notify the Borrower, whereupon all Advances Outstanding made by the affected Lender in the applicable Available Currency will accrue Interest at the Base Rate from and including the date of such Disruption Event to, but excluding, the earlier of (x) such time as the conditions leading to such Disruption Event no longer exist and (y) the Benchmark Replacement Date for such Benchmark. (f) Failure or delay on the part of any Affected Party to demand compensation pursuant to this Section 2.12 shall not constitute a waiver of such Affected Party's right to demand or receive such compensation. Notwithstanding anything to the contrary in this Section 2.12, the Borrower shall not be required to compensate an Affected Party pursuant to this Section 2.12 for any amounts incurred more than six (6) months prior to the date that such Affected Party notifies the Borrower of such Affected Party's intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such six (6) month period shall be extended to include the period of such retroactive effect. (g) Each Lender agrees that it will take such commercially reasonable actions as the Borrower may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section 2.12 or Section 2.13 provided that, no Lender shall be obligated to take any actions that would, in the reasonable opinion of such Lender, be disadvantageous to such Lender. In no event will Borrower be responsible for increased amounts referred to in this Section 2.12 which relates to any other entities to which Lenders provide financing. (h) Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules and regulations promulgated thereunder or issued in connection therewith and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to have been introduced after the Closing Date, thereby constituting a change for which a claim for increased costs or additional amounts may be made hereunder with respect to the Affected Parties, regardless of the date enacted, adopted or issued. 75 4147-5771-6068.5 Section 2.13. Taxes. (a) Defined Terms. For purposes of this Section 2.13, the term "applicable law" includes FATCA. (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.13) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. (c) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. (d) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, on the later of the next Payment Date and 30 days after receipt of a certificate referred to in the next succeeding sentence, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.13) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 12.16(b) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction

------

![](a01wells-newmountainguar021.jpg)

76 4147-5771-6068.5 Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). (f) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.13, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. (g) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower, the Collateral Custodian and the Administrative Agent, at the time or times reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as will enable the Borrower, the Collateral Custodian or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.13(g)(ii)(1), (ii)(2) and (ii)(4) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. (ii) Without limiting the generality of the foregoing: (1) any Lender that is a U.S. Person shall deliver to the Borrower, the Collateral Custodian and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower, the Collateral Custodian or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; (2) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower, the Collateral Custodian and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower, the Collateral Custodian or the Administrative Agent), whichever of the following is applicable: i. in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Transaction Document, 77 4147-5771-6068.5 executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty; ii. executed copies of IRS Form W-8ECI; iii. in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or iv. to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-4 on behalf of each such direct and indirect partner; (3) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower, the Collateral Custodian and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower, the Collateral Custodian or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower, the Collateral Custodian or the Administrative Agent to determine the withholding or deduction required to be made; and (4) if a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA 78 4147-5771-6068.5 if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower, the Collateral Custodian and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as may be necessary for the Borrower, the Collateral Custodian and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (4), "FATCA" shall include any amendments made to FATCA after the date of this Agreement. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower, the Collateral Custodian and the Administrative Agent in writing of its legal inability to do so. (h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.13 (including by the payment of additional amounts pursuant to this Section 2.13), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.13 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. (i) Survival. Each party's obligations under this Section 2.13 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Transaction Document. 79 4147-5771-6068.5 Section 2.14. Discretionary Sales. The Borrower shall be permitted to sell Loans (each, a "Discretionary Sale") subject to the following conditions: (i) no Collateral Manager Default or Event of Default has occurred and is continuing and, immediately after giving effect to such Discretionary Sale, no Collateral Manager Default, Default or Event of Default shall have occurred; (ii) immediately after giving effect to such Discretionary Sale, no Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) exists; provided that, in the event a Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) shall have existed immediately prior to giving effect to such Discretionary Sale, the Borrower may, with the prior written consent of the Administrative Agent in its sole discretion, effect a Discretionary Sale; (iii) the Borrower shall have delivered a Borrowing Base Certificate to the Administrative Agent; (iv) such Discretionary Sale shall be made by the Collateral Manager, on behalf of the Borrower, to an unaffiliated third party purchaser in a transaction (i) reflecting arms-length market terms and (ii) in which the Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any other party to the Discretionary Sale (other than that the Borrower has good title thereto, free and clear of all Liens and has the right to sell the related Loan), provided that the Borrower may make a Discretionary Sale to (A) an Affiliate of the Borrower with the prior written consent of the Administrative Agent in its sole discretion or (B) to the Seller pursuant to any exercise of the Seller's mandatory repurchase obligation under Section 7.1 of the Sale Agreement; (v) on the related Discretionary Sale Date, the Administrative Agent, each Lender and the Collateral Custodian, as applicable, shall have received, as applicable, in immediately available funds, an amount equal to the sum of (a) an amount sufficient to reduce the Advances Outstanding such that, after giving effect to the transfer of the Loans that are the subject of such Discretionary Sale, no Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) will exist plus (b) an amount equal to all unpaid Interest then due and owing to the extent reasonably determined by the Administrative Agent and the Lenders to be attributable to that portion of the Advances Outstanding to be repaid in connection with the Discretionary Sale plus (c) an aggregate amount equal to the sum of all other Obligations then due and owing to the Administrative Agent, each applicable Lender, the Affected Parties and the Indemnified Parties, as applicable, under this Agreement and the other Transaction Documents (or such lesser amount as consented to by the Administrative Agent pursuant to clause (ii) above);

------

![](a01wells-newmountainguar022.jpg)

80 4147-5771-6068.5 (vi) on the related Discretionary Sale Date, the proceeds (net of (x) amounts payable pursuant to Section 2.14(v) and (y) transactional expenses) from such Discretionary Sale shall be sent directly to the Collection Account; (vii) the aggregate OLB of all Loans which are sold by the Borrower in connection with a Discretionary Sale during any 12-month rolling period shall not exceed 30% of the highest Aggregate OLB at any point during such 12-month period (or such lesser number of months as shall have elapsed from the Closing Date as of such date); provided that, (a) any Discretionary Sale may be excluded from such 30% limitation with the prior written consent of the Administrative Agent and (b) any Discretionary Sale made pursuant to clause (B) of Section 2.14(iv) shall be excluded from such 30% limitation; provided, further, that the Borrower may make Discretionary Sales of Loans exceeding such 30% limitation if (x) all proceeds from such Discretionary Sales are applied pursuant to Section 2.3(b) to reduce Advances Outstanding and (y) the Facility Amount is concurrently reduced pursuant to Section 2.3(a) by an amount equal to the proceeds of such Discretionary Sales; and (viii) if such Discretionary Sale is to the Equityholder, (a) the aggregate principal of all Equityholder Loans which are sold or distributed by the Borrower to the Equityholder (excluding any Loans repurchased by the Equityholder pursuant to Section 7.1 of the Sale Agreement) shall not exceed, collectively, 20% of the Equityholder Purchased Loan Balance and (b) the aggregate principal of all Equityholder Loans that are defaulted Loans which are sold or distributed by the Borrower to the Equityholder (excluding any Loans repurchased by the Equityholder pursuant to Section 7.1 of the Sale Agreement) shall not exceed, collectively, 10% of the Equityholder Purchased Loan Balance. Section 2.15. Assignment of the Sale Agreement. The Borrower hereby collaterally assigns to the Administrative Agent, for the benefit of the Secured Parties, all of the Borrower's right, title and interest in and to, but none of its obligations under, the Sale Agreement and any UCC financing statements filed under or in connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby collaterally assigns to the Administrative Agent for the benefit of the Secured Parties its right to indemnification under the Sale Agreement. The Borrower confirms that the Administrative Agent, on behalf of the Secured Parties, at any time upon the occurrence and during the continuance of an Event of Default, shall have the right to enforce the Borrower's rights and remedies under the Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Secured Parties. Section 2.16. Effect of Benchmark Transition Event. (a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event with respect to any Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on 81 4147-5771-6068.5 the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 2.16(a) will occur prior to the applicable Benchmark Transition Start Date. (b) Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right, in consultation with the Collateral Manager, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. (c) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower, the Collateral Custodian and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.16(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.16, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 2.16. For the avoidance of doubt, the Collateral Custodian shall be under no obligation (i) to monitor, determine or verify the unavailability or cessation of the then-applicable Benchmark (or other applicable Benchmark Replacement), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Transition Start Date or Benchmark Unavailability Period, (ii) to select, determine or designate any Benchmark Replacement, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. The Collateral Custodian shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the then- applicable Benchmark (or other applicable Benchmark Replacement) and absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. (d) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with 82 4147-5771-6068.5 the implementation of a Benchmark Replacement), (A) if any then-current Benchmark is a term rate (including any Eurocurrency Rate or Term CORRA) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor. (e) Benchmark Unavailability Period. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a given Benchmark, the Borrower may revoke any pending request for an Advance denominated in the applicable Available Currency to be made during any Benchmark Unavailability Period. During a Benchmark Unavailability Period with respect to any Benchmark or at any time that a tenor for any then-current Benchmark is not an Available Tenor, the Base Rate shall be used instead of such Benchmark to calculate Interest with respect to the Advances Outstanding that bear interest at a rate based on such Benchmark. Section 2.17. Refunding of Swingline Advances. (a) Each Swingline Advance shall be refunded by the Revolving Lenders on the next Business Day following the date of such Swingline Advance (each such date, a "Swingline Refund Date"). Such refundings shall be made by the Revolving Lenders in accordance with their respective Pro Rata Shares and shall thereafter be reflected as Advances of the Revolving Lenders on the books and records of the Administrative Agent. Each Revolving Lender shall fund its respective Pro Rata Share of Advances as required to repay Swingline Advances outstanding to the Swingline Lender no later than 12:00 p.m. on the applicable Swingline Refund Date. (b) The Borrower shall repay to the Swingline Lender, within ten (10) days of demand, the amount of such Swingline Advances to the extent amounts received from the Revolving Lenders are not sufficient to repay in full the outstanding Swingline Advances requested or required to be refunded pursuant to Section 2.20(a). Such repayments by the Borrower shall not be required to comply with minimum notice and amount requirements otherwise applicable under Section 2.3(b). Each Revolving Lender acknowledges and agrees that its obligation to refund Swingline Advances in accordance with the terms of this Section is absolute and unconditional and shall not be affected by any circumstances whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 3.2. Further, each Revolving Lender agrees and 83 4147-5771-6068.5 acknowledges that if prior to the refunding of any outstanding Swingline Advances pursuant to this Section, an Insolvency Event relating to the Borrower or the Seller shall have occurred, each Revolving Lender shall, on the date the applicable Advance would have been made, purchase an undivided participating interest in the Swingline Advance to be refunded in an amount equal to its Pro Rata Share of the aggregate amount of such Swingline Advance. Each Revolving Lender will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swingline Lender will deliver to such Revolving Lender a certificate evidencing such participation dated the date of receipt of such funds and for such amount. Whenever, at any time after the Swingline Lender has received from any Revolving Lender such Revolving Lender's participating interest in a Swingline Advance, the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to such Revolving Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender's participating interest was outstanding and funded). Section 2.18. Mitigation Obligations; Replacement of Lenders. (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.12, or requires the Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, the Borrower may request such Lender provide an estimate of the costs and expenses that would be incurred by such Lender in connection with designating a different lending office for funding or booking its Advances hereunder or assigning its rights and obligations hereunder to another of its offices, branches or affiliates, in each case, which designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or Section 2.13, as the case may be, in the future and (ii) would not otherwise be disadvantageous to such Lender. Upon receipt of such estimate, the Borrower may approve the proposed designation or assignment, in which case the Lender shall use reasonable efforts to effect the same. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such approved designation or assignment. (b) Replacement of Lenders. If any Lender unaffiliated with the Administrative Agent requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.13, and, in either case, such Lender declines to effect a designation or assignment pursuant to Section 2.18(a), or if any Lender is a Defaulting Lender hereunder, or if any Lender does not consent to any amendment or modification (including in the form of a consent or waiver) that requires the approval of all affected Lenders in accordance with the terms of Section 12.1 which has been approved by the Required Lenders, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.16), all of its interests, rights and obligations under this Agreement and the Transaction Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

------

![](a01wells-newmountainguar023.jpg)

84 4147-5771-6068.5 (i) such assigning Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); (ii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.13, such assignment will result in a reduction in such compensation or payments thereafter; and (iii) such assignment does not conflict with Applicable Law. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Section 2.19. Defaulting Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: (i) such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.1; (ii) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing by that Defaulting Lender to the Swingline Lender hereunder; third, if so determined by the Administrative Agent or requested by the Swingline Lender, to be held as cash collateral for future funding obligations of that Defaulting Lender or any participation in any Swingline Advance; fourth as the Borrower may request (so long as no Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Administrative Agent in its sole discretion)), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund future Advances under this Agreement; sixth, to the payment of any amounts owing to the other Revolving Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Revolving Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; seventh, so long as no Default or 85 4147-5771-6068.5 Event of Default exists (except to the extent caused by such Defaulting Lender, as determined by the Administrative Agent in its sole discretion), to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances or funded participations in Swingline Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of, and funded participations in Swingline Advances owed to, all non- Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of, and funded participations in Swingline Advances owed to, such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.17 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; (iii) during any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Swingline Advances pursuant to Section 2.20, the "Pro Rata Share" of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided that each such reallocation shall be given effect only if the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Swingline Advances shall not exceed the positive difference, if any, of (A) the Commitment of that non-Defaulting Lender minus (B) the aggregate outstanding principal amount of the Advances of that Lender; (iv) such Defaulting Lender shall not be entitled to receive any Non- Usage Fee for any period during which that Lender is a Defaulting Lender (and under no circumstance shall the Borrower retroactively be or become required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender); and (v) promptly upon demand by the Swingline Lender or the Administrative Agent from time to time, the Borrower shall prepay Swingline Advances in an amount of all Fronting Exposure with respect to the Swingline Lender (after giving effect to clause (iii) above). (b) Termination of Defaulting Lender. The Borrower may terminate the unused amount of the Commitment of any Lender unaffiliated with the Administrative Agent that is a Defaulting Lender upon not less than two (2) Business Days' prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.17(a)(ii) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing (except to the extent caused by such Defaulting Lender, as determined by the Administrative Agent in its sole discretion) and (ii) such termination shall not 86 4147-5771-6068.5 be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any Swingline Lender or any Lender may have against such Defaulting Lender. (c) If the Administrative Agent and the Swingline Lender determine in their respective sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held on a pro rata basis by the Lenders, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. ARTICLE III. CONDITIONS TO CLOSING AND ADVANCES Section 3.1. Conditions to Closing and Initial Advance. Neither any Lender, the Administrative Agent nor the Collateral Custodian shall be obligated to take, fulfill or perform any other action hereunder, until the following conditions have been satisfied in the sole discretion of, or waived in writing by, the Administrative Agent: (a) Each Transaction Document shall have been duly executed by, and delivered to, the parties thereto, and the Administrative Agent shall have received such other documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement, each in form and substance reasonably satisfactory to the Administrative Agent. (b) The Administrative Agent shall have received reasonably satisfactory evidence that the Borrower, the Equityholder and the Collateral Manager have obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement and the other Transaction Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby. (c) The Borrower, the Equityholder and the Collateral Manager shall each have delivered to the Administrative Agent a certification in the form of Exhibit D. (d) The Borrower, the Equityholder and the Collateral Manager shall each have delivered to the Administrative Agent a certificate as to whether such entity is Solvent in the form of Exhibit C. 87 4147-5771-6068.5 (e) The Collateral Manager shall have delivered to the Administrative Agent certification that no Default, Event of Default, Change of Control or Collateral Manager Default has occurred and is continuing. (f) The Administrative Agent shall have received, with a counterpart for each Lender, the executed legal opinion or opinions of Dechert LLP counsel to the Borrower, covering (i) enforceability, grant and perfection of the security interests on the Collateral and (ii) non-consolidation of the Borrower with the Equityholder, in each case in form and substance reasonably acceptable to the Administrative Agent. (g) The Administrative Agent and each Lender shall have received copies of the Credit and Collection Policy. (h) The Administrative Agent and the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107- 56. (i) The UCC-1 financing statements naming (1) the Borrower as debtor and the Administrative Agent as secured party, and (2) the Seller as debtor, the Administrative Agent as assignee secured party and the Borrower as assignor secured party are in proper form for filing in the filing office of the appropriate jurisdiction and shall have been filed (or will be concurrently filed on the Closing Date or within one (1) Business Day thereafter) and, when filed, together with the Securities Account Control Agreement, are effective to perfect the Administrative Agent's security interest in the Collateral such that the Administrative Agent's security interest in the Collateral ranks senior to that of any other creditors of the Borrower, Equityholder or Seller (whether now existing or hereafter acquired), subject only to Permitted Liens. (j) The Administrative Agent shall have received certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of the Borrower, the Equityholder and the Collateral Manager (i) in the jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could not be reasonably expected to have a Material Adverse Effect. (k) The Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Borrower and the Equityholder, and bankruptcy and pending lawsuits with respect to the Borrower and the Equityholder and the results of such search shall be satisfactory to the Administrative Agent. (l) The Administrative Agent and the Lenders shall have received the fees (including fees, disbursements and other charges of the Administrative Agent) to be received on

------

![](a01wells-newmountainguar024.jpg)

88 4147-5771-6068.5 the Closing Date referred to herein to the extent invoiced at least two (2) Business Days prior to the Closing Date. (m) The Equityholder shall have raised at least $300,000,000 in capital commitments from the investors of the Equityholder. Section 3.2. Conditions Precedent to All Advances and Reinvestments. (a) Each Loan Advance and Swingline Advance and each reinvestment of Principal Collections pursuant to Section 2.7(d) (each, a "Transaction") shall be subject to the further conditions precedent that: (i) (x) with respect to any Swingline Advance, the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian), no later than 3:00 p.m. on the proposed Funding Date, and (y) with respect to any other Advance (A)(I) prior to the Initial Syndication Date, no later than 3:00 p.m. on the proposed Funding Date and (II) on or after the Initial Syndication Date, one (1) Business Day prior to the proposed Funding Date: (1) the documents required by Section 2.2(b) and a Loan List; and (2) a certificate of assignment substantially in the form of Exhibit F containing such additional information as may be reasonably requested by the Administrative Agent and each Lender or, with respect to any Loan with respect to which the Borrower is not party to any Underlying Instrument other than the relevant credit agreement, an assignment agreement in accordance with the requirements set forth in clause (a) of the definition of "Required Loan Documents"; (ii) with respect to any reinvestment of Principal Collections permitted by Section 2.7(d), the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian), no later than 3:00 p.m. one (1) Business Day prior to the day of any such reinvestment: (1) a Reinvestment Notice in the form of Exhibit A-3 and a Borrowing Base Certificate, executed by the Collateral Manager and the Borrower; and (2) a certificate of assignment substantially in the form of Exhibit F containing such additional information as may be reasonably requested by the Administrative Agent and each Lender or, with respect to any Loan with respect to which the Borrower is not party to any Underlying Instrument other than the relevant credit agreement, an assignment agreement in accordance with the requirements set forth in clause (a) of the definition of "Required Loan Documents"; 89 4147-5771-6068.5 (b) On the date of such Transaction the following shall be true and correct and the Borrower and the Collateral Manager shall have certified in the related Borrower's Notice that all conditions precedent to the requested Transaction have been satisfied and shall thereby be deemed to have certified that: (i) The representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is made as of a specific date); (ii) No event has occurred, or would result from such Transaction or from the application of proceeds thereof, that constitutes an Event of Default (unless it is a Borrowing Base Deficiency (Currency) that is cured by such Transaction), Default or Collateral Manager Default; (iii) On and as of such day, after giving effect to such Transaction, the Availability is greater than or equal to zero and no Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) in the relevant Available Currency would occur; (iv) On and as of such day, the Borrower and the Collateral Manager each has performed in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) all of the covenants and agreements contained in this Agreement to be performed by such Person on or prior to such day; and (v) No Applicable Law prohibits or enjoins the making of such Advance by any Lender or the proposed reinvestment of Principal Collections. (c) The Revolving Period End Date or the Termination Date shall not have occurred; (d) On the date of such Transaction, the Administrative Agent shall have received such other approvals, opinions or documents as the Administrative Agent may reasonably require; (e) The Borrower and Collateral Manager shall have delivered to the Administrative Agent all reports required to be delivered as of the date of such Transaction including, without limitation, all deliveries required by Section 2.2; (f) The Borrower shall have paid all fees then required to be paid and, without duplication of Section 2.11(c), shall have reimbursed the Lenders, the Collateral Custodian and the Administrative Agent for all fees, costs and expenses then required to be paid of closing the transactions contemplated hereunder and under the other Transaction Documents, including the reasonable attorney fees and any other legal and document preparation costs incurred by the Lenders, the Collateral Custodian and the Administrative Agent; (g) The Borrower shall have received a copy of the related Approval Notice; 90 4147-5771-6068.5 (h) In connection with each Transaction, the Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than 3:00 p.m. on the date of the related Transaction, (i) a Loan File with respect to each Loan proposed to be acquired by the Borrower in connection with such Transaction, and (ii) a faxed or an emailed copy of the duly executed original promissory notes for each Loan in respect of which a promissory note is issued (or, in the case of any Noteless Loan, a fully executed assignment agreement), and, if any Loans are closed in escrow, a written certification from the closing attorneys of such Loan confirming the possession of the Required Loan Documents and that all documentary conditions to such Loan have been satisfied; provided that, notwithstanding the foregoing, the Borrower shall cause the Loan Checklist and the Required Loan Documents to be in the possession of the Collateral Custodian within ten (10) Business Days of any related Purchase Date with respect to any Loan; (i) On and as of the date of such Transaction, the Weighted Average Spread Test is satisfied or if not satisfied, compliance with the Weighted Average Spread Test shall be maintained or improved after giving effect to such Transaction; provided that, if such Transaction is an Advance whose proceeds will be applied pursuant to Section 5.2(n)(ii), the Weighted Average Spread Test must be satisfied; (j) On or prior to the date of the initial Advance, the Administrative Agent shall have received evidence satisfactory to it in its sole discretion that at least the Required Minimum Equity Amount (which may include capital contributions in Cash, securities or Loans) has been deposited by the Equityholder into the Principal Collection Account or has been credited to the Collateral Account; and (k) To the extent any Loans being acquired by the Borrower in connection with such Transaction are being purchased from the Seller, a true sale opinion with respect to each Loan, in each case, in form and substance acceptable to the Administrative Agent in its reasonable discretion (it being acknowledged and agreed that the opinion delivered by Dechert LLP on the Closing Date is acceptable to the Administrative Agent and satisfies the requirements of this Section 3.2(j), so long as such sales are made in accordance with the facts described in such opinion and pursuant to the Sale Agreement). The failure of the Borrower to satisfy any of the foregoing conditions precedent in respect of any Loan Advance or Swingline Advance (which has not been waived by the Administrative Agent) shall give rise to a right of the Administrative Agent, which right may be exercised at any time on the demand of the Administrative Agent, to rescind the related Loan Advance or Swingline Advance and direct the Borrower to pay to the Administrative Agent for the benefit of the Lenders an amount equal to the Loan Advances or Swingline Advances made during any such time that any of the foregoing conditions precedent were not satisfied. Section 3.3. Custodianship; Transfer of Loans and Permitted Investments. (a) The Administrative Agent shall hold all Certificated Securities (whether Loans or Permitted Investments) and Instruments in physical form at the Collateral Custodian's offices set forth in Section 5.5(c). Any successor Collateral Custodian shall be a state or national 91 4147-5771-6068.5 bank or trust company which is not an Affiliate of the Borrower or the Seller and which is a Qualified Institution. (b) Each time that the Borrower (or the Collateral Manager on behalf of the Borrower) shall direct or cause the acquisition of any Loan or Permitted Investment, the Borrower shall (or the Collateral Manager on behalf of the Borrower), if such Loan or Permitted Investment has not already been transferred in accordance with its Underlying Instruments (including obtaining any necessary consents) to the Collateral Custodian, cause the transfer of such Loan or Permitted Investment in accordance with its Underlying Instruments (including obtaining any necessary consents) to the Collateral Custodian to be credited by the Collateral Custodian to the Collateral Account or held by the Collateral Custodian (on behalf of the Administrative Agent) in accordance with the terms of this Agreement. The security interest of the Administrative Agent in the funds or other property utilized in connection with such acquisition shall, immediately and without further action on the part of the Administrative Agent, be released. The Borrower and the Collateral Manager hereby authorize and direct the Collateral Custodian to credit the Collateral Account with any Loan (to the extent evidenced by an Instrument) or Permitted Investment transferred to the Borrower in accordance with its Underlying Instruments. (c) The Borrower (or the Collateral Manager on behalf of the Borrower) shall cause all Loans (to the extent evidenced by an Instrument) or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by the Collateral Custodian to the Collateral Account, and shall cause all Loans and Permitted Investments acquired by the Borrower to be delivered to the Collateral Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in favor of the Administrative Agent a valid security interest in each Loan and Permitted Investment, which security interest shall be senior (subject to Permitted Liens) to that of any other creditor of the Borrower (whether now existing or hereafter acquired)): (i) in the case of an Instrument or a Certificated Security represented by a Security Certificate in registered form by having it Indorsed to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Administrative Agent and by (A) delivering such Instrument or Security Certificate to the Collateral Custodian at the Corporate Trust Office and (B) causing the Collateral Custodian to maintain (on behalf of the Administrative Agent) continuous possession of such Instrument or Security Certificate at its offices set forth in Section 5.5(c) (except as otherwise permitted pursuant to this Agreement, including Section 7.8 or Section 7.9); (ii) in the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective; (iii) in the case of any Security Entitlement, by causing each such Security Entitlement to be credited to a Securities Account in the name of the Borrower pursuant to the Securities Account Control Agreement;

------

![](a01wells-newmountainguar025.jpg)

92 4147-5771-6068.5 (iv) in the case of General Intangibles (including any Loan or Permitted Investment not evidenced by an Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Administrative Agent as secured party and covering the Loan or Permitted Investment (as the case may be) as the collateral at the filing office of the Secretary of State of the State of Delaware. (d) The security interest of the Administrative Agent in any Collateral disposed of in a transaction permitted by this Agreement shall, immediately and without further action on the part of the Administrative Agent, be released and the Collateral Custodian shall immediately release such Collateral to, or as directed by, the Borrower. ARTICLE IV. REPRESENTATIONS AND WARRANTIES Section 4.1. Representations and Warranties of the Borrower. The Borrower represents and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made: (a) Organization and Good Standing. The Borrower has been duly organized, and is validly existing as a limited liability company in good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted, and had at all relevant times, and now has all necessary power, authority and legal right to acquire, own and sell the Collateral. (b) Due Qualification. The Borrower is (i) duly qualified to do business and is in good standing as a limited liability company in its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified or to have obtained such licenses or approvals could not reasonably be expected to have a Material Adverse Effect. (c) Power and Authority; Due Authorization; Execution and Delivery. The Borrower (i) has all necessary limited liability company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action, the execution, delivery and performance of each Transaction Document to which it is a party and the transfer and assignment of an ownership and security interest in the Collateral on the terms and conditions herein provided. This Agreement and each other Transaction Document to which the Borrower is a party have been duly executed and delivered by the Borrower. 93 4147-5771-6068.5 (d) Binding Obligation. Each Transaction Document to which the Borrower is a party constitutes a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether considered in a suit at law or in equity). (e) No Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and the fulfillment of the terms thereof will not (i) in any material respect conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Borrower's certificate of formation, operating agreement or any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Borrower's properties pursuant to the terms of any such Contractual Obligation or (iii) violate any Applicable Law in any material respect. (f) Agreements. The Borrower is not a party to any agreement or instrument or subject to any limited liability company restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower is not in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such defaults could reasonably be expected to result in a Material Adverse Effect. (g) No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Borrower is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the Borrower is a party or (iii) that could reasonably be expected to have a Material Adverse Effect. (h) All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Borrower of each Transaction Document to which the Borrower is a party have been obtained other than any approvals, authorizations, consents, orders, licenses, filings or other actions the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect. (i) Bulk Sales. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not require compliance with any "bulk sales" act or similar law by the Borrower. (j) Solvency. The Borrower is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which the Borrower is a party do not and will not render the Borrower not Solvent. (k) Taxes. (i) The Equityholder is and has always been a U.S. Person. 94 4147-5771-6068.5 (ii) The Borrower is a "disregarded entity" of the Equityholder for U.S. federal income tax purposes. (iii) The Borrower has filed or caused to be filed all U.S. federal and other material tax and information returns that are required to be filed by it and has paid or made adequate provisions for the payment of all U.S. federal and other material Taxes and all material assessments made against it or any of its property (other than any amount of Tax that is not yet due or the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower or the Equityholder, as applicable), and no U.S. federal or other material tax lien (other than a Permitted Lien in respect of Taxes) has been filed and, to the Borrower's knowledge, no claim is being asserted with respect to any such Tax, fee or other charge (other than any claim the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Borrower or the Equityholder, as applicable). (l) Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents (including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any "margin stock" within the meaning of Regulation U or to extend "purpose credit" within the meaning of Regulation U. The foregoing shall not restrict the receipt by the Borrower of any Equity Security as a result of a workout or restructuring of any Obligor of a Loan. (m) Security Interest. (i) This Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State of New York) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC and is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Borrower; (ii) the Collateral is comprised of "instruments", "security entitlements", "general intangibles", "certificated securities", "uncertificated securities", "securities accounts", "investment property" and "proceeds" (each as defined in the applicable UCC) and such other categories of collateral under the applicable UCC as to which the Borrower has complied with its obligations under Section 4.1(m)(i); (iii) with respect to Collateral that constitutes Security Entitlements: (1) all of such Security Entitlements have been credited to one of the Accounts and the securities intermediary for each Account has agreed to 95 4147-5771-6068.5 treat all assets credited to such Account as Financial Assets within the meaning of the UCC as in effect from time-to-time in the State of New York; (2) the Borrower has taken all steps necessary to enable the Administrative Agent to obtain "control" (within the meaning of the UCC as in effect from time-to-time in the State of New York) with respect to each Account; and (3) the Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. The Borrower has not instructed the securities intermediary of any Account to comply with the entitlement order of any Person other than the Administrative Agent; provided that, until the Administrative Agent delivers a Notice of Exclusive Control, the Borrower and the Collateral Manager may cause cash in the Accounts to be invested in Permitted Investments, and the proceeds thereof to be distributed in accordance with this Agreement. (iv) all Accounts constitute "securities accounts" as defined in the Section 8-501(a) of the UCC as in effect from time-to-time in the State of New York; (v) the Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens) of any Person; (vi) the Borrower has received all consents and approvals required by the terms of any Loan to the granting of a security interest in the Loans hereunder to the Administrative Agent, on behalf of the Secured Parties; (vii) the Borrower has taken all necessary steps to authorize the Administrative Agent to file all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the Borrower's jurisdiction of organization; (viii) other than the security interest granted to the Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement and the security interest granted to the Securities Intermediary pursuant to the Securities Account Control Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. The Borrower has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of any collateral included in the Collateral other than any financing statement (A) in favor of the Administrative Agent, (B) relating to the security interest, if any, granted to the Borrower under the Sale Agreement or (C) that has been terminated and/or fully and validly assigned to the Administrative Agent or the Borrower on or prior to the date hereof. There are no judgments against the Borrower that would constitute an Event of Default;

------

![](a01wells-newmountainguar026.jpg)

96 4147-5771-6068.5 (ix) all original executed copies of each underlying promissory note that constitute or evidence each Loan that is evidenced by a promissory note has been or, subject to the delivery requirements contained herein, will be delivered to the Collateral Custodian; (x) the Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note (if any) that evidence all Loans evidenced by a promissory note solely on behalf of the Administrative Agent for the benefit of the Secured Parties; (xi) none of the underlying promissory notes (if any) that constitute or evidence the Loans has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent on behalf of the Secured Parties; (xii) with respect to Collateral that constitutes an Uncertificated Security, the Borrower has caused the Administrative Agent to gain "control" of such Collateral pursuant to Section 8-106(c) of the UCC and such control remains effective; and (xiii) in the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective. (n) Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the Borrower or the Seller (other than projections, forward-looking information, general economic data, industry information, information relating to third parties, information or documentation prepared by such Person or one of its Affiliates for internal use or consideration, or statements as to (or the failure to make a statement as to) the value of, collectability of, prospects of or potential risks or benefits associated with a Loan or Obligor) to the Administrative Agent or any Lender in writing in connection with this Agreement are, as of their respective delivery dates (or such other date as may be specified therein), true, complete and correct in all material respects after giving effect to any updates thereto; provided that, to the extent any such information was not prepared by or under the direction of the Borrower, the Seller or an Affiliate thereof, such information is, as of the date such information is provided, (or such other date as may be specified therein) true, correct and complete to the actual knowledge of a Responsible Officer of the Borrower. (o) Location of Offices. The Borrower's location (within the meaning of Article 9 of the UCC) is, and at all times has been, the State of Delaware. The Borrower's Federal Employer Identification Number is that of the Equityholder and is correctly set forth on Exhibit D. The Borrower has not changed its name (whether by amendment of its certificate of formation, by reorganization or otherwise) or its jurisdiction of organization and has not changed its location within the four (4) months preceding the Closing Date (or, if less, the period of time since its formation). 97 4147-5771-6068.5 (p) Collection Account. The Collection Accounts (including any sub accounts thereof) are the only accounts to which Collections on the Collateral are sent. (q) Legal Name. The Borrower's exact legal name is New Mountain Guardian IV Income Fund SPV, L.L.C. (r) Sale Agreement. The Sale Agreement (together with each assignment agreement to be delivered pursuant thereto and each Underlying Assignment Agreement) is the only agreement pursuant to which the Borrower has purchased or will purchase, or acquire by way of contribution, Collateral from the Seller or any Affiliate of the Seller, except as otherwise provided in Section 2.3 of the Sale Agreement. (s) Value Given. The Borrower shall have given reasonably equivalent value to (i) the Seller in consideration for the transfer to the Borrower of the Collateral pursuant to the Sale Agreement and (ii) the applicable third party seller of Collateral in consideration for the transfer to the Borrower of the Collateral, and no such transfer shall have been made for or on account of an antecedent debt, and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. (t) Accounting. The Borrower accounts for the transfers to it of interests in Collateral as sales for legal (other than tax) purposes on its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein. (u) Special Purpose Entity. The Borrower has not and shall not: (i) engage in any business or activity other than the purchase, receipt and management of Collateral, the transfer and pledge of Collateral under the Transaction Documents and such other activities as are incidental thereto; (ii) acquire or own any assets other than (a) the Collateral, (b) Permitted Investments and (c) incidental property as may be necessary for the operation of the Borrower and the performance of its obligations under the Transaction Documents, including, without limitation, capital contributions which it may receive from the Equityholder; (iii) merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets (other than in accordance with the provisions hereof), without in each case first obtaining the prior written consent of the Administrative Agent, or except as permitted by this Agreement, change its legal structure or jurisdiction of formation; (iv) fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, or without the prior written consent of the Administrative Agent, amend or modify (other than in accordance with the terms hereof and thereof), terminate or fail to comply with the provisions of, its operating agreement, or fail to observe limited liability company formalities; 98 4147-5771-6068.5 (v) own any Subsidiary or make any Investment in any Person (other than Permitted Investments) without the consent of the Administrative Agent; (vi) except as permitted by this Agreement, commingle its assets with the assets of any of its Affiliates, or of any other Person; (vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Indebtedness to the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the Commitments; (viii) become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due; (ix) fail to maintain its bank accounts separate and apart from those of any other Person, other than as expressly provided in the Transaction Documents; (x) enter into any contract or agreement with any Person, except (a) the Transaction Documents, (b) the documents specifically contemplated by the Borrower LLC Agreement, (c) other contracts or agreements that are upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arms-length basis with third parties other than such Person and (d) as otherwise permitted under the Transaction Documents; (xi) seek its dissolution or winding up in whole or in part; (xii) fail to correct any known misunderstandings regarding the separate identity of the Borrower and the Equityholder or any principal or Affiliate thereof or any other Person; (xiii) guarantee, become obligated for, or hold itself out to be responsible for the debt of another Person; (xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates); (xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; (xvi) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, or make an assignment for the benefit of creditors; 99 4147-5771-6068.5 (xvii) except as may be required or permitted by the Code and regulations or other applicable state or local tax law, hold itself out as or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or (c) any other Person; (xviii) fail to maintain separate company records and books of account; provided, however, that the Borrower's assets and liabilities may be included in a consolidated financial statement of the Equityholder so long as the separateness of the Borrower from the Equityholder and the unavailability of the Borrower's assets and credit to satisfy the debts and other obligations of the Equityholder are disclosed by the Equityholder within all public filings that contain such consolidated financial statements; (xix) fail to pay its own liabilities and expenses only out of its own funds; (xx) fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries of its own employees, if any; (xxi) acquire the obligations or securities of its Affiliates or stockholders; (xxii) fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space, if any, provided by an Affiliate or services performed by any employee of an Affiliate; (xxiii) fail to use separate checks bearing its own name; (xxiv) pledge its assets to secure the obligations of any other Person; (xxv) (A) fail at any time to have at least one (1) independent manager or director (the "Independent Manager") who is not currently (i) a manager, officer, employee or Affiliate of the Borrower or the Equityholder or any major creditor, or a manager, officer or employee of any such Affiliate (other than an independent manager or similar position of the Borrower, the Equityholder or an Affiliate), or (ii) the beneficial owner of any limited liability company interests of the Borrower or any voting, investment or other ownership interests of any Affiliate of the Borrower or of any major creditor or (B) fail to ensure that all limited liability company action relating to the selection, maintenance or replacement of the Independent Manager are duly authorized by the unanimous vote of the board of managers (including the Independent Manager) except as otherwise permitted pursuant to the Borrower LLC Agreement; (xxvi) fail to provide that the unanimous consent of all members or managers (including the consent of the Independent Manager) is required for the Borrower to take any Material Action; and (xxvii) take or refrain from taking, as applicable, each of the activities specified in the non-consolidation opinion of Dechert LLP, dated as of the date hereof upon which the conclusions expressed therein are based.

------

![](a01wells-newmountainguar027.jpg)

100 4147-5771-6068.5 (v) 1940 Act. The Borrower is not required to register as an "investment company" within the meaning of the 1940 Act. (w) ERISA. Except as would not reasonably be expected to constitute a Material Adverse Effect, (i) the present value of all benefits vested under all "employee pension benefit plans," as such term is defined in Section 3 of ERISA which are subject to Title IV of ERISA and maintained by the Borrower, or in which employees of the Borrower are entitled to participate, other than a Multiemployer Plan (the "Pension Plans"), does not exceed the value of the assets of the Pension Plan allocable to such vested benefits (based on the value of such assets as of the most recent annual financial statements reflecting such amounts), (ii) no non-exempt prohibited transactions, failures to satisfy minimum funding standards, withdrawals or reportable events within the meaning of 4043 of ERISA, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, (each a "Reportable Event") have occurred with respect to any Pension Plans that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability and (iii) no notice of intent to terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under Section 4041(f) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer a Pension Plan and no event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan. (x) Compliance with Law. The Borrower has complied in all material respects with all Applicable Law to which it may be subject, and no item of Collateral contravenes in any material respect any Applicable Law (including, without limitation, all applicable predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy). (y) Collections. The Borrower acknowledges that all Collections received by it or its Affiliates with respect to the Collateral transferred hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account within two Business Days after receipt as required herein. (z) Amendments. No Loan has been amended, modified or waived, except for amendments, modifications or waivers, if any, to such Collateral otherwise permitted under Section 6.4(a) and in accordance with the Credit and Collection Policy. (aa) Full Payment. As of the Funding Date thereof, the Borrower has no knowledge of any fact which should lead it to expect that any Loan will not be repaid by the related Obligor in full. (bb) Accuracy of Representations and Warranties. Each representation or warranty by the Borrower contained herein or in any report, financial statement, exhibit, schedule, certificate or other document furnished by the Borrower pursuant hereto, in connection herewith or in connection with the negotiation hereof is true and correct in all material respects. 101 4147-5771-6068.5 (cc) Members of the Borrower. The sole member of the Borrower is a U.S. Person. (dd) Sanctions. None of the Borrower, any Person directly or indirectly Controlling the Borrower nor any Person directly or indirectly Controlled by the Borrower and, to the Borrower's actual knowledge, no Related Party of the foregoing (i) is a Sanctioned Person; (ii) is owned or controlled by, or is or has been acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to the Borrower's actual knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. To the Borrower's actual knowledge, no investor in the Borrower is a Sanctioned Person. The Borrower will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section. (ee) Anti-Money Laundering Laws and Anti-Corruption Laws. None of the Borrower, any Person directly or indirectly Controlling the Borrower nor any Person directly or indirectly Controlled by the Borrower and, to the Borrower's actual knowledge, no Related Party of the foregoing is, to the Borrower's actual knowledge, under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws. (ff) Beneficial Ownership Certification. The information included in the Beneficial Ownership Certification is true and correct in all respects as of the Closing Date. The Borrower will notify each Lender and Administrative Agent in writing promptly after becoming aware of any change in such information. The representations and warranties in Section 4.1(m) shall survive the termination of this Agreement and such representations and warranties may not be waived by any party hereto without the consent of the Administrative Agent. Section 4.2. Representations and Warranties of the Borrower Relating to the Agreement and the Collateral. The Borrower hereby represents and warrants, as of the Closing Date and as of each Funding Date: (a) Valid Security Interest. This Agreement constitutes a security agreement within the meaning of Section 9-102(a)(73) of the UCC as in effect from time to time in the State of New York. Upon the delivery to the Collateral Custodian of all Collateral constituting "instruments" and "certificated securities" (as defined in the UCC as in effect from time to time in the jurisdiction where the Collateral Custodian's office set forth in Section 5.5(c) is located), the crediting of all Collateral that constitutes Financial Assets (as defined in the UCC as in effect from time to time in the State of New York) to an Account and the filing of the financing statements described in Section 4.1(m) in the jurisdiction in which the Borrower is located, the security interest created hereby shall be a valid and first priority perfected security interest in all of the Collateral (subject to Permitted Liens) in that portion of the Collateral in which a security interest may be created under 9 of the UCC as in effect from time to time in the State of New York. 102 4147-5771-6068.5 (b) Eligibility of Collateral. The Borrower has conducted such due diligence and other review as it considered necessary with respect to the Loans set forth on Schedule III. As of the Closing Date and each Funding Date, (i) the Loan List and the information contained in each Funding Notice delivered pursuant to Section 2.2, is an accurate and complete listing in all material respects of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect to the identity of such Loans and the amounts owing thereunder is true, correct and complete in all material respects as of the related Funding Date, (ii) each such Loan included in the Borrowing Base is an Eligible Loan, (iii) each Loan included in the Collateral is free and clear of any Lien of any Person (other than Permitted Liens) and in compliance with all Applicable Laws in all material respects and (iv) with respect to each Loan included in the Collateral, all material consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by the Borrower in connection with the transfer of an ownership interest or security interest in such Collateral to the Administrative Agent as agent for the benefit of the Secured Parties have been duly obtained, effected or given and are in full force and effect. (c) No Fraud. Each Loan was acquired by the Borrower without any fraud or material misrepresentation. Section 4.3. Representations and Warranties of the Collateral Manager. The Collateral Manager represents and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made: (a) Organization and Good Standing. The Collateral Manager has been duly organized, and is validly existing as a limited liability company in good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted. (b) Due Qualification. The Collateral Manager is duly qualified to do business and is in good standing as a limited liability company, and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified or in good standing or to have obtained such licenses or approvals could not reasonably be expected to have a Material Adverse Effect. (c) Power and Authority; Due Authorization; Execution and Delivery. The Collateral Manager (i) has all necessary limited liability company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action, the execution, delivery and performance of each Transaction Document to which it is a party. This Agreement and each other Transaction Document to which the Collateral Manager is a party have been duly executed and delivered by the Collateral Manager. 103 4147-5771-6068.5 (d) Binding Obligation. Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and binding obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity). (e) No Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and the fulfillment of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Collateral Manager's certificate of formation, operating agreement or any Contractual Obligation of the Collateral Manager, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Collateral Manager's properties pursuant to the terms of any such Contractual Obligation, other than this Agreement, or (iii) violate any Applicable Law in any material respect. (f) No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Collateral Manager, threatened against the Collateral Manager, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Collateral Manager is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which the Collateral Manager is a party or (iii) that could reasonably be expected to have Material Adverse Effect. (g) All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by the Collateral Manager of each Transaction Document to which the Collateral Manager is a party have been obtained. (h) Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the Collateral Manager (other than projections, forward-looking information, general economic data, industry information, information relating to third parties, information or documentation prepared by the Collateral Manager or one of its Affiliates for internal use or consideration, or statements as to (or the failure to make a statement as to) the value of, collectability of, prospects of or potential risks or benefits associated with a Loan or Obligor) to the Administrative Agent or any Lender in writing in connection with this Agreement are, as of their respective delivery dates (or such other date as may be specified therein), true, complete and correct in all material respects after giving effect to any updates thereto; provided that, to the extent any such information was not prepared by or under the direction of the Collateral Manager, such information is, as of the date such information is provided (or such other date as may be specified therein), true, correct and complete to the actual knowledge of a Responsible Officer of the Collateral Manager. (i) Collections. The Collateral Manager acknowledges that all Collections received by it or its Affiliates with respect to the Collateral transferred or pledged hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account within two (2) Business Days from receipt as required herein.

------

![](a01wells-newmountainguar028.jpg)

104 4147-5771-6068.5 (j) Solvency. The Collateral Manager is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which the Collateral Manager is a party do not and will not render the Collateral Manager not Solvent. (k) ERISA. Except as would not reasonably be expected to constitute a Material Adverse Effect, (i) the present value of all benefits vested under all Pension Plans of the Collateral Manager does not exceed the value of the assets of the Pension Plan allocable to such vested benefits (based on the value of such assets as of the most recent annual financial statements reflecting such amounts), (ii) no Reportable Events have occurred with respect to any Pension Plans that, in the aggregate, could subject the Collateral Manager to any material tax, penalty or other liability and (iii) no notice of intent to terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under Section 4041(f) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer a Pension Plan and no event has occurred or condition exists that might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan. (l) 1940 Act. The Collateral Manager is regulated as a business development company under the 1940 Act. (m) Compliance with Law. The Collateral Manager has complied in all material respects with all Applicable Law to which it may be subject, and no item of Collateral contravenes in any material respect any Applicable Law (including, without limitation, all applicable predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy). (n) No Material Adverse Effect. No event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect on the Collateral Manager since its formation date. (o) Actions of the Collateral Manager. The Collateral Manager acknowledges and agrees that, as of the date hereof, all of the Loans owned by the Borrower as of the Closing Date (or subject to irrevocable commitments to purchase by the Borrower for settlement (as participations or assignments) after the Closing Date) are owned by way of an assignment (and not a participation) and are as set forth on Schedule III and hereby consents to the acquisition by the Borrower on the Closing Date (or, in respect of Loans with respect to which the Borrower has entered into irrevocable commitments to purchase as of the Closing Date for settlement after the Closing Date) of each Loan set forth on Schedule III. (p) Sanctions. None of the Collateral Manager, any Person directly or indirectly Controlling the Collateral Manager nor any Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral Manager's actual knowledge, no Related Party of the foregoing (i) is a Sanctioned Person; (ii) is owned or controlled by, or is or has been acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to the Collateral Manager's actual knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. To the Collateral Manager's actual 105 4147-5771-6068.5 knowledge, no investor in the Collateral Manager is a Sanctioned Person. The Collateral Manager will notify each Lender and Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this Section 4.3(p). (q) Anti-Money Laundering Laws and Anti-Corruption Laws. None of the Collateral Manager, any Person directly or indirectly Controlling the Collateral Manager nor any Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral Manager's actual knowledge, no Related Party of the foregoing is under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws. Section 4.4. Representations and Warranties of the Collateral Custodian. The Collateral Custodian in its individual capacity and as Collateral Custodian represents and warrants as follows: (a) Organization; Power and Authority. It is a duly organized and validly existing national banking association in good standing under the laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as Collateral Custodian under this Agreement. (b) Due Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Custodian, as the case may be. (c) No Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its property is bound. (d) No Violation. The execution and delivery of this Agreement, the performance of the Transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law as to the Collateral Custodian. (e) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Custodian, required in connection with the execution and delivery of this Agreement, the performance by the Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms hereof have been obtained. (f) Validity, Etc. This Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable against the Collateral Custodian in accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity). 106 4147-5771-6068.5 Section 4.5. Representations and Warranties of the Seller. The Seller hereby represents and warrants, as of the Closing Date, each date the Borrower acquires any Collateral from the Seller and as of each Funding Date: (a) Eligibility of Collateral. The Seller has conducted the due diligence and other review it considered necessary with respect to each Loan acquired by the Borrower from the Seller. As of each date the Borrower acquires any Loan from the Seller, (i) each such Loan included in the Borrowing Base is an Eligible Loan and (ii) each such Loan included in the Collateral is free and clear of any Lien of any Person (other than Permitted Liens and any Lien which will be released contemporaneously with the acquisition thereof by the Borrower) and in compliance in all material respects with all Applicable Laws. (b) No Fraud. Each Loan originated by an unaffiliated third party was, to the Seller's knowledge as of the date of the transfer by the Seller to the Borrower of such Loan, originated without any fraud or material misrepresentation. (c) Sanctions. None of the Seller nor any Person directly or indirectly Controlling the Seller (i) is a Sanctioned Person; (ii) is Controlled by or is acting on behalf of a Sanctioned Person; (iii) is, to the Seller's knowledge, under investigation for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will cause the Obligations to be repaid with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other party to this Agreement to be in breach of any Sanctions. The Seller will notify each Lender and Administrative Agent in writing promptly after becoming aware of any breach of this Section 4.5(c). ARTICLE V. GENERAL COVENANTS Section 5.1. Affirmative Covenants of the Borrower. The Borrower covenants and agrees with the Lenders that during the Covenant Compliance Period: (a) Compliance with Laws. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Collateral or any part thereof. (b) Preservation of Company Existence. The Borrower will (i) preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation, (ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect and (iii) maintain the Borrower LLC Agreement in full force and effect. 107 4147-5771-6068.5 (c) Performance and Compliance with Collateral. The Borrower will, at its expense, timely and fully perform and comply (or, by exercising its rights thereunder, cause the Seller to perform and comply pursuant to the Sale Agreement) with all provisions, covenants and other promises required to be observed by it under the Collateral, the Transaction Documents and all other agreements related to such Collateral. (d) Keeping of Records and Books of Account. The Borrower will keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business and activities in all material respects. The Borrower will permit any representatives designated by the Administrative Agent to visit and inspect the financial records and the properties of such person upon reasonable advance notice and during normal business hours and as often as reasonably requested, without unreasonably interfering with such party's business and affairs and to make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent to discuss the affairs, finances and condition of such person with the officers thereof and independent accountants therefor, in each case, other than (x) material and affairs protected by the attorney-client privilege and (y) materials which such party may not disclose without violation of confidentiality obligations binding upon it; provided that the right of the Administrative Agent provided herein to visit and inspect the financial records and properties of the Borrower shall be limited to not more than one such visit and inspection in any fiscal year; provided further that, during the continuance of a Collateral Manager Default or an Event of Default, there shall be no limit to the number of such visits and inspections, and after the resolution of such Collateral Manager Default or Event of Default, the number of visits occurring in the current fiscal year shall be deemed to be zero. (e) Protection of Interest in Collateral. With respect to the Collateral, the Borrower will (i) acquire such Collateral pursuant to and in accordance with the terms of the Sale Agreement or directly from the Equityholder or a third party, (ii) (at the Collateral Manager's expense) take all action necessary to perfect, protect and more fully evidence the Borrower's ownership of such Collateral free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to the Loans and that portion of the Collateral in which a security interest may be perfected by filing and maintaining (at the Collateral Manager's expense), effective financing statements against the Obligor in all necessary or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, and (iii) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the Collateral. (f) Deposit of Collections. (i) The Borrower shall, or shall cause the Collateral Manager to, instruct each Obligor (or with respect to any Closing Date Participation Interest for which the Elevation Date has not yet occurred, the applicable participation seller) to deliver all

------

![](a01wells-newmountainguar029.jpg)

------

![](a01wells-newmountainguar030.jpg)

112 4147-5771-6068.5 requisite due diligence in connection with the transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and will maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) not, directly or indirectly, use the proceeds of any Advance hereunder to fund, finance or facilitate any activities, business or transactions that are in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) not fund any repayment of the Obligations with proceeds that are directly or, to its actual knowledge, indirectly derived from any transaction or activity that is prohibited by any Anti- Corruption Laws or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. (w) Compliance with Sanctions. The Borrower shall, and shall ensure that any Person directly or indirectly Controlling the Borrower or any Person directly or indirectly Controlled by the Borrower and, to the Borrower's actual knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this Section 5.1(w). (x) Other. The Borrower will furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager or the Borrower as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or the other Secured Parties under or as contemplated by this Agreement. Section 5.2. Negative Covenants of the Borrower. During the Covenant Compliance Period: (a) Other Business. The Borrower will not (i) engage in any business other than (A) entering into and performing its obligations under the Transaction Documents and other activities contemplated by the Transaction Documents and the Borrower LLC Agreement, (B) the acquisition, ownership and management of the Collateral and (C) the sale or disposition of Loans and other Collateral as permitted hereunder, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind other than pursuant to the Transaction Documents or (iii) form any Subsidiary or make any Investment in any other Person (other than Permitted Investments). (b) Collateral Not to be Evidenced by Instruments. The Borrower will take no action to cause any Loan that is not, as of the Closing Date or the related Purchase Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Loan or unless such Instrument is promptly delivered to the Administrative Agent, together with an Indorsement in blank, as collateral security for the Obligations. 113 4147-5771-6068.5 (c) Security Interests. Except as otherwise permitted herein or in respect of any Discretionary Sale or other sale permitted hereunder or required under the Sale Agreement, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any Collateral, whether now existing or hereafter transferred hereunder, or any interest therein. The Borrower will promptly notify the Administrative Agent of the existence of any Lien (other than Permitted Liens) on any Collateral and the Borrower shall defend the right, title and interest of the Administrative Agent, as agent for the Secured Parties in, to and under the Collateral against all claims of third parties; provided that, nothing in this Section 5.2(c) shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any of the Collateral. (d) Mergers, Acquisitions, Sales, etc. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or all or substantially all of the equity interests of any other Person (other than in connection with the enforcement or collection of any Loan or as a result of a workout or restructuring of an Obligor), or sell, transfer, convey or lease all or substantially all of its assets, or sell or assign with or without recourse any Collateral or any interest therein (other than as otherwise permitted pursuant to this Agreement or the Sale Agreement). (e) Change of Location of Underlying Instruments. The Borrower shall not, without the prior consent of the Administrative Agent, consent to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral Custodian's offices set forth in Section 5.5(c) on the Closing Date (except as otherwise permitted pursuant to this Agreement, including Section 7.8 or Section 7.9), unless the Borrower has given at least thirty (30) days' written notice to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to ensure that the Secured Parties' first priority perfected security interest (subject to Permitted Liens) continues in effect. (f) ERISA Matters. Except as would not reasonably be expected to constitute a Material Adverse Effect, the Borrower will not (a) engage or knowingly permit any ERISA Affiliate to engage in any prohibited transaction for which an exemption is not available or has not previously been obtained from the United States Department of Labor, (b) permit to exist any failure to satisfy minimum funding standards, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with respect to any Pension Plan other than a Multiemployer Plan, (c) fail to make or knowingly permit any ERISA Affiliate to fail to make, any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (d) terminate any Pension Plan so as to result in any liability, or (e) permit to exist any occurrence of any Reportable Event with respect to a Pension Plan. (g) Borrower LLC Agreement. The Borrower will not amend, modify, waive or terminate (i) any provision of the Borrower LLC Agreement if such amendment, modification, waiver or termination would result in a Default, Event of Default or Material Adverse Effect or (ii) any Special Purpose Provision, in each case without the prior written consent of the Administrative Agent. 114 4147-5771-6068.5 (h) Changes in Payment Instructions to Obligors. The Borrower will not make any change, or permit the Collateral Manager to make any change, in its instructions to Obligors regarding payments to be made with respect to the Collateral to the Collection Account, the Australian Dollar Account, Canadian Dollar Account, Euro Account or GBP Account, as applicable, unless (x) the change in such instructions is to comply with the terms of the Transaction Documents or (y) the Administrative Agent has consented to such change. (i) Reserved. (j) Fiscal Year. The Borrower shall not change its fiscal year or method of accounting without providing the Administrative Agent with prior written notice (i) providing a detailed explanation of such changes and (ii) including a pro forma financial statements demonstrating the impact of such change. (k) Change of Control. The Borrower shall not enter into any transaction or agreement which results in a Change of Control. (l) Sole Ownership. The Borrower shall not have more than one (1) owner of its membership interests during the term of this Agreement. (m) Disregarded Entities. The Borrower shall not file any election or take any position to be other than a "disregarded entity" for U.S. tax purposes. (n) Restricted Payments. The Borrower shall not make any Restricted Payments other than (i) with respect to Permitted RIC Distributions and amounts the Borrower receives, in each case, in accordance with Section 2.7 or Section 2.8, (ii) with proceeds of Advances otherwise made in compliance with this Agreement and (iii) with Principal Collections, so long as (x) the Revolving Period End Date has not ended and (y) no Default or Event of Default has occurred and is continuing or would result. (o) Compliance with Sanctions. The Borrower shall not, and shall ensure that any Person directly or indirectly Controlling the Borrower, any Person directly or indirectly Controlled by the Borrower and, to the Borrower's actual knowledge, any Related Party of the foregoing will not, directly or indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund, finance, or facilitate any activities, business or transactions of or with a Sanctioned Person or (ii) in any other manner that is prohibited by Sanctions or that could otherwise cause any Lender to be in breach of any Sanctions. The Borrower will not fund any repayment of the Obligations with proceeds derived, directly or, to its actual knowledge, indirectly, from any transaction that is prohibited by Sanctions or that could otherwise cause any Lender or any other party to this Agreement, or, to its actual knowledge, any Related Party, to be in breach of any Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this Section 5.2(o). 115 4147-5771-6068.5 Section 5.3. Affirmative Covenants of the Collateral Manager. The Collateral Manager covenants and agrees with the Lenders that during the Covenant Compliance Period: (a) Compliance with Law. The Collateral Manager will comply in all material respects with all Applicable Law, including those with respect to the Collateral or any part thereof. (b) Preservation of Company Existence. The Collateral Manager will (i) preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. (c) Performance and Compliance with Collateral. The Collateral Manager will duly fulfill and comply with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each item of Collateral and will do nothing to impair the rights of the Administrative Agent, as agent for the Secured Parties, or of the Secured Parties in, to and under the Collateral. (d) Keeping of Records and Books of Account. (i) The Collateral Manager will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Collateral in the event of the destruction of the originals thereof), and keep and maintain in all material respects all documents, books, records and other information reasonably necessary or advisable for the collection of all Collateral and the identification of the Collateral. (ii) The Collateral Manager shall permit the Administrative Agent or its designated representatives to visit the offices of the Collateral Manager during normal office hours and upon reasonable advance notice and examine and make copies of all documents, books, records and other information concerning the Collateral and discuss matters related thereto with any of the officers or employees of the Collateral Manager having knowledge of such matters; provided that the right of the Administrative Agent provided herein to visit and inspect the financial records and properties of the Collateral Manager shall be limited to not more than one (1) such visit and inspection in any fiscal year; provided further that after the occurrence of a Collateral Manager Default or an Event of Default and during its continuance, there shall be no limit to the number of such visits and inspections, and after the resolution of such Collateral Manager Default or Event of Default, the number of visits occurring in the current fiscal year shall be deemed to be zero. (iii) The Collateral Manager will on or prior to the date hereof, mark its master data processing records and other books and records relating to the Collateral with

------

![](a01wells-newmountainguar031.jpg)

116 4147-5771-6068.5 a legend, acceptable to the Administrative Agent, describing the pledge of the Collateral by the Borrower to the Administrative Agent as agent for the Secured Parties hereunder. (e) Preservation of Security Interest. The Collateral Manager (at its own expense) will authorize the Administrative Agent to file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the first priority perfected security interest of the Administrative Agent, as agent for the Secured Parties in, to and under the Loans and proceeds thereof and that portion of the Collateral in which a security interest may be perfected by filing (subject to Permitted Liens). (f) Credit and Collection Policy. The Collateral Manager will (i) comply in all material respects with the Credit and Collection Policy in regard to the Collateral, and (ii) furnish to the Administrative Agent prior to its effective date, prompt written notice of any changes in the Credit and Collection Policy. The Collateral Manager will not agree to or otherwise permit to occur any material change in the Credit and Collection Policy without the prior written consent of the Administrative Agent; provided that, no consent shall be required from the Administrative Agent in connection with any change mandated by Applicable Law or a Governmental Authority as evidenced by an Opinion of Counsel to that effect delivered to the Administrative Agent. Compliance by the Collateral Manager with this covenant shall be deemed to constitute compliance by the Borrower with its corresponding obligations under Sections 5.1(h). (g) Events of Default. Promptly following the Collateral Manager's knowledge or notice of the occurrence of any Event of Default or Default, the Collateral Manager will provide the Administrative Agent with written notice of the occurrence of such Event of Default or Default of which the Collateral Manager has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible Officer of the Collateral Manager setting forth the details of such event and the action that the Collateral Manager proposes to take with respect thereto. (h) Taxes. (i) The Collateral Manager has filed or caused to be filed all material tax returns that are required to be filed by it. The Collateral Manager has paid or made adequate provisions for the payment of all material Taxes made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Collateral Manager), and no Tax lien (other than a Permitted Lien in respect of Taxes) has been filed and, to the Collateral Manager's knowledge, no claim is being asserted, with respect to any such material Tax. (ii) [Reserved]. (i) Other. The Collateral Manager will promptly furnish to the Administrative Agent such other information, documents, records or reports respecting the 117 4147-5771-6068.5 Collateral or the condition or operations, financial or otherwise, of the Collateral Manager as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Secured Parties under or as contemplated by this Agreement. (j) Proceedings. The Collateral Manager will furnish to the Administrative Agent, as soon as possible and in any event within three (3) Business Days after the Collateral Manager receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder; provided that, notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder in excess of $1,000,000 shall be deemed to be material for purposes of this Section 5.3(j). (k) Deposit of Collections. The Collateral Manager (or with respect to any Closing Date Participation Interest for which the Elevation Date has not yet occurred, the applicable participation seller) shall promptly (but in no event later than two (2) Business Days after receipt) deposit into the Collection Account, the Australian Dollar Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, any and all Collections received by the Borrower or the Collateral Manager; provided that in the case of any Interest Collections pertaining to Closing Date Participation Interests, such amounts shall be deposited into the Interest Collection Account within seven (7) days after receipt. (l) Required Notices. The Collateral Manager will furnish to the Administrative Agent, promptly upon becoming aware thereof, notice of (1) any Collateral Manager Default, (2) any Value Adjustment Event, (3) any Change of Control, (4) any other event or circumstance that could reasonably be expected to have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest calculation of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative Agent on or prior to the related Purchase Date in respect of such Loan) listed in the definition of "Eligible Loan" or (6) the occurrence of any event of default by an Obligor on any Loan (after giving effect to any grace period under the related Underlying Instruments). (m) Accounting Changes. As soon as possible and in any event within three (3) Business Days after the effective date thereof, the Collateral Manager will provide to the Administrative Agent notice of any material change in the accounting policies of the Collateral Manager. (n) Loan Register. The Collateral Manager will maintain, or cause to be maintained, with respect to each Noteless Loan with respect to which the Collateral Manager or an Affiliate thereof acts as administrative agent (or a comparable capacity), a register (each, a "Loan Register") in which it will record, or cause to be recorded, (v) the principal amount of 118 4147-5771-6068.5 such Noteless Loan, (w) the amount of any principal or interest due and payable or to become due and payable from the Obligor thereunder, (x) the amount of any sum in respect of such Noteless Loan received from the related Obligor, (y) the date of origination of such Noteless Loan and (z) the maturity date of such Noteless Loan. At any time such a Noteless Loan is included in the Collateral, the Collateral Manager shall deliver to the Borrower, the Administrative Agent and the Collateral Custodian a copy of the related Loan Register, together with a certificate of a Responsible Officer of the Collateral Manager certifying to the accuracy of such Loan Register as of the date of acquisition of such Noteless Loan by the Borrower, all of which information may be included in the applicable Borrowing Base Certificate. (o) Compliance with Sanctions. The Collateral Manager shall, and shall ensure that any Person directly or indirectly Controlling the Collateral Manager, any Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral Manager's actual knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Collateral Manager will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section. (p) Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws. The Collateral Manager shall, and shall ensure that each Person directly or indirectly Controlling the Collateral Manager and each Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral Manager's actual knowledge, any Related Party of the foregoing will: (i) comply with all applicable Anti-Money Laundering Laws and Anti- Corruption Laws in all material respects, and shall maintain policies and procedures reasonably designed to ensure compliance with the Anti-Money Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and will maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure that the Borrower does not, directly or, to its actual knowledge, indirectly, use the proceeds of any Advance hereunder to fund, finance, or facilitate any activities, business or transactions that are in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure that the Borrower does not fund any repayment of the Obligations with proceeds that are directly or, to its actual knowledge, indirectly derived from any transaction or activity that is prohibited by any Anti-Corruption Laws or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. (q) BDC Status. The Collateral Manager will use its best efforts to continue to be regulated as a business development company under the 1940 Act. (r) Change of Collateral Manager. If a Qualified Affiliate becomes the Collateral Manager, then such Qualified Affiliate shall, prior to its assumption of its duties hereunder, provide each Secured Party with deliverables set forth in Section 3.1 with respect to the Collateral Manager. 119 4147-5771-6068.5 Section 5.4. Negative Covenants of the Collateral Manager. During the Covenant Compliance Period: (a) Mergers, Acquisition, Sales, etc. The Collateral Manager will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or all or substantially all of the equity interests of any other Person, or sell, transfer, convey or lease all or substantially all of its assets, or sell or assign with or without recourse any Collateral or any interest therein (other than as otherwise permitted pursuant to this Agreement). (b) Change of Location of Underlying Instruments. The Collateral Manager shall not, without the prior consent of the Administrative Agent, consent to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral Custodian's offices set forth in Section 5.5(c) on the Closing Date (except as otherwise permitted pursuant to this Agreement, including Section 7.8 or Section 7.9), unless the Collateral Manager has given at least thirty (30) days' written notice to the Administrative Agent and has authorized the Administrative Agent to take all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent as agent for the Secured Parties in the Collateral (subject to Permitted Liens). (c) Change in Payment Instructions to Obligors. The Collateral Manager will not make any change in its instructions to Obligors regarding payments to be made with respect to the Collateral to the Collection Account, the Australian Dollar Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, unless (x) the change in such instructions is to comply with the terms of the Transaction Documents or (y) the Administrative Agent has consented to such change. (d) Extension or Amendment of Collateral. The Collateral Manager will not, except as otherwise permitted in Section 6.4(a), consent on behalf of the Borrower to the extension, amendment or modification to the terms of any Loan without the prior written consent of the Administrative Agent. (e) Members of the Borrower. The Collateral Manager shall not permit any Person which is not a "United States Person" within the meaning Section 7701(a)(30) of the Code to own any membership interests in the Borrower. (f) Bankruptcy. The Collateral Manager will not cause the Borrower to file a voluntary petition under the Bankruptcy Code or Insolvency Laws. (g) Compliance with Sanctions. The Collateral Manager shall not, and shall ensure that any Person directly or indirectly Controlling the Collateral Manager nor any Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral Manager's actual knowledge, any Related Party of the foregoing will not, directly or indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund, finance or facilitate any activities, business or transactions of or with a Sanctioned Person or (ii) in any manner that is prohibited by Sanctions or that could otherwise cause any Lender to be in breach of any Sanctions. The Collateral Manager will not cause the funding of any repayment of the

------

![](a01wells-newmountainguar032.jpg)

120 4147-5771-6068.5 Obligations with proceeds derived, directly or, to its actual knowledge, indirectly, from any transaction that is prohibited by Sanctions or that could otherwise cause any Lender or any other party to this Agreement, or, to its actual knowledge, any Related Party, to be in breach of any Sanctions. The Collateral Manager will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this Section 5.4(g). Section 5.5. Affirmative Covenants of the Collateral Custodian. During the Covenant Compliance Period: (a) Compliance with Law. In performing its duties hereunder and under the other Transaction Documents, the Collateral Custodian will comply in all material respects with all Applicable Law. (b) Preservation of Existence. The Collateral Custodian will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. (c) Location of Underlying Instruments. Subject to Section 7.8, the Underlying Instruments delivered to the Collateral Custodian shall remain at all times in the possession of the Collateral Custodian at its offices at, the address set forth on Annex A, unless notice of a different address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain Underlying Instruments to be released to the Collateral Manager on a temporary basis in accordance with the terms hereof, except as such Underlying Instruments may be released pursuant to this Agreement. Section 5.6. Negative Covenants of the Collateral Custodian. During the Covenant Compliance Period: (a) Underlying Instruments. The Collateral Custodian will not dispose of any documents constituting the Underlying Instruments in any manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and will not dispose of any Collateral except as contemplated by this Agreement. (b) No Changes to Collateral Custodian Fee. The Collateral Custodian will not make any changes to the Collateral Custodian Fee set forth in the Collateral Custodian Fee Letter without the prior written approval of the Administrative Agent and the Borrower. Section 5.7. Covenants of the Seller. (a) Notice. Promptly after the knowledge (without giving effect to Section 1.4(l)) or receipt of notice of a Responsible Officer of the Seller of the same, the Seller shall notify the Administrative Agent and the Borrower if any representation or warranty set forth in Section 4.5 was incorrect in any material respect (or, if qualified by "material" or 121 4147-5771-6068.5 "Material Adverse Effect" or any similar term, in any respect) at the time it was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. The Seller shall notify the Administrative Agent and the Borrower in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge (without giving effect to Section 1.4(l)) of a Responsible Officer of the Seller which would render any of the said representations and warranties untrue as of such Funding Date. (b) Negative Pledge. The Seller, as the Equityholder, shall not permit any Person to have a Lien over the limited liability company interests of the Borrower (other than Permitted Liens). ARTICLE VI. COLLATERAL MANAGEMENT Section 6.1. Designation of the Collateral Manager. Subject to Section 6.11, the servicing, administering and collection of the Collateral shall be conducted by the Collateral Manager. Section 6.2. Duties of the Collateral Manager. (a) Appointment. The Borrower hereby appoints the Collateral Manager as its agent to service the Collateral and enforce its rights and remedies in, to and under such Collateral. The Collateral Manager hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto as set forth herein. The Collateral Manager and the Borrower hereby acknowledge that the Administrative Agent and the other Secured Parties are third party beneficiaries of the obligations undertaken by the Collateral Manager hereunder. (b) Duties. The Collateral Manager shall take or cause to be taken all such actions as may be necessary or advisable to collect on the Collateral from time to time, all in accordance with Applicable Law and the Credit and Collection Policy. Without limiting the foregoing, the duties of the Collateral Manager shall include the following: (i) preparing and submitting claims to, and acting as post-billing liaison with, Obligors on each Loan (for which no administrative or similar agent exists); (ii) maintaining all necessary records and reports with respect to the Collateral and providing such reports to the Administrative Agent in respect of the management and administration of the Collateral (including information relating to its performance under this Agreement) as may be required hereunder or as the Administrative Agent may reasonably request; (iii) maintaining and implementing administrative and operating procedures (including, without limitation, an ability to recreate management and administration records evidencing the Collateral in the event of the destruction of the 122 4147-5771-6068.5 originals thereof) and keeping and maintaining all documents, books, records and other information reasonably necessary or advisable for the collection of the Collateral; (iv) promptly delivering to the Administrative Agent or the Collateral Custodian, from time to time, such information and management and administration records (including information relating to its performance under this Agreement) as the Administrative Agent or the Collateral Custodian may from time to time reasonably request; (v) identifying each Loan clearly and unambiguously in its records to reflect that such Loan is owned by the Borrower and that the Borrower is granting a security interest therein to the Secured Parties pursuant to this Agreement; (vi) notifying the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (1) that is or is threatened to be asserted by an Obligor with respect to any Loan (or portion thereof) of which it has knowledge or has received notice; and (2) that could reasonably be expected to have a Material Adverse Effect; (vii) providing the prompt written notice to the Administrative Agent, prior to the effective date thereof, of any proposed changes in the Credit and Collection Policy; (viii) using its reasonable best efforts to maintain the first priority, perfected security interest (subject to Permitted Liens) of the Administrative Agent, as agent for the Secured Parties, in the Collateral; (ix) maintaining the Loan File(s) with respect to Loans included as part of the Collateral (except for any Loan Files that have been provided to and remain in the possession of the Collateral Custodian); provided that, upon the occurrence and during the continuance of an Event of Default or a Collateral Manager Default, the Administrative Agent may request the Loan File(s) to be sent to the Administrative Agent or its designee; (x) with respect to each Loan included as part of the Collateral, making the Loan File available for inspection by the Administrative Agent, upon reasonable advance notice, at the offices of the Collateral Manager during normal business hours in accordance with and subject to the terms of Section 5.3(d)(ii); and (xi) directing the Collateral Custodian to make payments pursuant to the instructions set forth in the latest Borrowing Base Certificate in accordance with Section 2.7 and Section 2.8 and preparing such other reports as required pursuant to Section 6.8. It is acknowledged and agreed that in circumstances in which a Person other than the Borrower or the Collateral Manager acts as lead agent with respect to any Loan, the Collateral Manager shall perform its administrative and management duties hereunder only to the extent that, as a lender under the related Underlying Instruments, it has the right to do so. 123 4147-5771-6068.5 (c) Notwithstanding anything to the contrary contained herein, the exercise by the Administrative Agent or the Secured Parties of their rights hereunder (including, but not limited to, the delivery of a Collateral Manager Termination Notice), shall not release the Collateral Manager or the Borrower from any of their duties or responsibilities with respect to the Collateral. The Secured Parties, the Administrative Agent and the Collateral Custodian shall not have any obligation or liability with respect to any Collateral, other than as provided for herein or in any other Transaction Document, nor shall any of them be obligated to perform any of the obligations of the Collateral Manager hereunder. (d) Any payment by an Obligor in respect of any Indebtedness owed by it to the Borrower shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a collection of a payment by such Obligor (starting with the oldest such outstanding payment due) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. Section 6.3. Authorization of the Collateral Manager. (a) Each of the Borrower, the Administrative Agent and each Lender hereby authorizes the Collateral Manager to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent with the sale of the Collateral to the Borrower, the pledge by the Borrower to the Administrative Agent, on behalf of the Secured Parties, hereunder, to collect all amounts due under any and all Collateral, including, without limitation, endorsing any of their names on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Seller could have done if it had continued to own such Collateral. The Borrower and the Administrative Agent, on behalf of the Secured Parties shall furnish the Collateral Manager with any powers of attorney and other documents necessary or appropriate to enable the Collateral Manager to carry out its management and administrative duties hereunder, and shall cooperate with the Collateral Manager to the fullest extent in order to ensure the collectability of the Collateral. In no event shall the Collateral Manager be entitled to make any Secured Party or the Collateral Custodian a party to any litigation without such party's express prior written consent, or to make the Borrower a party to any litigation (other than any foreclosure or similar collection procedure) without the Administrative Agent's consent. (b) After the declaration of the Termination Date, at the direction of the Administrative Agent, the Collateral Manager shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral. Section 6.4. Collection of Payments; Accounts. (a) Collection Efforts, Modification of Collateral. The Collateral Manager will use commercially reasonable efforts to collect or cause to be collected, all payments called

------

![](a01wells-newmountainguar033.jpg)

124 4147-5771-6068.5 for under the terms and provisions of the Loans included in the Collateral as and when the same become due in accordance with the Credit and Collection Policy. The Collateral Manager may not waive, modify or otherwise vary any provision of an item of Collateral in any manner contrary in any material respect to the Credit and Collection Policy. (b) Taxes and other Amounts. The Collateral Manager will use its reasonable best efforts to collect all payments with respect to amounts due for Taxes, assessments and insurance premiums relating to each Loan to the extent required to be paid to the Borrower for such application under the Underlying Instrument and remit such amounts in accordance with Section 2.7 and Section 2.8 to the appropriate Governmental Authority or insurer as required by the Underlying Instruments. (c) Payments to Collection Account. On or before the applicable Purchase Date, the Collateral Manager shall have instructed all Obligors to make all payments owing to the Borrower in respect of the Collateral directly to the applicable Collection Account, the Australian Dollar Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable; provided that, the Collateral Manager is not required to so instruct any Obligor which is solely a guarantor unless and until the Collateral Manager calls on the related guaranty. (d) Accounts. Each of the parties hereto hereby agrees that each Account shall be deemed to be a Securities Account. Each of the parties hereto hereby agrees to cause the Collateral Custodian or any other Securities Intermediary that holds any Cash or other Financial Asset for the Borrower in an Account to agree with the parties hereto that (A) the cash and other property (subject to Section 6.4(e) below with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset and (B) the jurisdiction governing the Account, all Cash and other Financial Assets credited to the Account and the "securities intermediary's jurisdiction" (within the meaning of Section 8-110(e) of the UCC) shall, in each case, be the State of New York. In no event may any Financial Asset held in any Account be registered in the name of, payable to the order of, or specially Indorsed to, the Borrower, unless such Financial Asset has also been Indorsed in blank or to the Collateral Custodian or other Securities Intermediary that holds such Financial Asset in such Account. (e) Underlying Instruments. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a "securities intermediary" as defined in the UCC) to the contrary, none of the Collateral Custodian nor any Securities Intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower of, or the grant by the Borrower of a security interest to the Administrative Agent in, any Loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrower under the related Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including without limitation any necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan transferred to the Administrative Agent hereunder as custodial agent for the Administrative Agent in accordance with the terms of this Agreement. (f) Adjustments. If (i) the Collateral Manager makes a deposit into the Collection Account on behalf of the Borrower in respect of a Collection of a Loan and such 125 4147-5771-6068.5 Collection was received by the Collateral Manager in the form of a check that is not honored for any reason or (ii) the Collateral Manager makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Collateral Manager shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid. Section 6.5. Realization Upon Defaulted or Delinquent Loans. The Collateral Manager will use reasonable efforts consistent with the Underlying Instruments to exercise available remedies relating to a Loan that is delinquent in the payment of any amounts due thereunder or with respect to which the related Obligor defaults in the performance of any of its obligations thereunder in order to maximize recoveries thereunder. The Collateral Manager will comply in all material respects with the Credit and Collection Policy and Applicable Law in exercising such remedies, including but not limited to acceleration and foreclosure, and employ practices and procedures including reasonable efforts to enforce all obligations of Obligors by foreclosing upon and causing the sale of such Underlying Assets at public or private sale. Without limiting the generality of the foregoing, the Collateral Manager may, with the prior written consent of the Administrative Agent, cause the sale of any such Underlying Assets to the Collateral Manager or its Affiliates for a purchase price equal to the then fair market value thereof, any such sale to be evidenced by a certificate of a Responsible Officer of the Collateral Manager delivered to the Administrative Agent setting forth the Loan, the Underlying Assets, the sale price of the Underlying Assets and certifying that such sale price is the fair market value of such Underlying Assets. Section 6.6. [Reserved]. Section 6.7. Payment of Certain Expenses by Collateral Manager. The Collateral Manager will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Collateral Manager, expenses incurred by the Collateral Manager in connection with payments and reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower. The Collateral Manager will be required to pay (or cause the Borrower to pay) all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Accounts. The Collateral Manager shall be required to pay such expenses for its own account and shall not be entitled to any payment therefor, except pursuant to Sections 2.7 and 2.8. Section 6.8. Reports. (a) Borrower's Notice. (i) On the date of each Advance, the Borrower (and the Collateral Manager on its behalf) will provide the Funding Notice and a Borrowing Base Certificate and a Loan Tape, each updated as of such date, to the Administrative Agent (with a copy to the Collateral Custodian) and (ii) on the date of each reinvestment of Principal Collections under Section 2.7(d), the Borrower (and the Collateral Manager on its behalf) will 126 4147-5771-6068.5 provide the Reinvestment Notice to the Administrative Agent (with a copy to the Collateral Custodian). (b) Tax Returns. Upon demand by the Administrative Agent, the Collateral Manager shall deliver copies of all federal, state and local income tax returns and reports filed by the Borrower (excluding sales, use and like Taxes). (c) Obligor Financial Statements; Other Reports. The Collateral Manager will deliver to the Administrative Agent, to the extent received by the Borrower or the Collateral Manager pursuant to the Underlying Instruments, the complete financial reporting package with respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Loan for such Obligor) provided to the Borrower or the Collateral Manager for the periods required by the Underlying Instruments, which delivery shall be made no later than fifteen (15) Business Days after receipt by the Borrower or the Collateral Manager as specified in the Underlying Instruments. Upon demand by the Administrative Agent, the Collateral Manager will provide such other information available to it as the Administrative Agent may reasonably request with respect to any Obligor. (d) Website. The Collateral Manager will post on a password protected website maintained by the Borrower to which the Administrative Agent will have access a copy of (i) any material amendment, restatement, supplement, waiver or other modification to the Underlying Instruments of any Loan and (ii) any internal documents prepared by the Collateral Manager and provided to its investment committee in connection with such amendment, restatement, supplement, waiver or other modification within fifteen (15) Business Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification. (e) Agreed Upon Procedures. The Collateral Manager shall furnish to the Administrative Agent for distribution to each Lender within one hundred and twenty (120) days after the end of each fiscal year of the Collateral Manager, commencing with the 2026 fiscal year, a report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing to the effect that such accountants have applied certain agreed- upon procedures (a copy of which procedures are attached hereto as Schedule V, it being understood that the Collateral Manager and the Administrative Agent will provide an updated Schedule V reflecting any further amendments to such Schedule V prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing Schedule V) to certain documents and records relating to the Collateral, the Borrower and the Collateral Manager, compared the information contained in selected Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) delivered during the period covered by such report with such documents and records and that no matters came to the attention of such accountants that caused them to believe that the information and the calculations included in such Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) were not determined or performed in accordance with the provisions of this Agreement, except for such exceptions as such accountants shall believe to be immaterial and such other exceptions as shall be set forth in such statement. 127 4147-5771-6068.5 (f) Borrowing Base Certificate. The Collateral Manager on behalf of the Borrower shall furnish to the Administrative Agent for distribution to each Lender, on each Reporting Date, the date of any reduction pursuant to Section 2.3 and on each Funding Date pursuant to Section 2.2(b)(ii), a Borrowing Base Certificate showing each Borrowing Base as of such date, certified as complete and correct by a Responsible Officer of the Collateral Manager. Each Borrowing Base Certificate delivered on a Reporting Date pursuant to this Section 6.8(f) shall further include the Applicable Exchange Rate as of such date. Section 6.9. Annual Statement as to Compliance. The Collateral Manager will provide to the Administrative Agent, within 120 days following the end of each fiscal year of the Collateral Manager, commencing with the fiscal year ending on December 31, 2026, a fiscal report signed by a Responsible Officer of the Collateral Manager certifying that (a) a review of the activities of the Collateral Manager, and the Collateral Manager's performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal year has been made under such Person's supervision and (b) the Collateral Manager has performed or has caused to be performed in all material respects all of its obligations under this Agreement throughout such year and no Collateral Manager Default has occurred and is continuing or, if any such Collateral Manager Default has occurred and is continuing, a statement describing the nature thereof and the steps being taken to remedy such Collateral Manager Default. Section 6.10. The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Manager shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. Section 6.11. Collateral Manager Defaults. Upon the occurrence of a Collateral Manager Default (unless waived by the Required Lenders in writing), notwithstanding anything herein to the contrary, the Administrative Agent, by written notice to the Collateral Manager and a copy to the Collateral Custodian (such notice, a "Collateral Manager Termination Notice"), may, in its sole discretion, terminate all of the rights and obligations of the Collateral Manager as Collateral Manager under this Agreement. Following any such termination, the Administrative Agent may, in its sole discretion, assume or delegate the servicing, administering and collection of the Collateral; provided that, until any such assumption or delegation, the Collateral Manager shall (i) unless otherwise notified by the Administrative Agent, continue to act in such capacity pursuant to Section 6.1 and (ii) as requested by the Administrative Agent (A) terminate some or all of its activities as Collateral Manager hereunder in the manner requested by the Administrative Agent in its sole discretion as necessary or desirable, (B) provide such information as may be reasonably requested by the Administrative Agent to facilitate the transition of the performance of such activities to the

------

![](a01wells-newmountainguar034.jpg)

128 4147-5771-6068.5 Administrative Agent or any agent thereof and (C) take all other actions requested by the Administrative Agent, in each case to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof. ARTICLE VII. THE COLLATERAL CUSTODIAN Section 7.1. Designation of Collateral Custodian. (a) Initial Collateral Custodian. The role of collateral custodian with respect to the Underlying Instruments shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 7.1. Until the Administrative Agent shall give to Western Alliance Trust Company, N.A. a Collateral Custodian Termination Notice, Western Alliance Trust Company, N.A. is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof. The Collateral Custodian's services hereunder shall be conducted through its Corporate Trust Services division (including, as applicable, any agents or Affiliates utilized thereby). (b) Successor Collateral Custodian. Upon the Collateral Custodian's receipt of a Collateral Custodian Termination Notice from the Administrative Agent of the designation of a successor Collateral Custodian pursuant to the provisions of Section 7.5, the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian hereunder. Section 7.2. Duties of Collateral Custodian. (a) Appointment. Each of the Borrower and the Administrative Agent hereby designate and appoint the Collateral Custodian to act as its agent and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian pursuant to the terms hereof. By entering into, or performing its duties under this Agreement, the Collateral Custodian shall not be deemed to assume any obligations or liabilities of the Borrower or the Collateral Manager under this Agreement or any other Transaction Document, and nothing herein contained shall be deemed to release, terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties, obligations or liabilities of the Borrower or the Collateral Manager under this Agreement, until its resignation or removal as Collateral Custodian pursuant to the terms hereof. (b) Duties. On or before the initial Funding Date, and until its removal pursuant to Section 7.5, the Collateral Custodian shall perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and obligations: (i) The Collateral Custodian shall take and retain custody of the Required Loan Documents delivered by the Borrower pursuant to the definition of 129 4147-5771-6068.5 "Eligible Loans" in accordance with the terms and conditions of this Agreement, all for the benefit of the Secured Parties and subject to the Lien thereon in favor of the Administrative Agent, as agent for the Secured Parties. With respect to each delivery of Required Loan Documents, the Borrower shall provide or cause to be provided a related Loan Checklist to the Collateral Custodian with respect to such Required Loan Documents that are being delivered. Within five (5) Business Days of its receipt of any Underlying Instruments and the related Loan Checklist, the Collateral Custodian shall review the Required Loan Documents (as identified on the related Loan Checklist) delivered to it to confirm that (A) if the files delivered per the following sentence indicate that any document must contain an original signature, each such document appears to bear the original signature, or if the file indicates that such document must contain a copy of a signature, that such copies appear to bear a reproduction of such signature and (B) based on a review of the applicable note, the related original Loan balance, Loan identification number and Obligor name with respect to such Loan is referenced on the related Loan List and is not a duplicate Loan, and the related original balance (based on a comparison to the note or assignment agreement, as applicable) is greater than or equal to the applicable loan balance listed on the Loan Tape (such items (A) through (B) collectively, the "Review Criteria"). In order to facilitate the foregoing review by the Collateral Custodian, in connection with each delivery of Underlying Instruments hereunder to the Collateral Custodian, the Collateral Manager shall provide to the Collateral Custodian a Loan Checklist in the form of an electronic file (in EXCEL or a comparable format acceptable to the Collateral Custodian) that contains a list of all Required Loan Documents and whether they require original signatures, the Loan identification number, the original principal balance of such Loan and the name of the Obligor and the original Loan balance with respect to each related Loan. Notwithstanding anything herein to the contrary, the Collateral Custodian's obligation to review the Required Loan Documents shall be limited to reviewing such Required Loan Documents based on the information provided on the Loan Checklist. If, at the conclusion of such review, the Collateral Custodian shall determine that (1) the original Loan balances of the Loans with respect to which it has received Underlying Instruments is less than as set forth on the electronic file, the Collateral Custodian shall immediately notify the Administrative Agent and the Collateral Manager of such discrepancy, and (2) any Review Criteria is not satisfied, the Collateral Custodian shall within one (1) Business Day notify the Collateral Manager of such determination and provide the Collateral Manager with a list of the non-complying Loans and the applicable Review Criteria that they fail to satisfy. The Collateral Manager shall have ten (10) Business Days to correct any non-compliance with any Review Criteria. If after the conclusion of such time period the Collateral Manager has still not cured any non-compliance by a Loan with any Review Criteria, the Collateral Custodian shall promptly notify the Collateral Manager, the Borrower and the Administrative Agent of such determination by providing a written report to such persons identifying, with particularity, each Loan and each of the applicable Review Criteria that such Loan fails to satisfy. The Collateral Custodian shall have no duty to monitor the Collateral Manager's compliance except to provide an updated report upon the Administrative Agent's written request. In addition, if requested in writing in the form of Exhibit E by the Collateral Manager and approved by the Administrative Agent within ten (10) Business Days of the Collateral Custodian's 130 4147-5771-6068.5 delivery of such report, the Collateral Custodian shall return the Underlying Instruments for any Loan which fails to satisfy a Review Criteria to the Borrower. Other than the foregoing, the Collateral Custodian shall not have any responsibility for reviewing any Underlying Instruments or Required Loan Documents. In performing its duties hereunder, the Collateral Custodian shall be entitled to the protections, benefits and immunities provided to the Collateral Custodian under the Securities Account Control Agreement. (ii) In taking and retaining custody of the Underlying Instruments, the Collateral Custodian shall be deemed to be acting as the agent of the Secured Parties; provided that, the Collateral Custodian makes no representations as to the existence, perfection or priority of any Lien on the Underlying Instruments or the instruments therein; and provided further that, the Collateral Custodian's duties as agent shall be limited to those expressly contemplated herein. (iii) All Underlying Instruments that are originals or copies shall be kept in fire resistant vaults, rooms or cabinets at its offices set forth in Section 5.5(c). All Underlying Instruments that are originals or copies shall be placed together with an appropriate identifying label and maintained in such a manner so as to permit retrieval and access. All Underlying Instruments that are originals or copies shall be clearly segregated from any other documents or instruments maintained by the Collateral Custodian. All Underlying Instruments that are delivered to the Collateral Custodian in electronic format shall be saved onto disks and/or onto the Collateral Custodian's secure computer system, and maintained in a manner so as to permit retrieval and access. (iv) The Collateral Custodian shall make payments in accordance with Section 2.7 and Section 2.8 (the "Payment Duties"). (v) On each Reporting Date, the Collateral Custodian shall provide a written report to the Administrative Agent and the Collateral Manager (in a form acceptable to the Administrative Agent) identifying each Loan for which it holds Underlying Instruments, the non-complying Loans and the applicable Review Criteria that any non-complying Loan fails to satisfy. (vi) The Collateral Custodian shall, promptly upon its actual receipt of a Borrowing Base Certificate from the Borrower, re-calculate the Borrowing Base and, if the Collateral Custodian's calculation does not correspond with the calculation provided by the Borrower on such Borrowing Base Certificate, deliver such calculation to each of the Administrative Agent, Borrower and Collateral Manager within one (1) Business Day of receipt by the Collateral Custodian of such Borrowing Base Certificate. The Collateral Custodian shall also make required calculations for its Payment Duties as of the Determination Date related to such Payment Date, and deliver such calculations to the Borrower and the Collateral Manager (and, following the delivery of a Notice of Exclusive Control, the Administrative Agent and the Collateral Manager) for the Collateral Manager's (or Administrative Agent's, as applicable) review no later than two (2) Business Days prior to such Payment Date. The approval of such calculations (which may be by email) by the Collateral Manager (or after delivery of a Notice of Exclusive 131 4147-5771-6068.5 Control, the Administrative Agent) shall constitute instructions by the Collateral Manager (or after delivery of a Notice of Exclusive Control, the Administrative Agent) to the Collateral Custodian to withdraw on the related Payment Date from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in accordance with the priorities established, in Section 2.7 or Section 2.8, as applicable. (vii) In performing its duties, (A) the Collateral Custodian shall comply with the standard of care and express terms of the Transaction Documents with respect to the collateral that it holds hereunder and (B) calculations made by the Collateral Custodian pursuant to this Section 7.2(b) shall be made using information provided by the Borrower or the Collateral Manager to the Collateral Custodian. (viii) The parties acknowledges that in accordance with the Customer Identification Program (CIP) requirements under the USA Patriot Act and its implementing regulations, the Collateral Custodian in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Collateral Custodian. The Borrower hereby agrees that it shall provide the Collateral Custodian with such information as it may reasonably request including, but not limited to, the Borrower's name, physical address, tax identification number and other information that will help the Collateral Custodian identify and verify the Borrower's identity (and in certain circumstances, the beneficial owners thereof) such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. (ix) The Collateral Custodian shall create a collateral database with respect to the Collateral (the "Collateral Database"), and update the Collateral Database daily for changes, including to reflect the sale or other disposition of the Collateral, based upon, and to the extent of, information furnished to the Collateral Custodian by the Borrower as may be reasonably required by the Collateral Custodian. (x) The Collateral Custodian shall track the receipt and daily allocation to the Accounts of Collections, the outstanding balances therein, and any withdrawals therefrom and, on each Business Day, provide to the Collateral Manager daily reports reflecting such actions as of the close of business on the preceding Business Day. (xi) The Collateral Custodian shall provide such other information with respect to the Collateral as may be routinely maintained by the Collateral Custodian or as may be required by this Agreement, in each case as the Borrower, Collateral Manager or the Administrative Agent may reasonably request from time to time. (xii) The Collateral Custodian shall notify the Borrower, the Collateral Manager and the Administrative Agent upon receiving notices, reports or proxies or any other requests relating to corporate actions affecting the Collateral.

------

![](a01wells-newmountainguar035.jpg)

132 4147-5771-6068.5 (xiii) All information reported with respect to (i) an individual Collateral denominated in any Available Currency other than Dollars and (ii) calculations, tests or other determinations requiring the aggregation of Collateral (or groups thereof), such information shall be reported in Dollars based upon the Applicable Exchange Rate as provided by the Collateral Manager to the Collateral Custodian. (c) The Administrative Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that, the Collateral Custodian shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured Parties or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). (d) The Collateral Custodian shall be entitled to reasonably assume the genuineness of each such document and the genuineness and due authority of any signatures appearing thereon, shall be entitled to assume that each such document is what it purports to be. (e) Whenever in the administration of this Agreement the Collateral Custodian shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Collateral Custodian (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an order or direction of the Administrative Agent or the Collateral Manager. (f) The Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian, or the Administrative Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or written notice thereof is received by the Collateral Custodian. Section 7.3. Merger or Consolidation. Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as a whole, shall be the successor to the Collateral Custodian under this Agreement without further act of any of the parties to this Agreement, except where an instrument of transfer or assignment is required by law to effect such succession, in which case, such Person executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder. 133 4147-5771-6068.5 Section 7.4. Collateral Custodian Compensation. As compensation for its collateral custodian activities hereunder, the Collateral Custodian shall be entitled to a Collateral Custodian Fee pursuant to the provisions of Sections 2.7 and 2.8, as applicable. The Collateral Custodian's entitlement to receive the Collateral Custodian Fee shall cease on the earlier to occur of: (i) its removal as Collateral Custodian pursuant to Section 7.5 or (ii) the termination of this Agreement. Section 7.5. Collateral Custodian Removal. The Collateral Custodian may be removed, with or without cause, by the Administrative Agent by thirty (30) days' written notice given in writing to the Collateral Custodian (the "Collateral Custodian Termination Notice"); provided that, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed, has agreed to act as Collateral Custodian hereunder, and has received all Underlying Instruments held by the previous Collateral Custodian. The appointment of any successor Collateral Custodian that is not an Affiliate of Western Alliance Trust Company, N.A. shall (unless a Default or Event of Default has occurred and is continuing) require the approval of the Borrower (such approval not to be unreasonably withheld). In the case of a removal of the Collateral Custodian, if no successor custodian shall have been appointed and an instrument of acceptance by a successor custodian shall not have been delivered to the Collateral Custodian within 90 days after the giving of a Collateral Custodian Termination Notice, the Collateral Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. Section 7.6. Limitation on Liability. (a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram, electronic communication or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed or sent by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the oral instructions of the Administrative Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder unless a Responsible Officer of the Collateral Custodian receives written notice of such matter. Notice or knowledge of any matter by Wells Fargo in its capacity as Administrative Agent or Lender and other publicly available information shall not constitute notice or actual knowledge of the Collateral Custodian. (b) The Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel. (c) The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except, 134 4147-5771-6068.5 notwithstanding anything to the contrary contained herein, in the case of its willful misconduct, bad faith or grossly negligent performance or omission of its duties and in the case of its grossly negligent performance of its Payment Duties and in the case of its grossly negligent performance of its duties in taking and retaining custody of the Underlying Instruments. (d) The Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any legal action hereunder that might in its judgment be contrary to Applicable Law or involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it. The Collateral Custodian shall have no responsibility and shall have no liability for (i) preparing, recording, filing, re-recording or re-filing any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times, (ii) the correctness of any such financing statement, continuation statement, document or instrument or other such notice, (iii) taking any action to perfect or maintain the perfection of any security interest granted to it hereunder or otherwise, (iv) the validity or perfection of any such lien or security interest, or (v) maintaining any insurance policies or paying premiums in respect thereof. (e) The Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian. The Collateral Custodian shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Transaction Document, or (iv) the satisfaction of any condition set forth herein. (f) The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder. (g) It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing or overseeing the performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral. (h) It is expressly acknowledged by the parties hereto that application and performance by the Collateral Custodian of its various duties hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notice provided to it by the Collateral Manager, the Administrative Agent, the Borrower and/or any related bank agent, Obligor or similar party, and the Collateral Custodian shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate) based on such information or data. 135 4147-5771-6068.5 (i) In no event shall the Collateral Custodian be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action. (j) In no event shall the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by the Collateral Custodian as contemplated by this Agreement. (k) The Collateral Custodian shall not be liable (i) by reason of its compliance with the terms of this Agreement with respect to the investment of funds held thereunder in Permitted Investments or losses incurred as a result of the liquidation of any Permitted Investment prior to its stated maturity or (ii) for the actions or omissions of the Borrower, the Lenders, the Administrative Agent, the Collateral Manager or any other Person. (l) The Collateral Custodian may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys; provided, that the Collateral Custodian shall not be responsible for any willful misconduct or gross negligence on the part of any non-Affiliated agent or attorney appointed with due care by it hereunder. (m) To the extent permitted by Applicable Law, the Collateral Custodian shall not be required to give any bond or surety in respect of the execution of this Agreement or otherwise. Section 7.7. Resignation of the Collateral Custodian. The Collateral Custodian shall not resign from the obligations and duties hereby imposed on it except upon (a) ninety (90) days written notice to the Borrower, Collateral Manager, Administrative Agent and each Lender, or (b) the Collateral Custodian's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Custodian could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Custodian shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until a successor Collateral Custodian shall have assumed the responsibilities and obligations of the Collateral Custodian hereunder. In the case of a resignation of the Collateral Custodian, if no successor custodian shall have been appointed and an instrument of acceptance by a successor custodian shall not have been delivered to the Collateral Custodian within 90 days after the giving of such notice of resignation, the Collateral Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian.

------

![](a01wells-newmountainguar036.jpg)

136 4147-5771-6068.5 Section 7.8. Release of Documents. (a) Release for Servicing. From time to time and as appropriate for the enforcement or servicing of any of the Collateral, the Collateral Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent), upon written receipt from the Collateral Manager of a request for release of documents and receipt in the form annexed hereto as Exhibit E, to release to the Collateral Manager within two (2) Business Days of receipt of such request, the related Underlying Instruments or the documents set forth in such request and receipt to the Collateral Manager. All documents so released to the Collateral Manager shall be held by the Collateral Manager in trust for the Collateral Custodian for the benefit of the Administrative Agent in accordance with the terms of this Agreement. The Collateral Manager shall return to the Collateral Custodian the Underlying Instruments or other such documents (i) promptly upon the request of the Administrative Agent, or (ii) when the Collateral Manager's need therefor in connection with such enforcement or servicing no longer exists, unless the Loan shall be liquidated or sold, in which case, upon receipt of an additional request for release of documents and receipt certifying such liquidation or sale from the Collateral Manager to the Collateral Custodian in the form annexed hereto as Exhibit E, the Collateral Manager's request and receipt submitted pursuant to the first sentence of this subsection shall be released by the Collateral Custodian to the Collateral Manager. (b) Limitation on Release. The foregoing provision respecting release to the Collateral Manager of the Underlying Instruments and documents by the Collateral Custodian upon request by the Collateral Manager shall be operative only to the extent that at any time the Collateral Custodian shall not have released to the Collateral Manager active Underlying Instruments (including those requested) pertaining to more than 15 Loans at the time being serviced by the Collateral Manager under this Agreement. Any additional Underlying Instruments or documents requested to be released by the Collateral Manager may be released only upon written authorization of the Administrative Agent. The limitations of this paragraph shall not apply to the release of Underlying Instruments to the Collateral Manager pursuant to the immediately succeeding subsection. (c) Release for Payment. Upon receipt by the Collateral Custodian of the Collateral Manager's request for release of documents and receipt in the form annexed hereto as Exhibit E (which certification shall include a statement to the effect that all amounts received in connection with such payment or repurchase have been credited to the Collection Account as provided in this Agreement), the Collateral Custodian shall promptly release the related Underlying Instruments to the Collateral Manager. Section 7.9. Return of Underlying Instruments. The Borrower may, with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the Collateral Custodian return each Underlying Instrument (as applicable), respectively (a) delivered to the Collateral Custodian in error, (b) as to which the lien on the Underlying Asset has been so released pursuant to Section 8.2, (c) that has been the subject of a Discretionary Sale pursuant to Section 2.14 or (d) that is required to be redelivered to the Borrower in connection with the termination of this Agreement, in each case by submitting to the Collateral Custodian and the Administrative Agent 137 4147-5771-6068.5 a written request in the form of Exhibit E hereto (signed by both the Borrower and the Administrative Agent) specifying the Collateral to be so returned and reciting that the conditions to such release have been met (and specifying the Section or Sections of this Agreement being relied upon for such release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Borrower and the Administrative Agent promptly, but in any event within five (5) Business Days, return the Underlying Instruments so requested to the Borrower. Section 7.10. Access to Certain Documentation and Information Regarding the Collateral; Audits. The Collateral Manager, the Borrower and the Collateral Custodian shall provide to the Administrative Agent access to the Underlying Instruments and all other documentation in the possession of such Persons regarding the Collateral including in such cases where the Administrative Agent is required in connection with the enforcement of the rights or interests of the Secured Parties, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two (2) Business Days' prior written request, (ii) during normal business hours and (iii) subject to the Collateral Manager's and Collateral Custodian's normal security and confidentiality procedures. Prior to the Closing Date and periodically thereafter at the discretion of the Administrative Agent, the Administrative Agent may review the Collateral Manager's collection and administration of the Collateral in order to assess compliance by the Collateral Manager with Article VI and may conduct an audit of the Collateral, and Underlying Instruments in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time. Without limiting the foregoing provisions of this Section 7.10, from time to time on request of the Administrative Agent, the Collateral Custodian shall permit certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct a review of the Underlying Instruments and all other documentation regarding the Collateral. Notwithstanding the foregoing provisions of this Section 7.10, only one review or audit per fiscal year pursuant to this Section 7.10 shall be at the expense of the Borrower and additional reviews or audits in a fiscal year shall be at the expense of the requesting Lender(s); provided that, after the occurrence and during the continuance of a Collateral Manager Default or an Event of Default, any such reviews or audits, regardless of frequency, shall be at the expense of the Borrower. For the avoidance of doubt, the right of the Administrative Agent provided herein (including pursuant to Sections 5.1, 5.3 and 7.10) to visit and inspect the financial records and properties of the Borrower and/or Collateral Manager shall be (a) conducted during normal business hours and for a reasonable period of time, (b) subject to reasonable advance notice and (c) permitted to take the form of a bank meeting. 138 4147-5771-6068.5 ARTICLE VIII. SECURITY INTEREST Section 8.1. Grant of Security Interest. (a) This Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans by the applicable Lenders to the Borrower under Applicable Law. For such purpose, the Borrower hereby transfers, conveys, assigns and grants as of the Closing Date to the Administrative Agent, as agent for the Secured Parties, a Lien and continuing security interest in all of the Borrower's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all of the Collateral, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall not constitute a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by any Applicable Law or requires a consent not obtained of any Governmental Authority or any other Person pursuant to such Applicable Law. The powers conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect the Administrative Agent's and the other Secured Parties' interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers. Each of the Administrative Agent and each Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to the Borrower for any act or failure to act hereunder, except for its own gross negligence, bad faith or willful misconduct. If the Borrower fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation to do so, may itself perform or comply, or otherwise cause performance or compliance, with such agreement. The expenses of the Administrative Agent incurred in connection with such performance or compliance shall be payable by the Borrower to the Administrative Agent on demand and shall constitute Obligations secured hereby. (b) The grant of a security interest under this Section 8.1 does not constitute and is not intended to result in a creation or an assumption by the Administrative Agent or any of the other Secured Parties of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral, and (c) none of the Administrative Agent or any other Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 139 4147-5771-6068.5 Section 8.2. Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14, has been sold to the Seller as required under the Sale Agreement or has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager's obligations hereunder with respect to the Proceeds of any such sale. Section 8.3. Further Assurances. The provisions of Section 12.12 shall apply to the security interest granted under Section 8.1 as well as to the Advances hereunder. Section 8.4. Remedies. Subject to the provisions of Section 9.2, upon the occurrence of and during the continuation of an Event of Default, the Administrative Agent and Secured Parties shall have, with respect to the Collateral granted pursuant to Section 8.1, and in addition to all other rights and remedies available to the Administrative Agent and Secured Parties under this Agreement or other Applicable Law, all rights and remedies of a secured party upon default under the UCC. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Borrower or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances transfer all or any part of the Collateral into the Administrative Agent's name or the name of its nominee or nominees, and/or forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the Administrative Agent or any Secured Party or elsewhere upon such terms and conditions (including by lease or by deferred payment arrangement) as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk and/or may take such other actions as may be available under applicable law, subject to the provisions of Section 9.2. Subject to the provisions of Section 9.2, the Administrative Agent or any Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any

------

![](a01wells-newmountainguar037.jpg)

140 4147-5771-6068.5 such private sale or sales, auction or closed tender, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. The Borrower further agrees, at the Administrative Agent's request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select (on its behalf and on behalf of the Secured Parties), whether at the Borrower's premises or elsewhere. The Administrative Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the other Secured Parties arising out of the exercise by the Administrative Agent hereunder, including, without limitation, reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Obligations, in such order pursuant to Section 2.8. To the extent permitted by applicable law, the Borrower waives all claims, damages and demands it may acquire against the Administrative Agent or any other Secured Party arising out of the exercise by the Administrative Agent or any other Secured Party of any of its rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. The Borrower shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Secured Party to collect such deficiency. Section 8.5. Waiver of Certain Laws. Each of the Borrower and the Collateral Manager agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower and the Collateral Manager, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such court may determine. Section 8.6. Power of Attorney. Each of the Borrower and the Collateral Manager hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution) in its name, place and stead and at is expense, in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement during the continuance of an Event of Default (and, with respect to the Collateral Manager, during the continuance of a Collateral Manager Default), including without limitation the following powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, 141 4147-5771-6068.5 (b) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower and the Collateral Manager hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. The power of attorney granted by the Borrower pursuant to this Section 8.6 supersedes any other power of attorney or similar rights granted by the Borrower to any other party (including, without limitation, the Collateral Manager) under this Agreement, any other Transaction Document or any other agreement; provided that, the Collateral Manager may continue to exercise its rights under this Agreement until the Collateral Manager has received notice of the Administrative Agent's exercise of its power of attorney hereunder. ARTICLE IX. EVENTS OF DEFAULT Section 9.1. Events of Default. The following events shall be Events of Default ("Events of Default") hereunder: (a) the Borrower defaults in making any payment required to be made under an agreement for borrowed money (other than this Agreement) to which it is a party individually or in an aggregate principal amount in excess of $250,000 and such default is not cured within the applicable cure period, if any, provided for under such agreement; or (b) the Borrower fails to make any payment of accrued and unpaid Interest when due and such failure is not cured within five (5) Business Days; or (c) the Borrower fails to repay the Obligations in full on the Termination Date; or (d) any failure on the part of the Borrower or the Equityholder to duly observe or perform in any material respect any other covenants or agreements of the Borrower (other than those specifically addressed by a separate Event of Default) set forth in this Agreement or the other Transaction Documents to which the Borrower is a party, and the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower and (ii) the date on which the Borrower acquires knowledge thereof; or (e) any representation, warranty or certification made by the Borrower or the Equityholder in any Transaction Document or in any certificate delivered pursuant to any 142 4147-5771-6068.5 Transaction Document shall prove to have been incorrect when made or deemed made, which has a material adverse effect on the Administrative Agent or any Lender and the same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower and (ii) the date on which the Borrower acquires knowledge thereof; or (f) the occurrence of an Insolvency Event relating to the Borrower or the Equityholder; or (g) the occurrence and continuation of a Collateral Manager Default; (h) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $250,000 against the Borrower, and the Borrower shall not have, within ninety (90) days, either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal; or (i) the Borrower shall have made payments totaling more than $250,000 in the aggregate to settle any litigation, claim or dispute (excluding the amount of any payment made from insurance proceeds); or (j) the occurrence of a Change of Control; or (k) any security interest securing any obligation under any Transaction Document shall, in whole or in part, cease to be a first priority perfected security interest (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with the applicable Transaction Document; or (l) the existence of a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency), and the same continues unremedied for (i) if the Collateral Manager provides to the Administrative Agent within two (2) Business Days both (x) a written certification that the Equityholder intends to cure such event and (y) evidence satisfactory to the Administrative Agent in its sole discretion that sufficient capital has been called from the investors in the Equityholder to cure such event, fifteen (15) consecutive Business Days, or (ii) otherwise, three (3) consecutive Business Days; provided that the Administrative Agent may, at any time, extend the time periods set forth in this clause (l) in its sole discretion; or (m) the Borrower shall assign or attempt to assign any of its rights, obligations or duties under this Agreement without the prior written consent of the Administrative Agent (such consent to be provided in the sole and absolute discretion of the Administrative Agent); or (n) the Borrower or the Collateral Manager fails to observe or perform any agreement or obligation with respect to the management and distribution of funds received with respect to the Loans, and such failure is not cured with three (3) Business Days; or 143 4147-5771-6068.5 (o) the Borrower shall cease to be a wholly-owned Subsidiary of the Equityholder, or the Borrower shall fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in Section 4.1(u), such that neither Dechert LLP nor another law firm reasonably acceptable to the Administrative Agent could render a substantive non-consolidation opinion with respect thereto; or (p) any Transaction Document, or any Lien granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower or the Collateral Manager, as applicable; or (q) the Borrower, the Equityholder, the Collateral Manager or any Affiliate of the foregoing or any Governmental Authority shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document or any lien or security interest thereunder; or (r) the Borrower or the pool of Collateral shall become required to register as an "investment company" within the meaning of the 1940 Act; or (s) the Internal Revenue Service or any other Governmental Authority shall (i) except as permitted under Section 4.1(k)(iii), assess, claim or take the position that the Borrower is liable for any Tax or withholding Tax (other than a withholding tax under Section 1441 of the Code) in an amount exceeding, in the aggregate, $100,000 or (ii) file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower (other than any Permitted Lien), or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any material assets of the Borrower and such lien shall not have been released within five (5) Business Days. Section 9.2. Remedies. (a) Upon the occurrence of and during the continuation of an Event of Default, the Administrative Agent shall, at the request of, or may, with the consent of the Required Lenders, by notice to the Borrower, declare (i) the Termination Date to have occurred and the Obligations to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which are hereby waived by the Borrower) or (ii) the Revolving Period End Date to have occurred; provided that, in the case of any event involving the Borrower described in Section 9.1(f), the Obligations shall be immediately due and payable in full (without presentment, demand, notice of any kind, all of which are hereby expressly, waived by the Borrower) and the Termination Date shall be deemed to have occurred automatically upon the occurrence of any such event. (b) On and after the declaration or occurrence of the Termination Date, the Administrative Agent, for the benefit of the Secured Parties, shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. In addition, the Borrower and the Collateral Manager hereby agree that they will, at the Collateral Manager's expense and at the direction of the Administrative Agent, forthwith,

------

![](a01wells-newmountainguar038.jpg)

144 4147-5771-6068.5 (i) assemble all or any part of the Loans as directed by the Administrative Agent and make the same available to the Administrative Agent at a place to be designated by the Administrative Agent and (ii) without notice except as specified below, sell the Loans or any part thereof upon such terms, in such lots, to such buyers, and according to such other instructions as the Administrative Agent may deem commercially reasonable, subject to Section 9.2(c). The Borrower agrees that, to the extent notice of sale shall be required by law, ten (10) days' notice to the Borrower of any sale hereunder shall constitute reasonable notification. All cash Proceeds received by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Loans (after payment of any amounts incurred in connection with such sale) shall be deposited into the Collection Account, the Australian Dollar Account, the Canadian Dollar Account, the Euro Account or the GBP Account, as applicable, and to be applied pursuant to Section 2.8. For the avoidance of doubt, the occurrence of a Termination Date as defined in clauses (a) through (c), inclusive, of the definition of "Termination Date" shall constitute a Termination Date for the purposes of this Section 9.2. (c) In connection with the sale of the Collateral following a declaration that the Obligations are immediately due and payable (or automatic acceleration thereof) pursuant to Section 9.2(a), the Collateral Manager (or any of its Affiliates or fund or account managed by the Collateral Manager or any Affiliate thereof or any investor in any of the foregoing (such Parties, the "Purchasing Parties")) shall have the right of first refusal to purchase or refinance all of the Loans in the Collateral by paying to the Collateral Custodian in immediately available funds, an amount equal to all outstanding Obligations. If the Purchasing Parties fail to exercise this purchase right within ten (10) Business Days following the declaration that the Obligations are immediately due and payable pursuant to Section 9.2(a), then such rights shall be irrevocably forfeited by the Purchasing Parties (but, for the avoidance of doubt, the Purchasing Parties shall have the right to participate in any sale pursuant to Section 9.2(b)). ARTICLE X. INDEMNIFICATION Section 10.1. Indemnities by the Borrower. (a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Administrative Agent, the Collateral Custodian, the Secured Parties, the Affected Parties and each of their respective assigns and officers, directors, employees and agents thereof (collectively, the "Indemnified Parties"), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees and disbursements (all of the foregoing being collectively referred to as the "Indemnified Amounts") awarded against, incurred by or asserted against such Indemnified Party arising out of or as a result of this Agreement or having an interest in the Collateral or in respect of any Loan included in the Collateral, excluding, however, any Indemnified Amounts to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party. If the Borrower has made any indemnity payment pursuant to this Section 10.1 and such payment fully indemnified the recipient thereof and the recipient thereafter collects any payments from others in respect of such Indemnified Amounts then, the recipient shall repay to the Borrower an 145 4147-5771-6068.5 amount equal to the amount it has collected from others in respect of such Indemnified Amounts. Without limiting the foregoing, the Borrower shall indemnify each Indemnified Party for Indemnified Amounts (except to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party as determined by a court of competent jurisdiction by final non-appealable judgment) relating to or resulting from: (i) any representation or warranty made or deemed made by the Borrower, the Collateral Manager or any of their respective officers under or in connection with this Agreement or any other Transaction Document, which shall have been false or incorrect in any material respect when made or deemed made or delivered; (ii) the failure of any Loan acquired on the Closing Date to be an Eligible Loan as of the Closing Date and the failure of any Loan acquired after the Closing Date to be an Eligible Loan on the related Funding Date; (iii) the failure by the Borrower or the Collateral Manager to comply with any term, provision or covenant contained in this Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law, with respect to any Collateral or the nonconformity of any Collateral with any such Applicable Law; (iv) the failure to vest and maintain vested in the Administrative Agent, as agent for the Secured Parties, an undivided security interest in the Collateral, together with all Collections, free and clear of any Lien (other than Permitted Liens) whether existing at the time of any Advance or at any time thereafter; (v) prior to the Termination Date, a Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) existing as of the close of business on each Business Day; (vi) the failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance or at any subsequent time, if such failure or delay (i) was caused by the Borrower or the Collateral Manager, (ii) could have been cured by either the Collateral Manager or the Borrower and such cure was not effected in a timely manner or (iii) resulted from a failure or delay by either the Borrower or the Collateral Manager to confirm satisfactory completion in a timely manner of any and all actions they requested in order to maintain compliance with the UCC or such other Applicable Law; (vii) any dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment with respect to any Collateral (including, without limitation, a defense based on the Collateral not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms); (viii) any failure of the Borrower or the Collateral Manager to perform its duties or obligations in accordance with the provisions of this Agreement or any of the other Transaction Documents to which it is a party or any failure by the Borrower or any 146 4147-5771-6068.5 Affiliate thereof to perform its respective duties under any Underlying Instrument related to the Collateral; (ix) the failure of the Collateral Custodian to remit any amounts held in the Collection Account pursuant to the instructions of the Collateral Manager or the Administrative Agent (to the extent such Person is entitled to give such instructions in accordance with the terms hereof) whether by reason of the exercise of set-off rights or otherwise; (x) any inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an Obligor may be located as a result of the failure of the Borrower or the Collateral Manager to qualify to do business or file any notice or business activity report or any similar report; (xi) any action taken by the Borrower or the Collateral Manager in the enforcement or collection of any Collateral; (xii) any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with the Underlying Assets or services that are the subject of any Collateral; (xiii) the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including without limitation, sales, excise or personal property taxes payable in connection with the Collateral; (xiv) any repayment by the Administrative Agent or another Secured Party of any amount previously distributed in reduction of Advances Outstanding or payment of Interest or any other amount due hereunder which amount the Administrative Agent or another Secured Party is required to repay; (xv) except with respect to funds held in the Collection Account and the Unfunded Exposure Account, the commingling of Collections on the Collateral at any time with other funds; (xvi) any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or the security interest in the Collateral; (xvii) any failure by the Borrower to give reasonably equivalent value to the Seller or the applicable third party transferor, in consideration for the transfer by the Seller or such third party to the Borrower of any item of Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code; (xviii) the use of the proceeds of any Advance in a manner other than as provided in this Agreement and the Sale Agreement; 147 4147-5771-6068.5 (xix) the failure of the Borrower or any of its agents or representatives to remit to the Collateral Manager or the Administrative Agent, Collections on the Collateral remitted to the Borrower, the Collateral Manager or any such agent or representative as provided in this Agreement; or (xx) the failure of the Collateral Manager to satisfy its obligations under Section 10.2. (b) Any amounts subject to the indemnification provisions of this Section 10.1 shall be paid by the Borrower to the Indemnified Party pursuant to Section 2.7 or 2.8, as applicable, on the later of (i) the Payment Date following such Person's demand therefor and (ii) 30 days after the Borrower's receipt from such Person of a reasonably detailed description in writing of the related damage, loss, claim, liability and related costs and expenses. (c) If for any reason the indemnification provided above in this Section 10.1 is unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Borrower shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the Borrower on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable considerations; provided that, the Borrower shall not be required to contribute in respect of any Indemnified Amounts excluded in Section 10.1(a). (d) The obligations of the Borrower under this Section 10.1 shall survive the resignation or removal of the Administrative Agent, the Collateral Manager or the Collateral Custodian and the termination of this Agreement. (e) Notwithstanding anything contained in this Section 10.1 or otherwise in this Agreement or in any other Transaction Document, the Borrower shall not be liable to the Administrative Agent, the Lenders, any of the Secured Parties or any other Person for any consequential (including loss of profit), indirect, special or punitive damages under this Agreement or any other Transaction Document; provided that nothing contained in this sentence shall limit the Borrower's indemnification obligations hereunder to the extent such damages are included in a third party claim in connection with which an Indemnified Party is entitled to indemnification hereunder. Section 10.2. Indemnities by the Collateral Manager. (a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Collateral Manager hereby agrees to indemnify each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts awarded against or incurred by any such Indemnified Party by reason of (x) any gross negligence or willful misconduct of the Collateral Manager or (y) any acts or omissions of the Collateral Manager arising out of a breach of its obligations and duties under this Agreement and each other Transaction Document to which it is a party, including, but not limited to (i) any representation or warranty made by the Collateral Manager under or in connection with any Transaction Document or any other information or report delivered by or on behalf of the

------

![](a01wells-newmountainguar039.jpg)

148 4147-5771-6068.5 Collateral Manager pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made or deemed made, (ii) the failure by the Collateral Manager to comply with any Applicable Law, (iii) the failure of the Collateral Manager to comply with its duties or obligations in accordance with this Agreement, (iv) any gross negligence, willful misconduct or fraud on the part of the Collateral Manager or (v) any litigation, proceedings or investigation against the Collateral Manager in connection with any Transaction Document or its role as Collateral Manager hereunder solely to the extent of (I) any gross negligence or willful misconduct of the Collateral Manager or (II) any acts or omissions of the Collateral Manager arising from the Collateral Manager's breach of its obligations and duties under this Agreement or any other Transaction Document to which it is a party (excluding, however, in each case, any Indemnified Amounts (x) to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party as determined by a court of competent jurisdiction by final non-appealable judgment) or (y) resulting from the performance of the Collateral (including without limitation any change in the market value of such Collateral). The provisions of this indemnity shall run directly to and be enforceable by an injured party subject to the limitations hereof. (b) Any amounts subject to the indemnification provisions of this Section 10.2 shall be paid by the Collateral Manager to the Indemnified Party within five (5) Business Days following such Person's demand therefor. (c) The Collateral Manager shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for uncollectible or uncollected Loans. (d) The obligations of the Collateral Manager under this Section 10.2 shall survive the resignation or removal of the Administrative Agent or the Collateral Custodian and the termination of this Agreement. (e) Any indemnification pursuant to this Section 10.2 shall not be payable from the Collateral. (f) Notwithstanding anything contained in this Section 10.2 or otherwise in this Agreement or in any other Transaction Document, the Collateral Manager shall not be liable to the Administrative Agent, the Lenders, any of the Secured Parties or any other Person for any consequential (including loss of profit), indirect, special or punitive damages of any kind whatsoever under this Agreement or any other Transaction Document; provided that nothing contained in this sentence shall limit the Collateral Manager's indemnification obligations hereunder to the extent such damages are included in a third party claim in connection with which an Indemnified Party is entitled to indemnification hereunder. Section 10.3. Taxes. This Article X (other than Section 10.1(a)(xiii)) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 149 4147-5771-6068.5 ARTICLE XI. THE ADMINISTRATIVE AGENT Section 11.1. Appointment. Each Secured Party hereby appoints and authorizes the Administrative Agent as its agent and bailee for purposes of perfection pursuant to the applicable UCC and hereby further authorizes the Administrative Agent to appoint additional agents and bailees (including, without limitation, the Collateral Custodian) to act on its behalf and for the benefit of each of the Secured Parties. Each Secured Party further authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, and without limiting the generality, of the foregoing, each Secured Party hereby appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may deem necessary or appropriate or that a Secured Party may reasonably request in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. The Lenders may direct the Administrative Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Administrative Agent hereunder, the Administrative Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Lenders; provided that, the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative Agent requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or negative) from such Person within ten (10) Business Days of such Person's receipt of such request, then such Lender shall be deemed to have declined to consent to the relevant action. Section 11.2. Exculpatory Provisions. (a) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Transaction Documents. Without limiting the generality of the foregoing, the Administrative Agent: (i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 150 4147-5771-6068.5 (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Transaction Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Transaction Documents), provided that, the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Transaction Document or Applicable Law; and (iii) shall not, except as expressly set forth herein and in the other Transaction Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. (b) The Administrative Agent shall not be liable to any Lender for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Collateral Manager, the Borrower or a Lender. (c) The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Transaction Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. Section 11.3. Administrative Agent's Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence, bad faith or willful misconduct. Without limiting the foregoing, the Administrative Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Seller), Independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for any statements, warranties or representations made by any other 151 4147-5771-6068.5 Person in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Transaction Documents on the part of the Borrower, the Collateral Manager, the Equityholder or the Seller or to inspect the property (including the books and records) of the Borrower, the Collateral Manager, the Equityholder or the Seller; (iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. Section 11.4. Credit Decision with Respect to the Administrative Agent. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the other Transaction Documents to which it is a party. Section 11.5. Indemnification of the Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or the Collateral Manager), ratably in accordance with its Pro Rata Share from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any of the other Transaction Documents, or any action taken or omitted by the Administrative Agent hereunder or thereunder; provided that, the Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent, ratably in accordance with its Pro Rata Share promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower or the Collateral Manager.

------

![](a01wells-newmountainguar040.jpg)

152 4147-5771-6068.5 Section 11.6. Successor Administrative Agent. The Administrative Agent may resign at any time, effective upon the appointment and acceptance of a successor Administrative Agent as provided below, by giving at least five (5) days' written notice thereof to each Lender and the Borrower and may be removed at any time with cause by the Lenders acting jointly. Upon any such resignation or removal, the Lenders acting jointly shall appoint a successor Administrative Agent with the consent of the Borrower, such consent not to be unreasonably withheld. Each of the Borrower and each Lender agree that it shall not unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent shall have been so appointed, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent's giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Secured Parties, appoint a successor Administrative Agent with the consent of the Borrower (not to be unreasonably withheld and only if no Default or Event of Default has occurred and is continuing) which successor Administrative Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent's resignation or removal hereunder as Administrative Agent, the provisions of this Article XI shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. Section 11.7. Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub- agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Article shall apply to any such sub- agent and to the Affiliates of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facility as well as activities as Administrative Agent. Section 11.8. Payments by the Administrative Agent. Unless specifically allocated to a specific Lender pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in the applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their most recent Commitments, on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such 153 4147-5771-6068.5 Business Day, but, in any event, shall pay such amounts to such Lender not later than the following Business Day. Section 11.9. Collateral Matters. Each of the Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion: (a) to release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties, under any Transaction Document (i) upon the termination of the Commitment and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Transaction Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 12.1; and (b) to subordinate or release any Lien on any Collateral granted to or held by the Administrative Agent under any Transaction Document to the holder of any Permitted Lien. (c) Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of property pursuant to this Section 11.9. In each case as specified in this Section 11.9, the Administrative Agent will, at the Borrower's expense, execute and deliver to the applicable Secured Party such documents as such Secured Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Transaction Documents or to subordinate its interest in such item, in each case in accordance with the terms of the Transaction Documents and this Section 11.9. Section 11.10. Erroneous Payments. (a) The Lender, each other Secured Party and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or any other Secured Party or any other Person that the Administrative Agent has determined in its sole discretion that such person has received funds on behalf of a Lender, Secured Party or other Person (each such recipient, a "Payment Recipient") from the Administrative Agent or any of its Affiliates which were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 11.10(a), whether received as a payment, prepayment or 154 4147-5771-6068.5 repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an "Erroneous Payment") then such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient shall not assert any right or claim to the Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine. (b) Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative Agent in writing of such occurrence. (c) In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, with respect to any Payment Recipient who received such funds on its behalf shall cause such Payment Recipient to), promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from the Lender that is a Payment Recipient (such unrecovered amount as to such Lender, an "Erroneous Payment Return Deficiency"), then at the sole discretion of the Administrative Agent and upon the Administrative Agent's written notice to such Payment Recipient (i) such Payment Recipient shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such Erroneous Payment was made to the Administrative Agent or, at the option of the Administrative Agent, the Lender Affiliated with the Administrative Agent, in a principal amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Advances (but not Commitments), the "Erroneous Payment Deficiency Assignment") at par plus any accrued and unpaid interest, without further consent or approval of any party hereto without any further payment by the Administrative Agent or its Affiliated Lender as the assignee of such Erroneous Payment Deficiency Assignment, and the Administrative Agent may reflect in the Register its ownership interest in the Advances subject to the Erroneous Payment Deficiency Assignment. As to any Erroneous Payment Deficiency Assignment, the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of Section 12.16. For the avoidance of doubt, 155 4147-5771-6068.5 no Erroneous Payment Deficiency Assignment will reduce the Commitments of the Lender and such Commitments shall remain available in accordance with the terms of this Agreement. (e) Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Payment Recipient with respect to such amount, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower (except to the extent that the funds used to make such Erroneous Payment were received from the Borrower as repayment of such Obligations) and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received (except to the extent that the funds used to make such Erroneous Payment were received from the Borrower (or were withdrawn from the Collection Account) as repayment of such Obligations). (f) Each Payment Recipient hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under pursuant to this Section 11.10 or under the indemnification provisions of this Agreement. (g) Each party's obligations under this Section 11.10 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document. ARTICLE XII. MISCELLANEOUS Section 12.1. Amendments and Waivers. Except as provided in this Section 12.1, no amendment, waiver or other modification of any provision of this Agreement shall be effective without the written agreement of the Borrower, the Equityholder, the Collateral Manager, the Administrative Agent and the Required Lenders; provided that (i) any amendment of the Agreement that is solely for the purpose of adding a Lender may be effected without the written consent of the Borrower or any Lender, (ii) no such amendment, waiver or modification materially adversely affecting the rights or obligations of the Collateral Custodian shall be effective without the written agreement of such Person, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement, and (iv) any amendment of the Agreement that a Lender is advised by its legal or financial advisors to be necessary in order to avoid the

------

![](a01wells-newmountainguar041.jpg)

156 4147-5771-6068.5 consolidation of the Borrower with such Lender for accounting purposes may be effected without the written consent of any other Lender but with the written consent of the Borrower (not to be unreasonably withheld), provided further that no amendment, waiver or other modification shall: (a) increase the Commitment of any Lender or the amount of Advances of any Lender, in any case, without the written consent of such Lender; (b) waive, extend (except as permitted under Section 2.3(c)) or postpone any date fixed by this Agreement or any other Transaction Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitment hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby; (c) reduce the principal of, or the rate of interest specified herein, on any Advance or Obligation, or any fees or other amounts payable hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby; (d) change Section 2.7, Section 2.8 or any related definitions or provisions in a manner that would alter the order of application of proceeds or would alter the pro rata sharing of payments required thereby, in each case, without the written consent of each Lender directly and adversely affected thereby; (e) change any provision of this Section or reduce the percentages specified in the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby; (f) consent to the assignment of or transfer by the Borrower or Collateral Manager of such Person's rights and obligations under any Transaction Document to which it is a party (except as expressly permitted hereunder), in each case, without the written consent of each Lender; (g) make any modification to the definition of "Aggregate Borrowing Base", "Advance Rate", "Australian Dollar Borrowing Base", "Borrowing Bases", "Canadian Dollar Borrowing Base", "Dollar Borrowing Base", "Euro Borrowing Base", "GBP Borrowing Base", "OLB" or "Excess Concentration Amount", in each case, which would have a material adverse effect on the calculation of the Borrowing Base, without the written consent of each Lender; or (h) release all or substantially all of the Collateral or release any Transaction Document (other than as specifically permitted or contemplated in this Agreement or any other Transaction Document) without the written consent of each Lender. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the 157 4147-5771-6068.5 Commitment of such Lender may not be increased or extended without the consent of such Lender. Section 12.2. Notices, Etc. All notices, reports and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by facsimile copy) and mailed, e-mailed, faxed, transmitted or delivered, as to each party hereto, at its address set forth on Annex A to this Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being deposited in the United States mail, first class postage prepaid, (b) notice by e-mail, when verbal or electronic communication of receipt is obtained, or (c) notice by facsimile copy, when verbal communication of receipt is obtained. Each of the Collateral Custodian and Securities Intermediary shall be entitled to accept and act upon instructions or directions pursuant to this Agreement and other Transaction Documents sent by unsecured email, facsimile transmission or other similar unsecured electronic methods; provided that, each party providing such instructions or directions shall provide to the Collateral Custodian or Securities Intermediary written notice of persons designated to provide instructions or directions. The Collateral Custodian and Securities Intermediary shall not be liable for any losses, costs or expenses arising directly or indirectly from the Collateral Custodian's and Securities Intermediary's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Each party hereto agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Collateral Custodian and Securities Intermediary, including without limitation the risk of the Collateral Custodian, and Securities Intermediary acting on unauthorized instructions, and the risk of interception and misuse by third parties. Any party providing such instructions acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. Section 12.3. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it with respect to any portion of the Obligations owing to such Lender (other than payments received pursuant to Section 10.1) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of the Obligations held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of the Obligations; provided that, if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 158 4147-5771-6068.5 Section 12.4. No Waiver; Remedies. No failure on the part of the Administrative Agent, the Collateral Custodian or a Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law. Section 12.5. Binding Effect; Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Equityholder, the Collateral Manager, the Administrative Agent, the Collateral Custodian, the Secured Parties and their respective successors and permitted assigns. Each Affected Party and each Indemnified Party shall be an express third party beneficiary of this Agreement. Section 12.6. Term of this Agreement. This Agreement, including, without limitation, the Borrower's representations and covenants set forth in Articles IV and V, and the Collateral Manager's representations, covenants and duties set forth in Articles IV and V, create and constitute the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect during the Covenant Compliance Period; provided that, the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower or the Collateral Manager pursuant to Articles IV and V, the provisions, including, without limitation the indemnification and payment provisions, of Article X, Section 2.13, Section 12.9, Section 12.10 and Section 12.11, shall be continuing and shall survive any termination of this Agreement. Section 12.7. Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. Section 12.8. Consent to Jurisdiction; Waiver of Objection to Venue; Waivers. Each of the parties hereto hereby irrevocably and unconditionally: (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Transaction Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 159 4147-5771-6068.5 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party; (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 12.8 any special, exemplary, punitive or consequential damages of any kind whatsoever (including but not limited to lost profits); provided that the foregoing shall not limit the Borrower's indemnification obligations hereunder to the extent such damages are included in any third-party claims. Section 12.9. Costs and Expenses. (a) In addition to the rights of indemnification granted to the Indemnified Parties under Article X hereof, the Borrower agrees to pay on the later of the next Payment Date and 30 days after receipt of a request for payment of all costs and expenses of the Administrative Agent and the Collateral Custodian incurred in connection with the preparation, execution, delivery, administration (including periodic auditing subject to Sections 5.1(d), 5.3(d) and 7.10), renewal, amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent and the Collateral Custodian with respect thereto and with respect to advising the Administrative Agent and the Collateral Custodian as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by the Administrative Agent, the Collateral Custodian or the Secured Parties in connection with the enforcement of this Agreement by such Person and the other documents to be delivered hereunder or in connection herewith. (b) The Borrower shall pay on the later of the next Payment Date and 30 days after receipt of a request therefor, all other reasonable costs and expenses incurred by the Administrative Agent and the Secured Parties, in each case in connection with periodic audits of the Borrower's or the Collateral Manager's books and records and required to be reimbursed by the Borrower or the Collateral Manager pursuant to this Agreement. Section 12.10. No Proceedings. Each of the parties hereto (other than the Administrative Agent) hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period.

------

![](a01wells-newmountainguar042.jpg)

160 4147-5771-6068.5 The provisions of this Section 12.10 are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this Section 12.10 and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy or similar laws of any jurisdiction. The provisions of this paragraph shall survive the termination of this Agreement. Section 12.11. Recourse Against Certain Parties. (a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, affiliate, stockholder, officer, partner, employee, member, manager or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder, and that no personal liability whatsoever shall attach to or be incurred by the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder or any incorporator, stockholder, affiliate, officer, partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder under or by reason of any of the obligations, covenants or agreements of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder contained in this Agreement or in any other such instruments, documents or agreements, or that are implied therefrom, and that any and all personal liability of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder and each incorporator, stockholder, affiliate, officer, partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder, or any of them, for breaches by the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement; provided that, the foregoing non-recourse provisions shall in no way affect any rights the Secured Parties might have against any incorporator, affiliate, stockholder, officer, employee, member, manager or director of the Borrower, the Collateral Manager, the Seller or the Equityholder to the extent of any fraud, misappropriation, embezzlement or any other financial crime constituting a felony by such Person. 161 4147-5771-6068.5 (b) Notwithstanding any contrary provision set forth herein, no claim may be made by the Borrower, the Collateral Manager, the Seller or the Equityholder or any other Person against the Administrative Agent and the Secured Parties or their respective Affiliates, directors, officers, employees, member, manager, attorneys or agents for any special, indirect, consequential or punitive damages in respect to any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and each of the Borrower and the Collateral Manager hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. (c) No obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Administrative Agent and the Secured Parties under or as a result of this Agreement and the transactions contemplated hereby. (d) The provisions of this Section 12.11 shall survive the termination of this Agreement. Section 12.12. Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances. (a) The Collateral Manager shall take such actions as are necessary or reasonably requested by the Administrative Agent to enable the Administrative Agent to promptly record, register or file, as applicable, this Agreement, all amendments hereto and/or all financing statements and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent, as agent for the Secured Parties, and of the Secured Parties to the Collateral, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Administrative Agent, as agent of the Secured Parties, hereunder to all property comprising the Collateral. The Borrower shall cooperate fully with the Collateral Manager in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section 12.12(a). (b) The Borrower agrees that from time to time, at its expense, it will promptly authorize, execute and deliver all instruments and documents, and take all actions, that the Administrative Agent may reasonably request in order to perfect, protect or more fully evidence the security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder or under any other Transaction Document. (c) If the Borrower, the Collateral Manager, the Seller or the Equityholder fails to perform any of its obligations hereunder, the Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent's or such Secured Party's costs and expenses incurred in connection therewith shall be payable by the Borrower as provided in Article X. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as its attorney-in- fact to act on behalf of the Borrower (i) to execute on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to 162 4147-5771-6068.5 perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral, including those that describe the Collateral as "all assets," or words of similar effect, and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral. This appointment is coupled with an interest and is irrevocable. (d) Without limiting the generality of the foregoing, the Borrower will, not earlier than six (6) months and not later than three (3) months prior to the fifth anniversary of the date of filing of the financing statement referred to in Section 3.1(i) or any other financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant Compliance Period shall have ended, authorize, execute and deliver and file or cause to be filed an appropriate continuation statement with respect to such financing statement. Section 12.13. Confidentiality. (a) Each of the Administrative Agent, the Secured Parties, the Collateral Manager, the Collateral Custodian, the Equityholder and the Borrower shall maintain and shall cause each of its employees and officers to maintain the confidentiality of the Agreement and all information with respect to the other parties, including all information regarding the business and beneficial ownership of the Borrower, the Equityholder and the Collateral Manager hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants, investigators, auditors, attorneys, investors, potential investors (in the case of the Equityholder), affiliates or other agents, including any Approved Broker Dealer or Approved Valuation Firm, engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Loans contemplated herein and the agents of such Persons ("Excepted Persons"); provided that, each Excepted Person (other than external accountants, attorneys and other Excepted Persons governed by ethical obligations and requirements) shall, as a condition to any such disclosure, agree for the benefit of the Administrative Agent, the Secured Parties, the Collateral Manager, the Collateral Custodian, the Equityholder and the Borrower that such information shall be used solely in connection with such Excepted Person's evaluation of, or relationship with, the Borrower and its affiliates, (ii) disclose the existence of the Agreement, but not the financial terms thereof, (iii) disclose such information as is required by Applicable Law and (iv) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents. It is understood that the financial terms that may not be disclosed except in compliance with this Section 12.13(a) include, without limitation, all fees and other pricing terms, and all Events of Default, Collateral Manager Defaults, and priority of payment provisions. (b) Anything herein to the contrary notwithstanding, each of the Borrower, the Equityholder and the Collateral Manager hereby consents to the disclosure of any nonpublic 163 4147-5771-6068.5 information with respect to it (i) to the Administrative Agent, the Collateral Custodian or the Secured Parties by each other, (ii) by the Administrative Agent, the Collateral Custodian and the Secured Parties to any prospective or actual assignee or participant of any of them provided such Person agrees to hold such information confidential in accordance with the terms hereof, or (iii) by the Administrative Agent, and the Secured Parties to any Rating Agency, any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Lender, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information. In addition, the Secured Parties, the Administrative Agent, may disclose any such nonpublic information as required pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable statute, law, rule or regulation, (b) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Administrative Agents', the Secured Parties', the Collateral Custodian's, the Borrower's, the Equityholder's business or that of their affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, the Secured Parties, the Collateral Custodian, the Borrower, the Equityholder or an officer, director, employee, shareholder, partner, manager, member or affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular, registration statement or contract or other document approved in advance by the Borrower, the Collateral Manager or the Equityholder or (e) to any affiliate, independent or internal auditor, agent (including any potential sub-or- successor servicer), employee or attorney of the Collateral Custodian having a need to know the same, if the Collateral Custodian advises such recipient of the confidential nature of the information being disclosed and such person agrees to the terms hereof for the benefit of the Borrower, the Collateral Manager and the Equityholder; or (iii) any other disclosure authorized by the Borrower, the Collateral Manager and the Equityholder, as applicable. (d) Notwithstanding any other provision of this Agreement, the Borrower, the Equityholder and the Collateral Manager shall each have the right to keep confidential from the Administrative Agent, the Collateral Custodian and/or the Secured Parties, for such period of time as the Borrower, the Equityholder and/or the Collateral Manager, as the case may be, determines is reasonable (i) any information that the Borrower, the Equityholder and/or the Collateral Manager, as the case may be, reasonably believes to be in the nature of trade secrets and (ii) any other information that the Borrower, the Equityholder, the Collateral Manager or any of their Affiliates, or the officers, employees, partners, members, managers or directors of any of the foregoing, is required by law to keep confidential as evidenced by an Opinion of Counsel. (e) Each of the Administrative Agent, the Secured Parties and the Collateral Custodian will keep the information of the Obligors confidential in the manner required by the applicable Underlying Instruments.

------

![](a01wells-newmountainguar043.jpg)

164 4147-5771-6068.5 Section 12.14. Execution in Counterparts; Severability; Integration. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement, the other Transaction Documents and any agreements or letters (including fee letters) executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings. Section 12.15. Waiver of Setoff. Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against any Lender or its assets. Section 12.16. Status of Lenders; Assignments by the Lenders. (a) Each Lender represents and warrants to the Borrower that it is a "qualified institutional buyer" as defined in Rule 144A of the Securities Act. Each Lender may at any time assign, or grant a security interest or sell a participation interest in or sell any Advance (or portion thereof) to any Person; provided that, as applicable, (i) no transfer of any Advance (or any portion thereof) shall be made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made in accordance with the Securities Act and such laws, (ii) the transfer is made only to a person who is (A) either an "accredited investor" as defined in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the Securities Act or any entity in which all of the equity owners come within such paragraphs or to a "qualified institutional buyer" as defined in Rule 144A under the Securities Act and (B) a "qualified purchaser" as defined in the 1940 Act, (iii) no such assignment, grant or sale of a participation interest shall be to an Ineligible Assignee, (iv) such Person shall have a long-term unsecured debt rating of "A" or better by S&P and "A3" or better by Moody's, (v) Wells Fargo shall (A) unless required by Applicable Law not assign more than 49% of the Facility Amount and (B) retain all Eligible Loan approval rights pursuant to clause (B) of the definition of "Eligible Loan" and (vi) in the case of an assignment of any Advance (or any portion thereof) the assignee executes and delivers to the Collateral Manager, the Equityholder, the Borrower and the Administrative Agent (with a copy to the Collateral Custodian) a fully executed Joinder Supplement substantially in the form of Exhibit I hereto. The parties to any such assignment, grant or sale of a participation interest shall execute and deliver to the applicable Lender for its acceptance and recording in its books and records, such agreement or document as may be satisfactory to such parties. The Borrower agrees that each participant shall be entitled to the benefits of Sections 2.12 and 2.13 (subject to the requirements and limitations therein, including the requirements under Section 2.13(g) (it being understood that the documentation required under Section 2.13(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment 165 4147-5771-6068.5 pursuant to this Section 12.16(a); provided that, such participant shall not be entitled to receive any greater payment under Sections 2.12 or 2.13, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in Applicable Law that occurs after the participant acquired the applicable participation. The Borrower shall not assign or delegate, or grant any interest in, or permit any Lien to exist upon, any of the Borrower's rights, obligations or duties under the Transaction Documents without the prior written consent of the Administrative Agent. Notwithstanding anything contained in this Agreement to the contrary, Wells Fargo shall not need prior consent of the Borrower to consolidate with or merge into any other Person or convey or transfer substantially all of its properties and assets, including without limitation any Advance (or portion thereof), to any Person. (b) The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at one of its lending offices, a copy of each transfer pursuant to Section 12.16(a) delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). Transfer by a Lender of its rights hereunder may be effected only by the recording by the Administrative Agent of the identity of the transferee in the Register. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Each Lender that sells a participation interest hereunder shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each such participant's interest in the obligations under the Transaction Documents (the "Participant Register"); provided that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any obligations under any Transaction Document) to any Person except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) and proposed Section 1.163-5 of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. (c) The Collateral Custodian may, at any time, assign all or any part of its rights and obligations hereunder; provided, however, that any such assignee shall (i) be a bank or other financial institution organized and doing business under the laws of the United States or of any state thereof, (ii) be authorized under such laws to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $200,000,000, (iv) be subject to supervision or examination by a federal or state banking authority, (v) have a rating of at least "Baa1" by Moody's and "BBB+" by S&P and (vi) have an office within the United States. 166 4147-5771-6068.5 Section 12.17. Heading and Exhibits. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes. Section 12.18. Intent of the Parties. It is the intent and understanding of each party hereto that the Advances are loans from the Lenders to the Borrower and do not constitute a "security" within the meaning of Section 8- 102(15) of the UCC. Section 12.19. Recognition of the U.S. Special Resolution Regimes. To the extent that this Agreement and/or any other Transaction Document constitutes a QFC, the Borrower agrees with each Secured Party as of the Closing Date as follows: (a) In the event a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this Agreement and/or any other Transaction Document, and any interest and obligation in or under this Agreement and/or any other Transaction Document from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and/or any other the Transaction Document, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that a Covered Party or a BHC Act Affiliate of such Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement and/or any other Transaction Document that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement and/or any other Transaction Document were governed by the laws of the United States or a state of the United States. [Remainder of Page Intentionally Left Blank.] [Signature Page to Loan and Security Agreement] IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. BORROWER: NEW MOUNTAIN GUARDIAN IV INCOME FUND SPV, L.L.C., as the Borrower By: ___________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer

------

![](a01wells-newmountainguar044.jpg)

[Signature Page to Loan and Security Agreement] EQUITYHOLDER AND SELLER: NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., as the Equityholder and as the Seller By: ___________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer COLLATERAL MANAGER: NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C., as Collateral Manager By: ___________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer [Signatures Continued on the Following Page] [Signature Page to Loan and Security Agreement] THE ADMINISTRATIVE AGENT: WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent By: ___________________________________ Name: Title: LENDER: WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and the Swingline Lender By: ___________________________________ Name: Title: [Signatures Continued on the Following Page] R. Beale Pope Managing Director R. Beale Pope Managing Director [Signature Page to Loan and Security Agreement] THE COLLATERAL CUSTODIAN: WESTERN ALLIANCE TRUST COMPANY, N.A., not in its individual capacity but solely as Collateral Custodian By: ___________________________________ Name: Michael J. Baker Title: Vice President 4147-5771-6068.5 Annex A NEW MOUNTAIN GUARDIAN IV INCOME FUND SPV, L.L.C. NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. 787 Seventh Avenue, 49th Floor New York, NY 10019 Attention: Credit Financing Team E-Mail: creditfinancing@newmountaincapital.com Fax: (212) 220-3393 New Mountain Finance Advisers, L.L.C. 401 Wilshire Boulevard, 12th Floor Santa Monica, CA 90401 Attention: Mr. John Kline

------

![](a01wells-newmountainguar045.jpg)

4147-5771-6068.5 Annex A (Continued) WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Attention: Corporate Debt Finance Facsimile: (704) 715-0067 Confirmation: (704) 410-2489 All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and agencyservices.request@wellsfargo.com WELLS FARGO BANK, NATIONAL ASSOCIATION as Lender and Swingline Lender 550 South Tryon Street Charlotte, NC 28202 Attention: Corporate Debt Finance Facsimile: (704) 715-0067 Confirmation: (704) 410-2489 All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and agencyservices.request@wellsfargo.com WESTERN ALLIANCE TRUST COMPANY, N.A., as Collateral Custodian For notices Western Alliance Trust Company, N.A. One East Washington Street, Ste 1400 Phoenix, AZ 85004 Attention: Corporate Trust – New Mountain Guardian IV Income Fund SPV, L.L.C. Email: NewMountain@westernalliancetrust.com With copies to (which shall not constitute notice): Western Alliance Trust Company, N.A. 800 Town & Country - Ste. 400 Houston, TX 77024 Attn: Corporate Trust – New Mountain Guardian IV Income Fund SPV, L.L.C. Western Alliance Trust Company, N.A. 1 E. Washington Street, Ste 1400 Phoenix, AZ 85004 Attention: General Counsel 4147-5771-6068.5 For purposes of holding Required Loan Documents, Certificated Securities and other documents in physical form and purposes of holding Instruments in physical form and any Certificated Security, all physical securities, all physical documents must be sent by trackable courier services (e.g., UPS or Federal Express): Western Alliance Trust Company 3601 Minnesota Drive, Suite 800 Edina, MN 55435 Attn: Corporate Trust – New Mountain Guardian IV Income Fund SPV, L.L.C. 4147-5771-6068.5 Annex B Lender Commitment Wells Fargo Bank, National Association $50,000,000 EXECUTION VERSION 4165-7057-2900.3 EXHIBITS AND SCHEDULES TO LOAN AND SECURITY AGREEMENT Dated as of January 15, 2026 (NEW MOUNTAIN GUARDIAN IV INCOME FUND SPV, L.L.C.) EXHIBITS EXHIBIT A-1 Form of Funding Notice EXHIBIT A-2 Form of Repayment Notice EXHIBIT A-3 Form of Reinvestment Notice EXHIBIT A-4 Form of Borrowing Base Certificate EXHIBIT A-5 Form of Approval Notice EXHIBIT B [Reserved] EXHIBIT C Form of Officer's Certificate as to Solvency EXHIBIT D Form of Officer's Closing Certificate EXHIBIT E Form of Release of Underlying Instruments EXHIBIT F Form of Certificate of Assignment EXHIBIT G [Reserved] EXHIBIT H [Reserved] EXHIBIT I Form of Joinder Supplement EXHIBIT J [Reserved] EXHIBIT K [Reserved] EXHIBIT L-1 EXHIBIT L-2 EXHIBIT L-3 EXHIBIT L-4 Form of Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Form of Tax Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) Form of Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) Form of Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT M Form of Loan Checklist SCHEDULES SCHEDULE I Legal Names SCHEDULE II Approved Broker Dealers and Approved Valuation Firms SCHEDULE III Loan List SCHEDULE IV Credit and Collection Policy SCHEDULE V Agreed-Upon Procedures SCHEDULE VI Closing Date Participations

------

![](a01wells-newmountainguar046.jpg)

A-1-1 4165-7057-2900.3 EXHIBIT A-1 To Loan and Security Agreement FORM OF FUNDING NOTICE [Date] (New Mountain Guardian IV Income Fund SPV, L.L.C.) Wells Fargo Bank, National Association, as the Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Facsimile No.: (704) 715-0067 via e-mail: cp.conduits@wellsfargo.com scp.mmloans@wellsfargo.com Re: Loan and Security Agreement dated as of January 15, 2026 Ladies and Gentlemen: This Funding Notice is delivered to you pursuant to Sections 2.2 and 3.2 of that certain Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly elected Responsible Officers, and holding the office set forth below such officer's name, hereby certify as follows: 1. The Borrower hereby request a [Loan][Swingline] Advance in the principal amount of _____________. Each Advance requested pursuant to the first sentence shall not cause a Borrowing Base Deficiency or a Borrowing Base Deficiency (Currency) in the relevant Available Currency and shall be at least equal to $500,000 (or the Alternative Currency Equivalent thereof) (or, in the case of any Advance to be applied to fund any draw under a Delayed Draw Loan or Revolving Loan, such lesser amount as may be required to fund such draw) (the "Requested Advance"). 2. The Borrower hereby requests that such Advance be made on the following date (the "Requested Funding Date"): _____________. A-1-2 4165-7057-2900.3 3. Wire Instructions: Name of Bank: _____________ A/C No.: __________________ ABA No.: _________________ Reference:_________________ 4. Attached to this Funding Notice is a true, correct and complete list of Obligors and all Loans which will be acquired with the Requested Advance and become part of the Collateral on the Requested Funding Date, each Loan reflected thereon being an Eligible Loan. 5. All of the conditions applicable to the Loan Advance or Swingline Advance requested herein as set forth in the Loan and Security Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Advance, including those set forth in Article III of the Loan and Security Agreement (except as otherwise provided in Section 2.2(e) of the Loan and Security Agreement), and the following: (i) The representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is made as of a specific date); (ii) No event has occurred and is continuing, or would result from such Advance or from the application of proceeds therefrom, which constitutes a Default, an Event of Default or a Collateral Manager Default; (iii) On and as of the date specified in clause (2) above, and after giving effect to the Advance, the Availability is greater than or equal to zero; (iv) On and as of the date specified in clause (2) above, each of the Collateral Manager and the Borrower has performed in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) all of the covenants and agreements contained in the Loan and Security Agreement to be performed by such Person on or prior to such day; and (v) No Applicable Law prohibits or enjoins the making of such Advance by any Lender. 6. Each of the undersigned certify that all information contained herein and in the attached Borrowing Base Certificate is true, correct and complete as of the date hereof. It is understood and acknowledged that each of the undersigned is executing this Funding Notice not in an individual capacity but solely as a Responsible Officer of the Borrower or the Collateral Manager, as applicable, and is without any personal liability as to the matters contained in this Funding Notice. A-1-3 4165-7057-2900.3 IN WITNESS WHEREOF, the undersigned have executed this Funding Notice as of the date first above written. New Mountain Guardian IV Income Fund SPV, L.L.C., as the Borrower New Mountain Guardian IV Income Fund, L.L.C., as the Collateral Manager By: __________________________________ By: ________________________________ Name: Name: Title: Title: [Attach Borrowing Base Certificate and List of Loans] A-2-1 4165-7057-2900.3 EXHIBIT A-2 To Loan and Security Agreement FORM OF REPAYMENT NOTICE [Date] (New Mountain Guardian IV Income Fund SPV, L.L.C.) Wells Fargo Bank, National Association, as the Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Facsimile No.: (704) 715-0067 via e-mail: agencyservices.request@wellsfargo.com scp.mmloans@wellsfargo.com Re: Loan and Security Agreement dated as of January 15, 2026 Ladies and Gentlemen: This Repayment Notice is delivered to you pursuant to Section 2.3 of that certain Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through its duly elected Responsible Officer, and holding the office set forth below such officer's name, hereby certifies as follows: 1. [Pursuant to Section 2.3(b) of the Loan and Security Agreement, the Borrower desires to reduce the Advances Outstanding (an "Advance Reduction") by the amount of _____________. Any reduction of the Advances Outstanding (other than with respect to payments of Advances Outstanding made by the Borrower to reduce Advances Outstanding such that no Borrowing Base Deficiency or Borrowing Base Deficiency (Currency) exists) shall be in a minimum amount of $500,000 (or the Alternative Currency Equivalent thereof) and in integral multiples of $100,000 (or the Alternative Currency Equivalent thereof) in excess thereof.

------

![](a01wells-newmountainguar047.jpg)

A-2-2 4165-7057-2900.3 2. In connection with any such Advance Reduction, the Borrower shall deliver to the Administrative Agent funds sufficient to repay such Advances Outstanding together with all accrued Interest and Breakage Costs.] 3. [Pursuant to Section 2.3(a) of the Loan and Security Agreement, the Borrower desires to permanently and irrevocably reduce the Facility Amount (a "Facility Reduction") by the amount of _____________. Such Facility Reduction shall be in an amount equal to the Facility Amount, or, in the case of a partial reduction, $2,500,000 (or the Alternative Currency Equivalent thereof) and in integral multiples of $250,000 (or the Alternative Currency Equivalent thereof) in excess thereof.] 4. The Borrower hereby requests that such [Advance Reduction] [and] [Facility Reduction] be made on the following date: _____________. The undersigned certifies that all information contained herein is true and correct as of the date hereof. It is understood and acknowledged that undersigned is executing this Repayment Notice not in an individual capacity but solely as a Responsible Officer of the Borrower and is without any personal liability as to the matters contained in this Repayment Notice. [Remainder of Page Intentionally Left Blank] A-2-3 4165-7057-2900.3 IN WITNESS WHEREOF, the undersigned have executed this Repayment Notice as of the date first above written. New Mountain Guardian IV Income Fund SPV, L.L.C., as the Borrower By: __________________________________ Name: Title: A-3-1 4165-7057-2900.3 EXHIBIT A-3 To Loan and Security Agreement FORM OF REINVESTMENT NOTICE [Date] (New Mountain Guardian IV Income Fund SPV, L.L.C.) Wells Fargo Bank, National Association, as the Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Facsimile No.: (704) 715-0067 via e-mail: agencyservices.request@wellsfargo.com scp.mmloans@wellsfargo.com Re: Loan and Security Agreement dated as of January 15, 2026 Ladies and Gentlemen: This Reinvestment Notice is delivered to you pursuant to Sections 2.14 and 3.2 of that certain Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly elected Responsible Officers, each holding the office set forth below such officer's name, hereby certify as follows: 1. Pursuant to Section 2.7(d) of the Loan and Security Agreement, the Borrower hereby requests a disbursement (a "Disbursement") of Principal Collections from the Principal Collection Account in the amount of _____________. 2. The Borrower hereby request that such Disbursement be made on the following date: _____________. 3. Attached to this Reinvestment Notice is a true, correct and complete calculation of the Borrowing Base and all components thereof. A-3-2 4165-7057-2900.3 4. All of the conditions applicable to the Disbursement as set forth in the Loan and Security Agreement have been satisfied as of the date hereof and will remain satisfied to the date of such Disbursement including those set forth in Article III of the Loan and Security Agreement, and the following: (i) The representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation and warranty that is made as of a specific date); (ii) No event has occurred and is continuing, or would result from such Disbursement or from the application of the proceeds therefrom, which constitutes a Default, an Event of Default or a Collateral Manager Default; (iii) On and as of the date specified in clause (2) above, and after giving effect to the Disbursement, the Availability is greater than or equal to zero; (iv) On and as of the date specified in clause (2) above, each of the Collateral Manager and the Borrower has performed in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) all of the covenants and agreements contained in the Loan and Security Agreement to be performed by such Person on or prior to such day; (v) No Applicable Law prohibits or enjoins the proposed reinvestment of Principal Collections; and (vi) Such Disbursement will be used to [reinvest in Eligible Loans][repay the Advances Outstanding]. Each of the undersigned certify that all information contained herein and in the attached Borrowing Base Certificate is true and correct as of the date hereof. It is understood and acknowledged that each undersigned is executing this Reinvestment Notice not in an individual capacity but solely as a Responsible Officer of the Borrower or the Collateral Manager, as applicable, and is without any personal liability as to the matters contained in this Reinvestment Notice. [Remainder of Page Intentionally Left Blank]

------

![](a01wells-newmountainguar048.jpg)

A-3-3 4165-7057-2900.3 IN WITNESS WHEREOF, the undersigned have executed this Reinvestment Notice as of the date first above written. New Mountain Guardian IV Income Fund SPV, L.L.C., as the Borrower New Mountain Guardian IV Income Fund, L.L.C., as the Collateral Manager By: __________________________________ By: ________________________________ Name: Name: Title: Title: [Attach Borrowing Base Certificate] A-4-1 4165-7057-2900.3 EXHIBIT A-4 To Loan and Security Agreement FORM OF BORROWING BASE CERTIFICATE [Date] This certificate is delivered pursuant to that certain Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. As of the date hereof, the undersigned each certify that (i) all of the information set forth in Annex I attached hereto is true, correct and complete and no Default, Event of Default or Collateral Manager Default has occurred and is continuing; (ii) all of the Loans owned by the Borrower are Eligible Loans, within the meaning of such term in the Loan and Security Agreement other than as waived by the Administrative Agent as of the Purchase Date with respect to any such Loan; and (iii) solely with respect to itself, each of the representations and warranties contained in the Loan and Security Agreement is true, correct and complete in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect). [As of the date hereof, (i) the Applicable Exchange Rate for Australian Dollars is [n], (ii) the Applicable Exchange Rate for Canadian Dollars is [n], (iii) the Applicable Exchange Rate for Euros is [n] and (iv) the Applicable Exchange Rate for GBP is [n].]1 It is understood and acknowledged that each of the undersigned is executing this Borrowing Base Certificate not in an individual capacity but solely as a Responsible Officer of the Borrower or the Collateral Manager, as applicable, and is without any personal liability as to the matters contained in this Borrowing Base Certificate. [Remainder of Page Intentionally Left Blank] 1 To be included in the Borrowing Base Certificate delivered on each Advance Date and each Reporting Date solely to the extent that (a) either (i) any Advance denominated in such Available Currency is outstanding or being requested on such date or (ii) any of the Collateral owned by the Borrower on such date is denominated in such Available Currency and (b) such Applicable Exchange Rates are not included in the Borrowing Base Report attached as Annex I to the Borrowing Base Certificate. A-4-2 4165-7057-2900.3 Certified as of the date first above written. New Mountain Guardian IV Income Fund SPV, L.L.C., as the Borrower New Mountain Guardian IV Income Fund, L.L.C., as the Collateral Manager By: __________________________________ By: ________________________________ Name: Name: Title: Title: A-4-3 4165-7057-2900.3 ANNEX I To Exhibit A-4 BORROWING BASE REPORT SEE ATTACHED

------

![](a01wells-newmountainguar049.jpg)

A-5-1 4165-7057-2900.3 EXHIBIT A-5 To Loan and Security Agreement FORM OF APPROVAL NOTICE DATE ______________________________ ELIGIBLE LOAN INFORMATION Obligor Name ______________________________ Original Net Senior Leverage Ratio ______________________________ Original Cash Interest Coverage Ratio ______________________________ Recurring Revenue Loan Gross Leverage ______________________________ Original Total Leverage Ratio ______________________________ Pricing ______________________________ Remaining Term to Maturity ______________________________ Currency ______________________________ Par Amount of Loan Purchase Price Loan Type G III ADMINISTRATIVE AGENT APPROVAL Commitment Termination NA ___________________________ Approval Good Until ______________________________ Approval Conditioned Upon NA ___________________________ Reviewed by: Telephone No. Net Senior Leverage: Cash Interest Coverage: B-1 4165-7057-2900.3 EXHIBIT B To Loan and Security Agreement [RESERVED] C-1 4165-7057-2900.3 EXHIBIT C To Loan and Security Agreement FORM OF OFFICER'S CERTIFICATE AS TO SOLVENCY [New Mountain Guardian IV Income Fund SPV, L.L.C.] [New Mountain Guardian IV Income Fund, L.L.C.] Reference is made to that certain Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through its duly elected Responsible Officer, hereby certifies as of the ______ day of __________, ____ (the "Certification Date") to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows: Both before and after giving effect to (a) the transactions contemplated by the [Loan and Security Agreement][, the Sale Agreement] and the other Transaction Documents and (b) the payment and accrual of all transaction costs in connection with the foregoing, the undersigned is and will be Solvent. It is understood and acknowledged that undersigned is executing this Officer's Certificate as to Solvency not in an individual capacity but solely as a Responsible Officer of [the Borrower][the Collateral Manager, the Equityholder and the Seller] and is without any personal liability as to the matters contained in this Officer's Certificate as to Solvency. [Remainder of Page Intentionally Left Blank] C-2 4165-7057-2900.3 IN WITNESS WHEREOF, I have signed and delivered this Officer's Certificate as to Solvency as of the Certification Date. [New Mountain Guardian IV Income Fund, L.L.C., as the Collateral Manager, the Equityholder and the Seller By: ____________________________ Name: Title: ] [New Mountain Guardian IV Income Fund SPV, L.L.C., as the Borrower By: ____________________________ Name: Title: ]

------

![](a01wells-newmountainguar050.jpg)

D-1 4165-7057-2900.3 EXHIBIT D To Loan and Security Agreement FORM OF OFFICER'S CLOSING CERTIFICATE [New Mountain Guardian IV Income Fund SPV, L.L.C.] [New Mountain Guardian IV Income Fund, L.L.C.] Reference is made to that certain Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through its duly elected Responsible Officer, hereby certifies as of the ______ day of __________, ____ (the "Certification Date") to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows: 1. Each of the representations and warranties of the undersigned contained in the Transaction Documents are true, complete and correct in all material respects (or, if qualified by "material" or "Material Adverse Effect" or any similar term, in any respect) on and as of the Closing Date as though made on and as of such date (other than any representation and warranty that is made as of a specific date), and no event has occurred and is continuing, or would result from the transactions effected pursuant thereto as of the Closing Date, that constitutes or would constitute a Default, an Event of Default or a Collateral Manager Default. 2. The undersigned is in compliance in all material respects with all Applicable Laws to which it may be subject. 3. Except as otherwise indicated on a schedule to a Transaction Document, or as otherwise consented to by the Administrative Agent, the undersigned has delivered to the Administrative Agent true, complete and correct copies of all documents required to be delivered by it to the Administrative Agent pursuant to the Transaction Documents, all such documents are true, complete and correct in all material respects on and as of the Closing Date, and each and every other condition to the closing of the transactions contemplated by the Transaction Documents (including without limitation the conditions and requirements set forth in Section 3.1 of the Loan and Security Agreement) to be performed by the undersigned has been performed. D-2 4165-7057-2900.3 4. No Liens have arisen or been granted with respect to the Collateral other than Permitted Liens or Liens being terminated on the date hereof or that have been terminated prior to the date hereof. 5. The undersigned's Federal Employer Identification Number is __________. [6. As of the date hereof, no Change of Control or Collateral Manager Default has occurred and is continuing.] It is understood and acknowledged that undersigned is executing this Officer's Closing Certificate not in an individual capacity but solely as a Responsible Officer of [the Borrower][the Collateral Manager and the Equityholder] and is without any personal liability as to the matters contained in this Officer's Closing Certificate. [Remainder of Page Intentionally Left Blank] D-3 4165-7057-2900.3 IN WITNESS WHEREOF, the undersigned has executed and delivered this Officer's Closing Certificate as of the Certification Date. [New Mountain Guardian IV Income Fund, L.L.C., as the Collateral Manager and the Equityholder By: ____________________________ Name: Title: ] [New Mountain Guardian IV Income Fund SPV, L.L.C., as the Borrower By: ____________________________ Name: Title: ] E-1 4165-7057-2900.3 EXHIBIT E To Loan and Security Agreement FORM OF RELEASE OF UNDERLYING INSTRUMENTS [Delivery Date] Western Alliance Trust Company, N.A. One East Washington Street, Ste 1400 Phoenix, AZ 85004 Attention: Corporate Trust – New Mountain Guardian IV Income Fund SPV, L.L.C. Email: NewMountain@westernalliancetrust.com With copies to: Western Alliance Trust Company, N.A. 800 Town & Country - Ste. 400 Houston, TX 77024 Attn: Corporate Trust – New Mountain Guardian IV Income Fund SPV, L.L.C. Western Alliance Trust Company, N.A. 1 E. Washington Street, Ste 1400 Phoenix, AZ 85004 Attention: General Counsel Wells Fargo Bank, National Association 550 South Tryon Street Charlotte, NC 28202 Attention: Corporate Debt Finance Facsimile: (704) 715-0067 Confirmation: (704) 410-2489 Re: Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (in such capacity, the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian.

------

![](a01wells-newmountainguar051.jpg)

E-2 4165-7057-2900.3 Ladies and Gentlemen: In connection with the administration of the Underlying Instruments held by Western Alliance Trust Company, N.A. as the Collateral Custodian on behalf of the Administrative Agent as agent for the Secured Parties, under the Loan and Security Agreement, we request the release of the Underlying Instruments (or such documents as specified below) for the Loans described below, for the reason indicated. All capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement. Obligor's Name, Address & Zip Code: Loan Identification Number: Reason for Requesting Documents (check one) ____ 1. Loan paid in full. (The Collateral Manager hereby certifies that all amounts received in connection with such Loan have been credited to the Collection Account.) ____ 2. Loan liquidated by ____________________________. (The Collateral Manager hereby certifies that all proceeds (net of liquidation expenses which the Collateral Manager may retain to pay such expenses) of foreclosure, insurance, condemnation or other liquidation have been finally received and credited to the Collection Account.) ____ 3. Loan in foreclosure. ____ 4. Delivered in Error. ____ 5. Sale pursuant to Section 6.5 of the Loan and Security Agreement. ____ 6. Failure to satisfy Review Criteria. ____ 7. Repurchased. ____ 8. Discretionary Sale. ____ 9. Termination of the Loan and Security Agreement. ____ 10. Servicing. ____ 11. Other (explain). ____________________________________________________ ____________________________________________________ ____________________________________________________ If box 1, 2, 4, 5, 6, 7, 8, 9 or 10 above is checked, and if all or part of the Underlying Instruments were previously released to us, please release to us the Underlying Instruments E-3 4165-7057-2900.3 requested in our previous request and receipt on file with you, as well as any additional documents in your possession relating to the specified Loan. If box 3, 11 or 12 above is checked, we will return all of the above Underlying Instruments to you as the Collateral Custodian (i) promptly upon the request of the Administrative Agent or (ii) when our need therefor no longer exists. It is understood and acknowledged that undersigned is executing this request not in an individual capacity but solely as a Responsible Officer of the Collateral Manager and is without any personal liability as to the matters contained in this request. [Remainder of Page Intentionally Left Blank] E-4 4165-7057-2900.3 New Mountain Guardian IV Income Fund, L.L.C., as the Collateral Manager By: ____________________________ Name: Title: [Consent of Administrative Agent if required under the Loan and Security Agreement: WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent By: ________________________________ Name: _____________________________ Title: ______________________________ Date: ______________________________] F-1 4165-7057-2900.3 EXHIBIT F To Loan and Security Agreement FORM OF CERTIFICATE OF ASSIGNMENT THIS GENERAL ASSIGNMENT OF UNDERLYING INSTRUMENTS (this "Assignment"), made as of the ____ day of _______ , 20___ by __________________, a ____________, having an address at ________________________________________ ("Assignor") to ___________________________, a ____________________, having an address at ____________________________ ("Assignee"). KNOW ALL MEN BY THESE PRESENTS, that for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby does sell, assign, transfer, grant, convey and set over unto Assignee and to the successors and assigns of Assignee all of Assignor's right, title and interest in, to and under (a) the document(s) referenced in Exhibit A attached hereto and made a part hereof, including any amendments or supplements thereto (such documents collectively referred to herein as the "Underlying Instruments"), (b) the instruments, documents, certificates, letters, records and papers relating to the Underlying Instruments and all other documents executed and/or delivered in connection with the loan evidenced and/or secured by the Underlying Instruments, including, without limitation, all of Assignor's right, title and interest in any title insurance policies, and other insurance policies, endorsements and certificates, security agreements, guaranties, indemnities, bank accounts, certificates of deposit, letters of credit, bonds, operating accounts, reserve accounts, escrow accounts and other accounts, permits, licenses, opinions, surveys, appraisals, environmental reports, inspection reports, financial statements, and any and all other documents and collateral arising out of and/or executed and/or delivered in connection with the Underlying Instruments, (c) all rights and benefits of Assignor related to the Underlying Instruments, including without limitation, all of Assignor's rights to receive insurance proceeds, condemnation awards, indemnity payments, sales proceeds and all other income, issues, profits, payments and proceeds of any nature under or in connection with the Underlying Instruments, and all of Assignor's rights to exercise any rights or remedies thereunder, and (d) all claims, demands and causes of action related to the items referenced in clauses (a) and (b) above (the items referenced in clauses (a), (b) and (c) are collectively referred to herein as the "Assigned Documents"). Assignor represents to Assignee that Assignor has good right, title and authority to assign the Assigned Documents as set forth herein. [Signature Page To Follow]

------

![](a01wells-newmountainguar052.jpg)

F-2 4165-7057-2900.3 IN WITNESS WHEREOF, Assignor has caused this Assignment to be duly executed as of the day and year first written above. [Entity], a [State of Inc./Formation] [Entity Type] [By: _____________________, its _________] By: ____________________________________ Name: Title: F-3 4165-7057-2900.3 EXHIBIT A To Exhibit F EXHIBIT A2 [Modify/add/delete as appropriate] 1. [Loan Agreement, dated as of ______________ ___, 20___ (together with all amendments and supplements from time to time thereto), between _______________________ and _____________________ relating to a loan in the original principal amount of ___________.] 2. [Promissory Note dated ___________ ___, 20___ in the original principal amount of _________ issued by _____________ in favor of ______________.] 3. UCC-1 Financing Statements showing ________, as debtor, and ___________, as secured party. [Reference Recording Office and any assignments.] 4. [Reference other major loan documents, such as: security agreement, credit agreement, note purchase agreement, sale and servicing agreement, acquisition agreement, intercreditor agreement, guarantees, insurance policies and assumption or substitution agreements.] 2 Capitalized terms used but not defined herein shall have the meaning ascribed to them in the _______________. G-1 4165-7057-2900.3 EXHIBIT G To Loan and Security Agreement [RESERVED] H-1 4165-7057-2900.3 EXHIBIT H To Loan and Security Agreement [RESERVED]

------

![](a01wells-newmountainguar053.jpg)

I-1 4165-7057-2900.3 EXHIBIT I To Loan and Security Agreement FORM OF JOINDER SUPPLEMENT JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the financial institution identified in Item 2 of Schedule I hereto, New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (the "Borrower") and Wells Fargo Bank, National Association, as Administrative Agent (the "Administrative Agent"). WHEREAS, this Joinder Supplement is being executed and delivered under Section 2.1(c) of the Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), the Borrower, New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement; and WHEREAS, the party set forth in Item 2 of Schedule I hereto (the "Proposed Lender") wishes to become a Lender party to the Loan and Security Agreement; NOW, THEREFORE, the parties hereto hereby agree as follows: (a) Upon receipt by the Administrative Agent of an executed counterpart of this Joinder Supplement, to which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Proposed Lender, the Borrower and the Administrative Agent, the Administrative Agent will transmit to the Proposed Lender and the Borrower, a Joinder Effective Notice, substantially in the form of Schedule III to this Joinder Supplement (a "Joinder Effective Notice"). Such Joinder Effective Notice shall be executed by the Administrative Agent and shall set forth, inter alia, the date on which the joinder effected by this Joinder Supplement shall become effective (the "Joinder Effective Date"). From and after the Joinder Effective Date, the Proposed Lender shall be a Lender party to the Loan and Security Agreement for all purposes thereof. (b) Each of the parties to this Joinder Supplement agrees and acknowledges that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Joinder Supplement. I-2 4165-7057-2900.3 (c) By executing and delivering this Joinder Supplement, the Proposed Lender confirms to and agrees with the Administrative Agent and the other Lenders as follows: (i) none of the Administrative Agent and the other Lenders makes any representation or warranty or assumes any responsibility with respect to any statements, warranties or representations made in or in connection with the Loan and Security Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan and Security Agreement or any other instrument or document furnished pursuant thereto, or the Collateral, or the financial condition of the Collateral Manager or the Borrower, or the performance or observance by the Collateral Manager or the Borrower of any of their respective obligations under the Loan and Security Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto; (ii) the Proposed Lender confirms that it has received a copy of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Supplement; (iii) the Proposed Lender will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan and Security Agreement; (iv) the Proposed Lender appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan and Security Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with the Loan and Security Agreement; and (v) the Proposed Lender agrees (for the benefit of the parties hereto and the other Lenders) that it will perform in accordance with their terms all of the obligations which by the terms of the Loan and Security Agreement are required to be performed by it as a Lender. (d) By executing and delivering this Joinder Supplement, the Proposed Lender represents and warrants to the Administrative Agent, the other Lenders and the Borrower as follows: (i) the Proposed Lender is a "qualified institutional buyer" as defined in Rule 144A of the Securities Act; (ii) the Proposed Lender is not an Ineligible Assignee; (iii) the Proposed Lender satisfies each of the other requirements set forth in Section 12.16 of the Loan and Security Agreement with respect to a Lender or assignee of a Lender; and (iv) the transfer, assignment or other transaction pursuant to which the Proposed Lender shall become a party to the Loan and Security Agreement satisfies each of the other requirements set forth in Section 12.16 of the Loan and Security Agreement. (e) Schedule II hereto sets forth administrative information with respect to the Proposed Lender. (f) This Joinder Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. IN WITNESS WHEREOF, the parties hereto have caused this Joinder Supplement to be executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto. I-3 4165-7057-2900.3 SCHEDULE I TO JOINDER SUPPLEMENT COMPLETION OF INFORMATION AND SIGNATURES FOR JOINDER SUPPLEMENT Re: Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager, New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower, New Mountain Guardian IV Income Fund, L.L.C., as the equityholder and as the seller, Wells Fargo Bank, National Association, as the administrative agent and as the swingline lender, each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the collateral custodian. Item 1: Date of Joinder Supplement: ______________ Item 2: Proposed Lender: _________________________________ Item 3: Commitment - $______________ Item 4: Signatures of Parties to Joinder Supplement: ___________________________, as Proposed Lender By: Name: Title: I-4 4165-7057-2900.3 NEW MOUNTAIN GUARDIAN IV INCOME FUND SPV, L.L.C., as the Borrower By: ____________________________ Name: Title: WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent By: Name: Title: [NAME OF LENDER], as Proposed Lender By: Name: Title:

------

![](a01wells-newmountainguar054.jpg)

I-5 4165-7057-2900.3 SCHEDULE II TO JOINDER SUPPLEMENT ADDRESS FOR NOTICES AND WIRE INSTRUCTIONS Address for Notices: ___________________ ______________________________ ______________________________ ______________________________ Telephone:_____________________ Facsimile: _____________________ Email: ________________________ With a copy to: ________________________ ________________________ ________________________ Telephone:_______________ Facsimile: _______________ Email: __________________ Wire Instructions: Name of Bank: _________________ A/C No.: ______________________ ABA No. ______________________ Reference: _____________________ I-6 4165-7057-2900.3 SCHEDULE III TO JOINDER SUPPLEMENT FORM OF JOINDER EFFECTIVE NOTICE To: [Name and address of Proposed Lender] The undersigned, as Administrative Agent under the Loan and Security Agreement, dated as of January 15, 2026 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Guardian IV Income Fund, L.L.C., as the collateral manager, New Mountain Guardian IV Income Fund SPV, L.L.C., as the borrower (the "Borrower"), New Mountain Guardian IV Income Fund, L.L.C., as the equityholder (in such capacity, the "Equityholder") and as the seller (in such capacity, the "Seller"), Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent") and as the swingline lender (in such capacity, the "Swingline Lender"), each of the Lenders from time to time party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian is delivering this Joinder Effective Notice in connection with the Joinder Supplement dated as of [____________], among you, the Borrower and the Administrative Agent. [Note: attach copies of Schedules I and II from the applicable Joinder Supplement.] Terms defined in such Joinder Supplement are used herein as therein defined. Pursuant to such Joinder Supplement, you are advised that the Joinder Effective Date for [Name of Proposed Lender] will be _____________ with a Commitment of $__________. Very truly yours, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent By: _______________________________ Name: Title: Cc: New Mountain Guardian IV Income Fund SPV, L.L.C. 787 Seventh Avenue, 49th Floor New York, NY 10019 Attention: Credit Financing Team Email: creditfinancing@newmountaincapital.com Fax: (212) 220-3393 J-1 4165-7057-2900.3 EXHIBIT J TO Loan and Security Agreement [RESERVED] K-1 4165-7057-2900.3 EXHIBIT K TO Loan and Security Agreement [RESERVED]

------

![](a01wells-newmountainguar055.jpg)

L-1 4165-7057-2900.3 EXHIBIT L-1 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Loan and Security Agreement dated as of January 15, 2026 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Guardian IV Income Fund, L.L.C., as Collateral Manager, New Mountain Guardian IV Income Fund SPV, L.L.C., as Borrower, New Mountain Guardian IV Income Fund, L.L.C., as the Equityholder and the Seller, Wells Fargo Bank, National Association, as Administrative Agent and as Swingline Lender, Western Alliance Trust Company, N.A., as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Obligations in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. [NAME OF LENDER] By: Name: Title: Date: ________ __, 20[ ] L-2 4165-7057-2900.3 EXHIBIT L-2 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Loan and Security Agreement dated as of January 15, 2026 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Guardian IV Income Fund, L.L.C., as Collateral Manager, New Mountain Guardian IV Income Fund SPV, L.L.C., as Borrower, New Mountain Guardian IV Income Fund, L.L.C., as the Equityholder and the Seller, Wells Fargo Bank, National Association, as Administrative Agent and as Swingline Lender, Western Alliance Trust Company, N.A., as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. [NAME OF PARTICIPANT] By: Name: Title: Date: ________ __, 20[ ] L-3 4165-7057-2900.3 EXHIBIT L-3 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Loan and Security Agreement dated as of January 15, 2026 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Guardian IV Income Fund, L.L.C., as Collateral Manager, New Mountain Guardian IV Income Fund SPV, L.L.C., as Borrower, New Mountain Guardian IV Income Fund, L.L.C., as the Equityholder and the Seller, Wells Fargo Bank, National Association, as Administrative Agent and the Swingline Lender, Western Alliance Trust Company, N.A., as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. [NAME OF PARTICIPANT] By: Name: L-4 4165-7057-2900.3 Title: Date: ________ __, 20[ ]

------

![](a01wells-newmountainguar056.jpg)

L-5 4165-7057-2900.3 EXHIBIT L-4 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Loan and Security Agreement dated as of January 15, 2026 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Guardian IV Income Fund, L.L.C., as Collateral Manager, New Mountain Guardian IV Income Fund SPV, L.L.C., as Borrower, New Mountain Guardian IV Income Fund, L.L.C., as the Equityholder and the Seller, Wells Fargo Bank, National Association, as Administrative Agent and as Swingline Lender, Western Alliance Trust Company, N.A., as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Obligations in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Obligations, (iii) with respect to the extension of credit pursuant to the Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. [NAME OF LENDER] By: L-6 4165-7057-2900.3 Name: Title: Date: ________ __, 20[ ] M-1 4165-7057-2900.3 EXHIBIT M To Loan and Security Agreement FORM OF LOAN CHECKLIST [DRAFT] Item Obligor: Required Loan Document Status (also specify whether such document is an original or a copy) Credit Agreement or other similar document Note Purchase Agreement Security/Collateral Agreement (including, to the extent delivered to the Borrower, control agreements) [attach multiple agreements where applicable] Acquisition Agreement Sale and Servicing Agreement Subordination Agreement Intercreditor Agreement Guarantee Agreement Certificates of Insurance UCC-1 Financing Statement UCC-3 Continuation Statement (if applicable) Original Promissory Note If a Lost Note: Underlying Promissory Note and original executed indemnity endorsed by the Borrower in blank Unbroken Chain of Assignments (prior to contribution to facility). Please attach all relevant assignments If no Promissory Note or Noteless Loan: Executed copy of each assignment and assumption agreement, transfer document or other instrument evidencing the assignment of such Loan from prior third party owner to the Borrower Assignment Agreement – Borrower to BLANK (undated) Loan Register Funding Memo Completed By: By:______________________________ Name: Title: Date If documents are being submitted with a funding request: M-2 4165-7057-2900.3 Form of Funding Notice (Exhibit A-1) Form of Reinvestment Notice (Exhibit A-3) Form of Borrowing Base Certificate (Exhibit A-4) Form of Approval Notice (Exhibit A-5) Western Alliance Trust Company, National Association, To Complete File Number Obligor Outstanding Balance Assigned Value Purchase Price (% of par) Purchase Price ($) Documents Received By: Confirmation of All Received Documents

------

![](a01wells-newmountainguar057.jpg)

SCHEDULE I-1 4165-7057-2900.3 SCHEDULE I To Loan and Security Agreement LEGAL NAMES New Mountain Guardian IV Income Fund SPV, L.L.C. New Mountain Guardian IV Income Fund, L.L.C. SCHEDULE II-1 4165-7057-2900.3 SCHEDULE II To Loan and Security Agreement APPROVED BROKER DEALERS AND APPROVED VALUATION FIRMS A. Approved Broker Dealers Antares Capital LP Bank of America, N.A. The Bank of New York Company, Inc. Barclays Bank plc BMO Capital Markets Inc. BNP Paribas Canadian Imperial Bank of Commerce Citibank, N.A. Credit Suisse First Boston LLC Deutsche Bank AG Dresdner Kleinwort Wasserstein GE Capital Markets Inc Goldman Sachs & Co. Guggenheim Securities, LLC HSBC Bank Jefferies Finance LLC JPMorgan Chase & Co. Legg Mason, Inc. Macquarie Group Limited Miller Tabak Roberts Securities LLC Morgan Stanley & Co. Nomura Securities Co., Ltd. PNC Capital Markets LLC Oppenheimer & Co. Rabobank Group Seaport Global Holdings LLC Société Générale Truist Bank Raymond James Financial, Inc. Royal Bank of Canada The Royal Bank of Scotland Group plc Scotiabank U.S. Bank National Association UBS AG Wells Fargo SCHEDULE II-2 4165-7057-2900.3 B. Approved Valuation Firms Valuation Research Corporation Ernst & Young, LLP Houlihan, Lokey, Howard & Zukin, Inc. FTI Consulting, Inc. Duff & Phelps Rating Co. Lincoln International LLC SCHEDULE III-1 4165-7057-2900.3 SCHEDULE III To Loan and Security Agreement LOAN LIST [Distributed Separately]

------

![](a01wells-newmountainguar058.jpg)

SCHEDULE IV-1 4165-7057-2900.3 SCHEDULE IV To Loan and Security Agreement CREDIT AND COLLECTION POLICY [Distributed Separately] SCHEDULE V-1 4165-7057-2900.3 SCHEDULE V To Loan and Security Agreement AGREED-UPON PROCEDURES In accordance with Section 6.8(e) of the Loan and Security Agreement, the Collateral Manager will cause a firm of nationally recognized independent public accountants to furnish in accordance with attestation standards established by the American Institute of Certified Public Accountants a report to the effect that such accountants have either verified, compared, or recalculated each of the following accounts in Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) of the Loan and Security Agreement to applicable system or records of the Borrower or the Collateral Manager, as applicable:  Loan Schedule o Loan type o Outstanding Balance (Loan & Obligor) o Loan Origination Date o Loan Purchase Date (date Loan was added to facility) o Purchase Price o Loan Maturity Date o Interest Rate:  Fixed/Floating  Index (if applicable)  Spread or coupon  PIK (if applicable) o Current outstanding principal amount o Moody's, Fitch and S&P ratings (if applicable) o Days Delinquent (if any) o Trailing twelve-month revenue for the most recent Relevant Test Period o Trailing twelve-month EBITDA for the most recent Relevant Test Period o The as-of date for each of the statistics in the foregoing two bullet points  Net Senior Leverage Ratio (and related Original Net Senior Leverage Ratio)  Recurring Revenue Loan Gross Leverage  Total Leverage Ratio (and related Original Total Leverage Ratio)  Cash Interest Coverage Ratio (and related Original Cash Interest Coverage Ratio)  Advance Rate (calculated as a weighted average based on the portfolio)  Unused Facility Amount  Availability: o Borrowing Base o Advances Outstanding o Borrowing Base minus Advances Outstanding  Discretionary Sales Calculations, Repurchase/Substitution Calculations  Applicable Spread At the discretion of the Administrative Agent and a firm of nationally recognized independent public accountants, three (3) random Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) of the Loan and Security Agreement from the 2026 fiscal year and SCHEDULE V-2 4165-7057-2900.3 for each subsequent fiscal year (including one that pertains to a month immediately prior to a Payment Date) will be chosen and reviewed. The report provided by such firm may be in a format such typically utilized for a report of this nature; provided that it will consist of at a minimum (i) a list of deviations from the applicable Borrowing Base Certificate or Payment Date calculations pursuant to Section 7.2(b)(vi) of the Loan and Security Agreement and (ii) discuss with the Collateral Manager the reason for such deviations, and set forth the findings in such report. SCHEDULE VI-1 4165-7057-2900.3 SCHEDULE VI To Loan and Security Agreement CLOSING DATE PARTICIPATIONS [Distributed Separately]

------

## Exhibit 31.1

**EXHIBIT 31.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

I, John R. Kline, Chief Executive Officer of New Mountain Guardian IV Income Fund, L.L.C., certify that:

1. I have reviewed this Annual Report on Form 10-K of New Mountain Guardian IV Income Fund, L.L.C.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act") Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 5th day of March 2026

---

| |
|:---|
| /s/ JOHN R. KLINE |
| John R. Kline |

---

## Exhibit 31.2

**EXHIBIT 31.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

I, Kris Corbett, Chief Financial Officer of New Mountain Guardian IV Income Fund, L.L.C., certify that:

1. I have reviewed this Annual Report on Form 10-K of New Mountain Guardian IV Income Fund, L.L.C.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act") Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 5th day of March 2026

---

| |
|:---|
| /s/ KRIS CORBETT |
| Kris Corbett |

---

## Exhibit 32.1

**EXHIBIT 32.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER<br>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)** 

In connection with the Annual Report on Form 10-K for the period ended December 31, 2025 (the "Report") of New Mountain Guardian IV Income Fund, L.L.C. (the "Registrant"), as filed with the United States Securities and Exchange Commission on the date hereof, I, John R. Kline, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ JOHN R. KLINE | /s/ JOHN R. KLINE |
| Name: | John R. Kline |
| Date: | March 5, 2026 |

---

## Exhibit 32.2

**EXHIBIT 32.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER<br>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)** 

In connection with the Annual Report on Form 10-K for the period ended December 31, 2025 (the "Report") of New Mountain Guardian IV Income Fund, L.L.C. (the "Registrant"), as filed with the United States Securities and Exchange Commission on the date hereof, I, Kris Corbett, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ KRIS CORBETT | /s/ KRIS CORBETT |
| Name: | Kris Corbett |
| Date: | March 5, 2026 |

---

<br>