# EDGAR Filing Document

**Accession Number:** 0001496099
**File Stem:** 0001496099-25-000035
**Filing Date:** 2025-11
**Character Count:** 632993
**Document Hash:** e41ca4a9b2a11a837262c87dd1539400
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001496099-25-000035.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001496099-25-000035

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Mountain Finance Corp
- **CENTRAL INDEX KEY:** 0001496099

**ORGANIZATION NAME:**
- **EIN:** 272978010
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00832
- **FILM NUMBER:** 251444827

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2127300200

**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 Corp
- **DATE OF NAME CHANGE:** 20100706

?xml version='1.0' encoding='ASCII'? nmfc-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

🗷&nbsp;&nbsp;&nbsp;&nbsp; **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the Quarterly Period Ended September 30, 2025** 

□ &nbsp;&nbsp;&nbsp;&nbsp; **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

---

| | | |
|:---|:---|:---|
| **Commission<br>File Number** | **Exact name of registrant as specified in its charter, address of principal executive<br>offices, telephone numbers and states or other jurisdictions of incorporation or organization** | **I.R.S. Employer<br>Identification Number** |
| **814-00832** | **New Mountain Finance Corporation** | **27-2978010** |
|  | **1633 Broadway, 48th Floor**<br>**New York, New York 10019**<br>**Telephone: (212) 720-0300**<br>**State of Incorporation: Delaware** |  |

---

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | NMFC | NASDAQ Global Select Market |
| 8.250% Notes due 2028 | NMFCZ | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗷 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 🗷 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 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □ No 🗷

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

---

| | |
|:---|:---|
| **Description** | **Shares as of November 3, 2025** |
| Common stock, par value $0.01 per share | 103155812 |

---

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| **<u>[PART I. FINANCIAL INFORMATION](#i306ff8a8762a4533b33c56d17cf16932_13)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#i306ff8a8762a4533b33c56d17cf16932_13)</u>** | |
| <u>[Item 1.](#i306ff8a8762a4533b33c56d17cf16932_16)</u> | <u>[Financial Statements](#i306ff8a8762a4533b33c56d17cf16932_16)</u> |  |
|  | **<u>[New Mountain Finance Corporation](#i306ff8a8762a4533b33c56d17cf16932_16)</u>** |  |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i306ff8a8762a4533b33c56d17cf16932_16)[September](#i306ff8a8762a4533b33c56d17cf16932_16)[30, 2025 (unaudited) and December 31, 2024](#i306ff8a8762a4533b33c56d17cf16932_16)</u> | [3](#i306ff8a8762a4533b33c56d17cf16932_16) |
|  | <u>[Consolidated Statements of Operations for the three and nine months ended](#i306ff8a8762a4533b33c56d17cf16932_19)[September](#i306ff8a8762a4533b33c56d17cf16932_16)[30, 2025 (unaudited) and](#i306ff8a8762a4533b33c56d17cf16932_19)[September](#i306ff8a8762a4533b33c56d17cf16932_16)[30, 2024 (unaudited)](#i306ff8a8762a4533b33c56d17cf16932_19)</u> | [4](#i306ff8a8762a4533b33c56d17cf16932_19) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)](#i306ff8a8762a4533b33c56d17cf16932_22)</u> | [5](#i306ff8a8762a4533b33c56d17cf16932_22) |
|  | <u>[Consolidated Statements of Cash Flows for the nine months ended](#i306ff8a8762a4533b33c56d17cf16932_25)[September](#i306ff8a8762a4533b33c56d17cf16932_16)[30, 2025 (unaudited) and](#i306ff8a8762a4533b33c56d17cf16932_25)[September](#i306ff8a8762a4533b33c56d17cf16932_16)[30, 2024 (unaudited)](#i306ff8a8762a4533b33c56d17cf16932_25)</u> | [6](#i306ff8a8762a4533b33c56d17cf16932_25) |
|  | <u>[Consolidated Schedule of Investments as of](#i306ff8a8762a4533b33c56d17cf16932_28)[September](#i306ff8a8762a4533b33c56d17cf16932_16)[30](#i306ff8a8762a4533b33c56d17cf16932_19)[, 2025 (unaudited)](#i306ff8a8762a4533b33c56d17cf16932_28)</u> | [7](#i306ff8a8762a4533b33c56d17cf16932_28) |
|  | <u>[Consolidated Schedule of Investments as of December 31, 2024](#i306ff8a8762a4533b33c56d17cf16932_37)</u> | [38](#i306ff8a8762a4533b33c56d17cf16932_37) |
|  | <u>[Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)](#i306ff8a8762a4533b33c56d17cf16932_43)</u> | [67](#i306ff8a8762a4533b33c56d17cf16932_43) |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i306ff8a8762a4533b33c56d17cf16932_97)</u> | [117](#i306ff8a8762a4533b33c56d17cf16932_97) |
| <u>[Item 2.](#i306ff8a8762a4533b33c56d17cf16932_100)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i306ff8a8762a4533b33c56d17cf16932_100)</u> | [118](#i306ff8a8762a4533b33c56d17cf16932_100) |
| <u>[Item 3.](#i306ff8a8762a4533b33c56d17cf16932_136)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i306ff8a8762a4533b33c56d17cf16932_136)</u> | [138](#i306ff8a8762a4533b33c56d17cf16932_136) |
| <u>[Item 4.](#i306ff8a8762a4533b33c56d17cf16932_139)</u> | <u>[Controls and Procedures](#i306ff8a8762a4533b33c56d17cf16932_139)</u> | [139](#i306ff8a8762a4533b33c56d17cf16932_139) |
| **<u>[PART II. OTHER INFORMATION](#i306ff8a8762a4533b33c56d17cf16932_142)</u>** | **<u>[PART II. OTHER INFORMATION](#i306ff8a8762a4533b33c56d17cf16932_142)</u>** | [140](#i306ff8a8762a4533b33c56d17cf16932_142) |
| <u>[Item 1.](#i306ff8a8762a4533b33c56d17cf16932_145)</u> | <u>[Legal Proceedings](#i306ff8a8762a4533b33c56d17cf16932_145)</u> | [140](#i306ff8a8762a4533b33c56d17cf16932_145) |
| <u>[Item 1A.](#i306ff8a8762a4533b33c56d17cf16932_148)</u> | <u>[Risk Factors](#i306ff8a8762a4533b33c56d17cf16932_148)</u> | [140](#i306ff8a8762a4533b33c56d17cf16932_148) |
| <u>[Item 2.](#i306ff8a8762a4533b33c56d17cf16932_151)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i306ff8a8762a4533b33c56d17cf16932_151)</u> | [141](#i306ff8a8762a4533b33c56d17cf16932_151) |
| <u>[Item 3.](#i306ff8a8762a4533b33c56d17cf16932_154)</u> | <u>[Defaults Upon Senior Securities](#i306ff8a8762a4533b33c56d17cf16932_154)</u> | [143](#i306ff8a8762a4533b33c56d17cf16932_154) |
| <u>[Item 4.](#i306ff8a8762a4533b33c56d17cf16932_157)</u> | <u>[Mine Safety Disclosures](#i306ff8a8762a4533b33c56d17cf16932_157)</u> | [143](#i306ff8a8762a4533b33c56d17cf16932_157) |
| <u>[Item 5.](#i306ff8a8762a4533b33c56d17cf16932_160)</u> | <u>[Other Information](#i306ff8a8762a4533b33c56d17cf16932_160)</u> | [143](#i306ff8a8762a4533b33c56d17cf16932_160) |
| <u>[Item 6.](#i306ff8a8762a4533b33c56d17cf16932_163)</u> | <u>[Exhibits](#i306ff8a8762a4533b33c56d17cf16932_163)</u> | [144](#i306ff8a8762a4533b33c56d17cf16932_163) |
|  | <u>[Signatures](#i306ff8a8762a4533b33c56d17cf16932_166)</u> | [145](#i306ff8a8762a4533b33c56d17cf16932_166) |

---

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**New Mountain Finance Corporation**

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except shares and per share data)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $2,224,517 and $2,298,083, respectively) | $2173373 | $2277352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments (cost of $129,720 and $124,254, respectively) | 94686 | 112776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments (cost of $708,084 and $679,587, respectively) | 675560 | 700896 |
| &nbsp;&nbsp;Total investments at fair value (cost of $3,062,321 and $3,101,924, respectively) | 2943619 | 3091024 |
| &nbsp;&nbsp;Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 13500 | 13500 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 63684 | 80320 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 44169 | 42379 |
| &nbsp;&nbsp;&nbsp;Derivative asset at fair value | 5834 |  |
| &nbsp;&nbsp;&nbsp;Receivable from affiliates | 334 | 213 |
| &nbsp;&nbsp;&nbsp;Other assets | 17769 | 19265 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $3088909 | $3246701 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured Notes | $990999 | $978503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings Credit Facility | 308063 | 294363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Convertible Notes | 258782 | 260091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA-guaranteed debentures | 196205 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMFC Credit Facility | 31032 | 27944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs (net of accumulated amortization of $48,017 and $63,971, respectively) | (19698) | (24191) |
| &nbsp;&nbsp;&nbsp;Net borrowings | 1765383 | 1836710 |
| &nbsp;&nbsp;&nbsp;Interest payable | 18072 | 17109 |
| &nbsp;&nbsp;&nbsp;Payable to broker | 13460 | 3230 |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 10412 |  |
| &nbsp;&nbsp;&nbsp;Management fee payable | 9619 | 10467 |
| &nbsp;&nbsp;&nbsp;Incentive fee payable | 2801 | 8625 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 1478 | 1410 |
| &nbsp;&nbsp;&nbsp;Derivative liability at fair value | 821 | 7423 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 4197 | 2436 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 1826243 | 1887410 |
| **Commitments and contingencies (See Note 9)** |  |  |
| **Net assets** |  |  |
| &nbsp;&nbsp;Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued |  |  |
| &nbsp;&nbsp;Common stock, par value $0.01 per share, 200,000,000 shares authorized, 107,851,929 and 107,851,415 shares issued, respectively, and 104,189,336 and 107,851,415 shares outstanding, respectively | 1079 | 1079 |
| &nbsp;&nbsp;&nbsp;Paid in capital in excess of par | 1365849 | 1365852 |
| &nbsp;&nbsp;Treasury stock at cost, 3,662,593 and 0 shares held, respectively | (37253) |  |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed earnings | (73049) | (13592) |
| &nbsp;&nbsp;&nbsp;**Total net assets of New Mountain Finance Corporation** | $1256626 | $1353339 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest in New Mountain Net Lease Corporation | 6040 | 5952 |
| &nbsp;&nbsp;&nbsp;**Total net assets** | $1262666 | $1359291 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $3088909 | $3246701 |
| &nbsp;&nbsp;&nbsp;Number of shares outstanding | 104189336 | 107851415 |
| &nbsp;&nbsp;&nbsp;**Net asset value per share of New Mountain Finance Corporation** | $12.06 | $12.55 |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Statements of Operations**

**(in thousands, except shares and per share data)**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment income** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $49811 | $61788 | $155508 | $175608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 2968 | 4340 | 8812 | 13460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 179 | 185 | 1242 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | 4026 | 5077 | 12432 | 14558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 1436 | 1454 | 3640 | 6345 |
| &nbsp;&nbsp;&nbsp;&nbsp;From non-controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest income) | 322 | 349 | 989 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 1132 | 971 | 3176 | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | 304 | 1593 | 2279 | 4211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 63 | 63 | 188 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;From controlled investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest income) | 1665 | 1651 | 5172 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 3505 | 3739 | 10093 | 11595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 11818 | 11789 | 36199 | 36812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | 2925 | 1649 | 7374 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 375 | 679 | 2578 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 80529 | 95327 | 249682 | 280471 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 31720 | 37661 | 94232 | 101790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 9619 | 11700 | 29611 | 34048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee | 7345 | 8821 | 23563 | 27760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 924 | 1019 | 3413 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 916 | 1059 | 3204 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 478 | 531 | 1325 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 51002 | 60791 | 155348 | 171469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: management and incentive fees waived (See Note 5) | (4544) | (970) | (8952) | (2732) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 46458 | 59821 | 146396 | 168737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income before income taxes | 34071 | 35506 | 103286 | 111734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 29 | 118 | 18 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 34042 | 35388 | 103268 | 111381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (losses) gains: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 8 | (75) | 12324 | (46899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 1 | (456) | 38899 | 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency |  | (1455) |  | (1455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (8977) | 419 | (33783) | 56474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (9736) | (7853) | (23555) | (34396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | (2851) | (4260) | (53833) | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under collateralized agreements to resell |  |  |  | (3000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Net Lease Corporation |  | 1533 |  | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (120) | 1690 | 482 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes | (25) | (1037) | (68) | (1804) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized losses** | (21700) | (11494) | (59534) | (24619) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12342 | 23894 | 43734 | 86762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (153) | (5) | (358) | (994) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations related to New Mountain Finance Corporation** | $12189 | $23889 | $43376 | $85768 |
| Basic earnings per share | $0.11 | $0.22 | $0.40 | $0.81 |
| Weighted average shares of common stock outstanding - basic (See Note 11) | 106016542 | 107851415 | 107199318 | 106140789 |
| Diluted earnings per share | $0.11 | $0.22 | $0.40 | $0.78 |
| Weighted average shares of common stock outstanding - diluted (See Note 11) | 125036696 | 126779819 | 126201036 | 125000872 |
| Distributions declared and paid per share | $0.32 | $0.34 | $0.96 | $1.04 |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Statements of Changes in Net Assets**

**(in thousands, except shares and per share data)**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Increase (decrease) in net assets resulting from operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $34042 | $35388 | $103268 | $111381 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency | 9 | (1986) | 51223 | (44979) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments, foreign currency and New Mountain Net Lease Corporation | (21684) | (8471) | (110689) | 25164 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of securities purchased under collateralized agreements to resell |  |  |  | (3000) |
| &nbsp;&nbsp;&nbsp;Provision for taxes | (25) | (1037) | (68) | (1804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12342 | 23894 | 43734 | 86762 |
| &nbsp;&nbsp;&nbsp;Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC") | (153) | (5) | (358) | (994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations related to New Mountain Finance Corporation** | 12189 | 23889 | 43376 | 85768 |
| **Capital transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  |  |  | 67691 |
| &nbsp;&nbsp;&nbsp;Repurchase of shares under Old Repurchase Program | (27611) |  | (37253) |  |
| &nbsp;&nbsp;&nbsp;Conversion of 2022 Convertible Notes to Shares | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;Offering costs | 4 | (43) | (10) | (512) |
| &nbsp;&nbsp;&nbsp;Distributions declared to stockholders from net investment income | (33822) | (36668) | (102833) | (111602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net (decrease) increase in net assets resulting from capital transactions** | (61422) | (36711) | (140089) | (44423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in net assets** | (49233) | (12822) | (96713) | 41345 |
| **New Mountain Finance Corporation net assets at the beginning of the period** | 1305859 | 1374118 | 1353339 | 1319951 |
| **New Mountain Finance Corporation net assets at the end of the period** | 1256626 | 1361296 | 1256626 | 1361296 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest in NMNLC | 6040 | 6283 | 6040 | 6283 |
| **Net assets at the end of the period** | $1262666 | $1367579 | $1262666 | $1367579 |
| **Capital share activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  | 5292556 |
| &nbsp;&nbsp;&nbsp;Conversion of 2022 Convertible Notes to Shares |  |  | 514 |  |
| &nbsp;&nbsp;&nbsp;Shares repurchased under Old Repurchase Program | (2737377) |  | (3662593) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in shares outstanding** | (2737377) |  | (3662079) | 5292556 |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Statements of Cash Flows**

**(in thousands)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities** | | |
| Net increase in net assets resulting from operations | $43734 | $86762 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses on investments | (51223) | 43524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized losses on translation of assets and liabilities in foreign currencies |  | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation | 111171 | (23368) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies | (482) | (1796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of securities purchased under collateralized agreements to resell |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchase discount | (7482) | (5774) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 6866 | 7502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium on 2022 Convertible Notes | (74) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on 6.875% and 6.200% Unsecured Notes | 932 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change due to hedging activity | (871) | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash investment income | (40281) | (47921) |
| **(Increase) decrease in operating assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for purchase of non-controlling interest in New Mountain Net Lease Corporation |  | (4666) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distribution received for purchase of non-controlling interest in New Mountain Net Lease Corporation |  | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments and delayed draw facilities | (370769) | (772915) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 519148 | 557709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 236 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for purchase of drawn portion of revolving credit facilities |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid on drawn revolvers | (25603) | (29475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash repayments on drawn revolvers | 15601 | 24893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset |  | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | (1771) | (1809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from affiliates | (121) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1496 | (2832) |
| **(Decrease) increase in operating liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | (848) | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | (5824) | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 10412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 959 | (1953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 68 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to broker | 10230 | 10370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1889 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows provided by (used in) operating activities** | 217393 | (153184) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  | 67691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares under Old Repurchase Program | (37253) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid | (76) | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (102833) | (111602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Holdings Credit Facility | 378500 | 558400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Holdings Credit Facility | (364800) | (665900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of 2022 Convertible Notes | (1228) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Unsecured Notes |  | 594981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Unsecured Notes |  | (116500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from NMFC Credit Facility |  | 112386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of NMFC Credit Facility |  | (96450) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of DB Credit Facility |  | (186400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of SBA-guaranteed debentures | (103795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from NMNLC Credit Facility II |  | 7710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of NMNLC Credit Facility II |  | (7655) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions related to non-controlling interest in NMNLC | (270) | (528) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (2436) | (10832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows used in financing activities** | (234191) | 144965 |
| **Net increase (decrease) in cash and cash equivalents** | (16798) | (8219) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 162 | 72 |
| **Cash and cash equivalents at the beginning of the period** | 80320 | 70090 |
| **Cash and cash equivalents at the end of the period** | $63684 | $61943 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $82554 | $93432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes (received) paid | (345) | 142 |
| **Non-cash operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash activity on investments | $61007 | $26350 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of 2022 Convertible Notes to Shares | $7 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for offering costs | 41 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for deferred financing costs | 45 | 708 |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (2)(12)(13) | SOFR(M) | 5.25% | 9.51% | 12/2021 | 12/2027 | $22560 | $22444 | $22560 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.25% | 9.51% | 12/2021 | 12/2027 | 20061 | 19974 | 20061 |  |
|  | First lien (4)(13) | SOFR(M) | 5.25% | 9.51% | 01/2022 | 12/2027 | 9525 | 9483 | 9525 |  |
|  | First lien (4)(13) | SOFR(M) | 5.25% | 9.51% | 12/2021 | 12/2027 | 7319 | 7282 | 7319 |  |
|  | Subordinated (3)(11)(13) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 12/2021 | 12/2031 | 17145 | 17020 | 16901 |  |
|  | Subordinated (4)(13) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 01/2022 | 12/2031 | 6724 | 6674 | 6628 |  |
|  |  |  |  |  |  |  |  | 82877 | 82994 | 6.57% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 11.08% | 05/2024 | 07/2028 | 49057 | 49038 | 49057 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 6.50% | 11.08% | 05/2024 | 07/2028 | 1450 | 1449 | 1450 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 8851 | 8835 | 9028 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3380 | 3374 | 3515 |  |
|  |  |  |  |  |  |  |  | 62696 | 63050 | 4.99% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (2)(12)(13) | SOFR(M) | 4.75% | 9.01% | 08/2021 | 10/2030 | 40009 | 39806 | 40009 |  |
|  | First lien (5)(13) | SOFR(M) | 4.75% | 9.01% | 08/2021 | 10/2030 | 21287 | 21232 | 21287 |  |
|  |  |  |  |  |  |  |  | 61038 | 61296 | 4.85% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 10.83% | 01/2025 | 01/2031 | 55582 | 55074 | 55026 | 4.36% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12) | SOFR(M) | 5.25% | 9.41% | 04/2024 | 04/2031 | 46080 | 45885 | 46234 |  |
|  | First lien (3)(11) | SOFR(M) | 5.25% | 9.41% | 04/2024 | 04/2031 | 8040 | 8004 | 8067 |  |
|  |  |  |  |  |  |  |  | 53889 | 54301 | 4.30% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 10.07% | 09/2023 | 08/2028 | 44742 | 44576 | 43623 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 6.25% | 10.57% | 10/2022 | 08/2028 | 7366 | 7329 | 7274 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.75% | 10.07% | 08/2022 | 08/2028 | 988 | 985 | 964 |  |
|  |  |  |  |  |  |  |  | 52890 | 51861 | 4.11% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.25% | 08/2019 | 05/2028 | $25145 | $25113 | $25145 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.25% | 9.25% | 08/2019 | 05/2028 | 21130 | 21102 | 21130 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.25% | 08/2019 | 05/2028 | 2886 | 2881 | 2886 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.25% | 9.25% | 08/2019 | 05/2028 | 1607 | 1601 | 1607 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.25% | 9.25% | 03/2024 | 05/2028 | 450 | 448 | 450 |  |
|  |  |  |  |  |  |  |  | 51145 | 51218 | 4.06% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 8.75% | 06/2024 | 06/2031 | 43885 | 43696 | 43885 | 3.48% |
| &nbsp;&nbsp;IG Intermediateco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.75% | 10.01% | 07/2021 | 07/2028 | 18372 | 18305 | 18372 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.75% | 10.01% | 07/2022 | 07/2028 | 7704 | 7663 | 7704 |  |
|  | Subordinated (3)(13) | SOFR(Q) | 7.50% | 11.60% | 07/2022 | 07/2029 | 16953 | 16816 | 16953 |  |
|  |  |  |  |  |  |  |  | 42784 | 43029 | 3.41% |
| &nbsp;&nbsp;Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 9.85% | 08/2021 | 08/2028 | 36806 | 36624 | 35834 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.75% | 9.85% | 08/2021 | 08/2028 | 3874 | 3854 | 3772 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 5.75% | 9.85% | 08/2021 | 08/2027 | 3027 | 2997 | 2947 |  |
|  |  |  |  |  |  |  |  | 43475 | 42553 | 3.37% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.60% | 05/2022 | 09/2027 | 36905 | 36761 | 36905 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.60% | 05/2022 | 09/2027 | 4043 | 4019 | 4043 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.25% | 9.40% | 03/2024 | 09/2027 | 386 | 383 | 386 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.25% | 9.46% | 05/2022 | 09/2027 | 277 | 277 | 277 |  |
|  |  |  |  |  |  |  |  | 41440 | 41611 | 3.30% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 9.06% | 07/2025 | 07/2032 | 39188 | 39188 | 39188 | 3.10% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Second lien (5)(13) | SOFR(M) | 6.50% | 10.78% | 08/2021 | 08/2029 | 22500 | 22433 | 22500 |  |
|  | Second lien (3)(11)(13) | SOFR(M) | 6.50% | 10.78% | 08/2021 | 08/2029 | 10965 | 10742 | 10965 |  |
|  | First lien (2)(12) | SOFR(M) | 4.25% | 8.53% | 05/2025 | 08/2028 | 6367 | 5847 | 5683 |  |
|  |  |  |  |  |  |  |  | 39022 | 39148 | 3.10% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | $21261 | $21240 | $21261 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 8.75% | 03/2021 | 02/2027 | 7532 | 7524 | 7532 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 8.75% | 03/2021 | 02/2027 | 4486 | 4483 | 4486 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | 3083 | 3080 | 3083 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | 787 | 786 | 787 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | 200 | 199 | 200 |  |
|  |  |  |  |  |  |  |  | 37312 | 37349 | 2.96% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M)\* | 2.88% + 3.38%/PIK | 10.41% | 04/2024 | 04/2030 | 36475 | 36124 | 36475 | 2.89% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.20% | 02/2022 | 08/2029 | 29868 | 29714 | 29868 |  |
|  | First lien (3)(11)(13) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.11% | 08/2025 | 08/2029 | 3054 | 3032 | 3054 |  |
|  | First lien (2)(13)(16) - Drawn | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.20% | 02/2022 | 08/2029 | 3273 | 3273 | 3273 |  |
|  |  |  |  |  |  |  |  | 36019 | 36195 | 2.87% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(S) | 5.75% | 10.14% | 10/2021 | 10/2028 | 36155 | 35971 | 35522 | 2.81% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.31% | 09/2021 | 09/2028 | 32553 | 32399 | 32553 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.31% | 03/2024 | 09/2028 | 2523 | 2523 | 2523 |  |
|  |  |  |  |  |  |  |  | 34922 | 35076 | 2.78% |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 6.09% | 10.54% | 03/2021 | 03/2028 | 19259 | 19138 | 19259 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.09% | 10.37% | 03/2021 | 03/2028 | 5012 | 4999 | 5012 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 6.09% | 10.54% | 03/2021 | 03/2028 | 4913 | 4882 | 4913 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.24% | 10.71% | 04/2025 | 03/2028 | 4706 | 4686 | 4706 |  |
|  |  |  |  |  |  |  |  | 33705 | 33890 | 2.68% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(12)(13) | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2028 | $17043 | $16953 | $17043 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2028 | 12267 | 12206 | 12267 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.60% | 06/2022 | 10/2028 | 974 | 976 | 974 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2027 | 715 | 708 | 715 |  |
|  | First lien (3)(13) | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2028 | 79 | 79 | 79 |  |
|  |  |  |  |  |  |  |  | 30922 | 31078 | 2.46% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (4)(13) | SOFR(Q) | 5.75% | 9.95% | 08/2022 | 08/2029 | 22219 | 22172 | 22219 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 9.95% | 06/2024 | 08/2029 | 8196 | 8196 | 8196 |  |
|  |  |  |  |  |  |  |  | 30368 | 30415 | 2.41% |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(11)(13)(14) | EURIBOR(M) | 5.50% | 7.41% | 03/2024 | 03/2031 | 16399 | 17644 | 19241 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.50% | 9.66% | 03/2024 | 03/2031 | $8955 | 8899 | 8955 |  |
|  | First lien (3)(11)(13)(14)(16) - Drawn | SOFR(M) | 5.50% | 9.66% | 03/2024 | 03/2031 | $1620 | 1608 | 1620 |  |
|  | First lien (3)(13)(16) - Drawn | EURIBOR(M) | 5.50% | 7.41% | 03/2024 | 03/2031 | 78 | 90 | 92 |  |
|  |  |  |  |  |  |  |  | 28241 | 29908 | 2.37% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(M) | 5.00% | 9.16% | 11/2023 | 11/2030 | 19868 | 19789 | 19868 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 05/2024 | 11/2030 | 7768 | 7768 | 7768 |  |
|  | First lien (5)(13) | SOFR(M) | 5.00% | 9.16% | 11/2023 | 11/2030 | 1309 | 1301 | 1309 |  |
|  | First lien (3)(13) | SOFR(M) | 5.00% | 9.16% | 05/2024 | 11/2030 | 512 | 516 | 512 |  |
|  |  |  |  |  |  |  |  | 29374 | 29457 | 2.33% |
| &nbsp;&nbsp;ACI Parent Inc.(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.26% | 08/2021 | 08/2028 | 22456 | 22351 | 20210 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 2.75%+ 3.25%/PIK | 10.26% | 08/2021 | 08/2028 | 4311 | 4281 | 3880 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.26% | 08/2021 | 08/2028 | 3980 | 3959 | 3582 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.50% | 9.76% | 08/2021 | 08/2027 | 1224 | 1212 | 1102 |  |
|  |  |  |  |  |  |  |  | 31803 | 28774 | 2.28% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(M) | 5.75% | 10.10% | 06/2022 | 06/2028 | $18196 | $18196 | $18196 |  |
|  | First lien (4)(13) | SOFR(M) | 5.75% | 10.10% | 06/2022 | 06/2028 | 6814 | 6814 | 6814 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.75% | 10.01% | 02/2025 | 06/2028 | 3363 | 3342 | 3363 |  |
|  |  |  |  |  |  |  |  | 28352 | 28373 | 2.25% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 09/2019 | 10/2029 | 13206 | 13175 | 13206 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.00% | 9.16% | 05/2024 | 10/2029 | 8879 | 8943 | 8879 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 10/2021 | 10/2029 | 3398 | 3394 | 3398 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.00% | 9.16% | 05/2024 | 10/2029 | 1025 | 1022 | 1025 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 09/2019 | 10/2029 | 761 | 759 | 761 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 09/2019 | 10/2029 | 341 | 340 | 341 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 09/2019 | 10/2029 | 272 | 271 | 272 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.16% | 09/2019 | 10/2029 | 125 | 127 | 125 |  |
|  |  |  |  |  |  |  |  | 28031 | 28007 | 2.22% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(11)(13) | SOFR(M) | 6.00% | 10.16% | 10/2023 | 11/2030 | 27932 | 27708 | 26717 | 2.12% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(13) | SOFR(Q) | 4.75% | 9.04% | 11/2019 | 12/2030 | 21716 | 21692 | 21716 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 9.04% | 04/2025 | 12/2030 | 4320 | 4299 | 4320 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.75% | 8.97% | 04/2025 | 12/2030 | 395 | 393 | 395 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.75% | 8.75% | 11/2019 | 12/2030 | 19 | 18 | 19 |  |
|  |  |  |  |  |  |  |  | 26402 | 26450 | 2.09% |
| &nbsp;&nbsp;Pioneer Topco I, L.P.(28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 6.00% | 10.00% | 03/2024 | 11/2028 | 23089 | 23012 | 23089 |  |
|  | First lien (3)(13) | SOFR(Q) | 6.00% | 10.00% | 03/2022 | 11/2028 | 2374 | 2366 | 2374 |  |
|  |  |  |  |  |  |  |  | 25378 | 25463 | 2.02% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(11)(13) | SOFR(S) | 5.50% | 9.62% | 02/2022 | 02/2028 | 18818 | 18774 | 18603 |  |
|  | First lien (2)(12)(13) | SOFR(S) | 5.50% | 9.62% | 02/2022 | 02/2028 | 5237 | 5223 | 5176 |  |
|  | First lien (3)(11)(13) | SOFR(S) | 5.50% | 9.62% | 02/2022 | 02/2028 | 688 | 686 | 680 |  |
|  |  |  |  |  |  |  |  | 24683 | 24459 | 1.94% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13) | SOFR(Q) | 5.50% | 9.81% | 01/2024 | 02/2031 | $22227 | $22133 | $22227 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.50% | 9.81% | 01/2024 | 02/2031 | 732 | 728 | 732 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.81% | 03/2025 | 02/2031 | 510 | 510 | 510 |  |
|  |  |  |  |  |  |  |  | 23371 | 23469 | 1.86% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.20% | 04/2024 | 08/2030 | 19821 | 19760 | 19821 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.20% | 04/2024 | 08/2030 | 3398 | 3387 | 3398 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.00% | 9.20% | 04/2024 | 08/2030 | 249 | 248 | 249 |  |
|  |  |  |  |  |  |  |  | 23395 | 23468 | 1.86% |
| &nbsp;&nbsp;HS Purchaser, LLC / Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (5)(13) | SOFR(Q) | 6.75% | 11.16% | 11/2019 | 11/2027 | 22500 | 22441 | 19384 |  |
|  | Second lien (2)(12)(13) | SOFR(Q) | 6.75% | 11.16% | 11/2019 | 11/2027 | 4208 | 4188 | 3625 |  |
|  |  |  |  |  |  |  |  | 26629 | 23009 | 1.82% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (4)(13) | SOFR(Q) | 4.75% | 8.75% | 11/2023 | 12/2030 | 22218 | 22076 | 22218 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 4.75% | 9.67% | 11/2023 | 12/2030 | 515 | 510 | 515 |  |
|  |  |  |  |  |  |  |  | 22586 | 22733 | 1.80% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13) | SOFR(Q) | 6.25% | 10.55% | 07/2017 | 07/2027 | 22500 | 22487 | 22241 | 1.76% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(11)(13) | SOFR(M) | 4.75% | 8.91% | 05/2024 | 06/2031 | 15642 | 15540 | 15642 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 4.50% | 8.66% | 05/2025 | 06/2031 | 5782 | 5755 | 5753 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 4.50% | 8.66% | 07/2025 | 06/2031 | 378 | 376 | 376 |  |
|  |  |  |  |  |  |  |  | 21671 | 21771 | 1.72% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (2)(12)(13) | SOFR(Q) | 6.00% | 10.00% | 05/2025 | 05/2030 | 21411 | 21260 | 21250 | 1.68% |
| &nbsp;&nbsp;Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4) | SOFR(Q) | 4.50% | 8.65% | 10/2020 | 11/2027 | 11639 | 11607 | 11582 |  |
|  | Second lien (4)(13) | SOFR(Q) | 7.75% | 11.91% | 11/2020 | 11/2028 | 9767 | 9718 | 9757 |  |
|  |  |  |  |  |  |  |  | 21325 | 21339 | 1.69% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(S) | 4.25% | 8.48% | 06/2021 | 06/2028 | $15343 | $15280 | $15343 |  |
|  | First lien (2)(12)(13) | SOFR(S) | 4.25% | 8.43% | 06/2021 | 06/2028 | 5145 | 5118 | 5145 |  |
|  |  |  |  |  |  |  |  | 20398 | 20488 | 1.62% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (5)(13) | SOFR(Q) | 5.00% | 9.15% | 12/2021 | 12/2029 | 8475 | 8434 | 8475 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.15% | 07/2022 | 12/2029 | 4725 | 4695 | 4725 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.00% | 9.15% | 12/2021 | 12/2029 | 2845 | 2830 | 2845 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.00% | 9.15% | 12/2021 | 12/2029 | 2827 | 2813 | 2827 |  |
|  |  |  |  |  |  |  |  | 18772 | 18872 | 1.49% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(13) | SOFR(M)(18)\* | 6.75%/PIK + 0.50% | 11.63% | 09/2015 | 09/2026 | 29879 | 29842 | 17999 |  |
|  | First lien (3)(13) | SOFR(M)(18)\* | 14.50%/PIK + 0.50% | 19.38% | 06/2021 | 09/2026 | 1527 | 1527 |  |  |
|  | Subordinated (3)(13) | SOFR(Q)(18)\* | 1.00%/PIK | 5.44% | 03/2021 | 09/2026 | 5230 |  |  |  |
|  |  |  |  |  |  |  |  | 31369 | 17999 | 1.43% |
| &nbsp;&nbsp;Ambrosia Topco LLC(31) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (2)(13) | SOFR(M)\* | 3.25%/PIK + 2.00% | 9.41% | 01/2024 | 06/2029 | 12631 | 12153 | 8161 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 3.25%/PIK + 2.00% | 9.41% | 01/2024 | 06/2029 | 10169 | 10076 | 6570 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 3.00%/PIK + 1.00% | 8.16% | 03/2024 | 06/2029 | 4036 | 2794 | 2581 |  |
|  | Subordinated (2)(13) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 328 | 328 | 328 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 316 | 316 | 316 |  |
|  |  |  |  |  |  |  |  | 25667 | 17956 | 1.42% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 8.75% | 04/2025 | 04/2032 | 16902 | 16841 | 16839 | 1.33% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (5)(13) | SOFR(M) | 4.50% | 8.66% | 02/2020 | 02/2028 | 14513 | 14500 | 14513 |  |
|  | First lien (5)(13) | SOFR(M) | 4.50% | 8.66% | 02/2024 | 02/2028 | 1248 | 1242 | 1248 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M) | 4.50% | 8.66% | 02/2020 | 02/2028 | 990 | 985 | 990 |  |
|  |  |  |  |  |  |  |  | 16727 | 16751 | 1.33% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13)(14) | SONIA(D) | 4.75% | 8.72% | 11/2024 | 11/2031 | £11940 | $15066 | $15979 | 1.27% |
| &nbsp;&nbsp;Digicert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 5.75% | 9.91% | 07/2025 | 07/2030 | $15500 | 15387 | 15384 | 1.22% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.00% | 03/2025 | 03/2032 | 15027 | 14997 | 14990 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.00% | 8.99% | 03/2025 | 03/2032 | 244 | 244 | 244 |  |
|  |  |  |  |  |  |  |  | 15241 | 15234 | 1.21% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5) | SOFR(Q) | 5.50% | 9.70% | 04/2021 | 04/2027 | 12193 | 12164 | 12193 |  |
|  | First lien (5) | SOFR(Q) | 5.50% | 9.70% | 01/2024 | 04/2027 | 1562 | 1554 | 1562 |  |
|  | First lien (3)(16) - Drawn | SOFR(Q) | 5.50% | 9.70% | 04/2021 | 04/2027 | 637 | 633 | 637 |  |
|  |  |  |  |  |  |  |  | 14351 | 14392 | 1.14% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.56% | 02/2023 | 02/2030 | 14280 | 14152 | 14280 | 1.13% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(M) | 4.75% | 8.91% | 10/2021 | 10/2028 | 12779 | 12714 | 12779 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 4.75% | 8.91% | 10/2021 | 10/2028 | 1077 | 1071 | 1077 |  |
|  | First lien (3)(13) | SOFR(M) | 4.75% | 8.91% | 10/2021 | 10/2028 | 64 | 64 | 64 |  |
|  |  |  |  |  |  |  |  | 13849 | 13920 | 1.10% |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(11)(13) | SOFR(Q)(18)\* | 4.75% + 2.50%/PIK | 11.60% | 11/2021 | 11/2027 | 10135 | 10097 | 6345 |  |
|  | First lien (3)(11)(13) | SOFR(Q)(18)\* | 4.75% + 2.50%/PIK | 11.60% | 05/2022 | 11/2027 | 10008 | 9968 | 6266 |  |
|  | First lien (3)(11)(13) | SOFR(Q)(18)\* | 4.75% + 2.50%/PIK | 11.60% | 11/2021 | 11/2027 | 883 | 877 | 553 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q)(18) | 6.75% | 11.01% | 11/2021 | 05/2027 | 880 | 874 | 551 |  |
|  |  |  |  |  |  |  |  | 21816 | 13715 | 1.09% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 12.76% | 08/2019 | 09/2026 | 11997 | 11997 | 10497 |  |
|  | First lien (2)(12)(13) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 12.76% | 08/2019 | 09/2026 | 3574 | 3583 | 3127 |  |
|  |  |  |  |  |  |  |  | 15580 | 13624 | 1.08% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(M) | 4.75% | 8.91% | 03/2025 | 01/2032 | $11380 | $11271 | $11266 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 4.75% | 8.91% | 03/2025 | 01/2032 | 1889 | 1876 | 1871 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M) | 4.75% | 8.91% | 03/2025 | 01/2032 | 301 | 289 | 298 |  |
|  |  |  |  |  |  |  |  | 13436 | 13435 | 1.06% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q)\* | 1.00% + 3.94%/PIK | 9.04% | 09/2019 | 07/2029 | 13431 | 13388 | 11266 |  |
|  | First lien (3)(11)(13) | SOFR(Q)\* | 1.00% + 3.94%/PIK | 9.04% | 02/2022 | 07/2029 | 2243 | 2229 | 1881 |  |
|  |  |  |  |  |  |  |  | 15617 | 13147 | 1.04% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(11) | SOFR(M) | 5.25% | 9.51% | 10/2023 | 04/2029 | 14373 | 14059 | 12917 | 1.02% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(M) | 5.00% | 9.16% | 07/2021 | 12/2029 | 6930 | 6897 | 6930 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 07/2021 | 12/2029 | 5498 | 5473 | 5498 |  |
|  |  |  |  |  |  |  |  | 12370 | 12428 | 0.98% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 4.50% | 8.70% | 06/2022 | 06/2029 | 10539 | 10479 | 10539 | 0.83% |
| &nbsp;&nbsp;Flash Charm Inc. (fka Idera, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (4)(13) | SOFR(Q) | 6.75% | 11.20% | 06/2019 | 03/2029 | 10719 | 10640 | 9248 |  |
|  | Second lien (3)(11)(13) | SOFR(Q) | 6.75% | 11.20% | 04/2021 | 03/2029 | 1429 | 1425 | 1233 |  |
|  |  |  |  |  |  |  |  | 12065 | 10481 | 0.83% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(M) | 5.25% | 9.41% | 02/2024 | 02/2031 | 10440 | 10396 | 10441 | 0.83% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (2)(12)(13) | SOFR(Q)\* | 6.75% + 2.00%/PIK | 12.75% | 07/2021 | 07/2027 | 8559 | 8526 | 8559 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 12.91% | 07/2021 | 07/2026 | 1084 | 1072 | 1084 |  |
|  |  |  |  |  |  |  |  | 9598 | 9643 | 0.76% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second lien (3)(11)(13) | SOFR(M) | 5.50% | 9.66% | 07/2025 | 07/2033 | 9512 | 9465 | 9464 | 0.75% |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 8.75% | 07/2025 | 07/2032 | 9116 | 9071 | 9070 | 0.72% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 4.75% | 8.91% | 09/2021 | 09/2027 | $7390 | $7375 | $7390 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 4.75% | 8.91% | 09/2021 | 09/2027 | 1511 | 1511 | 1511 |  |
|  | First lien (3)(13)(16) - Drawn | P(Q) | 3.75% | 11.00% | 09/2021 | 09/2027 | 166 | 165 | 166 |  |
|  |  |  |  |  |  |  |  | 9051 | 9067 | 0.72% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.50% | 9.67% | 08/2025 | 08/2032 | 9091 | 9046 | 9045 | 0.72% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (3)(11)(13) | SOFR(Q) | 5.75% | 9.75% | 06/2024 | 12/2028 | 9231 | 9211 | 8952 | 0.71% |
| &nbsp;&nbsp;Firebird Co-Invest L.P. (20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q)\* | 2.25% + 2.75%/PIK | 9.31% | 01/2025 | 02/2032 | 8150 | 8131 | 8130 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.50% | 8.71% | 01/2025 | 02/2032 | 733 | 731 | 731 |  |
|  |  |  |  |  |  |  |  | 8862 | 8861 | 0.70% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12) | SOFR(Q) | 5.25% | 9.56% | 07/2024 | 03/2031 | 7596 | 7579 | 7596 |  |
|  | First lien (3) | SOFR(Q) | 5.25% | 9.48% | 07/2024 | 03/2031 | 622 | 619 | 621 |  |
|  | First lien (3)(11)(16) - Drawn | SOFR(Q) | 5.25% | 9.25% | 07/2024 | 03/2030 | 312 | 312 | 312 |  |
|  |  |  |  |  |  |  |  | 8510 | 8529 | 0.68% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13) | SOFR(Q) | 4.50% | 8.81% | 01/2024 | 01/2030 | 8422 | 8357 | 8422 | 0.67% |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Drawn | SOFR(M) | 4.75% | 8.91% | 03/2024 | 11/2028 | 4556 | 4537 | 4556 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 4.50% | 8.67% | 03/2024 | 11/2028 | 3779 | 3779 | 3779 |  |
|  |  |  |  |  |  |  |  | 8316 | 8335 | 0.66% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 6.75% | 11.06% | 10/2024 | 11/2029 | 8414 | 8324 | 8309 | 0.66% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(13) | SOFR(Q) | 4.75% | 8.75% | 06/2025 | 07/2032 | 8168 | 8128 | 8127 | 0.64% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.91% | 10/2021 | 10/2028 | 6774 | 6739 | 6283 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.84% | 06/2022 | 10/2028 | 1140 | 1133 | 1057 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 776 | 772 | 720 |  |
|  | First lien (3)(13) | SOFR(Q) | 5.75% | 10.05% | 11/2023 | 10/2028 | 19 | 18 | 17 |  |
|  |  |  |  |  |  |  |  | 8662 | 8077 | 0.64% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 9.08% | 07/2024 | 07/2031 | $7810 | $7758 | $7810 | 0.62% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12) | SOFR(Q) | 4.75% | 8.75% | 07/2025 | 07/2032 | 7111 | 6971 | 7118 | 0.56% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13) | SOFR(M) | 4.50% | 8.68% | 09/2024 | 09/2031 | 7113 | 7081 | 7113 | 0.56% |
| &nbsp;&nbsp;PPVA Black Elk (Equity) LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated (3)(13) |  |  |  | 05/2013 |  | 14500 | 14500 | 6525 | 0.52% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(13) | SOFR(Q)\* | 2.75% + 2.75%/PIK | 9.71% | 08/2024 | 08/2031 | 6206 | 6153 | 6206 |  |
|  | First lien (5)(13)(16) - Drawn | SOFR(Q) | 5.00% | 9.19% | 08/2024 | 08/2031 | 221 | 219 | 221 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.16% | 08/2024 | 08/2030 | 72 | 71 | 72 |  |
|  |  |  |  |  |  |  |  | 6443 | 6499 | 0.51% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 4.75% | 8.91% | 08/2024 | 08/2031 | 6467 | 6438 | 6467 | 0.51% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.48% | 11/2023 | 11/2030 | 6280 | 6247 | 6280 | 0.50% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 6.75% | 10.75% | 12/2023 | 04/2029 | 6254 | 6186 | 6254 | 0.50% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.48% | 08/2025 | 08/2031 | 6223 | 6192 | 6192 | 0.49% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.16% | 06/2025 | 05/2028 | 6073 | 6032 | 6042 | 0.48% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 4.50% | 8.66% | 08/2024 | 09/2031 | 5877 | 5851 | 5877 | 0.47% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 4.50% | 8.70% | 05/2025 | 05/2032 | 5843 | 5815 | 5813 | 0.46% |
| &nbsp;&nbsp;LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12) | SOFR(Q) | 4.50% | 8.50% | 04/2025 | 03/2032 | 5155 | 5056 | 5086 | 0.40% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 8.75% | 10/2023 | 10/2030 | 5031 | 4991 | 5031 | 0.40% |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | Subordinated (3)(13) | FIXED(Q)\* | 13.00%/PIK | 13.00% | 05/2023 | 05/2033 | 4515 | 4472 | 4515 | 0.36% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(12) | SOFR(M) | 5.00% | 9.16% | 06/2024 | 07/2028 | $3939 | $3939 | $3315 |  |
|  | First lien (2)(12) | SOFR(M) | 4.25% | 8.53% | 09/2025 | 07/2028 | 1067 | 883 | 883 |  |
|  |  |  |  |  |  |  |  | 4822 | 4198 | 0.33% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13) | SOFR(M) | 7.50% | 11.66% | 07/2024 | 07/2029 | 4196 | 4145 | 4047 | 0.32% |
| &nbsp;&nbsp;Kene Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.56% | 02/2024 | 02/2031 | 3483 | 3454 | 3483 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.25% | 9.56% | 02/2024 | 02/2031 | 161 | 160 | 161 |  |
|  |  |  |  |  |  |  |  | 3614 | 3644 | 0.29% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(S) | 4.75% | 8.99% | 05/2024 | 12/2028 | 3062 | 3050 | 3062 | 0.24% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(M) | 4.75% | 9.02% | 05/2021 | 05/2027 | 3046 | 3036 | 3046 | 0.24% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 4.50% | 8.50% | 04/2024 | 09/2028 | 1792 | 1768 | 1792 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.50% | 8.50% | 04/2024 | 09/2028 | 1081 | 1076 | 1081 |  |
|  |  |  |  |  |  |  |  | 2844 | 2873 | 0.23% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q)\* | 6.41%/PIK | 10.41% | 03/2021 | 04/2028 | 1839 | 1835 | 1621 |  |
|  | First lien (3)(11)(13) | SOFR(Q)\* | 6.50%/PIK | 10.50% | 12/2022 | 04/2028 | 1031 | 1022 | 912 |  |
|  |  |  |  |  |  |  |  | 2857 | 2533 | 0.20% |
| &nbsp;&nbsp;DT1 Midco Corp |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.16% | 06/2025 | 12/2031 | 1345 | 1338 | 1338 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.16% | 06/2025 | 12/2031 | 32 | 32 | 32 |  |
|  |  |  |  |  |  |  |  | 1370 | 1370 | 0.11% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 5.00% | 9.20% | 07/2025 | 11/2031 | 1237 | 1225 | 1227 | 0.10% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(M) | 5.25% | 9.41% | 05/2024 | 10/2029 | 1042 | 1037 | 1042 | 0.08% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Drawn | SOFR(M) | 4.75% | 8.91% | 06/2024 | 12/2028 | 464 | 460 | 464 | 0.04% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Trust Claim(2)(13) |  |  |  | 06/2024 | 06/2029 | $152 | $152 | $152 |  |
|  | Trust Claim(3)(13) |  |  |  | 06/2024 | 06/2029 | 52 | 52 | 52 |  |
|  |  |  |  |  |  |  |  | 204 | 204 | 0.02% |
| &nbsp;&nbsp;Mai Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.75% | 8.75% | 06/2025 | 08/2031 | 55 | 55 | 55 | —% |
| &nbsp;&nbsp;PPVA Fund, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Collateralized Financing (18)(19) |  |  |  | 11/2014 |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**1964244** | $**1915157** | **151.69%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.65% | 07/2024 | 07/2031 | $19815 | $19852 | $19815 |  |
|  | First lien (2)(12)(13) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.65% | 06/2025 | 07/2031 | 16245 | 16245 | 16245 |  |
|  | First lien (2)(12)(13) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.74% | 06/2025 | 07/2031 | 881 | 881 | 881 |  |
|  |  |  |  |  |  |  |  | 36978 | 36941 | 2.93% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  |  | $**36978** | $**36941** | **2.93%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 6.50% | 10.90% | 02/2024 | 02/2030 | $9464 | $9371 | $9464 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 10.83% | 02/2024 | 02/2030 | 5353 | 5290 | 5353 |  |
|  |  |  |  |  |  |  |  | 14661 | 14817 | 1.17% |
| &nbsp;&nbsp;Accelya Lux Finco S.a.r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3) | SOFR(Q) | 5.25% | 9.21% | 09/2025 | 10/2032 | 9552 | 9361 | 9361 | 0.74% |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 8.81% | 05/2025 | 06/2032 | 8406 | 8120 | 8406 | 0.67% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**32142** | $**32584** | **2.58%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.33% | 06/2025 | 12/2029 | $4474 | $4464 | $4474 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.33% | 12/2022 | 12/2029 | 3419 | 3384 | 3419 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.33% | 12/2023 | 12/2029 | 1332 | 1322 | 1332 |  |
|  |  |  |  |  |  |  |  | 9170 | 9225 | 0.73% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 10.75% | 05/2024 | 05/2030 | $4739 | $4701 | $4739 | 0.38% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  |  | $**13871** | $**13964** | **1.11%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  |  | $**2047235** | $**1998646** | **158.31%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dealer Tire Holdings, LLC(36) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Preferred shares (3)(11)(13) | FIXED(A)\* | 7.00%/PIK | 7.00% | 09/2021 |  | 56271 | $75927 | $81078 | 6.42% |
| &nbsp;&nbsp;Symplr Software Intermediate Holdings, Inc. (35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Series A preferred shares (4)(13) | SOFR(Q)\* | 10.50%/PIK | 14.65% | 11/2018 |  | 7500 | 18280 | 17609 |  |
|  | Series A preferred shares (3)(11)(13) | SOFR(Q)\* | 10.50%/PIK | 14.65% | 11/2018 |  | 2586 | 6302 | 6070 |  |
|  |  |  |  |  |  |  |  | 24582 | 23679 | 1.88% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Preferred Issuer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(13) | FIXED(S)\* | 10.50%/PIK | 10.50% | 04/2021 |  | 10000 | 15702 | 15036 | 1.19% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc.(34) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(13) | SOFR(S)\* | 10.75%/PIK | 14.89% | 06/2022 |  | 8313 | 12324 | 12400 | 0.98% |
| &nbsp;&nbsp;ACI Parent Inc.(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Preferred shares (3)(13) | FIXED(Q)\* | 11.75%/PIK | 11.75% | 08/2021 |  | 12500 | 20124 | 10125 | 0.80% |
| &nbsp;&nbsp;HBWM Holdings, LLC(33) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | Common units(9)(13) | FIXED(Q)\* | 4.00% | 4.00% | 09/2021 |  | 47114 | 4767 | 9564 | 0.76% |
| &nbsp;&nbsp;Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (32) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | Series A preferred shares (3)(13) | FIXED(A)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 2900 | 3335 | 3335 |  |
|  | Series B preferred shares (3)(13) | FIXED(A)(18)\* | 11.50%/PIK | 11.50% | 05/2024 |  | 3691 | 2565 | 2703 |  |
|  | Ordinary shares (3)(13) |  |  |  | 05/2024 |  | 290 | 145 | 305 |  |
|  |  |  |  |  |  |  |  | 6045 | 6343 | 0.50% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Ordinary shares (5)(13) |  |  |  | 12/2021 |  | 50000 | 5000 | 5000 | 0.40% |
| &nbsp;&nbsp;Firebird Co-Invest L.P.(20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | LP Interest (3)(13) |  |  |  | 01/2025 |  | 3358474 | 3358 | 3358 | 0.27% |
| &nbsp;&nbsp;Eclipse Topco, Inc.(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (4)(13) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 190 | 2075 | 2094 | 0.17% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Pioneer Topco I, L.P.(28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-2 common units(10)(13) |  |  |  | 11/2021 |  | 199980 | $2000 | $2086 | 0.17% |
| &nbsp;&nbsp;Ambrosia Topco LLC (31) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Class A-1 common units(2)(13) |  |  |  | 01/2024 |  | 126536 | 1348 | 590 |  |
|  | Class A-1 common units(3)(13) |  |  |  | 01/2024 |  | 122044 | 1300 | 569 |  |
|  |  |  |  |  |  |  |  | 2648 | 1159 | 0.09% |
| &nbsp;&nbsp;GEDC Equity, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Participation Interest(3)(13) |  |  |  | 06/2023 |  | 190000 | 190 | 50 | —% |
| &nbsp;&nbsp;Ancora Acquisition LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Preferred shares (7)(13) |  |  |  | 08/2013 |  | 372 | 83 |  | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Ordinary shares (3)(13) |  |  |  | 03/2021 |  | 758 |  |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**174825** | $**171972** | **13.63%** |
| **Total Shares** |  |  |  |  |  |  |  | $**174825** | $**171972** | **13.63%** |
| **Structured Finance Obligations - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligation (3)(13) | SOFR(Q) | 7.00% | 11.33% | 11/2024 | 01/2037 | 3232 | $3232 | $3257 | 0.26% |
| **Total Structured Finance Obligations - United States** |  |  |  |  |  |  |  | $**3232** | $**3257** | **0.26%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (2)(13) |  |  |  | 06/2024 | 06/2029 | 138622 | $182 | $272 |  |
|  | Warrants (3)(13) |  |  |  | 06/2024 | 06/2029 | 47459 | 62 | 93 |  |
|  |  |  |  |  |  |  |  | 244 | 365 | 0.03% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**244** | $**365** | **0.03%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**2225536** | $**2174240** | **172.23%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 12/2025 | $1685 | $— | $— | —% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2022 | 06/2028 | 2405 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2021 | 09/2026 | $2652 | $— | $— | —% |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2024 | 10/2026 | 2695 |  |  | —% |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 3046 |  |  | —% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 3077 |  |  | —% |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 3402 |  |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 6349 |  |  | —% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2025 | 07/2032 | 9403 |  |  | —% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2021 | 07/2026 | 113 | (1) |  | —% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(16) - Undrawn |  |  |  | 07/2024 | 03/2030 | 589 | (1) |  | —% |
| &nbsp;&nbsp;Mai Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2025 | 06/2027 | 3692 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2025 | 08/2031 | 252 | (1) |  |  |
|  |  |  |  |  |  |  |  | (1) |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2021 | 09/2027 | 345 | (2) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2019 | 12/2030 | $291 | $(1) | $— |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2025 | 11/2026 | 271 | (1) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 07/2028 | 2380 | (1) |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 07/2028 | 3077 | (2) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 578 | (3) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2025 | 903 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2029 | 339 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1672 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 09/2031 | 669 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2021 | 05/2027 | 417 | (4) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2020 | 02/2028 | 810 | (4) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2022 | 08/2029 | 486 | (5) |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2024 | 02/2031 | 1098 | (5) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Kene Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2026 | $1398 | $— | $— |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2031 | 468 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1629 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2031 | 1086 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2026 | 136 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2030 | 644 | (6) |  |  |
|  |  |  |  |  |  |  |  | (6) |  | —% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(16) - Undrawn |  |  |  | 04/2021 | 04/2027 | 850 | (6) |  | —% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2030 | 1594 | (6) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 822 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2019 | 10/2029 | 811 | (6) |  |  |
|  |  |  |  |  |  |  |  | (6) |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2021 | 10/2028 | 2040 | (6) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2024 | 01/2030 | 828 | (8) |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2031 | 1510 | (8) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2021 | 12/2029 | 893 | (9) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2020 | 02/2027 | $1802 | $(9) | $— | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2021 | 10/2028 | 986 | (10) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2023 | 10/2030 | 1229 | (12) |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2023 | 06/2027 | 1291 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2023 | 02/2029 | 989 | (12) |  |  |
|  |  |  |  |  |  |  |  | (12) |  | —% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 07/2027 | 2253 | (14) |  | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2025 | 03/2027 | 909 |  |  |  |
|  | First lien (5)(13)(16) - Undrawn |  |  |  | 03/2025 | 03/2027 | 2723 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2021 | 12/2029 | 1400 | (14) |  |  |
|  |  |  |  |  |  |  |  | (14) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2021 | 06/2028 | 1501 | (15) |  | —% |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2027 | $3501 |  |  |  |
|  | First lien (3)(11)(13)(14)(16) - Undrawn |  |  |  | 03/2024 | 03/2027 | 6411 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2031 | $993 | (7) |  |  |
|  | First lien (3)(11)(13)(14)(16) - Undrawn |  |  |  | 03/2024 | 03/2031 | 1118 | (8) |  |  |
|  |  |  |  |  |  |  |  | (15) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | $759 | $— | $— |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2019 | 05/2028 | 3214 | (20) |  |  |
|  |  |  |  |  |  |  |  | (20) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 2924 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2022 | 09/2027 | 2034 | (20) |  |  |
|  |  |  |  |  |  |  |  | (20) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2021 | 10/2027 | 2145 | (21) |  | —% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13)(16) - Undrawn |  |  |  | 09/2024 | 09/2026 | 1206 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2024 | 09/2031 | 4190 | (21) |  |  |
|  |  |  |  |  |  |  |  | (21) |  | —% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 08/2030 | 2016 | (8) |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 04/2026 | 3398 | (13) |  |  |
|  |  |  |  |  |  |  |  | (21) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 06/2026 | 9047 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 06/2031 | 4825 | (24) |  |  |
|  |  |  |  |  |  |  |  | (24) |  | —% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(16) - Undrawn |  |  |  | 04/2024 | 04/2031 | 5063 | (25) |  | —% |
| &nbsp;&nbsp;Pioneer Topco I, L.P.(28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2021 | 11/2027 | 3284 | (26) |  | —% |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2021 | 07/2028 | 3827 | (29) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2019 | 10/2030 | $3951 | $(30) | $— | —% |
| &nbsp;&nbsp;Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2021 | 12/2027 | 3659 | (37) |  | —% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 12/2030 | 3775 | (38) |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2021 | 09/2028 | 3780 | (38) |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(13)(16) - Undrawn |  |  |  | 02/2022 | 12/2025 | 468 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2025 | 12/2025 | 46 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2022 | 08/2029 | 4267 | (43) |  |  |
|  |  |  |  |  |  |  |  | (43) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 04/2030 | 3980 | (50) |  | —% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2025 | 08/2027 | 2074 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2025 | 08/2031 | 691 | (3) | (3) |  |
|  |  |  |  |  |  |  |  | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2025 | 01/2026 | 58 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2025 | 11/2026 | 611 |  | (5) |  |
|  |  |  |  |  |  |  |  |  | (5) | (0.00)% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2025 | 08/2032 | 909 | (5) | (5) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2025 | 01/2028 | $3039 | $— | $— |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1139 | (6) | (6) |  |
|  |  |  |  |  |  |  |  | (6) | (6) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2025 | 03/2032 | 1384 | (3) | (3) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2025 | 03/2027 | 1629 |  | (4) |  |
|  |  |  |  |  |  |  |  | (3) | (7) | (0.00)% |
| &nbsp;&nbsp;Digicert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2025 | 07/2030 | 1119 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2025 | 07/2032 | 1797 | (9) | (9) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2017 | 07/2027 | 992 | (10) | (11) | (0.00)% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2025 | 05/2032 | 899 | (4) | (4) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2025 | 05/2027 | 1798 |  | (9) |  |
|  |  |  |  |  |  |  |  | (4) | (13) | (0.00)% |
| &nbsp;&nbsp;Firebird Co-Invest L.P. (20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2025 | 02/2032 | 1422 | (4) | (4) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2025 | 02/2027 | 4005 |  | (10) |  |
|  |  |  |  |  |  |  |  | (4) | (14) | (0.00)% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 07/2029 | 420 | (6) | (15) | (0.00)% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2025 | 12/2026 | 3897 | (39) | (19) | (0.00)% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2025 | 05/2030 | 2717 | (20) | (20) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2022 | 02/2028 | $1969 | $(10) | $(23) | (0.00)% |
| &nbsp;&nbsp;DT1 Midco Corp |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2025 | 12/2030 | 674 | (3) | (3) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2025 | 04/2027 | 4462 |  | (22) |  |
|  |  |  |  |  |  |  |  | (3) | (25) | (0.00)% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2025 | 10/2031 | 1074 | (11) | (11) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2025 | 01/2027 | 1847 |  | (18) |  |
|  |  |  |  |  |  |  |  | (11) | (29) | (0.00)% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2025 | 06/2027 | 2122 |  | (11) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 06/2030 | 3707 | (26) | (19) |  |
|  |  |  |  |  |  |  |  | (26) | (30) | (0.00)% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2025 | 04/2032 | 819 | (3) | (3) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2025 | 04/2032 | 2317 | (9) | (9) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2025 | 10/2027 | 5257 |  | (19) |  |
|  |  |  |  |  |  |  |  | (12) | (31) | (0.00)% |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2024 | 11/2031 | 3320 | (17) | (17) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2024 | 11/2026 | 4150 |  | (21) |  |
|  |  |  |  |  |  |  |  | (17) | (38) | (0.00)% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2025 | 01/2031 | 5750 | (57) | (57) | (0.00)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2022 | 08/2028 | 2542 | (22) | (64) | (0.01)% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;ACI Parent Inc.(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2021 | 08/2027 | $1130 | $(11) | $(113) | (0.01)% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2023 | 11/2025 | 3708 |  | (161) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2023 | 11/2029 | 3708 | (37) | (161) |  |
|  |  |  |  |  |  |  |  | (37) | (322) | (0.03)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**(969)** | $**(867)** | **(0.05)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2022 | 12/2028 | $790 | $(6) | $— | —% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1048 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2030 | 667 | (7) |  |  |
|  |  |  |  |  |  |  |  | (7) |  | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  | $**(13)** | $**—** | **— %** |
| **Unfunded Debt Investments - UK** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2030 | $2989 | $(37) | $— | —% |
| **Total Unfunded Debt Investments - UK** |  |  |  |  |  |  |  | $**(37)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  |  | $**(1019)** | $**(867)** | **(0.05)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**2224517** | $**2173373** | **172.18%** |
| **Non-Controlled/Affiliated Investments (37)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC (21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Edmentum Ultimate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Subordinated (3)(13) | SOFR(Q)\* | 14.00%/PIK | 18.65% | 12/2020 | 01/2028 | $25465 | $25410 | $25465 | 2.02% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC (30) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 7.50% | 11.65% | 03/2023 | 04/2028 | $10628 | $10628 | $10628 |  |
|  | First lien (3)(13) | SOFR(Q) | 7.50% | 11.65% | 03/2023 | 04/2028 | 340 | 340 | 340 |  |
|  |  |  |  |  |  |  |  | 10968 | 10968 | 0.87% |
| &nbsp;&nbsp;Permian Holdco 3, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Permian Trust |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Trust Claim(8)(13) | FIXED(Q)(18)\* | 10.00%/PIK | 10.00% | 03/2021 |  | 247 |  |  |  |
|  | First lien (3)(13) | SOFR(Q)(18)\* | 10.00%/PIK | 11.00% | 07/2020 |  | 3409 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**36378** | $**36433** | **2.89%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC(21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Class B-1 Common Shares (3)(13) |  |  |  | 12/2020 |  | 24450 | $43212 | $40481 |  |
|  | Series C-2 Preferred Units(3)(13) | FIXED(Q)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 3480 | 8404 | 8404 |  |
|  | Class B-2 Common Shares (3)(13) |  |  |  | 12/2020 |  | 24450 | 24839 |  |  |
|  |  |  |  |  |  |  |  | 76455 | 48885 | 3.87% |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Ordinary shares (3)(13) |  |  |  | 03/2023 |  | 72536 | 4104 | 7368 | 0.58% |
| &nbsp;&nbsp;Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (2)(13) |  |  |  | 07/2017 |  | 25000000 | 11501 | 1799 |  |
|  | Ordinary shares (3)(13) |  |  |  | 07/2017 |  | 2786000 | 1282 | 201 |  |
|  |  |  |  |  |  |  |  | 12783 | 2000 | 0.16% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**93342** | $**58253** | **4.61%** |
| **Total Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  | $**129720** | $**94686** | **7.50%** |
| **Controlled Investments (38)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Topco, LLC (23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(13) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | $50388 | $50388 | $50388 |  |
|  | First lien (3)(11)(13) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 39834 | 39834 | 39834 |  |
|  | Subordinated (3)(13) | FIXED(M)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 26071 | 25550 | 20857 |  |
|  |  |  |  |  |  |  |  | 115772 | 111079 | 8.80% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 6.00% | 10.26% | 10/2020 | 12/2027 | $26998 | $26998 | $26998 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 9.00% | 13.26% | 10/2020 | 12/2027 | 23336 | 23336 | 23336 |  |
|  |  |  |  |  |  |  |  | 50334 | 50334 | 3.99% |
| &nbsp;&nbsp;NHME Holdings Corp. (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;National HME, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second lien (3)(13) | SOFR(Q)(18)\* | 5.00%/PIK | 9.55% | 11/2018 | 11/2025 | 8281 | 7872 | 3000 | 0.24% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**173978** | $**164413** | **13.03%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NMFC Senior Loan Program III LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(13) |  |  |  | 05/2018 |  |  | $160000 | $160000 | 12.67% |
| &nbsp;&nbsp;NMFC Senior Loan Program IV LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(13) |  |  |  | 05/2021 |  |  | 112400 | 112400 | 8.90% |
| &nbsp;&nbsp;NM NL Holdings, L.P.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(13) |  |  |  | 06/2018 |  |  | 74248 | 105878 | 8.39% |
| &nbsp;&nbsp;UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred shares (3)(13) | FIXED(Q)\* | 20.00%/PIK | 20.00% | 08/2018 |  | 61414892 | 58091 | 61415 |  |
|  | Preferred shares (3)(13) |  |  |  | 06/2017 |  | 80994293 | 29318 | 8675 |  |
|  | Preferred shares (2)(13) |  |  |  | 01/2015 |  | 29326545 | 26946 |  |  |
|  | Preferred shares (3)(13) |  |  |  | 01/2015 |  | 141354439 | 7447 |  |  |
|  | Ordinary shares (2)(13) |  |  |  | 01/2015 |  | 2096477 | 1925 |  |  |
|  | Ordinary shares (3)(13) |  |  |  | 01/2015 |  | 9236492 | 532 |  |  |
|  |  |  |  |  |  |  |  | 124259 | 70090 | 5.55% |
| &nbsp;&nbsp;New Benevis Topco, LLC (23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Common stock (2)(13) |  |  |  | 10/2020 |  | 325516 | 27154 | 27721 |  |
|  | Common stock (3)(13) |  |  |  | 10/2020 |  | 152548 | 12768 | 12992 |  |
|  |  |  |  |  |  |  |  | 39922 | 40713 | 3.22% |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (3)(13) |  |  |  | 10/2020 |  | 100 | 11155 | 13000 | 1.03% |
| &nbsp;&nbsp;NM YI, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(13) |  |  |  | 09/2019 |  |  | 6272 | 8673 | 0.69% |
| &nbsp;&nbsp;NM GP Holdco, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(13) |  |  |  | 06/2018 |  |  | 850 | 393 | 0.03% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;NHME Holdings Corp.(22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Ordinary shares (3)(13) |  |  |  | 11/2018 |  | 640000 | $4000 | $— | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**533106** | $**511147** | **40.48%** |
| **Total Shares** |  |  |  |  |  |  |  | $**533106** | $**511147** | **40.48%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NHME Holdings Corp. (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (3)(13) |  |  |  | 11/2018 | 01/2033 | 160000 | $1000 | $— | —% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**1000** | $**—** | **— %** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**708084** | $**675560** | **53.51%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2020 | 12/2027 | $4897 | $— | $— | —% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**—** | $**—** | **— %** |
| **Total Controlled Investments** |  |  |  |  |  |  |  | $**708084** | $**675560** | **53.51%** |
| **Total Investments** |  |  |  |  |  |  |  | $**3062321** | $**2943619** | **233.19%** |

---

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by New Mountain Net Lease Corporation.

(7)Investment is held by NMF Ancora Holdings, Inc.

(8)Investment is held by NMF Permian Holdings, LLC.

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

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

(11)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. *Borrowings*, for details.

(12)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. *Borrowings*, for details.

(13)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.

(14)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of September 30, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,059 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,243, $7,522, $1,311 and $92, respectively. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

(16)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolvers or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

(17)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of September 30, 2025.

(18)Investment is on non-accrual status as of September 30, 2025. See Note 3. *Investments*, for details.

(19)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of September 30, 2025. See Note 2. *Summary of Significant Accounting Policies*, for details.

(20)The Company holds an LP Interest in Firebird Co-Invest L.P. and holds a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P. .

(21)The Company holds ordinary shares and Class B-1 and Class B-2 of preferred equity in TVG-Edmentum Holdings, LLC and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of September 30, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.

(22)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

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

(24)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(25)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $15,827.

(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $20,249.

(27)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and five first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(28)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(29)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $2,094.

(30)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(31)The Company holds Class A-1 Common Units in Ambrosia Topco LLC and two first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.

(32)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's Series A and Series B preferred equity investment, plus unpaid compounded dividends, was $3,335 and $4,116, respectively.

(33)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of September 30, 2025, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,767.

(34)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was $12,400.

(35)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $24,733.

(36)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was $84,739.

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

(37)Denotes investments in which the Company is an "Affiliated Person", as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of September 30, 2025 and December 31, 2024, along with transactions during the nine months ended September 30, 2025 in which the issuer was a non-controlled/affiliated investment, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross Additions (A)** | **Gross Redemptions (B)** | **Net Change In Unrealized Appreciation (Depreciation)** | **Fair Value at September 30, 2025** | **Net Realized Gains (Losses)** | **Interest Income** | **Dividend Income** | **Other Income** |
| Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC | $19156 | $— | $— | $(820) | $18336 | $— | $994 | $— | $— |
| Sierra Hamilton Holdings Corporation | 2000 |  |  |  | 2000 |  |  |  |  |
| TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC | 91620 | 5465 |  | (22735) | 74350 |  | 3171 | 2279 | 188 |
| **Total Non-Controlled/Affiliated Investments** | $**112776** | $**5465** | $**—** | $**(23555)** | $**94686** | $**—** | $**4165** | $**2279** | $**188** |

---

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

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

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

(38)&nbsp;&nbsp;&nbsp;&nbsp;Denotes investments in which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of September 30, 2025 and December 31, 2024, along with transactions during the nine months ended September 30, 2025 in which the issuer was a controlled investment, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Fair Value at December 31, 2024** | **Gross Additions (A)** | **Gross Redemptions (B)** | **Net Change In Unrealized Appreciation (Depreciation)** | **Fair Value at September 30, 2025** | **Net Realized Gains (Losses)** | **Interest Income** | **Dividend Income** | **Other Income** |
| National HME, Inc./NHME Holdings Corp. | $3000 | $— | $— | $— | $3000 | $— | $— | $— | $— |
| New Benevis Topco, LLC / New Benevis Holdco, Inc. | 140102 | 13606 |  | (1916) | 151792 |  | 10489 |  | 1383 |
| New Permian Holdco, Inc. / New Permian Holdco, L.L.C. | 63076 | 6159 |  | (5901) | 63334 |  | 4260 |  | 375 |
| NM NL Holdings, L.P. | 104512 |  |  | 1366 | 105878 |  |  | 6564 |  |
| NM GP Holdco, LLC | 322 |  |  | 71 | 393 |  |  | 33 |  |
| NM YI LLC | 9960 |  |  | (1287) | 8673 |  |  | 674 |  |
| NMFC Senior Loan Program III LLC | 160000 |  |  |  | 160000 |  |  | 17000 |  |
| NMFC Senior Loan Program IV LLC | 112400 |  |  |  | 112400 |  |  | 11521 |  |
| UniTek Global Services, Inc. | 107524 | 69314 | (60582) | (46166) | 70090 | 38898 | 516 | 7781 | 820 |
| **Total Controlled Investments** | $**700896** | $**89079** | $**(60582)** | $**(53833)** | $**675560** | $**38898** | $**15265** | $**43573** | $**2578** |

---

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

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

\*&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 September 30, 2025, 15.1% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

(unaudited)

---

| | |
|:---|:---|
|<br>**Investment Type** | **September 30, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 67.58% |
| Second lien | 3.33% |
| Subordinated | 3.77% |
| Structured Finance Obligations | 0.11% |
| Equity and other | 25.21% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **September 30, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Software | 27.90% |
| Business Services | 17.65% |
| Healthcare | 14.80% |
| Investment Funds (includes investments in joint ventures) | 9.36% |
| Consumer Services | 6.39% |
| Education | 5.18% |
| Distribution & Logistics | 3.97% |
| Net Lease | 3.90% |
| Financial Services | 3.62% |
| Packaging | 2.43% |
| Energy | 2.22% |
| Business Products | 1.06% |
| Food & Beverage | 0.72% |
| Consumer Products | 0.47% |
| Specialty Chemicals & Materials | 0.33% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **September 30, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 85.50% |
| Fixed rates | 14.50% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (2)(12)(13) | SOFR(M) | 5.25% | 9.71% | 12/2021 | 12/2027 | $22733 | $22583 | $22734 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.25% | 9.71% | 12/2021 | 12/2027 | 20218 | 20104 | 20218 |  |
|  | First lien (4)(13) | SOFR(M) | 5.25% | 9.71% | 01/2022 | 12/2027 | 9599 | 9545 | 9599 |  |
|  | First lien (4)(13) | SOFR(M) | 5.25% | 9.71% | 12/2021 | 12/2027 | 7375 | 7327 | 7375 |  |
|  | Subordinated (3)(11)(13) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 12/2021 | 12/2031 | 15733 | 15598 | 15366 |  |
|  | Subordinated (4)(13) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 01/2022 | 12/2031 | 6170 | 6117 | 6027 |  |
|  |  |  |  |  |  |  |  | 81274 | 81319 | 5.98% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc.(30) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.50% | 10.09% | 06/2022 | 06/2029 | 64124 | 63786 | 64124 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 5.50% | 9.83% | 06/2022 | 06/2029 | 973 | 966 | 973 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.50% | 10.09% | 06/2022 | 06/2029 | 751 | 746 | 751 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 10.09% | 06/2022 | 06/2029 | 238 | 237 | 238 |  |
|  |  |  |  |  |  |  |  | 65735 | 66086 | 4.86% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 11.32% | 05/2024 | 07/2028 | 49430 | 49409 | 49430 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 6.50% | 11.28% | 05/2024 | 07/2028 | 1539 | 1538 | 1539 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 6.50% | 11.32% | 05/2024 | 07/2028 | 641 | 641 | 641 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 7959 | 7942 | 7959 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3039 | 3033 | 3039 |  |
|  |  |  |  |  |  |  |  | 62563 | 62608 | 4.61% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (2)(12)(13) | SOFR(M) | 4.75% | 9.21% | 08/2021 | 10/2030 | 40312 | 40084 | 40312 |  |
|  | First lien (5)(13) | SOFR(M) | 4.75% | 9.21% | 08/2021 | 10/2030 | 21448 | 21386 | 21448 |  |
|  |  |  |  |  |  |  |  | 61470 | 61760 | 4.54% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;OA Topco, L.P.(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(M) | 4.75% | 9.11% | 06/2024 | 12/2028 | $31513 | $31442 | $31513 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 4.75% | 9.11% | 12/2021 | 12/2028 | 27425 | 27248 | 27425 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 4.75% | 9.11% | 05/2022 | 12/2028 | 1736 | 1724 | 1736 |  |
|  |  |  |  |  |  |  |  | 60414 | 60674 | 4.46% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.58% | 08/2019 | 05/2028 | 34719 | 34663 | 34719 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.25% | 9.58% | 08/2019 | 05/2028 | 21297 | 21263 | 21297 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.58% | 08/2019 | 05/2028 | 2909 | 2902 | 2909 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.25% | 9.58% | 03/2024 | 05/2028 | 319 | 319 | 319 |  |
|  |  |  |  |  |  |  |  | 59147 | 59244 | 4.36% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 10.38% | 09/2023 | 08/2028 | 44742 | 44537 | 44406 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 6.25% | 10.88% | 10/2022 | 08/2028 | 7366 | 7321 | 7311 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.75% | 10.34% | 08/2022 | 08/2028 | 706 | 705 | 701 |  |
|  |  |  |  |  |  |  |  | 52563 | 52418 | 3.86% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 04/2024 | 04/2031 | 46430 | 46214 | 46430 | 3.42% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.33% | 06/2024 | 06/2031 | 44218 | 44008 | 43997 | 3.24% |
| &nbsp;&nbsp;Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 10.18% | 08/2021 | 08/2028 | 37094 | 36871 | 36604 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.75% | 10.18% | 08/2021 | 08/2028 | 3905 | 3880 | 3853 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 5.75% | 10.20% | 08/2021 | 08/2027 | 3027 | 2997 | 2987 |  |
|  |  |  |  |  |  |  |  | 43748 | 43444 | 3.20% |
| &nbsp;&nbsp;IG Intermediateco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.75% | 10.21% | 07/2021 | 07/2028 | 18372 | 18291 | 18372 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.75% | 10.21% | 07/2022 | 07/2028 | 7764 | 7713 | 7764 |  |
|  | Subordinated (3)(13) | SOFR(Q) | 7.50% | 11.93% | 07/2022 | 07/2029 | 16953 | 16795 | 16953 |  |
|  |  |  |  |  |  |  |  | 42799 | 43089 | 3.17% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (3)(11)(13) | SOFR(Q) | 6.75% | 11.34% | 06/2023 | 05/2027 | 42450 | 38840 | 42450 | 3.12% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.55% | 05/2022 | 10/2028 | $15593 | $15565 | $15593 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.55% | 08/2021 | 10/2028 | 11908 | 11887 | 11908 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.55% | 08/2021 | 10/2028 | 6659 | 6644 | 6659 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.50% | 01/2022 | 10/2028 | 1228 | 1221 | 1228 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.56% | 01/2022 | 10/2028 | 824 | 819 | 824 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 13.00%/PIK | 13.00% | 05/2023 | 05/2033 | 4231 | 4185 | 4231 |  |
|  |  |  |  |  |  |  |  | 40321 | 40443 | 2.98% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 21430 | 21398 | 21430 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 9.08% | 03/2021 | 02/2027 | 7591 | 7580 | 7591 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 9.08% | 03/2021 | 02/2027 | 4521 | 4516 | 4521 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 3107 | 3103 | 3107 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 793 | 792 | 793 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 111 | 111 | 111 |  |
|  |  |  |  |  |  |  |  | 37500 | 37553 | 2.76% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.25% | 9.71% | 05/2022 | 09/2027 | 33356 | 33163 | 33356 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.25% | 9.71% | 05/2022 | 09/2027 | 4075 | 4041 | 4075 |  |
|  |  |  |  |  |  |  |  | 37204 | 37431 | 2.75% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M)\* | 2.88% + 3.38%/PIK | 10.63% | 04/2024 | 04/2030 | 35797 | 35399 | 35797 | 2.63% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(S) | 5.75% | 10.94% | 10/2021 | 10/2028 | 21624 | 21492 | 21138 |  |
|  | First lien (2)(12)(13) | SOFR(S) | 5.75% | 10.94% | 10/2021 | 10/2028 | 14624 | 14534 | 14295 |  |
|  |  |  |  |  |  |  |  | 36026 | 35433 | 2.61% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 5.00% | 9.67% | 09/2021 | 09/2028 | 32799 | 32611 | 32799 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.67% | 03/2024 | 09/2028 | 2542 | 2540 | 2542 |  |
|  |  |  |  |  |  |  |  | 35151 | 35341 | 2.60% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.47% | 02/2022 | 02/2028 | $29868 | $29689 | $29868 |  |
|  | First lien (2)(13)(16) - Drawn | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.47% | 02/2022 | 02/2028 | 2440 | 2440 | 2440 |  |
|  |  |  |  |  |  |  |  | 32129 | 32308 | 2.38% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (4)(13) | SOFR(Q) | 5.75% | 10.26% | 08/2022 | 08/2029 | 22388 | 22332 | 22388 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 10.26% | 06/2024 | 08/2029 | 8258 | 8258 | 8258 |  |
|  |  |  |  |  |  |  |  | 30590 | 30646 | 2.25% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(12)(13) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 17176 | 17066 | 17176 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 12020 | 11946 | 12020 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.50% | 10.30% | 10/2021 | 10/2027 | 1001 | 990 | 1001 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.50% | 9.90% | 06/2022 | 10/2028 | 342 | 343 | 342 |  |
|  | First lien (3)(13) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 80 | 79 | 80 |  |
|  |  |  |  |  |  |  |  | 30424 | 30619 | 2.25% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(M) | 5.00% | 9.36% | 11/2023 | 11/2030 | 20019 | 19931 | 20019 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 11/2030 | 7827 | 7827 | 7827 |  |
|  | First lien (5)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.36% | 11/2023 | 11/2030 | 1319 | 1318 | 1319 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.36% | 05/2024 | 11/2030 | 516 | 520 | 516 |  |
|  |  |  |  |  |  |  |  | 29596 | 29681 | 2.18% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Second lien (5)(13) | SOFR(Q) | 6.50% | 11.35% | 08/2021 | 08/2029 | 22500 | 22423 | 22500 |  |
|  | Second lien (2)(12)(13) | SOFR(Q) | 6.50% | 11.35% | 08/2021 | 08/2029 | 7009 | 6992 | 7009 |  |
|  |  |  |  |  |  |  |  | 29415 | 29509 | 2.17% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;ACI Parent Inc.(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(M)\* | 2.75%+ 3.25%/PIK | 10.46% | 08/2021 | 08/2028 | $21910 | $21782 | $21266 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.46% | 08/2021 | 08/2028 | 4206 | 4170 | 4082 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 2.75% +3.25%/PIK | 10.46% | 08/2021 | 08/2028 | 3884 | 3858 | 3769 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.50% | 9.96% | 08/2021 | 08/2027 | 235 | 233 | 228 |  |
|  |  |  |  |  |  |  |  | 30043 | 29345 | 2.16% |
| &nbsp;&nbsp;NMC Crimson Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 6.09% | 10.85% | 03/2021 | 03/2028 | 19259 | 19106 | 19259 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.09% | 10.69% | 03/2021 | 03/2028 | 5012 | 4996 | 5012 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 6.09% | 10.85% | 03/2021 | 03/2028 | 4913 | 4874 | 4913 |  |
|  |  |  |  |  |  |  |  | 28976 | 29184 | 2.15% |
| &nbsp;&nbsp;Syndigo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (4)(13) | SOFR(Q) | 8.00% | 12.89% | 12/2020 | 12/2028 | 22500 | 22397 | 22500 |  |
|  | Second lien (2)(12)(13) | SOFR(Q) | 8.00% | 12.89% | 02/2022 | 12/2028 | 5697 | 5706 | 5697 |  |
|  |  |  |  |  |  |  |  | 28103 | 28197 | 2.07% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (2)(12)(13) | SOFR(M) | 6.00% | 10.36% | 10/2023 | 11/2030 | 28145 | 27895 | 28145 | 2.07% |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(11)(13)(14) | EURIBOR(M) | 5.50% | 8.36% | 03/2024 | 03/2031 | 16523 | 17776 | 17108 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.50% | 9.86% | 03/2024 | 03/2031 | 9023 | 8961 | 9023 |  |
|  | First lien (3)(11)(13)(14)(16) - Drawn | SOFR(M) | 5.50% | 9.86% | 03/2024 | 03/2031 | 1097 | 1089 | 1097 |  |
|  | First lien (3)(13)(16) - Drawn | EURIBOR(M) | 5.50% | 8.32% | 03/2024 | 03/2031 | 392 | 406 | 405 |  |
|  |  |  |  |  |  |  |  | 28232 | 27633 | 2.03% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 09/2019 | 10/2029 | $13206 | $13170 | $13206 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 8462 | 8452 | 8462 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2029 | 3398 | 3394 | 3398 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 09/2019 | 10/2029 | 761 | 758 | 761 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 417 | 417 | 417 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 09/2019 | 10/2029 | 341 | 340 | 341 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 09/2019 | 10/2029 | 272 | 271 | 272 |  |
|  |  |  |  |  |  |  |  | 26802 | 26857 | 1.98% |
| &nbsp;&nbsp;Pioneer Topco I, L.P.(28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 10.83% | 03/2024 | 11/2028 | 23089 | 22997 | 23089 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 10.83% | 03/2022 | 11/2028 | 2374 | 2364 | 2374 |  |
|  |  |  |  |  |  |  |  | 25361 | 25463 | 1.87% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(M) | 5.75% | 10.40% | 06/2022 | 06/2028 | 18337 | 18337 | 18236 |  |
|  | First lien (4)(13) | SOFR(M) | 5.75% | 10.40% | 06/2022 | 06/2028 | 6867 | 6867 | 6829 |  |
|  |  |  |  |  |  |  |  | 25204 | 25065 | 1.84% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (2)(12)(13) | SOFR(S) | 5.25% | 9.75% | 02/2022 | 02/2028 | 18964 | 18908 | 18964 |  |
|  | First lien (2)(12)(13) | SOFR(S) | 5.25% | 9.75% | 02/2022 | 02/2028 | 5277 | 5259 | 5277 |  |
|  | First lien (3)(11)(13) | SOFR(S) | 5.25% | 9.75% | 02/2022 | 02/2028 | 693 | 690 | 693 |  |
|  |  |  |  |  |  |  |  | 24857 | 24934 | 1.83% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(S) | 5.00% | 10.09% | 04/2024 | 08/2030 | 19821 | 19753 | 19821 |  |
|  | First lien (3)(11)(13) | SOFR(S) | 5.00% | 10.09% | 04/2024 | 08/2030 | 3398 | 3386 | 3398 |  |
|  |  |  |  |  |  |  |  | 23139 | 23219 | 1.71% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (5)(13) | SOFR(Q) | 5.75% | 10.23% | 12/2021 | 12/2027 | 10185 | 10127 | 10185 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.00% | 10.48% | 07/2022 | 12/2027 | 5677 | 5636 | 5677 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.75% | 10.23% | 12/2021 | 12/2027 | 3419 | 3398 | 3419 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.75% | 10.23% | 12/2021 | 12/2027 | 3397 | 3378 | 3397 |  |
|  |  |  |  |  |  |  |  | 22539 | 22678 | 1.67% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (4)(13) | SOFR(Q) | 4.75% | 9.08% | 11/2023 | 12/2030 | $22387 | $22228 | $22387 | 1.65% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13) | SOFR(Q) | 6.25% | 10.86% | 07/2017 | 07/2027 | 22500 | 22483 | 22250 | 1.64% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(13) | SOFR(Q) | 4.75% | 9.09% | 11/2019 | 12/2030 | 21825 | 21798 | 21825 | 1.61% |
| &nbsp;&nbsp;Ambrosia Holdco Corp(32) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (2)(13) | SOFR(M)\* | 5.25%/PIK | 9.59% | 01/2024 | 06/2029 | 12327 | 11782 | 10402 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 5.25%/PIK | 9.59% | 01/2024 | 06/2029 | 9925 | 9818 | 8374 |  |
|  | First lien (3)(11)(13) | SOFR(M)\* | 2.00%/PIK + 1.00% | 7.34% | 03/2024 | 06/2029 | 2843 | 2317 | 2351 |  |
|  | Subordinated (2)(13) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 302 | 302 | 302 |  |
|  | Subordinated (3)(13) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 291 | 291 | 291 |  |
|  |  |  |  |  |  |  |  | 24510 | 21720 | 1.60% |
| &nbsp;&nbsp;Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4) | SOFR(Q) | 4.50% | 8.98% | 10/2020 | 11/2027 | 11730 | 11689 | 11249 |  |
|  | Second lien (4)(13) | SOFR(Q) | 7.75% | 12.24% | 11/2020 | 11/2028 | 9767 | 9709 | 9423 |  |
|  |  |  |  |  |  |  |  | 21398 | 20672 | 1.52% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13) | SOFR(Q) | 5.50% | 10.09% | 01/2024 | 02/2031 | 18161 | 18078 | 18161 |  |
|  | First lien (4)(13)(16) - Drawn | SOFR(Q) | 5.50% | 10.00% | 01/2024 | 02/2031 | 2360 | 2348 | 2360 |  |
|  |  |  |  |  |  |  |  | 20426 | 20521 | 1.51% |
| &nbsp;&nbsp;Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(12)(13) | SOFR(Q) | 7.75% | 12.32% | 02/2023 | 02/2029 | 7440 | 7370 | 7440 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 7.75% | 12.32% | 02/2023 | 02/2029 | 7440 | 7369 | 7440 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 7.25% | 11.82% | 04/2024 | 02/2029 | 5454 | 5404 | 5454 |  |
|  |  |  |  |  |  |  |  | 20143 | 20334 | 1.50% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second lien (3)(11) | SOFR(M) | 6.75% | 11.22% | 03/2021 | 03/2029 | 20313 | 20280 | 20281 | 1.49% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(S) | 5.25% | 9.76% | 06/2021 | 06/2028 | 15382 | 15303 | 15382 |  |
|  | First lien (2)(12)(13) | SOFR(S) | 5.25% | 9.94% | 06/2021 | 06/2028 | 4467 | 4438 | 4467 |  |
|  |  |  |  |  |  |  |  | 19741 | 19849 | 1.46% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (4) | SOFR(M) | 3.25% | 7.65% | 03/2024 | 03/2031 | $18908 | $18734 | $19034 |  |
|  | First lien (4)(16) - Drawn | SOFR(M) | 3.25% | 7.65% | 03/2024 | 03/2031 | 557 | 552 | 560 |  |
|  |  |  |  |  |  |  |  | 19286 | 19594 | 1.44% |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(11)(13) | SOFR(Q)\* | 4.75% + 2.50%/PIK | 11.91% | 11/2021 | 11/2027 | 10058 | 10017 | 9241 |  |
|  | First lien (3)(11)(13) | SOFR(Q)\* | 4.75% +2.50%/PIK | 11.91% | 05/2022 | 11/2027 | 9932 | 9889 | 9126 |  |
|  | First lien (3)(11)(13) | SOFR(Q)\* | 4.75% + 2.50%/PIK | 11.91% | 11/2021 | 11/2027 | 877 | 870 | 805 |  |
|  |  |  |  |  |  |  |  | 20776 | 19172 | 1.41% |
| &nbsp;&nbsp;GraphPAD Software, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 9.08% | 06/2024 | 06/2031 | 17901 | 17858 | 17856 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.75% | 9.08% | 06/2024 | 06/2031 | 448 | 445 | 446 |  |
|  |  |  |  |  |  |  |  | 18303 | 18302 | 1.35% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(13) | SOFR(M)(18)\* | 6.75%/PIK + 0.50% | 11.90% | 09/2015 | 09/2026 | 29879 | 29843 | 17999 |  |
|  | First lien (3)(13) | SOFR(M)(18)\* | 14.50%/PIK + 0.50% | 19.65% | 06/2021 | 09/2026 | 1527 | 1527 |  |  |
|  | Subordinated (3)(13) | SOFR(Q)(18)\* | 1.00%/PIK | 5.74% | 03/2021 | 09/2026 | 5230 |  |  |  |
|  |  |  |  |  |  |  |  | 31370 | 17999 | 1.32% |
| &nbsp;&nbsp;HS Purchaser, LLC / Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (5) | SOFR(Q) | 6.75% | 11.44% | 11/2019 | 11/2027 | 22500 | 22441 | 14513 |  |
|  | Second lien (2)(12) | SOFR(Q) | 6.75% | 11.44% | 11/2019 | 11/2027 | 4208 | 4188 | 2714 |  |
|  |  |  |  |  |  |  |  | 26629 | 17227 | 1.27% |
| &nbsp;&nbsp;Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 6.25% | 10.58% | 10/2022 | 10/2028 | 17198 | 17045 | 17198 | 1.27% |
| &nbsp;&nbsp;Idera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (4)(13) | SOFR(Q) | 6.75% | 11.47% | 06/2019 | 03/2029 | 15091 | 14961 | 15091 |  |
|  | Second lien (3)(11)(13) | SOFR(Q) | 6.75% | 11.47% | 04/2021 | 03/2029 | 2012 | 2006 | 2012 |  |
|  |  |  |  |  |  |  |  | 16967 | 17103 | 1.26% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (5)(13) | SOFR(M) | 4.50% | 8.84% | 02/2020 | 02/2028 | $14635 | $14617 | $14635 |  |
|  | First lien (5)(13) | SOFR(M) | 4.50% | 8.84% | 02/2024 | 02/2028 | 2268 | 2254 | 2268 |  |
|  |  |  |  |  |  |  |  | 16871 | 16903 | 1.24% |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13)(14) | SONIA(D) | 5.00% | 9.70% | 11/2024 | 11/2031 | 12030 | 15181 | 14981 | 1.10% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(Q) | 5.50% | 10.01% | 04/2021 | 04/2027 | 12286 | 12244 | 12286 |  |
|  | First lien (5)(13) | SOFR(Q) | 5.50% | 10.01% | 01/2024 | 04/2027 | 1574 | 1562 | 1574 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.50% | 10.02% | 04/2021 | 04/2027 | 637 | 633 | 637 |  |
|  |  |  |  |  |  |  |  | 14439 | 14497 | 1.07% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.84% | 02/2023 | 02/2030 | 14388 | 14243 | 14388 | 1.06% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(11) | SOFR(M) | 5.25% | 9.71% | 10/2023 | 04/2029 | 14484 | 14108 | 14291 | 1.05% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2028 | 12878 | 12799 | 12878 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2028 | 1085 | 1078 | 1085 |  |
|  | First lien (3)(13) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2028 | 65 | 64 | 65 |  |
|  |  |  |  |  |  |  |  | 13941 | 14028 | 1.03% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q)\* | 1.00% + 4.25%/PIK | 9.68% | 09/2019 | 07/2029 | 13152 | 13101 | 11935 |  |
|  | First lien (3)(11)(13) | SOFR(Q)\* | 1.00% + 4.25%/PIK | 9.68% | 02/2022 | 07/2029 | 2196 | 2180 | 1993 |  |
|  |  |  |  |  |  |  |  | 15281 | 13928 | 1.02% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 13.09% | 08/2019 | 09/2026 | 11881 | 11880 | 10693 |  |
|  | First lien (2)(12)(13) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 13.09% | 08/2019 | 09/2026 | 3539 | 3548 | 3185 |  |
|  |  |  |  |  |  |  |  | 15428 | 13878 | 1.02% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(11)(13) | SOFR(M) | 4.75% | 9.11% | 05/2024 | 06/2031 | 13687 | 13591 | 13585 | 1.00% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(M) | 5.00% | 9.36% | 07/2021 | 12/2029 | 6984 | 6946 | 6984 |  |
|  | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 07/2021 | 12/2029 | 5541 | 5512 | 5541 |  |
|  |  |  |  |  |  |  |  | 12458 | 12525 | 0.92% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.58% | 06/2022 | 06/2029 | $10618 | $10548 | $10618 | 0.78% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(13) | SOFR(M) | 5.25% | 9.61% | 02/2024 | 02/2031 | 10519 | 10470 | 10519 | 0.77% |
| &nbsp;&nbsp;Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 10.60% | 06/2021 | 06/2028 | 10247 | 10167 | 9953 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M) | 4.00% | 9.04% | 06/2021 | 06/2026 | 324 | 319 | 315 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.75% | 10.66% | 06/2021 | 06/2028 | 77 | 76 | 75 |  |
|  |  |  |  |  |  |  |  | 10562 | 10343 | 0.76% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 6.50% | 11.17% | 02/2024 | 02/2030 | 9536 | 9430 | 9536 | 0.70% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (2)(12)(13) | SOFR(Q)\* | 6.75% + 2.00%/PIK | 13.08% | 07/2021 | 07/2027 | 8493 | 8447 | 8449 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 13.11% | 07/2021 | 07/2026 | 954 | 945 | 950 |  |
|  |  |  |  |  |  |  |  | 9392 | 9399 | 0.69% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (2)(12) | SOFR(Q) | 5.75% | 10.08% | 06/2024 | 12/2028 | 9231 | 9208 | 9208 | 0.68% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 5.25% | 9.72% | 09/2021 | 09/2027 | 7446 | 7425 | 7446 |  |
|  | First lien (3)(11)(13) | SOFR(M) | 5.25% | 9.72% | 09/2021 | 09/2027 | 1523 | 1523 | 1523 |  |
|  | First lien (3)(13)(16) - Drawn | P(Q) | 4.25% | 11.75% | 09/2021 | 09/2027 | 128 | 127 | 128 |  |
|  |  |  |  |  |  |  |  | 9075 | 9097 | 0.67% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(M) | 6.50% | 10.86% | 01/2024 | 01/2030 | 8696 | 8619 | 8696 | 0.64% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 10.19% | 10/2021 | 10/2028 | 6827 | 6785 | 6570 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 10.15% | 06/2022 | 10/2028 | 1149 | 1140 | 1106 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.50% | 10.28% | 10/2021 | 10/2028 | 782 | 777 | 752 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(Q) | 5.75% | 10.36% | 11/2023 | 10/2028 | 19 | 19 | 18 |  |
|  |  |  |  |  |  |  |  | 8721 | 8446 | 0.62% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 6.75% | 11.30% | 10/2024 | 11/2029 | 8510 | 8406 | 8404 | 0.62% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.25% | 9.61% | 07/2024 | 03/2031 | $7654 | $7635 | $7635 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M) | 5.25% | 9.80% | 07/2024 | 03/2030 | 258 | 258 | 258 |  |
|  |  |  |  |  |  |  |  | 7893 | 7893 | 0.58% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (33) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13) | SOFR(M) | 4.75% | 9.26% | 09/2024 | 09/2031 | 7113 | 7078 | 7078 | 0.52% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(M) | 5.00% | 9.36% | 08/2024 | 08/2031 | 6516 | 6484 | 6483 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.36% | 08/2024 | 08/2031 | 489 | 486 | 486 |  |
|  |  |  |  |  |  |  |  | 6970 | 6969 | 0.51% |
| &nbsp;&nbsp;PPVA Black Elk (Equity) LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated (3)(13) |  |  |  | 05/2013 |  | 14500 | 14500 | 6525 | 0.48% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 6.75% | 11.08% | 12/2023 | 04/2029 | 6302 | 6221 | 6302 | 0.46% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(13) | SOFR(Q)\* | 2.75%+ 2.75%/PIK | 10.02% | 08/2024 | 08/2031 | 6124 | 6065 | 6062 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.00% | 9.41% | 08/2024 | 08/2030 | 72 | 71 | 71 |  |
|  |  |  |  |  |  |  |  | 6136 | 6133 | 0.45% |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(M) | 4.50% | 8.86% | 03/2024 | 11/2028 | 3808 | 3808 | 3808 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 4.75% | 9.11% | 03/2024 | 11/2028 | 2313 | 2302 | 2313 |  |
|  |  |  |  |  |  |  |  | 6110 | 6121 | 0.45% |
| &nbsp;&nbsp;Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(S) | 7.00% | 12.08% | 05/2021 | 05/2027 | 6109 | 6081 | 6109 | 0.45% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M)\* | 2.50% + 2.75%/PIK | 9.61% | 08/2024 | 09/2031 | 5853 | 5825 | 5824 | 0.43% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(11)(13) | SOFR(Q) | 5.25% | 9.58% | 10/2023 | 10/2030 | 5069 | 5025 | 5069 | 0.37% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Michael Baker International, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11) | SOFR(M) | 4.75% | 9.11% | 05/2024 | 12/2028 | $4892 | $4869 | $4910 | 0.36% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 6.25% | 10.58% | 05/2024 | 05/2030 | 4698 | 4656 | 4698 | 0.35% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(M) | 7.50% | 11.86% | 07/2024 | 07/2029 | 4196 | 4138 | 4196 | 0.31% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(12) | SOFR(M) | 5.00% | 9.36% | 06/2024 | 07/2028 | 3970 | 3970 | 3934 | 0.29% |
| &nbsp;&nbsp;CommerceHub, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(11)(13) | SOFR(Q) | 6.25% | 10.90% | 06/2023 | 12/2027 | 3920 | 3608 | 3920 | 0.29% |
| &nbsp;&nbsp;Kene Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 5.25% | 9.84% | 02/2024 | 02/2031 | 3509 | 3477 | 3509 |  |
|  | First lien (3)(13)(16) - Drawn | SOFR(M) | 5.25% | 9.59% | 02/2024 | 02/2031 | 162 | 161 | 162 |  |
|  |  |  |  |  |  |  |  | 3638 | 3671 | 0.27% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 5.75% | 10.27% | 11/2023 | 11/2030 | 3494 | 3471 | 3494 | 0.26% |
| &nbsp;&nbsp;CB Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(12)(13) | SOFR(M) | 5.25% | 9.61% | 07/2024 | 07/2031 | 3308 | 3293 | 3292 | 0.24% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(S) | 4.75% | 9.03% | 05/2024 | 12/2028 | 3062 | 3048 | 3062 | 0.23% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Drawn | SOFR(Q) | 4.50% | 8.83% | 04/2024 | 09/2028 | 1806 | 1779 | 1788 |  |
|  | First lien (2)(12)(13) | SOFR(Q) | 4.50% | 8.83% | 04/2024 | 09/2028 | 1090 | 1083 | 1080 |  |
|  |  |  |  |  |  |  |  | 2862 | 2868 | 0.21% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12)(13) | SOFR(Q) | 6.41% | 10.73% | 03/2021 | 04/2028 | 1804 | 1798 | 1758 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 6.50% | 10.83% | 12/2022 | 04/2028 | 1011 | 1000 | 987 |  |
|  |  |  |  |  |  |  |  | 2798 | 2745 | 0.20% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 4.75% | 9.38% | 07/2024 | 07/2031 | 1164 | 1162 | 1162 | 0.09% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(M) | 5.25% | 9.61% | 05/2024 | 10/2029 | 1050 | 1045 | 1050 | 0.08% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Drawn | SOFR(S) | 4.75% | 9.18% | 06/2024 | 12/2028 | 467 | 464 | 467 | 0.03% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Trust Claim(2)(13) |  |  |  | 06/2024 | 06/2029 | $152 | $152 | $152 |  |
|  | Trust Claim(3)(13) |  |  |  | 06/2024 | 06/2029 | 52 | 52 | 52 |  |
|  |  |  |  |  |  |  |  | 204 | 204 | 0.02% |
| &nbsp;&nbsp;PPVA Fund, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Collateralized Financing (18)(19) |  |  |  | 11/2014 |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**2022101** | $**1990400** | **146.43%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(S)\* | 3.50% + 2.00%/PIK | 10.76% | 07/2024 | 07/2031 | $19418 | $19326 | $19321 | 1.42% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  |  | $**19326** | $**19321** | **1.42%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aston FinCo S.a r.l. / Aston US Finco, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (3)(11)(13) | SOFR(M) | 8.25% | 12.72% | 10/2019 | 10/2027 | $34459 | $34335 | $34459 | 2.54% |
| &nbsp;&nbsp;Integro Parent Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second lien (3)(11)(13) | SOFR(Q)\* | 12.25%/PIK | 16.58% | 10/2015 | 07/2025 | 7091 | 6405 | 6331 | 0.47% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**40740** | $**40790** | **3.01%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.63% | 12/2022 | 12/2029 | $3445 | $3405 | $3445 |  |
|  | First lien (3)(11)(13) | SOFR(Q) | 5.00% | 9.63% | 12/2023 | 12/2029 | 1342 | 1330 | 1342 |  |
|  |  |  |  |  |  |  |  | 4735 | 4787 | 0.35% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  |  | $**4735** | $**4787** | **0.35%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  |  | $**2086902** | $**2055298** | **151.21%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dealer Tire Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Preferred shares (3)(11)(13) | FIXED(A)\* | 7.00%/PIK | 7.00% | 09/2021 |  | 56271 | $75927 | $79222 | 5.83% |
| &nbsp;&nbsp;Symplr Software Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Preferred shares (4)(13) | SOFR(Q)\* | 10.50%/PIK | 14.97% | 11/2018 |  | 7500 | 16363 | 16450 |  |
|  | Preferred shares (3)(11)(13) | SOFR(Q)\* | 10.50%/PIK | 14.97% | 11/2018 |  | 2586 | 5641 | 5671 |  |
|  |  |  |  |  |  |  |  | 22004 | 22121 | 1.63% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc.(30) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(13) | SOFR(S)\* | 10.75%/PIK | 15.03% | 06/2022 |  | 15150 | $20819 | $21010 | 1.55% |
| &nbsp;&nbsp;ACI Parent Inc.(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Preferred shares (3)(13) | FIXED(Q)\* | 11.75%/PIK | 11.75% | 08/2021 |  | 12500 | 18444 | 16419 | 1.21% |
| &nbsp;&nbsp;Project Essential Super Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(13) | SOFR(Q)\* | 9.50%/PIK | 14.10% | 04/2021 |  | 10000 | 15929 | 14833 | 1.09% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Preferred Issuer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(13) | FIXED(S)\* | 10.50%/PIK | 10.50% | 04/2021 |  | 10000 | 14162 | 13609 | 1.00% |
| &nbsp;&nbsp;HBWM Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | Ordinary shares (9)(13) | FIXED(Q) | 4.00% | 4.00% | 09/2021 |  | 47114 | 4717 | 9532 | 0.70% |
| &nbsp;&nbsp;OA Topco, L.P.(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Ordinary shares (3)(13) |  |  |  | 12/2021 |  | 2000000 | 2000 | 7646 | 0.56% |
| &nbsp;&nbsp;Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | Preferred shares (3)(13) | FIXED(A)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 2900 | 2900 | 2900 |  |
|  | Preferred shares (3)(13) | FIXED(A)(18)\* | 11.50%/PIK | 11.50% | 05/2024 |  | 3691 | 2565 | 2702 |  |
|  | Ordinary shares (3)(13) |  |  |  | 05/2024 |  | 290 | 145 | 305 |  |
|  |  |  |  |  |  |  |  | 5610 | 5907 | 0.43% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Ordinary shares (5)(13) |  |  |  | 12/2021 |  | 50000 | 5000 | 4618 | 0.34% |
| &nbsp;&nbsp;Appriss Health Holdings, Inc. (20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Preferred shares (3)(13) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 05/2021 |  | 2333 | 3432 | 3371 | 0.25% |
| &nbsp;&nbsp;Ambrosia Holdco Corp. (32) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Ordinary shares (2)(13) |  |  |  | 01/2024 |  | 126536 | 1348 | 1348 |  |
|  | Ordinary shares (3)(13) |  |  |  | 01/2024 |  | 122044 | 1300 | 1300 |  |
|  |  |  |  |  |  |  |  | 2648 | 2648 | 0.19% |
| &nbsp;&nbsp;Pioneer Topco I, L.P.(28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Ordinary shares (10)(13) |  |  |  | 11/2021 |  | 199980 | 2000 | 2000 | 0.15% |
| &nbsp;&nbsp;Eclipse Topco, Inc.(33) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (4)(13) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 190 | 1952 | 1952 | 0.14% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;GEDC Equity, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Participation Interest(3)(13) |  |  |  | 06/2023 |  | 190000 | $190 | $50 | 0.00% |
| &nbsp;&nbsp;Ancora Acquisition LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Preferred shares (7)(13) |  |  |  | 08/2013 |  | 372 | 83 |  | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Ordinary shares (3)(13) |  |  |  | 03/2021 |  | 758 |  |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**194917** | $**204938** | **15.07%** |
| **Equity - Hong Kong** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bach Special Limited (Bach Preference Limited)\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Preferred shares (3)(11) | FIXED(Q) | 11.75% | 11.75% | 09/2017 |  | 138678 | $13788 | $13867 | 1.02% |
| **Total Shares - Hong Kong** |  |  |  |  |  |  |  | $**13788** | $**13867** | **1.02%** |
| **Total Shares** |  |  |  |  |  |  |  | $**208705** | $**218805** | **16.09%** |
| **Structured Finance Obligations - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligations (3) | SOFR(S) | 7.00% | 11.46% | 11/2024 | 01/2037 | 3232 | $3232 | $3232 | 0.24% |
| **Total Structured Finance Obligations - United States** |  |  |  |  |  |  |  | $**3232** | $**3232** | **0.24%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (2)(13) |  |  |  | 06/2024 | 06/2029 | 138622 | $182 | $327 |  |
|  | Warrants (3)(13) |  |  |  | 06/2024 | 06/2029 | 47459 | 62 | 112 |  |
|  |  |  |  |  |  |  |  | **244** | **439** | **0.03%** |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**244** | $**439** | **0.03%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**2299083** | $**2277774** | **167.57%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (4)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | $2938 | $(15) | $20 | 0.00% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 12/2025 | 1685 |  |  | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2021 | 09/2026 | 2652 |  |  | —% |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2024 | 10/2026 | 2695 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | $3046 | $— | $— | —% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 3077 |  |  | —% |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 5676 |  |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 6349 |  |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2021 | 09/2027 | 384 | (2) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 578 | (3) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2025 | 903 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2029 | 339 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1539 | (1) |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 07/2028 | 3200 | (2) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)((20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2021 | 05/2027 | 417 | (4) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1847 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2019 | 10/2029 | 935 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2022 | 08/2029 | $486 | $(5) | $— | —% |
| &nbsp;&nbsp;Kene Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2026 | 1398 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2031 | 468 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 07/2029 | 420 | (6) |  | —% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2021 | 04/2027 | 850 | (6) |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2021 | 10/2028 | 2040 | (6) |  | —% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1048 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2030 | 667 | (7) |  |  |
|  |  |  |  |  |  |  |  | (7) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2024 | 01/2030 | 828 | (8) |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2031 | 1510 | (8) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2021 | 12/2029 | 893 | (9) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2020 | 02/2028 | 1799 | (9) |  | —% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2020 | 02/2027 | 1891 | (9) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13)(16) - Undrawn |  |  |  | 01/2024 | 02/2026 | $1865 | $— | $— |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 01/2024 | 02/2031 | 1830 | (9) |  |  |
|  |  |  |  |  |  |  |  | (9) |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2021 | 10/2028 | 986 | (10) |  | —% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2022 | 02/2028 | 1969 | (10) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2023 | 10/2030 | 1229 | (12) |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2023 | 08/2025 | 1291 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2023 | 02/2029 | 989 | (12) |  |  |
|  |  |  |  |  |  |  |  | (12) |  | —% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 05/2025 | 376 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2030 | 1594 | (6) |  |  |
|  | First lien (5)(13)(16) - Undrawn |  |  |  | 11/2023 | 05/2025 | 963 | (7) |  |  |
|  |  |  |  |  |  |  |  | (13) |  | —% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2021 | 12/2027 | 1400 | (14) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13)(16) - Undrawn |  |  |  | 12/2024 | 04/2025 | 785 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2021 | 06/2028 | 1501 | (15) |  |  |
|  |  |  |  |  |  |  |  | (15) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2027 | $3501 | $— | $— |  |
|  | First lien (3)(11)(13)(14)(16) - Undrawn |  |  |  | 03/2024 | 03/2027 | 6411 |  |  |  |
|  | First lien (3)(11)(13)(14)(16) - Undrawn |  |  |  | 03/2024 | 03/2031 | 804 | (6) |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2031 | 1515 | (11) |  |  |
|  |  |  |  |  |  |  |  | (17) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2022 | 06/2025 | 3360 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2021 | 10/2027 | 1859 | (19) |  |  |
|  |  |  |  |  |  |  |  | (19) |  | —% |
| &nbsp;&nbsp;Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2022 | 10/2028 | 1720 | (21) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 3312 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2022 | 09/2027 | 2095 | (21) |  |  |
|  |  |  |  |  |  |  |  | (21) |  | —% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 08/2030 | 2265 | (8) |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 04/2026 | 3398 | (13) |  |  |
|  |  |  |  |  |  |  |  | (21) |  | —% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc.(30) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2022 | 06/2025 | 2865 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2022 | 06/2029 | 2888 | (22) |  |  |
|  |  |  |  |  |  |  |  | (22) |  | —% |
| &nbsp;&nbsp;Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2023 | 02/2029 | 1860 | (23) |  |  |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 04/2026 | $8101 | $— | $— |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 04/2031 | 5063 | (25) |  |  |
|  |  |  |  |  |  |  |  | (25) |  | —% |
| &nbsp;&nbsp;Pioneer Topco I, L.P.(28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2021 | 11/2027 | 3284 | (26) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 03/2024 | 03/2026 | 1120 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2019 | 05/2028 | 4821 | (26) |  |  |
|  |  |  |  |  |  |  |  | (26) |  | —% |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2021 | 07/2026 | 3827 | (29) |  | —% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2019 | 10/2030 | 3951 | (30) |  | —% |
| &nbsp;&nbsp;OA Topco, L.P.(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2021 | 12/2028 | 3600 | (36) |  | —% |
| &nbsp;&nbsp;Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2021 | 12/2027 | 3659 | (37) |  | —% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2023 | 11/2025 | 3708 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2023 | 11/2029 | 3708 | (37) |  |  |
|  |  |  |  |  |  |  |  | (37) |  | —% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 08/2025 | 11955 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2024 | 02/2030 | 2989 | (37) |  |  |
|  |  |  |  |  |  |  |  | (37) |  | —% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2021 | 09/2028 | $3780 | $(38) | $— | —% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 12/2030 | 4289 | (43) |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(13)(16) - Undrawn |  |  |  | 02/2022 | 12/2025 | 1301 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 02/2022 | 02/2028 | 4267 | (43) |  |  |
|  |  |  |  |  |  |  |  | (43) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 04/2024 | 04/2030 | 3980 | (50) |  | —% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 07/2027 | 333 |  | (1) | (0.00)% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2021 | 07/2026 | 226 | (3) | (1) | (0.00)% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 03/2030 | 643 | (2) | (2) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 09/2025 | 1201 | (3) | (3) |  |
|  |  |  |  |  |  |  |  | (5) | (5) | (0.00)% |
| &nbsp;&nbsp;CB Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 07/2031 | 364 | (2) | (2) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2024 | 07/2026 | 934 |  | (5) |  |
|  |  |  |  |  |  |  |  | (2) | (7) | (0.00)% |
| &nbsp;&nbsp;Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2021 | 06/2026 | 235 | (4) | (7) | (0.00)% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2026 | 358 |  | (4) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2030 | 644 | (6) | (6) |  |
|  |  |  |  |  |  |  |  | (6) | (10) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2031 | $597 | $(3) | $(3) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1629 |  | (8) |  |
|  |  |  |  |  |  |  |  | (3) | (11) | (0.00)% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 09/2031 | 669 | (3) | (3) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1672 |  | (8) |  |
|  |  |  |  |  |  |  |  | (3) | (11) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 07/2017 | 07/2027 | 992 | (10) | (11) | (0.00)% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2022 | 06/2028 | 2405 |  | (13) | (0.00)% |
| &nbsp;&nbsp;GraphPAD Software, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 06/2031 | 1682 | (4) | (4) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 06/2026 | 4038 | (10) | (10) |  |
|  |  |  |  |  |  |  |  | (14) | (14) | (0.00)% |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2024 | 11/2026 | 4150 |  |  |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2024 | 11/2031 | 3320 | (17) | (17) |  |
|  |  |  |  |  |  |  |  | (17) | (17) | (0.00)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2022 | 08/2028 | 2824 | (25) | (21) | (0.00)% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (33) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(13)(16) - Undrawn |  |  |  | 09/2024 | 09/2026 | 1206 |  | (6) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 09/2024 | 09/2031 | 4190 | (21) | (21) |  |
|  |  |  |  |  |  |  |  | (21) | (27) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 06/2026 | $2065 | $— | $(15) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 05/2024 | 06/2030 | 2894 | (22) | (22) |  |
|  |  |  |  |  |  |  |  | (22) | (37) | (0.00)% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2023 | 11/2025 | 1568 |  | (47) | (0.00)% |
| &nbsp;&nbsp;ACI Parent Inc.(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(13)(16) - Undrawn |  |  |  | 08/2021 | 08/2027 | 2118 | (21) | (62) | (0.00)% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 06/2031 | 4825 | (24) | (24) |  |
|  | First lien (3)(13)(16) - Undrawn |  |  |  | 06/2024 | 06/2026 | 9047 |  | (45) |  |
|  |  |  |  |  |  |  |  | (24) | (69) | (0.01)% |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(13)(16) - Undrawn |  |  |  | 11/2021 | 05/2027 | 880 | (7) | (71) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**(995)** | $**(422)** | **(0.03)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(13)(16) - Undrawn |  |  |  | 12/2022 | 12/2028 | $320 | $(5) | $— | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  | $**(5)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  |  | $**(1000)** | $**(422)** | **(0.03)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**2298083** | $**2277352** | **167.54%** |
| **Non-Controlled/Affiliated Investments (34)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC (21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Edmentum Ultimate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Subordinated (3)(13) | SOFR(Q)\* | 13.25%/PIK | 17.58% | 12/2020 | 01/2028 | $22290 | $22223 | $22290 | 1.64% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC (31) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(12)(13) | SOFR(Q) | 7.50% | 11.98% | 03/2023 | 04/2028 | $10628 | $10628 | $10628 |  |
|  | First lien (3)(13) | SOFR(Q) | 7.50% | 11.98% | 03/2023 | 04/2028 | 340 | 340 | 340 |  |
|  |  |  |  |  |  |  |  | 10968 | 10968 | 0.81% |
| &nbsp;&nbsp;Permian Holdco 3, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Permian Trust |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Trust Claim(8)(13) | FIXED(Q)(18)\* | 10.00%/PIK | 10.00% | 03/2021 |  | 247 |  |  |  |
|  | First lien (3)(13) | SOFR(Q)(18)\* | 10.00%/PIK | 11.00% | 07/2020 |  | 3409 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**33191** | $**33258** | **2.45%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC(21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Ordinary shares (3)(13) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 12/2020 |  | 48899 | $66651 | $59978 |  |
|  | Preferred shares (3)(13) | FIXED(Q)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 3480 | 7525 | 9352 |  |
|  |  |  |  |  |  |  |  | 74176 | 69330 | 5.10% |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Ordinary shares (3)(13) |  |  |  | 03/2023 |  | 72536 | 4104 | 8188 | 0.60% |
| &nbsp;&nbsp;Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (2)(13) |  |  |  | 07/2017 |  | 25000000 | 11501 | 1799 |  |
|  | Ordinary shares (3)(13) |  |  |  | 07/2017 |  | 2786000 | 1282 | 201 |  |
|  |  |  |  |  |  |  |  | 12783 | 2000 | 0.15% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**91063** | $**79518** | **5.85%** |
| **Total Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  | $**124254** | $**112776** | **8.30%** |
| **Controlled Investments (35)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Topco, LLC (23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(13) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | $46068 | $46068 | $46068 |  |
|  | First lien (3)(11)(13) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 33155 | 33155 | 33155 |  |
|  | Subordinated (3)(13) | FIXED(M)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 23814 | 22942 | 19051 |  |
|  |  |  |  |  |  |  |  | 102165 | 98274 | 7.23% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | First lien (3)(11)(13) | SOFR(Q) | 9.00% | 13.59% | 10/2020 | 12/2027 | $23336 | $23336 | $23336 |  |
|  | First lien (3)(11)(13)(16) - Drawn | SOFR(Q) | 6.00% | 10.59% | 10/2020 | 12/2027 | 20840 | 20840 | 20840 |  |
|  |  |  |  |  |  |  |  | 44176 | 44176 | 3.25% |
| &nbsp;&nbsp;UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second lien (3)(13) | FIXED(Q)\* | 15.00%/PIK | 15.00% | 12/2020 | 06/2028 | 15608 | 15608 | 15459 |  |
|  | Second lien (3)(13) | FIXED(Q)\* | 15.00%/PIK | 15.00% | 07/2022 | 06/2028 | 6919 | 6919 | 6853 |  |
|  |  |  |  |  |  |  |  | 22527 | 22312 | 1.64% |
| &nbsp;&nbsp;NHME Holdings Corp. (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;National HME, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second lien (3)(13) | SOFR(Q)(18)\* | 5.00%/PIK | 9.85% | 11/2018 | 11/2025 | 8281 | 7871 | 3000 | 0.22% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**176739** | $**167762** | **12.34%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NMFC Senior Loan Program III LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(13) |  |  |  | 05/2018 |  |  | $160000 | $160000 | 11.77% |
| &nbsp;&nbsp;NMFC Senior Loan Program IV LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(13) |  |  |  | 05/2021 |  |  | 112400 | 112400 | 8.27% |
| &nbsp;&nbsp;NM NL Holdings, L.P.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(13) |  |  |  | 06/2018 |  |  | 74248 | 104512 | 7.69% |
| &nbsp;&nbsp;New Benevis Topco, LLC (23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Ordinary shares (2)(13) |  |  |  | 10/2020 |  | 325516 | 27154 | 28481 |  |
|  | Ordinary shares (3)(13) |  |  |  | 10/2020 |  | 152548 | 12768 | 13347 |  |
|  |  |  |  |  |  |  |  | 39922 | 41828 | 3.08% |
| &nbsp;&nbsp;UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred shares (3)(13) | FIXED(Q)\* | 20.00%/PIK | 20.00% | 08/2018 |  | 22803214 | 22803 | 20646 |  |
|  | Preferred shares (3)(13) | FIXED(Q)\* | 20.00%/PIK | 20.00% | 08/2019 |  | 13553020 | 13553 | 12682 |  |
|  | Preferred shares (3)(13) | FIXED(Q)(18)\* | 19.00%/PIK | 19.00% | 06/2017 |  | 19795435 | 19795 | 3080 |  |
|  | Preferred shares (2)(13) | FIXED(Q)(18)\* | 13.50%/PIK | 13.50% | 01/2015 |  | 29326545 | 26946 |  |  |
|  | Preferred shares (3)(13) | FIXED(Q)(18)\* | 13.50%/PIK | 13.50% | 01/2015 |  | 8104462 | 7447 |  |  |
|  | Ordinary shares (2)(13) |  |  |  | 01/2015 |  | 2096477 | 1925 |  |  |
|  | Ordinary shares (3)(13) |  |  |  | 01/2015 |  | 1993749 | 532 |  |  |
|  |  |  |  |  |  |  |  | 93001 | 36408 | 2.68% |

---

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

------

<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (17)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (15)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (3)(13) |  |  |  | 10/2020 |  | 100 | $11155 | $18900 | 1.39% |
| &nbsp;&nbsp;NM YI, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(13) |  |  |  | 09/2019 |  |  | 6272 | 9960 | 0.73% |
| &nbsp;&nbsp;NM GP Holdco, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(13) |  |  |  | 06/2018 |  |  | 850 | 322 | 0.02% |
| &nbsp;&nbsp;NHME Holdings Corp.(22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Ordinary shares (3)(13) |  |  |  | 11/2018 |  | 640000 | 4000 |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**501848** | $**484330** | **35.63%** |
| **Total Shares** |  |  |  |  |  |  |  | $**501848** | $**484330** | **35.63%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Warrants (3)(13) |  |  |  | 12/2020 | 06/2028 | 13339 | $— | $48804 | 3.59% |
| &nbsp;&nbsp;NHME Holdings Corp. (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (3)(13) |  |  |  | 11/2018 | 01/2033 | 160000 | 1000 |  | —% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**1000** | $**48804** | **3.59%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**679587** | $**700896** | **51.56%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | First lien (3)(13)(16) - Undrawn |  |  |  | 10/2020 | 12/2027 | 1055 | $— | $— | —% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**—** | $**—** | **— %** |
| **Total Controlled Investments** |  |  |  |  |  |  |  | $**679587** | $**700896** | **51.56%** |
| **Total Investments** |  |  |  |  |  |  |  | $**3101924** | $**3091024** | **227.40%** |

---

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by New Mountain Net Lease Corporation.

(7)Investment is held by NMF Ancora Holdings, Inc.

(8)Investment is held by NMF Permian Holdings, LLC.

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

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

(11)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. *Borrowings*, for details

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

(12)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. *Borrowings*, for details.

(13)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.

(14)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2024, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,057 and the Nelipak Holding Company first lien term loan, drawn revolver, undrawn delayed draw term loan and undrawn revolver is $17,109, $406 $6,638 and $833, respectively. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

(16)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(17)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2024.

(18)Investment is on non-accrual status. See Note 3. *Investments*, for details.

(19)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of December 31, 2024. See Note 2. *Summary of Significant Accounting Policies*, for details.

(20)The Company holds preferred equity in Bamboo Health Intermediate Holdings, Inc.(fka Appriss Health Intermediate Holdings, Inc.) and holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (fka Appriss Health, LLC), a wholly-owned subsidiary of Bamboo Health Intermediate Holdings, Inc.

(21)The Company holds ordinary shares and preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

(22)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

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

(24)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(25)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.

(27)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and three first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(28)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(29)The Company holds ordinary shares in OA Topco, L.P., and three first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

(30)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and two first lien delayed draws in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.

(31)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(32)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

(33)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

(34)Denotes investments in which the Company is an "Affiliated Person", as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a non-controlled/affiliated investment is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2023** | **Gross<br>Additions (A)** | **Gross<br>Redemptions<br>(B)** | **Net Change In Unrealized Appreciation (Depreciation)** | **Fair Value at December 31, 2024** | **Net Realized Gains (Losses)** | **Interest<br>Income** | **Dividend<br>Income** | **Other<br>Income** |
| Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC | $17873 | $— | $(50) | $1333 | $19156 | $— | $1432 | $— | $— |
| Sierra Hamilton Holdings Corporation | 2000 |  |  |  | 2000 |  |  |  |  |
| TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC | 113786 | 16409 |  | (38575) | 91620 |  | 3659 | 5843 | 250 |
| **Total Non-Controlled/Affiliated Investments** | $**133659** | $**16409** | $**(50)** | $**(37242)** | $**112776** | $**—** | $**5091** | $**5843** | $**250** |

---

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

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

(35)&nbsp;&nbsp;&nbsp;&nbsp;Denotes investments in which the Company is in "Control", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a controlled investment, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2023** | **Gross<br>Additions<br>(A)** | **Gross<br>Redemptions<br>(B)** | **Net Change In<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Fair Value at December 31, 2024** | **Net Realized Gains (Losses)** | **Interest<br>Income** | **Dividend<br>Income** | **Other<br>Income** |
| Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC | $3419 | $— | $— | $(3419) | $— | $4981 | $— | $— | $41 |
| National HME, Inc./NHME Holdings Corp. | 3000 |  |  |  | 3000 |  |  |  |  |
| New Benevis Topco, LLC / New Benevis Holdco, Inc. | 135401 | 10595 |  | (5894) | 140102 |  | 12934 |  | 375 |
| New Permian Holdco, Inc. / New Permian Holdco, L.L.C. | 63170 | 7005 |  | (7099) | 63076 |  | 5382 |  | 500 |
| NM APP CANADA CORP | 7 |  |  | (7) |  | 31 |  |  |  |
| NM CLFX LP | 11731 |  | (12279) | 548 |  | (2461) |  | 24 | 845 |
| NM NL Holdings, L.P. | 96071 |  | (2123) | 10564 | 104512 | (548) |  | 8116 | 181 |
| NM GP Holdco, LLC | 1048 |  | (11) | (715) | 322 | (3) |  | 89 |  |
| NM YI LLC | 9550 |  |  | 410 | 9960 |  |  | 879 |  |
| NMFC Senior Loan Program III LLC | 140000 | 20000 |  |  | 160000 |  |  | 23304 |  |
| NMFC Senior Loan Program IV LLC | 112400 |  |  |  | 112400 |  |  | 16228 |  |
| UniTek Global Services, Inc. | 91999 | 9577 |  | 5948 | 107524 |  | 3133 | 6446 | 1450 |
| **Total Controlled Investments** | $**667796** | $**47177** | $**(14413)** | $**336** | $**700896** | $**2000** | $**21449** | $**55086** | $**3392** |

---

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

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

\*&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, 14.6% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

(**in thousands, except shares)**

---

| | |
|:---|:---|
| **<u>Investment Type</u>** | **December 31, 2024**<br>**Percent of Total Investments at Fair Value** |
| First lien | 63.31% |
| Second lien | 6.37% |
| Subordinated | 3.30% |
| Structured Finance Obligations | 0.10% |
| Equity and other | 26.92% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
| **<u>Industry Type</u>** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| Software | 27.44% |
| Healthcare | 16.24% |
| Business Services | 16.11% |
| Investment Funds (includes investments in joint ventures) | 8.92% |
| Consumer Services | 6.22% |
| Education | 6.07% |
| Financial Services | 4.07% |
| Distribution & Logistics | 3.90% |
| Net Lease | 3.71% |
| Packaging | 2.20% |
| Energy | 2.11% |
| Food & Beverage | 1.37% |
| Business Products | 0.72% |
| Consumer Products | 0.62% |
| Specialty Chemicals & Materials | 0.30% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
| **<u>Interest Rate Type</u>** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 86.62% |
| Fixed rates | 13.38% |
| Total investments | 100.00% |

---

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

**Notes to the Consolidated Financial Statements of**

**New Mountain Finance Corporation**

**September 30, 2025** 

**(in thousands, except share data)**

(unaudited)

**Note 1. Formation and Business Purpose**

New Mountain Finance Corporation ("NMFC" or the "Company") is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since NMFC's IPO, and through September 30, 2025, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings' credit facility and were used to secure NMFDB's credit facility, until its termination on September 30, 2024, respectively;

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

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

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

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

NMFC is a BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive

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industries that offer attractive risk-adjusted returns. The Company's investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

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

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

Similar to the Company, the investment objective of each of SBIC I, SBIC II and SBIC III is to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I, SBIC II and SBIC III investments must be in SBA eligible small businesses. The Company's portfolio may be concentrated in a limited number of industries. As of September 30, 2025, the Company's top five industry concentrations were software, business services, healthcare, investment funds (which includes the Company's investments in its joint ventures) and consumer services.

**Note 2. Summary of Significant Accounting Policies**

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

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

The Company's interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company's interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

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

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

&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.

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&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 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;&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;&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;

&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 the Company's 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 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;&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.

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

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

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

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

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

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

***New Mountain Net Lease Corporation***

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments as of September 30, 2025 are disclosed on the Company's Consolidated Schedule of Investments.

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

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Below is certain summarized property information for NMNLC as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Portfolio Company** |<br>**Tenant** | **Lease**<br>**Expiration Date** |<br>**Location** | **Total**<br>**Square Feet** | **Fair Value as of**<br>**September 30, 2025** |
| NM NL Holdings LP / NM GP Holdco LLC | Various | Various | Various | Various | $106271 |
| NM YI, LLC | Young Innovations, Inc. | 10/31/2039 | IL / MO | 212 | 8673 |
|  |  |  |  |  | $114944 |

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***Collateralized agreements or repurchase financings***—The Company follows the guidance in Accounting Standards Codification Topic 860, *Transfers and Servicing—Secured Borrowing and Collateral* ("ASC 860"), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2025 and December 31, 2024, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $13,500 and $13,500, respectively. The collateralized agreement to resell is on non-accrual status. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company's contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

***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 September 30, 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 the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2025, the Company recognized PIK interest from investments of $7,605 and $22,081, respectively, and non-cash dividends from investments of $7,255 and $22,085, respectively. For the three and nine months ended September 30, 2024, the Company recognized PIK interest from investments of $9,050 and $27,735, respectively, and non-cash dividends from investments of $8,319 and $23,484, respectively.

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

*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 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.

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

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

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

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

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

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

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

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

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

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

The following table summarizes the current income tax expense, deferred income tax provision and total income tax provision, for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Current income tax expense | $29 | $118 | $18 | $353 |
| Deferred income tax provision | 25 | 1037 | 68 | 1804 |
| Total income tax provision | $54 | $1155 | $86 | $2157 |

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As of September 30, 2025 and December 31, 2024, the Company had $1,478 and $1,410, respectively, of deferred tax liabilities, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, *Income Taxes* ("ASC 740")

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through December 31, 2024. The 2021 through 2024 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

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

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

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

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

***Stock repurchase program***—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Old Repurchase Program"). Subsequent to the quarter ended September 30, 2025, on October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100,000 worth of the Company's common stock (the "Repurchase Program").

Under the Old Repurchase Program and the Repurchase Program, the Company is permitted, but is not obligated, to repurchase its outstanding shares of common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50,000 of the Company's common stock. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2026 or until $100,000 of its outstanding shares of common stock have been repurchased.

During the three and nine months ended September 30, 2025, the Company repurchased a total of 2,737,377 and 3,662,593 shares, respectively, of the Company's common stock in the open market for $27,611 and $37,253, respectively, including commissions paid. During the three and nine months ended September 30, 2024, the Company did not repurchase any shares of the Company's common stock. Since the inception of the Old Repurchase Program through September 30, 2025, the Company has repurchased $40,201 outstanding shares of its common stock under the Old Repurchase Program.

***Earnings per share***—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

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

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unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

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

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

**Note 3. Investments**

At September 30, 2025, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $2024938 | $1989262 |
| Second lien | 108135 | 98128 |
| Subordinated | 123295 | 111031 |
| Structured Finance Obligations | 3232 | 3257 |
| Equity and other | 802721 | 741941 |
| Total investments | $3062321 | $2943619 |

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**Investment Cost and Fair Value by Industry**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Software | $825524 | $820891 |
| Business Services | 577446 | 519649 |
| Healthcare | 468510 | 435603 |
| Investment Funds (includes investments in joint ventures) | 275632 | 275657 |
| Consumer Services | 189305 | 188112 |
| Education | 194517 | 152532 |
| Distribution & Logistics | 120965 | 116944 |
| Net Lease | 81370 | 114944 |
| Financial Services | 101465 | 106699 |
| Packaging | 69994 | 71527 |
| Energy | 74272 | 65334 |
| Business Products | 30668 | 31139 |
| Food & Beverage | 21240 | 21230 |
| Consumer Products | 21816 | 13715 |
| Specialty Chemicals & Materials | 9597 | 9643 |
| Total investments | $3062321 | $2943619 |

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At December 31, 2024, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1970251 | $1956608 |
| Second lien | 211449 | 197050 |
| Subordinated | 113928 | 102034 |
| Structured Finance Obligations | 3232 | 3232 |
| Equity and other | 803064 | 832100 |
| Total investments | $3101924 | $3091024 |

---

**Investment Cost and Fair Value by Industry**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Software | $857673 | $848086 |
| Healthcare | 513429 | 501850 |
| Business Services | 508536 | 497954 |
| Investment Funds (includes investments in joint ventures) | 275632 | 275632 |
| Consumer Services | 192052 | 192340 |
| Education | 205283 | 187620 |
| Financial Services | 120505 | 125750 |
| Distribution & Logistics | 119947 | 120493 |
| Net Lease | 81370 | 114794 |
| Packaging | 68200 | 68093 |
| Energy | 68114 | 65076 |
| Food & Beverage | 38840 | 42450 |
| Business Products | 22185 | 22387 |
| Consumer Products | 20769 | 19101 |
| Specialty Chemicals & Materials | 9389 | 9398 |
| Total investments | $3101924 | $3091024 |

---

As of September 30, 2025, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of September 30, 2025, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $17,999 and total unearned interest income of $1,400 and $4,038, respectively, for the three and nine months then ended.

During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2025, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $541 and $1,554, respectively, for the three and nine months then ended.

During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of September 30, 2025, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,703 and total unearned income of $119 and $336, respectively, for the three and nine months then ended.

During the third quarter of 2025, the Company placed its first lien term loans in Notorious Topco, LLC ("BIG") on non-accrual status. As of September 30, 2025, the Company's positions in BIG had an aggregate cost basis of $21,816, and aggregate fair value of $13,715 and total unearned income of $879 and $879, respectively, for the three and nine months then ended.

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

***PPVA Black Elk (Equity) LLC***

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

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

On December 22, 2017, the Company settled the Trustee's $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of September 30, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $6,525, respectively, which is reflective of the higher inherent risk in this transaction.

***NMFC Senior Loan Program III LLC***

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

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2025, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company's investment in SLP III is disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2025 and December 31, 2024.

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

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

As of September 30, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $757,977 and $715,096, respectively, and debt outstanding under its credit facility of $524,700 and $511,200,

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respectively. As of September 30, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual status. Additionally, as of September 30, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $4,681 and $2,654, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| First lien investments (1) | $779976 | $727619 |
| Weighted average interest rate on first lien investments (2) | 7.99% | 8.49% |
| Number of portfolio companies in SLP III | 89 | 90 |
| Largest portfolio company investment (1) | $18651 | $17697 |
| Total of five largest portfolio company investments (1) | $85663 | $80215 |

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

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| **Funded Investments - First lien** | | | | | | | | |
| Accelya Lux Finco S.a.r.l. | Business Services | SOFR(Q) | 5.25% | 9.21% | 10/2032 | $10651 | $10438 | $10438 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 8.03% | 12/2027 | 2333 | 2329 | 2216 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.50% | 12/2031 | 507 | 507 | 511 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.50% | 12/2031 | 8246 | 8230 | 8302 |
| Ardonagh Midco 3 Limited | Financial Services | SOFR(S) | 2.75% | 6.94% | 02/2031 | 1995 | 1986 | 1989 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.51% | 08/2028 | 13034 | 12958 | 13090 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.41% | 09/2030 | 3627 | 3522 | 3609 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.41% | 09/2030 | 1990 | 1961 | 1986 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 2.75% | 6.91% | 02/2029 | 5109 | 4988 | 5105 |
| Bach Finance Limited | Education | SOFR(Q) | 2.75% | 6.95% | 01/2032 | 2113 | 2108 | 2120 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.25% | 7.41% | 12/2030 | 9847 | 9795 | 9840 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.00% | 7.16% | 05/2028 | 7741 | 7725 | 7762 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.75% | 7.91% | 05/2028 | 9072 | 9052 | 9112 |
| Boxer Parent Company Inc. | Software | SOFR(Q) | 3.00% | 7.20% | 07/2031 | 7435 | 7419 | 7431 |
| Bracket Intermediate Holding Corp. | Healthcare | SOFR(M) | 4.25% | 8.41% | 05/2028 | 14004 | 13762 | 14103 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 6.50% | 10.73% | 12/2030 | 603 | 597 | 623 |
| Cardinal Parent, Inc. | Software | SOFR(Q) | 4.50% | 8.65% | 11/2027 | 10658 | 10553 | 10605 |
| CE Intermediate I, LLC | Software | SOFR(Q) | 3.00% | 7.38% | 03/2032 | 4678 | 4678 | 4691 |
| Chrysaor Bidco S.a r.l. | Information Services | SOFR(Q) | 3.00% | 7.33% | 10/2031 | 2115 | 2115 | 2127 |
| Cleanova US Holdings LLC | Business Products | SOFR(Q) | 4.75% | 8.81% | 06/2032 | 6269 | 6056 | 6269 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 8.01% | 10/2028 | 14099 | 13928 | 13908 |
| Clydesdale Acquisition Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 7.41% | 04/2032 | 9227 | 9223 | 9223 |
| Cohnreznick Advisory LLC | Financial Services | SOFR(Q) | 3.50% | 7.50% | 03/2032 | 6919 | 6893 | 6940 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 8.28% | 11/2028 | 4616 | 4603 | 4350 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.00% | 7.00% | 02/2029 | 6757 | 6738 | 6799 |
| ConnectWise, LLC | Software | SOFR(Q) | 3.50% | 7.76% | 09/2028 | 7897 | 7882 | 7922 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) | 1.00% +3.94%/PIK | 9.04% | 07/2029 | 9064 | 8946 | 7604 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 8.03% | 10/2028 | 2540 | 2533 | 2453 |
| CVET Midco 2, L.P. | Software | SOFR(Q) | 5.00% | 9.00% | 10/2029 | 9731 | 9418 | 8715 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.00% | 7.16% | 07/2031 | 11464 | 11415 | 11435 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.75% | 7.91% | 07/2032 | 10308 | 10258 | 10356 |
| Disco Parent, Inc. | Software | SOFR(Q) | 3.25% | 7.48% | 08/2032 | 7250 | 7232 | 7286 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 3.75% | 8.08% | 10/2029 | 13891 | 13509 | 13844 |
| Dispatch Acquisition Holdings, LLC | Industrial Services | SOFR(Q) | 4.25% | 8.40% | 03/2028 | 15171 | 14958 | 14861 |
| Dispatch Acquisition Holdings, LLC | Industrial Services | SOFR(Q) | 4.63% | 8.60% | 03/2028 | 997 | 977 | 977 |
| EAB Global, Inc. | Education | SOFR(M) | 3.00% | 7.16% | 08/2030 | 6583 | 6503 | 6431 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 8.25% | 04/2029 | 10569 | 10404 | 10575 |
| Eisner Advisory Group LLC | Financial Services | SOFR(M) | 4.00% | 8.16% | 02/2031 | 8567 | 8513 | 8629 |
| Finastra USA, Inc. | Software | SOFR(Q) | 4.00% | 8.04% | 09/2032 | 12373 | 12256 | 12335 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 7.80% | 03/2028 | 16383 | 16374 | 14417 |
| FNZ Group Entities Limited | Financial Services | SOFR(Q) | 5.00% | 9.32% | 11/2031 | 10203 | 10017 | 8260 |
| Foundational Education Group, Inc. | Education | SOFR(M) | 4.25% | 8.53% | 08/2028 | 14100 | 14014 | 12584 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.00% | 7.16% | 03/2031 | 182 | 179 | 183 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.00% | 7.16% | 03/2031 | 6197 | 6166 | 6207 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 3.75% | 7.91% | 08/2032 | 13931 | 13896 | 13924 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 3.75% | 8.16% | 11/2026 | 17558 | 17521 | 16646 |
| Higginbotham Insurance Agency, Inc. | Business Services | SOFR(M) | 4.50% | 8.67% | 11/2028 | 8829 | 8796 | 8829 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.51% | 04/2029 | 8007 | 7827 | 7196 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| HP PHRG Borrower, LLC | Consumer Services | SOFR(Q) | 4.00% | 8.00% | 02/2032 | $16683 | $16572 | $16669 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.35% | 08/2028 | 12747 | 12662 | 12699 |
| Kaseya Inc. | Software | SOFR(M) | 3.25% | 7.41% | 03/2032 | 9045 | 9026 | 9068 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services | SOFR(M) | 3.00% | 7.16% | 03/2031 | 3759 | 3752 | 3765 |
| KnowBe4, Inc. | Software | SOFR(Q) | 3.75% | 8.07% | 07/2032 | 13128 | 13125 | 13161 |
| LI Group Holdings, Inc. | Software | SOFR(M) | 3.50% | 7.78% | 03/2028 | 3045 | 3042 | 3057 |
| LSCS Holdings, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.50% | 03/2032 | 14900 | 14808 | 14702 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 3.00% | 7.37% | 11/2030 | 2816 | 2782 | 2823 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 5.00% | 9.41% | 05/2028 | 1950 | 1899 | 1957 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 3.75% | 8.21% | 05/2028 | 8786 | 8765 | 8819 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 4.25% | 8.82% | 05/2028 | 2444 | 2373 | 2454 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(Q) | 3.00% | 7.20% | 05/2028 | 6557 | 6519 | 6564 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.25% | 7.41% | 04/2031 | 9880 | 9839 | 9911 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(Q) | 4.25% | 8.25% | 05/2028 | 2411 | 2392 | 2315 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(M) | 4.25% | 8.41% | 12/2031 | 3225 | 3204 | 2939 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.00% | 8.31% | 12/2028 | 5548 | 5548 | 5572 |
| Nexus Buyer LLC | Financial Services | SOFR(M) | 4.00% | 8.16% | 07/2031 | 11019 | 10937 | 11033 |
| Nielsen Consumer, Inc. | Business Services | SOFR(M) | 2.50% | 6.66% | 10/2030 | 5786 | 5385 | 5781 |
| Oceankey (U.S.) II Corp. | Media | SOFR(M) | 3.50% | 7.76% | 12/2028 | 14050 | 14056 | 14089 |
| Osaic Holdings, Inc. | Financial Services | SOFR(M) | 3.00% | 7.16% | 07/2032 | 12357 | 12326 | 12364 |
| Osttra Group Ltd. | Financial Services | SOFR(M) | 3.50% | 7.48% | 05/2032 | 5849 | 5835 | 5885 |
| Outcomes Group Holdings, Inc. | Healthcare | SOFR(M) | 3.00% | 7.16% | 05/2031 | 4098 | 4084 | 4126 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 3.25% | 7.56% | 02/2029 | 7233 | 6934 | 6827 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 8.91% | 03/2031 | 4045 | 4031 | 3617 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 6.00% | 10.00% | 12/2029 | 2367 | 2305 | 1968 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 1.50% +2.50%/PIK | 8.15% | 12/2029 | 2787 | 2772 | 1253 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.50% | 12/2027 | 13537 | 13419 | 13360 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 7.25% | 10/2030 | 13539 | 13327 | 13593 |
| Pushpay USA Inc. | Software | SOFR(S) | 3.75% | 7.62% | 08/2031 | 11891 | 11872 | 11988 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 7.75% | 04/2028 | 4975 | 4955 | 4997 |
| Rithum Holdings, Inc. (fka CommerceHub, Inc.) | Software | SOFR(Q) | 4.75% | 8.75% | 07/2032 | 10664 | 10563 | 10674 |
| RLG Holdings, LLC | Packaging | SOFR(M) | 4.25% | 8.53% | 07/2028 | 5624 | 5611 | 4655 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 4.50% | 8.78% | 12/2027 | 6225 | 6171 | 6225 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 5.25% | 9.53% | 12/2027 | 2619 | 2583 | 2619 |
| Secretariat Advisors LLC | Business Services | SOFR(Q) | 4.00% | 8.00% | 02/2032 | 8463 | 8423 | 8489 |
| Secure Acquisition, Inc. | Packaging | SOFR(Q) | 3.75% | 7.75% | 12/2028 | 501 | 502 | 504 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 3.25% | 7.25% | 10/2030 | 13196 | 13079 | 13256 |
| Storable, Inc. | Software | SOFR(M) | 3.25% | 7.41% | 04/2031 | 2836 | 2832 | 2849 |
| Summit Acquisition Inc. | Financial Services | SOFR(M) | 3.50% | 7.66% | 10/2031 | 5985 | 5958 | 6027 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.91% | 12/2027 | 15280 | 15227 | 13771 |
| Team.blue Finco SARL | Software | SOFR(Q) | 3.25% | 7.23% | 07/2032 | 8611 | 8614 | 8591 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(M) | 4.00% | 8.43% | 05/2028 | 3985 | 3976 | 3298 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 8.25% | 08/2028 | 8441 | 8425 | 8481 |
| TRC Companies LLC | Business Services | SOFR(M) | 3.00% | 7.16% | 12/2028 | 9400 | 9374 | 9425 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 9.40% | 10/2028 | 2256 | 2238 | 2295 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% +2.25%/PIK | 8.01% | 10/2028 | 3159 | 3159 | 2679 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(M) | 4.00% | 8.16% | 10/2031 | 9233 | 9206 | 9253 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 3.75% | 7.75% | 07/2029 | 7577 | 7567 | 7582 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| VT Topco, Inc. | Business Services | SOFR(M) | 3.00% | 7.16% | 08/2030 | $8859 | $8798 | $8602 |
| Xplor T1, LLC | Software | SOFR(Q) | 3.50% | 7.50% | 06/2031 | 5545 | 5521 | 5552 |
| Zelis Cost Management Buyer, Inc. | Healthcare | SOFR(M) | 3.25% | 7.41% | 11/2031 | 16388 | 16388 | 16409 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 9.56% | 02/2028 | 4551 | 4463 | 4551 |
| **Total Funded Investments** |  |  |  |  |  | $**775295** | $**768982** | $**757961** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| AmSpec Parent, LLC | Energy |  |  |  | 12/2026 | $763 | $— | $5 |
| Chrysaor Bidco S.a r.l. | Information Services |  |  |  | 07/2026 | 158 |  | 1 |
| Clydesdale Acquisition Holdings, Inc. | Packaging |  |  |  | 12/2025 | 160 |  |  |
| Cohnreznick Advisory LLC | Financial Services |  |  |  | 03/2027 | 1605 | (6) | 5 |
| Groundworks, LLC | Business Services |  |  |  | 03/2026 | 970 | (2) | 2 |
| Secretariat Advisors LLC | Business Services |  |  |  | 02/2027 | 1025 |  | 3 |
| **Total Unfunded Investments** |  |  |  |  |  | $**4681** | $**(8)** | $**16** |
| **Total Investments** |  |  |  |  |  | $**779976** | $**768974** | $**757977** |

---

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2025.

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| **Funded Investments - First lien** | | | | | | | | |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 8.22% | 12/2027 | $2352 | $2345 | $2318 |
| AG Parent Holdings, LLC | Healthcare | SOFR(Q) | 5.00% | 9.78% | 07/2026 | 7218 | 7208 | 6821 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 4.25% | 8.56% | 12/2031 | 5754 | 5725 | 5797 |
| Ardonagh Midco 3 Limited | Financial Services | SOFR(Q) | 3.75% | 8.51% | 02/2031 | 9400 | 9354 | 9459 |
| Ascensus Group Holdings, Inc. | Business Services | SOFR(M) | 3.00% | 7.36% | 08/2028 | 2787 | 2778 | 2815 |
| AssuredPartners, Inc | Business Services | SOFR(M) | 3.50% | 7.86% | 02/2031 | 1955 | 1953 | 1962 |
| Aston FinCo S.a r.l. | Software | SOFR(M) | 4.25% | 8.72% | 10/2026 | 5715 | 5698 | 5486 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.71% | 08/2028 | 13134 | 13041 | 13167 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 3.25% | 7.61% | 02/2029 | 6773 | 6582 | 6806 |
| Bach Finance Limited | Education | SOFR(Q) | 3.75% | 8.26% | 02/2031 | 2123 | 2118 | 2143 |
| Bayou Intermediate II, LLC | Healthcare | SOFR(Q) | 4.50% | 9.35% | 08/2028 | 6667 | 6629 | 6667 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.50% | 7.86% | 12/2028 | 8921 | 8863 | 8981 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.75% | 8.21% | 05/2028 | 7800 | 7780 | 7859 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.75% | 8.11% | 05/2028 | 3580 | 3541 | 3616 |
| Boxer Parent Company Inc. | Software | SOFR(Q) | 3.75% | 8.34% | 07/2031 | 15321 | 15284 | 15470 |
| Bracket Intermediate Holding Corp. | Healthcare | SOFR(Q) | 4.25% | 8.58% | 05/2028 | 14111 | 13805 | 14256 |
| Brown Group Holding, LLC | Distribution & Logistics | SOFR(Q) | 2.50% | 6.86% | 07/2031 | 2697 | 2648 | 2708 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 4.00% | 8.66% | 12/2028 | 2742 | 2592 | 2453 |
| Cardinal Parent, Inc. | Software | SOFR(Q) | 4.50% | 8.98% | 11/2027 | 9720 | 9586 | 9321 |
| CE Intermediate I, LLC | Software | SOFR(M) | 3.50% | 8.05% | 11/2028 | 10700 | 10654 | 10761 |
| Chrysaor Bidco S.a r.l. | Information Services | SOFR(Q) | 3.50% | 8.12% | 07/2031 | 2131 | 2131 | 2151 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 8.21% | 10/2028 | 12495 | 12333 | 12514 |
| CommerceHub, Inc. | Software | SOFR(Q) | 6.25% | 10.90% | 12/2027 | 3920 | 3596 | 3920 |
| CommerceHub, Inc. | Software | SOFR(Q) | 4.00% | 8.80% | 12/2027 | 6881 | 6823 | 6540 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 8.47% | 11/2028 | 4653 | 4638 | 4554 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.25% | 7.85% | 02/2029 | 6808 | 6786 | 6842 |
| ConnectWise, LLC | Software | SOFR(Q) | 3.50% | 8.09% | 09/2028 | 7959 | 7940 | 8022 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) | 1.00% + 4.25%/PIK | 9.68% | 07/2029 | 8876 | 8737 | 8055 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 8.22% | 10/2028 | 2560 | 2552 | 2257 |
| CVET Midco 2, L.P. | Software | SOFR(Q) | 5.00% | 9.33% | 10/2029 | 9806 | 9444 | 9455 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.50% | 7.86% | 07/2031 | 11551 | 11496 | 11580 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.75% | 8.22% | 03/2028 | 10288 | 10258 | 10406 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 4.38% | 8.95% | 10/2029 | 9449 | 9012 | 9517 |
| Dispatch Acquisition Holdings, LLC | Industrial Services | SOFR(Q) | 4.25% | 8.73% | 03/2028 | 15289 | 15019 | 14611 |
| EAB Global, Inc. | Education | SOFR(M) | 3.25% | 7.61% | 08/2028 | 2816 | 2798 | 2831 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 8.58% | 04/2029 | 7392 | 7291 | 7261 |
| Eisner Advisory Group LLC | Financial Services | SOFR(M) | 4.00% | 8.36% | 02/2031 | 8632 | 8571 | 8745 |
| eResearchTechnology, Inc. | Healthcare | SOFR(M) | 4.00% | 8.36% | 02/2027 | 3594 | 3594 | 3620 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 8.07% | 03/2028 | 16508 | 16496 | 16226 |
| FNZ Group Entities Limited | Financial Services | SOFR(Q) | 5.00% | 9.55% | 11/2031 | 10255 | 10050 | 10037 |
| Foundational Education Group, Inc. | Education | SOFR(Q) | 3.75% | 8.60% | 08/2028 | 14209 | 14104 | 13925 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.25% | 7.65% | 03/2031 | 259 | 257 | 260 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.25% | 7.65% | 03/2031 | 8787 | 8738 | 8846 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 4.50% | 8.86% | 04/2028 | 14036 | 13631 | 14080 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 4.00% | 8.69% | 11/2026 | 17697 | 17638 | 15640 |
| Higginbotham Insurance Agency, Inc. | Business Services | SOFR(M) | 4.50% | 8.86% | 11/2028 | 8896 | 8856 | 8897 |
| HighTower Holding, LLC | Financial Services | SOFR(Q) | 3.50% | 8.07% | 04/2028 | 4682 | 4656 | 4707 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.71% | 04/2029 | $8069 | $7856 | $7961 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.68% | 08/2028 | 4500 | 4470 | 4449 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services | SOFR(M) | 3.00% | 7.37% | 03/2031 | 10022 | 10001 | 10046 |
| LI Group Holdings, Inc. | Software | SOFR(M) | 3.50% | 7.97% | 03/2028 | 3702 | 3697 | 3716 |
| LSCS Holdings, Inc. | Healthcare | SOFR(M) | 4.50% | 8.97% | 12/2028 | 11973 | 11883 | 12070 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 3.50% | 8.07% | 11/2030 | 2823 | 2785 | 2855 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 5.00% | 9.69% | 05/2028 | 1965 | 1901 | 1968 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 3.75% | 8.49% | 05/2028 | 8855 | 8828 | 8869 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 4.25% | 9.10% | 05/2028 | 2463 | 2374 | 2466 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(M) | 3.50% | 7.86% | 05/2028 | 4090 | 4079 | 4123 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.50% | 7.86% | 04/2031 | 9930 | 9883 | 9987 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(M) | 4.25% | 8.56% | 05/2028 | 7094 | 6973 | 7111 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(M) | 4.25% | 8.56% | 12/2031 | 7000 | 6930 | 6950 |
| Nielsen Consumer Inc. | Business Services | SOFR(M) | 4.75% | 9.11% | 03/2028 | 14753 | 13504 | 14720 |
| OMNIA Partners, LLC | Business Services | SOFR(Q) | 2.75% | 7.37% | 07/2030 | 8438 | 8379 | 8483 |
| Osaic Holdings, Inc. | Financial Services | SOFR(M) | 3.50% | 7.86% | 08/2028 | 11568 | 11452 | 11627 |
| Osmosis Buyer Limited | Consumer Products | SOFR(M) | 3.50% | 8.05% | 07/2028 | 11021 | 10912 | 11066 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 4.00% | 8.59% | 02/2029 | 1695 | 1692 | 1712 |
| Peraton Corp. | Federal Services | SOFR(M) | 3.75% | 8.21% | 02/2028 | 4103 | 4093 | 3830 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 9.11% | 03/2031 | 6597 | 6570 | 6509 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 4.00% | 8.74% | 12/2028 | 4188 | 4160 | 1766 |
| Plano Holdco, Inc. | Information Technology | SOFR(Q) | 3.50% | 7.83% | 10/2031 | 4625 | 4602 | 4694 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.83% | 12/2027 | 13633 | 13454 | 13747 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 7.58% | 10/2030 | 13642 | 13403 | 13748 |
| Project Ruby Ultimate Parent Corp. | Healthcare | SOFR(M) | 3.00% | 7.47% | 03/2028 | 4274 | 4263 | 4299 |
| Pushpay USA Inc. | Software | SOFR(Q) | 4.50% | 8.83% | 08/2031 | 3120 | 3090 | 3147 |
| Quartz Holding Company | Software | SOFR(M) | 3.50% | 7.86% | 10/2028 | 9084 | 9044 | 9129 |
| RealPage, Inc. | Software | SOFR(Q) | 3.00% | 7.59% | 04/2028 | 4261 | 4255 | 4259 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 8.08% | 04/2028 | 5000 | 4975 | 5028 |
| RLG Holdings, LLC | Packaging | SOFR(M) | 4.25% | 8.72% | 07/2028 | 5668 | 5652 | 5613 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 4.50% | 8.97% | 12/2027 | 6274 | 6203 | 6274 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 5.25% | 9.61% | 12/2027 | 3632 | 3568 | 3632 |
| Sierra Enterprises, LLC | Food & Beverage | SOFR(Q) | 6.75% | 11.34% | 05/2027 | 2540 | 2539 | 2540 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 4.00% | 8.33% | 10/2030 | 12225 | 12093 | 12315 |
| Storable, Inc. | Software | SOFR(M) | 3.50% | 7.86% | 04/2028 | 3746 | 3741 | 3776 |
| Summit Acquisition Inc. | Financial Services | SOFR(Q) | 3.75% | 8.08% | 10/2031 | 6000 | 5971 | 6000 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 9.19% | 12/2027 | 15400 | 15331 | 14122 |
| Syndigo LLC | Software | SOFR(Q) | 4.50% | 9.28% | 12/2027 | 14674 | 14622 | 14720 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(M) | 4.00% | 8.47% | 05/2028 | 4016 | 4005 | 3414 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 8.58% | 08/2028 | 8506 | 8485 | 8506 |
| TMF Sapphire Bidco B.V. | Business Services | SOFR(Q) | 3.50% | 8.09% | 05/2028 | 2640 | 2600 | 2657 |
| TRC Companies LLC | Business Services | SOFR(M) | 3.50% | 7.97% | 12/2028 | 13884 | 13836 | 14018 |
| UKG Inc. | Software | SOFR(Q) | 3.00% | 7.62% | 02/2031 | 5812 | 5808 | 5861 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 9.73% | 10/2028 | 2256 | 2235 | 2328 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% + 2.25%/PIK | 8.35% | 10/2028 | 3105 | 3105 | 2738 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(Q) | 4.00% | 8.59% | 10/2031 | 7100 | 7065 | 7188 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 4.75% | 9.08% | 07/2029 | 4455 | 4436 | 4475 |
| WatchGuard Technologies, Inc. | Software | SOFR(M) | 5.25% | 9.61% | 07/2029 | 6918 | 6667 | 6869 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Wrench Group LLC | Consumer Services | SOFR(Q) | 4.00% | 8.59% | 10/2028 | $14109 | $14086 | $13597 |
| Xplor T1, LLC | Software | SOFR(Q) | 3.50% | 7.83% | 06/2031 | 5587 | 5560 | 5651 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 9.84% | 02/2028 | 4031 | 3916 | 4082 |
| **Total Funded Investments** |  |  |  |  |  | $**724965** | $**716661** | $**715076** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| AmSpec Parent, LLC | Energy |  |  |  | 12/2026 | $885 | $(2) | $7 |
| Chrysaor Bidco S.a r.l. | Information Services |  |  |  | 07/2026 | 158 |  | 1 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services |  |  |  | 03/2028 | 246 | (1) | 3 |
| Groundworks, LLC | Business Services |  |  |  | 03/2026 | 1365 | (4) | 9 |
| **Total Unfunded Investments** |  |  |  |  |  | $**2654** | $**(7)** | $**20** |
| **Total Investments** |  |  |  |  |  | $**727619** | $**716654** | $**715096** |

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(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2024.

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

Below is certain summarized financial information for SLP III as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| **Selected Balance Sheet Information:** | **September 30, 2025** | **December 31, 2024** |
| Investments at fair value (cost of $768,974 and $716,654) | $757977 | $715096 |
| Cash and other assets | 36293 | 20988 |
| Receivable from unsettled securities sold | 7852 | 9652 |
| Total assets | $802122 | $745736 |
| Credit facility | $524700 | $511200 |
| Deferred financing costs (net of accumulated amortization of $7,524 and $6,515, respectively) | (4681) | (3692) |
| Payable for unsettled securities purchased | 82498 | 27428 |
| Distribution payable | 7000 | 7625 |
| Other liabilities | 7325 | 7493 |
| Total liabilities | 616842 | 550054 |
| Members' capital | $185280 | $195682 |
| Total liabilities and members' capital | $802122 | $745736 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Selected Statement of Operations Information:** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest income | $16172 | $17860 | $46239 | $51245 |
| Other income | 64 | 49 | 253 | 134 |
| Total investment income | 16236 | 17909 | 46492 | 51379 |
| Interest and other financing expenses | 8227 | 8888 | 24444 | 26599 |
| Other expenses | 329 | 229 | 932 | 737 |
| Total expenses | 8556 | 9117 | 25376 | 27336 |
| Net investment income | 7680 | 8792 | 21116 | 24043 |
| Net realized (losses) gains on investments | (1294) | 74 | (829) | (5833) |
| Net change in unrealized (depreciation) appreciation of investments | (1122) | (1493) | (9439) | 5005 |
| Net increase in members' capital | $5264 | $7373 | $10848 | $23215 |

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For the three and nine months ended September 30, 2025, the Company earned approximately $5,600 and $17,000, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2024, the Company earned approximately $5,567 and $17,205, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2025 and December 31, 2024, approximately $5,600 and $6,100, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

***NMFC Senior Loan Program IV LLC***

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until May 5, 2029. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2025, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company's investment in SLP IV is disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2025 and December 31, 2024.

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

As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600,000, of which $530,000 of the facility amount is attributed to Class A lenders and $70,000 of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370,000, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%.

As of September 30, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $525,343 and $469,326, respectively, and debt outstanding under its credit facility of $380,737 and $334,437, respectively. As of September 30, 2025 and December 31, 2024, none of SLP IV's investments were on non-accrual status. Additionally, as of September 30, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2,908 and $1,212, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| First lien investments (1) | $544399 | $481040 |
| Weighted average interest rate on first lien investments (2) | 8.08% | 8.54% |
| Number of portfolio companies in SLP IV | 87 | 79 |
| Largest portfolio company investment (1) | $18187 | $17933 |
| Total of five largest portfolio company investments (1) | $63966 | $62752 |

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

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| **Funded Investments - First lien** | | | | | | | | |
| Accelya Lux Finco S.a.r.l. | Business Services | SOFR(Q) | 5.25% | 9.21% | 10/2032 | $6782 | $6646 | $6646 |
| ADG, LLC | Healthcare | SOFR(Q) | 1.00% +3.00%/PIK | 8.15% | 09/2026 | 18187 | 18184 | 14777 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 8.03% | 12/2027 | 1800 | 1796 | 1710 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.50% | 12/2031 | 295 | 295 | 297 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.50% | 12/2031 | 4794 | 4788 | 4827 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.51% | 08/2028 | 9618 | 9562 | 9659 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.41% | 09/2030 | 1814 | 1761 | 1804 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.41% | 09/2030 | 995 | 981 | 993 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 2.75% | 6.91% | 02/2029 | 1772 | 1767 | 1771 |
| Bach Finance Limited | Education | SOFR(Q) | 2.75% | 6.95% | 01/2032 | 1599 | 1595 | 1604 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.25% | 7.41% | 12/2030 | 7254 | 7223 | 7249 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.00% | 7.16% | 05/2028 | 739 | 738 | 741 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.75% | 7.91% | 05/2028 | 5348 | 5326 | 5371 |
| Boxer Parent Company Inc. | Software | SOFR(Q) | 3.00% | 7.20% | 07/2031 | 5229 | 5218 | 5227 |
| Bracket Intermediate Holding Corp. | Healthcare | SOFR(M) | 4.25% | 8.41% | 05/2028 | 4317 | 4242 | 4347 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 6.50% | 10.73% | 12/2030 | 445 | 441 | 459 |
| Cardinal Parent, Inc. | Software | SOFR(Q) | 4.50% | 8.65% | 11/2027 | 6064 | 5975 | 6034 |
| Chrysaor Bidco S.a r.l. | Information Services | SOFR(Q) | 3.00% | 7.33% | 10/2031 | 1561 | 1561 | 1570 |
| Cleanova US Holdings LLC | Business Products | SOFR(Q) | 4.75% | 8.81% | 06/2032 | 5135 | 4988 | 5135 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 8.01% | 10/2028 | 9650 | 9540 | 9519 |
| Clydesdale Acquisition Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 7.41% | 04/2032 | 5481 | 5482 | 5479 |
| Cohnreznick Advisory LLC | Financial Services | SOFR(Q) | 3.50% | 7.50% | 03/2032 | 3905 | 3887 | 3917 |
| Confluence Technologies, Inc. | Software | SOFR(Q) | 3.75% | 7.90% | 07/2028 | 9625 | 9603 | 7979 |
| Confluence Technologies, Inc. | Software | SOFR(Q) | 5.00% | 9.23% | 07/2028 | 943 | 943 | 943 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 8.28% | 11/2028 | 3090 | 3081 | 2912 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.00% | 7.00% | 02/2029 | 6757 | 6738 | 6799 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) | 1.00% +3.94%/PIK | 9.04% | 07/2029 | 3486 | 3441 | 2925 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 8.03% | 10/2028 | 1814 | 1810 | 1752 |
| CVET Midco 2, L.P. | Software | SOFR(Q) | 5.00% | 9.00% | 10/2029 | 6539 | 6412 | 5856 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.00% | 7.16% | 07/2031 | 10402 | 10357 | 10376 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.75% | 7.91% | 07/2032 | 4127 | 4107 | 4146 |
| Disco Parent, Inc. | Software | SOFR(Q) | 3.25% | 7.48% | 08/2032 | 4625 | 4614 | 4648 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 3.75% | 8.08% | 10/2029 | 9250 | 8965 | 9219 |
| Dispatch Acquisition Holdings, LLC | Industrial Services | SOFR(Q) | 4.63% | 8.60% | 03/2028 | 997 | 977 | 977 |
| Dispatch Acquisition Holdings, LLC | Industrial Services | SOFR(Q) | 4.25% | 8.40% | 03/2028 | 9599 | 9544 | 9403 |
| EAB Global, Inc. | Education | SOFR(M) | 3.00% | 7.16% | 08/2030 | 6161 | 6109 | 6019 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 8.25% | 04/2029 | 8094 | 7997 | 8099 |
| Eisner Advisory Group LLC | Financial Services | SOFR(M) | 4.00% | 8.16% | 02/2031 | 4989 | 4948 | 5025 |
| Finastra USA, Inc. | Software | SOFR(Q) | 4.00% | 8.04% | 09/2032 | 8255 | 8179 | 8230 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 7.80% | 03/2028 | 9980 | 9945 | 8783 |
| FNZ Group Entities Limited | Financial Services | SOFR(Q) | 5.00% | 9.32% | 11/2031 | 7234 | 7102 | 5857 |
| Foundational Education Group, Inc. | Education | SOFR(M) | 4.25% | 8.53% | 08/2028 | 10958 | 10873 | 9780 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.00% | 7.16% | 03/2031 | 120 | 119 | 120 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.00% | 7.16% | 03/2031 | 4072 | 4038 | 4078 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 3.75% | 7.91% | 08/2032 | 9935 | 9911 | 9930 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 3.75% | 8.16% | 11/2026 | 9531 | 9523 | 9036 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.51% | 04/2029 | 8193 | 7982 | 7363 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| HP PHRG Borrower, LLC | Consumer Services | SOFR(Q) | 4.00% | 8.00% | 02/2032 | $10623 | $10551 | $10615 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.35% | 08/2028 | 9702 | 9586 | 9666 |
| JSG II, Inc. | Manufacturing | P(Q) | 3.50% | 10.75% | 06/2026 | 253 | 253 | 253 |
| JSG II, Inc. | Manufacturing | P(Q) | 3.50% | 10.75% | 06/2026 | 5194 | 5185 | 5194 |
| Kaseya Inc. | Software | SOFR(M) | 3.25% | 7.41% | 03/2032 | 5786 | 5772 | 5801 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services | SOFR(M) | 3.00% | 7.16% | 03/2031 | 1286 | 1283 | 1288 |
| KnowBe4, Inc. | Software | SOFR(Q) | 3.75% | 8.07% | 07/2032 | 8761 | 8762 | 8783 |
| LSCS Holdings, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.50% | 03/2032 | 10222 | 10168 | 10086 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 3.00% | 7.37% | 11/2030 | 2024 | 2000 | 2029 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 5.00% | 9.41% | 05/2028 | 1950 | 1899 | 1957 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 3.75% | 8.21% | 05/2028 | 7701 | 7684 | 7729 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(Q) | 3.00% | 7.20% | 05/2028 | 8140 | 8120 | 8148 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.25% | 7.41% | 04/2031 | 7291 | 7260 | 7314 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(Q) | 4.25% | 8.25% | 05/2028 | 2071 | 2059 | 1989 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(M) | 4.25% | 8.41% | 12/2031 | 1788 | 1773 | 1627 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.00% | 8.31% | 12/2028 | 3839 | 3839 | 3856 |
| Nexus Buyer LLC | Financial Services | SOFR(M) | 4.00% | 8.16% | 07/2031 | 7380 | 7329 | 7389 |
| Nielsen Consumer, Inc. | Business Services | SOFR(M) | 2.50% | 6.66% | 10/2030 | 3691 | 3505 | 3688 |
| Oceankey (U.S.) II Corp. | Media | SOFR(M) | 3.50% | 7.76% | 12/2028 | 9263 | 9267 | 9289 |
| Osaic Holdings, Inc. | Financial Services | SOFR(M) | 3.00% | 7.16% | 07/2032 | 8883 | 8861 | 8888 |
| Osttra Group Ltd. | Financial Services | SOFR(M) | 3.50% | 7.48% | 05/2032 | 3859 | 3850 | 3883 |
| Outcomes Group Holdings, Inc. | Healthcare | SOFR(M) | 3.00% | 7.16% | 05/2031 | 2836 | 2826 | 2855 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 3.25% | 7.56% | 02/2029 | 4558 | 4371 | 4304 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 8.91% | 03/2031 | 3206 | 3194 | 2867 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 6.00% | 10.00% | 12/2029 | 1789 | 1742 | 1487 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 1.50% +2.50%/PIK | 8.15% | 12/2029 | 2106 | 2095 | 947 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.50% | 12/2027 | 7960 | 7889 | 7855 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 7.25% | 10/2030 | 9732 | 9579 | 9770 |
| Pushpay USA Inc. | Software | SOFR(S) | 3.75% | 7.62% | 08/2031 | 7807 | 7812 | 7871 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 7.75% | 04/2028 | 1990 | 1982 | 1999 |
| Rithum Holdings, Inc. (fka CommerceHub, Inc.) | Software | SOFR(Q) | 4.75% | 8.75% | 07/2032 | 6094 | 6026 | 6100 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 4.50% | 8.78% | 12/2027 | 7230 | 7216 | 7230 |
| Secretariat Advisors LLC | Business Services | SOFR(Q) | 4.00% | 8.00% | 02/2032 | 5857 | 5829 | 5875 |
| Secure Acquisition, Inc. | Packaging | SOFR(Q) | 3.75% | 7.75% | 12/2028 | 331 | 331 | 332 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 3.25% | 7.25% | 10/2030 | 10180 | 10088 | 10226 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 5.25% | 9.72% | 07/2026 | 3953 | 3905 | 3938 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 7.25% | 11.72% | 07/2026 | 2231 | 2209 | 2231 |
| Storable, Inc. | Software | SOFR(M) | 3.25% | 7.41% | 04/2031 | 2937 | 2934 | 2951 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.91% | 12/2027 | 3659 | 3655 | 3298 |
| Team.blue Finco SARL | Software | SOFR(Q) | 3.25% | 7.23% | 07/2032 | 7238 | 7223 | 7225 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(M) | 4.00% | 8.43% | 05/2028 | 5862 | 5848 | 4852 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 8.25% | 08/2028 | 5605 | 5594 | 5631 |
| TRC Companies LLC | Business Services | SOFR(M) | 3.00% | 7.16% | 12/2028 | 5345 | 5330 | 5359 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 9.40% | 10/2028 | 1641 | 1628 | 1669 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% +2.25%/PIK | 8.01% | 10/2028 | 2298 | 2298 | 1949 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(M) | 4.00% | 8.16% | 10/2031 | 7264 | 7242 | 7280 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 3.75% | 7.75% | 07/2029 | 5201 | 5191 | 5204 |
| VT Topco, Inc. | Business Services | SOFR(M) | 3.00% | 7.16% | 08/2030 | 5730 | 5691 | 5563 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Xplor T1, LLC | Software | SOFR(Q) | 3.50% | 7.50% | 06/2031 | $4035 | $4017 | $4040 |
| Zelis Cost Management Buyer, Inc. | Healthcare | SOFR(M) | 3.25% | 7.41% | 11/2031 | 10329 | 10330 | 10342 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 9.56% | 02/2028 | 3449 | 3382 | 3449 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 9.98% | 03/2028 | 9650 | 9559 | 9650 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 9.98% | 03/2028 | 2121 | 2101 | 2121 |
| **Total Funded Investments** |  |  |  |  |  | $**541491** | $**537437** | $**525333** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| AmSpec Parent, LLC | Energy |  |  |  | 12/2026 | $444 | $— | $3 |
| Chrysaor Bidco S.a r.l. | Information Services |  |  |  | 07/2026 | 116 |  | 1 |
| Clydesdale Acquisition Holdings, Inc. | Packaging |  |  |  | 12/2025 | 95 |  |  |
| Cohnreznick Advisory LLC | Financial Services |  |  |  | 03/2027 | 906 | (4) | 3 |
| Groundworks, LLC | Business Services |  |  |  | 03/2026 | 638 | (3) | 1 |
| Secretariat Advisors LLC | Business Services |  |  |  | 02/2027 | 709 |  | 2 |
| **Total Unfunded Investments** |  |  |  |  |  | $**2908** | $**(7)** | $**10** |
| **Total Investments** |  |  |  |  |  | $**544399** | $**537430** | $**525343** |

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(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR) and the Prime Rate (P). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2025.

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

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| **Funded Investments - First lien** | | | | | | | | |
| ADG, LLC | Healthcare | SOFR(Q) | 1.00% + 3.00%/PIK | 8.48% | 09/2026 | $17933 | $17928 | $15544 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 8.22% | 12/2027 | 1814 | 1809 | 1788 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 4.25% | 8.56% | 12/2031 | 2986 | 2971 | 3009 |
| Ascensus Group Holdings, Inc. | Business Services | SOFR(M) | 3.00% | 7.36% | 08/2028 | 4127 | 4115 | 4168 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.71% | 08/2028 | 9692 | 9623 | 9716 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 3.25% | 7.61% | 02/2029 | 2349 | 2342 | 2361 |
| Bach Finance Limited | Education | SOFR(Q) | 3.75% | 8.26% | 02/2031 | 1607 | 1603 | 1621 |
| Barracuda Parent, LLC | Software | SOFR(Q) | 4.50% | 9.09% | 08/2029 | 4900 | 4793 | 4551 |
| Bayou Intermediate II, LLC | Healthcare | SOFR(Q) | 4.50% | 9.35% | 08/2028 | 8853 | 8820 | 8853 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.50% | 7.86% | 12/2028 | 5299 | 5264 | 5334 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.75% | 8.21% | 05/2028 | 745 | 743 | 751 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.75% | 8.11% | 05/2028 | 2709 | 2679 | 2736 |
| Bleriot US Bidco Inc. | Federal Services | SOFR(Q) | 2.75% | 7.08% | 10/2030 | 3861 | 3846 | 3885 |
| Boxer Parent Company Inc. | Software | SOFR(Q) | 3.75% | 8.34% | 07/2031 | 10440 | 10415 | 10541 |
| Bracket Intermediate Holding Corp. | Healthcare | SOFR(Q) | 4.25% | 8.58% | 05/2028 | 4350 | 4255 | 4394 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 4.00% | 8.66% | 12/2028 | 2024 | 1913 | 1810 |
| CE Intermediate I, LLC | Software | SOFR(M) | 3.50% | 8.05% | 11/2028 | 8013 | 7978 | 8058 |
| Chrysaor Bidco S.a r.l. | Information Services | SOFR(Q) | 3.50% | 8.12% | 07/2031 | 1573 | 1573 | 1588 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 8.21% | 10/2028 | 9322 | 9199 | 9336 |
| CommerceHub, Inc. | Software | SOFR(Q) | 6.25% | 10.90% | 12/2027 | 539 | 539 | 539 |
| CommerceHub, Inc. | Software | SOFR(Q) | 4.00% | 8.80% | 12/2027 | 4067 | 3926 | 3866 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 8.47% | 11/2028 | 3115 | 3104 | 3048 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.25% | 7.85% | 02/2029 | 6808 | 6786 | 6842 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) | 1.00% + 4.25%/PIK | 9.68% | 07/2029 | 3414 | 3360 | 3098 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 8.22% | 10/2028 | 1828 | 1823 | 1612 |
| CVET Midco 2, L.P. | Software | SOFR(Q) | 5.00% | 9.33% | 10/2029 | 6589 | 6442 | 6354 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.50% | 7.86% | 07/2031 | 10480 | 10431 | 10507 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 4.38% | 8.95% | 10/2029 | 5788 | 5461 | 5830 |
| Dispatch Acquisition Holdings, LLC | Industrial Services | SOFR(Q) | 4.25% | 8.73% | 03/2028 | 9674 | 9604 | 9245 |
| EAB Global, Inc. | Education | SOFR(M) | 3.25% | 7.61% | 08/2028 | 995 | 990 | 1000 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 8.58% | 04/2029 | 7405 | 7312 | 7273 |
| Eisner Advisory Group LLC | Financial Services | SOFR(M) | 4.00% | 8.36% | 02/2031 | 5026 | 4980 | 5092 |
| eResearchTechnology, Inc. | Healthcare | SOFR(M) | 4.00% | 8.36% | 02/2027 | 2167 | 2160 | 2183 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 8.07% | 03/2028 | 10056 | 10012 | 9885 |
| FNZ Group Entities Limited | Financial Services | SOFR(Q) | 5.00% | 9.55% | 11/2031 | 7270 | 7126 | 7116 |
| Foundational Education Group, Inc. | Education | SOFR(Q) | 3.75% | 8.60% | 08/2028 | 11044 | 10939 | 10823 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.25% | 7.65% | 03/2031 | 121 | 121 | 122 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.25% | 7.65% | 03/2031 | 4103 | 4065 | 4130 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 4.50% | 8.86% | 04/2028 | 10011 | 9795 | 10042 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 4.00% | 8.69% | 11/2026 | 9607 | 9593 | 8490 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.71% | 04/2029 | 6246 | 6083 | 6163 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.68% | 08/2028 | 3949 | 3926 | 3905 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services | SOFR(M) | 3.00% | 7.37% | 03/2031 | 4560 | 4549 | 4571 |
| LSCS Holdings, Inc. | Healthcare | SOFR(M) | 4.50% | 8.97% | 12/2028 | 9774 | 9721 | 9853 |
| Mandolin Technology Intermediate Holdings, Inc. | Software | SOFR(Q) | 3.75% | 8.23% | 07/2028 | 9700 | 9672 | 7954 |

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<u>[**Table of Contents**](#i306ff8a8762a4533b33c56d17cf16932_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 3.50% | 8.07% | 11/2030 | $2029 | $2002 | $2052 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 5.00% | 9.69% | 05/2028 | 1965 | 1900 | 1968 |
| Maverick Bidco Inc. | Software | SOFR(Q) | 3.75% | 8.49% | 05/2028 | 7761 | 7739 | 7773 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(M) | 3.50% | 7.86% | 05/2028 | 8180 | 8158 | 8246 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.50% | 7.86% | 04/2031 | 7327 | 7293 | 7370 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(M) | 4.25% | 8.56% | 12/2031 | 3000 | 2970 | 2979 |
| MH Sub I, LLC (Micro Holding Corp.) | Business Services | SOFR(M) | 4.25% | 8.56% | 05/2028 | 6095 | 5989 | 6110 |
| Nielsen Consumer Inc. | Business Services | SOFR(M) | 4.75% | 9.11% | 03/2028 | 9836 | 9009 | 9813 |
| OMNIA Partners, LLC | Business Services | SOFR(Q) | 2.75% | 7.37% | 07/2030 | 4970 | 4928 | 4997 |
| Osaic Holdings, Inc. | Financial Services | SOFR(M) | 3.50% | 7.86% | 08/2028 | 11432 | 11344 | 11490 |
| Osmosis Buyer Limited | Consumer Products | SOFR(M) | 3.50% | 8.05% | 07/2028 | 8828 | 8742 | 8864 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 4.00% | 8.59% | 02/2029 | 1307 | 1305 | 1321 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 9.11% | 03/2031 | 4868 | 4848 | 4803 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 4.00% | 8.74% | 12/2028 | 3165 | 3144 | 1334 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.83% | 12/2027 | 2993 | 2985 | 3018 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 7.58% | 10/2030 | 9806 | 9633 | 9882 |
| Project Ruby Ultimate Parent Corp. | Healthcare | SOFR(M) | 3.00% | 7.47% | 03/2028 | 4975 | 4955 | 5004 |
| Quartz Holding Company | Software | SOFR(M) | 3.50% | 7.86% | 10/2028 | 6874 | 6845 | 6909 |
| RealPage, Inc. | Software | SOFR(Q) | 3.00% | 7.59% | 04/2028 | 1357 | 1354 | 1357 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 8.08% | 04/2028 | 2000 | 1990 | 2011 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 4.50% | 8.97% | 12/2027 | 7287 | 7268 | 7287 |
| Sierra Enterprises, LLC | Food & Beverage | SOFR(Q) | 6.75% | 11.34% | 05/2027 | 4450 | 4445 | 4450 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 4.00% | 8.33% | 10/2030 | 9431 | 9327 | 9500 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 5.25% | 10.03% | 07/2026 | 3984 | 3892 | 3941 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 7.25% | 12.03% | 07/2026 | 2248 | 2205 | 2248 |
| Storable, Inc. | Software | SOFR(M) | 3.50% | 7.86% | 04/2028 | 3880 | 3867 | 3911 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 9.19% | 12/2027 | 3688 | 3683 | 3382 |
| Syndigo LLC | Software | SOFR(Q) | 4.50% | 9.28% | 12/2027 | 9798 | 9788 | 9828 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(M) | 4.00% | 8.47% | 05/2028 | 5908 | 5891 | 5021 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 8.58% | 08/2028 | 5648 | 5634 | 5648 |
| TRC Companies LLC | Business Services | SOFR(M) | 3.50% | 7.97% | 12/2028 | 9973 | 9939 | 10070 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 9.73% | 10/2028 | 1641 | 1625 | 1693 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% + 2.25%/PIK | 8.35% | 10/2028 | 2258 | 2258 | 1992 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(Q) | 4.00% | 8.59% | 10/2031 | 2500 | 2488 | 2531 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 4.75% | 9.08% | 07/2029 | 3372 | 3357 | 3387 |
| VT Topco, Inc. | Business Services | SOFR(Q) | 3.00% | 7.33% | 08/2030 | 5724 | 5675 | 5771 |
| WatchGuard Technologies, Inc. | Software | SOFR(M) | 5.25% | 9.61% | 07/2029 | 3999 | 3807 | 3971 |
| Wrench Group LLC | Consumer Services | SOFR(Q) | 4.00% | 8.59% | 10/2028 | 9300 | 9273 | 8963 |
| Xplor T1, LLC | Software | SOFR(Q) | 3.50% | 7.83% | 06/2031 | 4065 | 4046 | 4112 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 9.84% | 02/2028 | 3110 | 3032 | 3149 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 10.27% | 03/2028 | 9725 | 9609 | 9489 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 10.27% | 03/2028 | 2138 | 2112 | 2086 |
| **Total Funded Investments** |  |  |  |  |  | $**479828** | $**474743** | $**469318** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| AmSpec Parent, LLC | Energy |  |  |  | 12/2026 | $459 | $(1) | $3 |
| Chrysaor Bidco S.a r.l. | Information Services |  |  |  | 07/2026 | 116 |  | 1 |
| Groundworks, LLC | Business Services |  |  |  | 03/2026 | 637 | (4) | 4 |
| **Total Unfunded Investments** |  |  |  |  |  | $**1212** | $**(5)** | $**8** |
| **Total Investments** |  |  |  |  |  | $**481040** | $**474738** | $**469326** |

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(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2024.

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

Below is certain summarized consolidated financial information for SLP IV as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| **Selected Consolidated Balance Sheet Information:** | **September 30, 2025** | **December 31, 2024** |
| Investments at fair value (cost of $537,430 and $474,738, respectively) | $525343 | $469326 |
| Cash and other assets | 24345 | 15401 |
| Receivable from unsettled securities sold | 4706 | 7232 |
| Total assets | $554394 | $491959 |
| Credit facility | $380737 | $334437 |
| Deferred financing costs (net of accumulated amortization of $3,592 and $2,616, respectively) | (4824) | (3088) |
| Payable for unsettled securities | 39154 | 13485 |
| Distribution payable | 4826 | 5184 |
| Other liabilities | 6061 | 6090 |
| Total liabilities | 425954 | 356108 |
| Members' capital | $128440 | $135851 |
| Total liabilities and members' capital | $554394 | $491959 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Selected Consolidated Statement of Operations Information:** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest income | $11308 | $12906 | $31291 | $37025 |
| Other income | 65 | 10 | 156 | 77 |
| Total investment income | 11373 | 12916 | 31447 | 37102 |
| Interest and other financing expenses | 5986 | 6694 | 16171 | 19436 |
| Other expenses | 258 | 202 | 673 | 651 |
| Total expenses | 6244 | 6896 | 16844 | 20087 |
| Net investment income | 5129 | 6020 | 14603 | 17015 |
| Net realized (losses) gains on investments | (541) | 133 | (681) | (4741) |
| Net change in unrealized (depreciation) appreciation of investments | (1569) | (2076) | (6675) | 1468 |
| Net increase in members' capital | $3019 | $4077 | $7247 | $13742 |

---

For the three and nine months ended September 30, 2025, the Company earned approximately $3,794 and $11,521, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2024, the Company earned approximately $3,794 and $12,153, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2025 and December 31, 2024, approximately $3,794 and $4,075, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making

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authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.

***Unconsolidated Significant Subsidiaries***

In accordance with Regulation S-X Rule 1-02(w)(2), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as "significant subsidiaries." This determination is made based upon an analysis performed under Rule 10-01(b)(1). As of September 30, 2025, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary" as defined by Rule 1-02(w)(2).

***Investment Risk Factors***

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

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

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

**Note 4. Fair Value**

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

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

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

&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

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inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

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

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1989262 | $— | $100885 | $1888377 |
| Second lien | 98128 |  |  | 98128 |
| Subordinated | 111031 |  |  | 111031 |
| Structured Finance Obligations | 3257 |  |  | 3257 |
| Equity and other | 741941 |  |  | 741941 |
| Total investments | $2943619 | $— | $100885 | $2842734 |

---

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1956608 | $— | $53998 | $1902610 |
| Second lien | 197050 |  | 46716 | 150334 |
| Subordinated | 102034 |  |  | 102034 |
| Structured Finance Obligations | 3232 |  | 3232 |  |
| Equity and other | 832100 |  |  | 832100 |
| Total investments | $3091024 | $— | $103946 | $2987078 |

---

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2025, as well as the portion of appreciation (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 September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Structured Finance Obligations** | **Equity and<br>other** |
| **Fair Value, June 30, 2025** | $2920263 | $1927366 | $128623 | $107986 | $3249 | $753039 |
| Total gains or losses included in earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | 11 | 3 | (33) |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (19504) | (7077) | 2499 | (142) | 8 | (14792) |
| Purchases, including capitalized PIK and revolver fundings | 139332 | 121173 | 9464 | 3187 |  | 5508 |
| Proceeds from sales and paydowns of investments | (163342) | (98831) | (62656) |  |  | (1855) |
| Transfers into Level III(1) | 20231 |  | 20231 |  |  |  |
| Transfers out of Level III(1) | (54257) | (54257) |  |  |  |  |
| **Fair Value, September 30, 2025** | $2842734 | $1888377 | $98128 | $111031 | $3257 | $741941 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(37652) | $(7387) | $2498 | $(143) | $8 | $(32628) |

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(1)As of September 30, 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.

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 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 September 30, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and<br>other** |
| **Fair Value, June 30, 2024** | $3098192 | $1973080 | $216064 | $96653 | $812395 |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments | (1981) | (1529) |  | 3 | (455) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (4521) | 3513 | (451) | 199 | (7782) |
| Purchases, including capitalized PIK and revolver fundings | 170005 | 136054 | 1485 | 2823 | 29643 |
| Proceeds from sales and paydowns of investments | (110879) | (83124) | (25766) | (292) | (1697) |
| Transfers out of Level III(1) | (8931) | (8931) |  |  |  |
| **Fair Value, September 30, 2024** | $3141885 | $2019063 | $191332 | $99386 | $832104 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(6029) | $2007 | $(452) | $197 | $(7781) |

---

(1)As of September 30, 2024, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Structured Finance Obligations** | **Equity and<br>other** |
| **Fair Value, December 31, 2024** | $2987078 | $1902610 | $150334 | $102034 | $— | $832100 |
| Total gains or losses included in earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | 51087 | 101 | (2762) |  |  | 53748 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (98823) | (13738) | 4673 | 32 | 25 | (89815) |
| Purchases, including capitalized PIK and revolver fundings(1) | 470593 | 365524 | 13719 | 8965 |  | 82385 |
| Proceeds from sales and paydowns of investments(1) | (550437) | (319690) | (94270) |  |  | (136477) |
| Transfers into Level III(2) | 29666 |  | 26434 |  | 3232 |  |
| Transfers out of Level III(2) | (46430) | (46430) |  |  |  |  |
| **Fair Value, September 30, 2025** | $2842734 | $1888377 | $98128 | $111031 | $3257 | $741941 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(53505) | $(13964) | $4386 | $30 | $25 | $(43982) |

---

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 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.

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The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 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 September 30, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and<br>other** |
| **Fair Value, December 31, 2023** | $2938849 | $1637889 | $406180 | $82871 | $811909 |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized losses (gains) on investments | (44979) | (13267) | (35163) | 3 | 3448 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 31047 | 18233 | 40417 | (1240) | (26363) |
| Purchases, including capitalized PIK and revolver fundings(1) | 797225 | 708021 | 13546 | 18044 | 57614 |
| Proceeds from sales and paydowns of investments(1) | (608697) | (360253) | (233648) | (292) | (14504) |
| Transfers into Level III(2) | 28440 | 28440 |  |  |  |
| **Fair Value, September 30, 2024** | $3141885 | $2019063 | $191332 | $99386 | $832104 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(23625) | $3908 | $347 | $(1242) | $(26638) |

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(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2024, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three and nine months ended September 30, 2025 and September 30, 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.

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

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

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

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of September 30, 2025** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average(1)** |
| First lien | $1824381 | Market & Income Approach | EBITDA multiple | 6.0x | 25.0x | 14.2x |
|  |  |  | Revenue multiple | 4.0x | 19.5x | 10.1x |
|  |  |  | Discount rate | 5.7% | 15.2% | 8.6% |
|  | 63996 | Other | N/A(2) | N/A | N/A | N/A |
| Second lien | 98128 | Market & Income Approach | EBITDA multiple | 7.0x | 21.0x | 20.0x |
|  |  |  | Discount rate | 9.3% | 16.8% | 12.2% |
| Subordinated | 111031 | Market & Income Approach | EBITDA multiple | 8.0x | 20.0x | 14.5x |
|  |  |  | Discount rate | 12.0% | 26.9% | 17.1% |
| Structured Finance Obligations | 3257 | Income Approach | Discount Rate | 10.9% | 10.9% | 10.9% |
| Equity and other | 347229 | Market & Income Approach | EBITDA multiple | 5.5x | 23.0x | 11.8x |
|  |  |  | Revenue multiple | 9.0x | 9.0x | 9.0x |
|  |  |  | Discount rate | 8.7% | 19.1% | 11.5% |
|  | 387344 | Income Approach | Discount rate | 6.3% | 15.7% | 11.4% |
|  | 7368 | Other | N/A(2) | N/A | N/A | N/A |
|  | $2842734 |  |  |  |  |  |

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

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

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **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 | $1884611 | Market & income approach | EBITDA multiple | 6.0x | 35.0x | 14.8x |
|  |  |  | Revenue multiple | 3.0x | 19.5x | 6.9x |
|  |  |  | Discount rate | 6.8% | 22.1% | 9.8% |
|  | 17999 | Other | N/A(2) | N/A | N/A | N/A |
| Second lien | 144003 | Market & income approach | EBITDA multiple | 7.0x | 20.0x | 15.2x |
|  |  |  | Discount rate | 10.1% | 20.6% | 12.2% |
|  | 6331 | Other | N/A(2) | N/A | N/A | N/A |
| Subordinated | 102034 | Market & income approach | EBITDA multiple | 8.0x | 21.0x | 15.4x |
|  |  |  | Discount rate | 12.5% | 25.9% | 16.8% |
| Equity and other | 422851 | Market & income approach | EBITDA multiple | 5.5x | 26.5x | 12.8x |
|  |  |  | Revenue multiple | 9.0x | 19.5x | 14.1x |
|  |  |  | Discount rate | 8.2% | 44.6% | 8.9% |
|  | 387194 | Income approach | Discount rate | 6.4% | 12.2% | 9.9% |
|  | 22055 | Other | N/A(2) | N/A | N/A | N/A |
|  | $2987078 |  |  |  |  |  |

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(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 carrying value of the collateralized agreement approximates fair value as of September 30, 2025 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

The 2021A Unsecured Notes, 2022A Unsecured Notes, SBA-guaranteed debentures, Holdings Credit Facility and NMFC Credit Facility are considered Level III investments. The fair value of the 2022 Convertible Notes, the 8.250% Unsecured Notes, the 6.875% Unsecured Notes and the 6.200% Unsecured Notes are based on quoted prices and are considered Level II investments. See Note 7. *Borrowings*, for details.

The following are the principal amounts and fair values of the Company's borrowings as of September 30, 2025 and December 31, 2024. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| Unsecured Notes | $990000 | $1004496 | $990000 | $991624 |
| Holdings Credit Facility | 308063 | 307999 | 294363 | 298435 |
| 2022 Convertible Notes | 258777 | 259036 | 260000 | 261811 |
| SBA-guaranteed debentures | 196205 | 173434 | 300000 | 270548 |
| NMFC Credit Facility (1) | 31032 | 30969 | 27944 | 26812 |
| Total Borrowings | $1784077 | $1775934 | $1872307 | $1849230 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the principal amount of the NMFC Credit Facility was $31,032, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of September 30, 2025, the fair value of the NMFC Credit Facility was $30,969, which included €16,477 denominated in EUR and £8,650 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the principal amount of the NMFC Credit Facility was $27,944, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the fair value of the NMFC Credit Facility was

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$26,812, which included €15,379 denominated in EUR and £8,700 denominated in GBP that has been converted to U.S. dollars.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of September 30, 2025. The Company's derivative instruments are considered Level II investments.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Notional Amount** | **Fair Value** | **Fair Value** | **Notional Amount** | **Fair Value** | **Fair Value** |
| | **Notional Amount** | **Asset** | **Liability** | **Notional Amount** | **Asset** | **Liability** |
| Derivatives in fair value hedging relationships: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $600000 | $5834 | $(821) | $600000 | $— | $(7423) |
| Total derivatives designated as hedging instruments | 600000 | 5834 | (821) | 600000 |  | (7423) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivatives | 600000 | 5834 | (821) | 600000 |  | (7423) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net derivatives(1)** | $**600000** | $**5013** | $**—** | $**600000** | $**—** | $**(7423)** |

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(1)As of September 30, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,013 and a collateral balance of $13,460, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2024, the Company had a net derivative liability at fair value subject to such enforceable master netting arrangement in the amount of $7,423 and a collateral balance $3,230, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of September 30, 2025 and December 31, 2024, if the Company had elected to offset, the net amount would be $0 and $0, respectively.

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

**Note 5. Agreements**

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

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

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

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fee of 1.25% on gross assets. Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three and nine months ended September 30, 2025, management fees waived were approximately $0 and $288, respectively. For the three and nine months ended September 30, 2024, management fees waived were approximately $970 and $2,732, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter, subject to a "preferred return", or "hurdle", and a "catch-up" feature. "Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the "Administration Agreement"), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of September 30, 2025), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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

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

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

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

The Investment Adviser can voluntarily agree to waive a portion of the incentive fee that would otherwise have been earned during the period. The incentive fee waiver is made at the sole discretion of the Investment Adviser and is not required by any contractual or regulatory obligation. For the three and nine months ended September 30, 2025, incentive fees waived were approximately $4,544 and $8,664. For the three and nine months ended September 30, 2024, no incentive fees were waived.

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

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

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The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Management fee | $9619 | $11700 | $29611 | $34048 |
| Less: management fee waiver |  | (970) | (288) | (2732) |
| **Total management fee** | 9619 | 10730 | 29323 | 31316 |
| Incentive fee, excluding accrued capital gains incentive fees | 7345 | 8821 | 23563 | 27760 |
| Less: incentive fee waiver | (4544) |  | (8664) |  |
| **Total incentive fee** | $2801 | $8821 | $14899 | $27760 |
| Accrued capital gains incentive fees(1) | $— | $— | $— | $— |

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(1)As of September 30, 2025 and September 30, 2024, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on 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 consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2025, approximately $599 and $1,944, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. For the three and nine months ended September 30, 2024, approximately $618 and $1,804, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2025 and December 31, 2024, approximately $630 and $580, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2025, the reimbursement to the Administrator represented approximately 0.02% and 0.06%, respectively, of the Company's gross assets. For the three and nine months ended September 30, 2024, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets.

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

**Note 6. Related Parties**

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

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

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

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

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

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

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

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

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

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On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C. (the "Uncommitted Revolving Loan Agreement" and the facility thereunder, the "Unsecured Management Company Revolver"), which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings thereunder from $50,000 to $100,000, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate (as defined in the Uncommitted Revolving Loan Agreement). Refer to Note 7. *Borrowings* for discussion of the Unsecured Management Company Revolver (defined below).

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

**Note 7. Borrowings**

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures issued by SBIC I, SBIC II and SBIC III, if any, from the definition of "senior security" for the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2022 Convertible Notes (as defined below) and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2025, the Company's asset coverage ratio was 179.1%.

***Holdings Credit Facility***—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on March 28, 2025, the maturity date of the Holdings Credit Facility is March 28, 2030, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of September 30, 2025, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on March 28, 2025, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.95% per annum. From July 29, 2024 to March 27, 2025, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.15% per annum. From October 26, 2023 to July 28, 2024, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.50%. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $4726 | $7835 | $13741 | $21417 |
| Non-usage fee | $557 | $409 | $1865 | $1417 |
| Amortization of financing costs | $677 | $585 | $1921 | $1737 |
| Weighted average interest rate | 6.3% | 7.6% | 6.4% | 7.7% |
| Effective interest rate | 8.0% | 8.7% | 8.2% | 9.0% |
| Average debt outstanding | $293932 | $405661 | $285184 | $364418 |

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As of September 30, 2025 and December 31, 2024, the outstanding balance on the Holdings Credit Facility was $308,063 and $294,363, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.

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

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

As of the amendment and restatement on September 30, 2024, the NMFC Credit Facility generally bears interest at a rate of SOFR or SONIA, plus any applicable credit spread adjustment, or EURIBOR, plus any applicable credit spread adjustment, plus 1.90% per annum for Extending Lenders and 2.10% per annum for Non-Extending Lenders, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). From June 29, 2023 to September 29, 2024, the NMFC Credit Facility bore interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum. As of the amendment on June 5, 2024, the Canadian Dollar Offered Rate was replaced with the Canadian Overnight Repo Rate Average term rate plus a credit spread adjustment as a benchmark rate for certain assets.

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $390 | $2538 | $1149 | $4292 |
| Non-usage fee | $476 | $56 | $1563 | $338 |
| Amortization of financing costs | $189 | $63 | $560 | $170 |
| Weighted average interest rate | 4.7% | 7.2% | 5.0% | 7.1% |
| Effective interest rate | 13.5% | 7.5% | 14.6% | 8.0% |
| Average debt outstanding | $30991 | $140385 | $29879 | $79969 |

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As of September 30, 2025, the outstanding balance on the NMFC Credit Facility was $31,032, which included €16,512 denominated in Euro ("EUR") and £8,666 denominated in British Pound Sterling ("GBP") that has been converted to U.S. dollars. As of December 31, 2024, the outstanding balance on the NMFC Credit Facility was $27,944, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars.

***Unsecured Management Company Revolver***—The Unsecured Management Company Revolver, is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on October 31, 2023, the maturity date of the Unsecured Management Company Revolver is December 31, 2027.

As of the amendment on October 31, 2023, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. On October 31, 2023, the Company entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings available thereunder from $50,000 to $100,000. As of September 30, 2025, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $100,000 and no borrowings were outstanding. For the three and nine months ended September 30, 2025, amortization of financing costs were $1 and $3, respectively. For the three and nine months ended September 30, 2024, amortization of financing costs were $1 and $5, respectively.

***DB Credit Facility***—The Loan Financing and Servicing Agreement (the "LFSA"), dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), was structured as a secured revolving credit facility. As of the amendment on October 31, 2023, the maturity date of the DB Credit Facility was March 25, 2027. On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

Prior to its termination on September 30, 2024, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company was permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility was non-recourse to the Company and was collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility were capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contained certain customary affirmative and negative covenants and events of default. The covenants were generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrued interest at a per annum rate equal to the Applicable Margin (as defined in the LFSA) plus the lender's Cost of Funds Rate (as defined in the LFSA). As of the amendment on October 31, 2023, the Applicable Margin was equal to 2.55% during the Revolving Period (as defined in the LFSA), increased by 0.20% per annum after the Revolving Period and would have been increased by 2.00% per annum during an Event of Default (as defined in the LFSA). The "Cost of Funds Rate" for a conduit lender was the lower of its commercial paper rate and the Base Rate (as defined in the LFSA) plus 0.50%, and for any other lender was the Base Rate. Effective June 29, 2023, the Base Rate was the three-months SOFR Rate. The Company was also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum, until the amendment on October 31, 2023, on the total facility amount. As of the amendment on October 31, 2023, the facility agent fee was 0.20% per annum on the total facility amounts.

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2024:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Nine Months Ended** |
| | **September 30, 2024(2)** | **September 30, 2024(2)** |
| Interest expense(1) | $3718 | $11203 |
| Non-usage fee(1) | $112 | $331 |
| Amortization of financing costs | $1641 | $2024 |
| Weighted average interest rate | 8.1% | 8.1% |
| Effective interest rate | 12.1% | 9.9% |
| Average debt outstanding | $180022 | $182364 |

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(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.

(2)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

***NMNLC Credit Facility II***—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), was structured as a senior secured revolving credit facility. As of the amendment on November 1, 2022, NM CLFX LP was added as a co-borrower and the NMNLC CA would have matured on November 1, 2024. As of the most recent amendment on October 29, 2024, the NMNLC CA maturity date was December 2, 2024. On November 14, 2024, NMNLC and NM CLFX LP repaid all amounts outstanding under the NMNLC Credit Facility II, and terminated the NMNLC Credit Facility II on November 22, 2024. The NMNLC Credit Facility II was guaranteed by the Company and proceeds from the NMNLC Credit Facility II were used for refinancing existing loans on properties held.

As of the amendment on November 1, 2022, the NMNLC Credit Facility II bore interest at a rate of SOFR plus 2.25% per annum with a 0.35% floor, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available to all borrowers under the NMNLC Credit Facility II was $27,500.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facility II for the three and nine months ended September 30, 2024:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Nine Months Ended** |
| | **September 30, 2024(1)** | **September 30, 2024(1)** |
| Interest expense | $41 | $135 |
| Non-usage fee | $— | $1 |
| Amortization of financing costs | $21 | $64 |
| Weighted average interest rate | 7.6% | 7.6% |
| Effective interest rate | 11.7% | 11.4% |
| Average debt outstanding | $2151 | $2341 |

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(1)On November 14, 2024, NMNLC repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II on November 22, 2024.

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

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The 2022 Convertible Notes bore interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year. The 2022 Convertible Notes matured and were repaid on October 15, 2025.

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

On October 15, 2025, the Company repaid the outstanding principal and accrued but unpaid interest in cash on the 2022 Convertible Notes, which matured on October 15, 2025.

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

The following table summarizes certain key terms related to the convertible features of the 2022 Convertible Notes as of September 30, 2025:

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| | |
|:---|:---|
| | **2022 Convertible Notes** |
| Initial conversion premium(1) | 14.7% |
| Initial conversion rate(2) | 70.4225 |
| Initial conversion price | $14.20 |
| Conversion rate at September 30, 2025(1)(2) | 73.6283 |
| Conversion price at September 30, 2025(2)(3) | $13.58 |
| Last conversion price calculation date | September 16, 2025 |

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(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2022 Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that would be made on the conversion date.

(3)The conversion price in effect at September 30, 2025 on the 2022 Convertible Notes was calculated on September 16, 2025.

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

Prior to the maturity of the 2022 Convertible Notes, the 2022 Convertible Notes were unsecured obligations and ranked senior in right of payment to the Company's existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company's existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company's secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the

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Company's subsidiaries and financing vehicles. As reflected in Note 11. *Earnings Per Share*, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2022 Convertible Notes for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $4852 | $4875 | $14570 | $14625 |
| Amortization of financing costs | $430 | $410 | $1282 | $1210 |
| Amortization of premium | $(29) | $(30) | $(74) | $(87) |
| Weighted average interest rate | 7.5% | 7.5% | 7.5% | 7.5% |
| Effective interest rate | 8.1% | 8.1% | 8.1% | 8.1% |
| Average debt outstanding | $258777 | $260000 | $259022 | $260000 |

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As of September 30, 2025 and December 31, 2024, the outstanding balance on the 2022 Convertible Notes was $258,777 and $260,000, respectively. The Company was in compliance with the terms of the 2018C Indenture on such dates.

***Unsecured Notes***

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

The 2019A Unsecured Notes bore interest at an annual rate of 5.494%. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company's unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company's investment adviser or if certain change in control events occur with respect to the Investment Adviser.

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

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

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

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The Company may redeem the 8.250% Unsecured Notes, in whole or in part, at any time, or from time to time, at its option on or after November 15, 2025 at the redemption price of par, plus accrued interest.

No sinking fund provision is provided for the 8.250% Unsecured Notes and holders of the 8.250% Unsecured Notes have no option to have their 8.250% Unsecured Notes repaid prior to the stated maturity date.

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

On September 26, 2024, the Company issued $300,000 in aggregate principal amount of its 6.200% notes that mature on October 15, 2027 (the "6.200% Unsecured Notes", together with the 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes and 6.875% Unsecured Notes, the "Unsecured Notes") pursuant to a base indenture and sixth supplemental indenture thereto dated September 26, 2024 (together, with the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"). The 6.200% Unsecured Notes bear interest at an annual rate of 6.200%, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2025. The Company may redeem the 6.200% Unsecured Notes, in whole or in part, at any time prior to October 15, 2027, at par plus a "make-whole" premium and accrued interest.

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

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense(1) | $16385 | $12277 | $47979 | $33765 |
| Amortization of financing costs | $827 | $526 | $2440 | $1539 |
| Amortization of discount | $314 | $165 | $932 | $422 |
| Weighted average interest rate | 6.5% | 6.7% | 6.5% | 6.5% |
| Effective interest rate | 7.1% | 7.3% | 6.9% | 7.0% |
| Average debt outstanding | $990000 | $706304 | $990000 | $676414 |

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

As of September 30, 2025 and December 31, 2024, the outstanding balance on the Unsecured Notes was $990,999 and $978,503, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.

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

The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. For each hedging relationship, the Company performs quarterly quantitative assessments of the hedge effectiveness to assess that the hedging relationships are highly effective in offsetting changes in fair

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values of hedged items and whether the relationship is expected to continue to be highly effective in the future. To the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item, the difference is recognized. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| (Losses) gains on fair value hedging relationship: |  |  |  |  |
| Interest rate swap contract: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense recognized on derivative | $(1182) | $(1189) | $(3184) | $(2270) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) recognized on derivative | 719 | 9092 | 12436 | 7539 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Losses) gains recognized on hedged item | (698) | (9350) | (11564) | (8175) |
| Net expense recognized on fair value hedge | $(1161) | $(1447) | $(2312) | $(2906) |

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The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2025 and December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Description** | **Carrying Value** | **Cumulative Amount of Basis Adjustment** | **Carrying Value** | **Cumulative Amount of Basis Adjustment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% Unsecured Notes | $303026 | $(5101) | $296590 | $871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200% Unsecured Notes | $297973 | $750 | $291913 | $6343 |

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

The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a net asset position on September 30, 2025 was $5,013 and a net liability position on December 31, 2024 was $7,423, respectively, for which Morgan Stanley Bank N.A. had posted collateral of $13,460 and $3,230, respectively. The Company does not have any derivatives that are not designated as hedging instruments.

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

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

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On February 28, 2025, SBIC I repaid $37,500 of SBA-guaranteed debentures that were set to mature on March 1, 2025. On August 29, 2025, SBIC I repaid $66,295 of SBA-guaranteed debentures that were set to mature on September 1, 2025.

As of September 30, 2025 and December 31, 2024, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $46,205 and $150,000, respectively.

As of September 30, 2025 and December 31, 2024, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

SBIC III received a license to operate as a SBIC on July 15, 2025. As of September 30, 2025, SBIC III had regulatory capital of $3,375 and no SBA-guaranteed debentures outstanding.

The following table summarizes the Company's SBA-guaranteed debentures as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuance Date** | **Maturity Date** | **Debenture Amount** | **Interest Rate** | **SBA Annual Charge** |
| **Fixed SBA-guaranteed debentures(1):** | | | | |
| March 23, 2016 | March 1, 2026 | 13950 | 2.507% | 0.742% |
| September 21, 2016 | September 1, 2026 | 4000 | 2.051% | 0.742% |
| September 20, 2017 | September 1, 2027 | 13000 | 2.518% | 0.742% |
| March 21, 2018 | March 1, 2028 | 15255 | 3.187% | 0.742% |
| **Fixed SBA-guaranteed debentures(2):** |  |  |  |  |
| September 19, 2018 | September 1, 2028 | 15000 | 3.548% | 0.222% |
| September 25, 2019 | September 1, 2029 | 19000 | 2.283% | 0.222% |
| March 25, 2020 | March 1, 2030 | 41000 | 2.078% | 0.222% |
| March 25, 2020 | March 1, 2030 | 24000 | 2.078% | 0.275% |
| September 23, 2020 | September 1, 2030 | 51000 | 1.034% | 0.275% |
| **Total SBA-guaranteed debentures** |  | $**196205** |  |  |

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

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

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

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $1588 | $2043 | $5247 | $6084 |
| Amortization of financing costs | $203 | $253 | $659 | $753 |
| Weighted average interest rate | 2.6% | 2.7% | 2.7% | 2.7% |
| Effective interest rate | 3.0% | 3.0% | 3.0% | 3.0% |
| Average debt outstanding | $240882 | $300000 | $263319 | $300000 |

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

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

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

**Note 8. Regulation**

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

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

**Note 9. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2025, the Company had unfunded commitments on revolving credit facilities of $147,540, no outstanding bridge financing commitments and other future funding commitments of $108,376. As of December 31, 2024, the Company had unfunded commitments on revolving credit facilities of $126,723, no outstanding bridge financing commitments and other future funding commitments of $116,953. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver, as of September 30, 2025 and December 31, 2024. See Note 7. *Borrowings*, for details.

The Company may from time to time enter into financing commitment letters. As of September 30, 2025 and December 31, 2024, the Company had commitment letters to purchase investments in the aggregate par amount of $4,727 and $83,638, respectively, which could require funding in the future.

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**Note 10. Net Assets**

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Accumulated Undistributed (Overdistributed) Earnings** | **Accumulated Undistributed (Overdistributed) Earnings** | **Accumulated Undistributed (Overdistributed) Earnings** | | | |
| | **Common Stock** | **Common Stock** | | | | | | | | |
| | **Shares** | **Par Amount** |<br>**Treasury Stock**<br>**at Cost** |<br>**Paid in<br>Capital in<br>Excess**<br>**of Par** | **Accumulated<br>Net Investment**<br>**Income** | **Accumulated Net Realized**<br>**(Losses) Gains** | **Net <br>Unrealized Appreciation**<br>**(Depreciation)** |<br>**Total Net Assets**<br>**of NMFC** |<br>**Non-<br>Controlling<br>Interest in**<br>**NMNLC** |<br>**Total**<br>**Net Assets** |
| Net assets at December 31, 2024 | 107851415 | $1079 | $— | $1365852 | $181266 | $(141279) | $(53579) | $1353339 | $5952 | $1359291 |
| Offering costs |  |  |  | (28) |  |  |  | (28) |  | (28) |
| Distributions declared |  |  |  |  | (34512) |  |  | (34512) | (90) | (34602) |
| Net increase (decrease) in net assets resulting from operations |  |  |  |  | 34524 | 37825 | (48936) | 23413 | 104 | 23517 |
| Net assets at March 31, 2025 | 107851415 | $1079 | $— | $1365824 | $181278 | $(103454) | $(102515) | $1342212 | $5966 | $1348178 |
| Repurchases of common stock under Old Repurchase Program | (925216) |  | (9642) |  |  |  |  | (9642) |  | (9642) |
| Conversion of 2022 Convertible Notes to Shares | 514 |  |  |  |  |  |  |  |  |  |
| Offering costs |  |  |  | 14 |  |  |  | 14 |  | 14 |
| Distributions declared |  |  |  |  | (34499) |  |  | (34499) | (90) | (34589) |
| Net increase (decrease) in net assets resulting from operations |  |  |  |  | 34468 | 13389 | (40083) | 7774 | 101 | 7875 |
| Net assets at June 30, 2025 | 106926713 | $1079 | $(9642) | $1365838 | $181247 | $(90065) | $(142598) | $1305859 | $5977 | $1311836 |
| Repurchases of common stock under Old Repurchase Program | (2737377) |  | (27611) |  |  |  |  | (27611) |  | (27611) |
| Conversion of 2022 Convertible Notes to Shares |  |  |  | 7 |  |  |  | 7 |  | 7 |
| Offering costs |  |  |  | 4 |  |  |  | 4 |  | 4 |
| Distributions declared |  |  |  |  | (33822) |  |  | (33822) | (90) | (33912) |
| Net increase (decrease) in net assets resulting from operations |  |  |  |  | 33925 | 9 | (21745) | 12189 | 153 | 12342 |
| Net assets at September 30, 2025 | 104189336 | $1079 | $(37253) | $1365849 | $181350 | $(90056) | $(164343) | $1256626 | $6040 | $1262666 |

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2024:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Accumulated Undistributed (Overdistributed) Earnings** | **Accumulated Undistributed (Overdistributed) Earnings** | **Accumulated Undistributed (Overdistributed) Earnings** | | | |
| | **Common Stock** | **Common Stock** | | | | | | | |
| | **Shares** | **Par Amount** |<br>**Paid in<br>Capital in Excess**<br>**of Par** | **Accumulated<br>Net Investment**<br>**Income** | **Accumulated Net Realized <br>(Losses)**<br>**Gains** | **Net <br>Unrealized Appreciation**<br>**(Depreciation)** |<br>**Total Net Assets**<br>**of NMFC** |<br>**Non-Controlling Interest in**<br>**NMNLC** |<br>**Total**<br>**Net Assets** |
| Net assets at December 31, 2023 | 102558859 | $1026 | $1331269 | $150407 | $(100015) | $(62736) | $1319951 | $11772 | $1331723 |
| Issuances of common stock | 3730434 | 37 | 47882 |  |  |  | 47919 |  | 47919 |
| Offering costs |  |  | (81) |  |  |  | (81) |  | (81) |
| Distributions declared |  |  |  | (38265) |  |  | (38265) | (197) | (38462) |
| Net increase (decrease) in net assets resulting from operations |  |  |  | 37325 | (11830) | 1913 | 27408 | 676 | 28084 |
| Net assets at March 31, 2024 | 106289293 | $1063 | $1379070 | $149467 | $(111845) | $(60823) | $1356932 | $12251 | $1369183 |
| Issuances of common stock | 1562122 | 16 | 19756 |  |  |  | 19772 |  | 19772 |
| Offering costs |  |  | (388) |  |  |  | (388) |  | (388) |
| Distributions declared |  |  |  | (36669) |  |  | (36669) | (165) | (36834) |
| Net increase (decrease) in net assets resulting from operations |  |  |  | 38200 | (31166) | 27437 | 34471 | 313 | 34784 |
| Net assets at June 30, 2024 | 107851415 | $1079 | $1398438 | $150998 | $(143011) | $(33386) | $1374118 | $12399 | $1386517 |
| Issuances of common stock |  |  |  |  |  |  |  |  |  |
| Other |  |  |  |  |  |  |  | 244 | 244 |
| Offering costs |  |  | (43) |  |  |  | (43) |  | (43) |
| Distributions declared |  |  |  | (36668) |  |  | (36668) | (166) | (36834) |
| Sale of non - controlling interest <br>in NMNLC |  |  |  |  |  |  |  | (4666) | (4666) |
| Net change in unrealized appreciation in NMNLC |  |  |  |  |  |  |  | (1533) | (1533) |
| Net increase (decrease) in net assets resulting from operations |  |  |  | 35526 | (1959) | (9678) | 23889 | 5 | 23894 |
| Net assets at September 30, 2024 | 107851415 | $1079 | $1398395 | $149856 | $(144970) | $(43064) | $1361296 | $6283 | $1367579 |

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

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For the three and nine months ended September 30, 2025, the Company did not sell any shares of common stock under the Distribution Agreement. For the three months ended September 30, 2024, the Company did not sell any shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company sold 5,292,556 shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company received total accumulated net proceeds of approximately $67,691, including $12 of offering expenses, from these sales.

The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2025, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

**Note 11. Earnings Per Share**

The following information sets forth the computation of basic and diluted net increase in the Company's net assets per share resulting from operations for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Earnings per share—basic** | | | | |
| Numerator for basic earnings per share: | $12189 | $23889 | $43376 | $85768 |
| Denominator for basic weighted average share: | 106016542 | 107851415 | 107199318 | 106140789 |
| Basic earnings per share: | $0.11 | $0.22 | $0.40 | $0.81 |
| **Earnings per share—diluted(1)** |  |  |  |  |
| Numerator for increase in net assets per share | $12189 | $23889 | $43376 | $85768 |
| Adjustment for interest on 2022 Convertible Notes and incentive fees, net | 4482 | 3900 | 12741 | 11700 |
| Numerator for diluted earnings per share: | $16671 | $27789 | $56117 | $97468 |
| Denominator for basic weighted average share | 106016542 | 107851415 | 107199318 | 106140789 |
| Adjustment for dilutive effect of 2022 Convertible Notes | 19020154 | 18928404 | 19001718 | 18860083 |
| Denominator for diluted weighted average share | 125036696 | 126779819 | 126201036 | 125000872 |
| Diluted earnings per share: | $0.11 | $0.22 | $0.40 | $0.78 |

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(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and nine months ended September 30, 2025 and the three months ended September 30, 2024, there was anti-dilution. For the nine months ended September 30, 2024, there was no anti-dilution.

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**Note 12. Financial Highlights**

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Per share data(1): |  |  |
| Net asset value, January 1, 2025 and January 1, 2024, respectively | $12.55 | $12.87 |
| Net investment income | 0.96 | 1.05 |
| Net realized and unrealized losses(2) | (0.56) | (0.26) |
| Total net increase | 0.40 | 0.79 |
| Repurchases of common stock | 0.07 |  |
| Distributions declared to stockholders from net investment income | (0.96) | (1.04) |
| Net asset value, September 30, 2025 and September 30, 2024, respectively | $12.06 | $12.62 |
| Per share market value, September 30, 2025 and September 30, 2024, respectively | $9.64 | $11.98 |
| Total return based on market value(3) | (6.24)% | 2.40% |
| Total return based on net asset value(4) | 3.86% | 6.32% |
| Shares outstanding at end of period | 104189336 | 107851415 |
| Average weighted shares outstanding for the period | 107199318 | 106140789 |
| Average net assets for the period | $1329882 | 1357569 |
| Ratio to average net assets(5): |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 10.35% | 10.93% |
| &nbsp;&nbsp;&nbsp;Total expenses, before waivers/reimbursements | 15.62% | 16.90% |
| &nbsp;&nbsp;&nbsp;Total expenses, net of waivers/reimbursements | 14.72% | 16.63% |
| Average debt outstanding—Unsecured Notes | $990000 | $676414 |
| Average debt outstanding—Holdings Credit Facility | 285184 | 364418 |
| Average debt outstanding—SBA-guaranteed debentures | 263319 | 300000 |
| Average debt outstanding—2022 Convertible Notes | 259022 | 260000 |
| Average debt outstanding—NMFC Credit Facility(6) | 29879 | 79969 |
| Average debt outstanding—DB Credit Facility (7) |  | 182364 |
| Average debt outstanding—NMNLC Credit Facility II (8) |  | 2341 |
| Asset coverage ratio(9) | 179.09% | 179.18% |
| Portfolio turnover | 12.18% | 17.99% |

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

(2)Includes the accretive effect of common stock issuances per share, which for the nine months ended September 30, 2025 and September 30, 2024 was $0.00 and $(0.02), respectively

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

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

(5)Interim periods are annualized.

(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and September 30, 2024, the Company had borrowings denominated in EUR of €16,512 and €17,400, respectively, and borrowings denominated in GBP of £8,666 and £26,650, respectively, that have been converted to U.S. dollars.

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(7)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

(8)On November 22, 2024, the Company repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II.

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

**Note 13. Recent Accounting Standards Updates**

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

**Note 14. Segment Reporting**

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

**Note 15. Subsequent Events**

On October 15, 2025, the Company repaid the outstanding principal of $258,777 and accrued but unpaid interest in cash on the 2022 Convertible Notes, which matured on October 15, 2025.

On October 23, 2025, the Company's board of directors authorized and established the Repurchase Program for the purpose of repurchasing up to $100,000 worth of the Company's common stock. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2026 or until $100,000 of its outstanding shares of common stock have been repurchased.

On October 27, 2025, the Company entered into the Third Amended and Restated Uncommitted Revolving Loan Agreement, which amended the Unsecured Management Company Revolver to, among other things, extend the maturity date from December 31, 2027 to December 31, 2030.

On October 28, 2025, the Company's board of directors declared a fourth quarter 2025 distribution of $0.32 per share, payable on December 31, 2025 to holders of record as of December 17, 2025.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Results of Review of Interim Financial Information**

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the "Company"), including the consolidated schedule of investments, as of September 30, 2025, the related consolidated statements of operations, changes in net assets for the three-month and nine-month periods ended September 30, 2025 and 2024, the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2024, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February 26, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

**Basis for Review Results**

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

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

/s/ DELOITTE & TOUCHE LLP

New York, New York

November 3, 2025

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**Item 2.&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 Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").

**Forward-Looking Statements**

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

&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, 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 our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in *Item 1A.—Risk Factors* contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

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

**Overview**

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through September 30, 2025, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings' credit facility and were used to secure NMFDB's credit facility, until its termination on September 30, 2024, respectively;

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

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

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

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

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

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

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

Similar to us, the investment objective of each of SBIC I, SBIC II and SBIC III, is to generate current income and capital appreciation under the investment criteria we use. However, SBIC I, SBIC II and SBIC III investments must be in SBA eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of September 30, 2025, our top five industry concentrations were software, business services, healthcare, investment funds (which includes our investments in our joint ventures) and consumer services.

As of September 30, 2025, our net asset value was approximately $1,256.6 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $2,943.6 million in 126 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 10.4% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 10.0%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at

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

**Recent Developments**

On October 15, 2025, we repaid the outstanding principal of $258.7 million and accrued but unpaid interest in cash on the 2022 Convertible Notes, which matured on October 15, 2025.

On October 23, 2025, our board of directors authorized and established a program for the purpose of repurchasing up to $100.0 million of our common stock (the "Repurchase Program"). We expect the Repurchase Program to be in place until the earlier of December 31, 2026 or until $100.0 million of our outstanding shares of common stock have been repurchased.

On October 27, 2025, the Company entered into the Third Amended and Restated Uncommitted Revolving Loan Agreement, which amended the Unsecured Management Company Revolver to, among other things, extend the maturity date from December 31, 2027 to December 31, 2030.

On October 28, 2025, our board of directors declared a fourth quarter 2025 distribution of $0.32 per share payable on December 31, 2025 to holders of record as of December 17, 2025.

**Critical Accounting Estimates**

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

***Basis of Accounting***

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

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

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

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

&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

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&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, 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;&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;

&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;

&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 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;&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.

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

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

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.

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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 1*.—*Financial Statements and Supplementary Data*—*Note 4. Fair Value* in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, 2025.

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

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

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

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

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

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See *Item 1*.—*Financial Statements and Supplementary Data*—*Note 4. Fair Value* in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, 2025.

***NMFC Senior Loan Program III LLC***

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

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2025, we and SkyKnight II have committed and contributed $160.0 million and $40.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of September 30, 2025 and December 31, 2024.

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

As of the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $941.0 million of which $830.0 million of the facility amount is attributed to Class A lenders and $111.0 million of the facility amount is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600.0 million, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of SOFR plus 1.80%. During the reinvestment period, Class B advances bear interest at a rate of SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of SOFR plus 5.05%. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%.

As of September 30, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $758.0 million and $715.1 million, respectively, and debt outstanding under its credit facility of $524.7 million and $511.2 million, respectively. As of September 30, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $4.7 million and $2.7 million, respectively.

Below is a summary of SLP III's portfolio as of September 30, 2025 and December 31, 2024:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| (in thousands) | **September 30, 2025** | **December 31, 2024** |
| First lien investments (1) | $779976 | $727619 |
| Weighted average interest rate on first lien investments (2) | 7.99% | 8.49% |
| Number of portfolio companies in SLP III | 89 | 90 |
| Largest portfolio company investment (1) | $18651 | $17697 |
| Total of five largest portfolio company investments (1) | $85663 | $80215 |

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

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

See *Item 1.*—*Financial Statements and Supplementary Data—Note 3. Investments* in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of September 30, 2025 and December 31, 2024 and additional information on certain summarized financial information for SLP III as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024.

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***NMFC Senior Loan Program IV LLC***

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until May 5, 2029. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2025, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of September 30, 2025 and December 31, 2024.

On May 5, 2021, SLP IV entered into a revolving credit facility with Wells Fargo Bank, National Association. As of

the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to

July 11, 2030.

As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of

$600.0 million, of which $530.0 million of the facility amount is attributed to Class A lenders and $70.0 million of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370.0 million, with the full amount attributable to one class of lenders.As of the amendment on July 11, 2025, Class A advances bears interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%.

As of September 30, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $525.3 million and $469.3 million, respectively, and debt outstanding under its credit facility of $380.7 million and $334.4 million, respectively. As of September 30, 2025 and December 31, 2024, none of SLP IV's investments were on non-accrual. Additionally, as of September 30, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2.9 million and $1.2 million, respectively.

Below is a summary of SLP IV's consolidated portfolio as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| (in thousands) | **September 30, 2025** | **December 31, 2024** |
| First lien investments (1) | $544399 | $481040 |
| Weighted average interest rate on first lien investments (2) | 8.08% | 8.54% |
| Number of portfolio companies in SLP IV | 87 | 79 |
| Largest portfolio company investment (1) | $18187 | $17933 |
| Total of five largest portfolio company investments (1) | $63966 | $62752 |

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

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

See *Item 1.*—*Financial Statements and Supplementary Data—Note 3. Investments* in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2025 and December 31, 2024 and additional information on certain summarized financial information for SLP IV as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024.

***New Mountain Net Lease Corporation***

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of September 30, 2025.

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

Below is certain summarized property information for NMNLC as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Portfolio Company** |<br>**Tenant** | **Lease**<br>**Expiration Date** |<br>**Location** | **Total**<br>**Square Feet** | **Fair Value as of**<br>**September 30, 2025** |
|  |  |  |  | (in thousands) | (in thousands) |
| NM NL Holdings LP / NM GP Holdco LLC | Various | Various | Various | Various | $106271 |
| NM YI, LLC | Young Innovations, Inc. | 10/31/2039 | IL / MO | 212 | 8673 |
|  |  |  |  |  | $114944 |

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***Collateralized agreements or repurchase financings***

We follow the guidance in Accounting Standards Codification Topic 860, *Transfers and Servicing—Secured Borrowing and Collateral* ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2025 and December 31, 2024, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of $13.5 million and $13.5 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

***PPVA Black Elk (Equity) LLC***

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

In August 2017, a trustee (the "Trustee") for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the "Claim") against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund's obligation to us under the SPP Agreement. We were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, we settled the Trustee's $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of

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September 30, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $6.5 million and $6.5 million, respectively, which is reflective of the higher inherent risk in this transaction.

***Revenue Recognition***

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

*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2025 we recognized PIK interest from investments of approximately $7.6 million and $22.1 million, respectively, and non-cash dividends from investments of approximately $7.3 million and $22.1 million, respectively. For the three and nine months ended September 30, 2024 we recognized PIK interest from investments of approximately $9.1 million and $27.7 million, respectively, and non-cash dividends from investments of approximately $8.3 million and $23.5 million, respectively.

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

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

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

**Monitoring of Portfolio Investments**

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

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

&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

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&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 Rating of our portfolio companies as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Risk Rating** | **Cost** | **Percent** | **Fair Value** | **Percent** |
| Green | $2843.0 | 92.0% | $2796.6 | 94.5% |
| Yellow | 83.9 | 2.7% | 55.1 | 1.9% |
| Orange | 143.6 | 4.6% | 91.7 | 3.1% |
| Red | 21.8 | 0.7% | 13.7 | 0.5% |
| Total | $3092.3 | 100.0% | $2957.1 | 100.0% |

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As of September 30, 2025, all investments in our portfolio had a Green Risk Rating with the exception of five portfolio companies that had a Yellow Risk Rating, nine portfolio companies that had an Orange Risk Rating and one portfolio company that had a Red Risk Rating.

As of September 30, 2025, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of September 30, 2025, our positions in AAC on non-accrual status had an aggregate cost basis of $31.4 million, an aggregate fair value of $18.0 million and total unearned interest income of $1.4 million and $4.0 million, respectively, for the three and nine months then ended. As of September 30, 2025, our investment in AAC had an Orange Risk Rating.

During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2025, our second lien position in National HME had an aggregate cost basis of $7.9 million, an aggregate fair value of $3.0 million and total unearned interest income of $0.5 million and $1.6 million, respectively, for the three and nine months then ended. As of September 30, 2025, our investment in National HME had an Orange Risk Rating.

During the second quarter of 2024, we placed our investment in our junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of September 30, 2025, our junior preferred shares in Transcendia had an aggregate cost basis of $2.6 million, an aggregate fair value of $2.7 million and total unearned income of $0.1 million and $0.3 million, respectively, for the three and nine months then ended. As of September 30, 2025, our investment in Transcendia had a Green Risk Rating.

During the third quarter of 2025, we placed our first lien term loans in Notorious Topco, LLC ("BIG") on non-accrual status. As of September 30, 2025, our positions in BIG had an aggregate cost basis of $21.8 million, and aggregate fair value of $13.7 million and total and total unearned income of $0.9 million and $0.9 million, respectively, for the three and nine months then ended. As of September 30, 2025, our investment in BIG had a Red Risk Rating.

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During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of September 30, 2025, our investment in this security had a Yellow Risk Rating and had an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $13.5 million.

**Portfolio and Investment Activity**

The fair value of our investments, as determined in good faith by our board of directors, was approximately $2,943.6 million in 126 portfolio companies at September 30, 2025 and approximately $3,091.0 million in 120 portfolio companies at December 31, 2024.

The following table shows our portfolio and investment activity for the nine months ended September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in millions)** | **September 30, 2025** | **September 30, 2024** |
| Investments in 48 and 67 new and existing portfolio companies, respectively | $370.5 | $777.2 |
| Debt repayments in existing portfolio companies | 461.6 | 546.7 |
| Sales of securities in 7 and 3 portfolio companies, respectively | 57.6 | 11.0 |
| Change in unrealized appreciation on 40 and 73 portfolio companies, respectively | 12.5 | 84.3 |
| Change in unrealized depreciation on 87 and 59 portfolio companies, respectively | (123.7) | (62.5) |

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**Recent Accounting Standards Updates**

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

**Results of Operations for the Three Months Ended September 30, 2025 and September 30, 2024** 

***Revenue***

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Total interest income | $59403 | $72838 |
| Total dividend income | 19252 | 20293 |
| Other income | 1874 | 2196 |
| Total investment income | $80529 | $95327 |

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Our total investment income decreased by approximately $14.8 million, or 16%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. For the three months ended September 30, 2025, total investment income of approximately $80.5 million consisted of approximately $50.0 million in cash interest from investments, approximately $7.6 million in PIK interest from investments, approximately $0.2 million of prepayment fees, net amortization of purchase premiums and discounts of approximately $1.7 million, approximately $11.9 million in cash dividends from investments, approximately $7.2 million in non-cash dividends from investments and approximately $1.9 million in other income. The decrease in interest income of approximately $13.4 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was primarily due to a lower invested asset base, along with slightly lower yields on the portfolio. The decrease in dividend income of approximately $1.0 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was was primarily due to decrease in equity investments held. Other income during the three months ended September 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 15 different portfolio companies.

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***Operating Expenses***

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Management fee | $9619 | $11700 |
| Less: management fee waiver |  | (970) |
| Total management fee | 9619 | 10730 |
| Incentive fee | 7345 | 8821 |
| Less: incentive fee waiver | (4544) |  |
| Total incentive fee | 2801 | 8821 |
| Interest and other financing expenses | 31720 | 37661 |
| Professional fees | 924 | 1019 |
| Administrative expenses | 916 | 1059 |
| Other general and administrative expenses | 478 | 531 |
| Total expenses | 46458 | 59821 |
| Income tax expense | 29 | 118 |
| Net expenses after income taxes | $46487 | $59939 |

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&nbsp;&nbsp;&nbsp;&nbsp;

Our total net operating expenses decreased by approximately $13.5 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Our management fee, net of a management fee waiver, decreased by approximately $1.1 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The decrease in management fee was primarily attributable to a lower invested asset base. Our incentive fee, net of an incentive fee waiver, decreased by approximately $6.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Advisor, along with a decrease in investment income. Interest and other financing expenses decreased by approximately $5.9 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 remained relatively flat.

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Net realized gains (losses) on investments | $9 | $(531) |
| Net realized losses on foreign currency |  | (1455) |
| Net change in unrealized depreciation of investments | (21564) | (11694) |
| Net change in unrealized appreciation in NMNLC |  | 1533 |
| Net change in unrealized (depreciation) appreciation on foreign currency | (120) | 1690 |
| Provision for taxes | (25) | (1037) |
| Net realized and unrealized losses | $(21700) | $(11494) |

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Our net realized gains and unrealized losses resulted in a net loss of approximately $21.7 million for the three months ended September 30, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $11.5 million for the same period in 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended September 30, 2025 was primarily driven by unrealized depreciation in TVG-Edmentum Holdings, LLC ("Edmentum"), ACI Parent Inc. and TMK Hawk Parent, Corp, partially offset by unrealized appreciation on Dealer Tire Holdings, LLC. The provision for income taxes was attributable to equity investments that are held as of September 30, 2025 in eight of our corporate subsidiaries. The net loss for the three months ended September 30, 2024 was primarily driven by unrealized depreciation in New Permian Holdco, Inc., Edmentum and AAC, partially offset by unrealized appreciation in HB Wealth Management, LLC ("Homrich"), NM NL Holdings, L.P. and NM YI, LLC. The provision for income taxes was attributable to

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equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. See *Monitoring of Portfolio Investments* above for more details regarding the health of our portfolio companies.

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Total investment income | $80529 | $95327 |
| Net expenses after income taxes | 46487 | 59939 |
| Net investment income | 34042 | 35388 |
| Less: Net investment income related to non-controlling interest in NMNLC | 117 | (138) |
| Net investment income related to NMFC | $33925 | $35526 |
| Net change in realized gains (losses) on investments | 9 | (531) |
| Net change in realized losses on foreign currency |  | (1455) |
| Less: Net change in realized losses on investments related to non-controlling interest in NMNLC |  | (27) |
| Net change in realized gains (losses) of investments related to NMFC | $9 | $(1959) |
| Net change in unrealized depreciation of investments | (21564) | (11694) |
| Net change in unrealized appreciation in NMNLC |  | 1533 |
| Net change in unrealized (depreciation) appreciation on foreign currency | (120) | 1690 |
| Provision for taxes | (25) | (1037) |
| Less: Net change in unrealized appreciation of investments related to non-controlling interest in NMNLC | 36 | 170 |
| Net change in unrealized depreciation of investments related to NMFC | $(21745) | $(9678) |

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**Results of Operations for the Nine Months Ended September 30, 2025 and September 30, 2024** 

***Revenue***

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Total interest income | $183750 | $208831 |
| Total dividend income | 59526 | 63058 |
| Other income | 6406 | 8582 |
| Total investment income | $249682 | $280471 |

---

Our total investment income decreased by approximately $30.8 million, or 11%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, total investment income of approximately $249.7 million consisted of approximately $153.9 million in cash interest from investments, approximately $22.1 million in PIK interest from investments, approximately $0.3 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $7.5 million, approximately $37.4 million in cash dividends from investments, approximately $22.1 million in non-cash dividends from investments and approximately $6.4 million in other income. The decrease in interest income of approximately $25.1 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily due to a lower invested asset base, along with slightly lower yields on the portfolio. The decrease in dividend income of approximately $3.5 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily due to decrease in equity investments held along with a cash distribution received in 2024 from our common shares investment in OA Topco, L.P. Other income during the nine months ended September 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 33 different portfolio companies.

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***Operating Expenses***

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Management fee | $29611 | $34048 |
| Less: management fee waiver | (288) | (2732) |
| Total management fee | 29323 | 31316 |
| Incentive fee | 23563 | 27760 |
| Less: incentive fee waiver | (8664) |  |
| Total incentive fee | 14899 | 27760 |
| Interest and other financing expenses | 94232 | 101790 |
| Professional fees | 3413 | 3213 |
| Administrative expenses | 3204 | 3135 |
| Other general and administrative expenses | 1325 | 1523 |
| Total expenses | 146396 | 168737 |
| Income tax expense | 18 | 353 |
| Net expenses after income taxes | $146414 | $169090 |

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&nbsp;&nbsp;&nbsp;&nbsp;

Our total net operating expenses decreased by approximately $22.7 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Our management fee, net of a management fee waiver, decreased by approximately $2.0 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in management fee was primarily attributable to a lower invested asset base. Our incentive fee, net of an incentive fee waiver, decreased by approximately $12.9 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Adviser along with a decrease in investment income. Our interest and other financing expenses decreased by approximately $7.6 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 remained relatively flat.

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

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Net realized gains (losses) on investments | $51223 | $(43524) |
| Net realized losses on foreign currency |  | (1455) |
| Net change in unrealized (depreciation) appreciation of investments | (111171) | 21835 |
| Net change in unrealized depreciation securities purchased under collateralized<br>agreements to resell |  | (3000) |
| Net change in unrealized appreciation in NMNLC |  | 1533 |
| Net change in unrealized appreciation on foreign currency | 482 | 1796 |
| Provision for taxes | (68) | (1804) |
| Net realized and unrealized losses | $(59534) | $(24619) |

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Our net realized gains and unrealized gains and losses resulted in a net loss of approximately $59.5 million for the nine months ended September 30, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $24.6 million for the same period in 2024. 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 nine months ended September 30, 2025 was primarily driven by unrealized depreciation in UniTek Global Services, Inc., TVG-Edmentum Holdings, LLC, ACI Parent Inc., TMK Hawk Parent, Corp., BIG and New Permian Holdco, Inc., partially offset by unrealized appreciation in Dealer Tire Holdings, LLC and HS Purchaser, LLC and realized gains in OA Topco, L.P. The provision for income taxes was attributable to equity investments that are held as of September 30, 2025 in eight of our corporate subsidiaries. The net loss for the nine months ended September 30, 2024 was primarily driven by realized losses in New Trojan

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Parent, Inc., TMK Hawk Parent, Corp., and Transcendia and unrealized depreciation in Edmentum, Permian and New Benevis Holdco, Inc., partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in NM GP Holdco, LLC, UniTek, Homrich and CentralSquare Technologies, LLC. The provision for income taxes was attributable to equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. See *Monitoring of Portfolio Investments* above for more details regarding the health of our portfolio companies.

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

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Total investment income | $249682 | $280471 |
| Net expenses after income taxes | 146414 | 169090 |
| Net investment income | 103268 | 111381 |
| Less: Net investment income related to non-controlling interest in NMNLC | 351 | 330 |
| Net investment income related to NMFC | $102917 | $111051 |
| Net change in realized gains (losses) on investments | 51223 | (43524) |
| Net change in realized losses on foreign currency |  | (1455) |
| Less: Net change in realized gains on investments related to non-controlling interest in NMNLC |  | (24) |
| Net change in realized gains (losses) of investments related to NMFC | $51223 | $(44955) |
| Net change in unrealized (depreciation) appreciation of investments | (111171) | 21835 |
| Net change in unrealized depreciation of securities purchased under collateralized<br>agreements to resell |  | (3000) |
| Net change in unrealized appreciation in NMNLC |  | 1533 |
| Net change in unrealized appreciation on foreign currency | 482 | 1796 |
| Provision for taxes | (68) | (1804) |
| Less: Net change in unrealized appreciation of investments related to non-controlling interest in NMNLC | 7 | 688 |
| Net change in unrealized (depreciation) appreciation of investments related to NMFC | $(110764) | $19672 |

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

**Liquidity and Capital Resources**

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

Since our IPO, and through September 30, 2025, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures of SBIC I, SBIC II and SBIC III from the definition of "senior securities" in the asset coverage requirement applicable to us under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2022 Convertible

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Notes and certain of the Unsecured Notes (as defined in *Item 1— Financial Statements—Note 7. Borrowings* in this Quarterly Report on Form 10-Q) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2025, our asset coverage ratio was 179.1%.

As of September 30, 2025 and December 31, 2024, our borrowings consisted of the 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes, 6.875% Unsecured Notes, 6.200% Unsecured Notes, SBA-guaranteed debentures, 2022 Convertible Notes, Holdings Credit Facility, NMFC Credit Facility and Unsecured Management Company Revolver. See *Item 1—Financial Statements —Note 7. Borrowings* in this Quarterly Report on Form 10-Q for additional information.

At September 30, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $63.7 million and $80.3 million, respectively. Our cash provided by (used in) operating activities during the nine months ended September 30, 2025 and September 30, 2024 was approximately $217.4 million and $(153.2) million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

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

For the three and nine months ended September 30, 2025, we did not sell any shares of common stock under the Distribution Agreement. For the three months ended September 30, 2024, we did not sell any shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, we sold 5,292,556 shares of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $67.7 million, including $0.0 million of offering expenses, from these sales.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2025, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.

**Off-Balance Sheet Agreements**

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $255.9 million and $243.7 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 September 30, 2025 and December 31, 2024, we had commitment letters to purchase investments in an aggregate par amount of $4.7 million and $83.6 million, respectively. As of September 30, 2025 and December 31, 2024, we had not entered into any bridge financing commitments which could require funding in the future.

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**Contractual Obligations**

A summary of our significant contractual payment obligations as of September 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** |
| **(in millions)** | **Total** | **Less than<br>1 Year** | **1 - 3 Years** | **3 - 5 Years** | **More than<br>5 Years** |
| Unsecured Notes(1) | $990.0 | $200.0 | $375.0 | $415.0 | $— |
| Holdings Credit Facility(2) | 308.1 |  |  | 308.1 |  |
| 2022 Convertible Notes(3) | 258.8 | 258.8 |  |  |  |
| SBA-guaranteed debentures(4) | 196.2 | 17.9 | 43.3 | 135.0 |  |
| NMFC Credit Facility(5) | 31.0 |  |  | 31.0 |  |
| Unsecured Management Company Revolver(6) |  |  |  |  |  |
| Total Contractual Obligations | $1784.1 | $476.7 | $418.3 | $889.1 | $— |

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(1)$200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased, $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased, $115.0 million of the 8.250% Unsecured Notes will mature on November 15, 2028 unless earlier redeemed, $300.0 million of the 6.875% Unsecured Notes will mature on February 1, 2029 unless earlier redeemed and $300.0 million of the 6.200% Unsecured Notes will mature on October 15, 2027 unless earlier redeemed.

(2)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($308.1 million as of September 30, 2025) must be repaid on or before March 28, 2030. As of September 30, 2025, there was approximately $421.9 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

(3)The 2022 Convertible Notes matured and were fully repaid on October 15, 2025.

(4)The SBA-guaranteed debentures held by SBIC I and SBIC II began to mature on March 1, 2025. On February 28, 2025, SBIC I repaid $37.5 million of guaranteed debentures that were due on March 1, 2025. On August 29, 2025 SBIC I repaid $66.3 million of guaranteed debentures that were due on September 1, 2025.

(5)Under the terms of the $527.1 million NMFC Credit Facility, all outstanding borrowings under that facility ($31.0 million, which included €16.5 million denominated in EUR and £8.7 million denominated in GBP that have been converted to U.S. dollars as of September 30, 2025) must be repaid on or before September 28, 2029. As of September 30, 2025, there was approximately $496.1 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

(6)Under the terms of the $100.0 million Unsecured Management Company Revolver, all outstanding borrowings under that facility must be repaid on or before December 31, 2027. As of September 30, 2025, there were no borrowings outstanding.

We have entered into an investment management and advisory 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.

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

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

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**Distributions and Dividends**

Distributions declared and paid to stockholders for the nine months ended September 30, 2025 totaled approximately $102.8 million.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Date Declared** | **Record Date** | **Payment Date** | **Per Share<br>Amount (1)(2)** | **Per Share<br>Amount (1)(2)** |
| ***December 31, 2025*** | | | | | |
| &nbsp;&nbsp;&nbsp;Third Quarter | July 24, 2025 | September 16, 2025 | September 30, 2025 | $0.32 |  |
| &nbsp;&nbsp;&nbsp;Second Quarter | April 22, 2025 | June 16, 2025 | June 30, 2025 | 0.32 |  |
| &nbsp;&nbsp;&nbsp;First Quarter | February 14, 2025 | March 17, 2025 | March 31, 2025 | 0.32 |  |
|  |  |  |  | $0.96 |  |
| ***December 31, 2024*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fourth Quarter | October 23, 2024 | December 17, 2024 | December 31, 2024 | $0.33 |  |
| &nbsp;&nbsp;&nbsp;Third Quarter | July 23, 2024 | September 16, 2024 | September 30, 2024 | 0.34 |  |
| &nbsp;&nbsp;&nbsp;Second Quarter | April 18, 2024 | June 14, 2024 | June 28, 2024 | 0.34 |  |
| &nbsp;&nbsp;&nbsp;First Quarter | January 30, 2024 | March 15, 2024 | March 29, 2024 | 0.36 |  |
|  |  |  |  | $1.37 |  |
| ***December 31, 2023*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fourth Quarter | December 8, 2023 | December 22, 2023 | December 29, 2023 | $0.10 | (3) |
| &nbsp;&nbsp;&nbsp;Fourth Quarter | October 24, 2023 | December 15, 2023 | December 29, 2023 | 0.36 |  |
| &nbsp;&nbsp;&nbsp;Third Quarter | July 27, 2023 | September 15, 2023 | September 29, 2023 | 0.36 |  |
| &nbsp;&nbsp;&nbsp;Second Quarter | April 25, 2023 | June 16, 2023 | June 30, 2023 | 0.35 |  |
| &nbsp;&nbsp;&nbsp;First Quarter | January 24, 2023 | March 17, 2023 | March 31, 2023 | 0.32 |  |
|  |  |  |  | $1.49 |  |

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(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2024 and December 31, 2023, total distributions were $147.2 million and $150.7 million, respectively, of which the distributions were comprised of approximately 75.68% and 93.14%, respectively, of ordinary income, 0.00% and 6.86%, respectively, of qualified income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 24.32% and 0.00%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

(2)Includes regular quarterly distributions of $0.32 per share and supplemental distributions related to prior quarter earnings of $0.01, $0.02, $0.02, $0.04, $0.04, $0.04, $0.03 for the fourth quarter of 2024, third quarter of 2024, second quarter of 2024, first quarter of 2024, fourth quarter of 2023, third quarter of 2023 and second quarter of 2023, respectively.

(3)Special distribution of excess undistributed taxable income, driven primarily from the gain realized on our investment in Haven Midstream Holdings LLC.

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

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

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**Related Parties**

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

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

&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. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2025 approximately $0.6 million and $1.9 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2025, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2025, the reimbursement to the Administrator represented approximately 0.02% and 0.06%, respectively, of our gross assets.

&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, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

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

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

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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 the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis. Pursuant to the Exemptive Order, the Board will oversee the Company's participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company's Chief Compliance Officer will provide reporting to the Board.

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

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

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

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**Item 3.&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 decreased interest rates by 0.25% in September and October of 2025 and previously held interest rates steady in the first and second quarters of 2025. The Federal Reserve has indicated it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. In a high interest rate environment, our net investment income would increase due to an increase in interest and dividend income generated by our investment portfolio. However, our cost of funds would also increase, which would also impact net investment income. 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 SONIA or SOFR, to zero, the difference between the total interest and dividend income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the nine months ended September 30, 2025, certain of the investments held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of September 30, 2025, approximately 85.39% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-dividend bearing equity investments) represent floating-rate investments with a SOFR, SONIA or EURIBOR floor (includes investments bearing prime interest rate contracts) and approximately 14.61% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on the floating SOFR, SONIA or EURIBOR rates.

The following table estimates the potential changes in interest and dividend income, net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest and dividend income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2025. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our credit facilities, we use the outstanding balance as of September 30, 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 September 30, 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<br>Percentage<br>Change in Interest and Dividend<br>Income Net of<br>Interest Expense (unaudited)** |
| -200 Basis Points | (15.77)% |
| -150 Basis Points | (11.83)% |
| -100 Basis Points | (7.89)% |
| -50 Basis Points | (3.94)% |
| +50 Basis Points | 3.94% |
| +100 Basis Points | 7.89% |
| +150 Basis Points | 11.83% |
| +200 Basis Points | 15.77% |

---

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**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures**

***(a)Evaluation of Disclosure Controls and Procedures*** 

As of September 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

***(b)Changes in Internal Controls Over Financial Reporting***

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

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

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of September 30, 2025. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in *Item 1A. Risk Factors* in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2025 to the risk factors discussed in *Item 1A. Risk Factors* in our Annual Report on Form 10-K for the year ended December 31, 2024.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds**

We did not engage in unregistered sales of equity securities during the three months ended September 30, 2025.

**Issuer Purchases of Equity Securities**

***Dividend Reinvestment Plan***

During the nine months ended September 30, 2025, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 374,250 shares of our common stock for approximately $4.1 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the nine months ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands, except shares and per share data)** | | | | |
| **Period** | **Total Number of**<br>**Shares Purchased** | **Weighted Average Price**<br>**Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans**<br>**or Programs** | **Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the**<br>**Plans or Programs** |
| January 2025 | 101771 | $11.36 |  | $— |
| February 2025 |  |  |  |  |
| March 2025 |  |  |  |  |
| April 2025 | 125736 | 11.14 |  |  |
| May 2025 |  |  |  |  |
| June 2025 |  |  |  |  |
| July 2025 | 146743 | 10.66 |  |  |
| August 2025 |  |  |  |  |
| September 2025 |  |  |  |  |
| Total | 374250 | $11.01 |  | $— |

---

***Stock Repurchase Program***

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). Subsequent to the quarter ended September 30, 2025, on October 23, 2025, our board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of our common stock (the "Repurchase Program").

Under the Old Repurchase Program and the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50.0 million of our common stock. We expect the Repurchase Program to be in place until the earlier of December 31, 2026 or until $100.0 million of our outstanding shares of common stock have been repurchased.

As of September 30, 2025, approximately $40.2 million of common stock has been repurchased by us under the Old Repurchase Program.

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The following table outlines repurchases of our common stock under our Old Repurchase Program during the nine months ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands, except shares and per share data)** | | | | |
| **Period** | **Total Number of**<br>**Shares Purchased** | **Weighted Average Price**<br>**Paid Per Share (1)** | **Total Number of Shares Purchased as Part of Publicly Announced Plans**<br>**or Programs** | **Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the**<br>**Plans or Programs** |
| January 2025 |  |  |  | $47052 |
| February 2025 |  |  |  | 47052 |
| March 2025 |  |  |  | 47052 |
| April 2025 |  |  |  | 47052 |
| May 2025 | 38800 | 10.59 | 38800 | 46641 |
| June 2025 | 886416 | 10.41 | 886416 | 37410 |
| July 2025 | 476852 | 10.57 | 476852 | 32369 |
| August 2025 | 759140 | 10.33 | 759140 | 24525 |
| September 2025 | 1501385 | 9.81 | 1501385 | 9799 |
| Total | 3662593 | $10.17 | 3662593 |  |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Amount includes commissions paid.

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**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities**

None.

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

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

(a)None.

(b)None.

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

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

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**Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(a)Exhibits

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

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1(a) | <u>[Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2)](https://www.sec.gov/Archives/edgar/data/1496099/000110465911046166/a11-23954_1ex3d3.htm)</u> |
| 3.1(b) | <u>[Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3)](https://www.sec.gov/Archives/edgar/data/1496099/000089534511000249/sg8kex3_1.htm)</u> |
| 3.2 | <u>[Amended and Restated Bylaws of New Mountain Finance Corporation(2)](https://www.sec.gov/Archives/edgar/data/1496099/000110465911046166/a11-23954_1ex3d5.htm)</u> |
| 3.3 | <u>[Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4)](https://www.sec.gov/Archives/edgar/data/1496099/000149609919000008/certificateofamendmenttoar.htm)</u> |
| 4.1 | <u>[Form of Stock Certificate of New Mountain Finance Corporation(1)](https://www.sec.gov/Archives/edgar/data/1491925/000104746911004799/a2202420zex-99_d.htm)</u> |
| 10.1 | <u>[Third Amended and Restated Uncommitted Revolving Loan Agreement, by and between New Mountain Finance Corporation, as borrower, and NMF Investments III, L.L.C.](nm-nmfcx3rdaruncommitted.htm)[,](nm-nmfcx3rdaruncommitted.htm)[as Lender\*](nm-nmfcx3rdaruncommitted.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended\*](nmfc-093025xex311.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\*](nmfc-093025xex312.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)\*](nmfc-093025xex321.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)\*](nmfc-093025xex322.htm)</u>  |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

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

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

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

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

\*Filed herewith.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 3, 2025.

---

| | |
|:---|:---|
| NEW MOUNTAIN FINANCE CORPORATION | NEW MOUNTAIN FINANCE CORPORATION |
| By: | /s/ JOHN R. KLINE |
|  | John R. Kline |
|  | *President, Chief Executive Officer* |
|  | *(Principal Executive Officer) and Director* |
| By: | /s/ KRIS CORBETT |
|  | Kris Corbett |
|  | *Chief Financial Officer and Treasurer (Principal* |
|  | *Financial and Accounting Officer)* |

---

## Exhibit 10.1

![](nm-nmfcx3rdaruncommitted001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 THIRD AMENDED AND RESTATED UNCOMMITTED REVOLVING LOAN AGREEMENT Dated as of October 27, 2025 New Mountain Finance Corporation, a Delaware corporation (the "Borrower"), and NMF Investments III, L.L.C., a Delaware limited liability company (the "Lender") hereby agree as follows (with capitalized terms not otherwise defined herein having the meanings ascribed to them in Section 19): 1. Loans. Upon the terms and subject to the conditions of this Agreement, the Lender hereby establishes a discretionary revolving credit facility for the Borrower (the "Facility"), pursuant to which the Lender, on a discretionary and uncommitted basis, agrees to consider advancing, from time to time during the period from the date hereof through the Business Day immediately preceding the Maturity Date (the "Facility Period"), amounts in Dollars to the Borrower (the "Loans"), the aggregate outstanding principal amount of which shall not exceed $100,000,000 (the "Maximum Facility Amount") at any time. Within the limits set forth in the preceding sentence and subject to the conditions of this Agreement, amounts of Loans that are repaid may be re-borrowed under this Section 1. Following the Lender's receipt of a Loan Request from the Borrower pursuant to Section 6, the Lender will advise the Borrower if it agrees to advance the requested Loan. If the Lender confirms that it will advance such Loan, then upon the fulfillment of the further conditions specified in Section 6, such Loan shall be disbursed by the Lender on the requested date therefor (which shall be a Business Day) in Dollars in funds immediately available to the Borrower in such manner as shall be reasonably requested by the Borrower and reasonably acceptable to the Lender. 2. Interest. Interest on each Loan shall accrue at the Interest Rate from the date of such Loan until such Loan is repaid in full. Interest shall be calculated on the basis of a year of 365/366 days, as the case may be, and the actual number of days elapsed and shall be payable in cash on the first Business Day of each calendar quarter, beginning on July 1, 2020, or, if earlier, on the date on which the outstanding principal amount of such Loan is repaid or prepaid in accordance with the terms hereof but no later than the Maturity Date. 3. Repayment; Termination; Exchange or Redemption. (a) Maturity. The Borrower promises to repay the entire unpaid principal amount of all Loans and all accrued but unpaid interest on the Maturity Date or, if earlier, upon the obligations hereunder becoming due pursuant to the last paragraph of Section 9. (b) Voluntary Prepayment. The Borrower may, at any time and from time to time, prepay, without premium or penalty, the Loans in whole or in part, together with accrued interest to the date of such prepayment on the aggregate principal prepaid. Each prepayment of the Loans by the Borrower pursuant to this Section 3(b) shall be allocated first to accrued but unpaid interest on such Loans to the date of such prepayment and then to unpaid principal amounts outstanding under such Loans.

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![](nm-nmfcx3rdaruncommitted002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -2- (c) Reduction; Termination. The Borrower may, at any time and from time to time, by written notice to the Lender, reduce the Maximum Facility Amount, provided that, after giving effect thereto, the outstanding principal amount of the Loans will not exceed the Maximum Facility Amount as so reduced. The Borrower may, at any time, by written notice to the Lender, terminate the Facility or the Facility Period, provided that, on the effective date of the termination of the Facility, all of the Loans, all accrued interest thereon and all other obligations of the Borrower hereunder have been paid in full. (d) Exchange or Redemption. Any portion of the Loans outstanding hereunder and under the Note shall, at the option of the Borrower by written notice to the Lender, be exchangeable or redeemable, in whole or in part, in either cash or, at the election of the Borrower, shares of the Borrower's common stock, subject to the approval of the Borrower's board of directors and compliance with applicable law, including the requirements of the Investment Company Act of 1940, as amended. 4. Evidence of Indebtedness. The Loans and the Borrower's obligation to repay the Loans and pay interest thereon in accordance with this Agreement shall be evidenced by this Agreement, the records of the Lender and a Third Amended and Restated Promissory Note of the Borrower in the form of Exhibit A hereto dated as of the date hereof payable to the Lender or its registered assigns in a principal amount set forth in such Third Amended and Restated Promissory Note from time to time, which shall not at any time exceed the Maximum Facility Amount (the "Note"). 5. Lender Acknowledgement. The Lender acknowledges that each subsidiary of the Borrower, including New Mountain Finance Holdings, L.L.C., New Mountain Finance SBIC, L.P., New Mountain Finance SBIC II, L.P., New Mountain Finance SBIC III, L.P., New Mountain Finance SBIC G.P., L.L.C., New Mountain Finance SBIC II G.P., L.L.C., New Mountain Finance SBIC III G.P., L.L.C., NMF Ancora Holdings Inc., NMF QID Holdings, Inc., NMF YP Holdings Inc., NMF Permian Holdings, LLC, NMF HB, Inc., NMF TRM, LLC, NMF Pioneer, Inc., NMF OEC, Inc. and New Mountain Finance Servicing, L.L.C. (the "Subsidiaries"), and each portfolio company of the Borrower, including, as of December 31, 2024, NMFC Senior Loan Program III LLC, New Benevis Topco, LLC, New Benevis Holdco, Inc., NMFC Senior Loan Program IV LLC, NM NL Holdings LP, NM GP Holdco LLC, UniTek Global Services, Inc., TVG-Edmentum Holdings, LLC, Edmentum Ultimate Holdings, LLC, Knockout Intermediate Holdings I Inc., Kaseya Inc., Paw Midco, Inc., AAH Topco, LLC, Dealer Tire Holdings, LLC, OA Topco, L.P. and OA Buyer, Inc. (the "Portfolio Companies"), is a legal entity separate from the Borrower and the assets of each of the Subsidiaries and Portfolio Companies are not intended to be available to satisfy any obligations of the Borrower hereunder or under the Note. 6. Loan Requests; Conditions to Loans. During the Facility Period, the Borrower may request a Loan by delivering a written request (a "Loan Request") to the Lender at least two Business Days prior to the requested funding date (or such shorter period as Lender shall accept). The obligation of the Lender to make any Loan shall arise only upon the Lender's confirmation to the Borrower that it will fund the Loan requested in the Loan Request, provided that, the Lender's obligation to make each Loan is further subject to the fulfillment of each of the following conditions, in form and substance satisfactory to the Lender:

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![](nm-nmfcx3rdaruncommitted003.jpg)

DOC ID - 51409746.5 -3- (a) the Lender shall have received the Note, duly executed by the Borrower; (b) each representation and warranty contained in this Agreement shall be true and correct, and no Event of Default shall have occurred and be continuing, in each case as of the date each Loan is to be made hereunder, both prior to and after giving effect to such Loan and to the application of the proceeds thereof; and (c) the Lender shall have received such other documents and information, if any, as it shall have reasonably requested. 7. Representations and Warranties. In order to induce the Lender to enter into this Agreement and to consider making each Loan hereunder, the Borrower represents and warrants that: (a) the Borrower is duly incorporated, validly existing and in good standing under the laws of Delaware; (b) the Borrower has the power and authority to execute, deliver and perform the terms hereof; and the execution, delivery and performance by the Borrower of this Agreement and the Note have been duly authorized by all necessary corporate action and do not contravene (i) the Borrower's charter or amended and restated bylaws or (ii) any law or any contractual restriction binding upon or affecting the Borrower or its property; (c) this Agreement and the Note have been duly executed and delivered by the Borrower and constitute the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors' rights generally; and (d) the execution, delivery and performance of this Agreement and the Note in accordance with their respective terms, and each borrowing of the Loans hereunder, do not and will not (i) require any governmental approval or other consent or approval, other than such approvals and consents that have been obtained and are in full force and effect, or (ii) violate or conflict with, result in a breach of, or constitute a default under, or result in or require creation of any lien or encumbrance upon any assets of the Borrower under, any applicable law or any agreement, indenture, lease, license, instrument or other contractual restriction or any organizational document to which the Borrower is a party or by which the Borrower or any of its properties may be bound; and (e) the Borrower will use the proceeds of the Loans for working capital and general corporate purposes permitted under its governing documents, including, without limitation, to fund its investments. 8. Covenants. From the date hereof and until the date upon which the Facility shall have terminated (whether as a result of the expiration or termination of the Facility Period, pursuant to Section 3(c) or pursuant to the last paragraph of Section 9) and the Loans and all other

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![](nm-nmfcx3rdaruncommitted004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -4- amounts payable or accrued hereunder shall have been paid in full in any manner provided for in Section 3 (the "Repayment Date"), the Borrower shall: (a) Preservation of Existence and Franchises, Scope of Business, Compliance with Law, Preservation of Enforceability. (i) Preserve and maintain its legal existence and all of its other franchises, licenses, rights and privileges, (ii) comply with applicable law in all material respects, and (iii) take all action and obtain all consents and governmental approvals required so that its obligations hereunder will at all times be legal, valid and binding and enforceable in accordance with their respective terms, except to the extent that the failure to take such action or obtain any such consent or approval could not reasonably be expected to have a material adverse effect on the Borrower; provided, however, that neither the Borrower nor any of its subsidiaries shall be required to preserve any right or franchise if the board of directors of the Borrower shall determine that the preservation thereof is no longer desirable for the conduct of the business of the Borrower and that the loss thereof is not disadvantageous in any material respect to the Borrower or the Lender. (b) Information. Upon the request from time to time of the Lender, the Borrower shall promptly furnish to the Lender such documents and information regarding this Agreement, the Note, the Loans, and the business, assets, liabilities, financial condition (including financial statements of the Borrower), results of operations or business prospects of the Borrower, as the Lender may reasonably request, in each case in form and substance reasonably satisfactory to the Lender. 9. Events of Default; Remedies. If any of the following events (each, an "Event of Default") shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise): (a) any payment of principal of the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note; (b) any payment of interest on the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note, and such default is not cured within five Business Days; (c) the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or (d) a case or proceeding shall be commenced against the Borrower and shall continue undismissed and unstayed for a period of 60 or more days, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or an order for such relief shall be entered, or the

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![](nm-nmfcx3rdaruncommitted005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -5- Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due; then during the continuance of any such Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower, terminate the Facility and declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and the Note and all other amounts owing hereunder to be, and the Loans and the Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and the Note and all other amounts payable hereunder shall be due and payable to the Lender and the Facility shall terminate. 10. Notices and Deliveries. All notices, communications and material to be given or delivered hereunder shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile (upon confirmation of receipt) or sent by email, or 72 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party's address as set forth below. If to the Lender: NMF Investments III, L.L.C. 1633 Broadway 48th Floor New York, New York 10019 Email: aweinstein@newmountaincapital.com Attention: Adam Weinstein If to the Borrower: New Mountain Finance Corporation 1633 Broadway 48th Floor New York, New York 10019 Email: lholson@newmountaincapital.com Attention: Laura Holson 11. Assignment. (a) The Borrower may not assign any of its rights or obligations under this Agreement or the Note without the prior written consent of the Lender. (b) The Lender may not assign any of its rights or obligations under this Agreement or the Note without the prior written consent of the Borrower, which shall not

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&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -6- be unreasonably withheld; provided that the Lender may do any of the following from time to time without the consent of the Borrower: (i) assign any or all of its rights and obligations under this Agreement or the Note to one or more Affiliates; (ii) pledge or otherwise grant a security interest or lien in any of its rights, obligations or interests under this Agreement and/or the Note to one or more of its lenders or (iii) assign or transfer any of its rights, obligations or interests under this Agreement or the Note to any Person during the continuance of an Event of Default or in connection with any exercise of remedies by any of its lender(s). (c) The Lender, acting solely for this purpose as a non-fiduciary agent for the Borrower, shall maintain a register for the recordation of the name and address of the Lender and each assignee of the Lender, and the principal amounts (and stated interest) owing to the Lender or such assignee pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Lender and each assignee of the Lender shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder. The Register shall be available for inspection by the Lender, any assignee thereof and the Borrower at any reasonable time and from time to time upon reasonable prior notice. 12. Tax Forms. The Lender and any assignee thereof that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement and the Note shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. Without limiting the foregoing, the Lender shall deliver to the Borrower on or prior to the date hereof an executed copy of IRS Form W-9 certifying that the Lender is exempt from U.S. federal backup withholding tax. 13. Enforcement Expenses. The Borrower shall pay or reimburse the Lender for all reasonable and documented out-of-pocket costs and expenses (including but not limited to reasonable fees and disbursements of legal counsel) incurred by the Lender in connection with, arising out of, or in any way related to, the enforcement, exercise, preservation or protection by the Lender of any of its rights under this Agreement or the Note. 14. Judicial Proceedings; Waiver of Jury Trial. Each of the Borrower and the Lender agree to submit to personal jurisdiction in any court of competent jurisdiction in New York, New York, and to irrevocably waive any objection it may now or hereafter have as to the venue of any proceeding brought in such court or that such court is an inconvenient forum. Each of the Borrower and the Lender hereby waives personal service of process and consents that service of process upon it may be made, and deemed completed, in accordance with the provisions of Section 10. THE BORROWER AND THE LENDER WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING ARISING OUT OF OR RELATING TO THE LOANS, THIS AGREEMENT OR THE NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 15. Indemnity. The Borrower agrees to indemnify the Lender, its directors, officers, employees and agents (each such Person, an "Indemnitee") against, and to hold each Indemnitee harmless from, its proportionate share of any and all losses, claims, damages, liabilities

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&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -7- and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby or related hereto, the performance by the parties thereto (other than the Lender) of their respective obligations thereunder or the consummation of the transactions contemplated thereby, (ii) the use of the proceeds of any of the Loans, or (iii) any claim, litigation, investigation, or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto, in each case, to the fullest extent possible without such indemnification being inconsistent with such Borrower's organizational documents. The foregoing provision shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of all or any portion of the Loans, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Lender. Upon Borrower's receipt of written demand therefor, all amounts due under this Section 15 shall be payable as directed by the Lender. 16. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 17. Counterparts. This Agreement may be signed in two counterparts, each of which shall constitute an original but both of which when taken together shall constitute but one agreement. 18. Amendment and Restatement. This Agreement amends and restates in its entirety the Second Amended and Restated Uncommitted Revolving Loan Agreement, dated as of October 31, 2023 (the "Existing Agreement"), by and among the Borrower and the Lender. As of the date hereof, the Existing Agreement shall be superseded and replaced in its entirety by this Agreement, provided that, the execution of this Agreement does not extinguish the indebtedness, liabilities, or other obligations of the Borrower arising under the Existing Agreement, and does not constitute a novation or payment of any part of the indebtedness, liabilities or other obligations of the Borrower incurred under the Existing Agreement. 19. Definitions. For purposes of this Agreement: "Affiliate" of a specified Person shall mean any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. "AFR Rate" means (i) for any Reset Date occurring prior to the AFR Switch Date, the mid-term annual interest rate, and (ii) for any Reset Date occurring on or after the AFR Switch Date, the short-term annual interest rate, in each case as published by the Internal Revenue Service of the U.S. Treasury ("IRS") to calculate imputed interest charges, as listed monthly on the IRS website at https://www.irs.gov/applicable-federal-rates. "AFR Switch Date" means December 31, 2027, which is the date occurring three years prior to the Maturity Date. "Agreement" shall mean this Third Amended and Restated Uncommitted Revolving Loan Agreement, as amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -8- "Bankruptcy Law" shall mean Title 11, U.S. Code or any similar federal or state law for the relief of debtors. "Borrower" is defined in the first paragraph of this Agreement. "Business Day" shall mean any day other than a Saturday, Sunday or other day on which banks in New York, New York are authorized to close. "Dollars" and the sign "$" shall mean lawful money of the United States of America. "Event of Default" is defined in Section 9 of this Agreement. "Facility" is defined in Section 1 of this Agreement. "Facility Period" is defined in Section 1 of this Agreement. "Indemnitee" is defined in Section 15 of this Agreement. "Interest Accrual Period" means each period commencing on a Reset Date and ending on the day immediately prior to the next succeeding Reset Date. "Interest Rate" means, for each Interest Accrual Period, a rate per annum equal to the AFR Rate as in effect on the first day of such Interest Accrual Period. "Loan Request" is defined in Section 6 of this Agreement. "Loans" is defined in Section 1 of this Agreement. "Lender" is defined in the first paragraph of this Agreement. "Maturity Date" shall mean December 31, 2030. "Maximum Facility Amount" is defined in Section 1 of this Agreement. "Note" is defined in Section 4 of this Agreement. "Person" shall mean any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. "Register" is defined in Section 11 of this Agreement. "Repayment Date" is defined in Section 8 of this Agreement. "Reset Date" means (i) in the case of the initial Interest Accrual Period, the Second AR Effective Date, (ii) for each subsequent Interest Accrual Period prior to the Third AR Effective Date, the first Business Day of each calendar quarter, (iii) the Third AR Effective Date and (iv) for each subsequent Interest Accrual Period, the first Business Day of each calendar quarter.

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&nbsp;&nbsp;&nbsp;&nbsp;DOC ID - 51409746.5 -9- "Second AR Effective Date" means October 31, 2023. "Third AR Effective Date" means October 27, 2025 [signature page follows]

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DOC ID - 51409746 IN WITNESS WHEREOF, the Borrower and the Lender have caused this Agreement to be duly executed by their duly authorized officers, all as of the day and year first above written. BORROWER: NEW MOUNTAIN FINANCE CORPORATION By: Name: Laura C. Holson Title: Authorized Signatory LENDER: NMF INVESTMENTS III, L.L.C. By: Name: Adam B. Weinstein Title: Authorized Signatory [Signature Page to Third Amended and Restated Uncommitted Revolving Loan Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A THIRD AMENDED AND RESTATED PROMISSORY NOTE U.S. $100,000,000 October 27, 2025 FOR VALUE RECEIVED, NEW MOUNTAIN FINANCE CORPORATION, a Delaware corporation (the "Borrower"), hereby promises to pay to NMF Investments III, L.L.C., a Delaware limited liability company, or its registered assigns (the "Lender"), the principal amount equal to the aggregate unpaid principal amount advanced to the Borrower by the Lender under the Loan Agreement referred to below (the "Loans") (capitalized terms not otherwise defined herein having the meanings ascribed to them in the Loan Agreement), which amount may be set forth from time to time on Schedule I attached hereto (such amount not to exceed One Hundred Million Dollars (U.S. $100,000,000)), with interest accrued on the Loans as provided in the Loan Agreement on the dates and in the amounts specified in the Loan Agreement. All payments due to the Lender hereunder shall be made to the Lender at the place, in the type of funds and in the matter specified in the Loan Agreement. Without limiting the foregoing, in accordance with Section 3(d) of the Loan Agreement, any portion of the Loans outstanding hereunder shall, at the option of the Borrower by written notice to the Lender, be exchangeable or redeemable, in whole or in part, in either cash or, at the election of the Borrower, shares of the Borrower's common stock, subject to the approval of the Borrower's board of directors and compliance with applicable law, including the requirements of the Investment Company Act of 1940, as amended. The holder hereof is authorized to endorse on Schedule I hereto the principal amount of each Loan and each payment or prepayment with respect thereto, provided that any failure in such regard shall not reduce or otherwise affect the Borrower's obligations under the Loan Agreement and this Note. Presentation, demand, protest, notice of dishonor and notice of intent to accelerate are hereby waived by the Borrower. No delay or omission by the Lender in exercising its rights under this Note shall operate as a waiver of such rights, nor shall the exercise of any right with respect to this Note waive or preclude the later exercise of such right or any other right. This Note evidences the Loans made under, and is entitled to the benefits of, the Third Amended and Restated Uncommitted Revolving Loan Agreement, dated as of the date hereof, by and between the Borrower and the Lender, as the same may be amended from time to time (the "Loan Agreement"). Reference is made to the Loan Agreement for provisions relating to the prepayment and the acceleration of the maturity hereof. Assignment or transfer of this Note may only be made in accordance with Section 11 of the Loan Agreement. This Note amends and restates in its entirety the Second Amended and Restated Promissory Note, dated as of October 31, 2023 (the "Existing Note"), made by the Borrower in favor of the Lender, in an aggregate principle amount not to exceed One Hundred Million Dollars (U.S. $100,000,000). As of the date hereof, the Existing Note shall be superseded and replaced in its entirety by this Note. This Note does not extinguish the indebtedness, liabilities, or other obligations of the Borrower arising under the Existing Note, and does not constitute a novation or payment of any part of the indebtedness, liabilities or other obligations of the Borrower evidenced

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by the Existing Note. The Lender agrees that following delivery to it of this Note, it shall mark the Existing Note "canceled" and return the Existing Note to the Borrower. [signature page follows]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall be governed by and construed in accordance with the laws of the State of New York. NEW MOUNTAIN FINANCE CORPORATION By: Name: Title: Agreed and accepted: NMF INVESTMENTS III, L.L.C. By: Name: Title: [Signature Page to Third Amended and Restated Promissory Note]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule I THIRD AMENDED AND RESTATED PROMISSORY NOTE Date Amount of Loan Amount of Principal Paid or Prepaid Unpaid Principal Amount of Note Notation Made By

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, John R. Kline, Chief Executive Officer of New Mountain Finance Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of New Mountain Finance Corporation;

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;&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 registrants, including their 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;&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;&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;&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;&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;&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 3rd day of November, 2025

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| |
|:---|
| /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 Finance Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of New Mountain Finance Corporation;

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;&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 registrants, including their 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;&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;&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;&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;&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;&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 3rd day of November, 2025

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| |
|:---|
| /s/ KRIS CORBETT |
| Kris Corbett |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "Report") of New Mountain Finance Corporation (the "Registrant"), as filed with the U.S. 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;(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;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| /s/ JOHN R. KLINE | /s/ JOHN R. KLINE |
| Name: | John R. Kline |
| Date: | November 3, 2025 |

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## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "Report") of New Mountain Finance Corporation (the "Registrant"), as filed with the U.S. 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;(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;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| /s/ KRIS CORBETT | /s/ KRIS CORBETT |
| Name: | Kris Corbett |
| Date: | November 3, 2025 |

---

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