# EDGAR Filing Document

**Accession Number:** 0001496099
**File Stem:** 0001496099-26-000016
**Filing Date:** 2026-5
**Character Count:** 742325
**Document Hash:** 5edc1b65a129a1bbf90823af68e996a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001496099-26-000016.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001496099-26-000016

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 111

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**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:** 26938312

**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-20260331

**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 March 31, 2026** 

□ &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 May 4, 2026** |
| Common stock, par value $0.01 per share | 94452390 |

---

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| **<u>[PART I. FINANCIAL INFORMATION](#i41b720316de54481b9c69d807cac7788_13)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#i41b720316de54481b9c69d807cac7788_13)</u>** | |
| <u>[Item 1.](#i41b720316de54481b9c69d807cac7788_16)</u> | <u>[Financial Statements](#i41b720316de54481b9c69d807cac7788_16)</u> |  |
|  | **<u>[New Mountain Finance Corporation](#i41b720316de54481b9c69d807cac7788_16)</u>** |  |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i41b720316de54481b9c69d807cac7788_16)[March](#i41b720316de54481b9c69d807cac7788_16)[3](#i41b720316de54481b9c69d807cac7788_16)[1](#i41b720316de54481b9c69d807cac7788_16)[, 202](#i41b720316de54481b9c69d807cac7788_16)[6](#i41b720316de54481b9c69d807cac7788_16)[(unaudited) and December 31, 20](#i41b720316de54481b9c69d807cac7788_16)[25](#i41b720316de54481b9c69d807cac7788_16)</u> | [3](#i41b720316de54481b9c69d807cac7788_16) |
|  | <u>[Consolidated Statements of Operations for the thre](#i41b720316de54481b9c69d807cac7788_19)[e](#i41b720316de54481b9c69d807cac7788_19)[months ended](#i41b720316de54481b9c69d807cac7788_19)[March](#i41b720316de54481b9c69d807cac7788_19)[3](#i41b720316de54481b9c69d807cac7788_19)[1](#i41b720316de54481b9c69d807cac7788_19)[, 202](#i41b720316de54481b9c69d807cac7788_19)[6](#i41b720316de54481b9c69d807cac7788_19)[(unaudited) and](#i41b720316de54481b9c69d807cac7788_19)[March](#i41b720316de54481b9c69d807cac7788_19)[3](#i41b720316de54481b9c69d807cac7788_19)[1](#i41b720316de54481b9c69d807cac7788_19)[, 20](#i41b720316de54481b9c69d807cac7788_19)[25](#i41b720316de54481b9c69d807cac7788_19)[(unaudited)](#i41b720316de54481b9c69d807cac7788_19)</u> | [4](#i41b720316de54481b9c69d807cac7788_19) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the three](#i41b720316de54481b9c69d807cac7788_22)[months ended](#i41b720316de54481b9c69d807cac7788_22)[March](#i41b720316de54481b9c69d807cac7788_22)[3](#i41b720316de54481b9c69d807cac7788_22)[1](#i41b720316de54481b9c69d807cac7788_22)[, 202](#i41b720316de54481b9c69d807cac7788_22)[6](#i41b720316de54481b9c69d807cac7788_22)[(unaudited) and](#i41b720316de54481b9c69d807cac7788_22)[March](#i41b720316de54481b9c69d807cac7788_22)[3](#i41b720316de54481b9c69d807cac7788_22)[1](#i41b720316de54481b9c69d807cac7788_22)[, 20](#i41b720316de54481b9c69d807cac7788_22)[25](#i41b720316de54481b9c69d807cac7788_22)[(unaudited)](#i41b720316de54481b9c69d807cac7788_22)</u> | [5](#i41b720316de54481b9c69d807cac7788_22) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i41b720316de54481b9c69d807cac7788_25)[three](#i41b720316de54481b9c69d807cac7788_25)[months ended](#i41b720316de54481b9c69d807cac7788_25)[March](#i41b720316de54481b9c69d807cac7788_25)[3](#i41b720316de54481b9c69d807cac7788_25)[1](#i41b720316de54481b9c69d807cac7788_25)[, 202](#i41b720316de54481b9c69d807cac7788_25)[6](#i41b720316de54481b9c69d807cac7788_25)[(unaudited) an](#i41b720316de54481b9c69d807cac7788_25)[d March](#i41b720316de54481b9c69d807cac7788_25)[3](#i41b720316de54481b9c69d807cac7788_25)[1](#i41b720316de54481b9c69d807cac7788_25)[, 202](#i41b720316de54481b9c69d807cac7788_25)[5](#i41b720316de54481b9c69d807cac7788_25)[(unaudited)](#i41b720316de54481b9c69d807cac7788_25)</u> | [6](#i41b720316de54481b9c69d807cac7788_25) |
|  | <u>[Consolidated Schedule of Investments as o](#i41b720316de54481b9c69d807cac7788_28)[f](#i41b720316de54481b9c69d807cac7788_28)</u> <u>[March 31, 2026](#i41b720316de54481b9c69d807cac7788_25)[(unaudited)](#i41b720316de54481b9c69d807cac7788_28)</u> | [7](#i41b720316de54481b9c69d807cac7788_28) |
|  | <u>[Consolidated Schedule of Investments as of December 31, 202](#i41b720316de54481b9c69d807cac7788_37)[5](#i41b720316de54481b9c69d807cac7788_37)</u> | [36](#i41b720316de54481b9c69d807cac7788_37) |
|  | <u>[Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)](#i41b720316de54481b9c69d807cac7788_43)</u> | [64](#i41b720316de54481b9c69d807cac7788_43) |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i41b720316de54481b9c69d807cac7788_97)</u> | [112](#i41b720316de54481b9c69d807cac7788_97) |
| <u>[Item 2.](#i41b720316de54481b9c69d807cac7788_100)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i41b720316de54481b9c69d807cac7788_100)</u> | [113](#i41b720316de54481b9c69d807cac7788_100) |
| <u>[Item 3.](#i41b720316de54481b9c69d807cac7788_136)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i41b720316de54481b9c69d807cac7788_136)</u> | [131](#i41b720316de54481b9c69d807cac7788_136) |
| <u>[Item 4.](#i41b720316de54481b9c69d807cac7788_139)</u> | <u>[Controls and Procedures](#i41b720316de54481b9c69d807cac7788_139)</u> | [132](#i41b720316de54481b9c69d807cac7788_139) |
| **<u>[PART II. OTHER INFORMATION](#i41b720316de54481b9c69d807cac7788_142)</u>** | **<u>[PART II. OTHER INFORMATION](#i41b720316de54481b9c69d807cac7788_142)</u>** | [133](#i41b720316de54481b9c69d807cac7788_142) |
| <u>[Item 1.](#i41b720316de54481b9c69d807cac7788_145)</u> | <u>[Legal Proceedings](#i41b720316de54481b9c69d807cac7788_145)</u> | [133](#i41b720316de54481b9c69d807cac7788_145) |
| <u>[Item 1A.](#i41b720316de54481b9c69d807cac7788_148)</u> | <u>[Risk Factors](#i41b720316de54481b9c69d807cac7788_148)</u> | [133](#i41b720316de54481b9c69d807cac7788_148) |
| <u>[Item 2.](#i41b720316de54481b9c69d807cac7788_151)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i41b720316de54481b9c69d807cac7788_151)</u> | [134](#i41b720316de54481b9c69d807cac7788_151) |
| <u>[Item 3.](#i41b720316de54481b9c69d807cac7788_157)</u> | <u>[Defaults Upon Senior Securities](#i41b720316de54481b9c69d807cac7788_157)</u> | [135](#i41b720316de54481b9c69d807cac7788_157) |
| <u>[Item 4.](#i41b720316de54481b9c69d807cac7788_160)</u> | <u>[Mine Safety Disclosures](#i41b720316de54481b9c69d807cac7788_160)</u> | [135](#i41b720316de54481b9c69d807cac7788_160) |
| <u>[Item 5.](#i41b720316de54481b9c69d807cac7788_163)</u> | <u>[Other Information](#i41b720316de54481b9c69d807cac7788_163)</u> | [135](#i41b720316de54481b9c69d807cac7788_163) |
| <u>[Item 6.](#i41b720316de54481b9c69d807cac7788_166)</u> | <u>[Exhibits](#i41b720316de54481b9c69d807cac7788_166)</u> | [136](#i41b720316de54481b9c69d807cac7788_166) |
|  | <u>[Signatures](#i41b720316de54481b9c69d807cac7788_169)</u> | [137](#i41b720316de54481b9c69d807cac7788_169) |

---

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_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)

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $1,733,010 and $2,060,391, respectively) | $1628080 | $2002306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments (cost of $132,739 and $131,221, respectively) | 65699 | 60702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments (cost of $659,897 and $720,503, respectively) | 619600 | 679005 |
| &nbsp;&nbsp;Total investments at fair value (cost of $2,525,646 and $2,912,115, respectively) | 2313379 | 2742013 |
| &nbsp;&nbsp;Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 5700 | 13500 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 51130 | 80718 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 34233 | 38549 |
| &nbsp;&nbsp;&nbsp;Derivative asset at fair value | 2958 | 5647 |
| &nbsp;&nbsp;&nbsp;Receivable from affiliates | 441 | 381 |
| &nbsp;&nbsp;&nbsp;Receivable from unsettled securities sold |  | 4138 |
| &nbsp;&nbsp;&nbsp;Other assets | 19376 | 17907 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $2427217 | $2902853 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured Notes | $787704 | $991585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings Credit Facility | 354446 | 420063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA-guaranteed debentures | 169255 | 196205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMFC Credit Facility | 30545 | 81074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs (net of accumulated amortization of $48,735 and $45,302, respectively) | (15310) | (17875) |
| &nbsp;&nbsp;&nbsp;Net borrowings | 1326640 | 1671052 |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 18490 | 463 |
| &nbsp;&nbsp;&nbsp;Payable to broker | 10080 | 14630 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 7173 | 9176 |
| &nbsp;&nbsp;&nbsp;Interest payable | 6780 | 11892 |
| &nbsp;&nbsp;&nbsp;Derivative liability at fair value | 1936 | 366 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 1731 | 1819 |
| &nbsp;&nbsp;&nbsp;Incentive fee payable |  | 3018 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 4417 | 2181 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 1377247 | 1714597 |
| **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 107,851,929 shares issued, respectively, and 95,575,151 and 102,638,388 shares outstanding, respectively | 1079 | 1079 |
| &nbsp;&nbsp;&nbsp;Paid in capital in excess of par | 1354726 | 1354726 |
| &nbsp;&nbsp;Treasury stock at cost, 12,276,778 and 5,213,541 shares held, respectively | (108549) | (51952) |
| &nbsp;&nbsp;&nbsp;Accumulated overdistributed earnings | (203754) | (121676) |
| &nbsp;&nbsp;&nbsp;**Total net assets of New Mountain Finance Corporation** | $1043502 | $1182177 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest in New Mountain Net Lease Corporation | 6468 | 6079 |
| &nbsp;&nbsp;&nbsp;**Total net assets** | $1049970 | $1188256 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $2427217 | $2902853 |
| &nbsp;&nbsp;&nbsp;Number of shares outstanding | 95575151 | 102638388 |
| &nbsp;&nbsp;&nbsp;**Net asset value per share of New Mountain Finance Corporation** | $10.92 | $11.52 |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_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** |
| | **March 31, 2026** | **March 31, 2025** |
| **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) | $39249 | $52113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 2363 | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1805 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | 1357 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 1346 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;From non-controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest income) | 315 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 1188 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | 740 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;From controlled investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest income) | 3272 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 1586 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 11911 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | 3224 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 375 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 68794 | 85663 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 27524 | 31374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 8154 | 10233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee | 6103 | 8247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1028 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 995 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 458 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 44262 | 52863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: management and incentive fees waived (See Note 5) | (6103) | (1822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 38159 | 51041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income before income taxes | 30635 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 4 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 30631 | 34641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (losses) gains: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (26292) | (1074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | (5718) | 38899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (46237) | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | 3479 | (4891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 1201 | (48392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under collateralized agreements to resell | (7800) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (100) | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit (provision) for taxes | 87 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized losses** | (81380) | (11124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (50749) | 23517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (179) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation** | $(50928) | $23413 |
| Basic (loss) earnings per share | $(0.51) | $0.22 |
| Weighted average shares of common stock outstanding - basic (See Note 11) | 100476895 | 107851415 |
| Diluted (loss) earnings per share | $(0.51) | $0.22 |
| Weighted average shares of common stock outstanding - diluted (See Note 11) | 100476895 | 126852911 |
| Distributions declared and paid per share | $0.32 | $0.32 |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_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** |
| | **March 31, 2026** | **March 31, 2025** |
| **Increase (decrease) in net assets resulting from operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $30631 | $34641 |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments and foreign currency | (32010) | 37825 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments, foreign currency and New Mountain Net Lease Corporation | (41657) | (48927) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | (7800) |  |
| &nbsp;&nbsp;&nbsp;Benefit (provision) for taxes | 87 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in net assets resulting from operations | (50749) | 23517 |
| &nbsp;&nbsp;&nbsp;Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC") | (179) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation** | (50928) | 23413 |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of shares under the repurchase programs | (56597) |  |
| &nbsp;&nbsp;&nbsp;Offering costs |  | (28) |
| &nbsp;&nbsp;&nbsp;Distributions declared to stockholders from net investment income | (31150) | (34512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net decrease in net assets resulting from capital transactions** | (87747) | (34540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets** | (138675) | (11127) |
| **New Mountain Finance Corporation net assets at the beginning of the period** | 1182177 | 1353339 |
| **New Mountain Finance Corporation net assets at the end of the period** | 1043502 | 1342212 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest in NMNLC | 6468 | 5966 |
| **Net assets at the end of the period** | $1049970 | $1348178 |
| **Capital share activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares repurchased under Repurchase Program | (7063237) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (7063237) |  |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Statements of Cash Flows**

**(in thousands)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Cash flows from operating activities** | | |
| Net (decrease) increase in net assets resulting from operations | $(50749) | $23517 |
| 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 losses (gains) on investments | 32010 | (37825) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments and New Mountain Net Lease Corporation | 41557 | 49077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies | 100 | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | 7800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchase discount | (1366) | (1578) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 3433 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium on 2022 Convertible Notes |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on February 2029 and October 2027 Notes | 307 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change due to hedging activity | 71 | (755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash investment income | (15418) | (14021) |
| **(Increase) decrease in operating assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments and delayed draw facilities | (117397) | (121120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 492026 | 186901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 17 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid on drawn revolvers | (8522) | (7524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash repayments on drawn revolvers | 5121 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | 4335 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from unsettled securities sold | 4138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from affiliates | (60) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1468) | 454 |
| **(Decrease) increase in operating liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | (2003) | (522) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | (3018) | (1911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 18027 | 12022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (5114) | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | (88) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to broker | (4550) | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 2223 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows provided by operating activities** | 401412 | 103916 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares under repurchase program | (56597) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid |  | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (31150) | (34512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Holdings Credit Facility | 177000 | 93000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Holdings Credit Facility | (242616) | (116800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of 2022 Convertible Notes |  | (1216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Unsecured Notes | (200000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from NMFC Credit Facility | 90000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of NMFC Credit Facility | (140000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of SBA-guaranteed debentures | (26950) | (37500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions related to non-controlling interest in NMNLC | 300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions related to non-controlling interest in NMNLC | (90) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (855) | (1405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows used in financing activities** | (430958) | (98598) |
| **Net (decrease) increase in cash and cash equivalents** | (29546) | 5318 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (42) | (142) |
| **Cash and cash equivalents at the beginning of the period** | 80718 | 80320 |
| **Cash and cash equivalents at the end of the period** | $51130 | $85496 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $27937 | $27085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes received |  | (390) |
| **Non-cash operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash activity on investments | $— | $61007 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for offering costs | 41 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for deferred financing costs | 69 | 94 |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 03/2026 | 10/2030 | $53463 | $52932 | $53463 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.45% | 10/2023 | 10/2030 | 5005 | 4969 | 5005 |  |
|  |  |  |  |  |  |  |  | 57901 | 58468 | 5.57% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(10)(12) | SOFR(Q) | 5.25% | 8.92% | 01/2025 | 01/2031 | 35582 | 35292 | 34295 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 8.92% | 01/2025 | 01/2031 | 20000 | 19819 | 19276 |  |
|  |  |  |  |  |  |  |  | 55111 | 53571 | 5.10% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.42% | 05/2024 | 07/2028 | 29947 | 29938 | 29947 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 6.50% | 10.42% | 05/2024 | 07/2028 | 1828 | 1827 | 1828 |  |
|  | Subordinated (3)(12) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 9500 | 9486 | 9499 |  |
|  | Subordinated (3)(12) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3628 | 3622 | 3628 |  |
|  |  |  |  |  |  |  |  | 44873 | 44902 | 4.28% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 06/2024 | 06/2031 | 43664 | 43488 | 43664 | 4.16% |
| &nbsp;&nbsp;Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 5.75% | 9.55% | 08/2021 | 08/2028 | 36614 | 36461 | 34787 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.75% | 9.55% | 08/2021 | 08/2028 | 3854 | 3837 | 3662 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.75% | 9.55% | 08/2021 | 08/2027 | 3027 | 2997 | 2876 |  |
|  |  |  |  |  |  |  |  | 43295 | 41325 | 3.94% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Second lien (5)(12) | SOFR(Q) | 6.50% | 10.43% | 08/2021 | 08/2029 | 22500 | 22440 | 22500 |  |
|  | Second lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.43% | 08/2021 | 08/2029 | 10965 | 10766 | 10965 |  |
|  | First lien (2)(11) | SOFR(Q) | 3.75% | 7.68% | 05/2025 | 08/2028 | 6334 | 5895 | 5827 |  |
|  |  |  |  |  |  |  |  | 39101 | 39292 | 3.74% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(12) | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | $21149 | $21129 | $20783 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.45% | 03/2021 | 02/2028 | 7492 | 7487 | 7362 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 03/2021 | 02/2028 | 4462 | 4460 | 4385 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | 3067 | 3064 | 3014 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | 783 | 782 | 769 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | 501 | 498 | 492 |  |
|  |  |  |  |  |  |  |  | 37420 | 36805 | 3.51% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.42% | 04/2024 | 04/2030 | 36409 | 36091 | 36409 | 3.47% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(10)(12) | SOFR(S) | 5.75% | 9.58% | 10/2021 | 10/2028 | 36155 | 35998 | 36155 | 3.44% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 10.06% | 02/2022 | 08/2029 | 29875 | 29737 | 29313 |  |
|  | First lien (2)(12) | SOFR(Q) | 6.25% | 10.06% | 02/2022 | 08/2029 | 3741 | 3741 | 3671 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 10.06% | 08/2025 | 08/2029 | 3054 | 3034 | 2997 |  |
|  | First lien (3)(12) | SOFR(Q) | 6.25% | 10.06% | 08/2025 | 08/2029 | 42 | 42 | 41 |  |
|  |  |  |  |  |  |  |  | 36554 | 36022 | 3.43% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 5.00% | 8.67% | 09/2021 | 09/2028 | 32389 | 32259 | 32389 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.00% | 8.67% | 03/2024 | 09/2028 | 2510 | 2511 | 2510 |  |
|  |  |  |  |  |  |  |  | 34770 | 34899 | 3.32% |
| &nbsp;&nbsp;Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (4)(12) | SOFR(M) | 5.25% | 9.02% | 01/2022 | 12/2027 | 9476 | 9443 | 9476 |  |
|  | First lien (4)(12) | SOFR(M) | 5.25% | 9.02% | 12/2021 | 12/2027 | 7281 | 7252 | 7281 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.25% | 9.02% | 12/2021 | 12/2027 | 5986 | 5970 | 5986 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 5.25% | 9.02% | 12/2021 | 12/2027 | 3500 | 3555 | 3500 |  |
|  | Subordinated (4)(12) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 01/2022 | 12/2031 | 7120 | 7074 | 7036 |  |
|  | Subordinated (3)(10)(12) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 12/2021 | 12/2031 | 844 | 839 | 835 |  |
|  |  |  |  |  |  |  |  | 34133 | 34114 | 3.25% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 6.09% | 9.89% | 03/2021 | 03/2028 | $24172 | $24048 | $24172 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 6.09% | 9.91% | 03/2021 | 03/2028 | 5012 | 5002 | 5012 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 6.24% | 10.06% | 04/2025 | 03/2028 | 4706 | 4689 | 4706 |  |
|  |  |  |  |  |  |  |  | 33739 | 33890 | 3.23% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2028 | 29158 | 29031 | 29158 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2027 | 1287 | 1274 | 1287 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.30% | 06/2022 | 10/2028 | 970 | 972 | 970 |  |
|  | First lien (3)(12) | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2028 | 79 | 78 | 79 |  |
|  |  |  |  |  |  |  |  | 31355 | 31494 | 3.00% |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(10)(12)(13) | EURIBOR(Q) | 5.50% | 7.63% | 03/2024 | 03/2031 | 16315 | 17571 | 18856 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.20% | 03/2024 | 03/2031 | $8910 | 8858 | 8910 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.50% | 9.20% | 03/2024 | 03/2031 | $2163 | 2148 | 2163 |  |
|  | First lien (3)(10)(12)(13)(15) - Drawn | SOFR(M) | 5.50% | 9.18% | 03/2024 | 03/2031 | $705 | 700 | 705 |  |
|  |  |  |  |  |  |  |  | 29277 | 30634 | 2.92% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (4)(12) | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2029 | 22106 | 22065 | 21706 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.75% | 9.42% | 06/2024 | 08/2029 | 8155 | 8155 | 8007 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.75% | 9.41% | 08/2022 | 08/2029 | 182 | 184 | 179 |  |
|  |  |  |  |  |  |  |  | 30404 | 29892 | 2.85% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(12) | SOFR(Q) | 4.75% | 8.41% | 11/2019 | 12/2030 | 21607 | 21584 | 21607 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.41% | 04/2025 | 12/2030 | 4298 | 4279 | 4298 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.41% | 04/2025 | 12/2030 | 393 | 391 | 393 |  |
|  |  |  |  |  |  |  |  | 26254 | 26298 | 2.50% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Ambrosia Holdco Corp(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(10)(12) | SOFR(M) | 4.00% | 7.67% | 01/2024 | 07/2029 | $27475 | $24572 | $17750 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 4.00% | 7.67% | 03/2024 | 07/2029 | 10263 | 5790 | 6563 |  |
|  | Subordinated (2)(12) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 347 | 347 | 347 |  |
|  | Subordinated (3)(12) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 402 | 338 | 402 |  |
|  |  |  |  |  |  |  |  | 31047 | 25062 | 2.39% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (2)(11)(12) | SOFR(M) | 6.00% | 9.67% | 10/2023 | 11/2030 | 27790 | 27584 | 23861 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 6.00% | 9.67% | 10/2023 | 11/2029 | 742 | 734 | 637 |  |
|  |  |  |  |  |  |  |  | 28318 | 24498 | 2.33% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.35% | 02/2022 | 02/2028 | 18720 | 18685 | 17656 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.35% | 02/2022 | 02/2028 | 5210 | 5199 | 4914 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.35% | 02/2022 | 02/2028 | 684 | 683 | 645 |  |
|  |  |  |  |  |  |  |  | 24567 | 23215 | 2.21% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(12) | SOFR(M)\* | 3.50% + 2.50%/PIK | 9.70% | 01/2024 | 02/2031 | 22114 | 22028 | 21097 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.50% | 9.17% | 01/2024 | 02/2031 | 1708 | 1700 | 1630 |  |
|  | First lien (3)(10)(12) | SOFR(M)\* | 3.50% + 2.50%/PIK | 9.70% | 03/2025 | 02/2031 | 508 | 508 | 484 |  |
|  |  |  |  |  |  |  |  | 24236 | 23211 | 2.21% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(12) | SOFR(Q) | 5.25% | 8.95% | 08/2019 | 05/2028 | 21018 | 20995 | 19681 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 8.95% | 08/2019 | 05/2028 | 2529 | 2517 | 2368 |  |
|  | First lien (3)(12) | SOFR(Q) | 5.25% | 8.95% | 03/2024 | 05/2028 | 447 | 445 | 419 |  |
|  |  |  |  |  |  |  |  | 23957 | 22468 | 2.14% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.42% | 05/2024 | 06/2031 | 15563 | 15469 | 15393 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 4.50% | 8.17% | 05/2025 | 06/2031 | 5768 | 5742 | 5675 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 4.50% | 8.17% | 07/2025 | 06/2031 | 1269 | 1263 | 1248 |  |
|  |  |  |  |  |  |  |  | 22474 | 22316 | 2.13% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (5)(12) | SOFR(Q) | 5.25% | 9.10% | 12/2021 | 12/2029 | $8422 | $8386 | $8422 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.25% | 9.10% | 07/2022 | 12/2029 | 4696 | 4670 | 4696 |  |
|  | First lien (5)(12) | SOFR(Q) | 5.25% | 9.10% | 12/2021 | 12/2029 | 2828 | 2814 | 2828 |  |
|  | First lien (5)(12) | SOFR(Q) | 5.25% | 9.10% | 12/2021 | 12/2029 | 2809 | 2797 | 2809 |  |
|  | First lien (5)(12)(15) - Drawn | SOFR(Q) | 5.25% | 9.10% | 03/2025 | 12/2029 | 2526 | 2503 | 2526 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.25% | 9.10% | 03/2025 | 12/2029 | 844 | 835 | 844 |  |
|  |  |  |  |  |  |  |  | 22005 | 22125 | 2.11% |
| &nbsp;&nbsp;ACI Parent Inc.(25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q)(17)\* | 2.75% + 3.25%/PIK | 9.80% | 08/2021 | 08/2028 | 22643 | 22547 | 14838 |  |
|  | First lien (3)(10)(12) | SOFR(Q)(17)\* | 2.75% + 3.25%/PIK | 9.80% | 08/2021 | 08/2028 | 4346 | 4319 | 2848 |  |
|  | First lien (3)(10)(12) | SOFR(Q)(17)\* | 2.75% + 3.25%/PIK | 9.80% | 08/2021 | 08/2028 | 4014 | 3994 | 2630 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q)(17) | 5.50% | 9.30% | 08/2021 | 08/2027 | 2330 | 2307 | 1514 |  |
|  |  |  |  |  |  |  |  | 33167 | 21830 | 2.08% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(12) | SOFR(Q) | 6.25% | 10.02% | 07/2017 | 07/2027 | 22500 | 22490 | 21357 | 2.03% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (2)(11)(12) | SOFR(Q) | 5.75% | 9.45% | 05/2025 | 05/2030 | 21304 | 21166 | 21304 | 2.03% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (5)(12) | SOFR(M) | 4.50% | 8.17% | 08/2021 | 10/2030 | 21180 | 21129 | 21180 | 2.02% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(12) | SOFR(M) | 4.25% | 7.92% | 11/2023 | 11/2030 | 21070 | 20990 | 20387 | 1.94% |
| &nbsp;&nbsp;Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (4) | SOFR(Q) | 4.50% | 8.35% | 10/2020 | 11/2027 | 11578 | 11554 | 10797 |  |
|  | Second lien (4)(12) | SOFR(Q) | 7.75% | 11.60% | 11/2020 | 11/2028 | 9767 | 9725 | 9169 |  |
|  |  |  |  |  |  |  |  | 21279 | 19966 | 1.90% |
| &nbsp;&nbsp;HS Purchaser, LLC / Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (5)(12) | SOFR(Q)\* | 9.00%/PIK | 12.76% | 11/2019 | 05/2029 | 24295 | 24244 | 16254 |  |
|  | Second lien (2)(11)(12) | SOFR(Q)\* | 9.00%/PIK | 12.76% | 11/2019 | 05/2029 | 4544 | 4526 | 3040 |  |
|  |  |  |  |  |  |  |  | 28770 | 19294 | 1.84% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.50% | 8.20% | 04/2025 | 04/2032 | $18461 | $18398 | $18461 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.50% | 8.20% | 04/2025 | 04/2032 | 724 | 721 | 724 |  |
|  |  |  |  |  |  |  |  | 19119 | 19185 | 1.83% |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12)(13) | SONIA(D) | 4.75% | 8.48% | 11/2024 | 11/2031 | £11880 | 15000 | 15144 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.45% | 11/2024 | 11/2031 | $2300 | 2289 | 2232 |  |
|  |  |  |  |  |  |  |  | 17289 | 17376 | 1.65% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 9.07% | 05/2022 | 09/2027 | 16316 | 16275 | 16316 |  |
|  | First lien (3)(12) | SOFR(Q) | 5.25% | 9.09% | 03/2024 | 09/2027 | 574 | 570 | 574 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 9.11% | 05/2022 | 09/2027 | 462 | 460 | 462 |  |
|  |  |  |  |  |  |  |  | 17305 | 17352 | 1.65% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 03/2025 | 03/2032 | 14952 | 14919 | 14678 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.45% | 03/2025 | 03/2032 | 1629 | 1629 | 1599 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 440 | 439 | 432 |  |
|  |  |  |  |  |  |  |  | 16987 | 16709 | 1.59% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(10)(12) | SOFR(M)(17)\* | 6.75%/PIK + 0.50% | 11.02% | 09/2015 | 09/2027 | 29879 | 29842 | 16000 |  |
|  | First lien (3)(12) | SOFR(M)(17)\* | 14.50%/PIK + 0.50% | 18.77% | 06/2021 | 09/2027 | 1527 | 1527 |  |  |
|  | Subordinated (3)(12) | SOFR(Q)(17)\* | 1.00%/PIK | 4.81% | 03/2021 | 09/2027 | 5230 |  |  |  |
|  |  |  |  |  |  |  |  | 31369 | 16000 | 1.52% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (5)(12) | SOFR(M) | 4.50% | 8.17% | 02/2020 | 02/2028 | 14433 | 14422 | 14433 |  |
|  | First lien (5)(12) | SOFR(M) | 4.50% | 8.17% | 02/2024 | 02/2028 | 1109 | 1105 | 1109 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 4.50% | 8.17% | 02/2020 | 02/2028 | 180 | 179 | 180 |  |
|  |  |  |  |  |  |  |  | 15706 | 15722 | 1.50% |
| &nbsp;&nbsp;Digicert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.42% | 07/2025 | 07/2030 | 15423 | 15320 | 15307 | 1.46% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | $8879 | $8973 | $8879 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.67% | 10/2021 | 10/2029 | 3398 | 3395 | 3398 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 1025 | 1023 | 1025 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.67% | 09/2019 | 10/2029 | 761 | 759 | 761 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.67% | 09/2019 | 10/2029 | 341 | 340 | 341 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.67% | 09/2019 | 10/2029 | 272 | 271 | 272 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.67% | 09/2019 | 10/2029 | 125 | 127 | 125 |  |
|  |  |  |  |  |  |  |  | 14888 | 14801 | 1.41% |
| &nbsp;&nbsp;Tempo Acquisition, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10) | SOFR(M) | 1.75% | 5.42% | 03/2026 | 08/2028 | 20273 | 13459 | 14714 | 1.40% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 8.92% | 02/2023 | 02/2030 | 14207 | 14093 | 14032 | 1.34% |
| &nbsp;&nbsp;IG Intermediateco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.52% | 07/2022 | 07/2028 | 7665 | 7630 | 7665 |  |
|  | Subordinated (3)(12) | SOFR(Q) | 7.50% | 11.30% | 07/2022 | 07/2029 | 6265 | 6220 | 6265 |  |
|  |  |  |  |  |  |  |  | 13850 | 13930 | 1.33% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q)\* | 3.38% + 5.12%/PIK | 12.46% | 08/2019 | 09/2026 | 12250 | 12250 | 10718 |  |
|  | First lien (2)(11)(12) | SOFR(Q)\* | 3.38% + 5.12%/PIK | 12.46% | 08/2019 | 09/2026 | 3650 | 3658 | 3194 |  |
|  |  |  |  |  |  |  |  | 15908 | 13912 | 1.32% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 13759 | 13759 | 13724 | 1.31% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(10)(12) | SOFR(M) | 4.75% | 8.42% | 10/2021 | 10/2028 | 12712 | 12658 | 12566 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.42% | 10/2021 | 10/2028 | 1071 | 1066 | 1059 |  |
|  | First lien (3)(12) | SOFR(M) | 4.75% | 8.42% | 10/2021 | 10/2028 | 64 | 64 | 63 |  |
|  |  |  |  |  |  |  |  | 13788 | 13688 | 1.30% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(10) | SOFR(Q) | 4.25% | 8.18% | 01/2026 | 07/2028 | 11681 | 5594 | 5549 |  |
|  | First lien (2)(11) | SOFR(Q) | 4.25% | 8.18% | 09/2025 | 07/2028 | 7165 | 5914 | 3402 |  |
|  | First lien (2)(11) | SOFR(Q) | 5.00% | 8.67% | 06/2024 | 07/2028 | 4153 | 4102 | 1972 |  |
|  | Second lien (3)(10) | SOFR(Q) | 7.50% | 11.43% | 01/2026 | 07/2029 | 10768 | 1542 | 1884 |  |
|  | First lien (3)(10) | SOFR(Q) | 5.00% | 8.67% | 01/2026 | 07/2028 | 1194 | 532 | 567 |  |
|  |  |  |  |  |  |  |  | 17684 | 13374 | 1.27% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.42% | 07/2021 | 12/2029 | $12364 | $12312 | $12364 | 1.18% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(11) | SOFR(M) | 5.25% | 9.02% | 10/2023 | 04/2029 | 14299 | 14028 | 12162 | 1.16% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.25% | 8.02% | 06/2021 | 06/2029 | 8324 | 8291 | 8324 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.25% | 8.01% | 06/2021 | 06/2029 | 2791 | 2778 | 2791 |  |
|  |  |  |  |  |  |  |  | 11069 | 11115 | 1.06% |
| &nbsp;&nbsp;Firebird Co-Invest L.P. (19) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q)\* | 2.25% + 2.75%/PIK | 8.67% | 01/2025 | 02/2032 | 8224 | 8207 | 8224 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.50% | 8.17% | 01/2025 | 02/2032 | 2635 | 2629 | 2635 |  |
|  |  |  |  |  |  |  |  | 10836 | 10859 | 1.03% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (5)(12) | SOFR(M) | 5.25% | 8.92% | 02/2024 | 02/2031 | 10387 | 10347 | 10387 | 0.99% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12) | SOFR(Q)(17)\* | 1.31% + 3.94%/PIK | 9.05% | 09/2019 | 07/2029 | 13284 | 13242 | 8641 |  |
|  | First lien (2)(12) | SOFR(Q)(17)\* | 1.31% + 3.94%/PIK | 9.05% | 02/2022 | 07/2029 | 2218 | 2205 | 1443 |  |
|  |  |  |  |  |  |  |  | 15447 | 10084 | 0.96% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (2)(11)(12) | SOFR(Q)\* | 6.75% + 2.00%/PIK | 12.45% | 07/2021 | 07/2027 | 8605 | 8580 | 8605 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 12.42% | 07/2021 | 07/2026 | 1095 | 1083 | 1095 |  |
|  |  |  |  |  |  |  |  | 9663 | 9700 | 0.92% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second lien (3)(10) | SOFR(M) | 5.50% | 9.17% | 07/2025 | 07/2033 | 9512 | 9467 | 9286 | 0.88% |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 9093 | 9051 | 9047 | 0.86% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (3)(10) | SOFR(Q) | 5.75% | 9.45% | 06/2024 | 12/2028 | 9231 | 9213 | 6150 |  |
|  | First lien (2)(11) | SOFR(Q) | 3.50% | 7.20% | 02/2026 | 12/2027 | 3764 | 3025 | 2835 |  |
|  |  |  |  |  |  |  |  | 12238 | 8985 | 0.86% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.17% | 10/2024 | 11/2029 | 8276 | 8196 | 8276 | 0.79% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 06/2025 | 07/2032 | $8168 | $8130 | $8168 | 0.78% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | 6739 | 6709 | 6320 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.26% | 06/2022 | 10/2028 | 1134 | 1128 | 1064 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.25% | 10/2021 | 10/2028 | 772 | 769 | 724 |  |
|  | First lien (3)(12) | SOFR(Q) | 5.75% | 9.52% | 11/2023 | 10/2028 | 19 | 18 | 17 |  |
|  |  |  |  |  |  |  |  | 8624 | 8125 | 0.77% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 07/2024 | 07/2031 | 7770 | 7723 | 7770 | 0.74% |
| &nbsp;&nbsp;Jawbreaker Topco, L.P. (24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jawbreaker Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.45% | 01/2026 | 01/2033 | 7796 | 7758 | 7757 | 0.74% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 9.92% | 10/2022 | 08/2028 | 7366 | 7335 | 7126 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2028 | 494 | 495 | 473 |  |
|  |  |  |  |  |  |  |  | 7830 | 7599 | 0.72% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(M) | 4.50% | 8.17% | 08/2024 | 09/2031 | 5848 | 5824 | 5790 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 4.75% | 8.42% | 08/2024 | 09/2031 | 1672 | 1664 | 1656 |  |
|  |  |  |  |  |  |  |  | 7488 | 7446 | 0.71% |
| &nbsp;&nbsp;Notorious Buyer, LLC (35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(12) | SOFR(Q)\* | 7.25%/PIK | 11.10% | 12/2025 | 12/2030 | 4840 | 4840 | 4840 |  |
|  | Subordinated (3)(12) | SOFR(Q)\* | 9.00%/PIK | 12.85% | 12/2025 | 12/2031 | 2334 | 2334 | 2334 |  |
|  |  |  |  |  |  |  |  | 7174 | 7174 | 0.68% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (4)(12) | SOFR(M) | 4.50% | 8.18% | 09/2024 | 09/2031 | 7113 | 7083 | 7077 | 0.67% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(12) | SOFR(Q)\* | 2.75% + 2.75%/PIK | 9.17% | 08/2024 | 08/2031 | $6253 | $6204 | $6191 |  |
|  | First lien (5)(12)(15) - Drawn | SOFR(Q) | 5.00% | 8.66% | 08/2024 | 08/2031 | 356 | 352 | 352 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.67% | 08/2024 | 08/2030 | 376 | 372 | 372 |  |
|  |  |  |  |  |  |  |  | 6928 | 6915 | 0.66% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 4.50% | 8.17% | 04/2024 | 12/2032 | 6609 | 6583 | 6609 | 0.63% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.42% | 08/2024 | 08/2031 | 6434 | 6408 | 6434 | 0.61% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.25% | 7.91% | 05/2025 | 05/2032 | 5813 | 5787 | 5784 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.25% | 7.91% | 05/2025 | 05/2032 | 539 | 537 | 537 |  |
|  |  |  |  |  |  |  |  | 6324 | 6321 | 0.60% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 8.89% | 11/2023 | 11/2030 | 6248 | 6218 | 6248 | 0.60% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 8.89% | 08/2025 | 08/2031 | 6223 | 6194 | 6183 | 0.59% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 6.75% | 10.45% | 12/2023 | 04/2029 | 6222 | 6163 | 6146 | 0.59% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12) | SOFR(M) | 5.50% | 9.17% | 06/2025 | 05/2028 | 6058 | 6011 | 6035 | 0.57% |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Subordinated (3)(12) | FIXED(Q)\* | 13.00%/PIK | 13.00% | 05/2023 | 05/2033 | 4822 | 4780 | 4822 | 0.46% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (4)(12) | SOFR(Q) | 5.00% | 8.81% | 06/2022 | 06/2028 | 3231 | 3231 | 3200 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.00% | 8.81% | 06/2022 | 06/2028 | 1595 | 1583 | 1579 |  |
|  |  |  |  |  |  |  |  | 4814 | 4779 | 0.46% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(10)(12) | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 3398 | 3388 | 3361 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 498 | 497 | 493 |  |
|  |  |  |  |  |  |  |  | 3885 | 3854 | 0.37% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12) | SOFR(Q) | 7.50% | 11.17% | 07/2024 | 07/2029 | 4196 | 4151 | 3673 | 0.35% |
| &nbsp;&nbsp;Capstone Borrower, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10) | FIXED(S) | 8.00% | 8.00% | 03/2026 | 06/2030 | 3763 | 3235 | 3599 | 0.34% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 8.94% | 12/2025 | 12/2031 | $2979 | $2965 | $2964 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 8.92% | 12/2025 | 12/2031 | 409 | 406 | 407 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 8.92% | 12/2025 | 12/2031 | 176 | 175 | 175 |  |
|  |  |  |  |  |  |  |  | 3546 | 3546 | 0.34% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 3062 | 3052 | 3062 | 0.29% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(M) | 4.75% | 8.52% | 05/2021 | 05/2028 | 3046 | 3039 | 3046 | 0.29% |
| &nbsp;&nbsp;PPVA Black Elk (Equity) LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated (3)(12) |  |  |  | 05/2013 |  | 14500 | 14500 | 2755 | 0.26% |
| &nbsp;&nbsp;Mai Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.45% | 06/2025 | 08/2031 | 2471 | 2448 | 2471 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.45% | 06/2025 | 08/2031 | 114 | 113 | 114 |  |
|  |  |  |  |  |  |  |  | 2561 | 2585 | 0.25% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q)(17) | 8.41% | 12.11% | 03/2021 | 04/2028 | 1786 | 1781 | 1574 |  |
|  | First lien (3)(10)(12) | SOFR(Q)(17) | 8.50% | 12.20% | 12/2022 | 04/2028 | 1000 | 994 | 882 |  |
|  |  |  |  |  |  |  |  | 2775 | 2456 | 0.23% |
| &nbsp;&nbsp;RealPage, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11) | SOFR(Q) | 3.75% | 7.45% | 03/2026 | 04/2028 | 1963 | 1838 | 1911 | 0.18% |
| &nbsp;&nbsp;Flash Charm Inc. (fka Idera, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (4) | SOFR(Q) | 6.75% | 10.56% | 06/2019 | 03/2029 | 2072 | 2058 | 1448 |  |
|  | Second lien (3)(10) | SOFR(Q) | 6.75% | 10.56% | 04/2021 | 03/2029 | 276 | 276 | 193 |  |
|  |  |  |  |  |  |  |  | 2334 | 1641 | 0.16% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(M) | 5.25% | 8.92% | 05/2024 | 10/2029 | 1466 | 1460 | 1466 | 0.14% |
| &nbsp;&nbsp;DT1 Midco Corp |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.67% | 06/2025 | 12/2031 | 1338 | 1332 | 1332 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.67% | 06/2025 | 12/2031 | 32 | 32 | 32 |  |
|  |  |  |  |  |  |  |  | 1364 | 1364 | 0.13% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 5.00% | 8.71% | 07/2025 | 11/2031 | $1288 | $1276 | $1288 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.00% | 8.67% | 07/2025 | 11/2031 | 9 | 9 | 9 |  |
|  |  |  |  |  |  |  |  | 1285 | 1297 | 0.12% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.20% | 03/2026 | 08/2032 | 240 | 239 | 239 | 0.02% |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Trust Claim(2)(12) |  |  |  | 06/2024 | 06/2029 | 152 | 152 | 152 |  |
|  | Trust Claim(3)(12) |  |  |  | 06/2024 | 06/2029 | 52 | 52 | 52 |  |
|  |  |  |  |  |  |  |  | 204 | 204 | 0.02% |
| &nbsp;&nbsp;PPVA Fund, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Collateralized Financing (17)(18) |  |  |  | 11/2014 |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**1540238** | $**1456444** | **138.71%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(S)\* | 3.50%+ 2.00%/PIK | 9.08% | 07/2024 | 07/2031 | $20017 | $20102 | $20017 |  |
|  | First lien (2)(11)(12) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.08% | 06/2025 | 07/2031 | 16411 | 16411 | 16411 |  |
|  | First lien (2)(11)(12) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.26% | 06/2025 | 07/2031 | 890 | 890 | 890 |  |
|  |  |  |  |  |  |  |  | 37403 | 37318 | 3.55% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  |  | $**37403** | $**37318** | **3.55%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 7.00% | 10.76% | 02/2024 | 02/2030 | $9416 | $9332 | $9416 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 7.00% | 10.73% | 02/2024 | 02/2030 | 5326 | 5269 | 5326 |  |
|  |  |  |  |  |  |  |  | 14601 | 14742 | 1.40% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**14601** | $**14742** | **1.40%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 06/2025 | 12/2029 | $4452 | $4442 | $4392 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 12/2022 | 12/2029 | 3402 | 3371 | 3356 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 12/2023 | 12/2029 | 1325 | 1316 | 1307 |  |
|  |  |  |  |  |  |  |  | 9129 | 9055 | 0.86% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 9.95% | 05/2024 | 05/2030 | $4780 | $4745 | $4733 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 6.25% | 9.92% | 05/2024 | 05/2030 | 80 | 79 | 79 |  |
|  |  |  |  |  |  |  |  | 4824 | 4812 | 0.46% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  |  | $**13953** | $**13867** | **1.32%** |
| **Funded Debt Investments - Switzerland** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Matterhorn Finco, Inc.,\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11) | SOFR(Q) | 5.50% | 9.20% | 03/2026 | 03/2033 | $7982 | $7943 | $7943 | 0.76% |
| **Total Funded Debt Investments - Switzerland** |  |  |  |  |  |  |  | $**7943** | $**7943** | **0.76%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  |  | $**1614138** | $**1530314** | **145.74%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dealer Tire Holdings, LLC(34) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Preferred shares (3)(10)(12) | FIXED(A)\* | 7.00%/PIK | 7.00% | 09/2021 |  | 16829 | $27082 | $25967 | 2.47% |
| &nbsp;&nbsp;Symplr Software Intermediate Holdings, Inc. (33) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Series A preferred shares (4)(12) | SOFR(Q)\* | 10.50%/PIK | 14.30% | 11/2018 |  | 7500 | 19636 | 14983 |  |
|  | Series A preferred shares (3)(10)(12) | SOFR(Q)\* | 10.50%/PIK | 14.30% | 11/2018 |  | 35 | 91 | 69 |  |
|  |  |  |  |  |  |  |  | 19727 | 15052 | 1.43% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc.(32) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(12) | SOFR(S)\* | 10.75%/PIK | 14.35% | 06/2022 |  | 8313 | 13248 | 12741 | 1.21% |
| &nbsp;&nbsp;HBWM Holdings, LLC(31) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Common units(8)(12) | FIXED(Q)\* | 4.00% | 4.00% | 09/2021 |  | 47114 | 4792 | 10836 | 1.03% |
| &nbsp;&nbsp;Notorious Buyer, LLC(35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | Common stock (3)(12) |  |  |  | 12/2025 |  | 375 | 7339 | 6360 | 0.61% |
| &nbsp;&nbsp;Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (30) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | Series A preferred shares (3)(12) | FIXED(A)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 2900 | 3335 | 3335 |  |
|  | Series B preferred shares (3)(12) | FIXED(A)(17)\* | 11.50%/PIK | 11.50% | 05/2024 |  | 3691 | 2565 | 3009 |  |
|  | Ordinary shares (3)(12) |  |  |  | 05/2024 |  | 290 | 145 |  |  |
|  |  |  |  |  |  |  |  | 6045 | 6344 | 0.60% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Ordinary shares (5)(12) |  |  |  | 12/2021 |  | 50000 | 5000 | 5900 | 0.56% |
| &nbsp;&nbsp;Firebird Co-Invest L.P.(19) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | LP Interest (3)(12) |  |  |  | 01/2025 |  | 3358474 | 3358 | 4189 | 0.40% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Jawbreaker Topco, L.P.(24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-1 common units(3)(12) |  |  |  | 01/2026 |  | 247609 | $2476 | $2476 | 0.24% |
| &nbsp;&nbsp;Eclipse Topco, Inc.(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred shares (4)(12) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 190 | 2207 | 2226 | 0.21% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-2 common units(9)(12) |  |  |  | 11/2021 |  | 199980 | 2000 | 1700 | 0.16% |
| &nbsp;&nbsp;ACI Parent Inc.(25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Preferred shares (3)(12) | FIXED(Q)(17)\* | 11.75%/PIK | 11.75% | 08/2021 |  | 12500 | 20124 | 1074 | 0.10% |
| &nbsp;&nbsp;Ambrosia Topco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Class A-1 common units(2)(12) |  |  |  | 01/2024 |  | 126536 | 1348 | 590 |  |
|  | Class A-1 common units(3)(12) |  |  |  | 01/2024 |  | 122044 | 1300 | 569 |  |
|  |  |  |  |  |  |  |  | 2648 | 1159 | 0.11% |
| &nbsp;&nbsp;GEDC Equity, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Participation Interest(3)(12) |  |  |  | 06/2023 |  | 190000 | 190 |  | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Ordinary shares (3)(12) |  |  |  | 03/2021 |  | 758 |  |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**116236** | $**96024** | **9.13%** |
| **Total Shares** |  |  |  |  |  |  |  | $**116236** | $**96024** | **9.13%** |
| **Structured Finance Obligations - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligation(3)(12) | SOFR(Q) | 7.00% | 10.67% | 11/2024 | 01/2037 | 3232 | $3232 | $3186 | 0.30% |
| **Total Structured Finance Obligations - United States** |  |  |  |  |  |  |  | $**3232** | $**3186** | **0.30%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (2)(12) |  |  |  | 06/2024 | 06/2029 | 138622 | $182 | $272 |  |
|  | Warrants (3)(12) |  |  |  | 06/2024 | 06/2029 | 47459 | 62 | 93 |  |
|  |  |  |  |  |  |  |  | 244 | 365 | 0.03% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**244** | $**365** | **0.03%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**1733850** | $**1629889** | **155.20%** |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **Unfunded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 11/2026 | $602 | $— | $— | —% |
| &nbsp;&nbsp;Notorious Buyer, LLC (35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2025 | 12/2030 | 938 |  |  | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2021 | 09/2027 | 2652 |  |  | —% |
| &nbsp;&nbsp;Ambrosia Holdco Corp(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2024 | 10/2026 | 2695 |  |  | —% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2026 | 03/2028 | 1177 |  |  | —% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2021 | 07/2026 | 113 | (1) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | 147 | (1) |  | —% |
| &nbsp;&nbsp;Mai Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 06/2027 | 1210 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 08/2031 | 194 | (1) |  |  |
|  |  |  |  |  |  |  |  | (1) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2023 | 11/2029 | 339 | (3) |  | —% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 11/2026 | 271 | (1) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2019 | 12/2030 | 309 | (2) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 12/2028 | $495 | $— | $— |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 12/2032 | 618 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1993 | (1) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 07/2028 | 3077 | (2) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2021 | 05/2028 | 417 | (4) |  | —% |
| &nbsp;&nbsp;Firebird Co-Invest L.P. (19) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2025 | 02/2027 | 2092 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2025 | 02/2032 | 1422 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1629 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2031 | 1086 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | 822 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 09/2019 | 10/2029 | 811 | (6) |  |  |
|  |  |  |  |  |  |  |  | (6) |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2021 | 10/2028 | 2040 | (6) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2021 | 06/2029 | 818 | (8) |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2024 | 02/2031 | 1510 | (8) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2020 | 02/2028 | $1619 | $(8) | $— | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2021 | 12/2029 | 893 | (9) |  | —% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 07/2032 | 1797 | (9) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2023 | 10/2030 | 1229 | (12) |  | —% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 10/2027 | 2974 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 04/2032 | 819 | (3) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 04/2032 | 2317 | (9) |  |  |
|  |  |  |  |  |  |  |  | (12) |  | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2027 | 64 |  |  |  |
|  | First lien (5)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2027 | 191 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2021 | 12/2029 | 1400 | (14) |  |  |
|  |  |  |  |  |  |  |  | (14) |  | —% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2024 | 07/2027 | 2253 | (14) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2021 | 10/2027 | 1573 | (16) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2022 | 09/2027 | 1849 | (18) |  | —% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 05/2030 | 2717 | (20) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2027 | $1332 |  |  |  |
|  | First lien (3)(10)(12)(13)(15) - Undrawn |  |  |  | 03/2024 | 03/2027 | 6411 |  |  |  |
|  | First lien (3)(10)(12)(13)(15) - Undrawn |  |  |  | 03/2024 | 03/2031 | 1196 | (10) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2031 | $1907 | (14) |  |  |
|  |  |  |  |  |  |  |  | (24) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2024 | 06/2026 | 9047 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2024 | 06/2031 | 4825 | (24) |  |  |
|  |  |  |  |  |  |  |  | (24) |  | —% |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2021 | 07/2028 | 3827 | (29) |  | —% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - 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)(12)(15) - Undrawn |  |  |  | 12/2021 | 12/2027 | 3659 | (37) |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 09/2021 | 09/2028 | 3780 | (38) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 04/2030 | 3980 | (50) |  | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2030 | 340 | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2024 | 02/2031 | 122 | (1) | (6) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2025 | 12/2027 | $642 | $— | $(3) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2025 | 12/2031 | 536 | (2) | (3) |  |
|  |  |  |  |  |  |  |  | (2) | (6) | (0.00)% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2022 | 08/2029 | 304 | (6) | (6) | (0.00)% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 09/2031 | 669 | (3) | (7) | (0.00)% |
| &nbsp;&nbsp;ACI Parent Inc.(25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15)(17) - Undrawn |  |  |  | 08/2021 | 08/2027 | 24 |  | (8) | (0.00)% |
| &nbsp;&nbsp;Digicert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 07/2030 | 1119 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;Jawbreaker Topco, L.P. (24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jawbreaker Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2026 | 01/2029 | 1503 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2026 | 03/2026 | 3728 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2026 | 01/2033 | 1503 | (8) | (8) |  |
|  |  |  |  |  |  |  |  | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 05/2032 | 899 | (4) | (4) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 05/2027 | 1258 |  | (6) |  |
|  |  |  |  |  |  |  |  | (4) | (10) | (0.00)% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2021 | 10/2028 | 986 | (10) | (11) | (0.00)% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2025 | 08/2031 | 691 | (3) | (4) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2025 | 08/2027 | 2074 |  | (13) |  |
|  |  |  |  |  |  |  |  | (3) | (17) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 07/2032 | $1139 | $(6) | $(6) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 01/2028 | 3039 |  | (15) |  |
|  |  |  |  |  |  |  |  | (6) | (21) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2032 | 1189 | (3) | (22) | (0.00)% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2022 | 06/2028 | 2405 |  | (23) | (0.00)% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 07/2032 | 9403 |  | (24) | (0.00)% |
| &nbsp;&nbsp;DT1 Midco Corp |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 12/2030 | 674 | (3) | (3) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 04/2027 | 4462 |  | (22) |  |
|  |  |  |  |  |  |  |  | (3) | (25) | (0.00)% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2020 | 02/2028 | 1502 | (8) | (26) | (0.00)% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (4)(12)(15) - Undrawn |  |  |  | 09/2024 | 09/2026 | 1206 |  | (6) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 09/2024 | 09/2031 | 4190 | (21) | (21) |  |
|  |  |  |  |  |  |  |  | (21) | (27) | (0.00)% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2023 | 02/2029 | 989 | (12) | (12) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2023 | 06/2027 | 1291 |  | (16) |  |
|  |  |  |  |  |  |  |  | (12) | (28) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2017 | 07/2027 | 992 | (10) | (50) | (0.00)% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2024 | 07/2029 | 420 | (6) | (52) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 08/2030 | $1767 | $(7) | $(19) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 04/2026 | 3398 | (13) | (37) |  |
|  |  |  |  |  |  |  |  | (20) | (56) | (0.01)% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 06/2027 | 1228 |  | (20) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 06/2030 | 3707 | (26) | (60) |  |
|  |  |  |  |  |  |  |  | (26) | (80) | (0.01)% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2022 | 08/2029 | 4267 | (43) | (80) | (0.01)% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2022 | 02/2028 | 1969 | (10) | (112) | (0.01)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2022 | 08/2028 | 3036 | (27) | (131) | (0.01)% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2019 | 05/2028 | 2293 | (14) | (146) | (0.01)% |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2024 | 11/2026 | 1838 |  | (54) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2024 | 11/2031 | 3320 | (17) | (98) |  |
|  |  |  |  |  |  |  |  | (17) | (152) | (0.01)% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2025 | 01/2031 | 5750 | (57) | (208) | (0.02)% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2023 | 11/2029 | 2967 | (30) | (419) | (0.04)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**(781)** | $**(1772)** | **(0.13)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2022 | 12/2028 | $790 | $(6) | $(11) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2030 | $587 | $(6) | $(6) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1048 |  | (10) |  |
|  |  |  |  |  |  |  |  | (6) | (16) | (0.00)% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  | $**(12)** | $**(27)** | **(0.00)%** |
| **Unfunded Debt Investments - Switzerland** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Matterhorn Finco, Inc.,\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(15) - Undrawn |  |  |  | 03/2026 | 03/2033 | $1985 | $(10) | $(10) | (0.00)% |
| **Total Unfunded Debt Investments - Switzerland** |  |  |  |  |  |  | 1985 | $**(10)** | $**(10)** | **(0.00)%** |
| **Unfunded Debt Investments - UK** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2024 | 02/2030 | $2989 | $(37) | $— | —% |
| **Total Unfunded Debt Investments - UK** |  |  |  |  |  |  |  | $**(37)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  |  | $**(840)** | $**(1809)** | **(0.13)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**1733010** | $**1628080** | **155.07%** |
| **Non-Controlled/Affiliated Investments (36)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC (20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Edmentum Ultimate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Subordinated (3)(12) | SOFR(Q)\* | 14.00%/PIK | 17.82% | 12/2020 | 01/2028 | $27833 | $27788 | $27833 | 2.65% |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC (28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 7.50% | 11.35% | 03/2023 | 04/2028 | 10628 | 10628 | 10628 |  |
|  | First lien (3)(12) | SOFR(Q) | 7.50% | 11.35% | 03/2023 | 04/2028 | 340 | 340 | 340 |  |
|  |  |  |  |  |  |  |  | 10968 | 10968 | 1.04% |
| &nbsp;&nbsp;Permian Holdco 3, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Permian Trust |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Trust Claim(7)(12) | FIXED(Q)(17)\* | 10.00%/PIK | 10.00% | 03/2021 |  | 247 |  |  |  |
|  | First lien (3)(12) | SOFR(Q)(17)\* | 10.00%/PIK | 11.00% | 07/2020 |  | 3409 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**38756** | $**38801** | **3.69%** |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **Equity - United States** | | | | | | | | | | |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC(20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Series C-2 Preferred Units(3)(12) | FIXED(Q)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 3480 | $9046 | $9046 |  |
|  | Class B-1 Common Shares (3)(13) |  |  |  | 12/2020 |  | 24450 | 43212 | 5000 |  |
|  | Class B-2 Common Shares (3)(13) |  |  |  | 12/2020 |  | 24450 | 24839 |  |  |
|  |  |  |  |  |  |  |  | 77097 | 14046 | 1.34% |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Ordinary shares (3)(12) |  |  |  | 03/2023 |  | 72536 | 4103 | 10851 | 1.03% |
| &nbsp;&nbsp;Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (2)(12) |  |  |  | 07/2017 |  | 25000000 | 11501 | 1800 |  |
|  | Ordinary shares (3)(12) |  |  |  | 07/2017 |  | 2786000 | 1282 | 201 |  |
|  |  |  |  |  |  |  |  | 12783 | 2001 | 0.19% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**93983** | $**26898** | **2.56%** |
| **Total Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  | $**132739** | $**65699** | **6.25%** |
| **Controlled Investments (37)** |  |  |  |  |  |  |  |  |  |  |
| **Funded 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)(10)(12)(15) - Drawn | SOFR(Q) | 6.00% | 9.96% | 10/2020 | 12/2027 | $29960 | $29960 | $29960 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 9.00% | 12.96% | 10/2020 | 12/2027 | 23336 | 23336 | 23336 |  |
|  |  |  |  |  |  |  |  | 53296 | 53296 | 5.08% |
| &nbsp;&nbsp;New Benevis Topco, LLC (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2028 | 24904 | 24904 | 24904 |  |
|  | Subordinated (3)(12) | FIXED(M)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2028 | 27693 | 27423 | 27693 |  |
|  |  |  |  |  |  |  |  | 52327 | 52597 | 5.01% |
| &nbsp;&nbsp;NHME Holdings Corp. (21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;National HME, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second lien (3)(12) | SOFR(Q)(17)\* | 5.00%/PIK | 8.92% | 11/2018 | 11/2025 | 8281 | 7872 |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**113495** | $**105893** | **10.09%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NMFC Senior Loan Program III LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(12) |  |  |  | 05/2018 |  |  | $160000 | $157872 | 15.04% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;NM NL Holdings, L.P.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(12) |  |  |  | 06/2018 |  |  | $80174 | $113269 | 10.79% |
| &nbsp;&nbsp;NMFC Senior Loan Program IV LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(12) |  |  |  | 05/2021 |  |  | 112400 | 105532 | 10.05% |
| &nbsp;&nbsp;UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred shares (3)(12) | FIXED(Q)\* | 20.00%/PIK | 20.00% | 08/2018 |  | 67709918 | 64386 | 67710 |  |
|  | Preferred shares (3)(12) |  |  |  | 06/2017 |  | 80994293 | 29318 | 13275 |  |
|  | Preferred shares (2)(12) |  |  |  | 01/2015 |  | 29326545 | 26946 |  |  |
|  | Preferred shares (3)(12) |  |  |  | 01/2015 |  | 141354439 | 7447 |  |  |
|  | Ordinary shares (2)(12) |  |  |  | 01/2015 |  | 2096477 | 1925 |  |  |
|  | Ordinary shares (3)(12) |  |  |  | 01/2015 |  | 10697948 | 532 |  |  |
|  | Preferred shares (3)(12) |  |  |  | 02/2026 |  | 21117531 |  |  |  |
|  |  |  |  |  |  |  |  | 130554 | 80985 | 7.71% |
| &nbsp;&nbsp;New Benevis Topco, LLC (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Common stock (2)(12) |  |  |  | 10/2020 |  | 325516 | 27154 | 24447 |  |
|  | Common stock (3)(12) |  |  |  | 10/2020 |  | 152548 | 12768 | 11456 |  |
|  |  |  |  |  |  |  |  | 39922 | 35903 | 3.42% |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (3)(12) |  |  |  | 10/2020 |  | 100 | 11155 | 11000 | 1.05% |
| &nbsp;&nbsp;NM YI, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(12) |  |  |  | 09/2019 |  |  | 6272 | 8734 | 0.83% |
| &nbsp;&nbsp;NM GP Holdco, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(12) |  |  |  | 06/2018 |  |  | 925 | 412 | 0.04% |
| &nbsp;&nbsp;NHME Holdings Corp.(21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Ordinary shares (3)(12) |  |  |  | 11/2018 |  | 640000 | 4000 |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**545402** | $**513707** | **48.93%** |
| **Total Shares** |  |  |  |  |  |  |  | $**545402** | $**513707** | **48.93%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NHME Holdings Corp. (21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (3)(12) |  |  |  | 11/2018 | 01/2033 | 160000 | $1000 | $— | —% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**1000** | $**—** | **— %** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**659897** | $**619600** | **59.02%** |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **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)(12)(15) - Undrawn |  |  |  | 10/2020 | 12/2027 | $1935 | $— | $— | —% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**—** | $**—** | **— %** |
| **Total Controlled Investments** |  |  |  |  |  |  |  | $**659897** | $**619600** | **59.02%** |
| **Total Investments** |  |  |  |  |  |  |  | $**2525646** | $**2313379** | **220.34%** |

---

(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 Permian Holdings, LLC.

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

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

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

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

(12)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. *Fair Value,* for details.

(13)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2026, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,716 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan and undrawn revolver is $18,853, $7,408 and $1,382, respectively. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

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

(16)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of March 31, 2026.

(17)Investment is on non-accrual status as of March 31, 2026. See Note 3. *Investments*, for details.

(18)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $5,700 as of March 31, 2026. See Note 2. *Summary of Significant Accounting Policies*, for details.

(19)The Company holds an LP Interest in Firebird Co-Invest L.P. and 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. .

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

(20)The Company holds common 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 March 31, 2026, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.

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

(22)The Company holds common 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.

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

(24)The Company holds Class A-1 common units in Jawbreaker Topco, L.P., and holds a first lien term loan, two first lien delayed draw term loans and a first lien revolver in Jawbreaker Parent, Inc, a partially-owned subsidiary of Jawbreaker Topco, L.P.

(25)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $20,249.

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

(27)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $2,226.

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

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

(30)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, 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.

(31)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of March 31, 2026, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,792.

(32)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's share, plus unpaid compounded dividends, was $13,323.

(33)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $19,839.

(34)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's share, plus unpaid compounded dividends, was $27,116.

(35)The Company holds common units in Notorious Buyer, LLC, and a first lien term loan, a subordinated loan, and a first lien revolver in Notorious Topco, LLC and Notorious Holdings, LLC, two wholly-owned subsidiaries of Notorious Buyer, LLC.

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

(36)Denotes investments in which the Company is an "Affiliated Person", as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2026 and December 31, 2025, along with transactions during the three months ended March 31, 2026 in which the issuer was a non-controlled/affiliated investment, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2025** | **Gross Additions (A)** | **Gross Redemptions (B)** | **Net Change In Unrealized Appreciation (Depreciation)** | **Fair Value at March 31, 2026** | **Net Realized Gains (Losses)** | **Interest Income** | **Dividend Income** | **Other Income** |
| Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC | $18337 | $— | $— | $3482 | $21819 | $— | $311 | $413 | $— |
| Sierra Hamilton Holdings Corporation | 2000 |  |  | 1 | 2001 |  |  |  |  |
| TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC | 40365 | 1518 |  | (4) | 41879 |  | 1192 | 327 | 63 |
| **Total Non-Controlled/Affiliated Investments** | $**60702** | $**1518** | $**—** | $**3479** | $**65699** | $**—** | $**1503** | $**740** | $**63** |

---

&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**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

(37)&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 March 31, 2026 and December 31, 2025, along with transactions during the three months ended March 31, 2026 in which the issuer was a controlled investment, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2025** | **Gross Additions (A)** | **Gross Redemptions (B)** | **Net Change In Unrealized Appreciation (Depreciation)** | **Fair Value at March 31, 2026** | **Net Realized Gains (Losses)** | **Interest Income** | **Dividend Income** | **Other Income** |
| National HME, Inc./NHME Holdings Corp. | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| New Benevis Topco, LLC / New Benevis Holdco, Inc. | 154464 | 5538 | (76831) | 5329 | 88500 | (5718) | 3395 |  |  |
| New Permian Holdco, Inc. / New Permian Holdco, L.L.C. | 63833 | 1463 |  | (1000) | 64296 |  | 1463 |  | 125 |
| NM NL Holdings, L.P. | 106096 | 5926 |  | 1247 | 113269 |  |  | 2111 |  |
| NM GP Holdco, LLC | 390 | 75 |  | (53) | 412 |  |  | 11 |  |
| NM YI LLC | 8641 |  |  | 93 | 8734 |  |  | 235 |  |
| NMFC Senior Loan Program III LLC | 160000 |  |  | (2128) | 157872 |  |  | 5760 |  |
| NMFC Senior Loan Program IV LLC | 112400 |  |  | (6868) | 105532 |  |  | 3794 |  |
| UniTek Global Services, Inc. | 73181 | 3223 |  | 4581 | 80985 |  |  | 3224 | 250 |
| **Total Controlled Investments** | $**679005** | $**16225** | $**(76831)** | $**1201** | $**619600** | $**(5718)** | $**4858** | $**15135** | $**375** |

---

&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 March 31, 2026, 19.3% 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**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

(unaudited)

---

| | |
|:---|:---|
|<br>**Investment Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 64.78% |
| Second lien | 3.50% |
| Subordinated | 4.04% |
| Structured Finance Obligations | 0.14% |
| Equity and other | 27.54% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 20.04% |
| Healthcare | 17.11% |
| Software | 16.15% |
| Investment Funds (includes investments in joint ventures) | 11.52% |
| Consumer Services | 6.02% |
| Financial Services & Technology | 5.95% |
| Net Lease | 5.29% |
| Education | 5.08% |
| Distribution & Logistics | 4.50% |
| Packaging | 3.54% |
| Energy | 2.87% |
| Food & Beverage | 0.92% |
| Consumer Products | 0.59% |
| Specialty Chemicals & Materials | 0.42% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 88.59% |
| Fixed rates | 11.41% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **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)(11)(12) | SOFR(M) | 5.25% | 9.07% | 12/2021 | 12/2027 | $22502 | $22398 | $22502 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 5.25% | 9.07% | 12/2021 | 12/2027 | 20009 | 19932 | 20009 |  |
|  | First lien (4)(12) | SOFR(M) | 5.25% | 9.07% | 01/2022 | 12/2027 | 9500 | 9463 | 9500 |  |
|  | First lien (4)(12) | SOFR(M) | 5.25% | 9.07% | 12/2021 | 12/2027 | 7300 | 7267 | 7300 |  |
|  | Subordinated (3)(10)(12) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 12/2021 | 12/2031 | 17649 | 17527 | 17418 |  |
|  | Subordinated (4)(12) | FIXED(Q)\* | 11.50%/PIK | 11.50% | 01/2022 | 12/2031 | 6921 | 6873 | 6831 |  |
|  |  |  |  |  |  |  |  | 83460 | 83560 | 7.03% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 48932 | 48915 | 48932 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 1639 | 1639 | 1639 |  |
|  | Subordinated (3)(12) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 9173 | 9158 | 9356 |  |
|  | Subordinated (3)(12) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3503 | 3497 | 3593 |  |
|  |  |  |  |  |  |  |  | 63209 | 63520 | 5.35% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(M) | 4.50% | 8.22% | 08/2021 | 10/2030 | 35918 | 35742 | 35918 |  |
|  | First lien (5)(12) | SOFR(M) | 4.50% | 8.22% | 08/2021 | 10/2030 | 21233 | 21180 | 21233 |  |
|  |  |  |  |  |  |  |  | 56922 | 57151 | 4.81% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.36% | 01/2025 | 01/2031 | 35582 | 35292 | 35226 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 6.50% | 10.36% | 01/2025 | 01/2031 | 20000 | 19800 | 19800 |  |
|  |  |  |  |  |  |  |  | 55092 | 55026 | 4.63% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(10)(12) | SOFR(Q) | 5.75% | 9.61% | 09/2023 | 08/2028 | 44742 | 44590 | 43538 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 10.11% | 10/2022 | 08/2028 | 7366 | 7332 | 7253 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.75% | 9.59% | 08/2022 | 08/2028 | 1165 | 1160 | 1134 |  |
|  |  |  |  |  |  |  |  | 53082 | 51925 | 4.37% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 8.92% | 08/2019 | 05/2028 | $25079 | $25049 | $25079 |  |
|  | First lien (5)(12) | SOFR(Q) | 5.25% | 8.92% | 08/2019 | 05/2028 | 21074 | 21048 | 21074 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.25% | 8.92% | 08/2019 | 05/2028 | 2878 | 2874 | 2878 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 8.92% | 08/2019 | 05/2028 | 1786 | 1779 | 1786 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 448 | 446 | 448 |  |
|  |  |  |  |  |  |  |  | 51196 | 51265 | 4.31% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 06/2024 | 06/2031 | 43774 | 43592 | 43774 | 3.68% |
| &nbsp;&nbsp;IG Intermediateco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.57% | 07/2021 | 07/2028 | 18324 | 18263 | 18324 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.57% | 07/2022 | 07/2028 | 7685 | 7647 | 7685 |  |
|  | Subordinated (3)(12) | SOFR(Q) | 7.50% | 11.27% | 07/2022 | 07/2029 | 16661 | 16534 | 16661 |  |
|  |  |  |  |  |  |  |  | 42444 | 42670 | 3.59% |
| &nbsp;&nbsp;Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 5.75% | 9.52% | 08/2021 | 08/2028 | 36710 | 36543 | 35715 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.75% | 9.52% | 08/2021 | 08/2028 | 3864 | 3846 | 3760 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.75% | 9.52% | 08/2021 | 08/2027 | 3027 | 2997 | 2945 |  |
|  |  |  |  |  |  |  |  | 43386 | 42420 | 3.57% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | 36810 | 36683 | 36810 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | 4033 | 4012 | 4033 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.25% | 9.08% | 03/2024 | 09/2027 | 460 | 457 | 460 |  |
|  |  |  |  |  |  |  |  | 41152 | 41303 | 3.48% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Second lien (5)(12) | SOFR(Q) | 6.50% | 10.60% | 08/2021 | 08/2029 | 22500 | 22436 | 22500 |  |
|  | Second lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.60% | 08/2021 | 08/2029 | 10965 | 10754 | 10965 |  |
|  | First lien (2)(11) | SOFR(Q) | 3.75% | 7.85% | 05/2025 | 08/2028 | 6350 | 5871 | 5871 |  |
|  |  |  |  |  |  |  |  | 39061 | 39336 | 3.31% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 39188 | 39188 | 39188 | 3.30% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(12) | SOFR(Q) | 4.75% | 8.42% | 01/2020 | 02/2028 | $21205 | $21183 | $21205 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 03/2021 | 02/2028 | 7512 | 7506 | 7512 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 03/2021 | 02/2028 | 4474 | 4471 | 4474 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 01/2020 | 02/2028 | 3075 | 3072 | 3075 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 01/2020 | 02/2028 | 785 | 784 | 785 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.44% | 01/2020 | 02/2028 | 400 | 398 | 400 |  |
|  |  |  |  |  |  |  |  | 37414 | 37451 | 3.15% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 10.25% | 02/2022 | 08/2029 | 29875 | 29728 | 29875 |  |
|  | First lien (2)(12)(15) - Drawn | SOFR(Q) | 6.25% | 10.25% | 02/2022 | 08/2029 | 3741 | 3741 | 3741 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 6.25% | 10.25% | 08/2025 | 08/2029 | 3054 | 3033 | 3054 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 6.25% | 10.25% | 08/2025 | 08/2029 | 42 | 42 | 42 |  |
|  |  |  |  |  |  |  |  | 36544 | 36712 | 3.09% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.47% | 04/2024 | 04/2030 | 36497 | 36162 | 36497 | 3.07% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(10)(12) | SOFR(S) | 5.75% | 9.58% | 10/2021 | 10/2028 | 36155 | 35985 | 36155 | 3.04% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 5.00% | 8.84% | 09/2021 | 09/2028 | 32471 | 32329 | 32471 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.00% | 8.84% | 03/2024 | 09/2028 | 2517 | 2517 | 2517 |  |
|  |  |  |  |  |  |  |  | 34846 | 34988 | 2.94% |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 6.09% | 10.20% | 03/2021 | 03/2028 | 24172 | 24034 | 24172 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 6.09% | 10.02% | 03/2021 | 03/2028 | 5012 | 5001 | 5012 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 6.24% | 10.25% | 04/2025 | 03/2028 | 4706 | 4687 | 4706 |  |
|  |  |  |  |  |  |  |  | 33722 | 33890 | 2.85% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | $29234 | $29095 | $29234 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.27% | 06/2022 | 10/2028 | 972 | 974 | 972 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2027 | 834 | 826 | 834 |  |
|  | First lien (3)(12) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | 79 | 78 | 79 |  |
|  |  |  |  |  |  |  |  | 30973 | 31119 | 2.62% |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(10)(12)(13) | EURIBOR(Q) | 5.50% | 7.52% | 03/2024 | 03/2031 | 16357 | 17614 | 19214 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.17% | 03/2024 | 03/2031 | $8932 | 8878 | 8932 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.50% | 9.17% | 03/2024 | 03/2031 | $2168 | 2152 | 2168 |  |
|  | First lien (3)(10)(12)(13)(15) - Drawn | SOFR(M) | 5.50% | 9.23% | 03/2024 | 03/2031 | $392 | 389 | 392 |  |
|  | First lien (3)(12)(15) - Drawn | EURIBOR(M) | 5.50% | 7.44% | 03/2024 | 03/2031 | 105 | 121 | 123 |  |
|  |  |  |  |  |  |  |  | 29154 | 30829 | 2.59% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (4)(12) | SOFR(Q) | 5.75% | 9.57% | 08/2022 | 08/2029 | 22163 | 22118 | 22163 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.75% | 9.57% | 06/2024 | 08/2029 | 8175 | 8175 | 8175 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 5.75% | 9.63% | 08/2022 | 08/2029 | 61 | 64 | 61 |  |
|  |  |  |  |  |  |  |  | 30357 | 30399 | 2.56% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(M) | 5.75% | 9.63% | 06/2022 | 06/2028 | 18149 | 18149 | 18149 |  |
|  | First lien (4)(12) | SOFR(M) | 5.75% | 9.63% | 06/2022 | 06/2028 | 6797 | 6797 | 6797 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 5.75% | 9.57% | 02/2025 | 06/2028 | 3354 | 3335 | 3354 |  |
|  |  |  |  |  |  |  |  | 28281 | 28300 | 2.38% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 09/2019 | 10/2029 | 13206 | 13177 | 13206 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 8879 | 8976 | 8879 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 10/2021 | 10/2029 | 3398 | 3395 | 3398 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 1025 | 1023 | 1025 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 09/2019 | 10/2029 | 761 | 759 | 761 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 09/2019 | 10/2029 | 341 | 340 | 341 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 09/2019 | 10/2029 | 272 | 271 | 272 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.72% | 09/2019 | 10/2029 | 125 | 127 | 125 |  |
|  |  |  |  |  |  |  |  | 28068 | 28007 | 2.36% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (2)(11)(12) | SOFR(M) | 6.00% | 9.72% | 10/2023 | 11/2030 | $27861 | $27646 | $26649 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 6.00% | 9.84% | 10/2023 | 11/2029 | 371 | 367 | 355 |  |
|  |  |  |  |  |  |  |  | 28013 | 27004 | 2.27% |
| &nbsp;&nbsp;ACI Parent Inc.(25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.77% | 08/2021 | 08/2028 | 22643 | 22547 | 18114 |  |
|  | First lien (3)(10)(12) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.77% | 08/2021 | 08/2028 | 4346 | 4319 | 3477 |  |
|  | First lien (3)(10)(12) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.77% | 08/2021 | 08/2028 | 4014 | 3994 | 3211 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.50% | 9.27% | 08/2021 | 08/2027 | 2330 | 2307 | 1864 |  |
|  |  |  |  |  |  |  |  | 33167 | 26666 | 2.24% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(12) | SOFR(Q) | 4.75% | 8.74% | 11/2019 | 12/2030 | 21661 | 21638 | 21661 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.74% | 04/2025 | 12/2030 | 4309 | 4289 | 4309 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.60% | 04/2025 | 12/2030 | 394 | 392 | 394 |  |
|  |  |  |  |  |  |  |  | 26319 | 26364 | 2.22% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(10)(12) | SOFR(S) | 5.50% | 9.62% | 02/2022 | 02/2028 | 18769 | 18729 | 18626 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 5.50% | 9.62% | 02/2022 | 02/2028 | 5223 | 5211 | 5183 |  |
|  | First lien (3)(10)(12) | SOFR(S) | 5.50% | 9.62% | 02/2022 | 02/2028 | 686 | 684 | 681 |  |
|  |  |  |  |  |  |  |  | 24624 | 24490 | 2.06% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(12) | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 22171 | 22081 | 22171 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 1342 | 1335 | 1342 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.34% | 03/2025 | 02/2031 | 509 | 509 | 509 |  |
|  |  |  |  |  |  |  |  | 23925 | 24022 | 2.02% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 19821 | 19763 | 19821 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 3398 | 3388 | 3398 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 5.00% | 8.75% | 04/2024 | 08/2030 | 532 | 530 | 532 |  |
|  |  |  |  |  |  |  |  | 23681 | 23751 | 2.00% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;HS Purchaser, LLC / Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (5)(12) | SOFR(Q)\* | 9.00%/PIK | 12.97% | 11/2019 | 05/2029 | $23738 | $23683 | $19640 |  |
|  | Second lien (2)(11)(12) | SOFR(Q)\* | 9.00%/PIK | 12.97% | 11/2019 | 05/2029 | 4440 | 4421 | 3673 |  |
|  |  |  |  |  |  |  |  | 28104 | 23313 | 1.96% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (4)(12) | SOFR(Q) | 6.25% | 10.17% | 07/2017 | 07/2027 | 22500 | 22489 | 22232 | 1.87% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (5)(12) | SOFR(Q) | 5.25% | 9.07% | 12/2021 | 12/2029 | 8449 | 8410 | 8449 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.25% | 9.07% | 07/2022 | 12/2029 | 4710 | 4682 | 4710 |  |
|  | First lien (5)(12) | SOFR(Q) | 5.25% | 9.07% | 12/2021 | 12/2029 | 2836 | 2822 | 2836 |  |
|  | First lien (5)(12) | SOFR(Q) | 5.25% | 9.07% | 12/2021 | 12/2029 | 2818 | 2805 | 2818 |  |
|  | First lien (5)(12)(15) - Drawn | SOFR(S) | 5.25% | 9.26% | 03/2025 | 12/2029 | 2533 | 2508 | 2533 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(S) | 5.25% | 9.26% | 03/2025 | 12/2029 | 846 | 837 | 846 |  |
|  |  |  |  |  |  |  |  | 22064 | 22192 | 1.87% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.47% | 05/2024 | 06/2031 | 15602 | 15504 | 15602 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 4.25% | 7.97% | 05/2025 | 06/2031 | 5782 | 5756 | 5782 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 4.25% | 7.97% | 07/2025 | 06/2031 | 378 | 376 | 378 |  |
|  |  |  |  |  |  |  |  | 21636 | 21762 | 1.83% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (2)(11)(12) | SOFR(Q) | 6.00% | 9.67% | 05/2025 | 05/2030 | 21357 | 21213 | 21197 | 1.78% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (5)(12) | SOFR(M) | 4.25% | 7.97% | 11/2023 | 11/2030 | 21124 | 21040 | 21124 | 1.78% |
| &nbsp;&nbsp;Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (4) | SOFR(Q) | 4.50% | 8.32% | 10/2020 | 11/2027 | 11609 | 11581 | 11366 |  |
|  | Second lien (4)(12) | SOFR(Q) | 7.75% | 11.58% | 11/2020 | 11/2028 | 9767 | 9721 | 9653 |  |
|  |  |  |  |  |  |  |  | 21302 | 21019 | 1.77% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 17038 | 16979 | 16975 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 1422 | 1417 | 1417 |  |
|  |  |  |  |  |  |  |  | 18396 | 18392 | 1.55% |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12)(13) | SONIA(D) | 4.75% | 8.47% | 11/2024 | 11/2031 | £11910 | 15037 | 16051 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 11/2024 | 11/2031 | 2306 | 2294 | 2306 |  |
|  |  |  |  |  |  |  |  | 17331 | 18357 | 1.54% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Ambrosia Holdco Corp(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(10)(12) | SOFR(M)\* | 3.25%/PIK + 2.00% | 8.97% | 01/2024 | 07/2029 | $22939 | $22392 | $14820 |  |
|  | First lien (3)(10)(12) | SOFR(M)\* | 3.00%/PIK + 1.00% | 7.72% | 03/2024 | 07/2029 | 4057 | 2878 | 2594 |  |
|  | Subordinated (2)(12) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 337 | 337 | 337 |  |
|  | Subordinated (3)(12) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 325 | 325 | 325 |  |
|  |  |  |  |  |  |  |  | 25932 | 18076 | 1.52% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(10)(12) | SOFR(M)(17)\* | 6.75%/PIK + 0.50% | 11.22% | 09/2015 | 09/2027 | 29879 | 29842 | 17999 |  |
|  | First lien (3)(12) | SOFR(M)(17)\* | 14.50%/PIK + 0.50% | 18.97% | 06/2021 | 09/2027 | 1527 | 1527 |  |  |
|  | Subordinated (3)(12) | SOFR(Q)(17)\* | 1.00%/PIK | 5.14% | 03/2021 | 09/2027 | 5230 |  |  |  |
|  |  |  |  |  |  |  |  | 31369 | 17999 | 1.51% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 03/2025 | 03/2032 | 14989 | 14955 | 14952 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.69% | 03/2025 | 03/2032 | 1629 | 1629 | 1625 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 244 | 244 | 244 |  |
|  |  |  |  |  |  |  |  | 16828 | 16821 | 1.42% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (4)(12) | SOFR(Q) | 4.75% | 8.42% | 11/2023 | 12/2030 | 15597 | 15511 | 15597 |  |
|  | First lien (3)(12)(15) - Drawn | P(Q) | 3.75% | 10.50% | 11/2023 | 12/2030 | 429 | 425 | 429 |  |
|  |  |  |  |  |  |  |  | 15936 | 16026 | 1.35% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (5)(12) | SOFR(M) | 4.50% | 8.22% | 02/2020 | 02/2028 | 14473 | 14461 | 14473 |  |
|  | First lien (5)(12) | SOFR(M) | 4.50% | 8.22% | 02/2024 | 02/2028 | 1241 | 1236 | 1241 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 4.50% | 8.22% | 02/2020 | 02/2028 | 270 | 269 | 270 |  |
|  |  |  |  |  |  |  |  | 15966 | 15984 | 1.35% |
| &nbsp;&nbsp;Digicert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(M) | 5.75% | 9.47% | 07/2025 | 07/2030 | 15462 | 15354 | 15346 | 1.29% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 9.09% | 02/2023 | 02/2030 | 14243 | 14123 | 14243 | 1.20% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(10)(12) | SOFR(M) | 4.75% | 8.47% | 10/2021 | 10/2028 | $12746 | $12686 | $12746 |  |
|  | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.47% | 10/2021 | 10/2028 | 1074 | 1069 | 1074 |  |
|  | First lien (3)(12) | SOFR(M) | 4.75% | 8.47% | 10/2021 | 10/2028 | 64 | 64 | 64 |  |
|  |  |  |  |  |  |  |  | 13819 | 13884 | 1.17% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q)\* | 3.41% + 5.09%/PIK | 12.43% | 08/2019 | 09/2026 | 12124 | 12124 | 10608 |  |
|  | First lien (2)(11)(12) | SOFR(Q)\* | 3.41% + 5.09%/PIK | 12.43% | 08/2019 | 09/2026 | 3612 | 3621 | 3161 |  |
|  |  |  |  |  |  |  |  | 15745 | 13769 | 1.16% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 11380 | 11275 | 11380 |  |
|  | First lien (3)(10)(12) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 1889 | 1877 | 1889 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 301 | 290 | 301 |  |
|  |  |  |  |  |  |  |  | 13442 | 13570 | 1.14% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(11) | SOFR(M) | 5.25% | 9.07% | 10/2023 | 04/2029 | 14336 | 14044 | 12689 | 1.07% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 07/2021 | 12/2029 | 12396 | 12341 | 12396 | 1.04% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q)\* | 1.00% + 3.94%/PIK | 8.71% | 09/2019 | 07/2029 | 13518 | 13475 | 9869 |  |
|  | First lien (2)(11)(12) | SOFR(Q)\* | 1.00% + 3.94%/PIK | 8.71% | 02/2022 | 07/2029 | 2257 | 2244 | 1648 |  |
|  |  |  |  |  |  |  |  | 15719 | 11517 | 0.97% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.50% | 8.44% | 06/2021 | 06/2029 | 8345 | 8310 | 8345 |  |
|  | First lien (2)(11)(12) | SOFR(Q) | 4.50% | 8.50% | 06/2021 | 06/2029 | 2798 | 2784 | 2798 |  |
|  |  |  |  |  |  |  |  | 11094 | 11143 | 0.94% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (2)(11)(12) | SOFR(Q) | 4.50% | 8.32% | 06/2022 | 06/2029 | 10513 | 10456 | 10513 | 0.88% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (5)(12) | SOFR(M) | 5.25% | 8.97% | 02/2024 | 02/2031 | 10413 | 10372 | 10413 | 0.88% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Firebird Co-Invest L.P. (19) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q)\* | 2.25% + 2.75%/PIK | 8.84% | 01/2025 | 02/2032 | $8187 | $8169 | $8167 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.50% | 8.34% | 01/2025 | 02/2032 | 1919 | 1914 | 1914 |  |
|  |  |  |  |  |  |  |  | 10083 | 10081 | 0.85% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (2)(11)(12) | SOFR(Q)\* | 6.75% + 2.00%/PIK | 12.42% | 07/2021 | 07/2027 | 8582 | 8553 | 8582 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 12.47% | 07/2021 | 07/2026 | 1089 | 1078 | 1089 |  |
|  |  |  |  |  |  |  |  | 9631 | 9671 | 0.81% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second lien (3)(10)(12) | SOFR(M) | 5.50% | 9.22% | 07/2025 | 07/2033 | 9512 | 9466 | 9464 | 0.80% |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 9116 | 9073 | 9070 | 0.76% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 5.50% | 9.23% | 08/2025 | 08/2032 | 9091 | 9047 | 9045 | 0.76% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (3)(10)(12) | SOFR(Q) | 5.75% | 9.42% | 06/2024 | 12/2028 | 9231 | 9212 | 8827 | 0.74% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.34% | 10/2024 | 11/2029 | 8382 | 8297 | 8382 | 0.71% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.44% | 10/2021 | 10/2028 | 6756 | 6724 | 6331 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.46% | 06/2022 | 10/2028 | 1137 | 1130 | 1066 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 5.50% | 9.53% | 10/2021 | 10/2028 | 774 | 770 | 726 |  |
|  | First lien (3)(12) | SOFR(Q) | 5.75% | 9.67% | 11/2023 | 10/2028 | 19 | 18 | 18 |  |
|  |  |  |  |  |  |  |  | 8642 | 8141 | 0.69% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.42% | 06/2025 | 07/2032 | 8168 | 8129 | 8127 | 0.68% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.61% | 07/2024 | 07/2031 | 7790 | 7741 | 7790 | 0.66% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (4)(12) | SOFR(M) | 4.50% | 8.25% | 09/2024 | 09/2031 | 7113 | 7082 | 7113 | 0.60% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (2)(11) | SOFR(M) | 4.25% | 8.08% | 09/2025 | 07/2028 | 7184 | 5816 | 4419 |  |
|  | First lien (2)(11) | SOFR(M) | 5.00% | 8.72% | 06/2024 | 07/2028 | 4163 | 4109 | 2613 |  |
|  |  |  |  |  |  |  |  | 9925 | 7032 | 0.59% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Notorious Buyer, LLC (35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(12) | SOFR(Q)\* | 7.25%/PIK | 11.10% | 12/2025 | 12/2030 | $4692 | $4692 | $4692 |  |
|  | Subordinated (3)(12) | SOFR(Q)\* | 9.00%/PIK | 12.85% | 12/2025 | 12/2031 | 2252 | 2252 | 2252 |  |
|  |  |  |  |  |  |  |  | 6944 | 6944 | 0.58% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(12) | SOFR(M)\* | 2.75% + 2.75%/PIK | 9.23% | 08/2024 | 08/2031 | 6250 | 6198 | 6250 |  |
|  | First lien (5)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2031 | 296 | 293 | 296 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2030 | 233 | 230 | 233 |  |
|  |  |  |  |  |  |  |  | 6721 | 6779 | 0.57% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11) | SOFR(M) | 4.50% | 8.23% | 04/2024 | 12/2032 | 6609 | 6582 | 6620 | 0.56% |
| &nbsp;&nbsp;PPVA Black Elk (Equity) LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated (3)(12) |  |  |  | 05/2013 |  | 14500 | 14500 | 6525 | 0.55% |
| &nbsp;&nbsp;Flash Charm Inc. (fka Idera, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second lien (4) | SOFR(Q) | 6.75% | 10.75% | 06/2019 | 03/2029 | 6474 | 6463 | 5697 |  |
|  | Second lien (3)(10) | SOFR(Q) | 6.75% | 10.75% | 04/2021 | 03/2029 | 863 | 862 | 760 |  |
|  |  |  |  |  |  |  |  | 7325 | 6457 | 0.54% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 4.75% | 8.47% | 08/2024 | 08/2031 | 6451 | 6423 | 6451 | 0.54% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 9.09% | 11/2023 | 11/2030 | 6264 | 6232 | 6264 | 0.53% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 6.75% | 10.42% | 12/2023 | 04/2029 | 6238 | 6175 | 6238 | 0.52% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(Q) | 5.25% | 9.11% | 08/2025 | 08/2031 | 6223 | 6193 | 6192 | 0.52% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3) | SOFR(M) | 5.50% | 9.22% | 06/2025 | 05/2028 | 6073 | 6022 | 6042 | 0.51% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (2)(11)(12) | SOFR(M) | 4.50% | 8.22% | 08/2024 | 09/2031 | 5862 | 5838 | 5862 | 0.49% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.25% | 8.13% | 05/2025 | 05/2032 | 5828 | 5801 | 5799 | 0.49% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.42% | 10/2023 | 10/2030 | 5018 | 4980 | 5018 | 0.42% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Subordinated (3)(12) | FIXED(Q)\* | 13.00%/PIK | 13.00% | 05/2023 | 05/2033 | $4665 | $4623 | $4665 | 0.39% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12) | SOFR(Q) | 7.50% | 11.34% | 07/2024 | 07/2029 | 4196 | 4148 | 3994 | 0.34% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 3062 | 3051 | 3062 | 0.26% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(M) | 4.75% | 8.57% | 05/2021 | 05/2027 | 3046 | 3038 | 3046 | 0.26% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11) | SOFR(S) | 5.25% | 8.94% | 12/2025 | 12/2031 | 2987 | 2972 | 2972 | 0.25% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(11)(12) | SOFR(Q)(17) | 8.41% | 12.08% | 03/2021 | 04/2028 | 1786 | 1781 | 1574 |  |
|  | First lien (3)(10)(12) | SOFR(Q)(17) | 8.50% | 12.17% | 12/2022 | 04/2028 | 1000 | 994 | 882 |  |
|  |  |  |  |  |  |  |  | 2775 | 2456 | 0.21% |
| &nbsp;&nbsp;Mai Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.42% | 06/2025 | 08/2031 | 1979 | 1959 | 1979 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(Q) | 4.75% | 8.43% | 06/2025 | 08/2031 | 57 | 57 | 57 |  |
|  |  |  |  |  |  |  |  | 2016 | 2036 | 0.17% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 1470 | 1463 | 1470 | 0.12% |
| &nbsp;&nbsp;DT1 Midco Corp |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 1342 | 1335 | 1335 |  |
|  | First lien (3)(12)(15) - Drawn | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 32 | 32 | 32 |  |
|  |  |  |  |  |  |  |  | 1367 | 1367 | 0.12% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.44% | 07/2025 | 11/2031 | 1291 | 1279 | 1291 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(M) | 4.75% | 8.48% | 07/2025 | 11/2031 | 9 | 9 | 9 |  |
|  |  |  |  |  |  |  |  | 1288 | 1300 | 0.11% |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Trust Claim(2)(12) |  |  |  | 06/2024 | 06/2029 | 152 | 152 | 152 |  |
|  | Trust Claim(3)(12) |  |  |  | 06/2024 | 06/2029 | 52 | 52 | 52 |  |
|  |  |  |  |  |  |  |  | 204 | 204 | 0.02% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;PPVA Fund, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Collateralized Financing (17)(18) |  |  |  | 11/2014 |  | $— | $— | $— | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**1802143** | $**1752265** | **147.45%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.40% | 07/2024 | 07/2031 | $19815 | $19903 | $19815 |  |
|  | First lien (2)(11)(12) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.40% | 06/2025 | 07/2031 | 16245 | 16245 | 16245 |  |
|  | First lien (2)(11)(12) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.26% | 06/2025 | 07/2031 | 890 | 890 | 890 |  |
|  |  |  |  |  |  |  |  | 37038 | 36950 | 3.11% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  |  | $**37038** | $**36950** | **3.11%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 6.50% | 10.45% | 02/2024 | 02/2030 | $9440 | $9351 | $9440 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 6.50% | 10.44% | 02/2024 | 02/2030 | 5339 | 5280 | 5339 |  |
|  |  |  |  |  |  |  |  | 14631 | 14779 | 1.24% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**14631** | $**14779** | **1.24%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 4.75% | 8.61% | 06/2025 | 12/2029 | $4463 | $4453 | $4463 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.61% | 12/2022 | 12/2029 | 3411 | 3377 | 3411 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 4.75% | 8.61% | 12/2023 | 12/2029 | 1328 | 1319 | 1328 |  |
|  |  |  |  |  |  |  |  | 9149 | 9202 | 0.77% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(10)(12) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 10.42% | 05/2024 | 05/2030 | 4780 | 4743 | 4780 |  |
|  | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 6.25% | 9.98% | 05/2024 | 05/2030 | 120 | 119 | 120 |  |
|  |  |  |  |  |  |  |  | 4862 | 4900 | 0.41% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  |  | $**14011** | $**14102** | **1.18%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  |  | $**1867823** | $**1818096** | **152.98%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dealer Tire Holdings, LLC(34) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Preferred shares (3)(10)(12) | FIXED(A)\* | 7.00%/PIK | 7.00% | 09/2021 |  | 56271 | $81859 | $87225 | 7.34% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Symplr Software Intermediate Holdings, Inc. (33) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Series A preferred shares (4)(12) | SOFR(Q)\* | 10.50%/PIK | 14.31% | 11/2018 |  | 7500 | $18953 | $18204 |  |
|  | Series A preferred shares (3)(10)(12) | SOFR(Q)\* | 10.50%/PIK | 14.31% | 11/2018 |  | 2586 | 6534 | 6276 |  |
|  |  |  |  |  |  |  |  | 25487 | 24480 | 2.06% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Preferred Issuer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(12) | FIXED(S)\* | 10.50%/PIK | 10.50% | 04/2021 |  | 10000 | 15702 | 15036 | 1.27% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc.(32) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (3)(12) | SOFR(S)\* | 10.75%/PIK | 14.35% | 06/2022 |  | 8313 | 13248 | 13324 | 1.12% |
| &nbsp;&nbsp;HBWM Holdings, LLC(31) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Common units(8)(12) | FIXED(Q)\* | 4.00% | 4.00% | 09/2021 |  | 47114 | 4776 | 10854 | 0.91% |
| &nbsp;&nbsp;Notorious Buyer, LLC(35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | Common stock (3)(12) |  |  |  | 12/2025 |  | 375 | 7339 | 7339 | 0.62% |
| &nbsp;&nbsp;Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (30) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | Series A preferred shares (3)(12) | FIXED(A)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 2900 | 3335 | 3335 |  |
|  | Series B preferred shares (3)(12) | FIXED(A)(17)\* | 11.50%/PIK | 11.50% | 05/2024 |  | 3691 | 2565 | 3009 |  |
|  | Ordinary shares (3)(12) |  |  |  | 05/2024 |  | 290 | 145 |  |  |
|  |  |  |  |  |  |  |  | 6045 | 6344 | 0.53% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC(26) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Ordinary shares (5)(12) |  |  |  | 12/2021 |  | 50000 | 5000 | 5357 | 0.45% |
| &nbsp;&nbsp;Firebird Co-Invest L.P.(19) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | LP Interest (3)(12) |  |  |  | 01/2025 |  | 3358474 | 3358 | 3358 | 0.28% |
| &nbsp;&nbsp;Eclipse Topco, Inc.(27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred shares (4)(12) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 190 | 2207 | 2228 | 0.19% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-2 common units(9)(12) |  |  |  | 11/2021 |  | 199980 | 2000 | 2200 | 0.19% |
| &nbsp;&nbsp;ACI Parent Inc.(25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Preferred shares (3)(12) | FIXED(Q)(17)\* | 11.75%/PIK | 11.75% | 08/2021 |  | 12500 | 20124 | 2087 | 0.18% |
| &nbsp;&nbsp;Ambrosia Topco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Class A-1 common units(2)(12) |  |  |  | 01/2024 |  | 126536 | 1348 | 590 |  |
|  | Class A-1 common units(3)(12) |  |  |  | 01/2024 |  | 122044 | 1300 | 569 |  |
|  |  |  |  |  |  |  |  | 2648 | 1159 | 0.10% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;GEDC Equity, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Participation Interest(3)(12) |  |  |  | 06/2023 |  | 190000 | $190 | $50 | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Ordinary shares (3)(12) |  |  |  | 03/2021 |  | 758 |  |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**189983** | $**181041** | **15.24%** |
| **Total Shares** |  |  |  |  |  |  |  | $**189983** | $**181041** | **15.24%** |
| **Structured Finance Obligations - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligation(3)(12) | SOFR(Q) | 7.00% | 10.86% | 11/2024 | 01/2037 | 3232 | $3232 | $3277 | 0.28% |
| **Total Structured Finance Obligations - United States** |  |  |  |  |  |  |  | $**3232** | $**3277** | **0.28%** |
| **Warrants - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reorganized Careismatic Brands, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (2)(12) |  |  |  | 06/2024 | 06/2029 | 138622 | $182 | $272 |  |
|  | Warrants (3)(12) |  |  |  | 06/2024 | 06/2029 | 47459 | 62 | 93 |  |
|  |  |  |  |  |  |  |  | 244 | 365 | 0.03% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**244** | $**365** | **0.03%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**2061282** | $**2002779** | **168.53%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(15) - Undrawn |  |  |  | 04/2024 | 12/2026 | $495 | $— | $1 |  |
|  | First lien (3)(15) - Undrawn |  |  |  | 04/2024 | 12/2032 | 618 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) | 1 | 0.00% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 11/2026 | 602 |  |  | —% |
| &nbsp;&nbsp;Notorious Buyer, LLC (35) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2025 | 12/2030 | 938 |  |  | —% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2022 | 06/2028 | 2405 |  |  | —% |
| &nbsp;&nbsp;AAC Lender Holdings, LLC(23) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2021 | 09/2027 | 2652 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Ambrosia Holdco Corp(29) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2024 | 10/2026 | $2695 | $— | $— | —% |
| &nbsp;&nbsp;AI Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | 3077 |  |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2026 | 6349 |  |  | —% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 07/2032 | 9403 |  |  | —% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2021 | 07/2026 | 113 | (1) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | 147 | (1) |  | —% |
| &nbsp;&nbsp;Mai Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 06/2027 | 1709 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 08/2031 | 251 | (1) |  |  |
|  |  |  |  |  |  |  |  | (1) |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2024 | 02/2031 | 488 | (2) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2023 | 11/2029 | 339 | (3) |  | —% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 11/2026 | 271 | (1) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2019 | 12/2030 | 309 | (2) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2026 | $1672 | $— | $— |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 09/2031 | 669 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 07/2028 | 2186 | (1) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 07/2028 | 3077 | (2) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2021 | 05/2027 | 417 | (4) |  | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (5)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2026 | 61 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2030 | 483 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1629 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2024 | 08/2031 | 1086 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | 822 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 09/2019 | 10/2029 | 811 | (6) |  |  |
|  |  |  |  |  |  |  |  | (6) |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2021 | 10/2028 | 2040 | (6) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2021 | 06/2029 | 818 | (8) |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2024 | 02/2031 | 1510 | (8) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2020 | 02/2028 | $1529 | $(8) | $— | —% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2020 | 02/2028 | 1602 | (8) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2022 | 08/2029 | 426 | (9) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2021 | 12/2029 | 893 | (9) |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2021 | 10/2028 | 986 | (10) |  | —% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 01/2027 | 1847 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 10/2031 | 1074 | (11) |  |  |
|  |  |  |  |  |  |  |  | (11) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2023 | 10/2030 | 1229 | (12) |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2023 | 06/2027 | 1291 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2023 | 02/2029 | 989 | (12) |  |  |
|  |  |  |  |  |  |  |  | (12) |  | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2027 | 64 |  |  |  |
|  | First lien (5)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2027 | 191 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2021 | 12/2029 | 1400 | (14) |  |  |
|  |  |  |  |  |  |  |  | (14) |  | —% |
| &nbsp;&nbsp;Compsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2024 | 07/2027 | 2253 | (14) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Viper Bidco. Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2024 | 11/2026 | $1838 | $— | $— |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2024 | 11/2031 | 3320 | (17) |  |  |
|  |  |  |  |  |  |  |  | (17) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2026 | 759 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2019 | 05/2028 | 3036 | (19) |  |  |
|  |  |  |  |  |  |  |  | (19) |  | —% |
| &nbsp;&nbsp;Diamond Parent Holdings Corp. (24) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 08/2030 | 1733 | (6) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 04/2026 | 3398 | (13) |  |  |
|  |  |  |  |  |  |  |  | (19) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2021 | 10/2027 | 2026 | (20) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2026 | 2849 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2022 | 09/2027 | 2311 | (21) |  |  |
|  |  |  |  |  |  |  |  | (21) |  | —% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (27) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (4)(12)(15) - Undrawn |  |  |  | 09/2024 | 09/2026 | 1206 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 09/2024 | 09/2031 | 4190 | (21) |  |  |
|  |  |  |  |  |  |  |  | (21) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2024 | 06/2026 | 9047 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2024 | 06/2031 | 4825 | (24) |  |  |
|  |  |  |  |  |  |  |  | (24) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Nelipak Holding Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2027 | $1332 | $— | $— |  |
|  | First lien (3)(10)(12)(13)(15) - Undrawn |  |  |  | 03/2024 | 03/2027 | 6411 |  |  |  |
|  | First lien (3)(10)(12)(13)(15) - Undrawn |  |  |  | 03/2024 | 03/2031 | 1092 | (8) |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2024 | 03/2031 | $2221 | (17) |  |  |
|  |  |  |  |  |  |  |  | (25) |  | —% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 06/2027 | 2122 |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 06/2030 | 3707 | (26) |  |  |
|  |  |  |  |  |  |  |  | (26) |  | —% |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2021 | 07/2028 | 3827 | (29) |  | —% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - 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)(12)(15) - Undrawn |  |  |  | 12/2021 | 12/2027 | 3659 | (37) |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 09/2021 | 09/2028 | 3780 | (38) |  | —% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First lien (3)(12)(15) - Undrawn |  |  |  | 11/2023 | 12/2030 | 3861 | (39) |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2022 | 08/2029 | 4267 | (43) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2024 | 04/2030 | 3980 | (50) |  | —% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(15) - Undrawn |  |  |  | 12/2025 | 12/2031 | $819 | $— | $— |  |
|  | First lien (3)(15) - Undrawn |  |  |  | 12/2025 | 12/2031 | 409 |  |  |  |
|  | First lien (3)(15) - Undrawn |  |  |  | 12/2025 | 12/2031 | 536 | (2) | (2) |  |
|  |  |  |  |  |  |  |  | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2027 |  |  |  |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 03/2025 | 03/2032 | 1384 | (3) | (3) |  |
|  |  |  |  |  |  |  |  | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;ACI Parent Inc.(25) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2021 | 08/2027 | 24 |  | (5) | (0.00)% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2025 | 08/2032 | 909 | (5) | (5) | (0.00)% |
| &nbsp;&nbsp;Digicert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 07/2030 | 1119 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 07/2032 | 1797 | (9) | (9) | (0.00)% |
| &nbsp;&nbsp;Firebird Co-Invest L.P. (19) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2025 | 02/2032 | 1422 | (4) | (4) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2025 | 02/2027 | 2814 |  | (7) |  |
|  |  |  |  |  |  |  |  | (4) | (11) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2017 | 07/2027 | 992 | (10) | (12) | (0.00)% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2025 | 08/2031 | 691 | (3) | (3) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2025 | 08/2027 | 2074 |  | (10) |  |
|  |  |  |  |  |  |  |  | (3) | (13) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 05/2032 | $899 | $(4) | $(4) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 05/2027 | 1798 |  | (9) |  |
|  |  |  |  |  |  |  |  | (4) | (13) | (0.00)% |
| &nbsp;&nbsp;AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2022 | 02/2028 | 1969 | (10) | (15) | (0.00)% |
| &nbsp;&nbsp;Logrhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2024 | 07/2029 | 420 | (6) | (20) | (0.00)% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2025 | 05/2030 | 2717 | (20) | (20) | (0.00)% |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1139 | (6) | (6) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 07/2025 | 01/2028 | 3039 |  | (15) |  |
|  |  |  |  |  |  |  |  | (6) | (21) | (0.00)% |
| &nbsp;&nbsp;DT1 Midco Corp |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 12/2030 | 674 | (3) | (3) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 06/2025 | 04/2027 | 4462 |  | (22) |  |
|  |  |  |  |  |  |  |  | (3) | (25) | (0.00)% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 04/2032 | 819 | (3) | (3) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 04/2032 | 2317 | (9) | (9) |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 04/2025 | 10/2027 | 3698 |  | (14) |  |
|  |  |  |  |  |  |  |  | (12) | (26) | (0.00)% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 01/2025 | 01/2031 | 5750 | (57) | (57) | (0.00)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First lien (3)(12)(15) - Undrawn |  |  |  | 08/2022 | 08/2028 | 2365 | (21) | (64) | (0.01)% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First lien (3)(12)(15) - Undrawn |  |  |  | 10/2023 | 11/2029 | $3337 | $(33) | $(145) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**(843)** | $**(473)** | **(0.02)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2026 | $1048 | $— | $— |  |
|  | First lien (3)(12)(15) - Undrawn |  |  |  | 05/2024 | 05/2030 | 547 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 12/2022 | 12/2028 | 790 | (6) |  | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  | $**(11)** | $**—** | **— %** |
| **Unfunded Debt Investments - UK** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (3)(12)(15) - Undrawn |  |  |  | 02/2024 | 02/2030 | $2989 | $(37) | $— | —% |
| **Total Unfunded Debt Investments - UK** |  |  |  |  |  |  |  | $**(37)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  |  | $**(891)** | $**(473)** | **(0.02)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**2060391** | $**2002306** | **168.51%** |
| **Non-Controlled/Affiliated Investments (36)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC (20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Edmentum Ultimate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Subordinated (3)(12) | SOFR(Q)\* | 14.00%/PIK | 17.67% | 12/2020 | 01/2028 | $26646 | $26596 | $26646 | 2.24% |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC (28) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First lien (2)(11)(12) | SOFR(Q) | 7.50% | 11.32% | 03/2023 | 04/2028 | 10628 | 10628 | 10628 |  |
|  | First lien (3)(12) | SOFR(Q) | 7.50% | 11.32% | 03/2023 | 04/2028 | 340 | 340 | 340 |  |
|  |  |  |  |  |  |  |  | 10968 | 10968 | 0.92% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;Permian Holdco 3, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Permian Trust |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Trust Claim(7)(12) | FIXED(Q)(17)\* | 10.00%/PIK | 10.00% | 03/2021 |  | $247 | $— | $— |  |
|  | First lien (3)(12) | SOFR(Q)(17)\* | 10.00%/PIK | 11.00% | 07/2020 |  | 3409 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**37564** | $**37614** | **3.16%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-Edmentum Holdings, LLC(20) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Series C-2 Preferred Units(3)(12) | FIXED(Q)\* | 15.00%/PIK | 15.00% | 05/2024 |  | 3480 | $8719 | $8719 |  |
|  | Class B-1 Common Shares (3)(13) |  |  |  | 12/2020 |  | 24450 | 43212 | 5000 |  |
|  | Class B-2 Common Shares (3)(13) |  |  |  | 12/2020 |  | 24450 | 24839 |  |  |
|  |  |  |  |  |  |  |  | 76770 | 13719 | 1.15% |
| &nbsp;&nbsp;Eagle Infrastructure Super HoldCo, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Ordinary shares (3)(12) |  |  |  | 03/2023 |  | 72536 | 4104 | 7369 | 0.62% |
| &nbsp;&nbsp;Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (2)(12) |  |  |  | 07/2017 |  | 25000000 | 11501 | 1799 |  |
|  | Ordinary shares (3)(12) |  |  |  | 07/2017 |  | 2786000 | 1282 | 201 |  |
|  |  |  |  |  |  |  |  | 12783 | 2000 | 0.17% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**93657** | $**23088** | **1.94%** |
| **Total Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  | $**131221** | $**60702** | **5.10%** |
| **Controlled Investments (37)** |  |  |  |  |  |  |  |  |  |  |
| **Funded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Topco, LLC (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Benevis Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First lien (2)(12) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2028 | $51933 | $51933 | $51933 |  |
|  | First lien (3)(10)(12) | FIXED(Q)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2028 | 45204 | 45204 | 45204 |  |
|  | Subordinated (3)(12) | FIXED(M)\* | 12.00%/PIK | 12.00% | 10/2020 | 10/2028 | 26878 | 26483 | 26878 |  |
|  |  |  |  |  |  |  |  | 123620 | 124015 | 10.44% |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | First lien (3)(10)(12)(15) - Drawn | SOFR(Q) | 6.00% | 9.93% | 10/2020 | 12/2027 | 28497 | 28497 | 28497 |  |
|  | First lien (3)(10)(12) | SOFR(Q) | 9.00% | 12.93% | 10/2020 | 12/2027 | 23336 | 23336 | 23336 |  |
|  |  |  |  |  |  |  |  | 51833 | 51833 | 4.36% |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| &nbsp;&nbsp;NHME Holdings Corp. (21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;National HME, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second lien (3)(12) | SOFR(Q)(17)\* | 5.00%/PIK | 9.25% | 11/2018 | 11/2025 | $8281 | $7872 | $— | —% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**183325** | $**175848** | **14.80%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NMFC Senior Loan Program III LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(12) |  |  |  | 05/2018 |  |  | $160000 | $160000 | 13.47% |
| &nbsp;&nbsp;NMFC Senior Loan Program IV LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Membership interest (3)(12) |  |  |  | 05/2021 |  |  | 112400 | 112400 | 9.46% |
| &nbsp;&nbsp;NM NL Holdings, L.P.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(12) |  |  |  | 06/2018 |  |  | 74248 | 106096 | 8.93% |
| &nbsp;&nbsp;UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred shares (3)(12) | FIXED(Q)\* | 20.00%/PIK | 20.00% | 08/2018 |  | 64485636 | 61162 | 64486 |  |
|  | Preferred shares (3)(12) |  |  |  | 06/2017 |  | 80994293 | 29318 | 8695 |  |
|  | Preferred shares (2)(12) |  |  |  | 01/2015 |  | 29326545 | 26946 |  |  |
|  | Preferred shares (3)(12) |  |  |  | 01/2015 |  | 141354439 | 7447 |  |  |
|  | Ordinary shares (2)(12) |  |  |  | 01/2015 |  | 2096477 | 1925 |  |  |
|  | Ordinary shares (3)(12) |  |  |  | 01/2015 |  | 9236492 | 532 |  |  |
|  |  |  |  |  |  |  |  | 127330 | 73181 | 6.16% |
| &nbsp;&nbsp;New Benevis Topco, LLC (22) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Common stock (2)(12) |  |  |  | 10/2020 |  | 325516 | 27155 | 20733 |  |
|  | Common stock (3)(12) |  |  |  | 10/2020 |  | 152548 | 12768 | 9716 |  |
|  |  |  |  |  |  |  |  | 39923 | 30449 | 2.56% |
| &nbsp;&nbsp;New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | Ordinary shares (3)(12) |  |  |  | 10/2020 |  | 100 | 11155 | 12000 | 1.01% |
| &nbsp;&nbsp;NM YI, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(12) |  |  |  | 09/2019 |  |  | 6272 | 8641 | 0.73% |
| &nbsp;&nbsp;NM GP Holdco, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Lease | Membership interest (6)(12) |  |  |  | 06/2018 |  |  | 850 | 390 | 0.03% |
| &nbsp;&nbsp;NHME Holdings Corp.(21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Ordinary shares (3)(12) |  |  |  | 11/2018 |  | 640000 | 4000 |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**536178** | $**503157** | **42.35%** |
| **Total Shares** |  |  |  |  |  |  |  | $**536178** | $**503157** | **42.35%** |

---

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference** | **Spread** | **Total Coupon (16)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value<br>or Shares (14)** | **Cost** | **Fair Value** | **Percent of<br>Net<br>Assets** |
| **Warrants - United States** | | | | | | | | | | |
| &nbsp;&nbsp;NHME Holdings Corp. (21) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Warrants (3)(12) |  |  |  | 11/2018 | 01/2033 | 160000 | $1000 | $— | —% |
| **Total Warrants - United States** |  |  |  |  |  |  |  | $**1000** | $**—** | **— %** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**720503** | $**679005** | **57.15%** |
| **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)(12)(15) - Undrawn |  |  |  | 10/2020 | 12/2027 | $3397 | $— | $— | —% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**—** | $**—** | **— %** |
| **Total Controlled Investments** |  |  |  |  |  |  |  | $**720503** | $**679005** | **57.15%** |
| **Total Investments** |  |  |  |  |  |  |  | $**2912115** | $**2742013** | **230.76%** |

---

(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 Permian Holdings, LLC.

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

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

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

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

(12)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. *Fair Value,* for details.

(13)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,051 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,212, $7,529, $1,282 and $123, respectively. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

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

(16)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2025.

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

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

(18)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of December 31, 2025. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

(20)The Company holds ordinary shares and Class B-1 and B-2 of preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of December 31, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.

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

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

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

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

(25)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. . The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $20,249.

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

(27)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $2,226.

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

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

(30)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's Series A and Series B preferred equity investment, plus unpaid compounded dividends, was $3,335 and $4,116, respectively.

(31)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of December 31, 2025, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,776.

(32)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was $13,323.

(33)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment, plus unpaid compounded dividends, was $25,639.

(34)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's share, plus unpaid compounded dividends, was $90,671.

(35)The Company holds common units in Notorious Buyer, LLC, and a first lien term loan, a subordinated loan, and a first lien revolver in Notorious Topco, LLC and Notorious Holdings, LLC, two wholly-owned subsidiaries of Notorious Buyer, LLC.

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross<br>Additions (A)** | **Gross<br>Redemptions<br>(B)** | **Net Change In Unrealized Appreciation (Depreciation)** | **Fair Value at December 31, 2025** | **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 | $19156 | $— | $— | $(819) | $18337 | $— | $1321 | $— | $— |
| Sierra Hamilton Holdings Corporation | 2000 |  |  |  | 2000 |  |  |  |  |
| TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC | 91620 | 6967 |  | (58222) | 40365 |  | 4357 | 2594 | 250 |
| **Total Non-Controlled/Affiliated Investments** | $**112776** | $**6967** | $**—** | $**(59041)** | $**60702** | $**—** | $**5678** | $**2594** | $**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 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.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross<br>Additions<br>(A)** | **Gross<br>Redemptions<br>(B)** | **Net Change In<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Fair Value at December 31, 2025** | **Net Realized Gains (Losses)** | **Interest<br>Income** | **Dividend<br>Income** | **Other<br>Income** |
| National HME, Inc./NHME Holdings Corp. | $3000 | $— | $— | $(3000) | $— | $— | $— | $— | $— |
| New Benevis Topco, LLC / New Benevis Holdco, Inc. | 140102 | 21456 |  | (7094) | 154464 |  | 14309 |  | 1383 |
| New Permian Holdco, Inc. / New Permian Holdco, L.L.C. | 63076 | 7657 |  | (6900) | 63833 |  | 5759 |  | 500 |
| NM NL Holdings, L.P. | 104512 |  |  | 1584 | 106096 |  |  | 8740 |  |
| NM GP Holdco, LLC | 322 |  |  | 68 | 390 |  |  | 44 |  |
| NM YI LLC | 9960 |  |  | (1319) | 8641 |  |  | 886 |  |
| NMFC Senior Loan Program III LLC | 160000 |  |  |  | 160000 |  |  | 22600 |  |
| NMFC Senior Loan Program IV LLC | 112400 |  |  |  | 112400 |  |  | 15315 |  |
| UniTek Global Services, Inc. | 107524 | 72385 | (60582) | (46146) | 73181 | 38898 | 516 | 10851 | 1070 |
| **Total Controlled Investments** | $**700896** | $**101498** | $**(60582)** | $**(62807)** | $**679005** | $**38898** | $**20584** | $**58436** | $**2953** |

---

&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, 2025, 15.4% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

------

<u>[**Table of Contents**](#i41b720316de54481b9c69d807cac7788_10)</u>

**New Mountain Finance Corporation**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

(**in thousands, except shares)**

---

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

---

---

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

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 83.69% |
| Fixed rates | 16.31% |
| Total investments | 100.00% |

---

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

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

**Notes to the Consolidated Financial Statements of**

**New Mountain Finance Corporation**

**March 31, 2026** 

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

(unaudited)

**Note 1. Formation and Business Purpose**

New Mountain Finance Corporation ("NMFC" or the "Company") is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since NMFC's IPO, and through March 31, 2026, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.

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

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

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

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

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

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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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

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

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

The Company's portfolio may be concentrated in a limited number of industries. As of March 31, 2026, the Company's top five industry concentrations were business services, healthcare, software, investment funds (which includes the Company's investments in its joint ventures) and consumer services.

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

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

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

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

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

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

&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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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

&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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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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 March 31, 2026 are disclosed on the Company's Consolidated Schedule of Investments.

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

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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

Below is certain summarized property information for NMNLC as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Portfolio Company** |<br>**Tenant** | **Lease**<br>**Expiration Date** |<br>**Location** | **Total**<br>**Square Feet** | **Fair Value as of**<br>**March 31, 2026** |
| NM NL Holdings LP / NM GP Holdco LLC | Various | Various | Various | Various | $113681 |
| NM YI, LLC | Young Innovations, Inc. | 10/31/2039 | IL / MO | 212 | 8734 |
|  |  |  |  |  | $122415 |

---

***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 March 31, 2026 and December 31, 2025, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $5,700 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 March 31, 2026 and December 31, 2025. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

***Revenue recognition***

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

*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2026 and March 31, 2025, the Company recognized PIK interest from investments of $5,137 and $7,588, respectively, and non-cash dividends from investments of $5,321 and $8,188, 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 generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

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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 (benefit), deferred income tax (benefit) provision and total income tax (benefit) provision, for the three months ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Current income tax expense (benefit) | $4 | $(19) |
| Deferred income tax (benefit) provision | (87) | 22 |
| Total income tax (benefit) provision | $(83) | $3 |

---

As of March 31, 2026 and December 31, 2025, the Company had $1,731 and $1,819, respectively, of deferred tax liabilities, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

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

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through December 31, 2025. The 2022 through 2025 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

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

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

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

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

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

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 months ended March 31, 2026, the Company repurchased a total of 7,063,237 shares of the Company's common stock in the open market for $56,597, including commissions paid. During the three months ended March 31, 2025, the Company did not repurchase any shares of the Company's common stock. Since the inception of the Repurchase Program through March 31, 2026, the Company repurchased $61,496 outstanding shares of its common stock under the Repurchase Program.

***Earnings (loss) per share***—The Company's earnings (loss) per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted 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 March 31, 2026, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1558465 | $1498657 |
| Second lien | 102129 | 80889 |
| Subordinated | 104751 | 93449 |
| Structured Finance Obligations | 3232 | 3186 |
| Equity and other | 757069 | 637198 |
| Total investments | $2525646 | $2313379 |

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**Investment Cost and Fair Value by Industry**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Business Services | $516080 | $463985 |
| Healthcare | 456737 | 395724 |
| Software | 395584 | 373615 |
| Investment Funds (includes investments in joint ventures) | 275632 | 266590 |
| Consumer Services | 144330 | 139207 |
| Financial Services & Technology | 133059 | 137596 |
| Net Lease | 87371 | 122415 |
| Education | 197504 | 117501 |
| Distribution & Logistics | 112473 | 104065 |
| Packaging | 84321 | 81846 |
| Energy | 77234 | 66297 |
| Food & Beverage | 21146 | 21304 |
| Consumer Products | 14513 | 13534 |
| Specialty Chemicals & Materials | 9662 | 9700 |
| Total investments | $2525646 | $2313379 |

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At December 31, 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 | $1854022 | $1818215 |
| Second lien | 104890 | 91179 |
| Subordinated | 128705 | 121487 |
| Structured Finance Obligations | 3232 | 3277 |
| Equity and other | 821266 | 707855 |
| Total investments | $2912115 | $2742013 |

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**Investment Cost and Fair Value by Industry**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Software | $533638 | $526440 |
| Business Services | 573549 | 516701 |
| Healthcare | 517598 | 463591 |
| Investment Funds (includes investments in joint ventures) | 275632 | 275677 |
| Consumer Services | 193415 | 192842 |
| Financial Services & Technology | 165745 | 172215 |
| Distribution & Logistics | 162382 | 158599 |
| Education | 195960 | 118507 |
| Net Lease | 81370 | 115127 |
| Packaging | 76052 | 75324 |
| Energy | 75771 | 65833 |
| Food & Beverage | 21193 | 21177 |
| Business Products | 15897 | 16026 |
| Consumer Products | 14283 | 14283 |
| Specialty Chemicals & Materials | 9630 | 9671 |
| Total investments | $2912115 | $2742013 |

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As of March 31, 2026, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of March 31, 2026, the Company's positions in AAC on non-accrual status had total unearned interest income of $1,367 for the three 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 March 31, 2026, the Company's second lien position in National HME had total unearned interest income of $515 for the three months then ended.

During the second quarter of 2024, the Company placed its junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of March 31, 2026, the Company's junior preferred shares in Transcendia had total unearned income of $118 for the three months then ended.

During the fourth quarter of 2025, the Company placed its preferred shares in ACI Parent Inc. ("Affordable Care") on non-accrual status. During the first quarter of 2026, the Company placed its first lien positions in Affordable Care on non-accrual status. As of March 31, 2026, the Company's positions in Affordable Care had total unearned income of $1,416 for the three months then ended.

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During the fourth quarter of 2025, the Company placed it first lien positions in DCA Investment Holding, LLC ("DCA") on non-accrual status. As of March 31, 2026, the Company's first lien positions in DCA had total unearned income of $76 for the three months then ended.

During the first quarter of 2026, the Company placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of March 31, 2026, the Company's first lien positions in Convey had total unearned income of $328 for the three months then ended.

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 March 31, 2026 and December 31, 2025, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $2,755 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 March 31, 2026, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company's investment in SLP III is disclosed on the Company's Consolidated Schedule of Investments as of March 31, 2026 and December 31, 2025.

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

On August 6, 2025, SLP III entered into an amendment to add a subordinate lender ("Class B lenders") to the existing lender ("Class A lenders"). As of the amendment on August 6, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $941,000 of which $830,000 of the facility amount is attributed to Class A lenders and $111,000 is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600,000, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate

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("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of the SOFR plus 1.80% and Class B advances bear interest at a rate of the SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of the SOFR plus 5.05%. From July 3, 2024 to August 6, 2025, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%.

As of March 31, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $976,683 and $941,427, respectively, and debt outstanding under its credit facility of $821,700 and $672,700, respectively. Additionally, as of March 31, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $7,071 and $6,867, respectively.

During the first quarter of 2026, SLP III placed its first lien positions in Convey on non-accrual status. As of March 31, 2026, SLP III's first lien positions in Convey had total unearned income of $208 for the three months then ended.

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| First lien investments (1) | $1041186 | $971559 |
| Weighted average interest rate on first lien investments (2) | 7.39% | 8.36% |
| Number of portfolio companies in SLP III | 111 | 105 |
| Largest portfolio company investment (1) | $19741 | $19791 |
| Total of five largest portfolio company investments (1) | $94562 | $93239 |

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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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The following table is a listing of the individual investments in SLP III's portfolio as of March 31, 2026:

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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% | 8.95% | 10/2032 | $16446 | $16131 | $15839 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 7.53% | 12/2027 | 2321 | 2318 | 2183 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.20% | 12/2031 | 9469 | 9454 | 9467 |
| Ardonagh Midco 3 Limited | Business Services | SOFR(S) | 2.75% | 6.37% | 02/2031 | 1985 | 1977 | 1942 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.92% | 09/2030 | 3609 | 3513 | 3573 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.92% | 09/2030 | 1980 | 1954 | 1962 |
| Asurion, LLC | Business Services | SOFR(M) | 3.75% | 7.42% | 02/2033 | 13000 | 12935 | 12586 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 2.75% | 6.42% | 02/2029 | 12086 | 11983 | 11882 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.25% | 6.92% | 12/2030 | 10942 | 10894 | 10787 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.50% | 7.17% | 12/2032 | 7182 | 7077 | 7084 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.00% | 6.67% | 05/2028 | 7702 | 7689 | 7697 |
| Berlin Packaging L.L.C. | Packaging | SOFR(Q) | 3.25% | 6.94% | 06/2031 | 8713 | 8712 | 8422 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.25% | 6.92% | 05/2028 | 9027 | 9011 | 9038 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 6.50% | 10.14% | 12/2030 | 603 | 597 | 600 |
| Capstone Borrower, Inc. | Business Services | SOFR(Q) | 2.75% | 6.45% | 06/2030 | 8779 | 8343 | 8378 |
| Cardinal Parent, Inc. | Financial Services & Technology | SOFR(Q) | 4.50% | 8.35% | 11/2027 | 11597 | 11497 | 10814 |
| Chrysaor Bidco S.a r.l. | Financial Services & Technology | SOFR(Q) | 3.25% | 6.90% | 10/2031 | 2110 | 2110 | 2110 |
| Citrin Cooperman Advisors LLC | Financial Services & Technology | SOFR(Q) | 3.00% | 6.70% | 04/2032 | 8448 | 8409 | 8142 |
| Cleanova US Holdings LLC | Business Products | SOFR(Q) | 4.75% | 8.42% | 06/2032 | 18694 | 18524 | 18413 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 7.52% | 10/2028 | 14026 | 13881 | 12562 |
| Clydesdale Acquisition Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.92% | 04/2032 | 9313 | 9309 | 8725 |
| Cohnreznick Advisory LLC | Financial Services & Technology | SOFR(Q) | 3.25% | 6.95% | 03/2032 | 11257 | 11223 | 10962 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 7.78% | 11/2028 | 4591 | 4580 | 3931 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.00% | 6.70% | 02/2029 | 6723 | 6707 | 6731 |
| ConnectWise, LLC | Software | SOFR(Q) | 3.50% | 7.46% | 09/2028 | 11482 | 11473 | 10631 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) (3) | 1.31%+3.94%/PIK | 9.05% | 07/2029 | 8965 | 8856 | 5832 |
| CoreLogic, Inc. (fka First American Corporation, The) | Business Services | SOFR(M) | 3.50% | 7.28% | 06/2028 | 798 | 786 | 765 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 7.53% | 10/2028 | 2527 | 2521 | 1855 |
| Cross Financial Corp. | Financial Services & Technology | SOFR(M) | 2.75% | 6.42% | 10/2031 | 1795 | 1764 | 1784 |
| CVET Midco 2, L.P. | Distribution & Logistics | SOFR(Q) | 5.00% | 8.70% | 10/2029 | 9681 | 9402 | 9047 |
| Dayforce Bidco, LLC | Software | SOFR(Q) | 3.00% | 6.66% | 02/2033 | 5199 | 5045 | 4932 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.00% | 6.67% | 07/2031 | 11406 | 11361 | 11387 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.25% | 6.92% | 07/2032 | 10981 | 10934 | 10988 |
| Disco Parent, Inc. | Software | SOFR(Q) | 3.00% | 6.67% | 08/2032 | 7232 | 7215 | 7114 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 3.75% | 7.42% | 10/2029 | 13821 | 13483 | 13633 |
| EAB Global, Inc. | Education | SOFR(Q) | 3.00% | 6.70% | 08/2030 | 10057 | 9865 | 8988 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 7.95% | 04/2029 | 13830 | 13684 | 13874 |
| Eisner Advisory Group LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.67% | 02/2031 | 11313 | 11219 | 10804 |
| Embecta Corp. | Healthcare | SOFR(M) | 3.00% | 6.67% | 03/2029 | 3781 | 3790 | 3788 |
| Finastra USA, Inc. | Financial Services & Technology | SOFR(Q) | 4.00% | 7.67% | 09/2032 | 12373 | 12262 | 11637 |
| First Advantage Holdings, LLC | Business Services | SOFR(Q) | 2.75% | 6.45% | 10/2031 | 3382 | 3350 | 3301 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 7.16% | 03/2028 | 14415 | 14409 | 11492 |
| FNZ Group Entities Limited | Financial Services & Technology | SOFR(Q) | 5.00% | 8.66% | 11/2031 | 10152 | 9978 | 8117 |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Forgent Intermediate IV LLC | Business Products | SOFR(Q) | 3.00% | 6.66% | 12/2032 | $12748 | $12625 | $12824 |
| Foundational Education Group, Inc. | Education | SOFR(Q) | 3.75% | 7.68% | 08/2028 | 14026 | 13957 | 12904 |
| Groundworks, LLC | Business Services | SOFR(Q) | 3.00% | 6.67% | 03/2031 | 10075 | 10045 | 10059 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 3.75% | 7.42% | 08/2032 | 13861 | 13828 | 13850 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 6.00% | 9.76% | 05/2029 | 11112 | 11094 | 9608 |
| HIG Finance 2 Limited | Financial Services & Technology | SOFR(M) | 2.75% | 6.42% | 02/2031 | 6484 | 6298 | 6296 |
| HIG Operations Holdings, Inc. | Business Services | SOFR(M) | 4.50% | 8.17% | 06/2031 | 11820 | 11780 | 11820 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.02% | 04/2029 | 7966 | 7809 | 6775 |
| HP PHRG Borrower, LLC | Consumer Services | SOFR(Q) | 4.00% | 7.70% | 02/2032 | 16599 | 16496 | 16454 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.05% | 08/2028 | 12747 | 12676 | 11424 |
| ISolved, Inc. | Information Services | SOFR(M) | 2.75% | 6.42% | 10/2030 | 2494 | 2314 | 2381 |
| Jones DesLauriers Insurance Management Inc. | Business Services | SOFR(Q) | 3.00% | 6.66% | 02/2033 | 10011 | 9851 | 9758 |
| Kaseya Inc. | Software | SOFR(M) | 3.25% | 6.92% | 03/2032 | 12788 | 12765 | 11975 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services & Technology | SOFR(M) | 3.00% | 6.67% | 03/2031 | 3739 | 3733 | 3718 |
| KnowBe4, Inc. | Education | SOFR(Q) | 3.75% | 7.42% | 07/2032 | 7155 | 7154 | 6416 |
| LI Group Holdings, Inc. | Education | SOFR(M) | 3.50% | 7.28% | 03/2028 | 3022 | 3019 | 3031 |
| LSCS Holdings, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.20% | 03/2032 | 14825 | 14739 | 13991 |
| LTR Intermediate Holdings, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.75% | 7.43% | 12/2032 | 7917 | 7879 | 7947 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 2.75% | 6.41% | 11/2030 | 5052 | 5010 | 5008 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(M) | 3.00% | 6.67% | 05/2028 | 12561 | 12525 | 12566 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.00% | 6.67% | 04/2031 | 10354 | 10316 | 10362 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.00% | 7.67% | 12/2028 | 5520 | 5519 | 5530 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.50% | 8.20% | 12/2028 | 2174 | 2112 | 2178 |
| Neon Maple Purchaser Inc. | Financial Services & Technology | SOFR(M) | 2.50% | 6.17% | 11/2031 | 5746 | 5750 | 5638 |
| Nexus Buyer LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.67% | 07/2031 | 13976 | 13908 | 13575 |
| Nielsen Consumer, Inc. | Business Services | SOFR(M) | 2.25% | 5.92% | 10/2030 | 5757 | 5391 | 5692 |
| Oak-Eagle Acquireco, Inc. | Consumer Services | SOFR(M) | 3.50% | 7.16% | 03/2033 | 5470 | 5388 | 5445 |
| Oceankey (U.S.) II Corp. | Software | SOFR(M) | 3.50% | 7.27% | 12/2028 | 13977 | 13982 | 13213 |
| Orbit Private Holdings I Ltd | Financial Services & Technology | SOFR(S) | 3.75% | 7.55% | 12/2031 | 9062 | 9029 | 9026 |
| Orion Advisor Solutions, Inc. | Financial Services & Technology | SOFR(Q) | 2.75% | 6.42% | 09/2030 | 5236 | 5202 | 5153 |
| Orion Midco Ltd | Financial Services & Technology | SOFR(Q) | 3.50% | 7.15% | 10/2032 | 10302 | 10292 | 10219 |
| Osaic Holdings, Inc. | Financial Services & Technology | SOFR(Q) | 2.50% | 6.20% | 07/2032 | 5575 | 5575 | 5481 |
| Osmose Utilities Services, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.25% | 7.03% | 06/2028 | 13915 | 13441 | 13706 |
| Outcomes Group Holdings, Inc. | Healthcare | SOFR(Q) | 3.00% | 6.67% | 05/2031 | 4078 | 4064 | 4083 |
| OVG Business Services, LLC | Business Services | SOFR(M) | 3.00% | 6.67% | 06/2031 | 2762 | 2749 | 2765 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 3.25% | 6.92% | 02/2029 | 8937 | 8582 | 7583 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 8.42% | 03/2031 | 4025 | 4011 | 2793 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 6.00% | 9.70% | 12/2029 | 3353 | 3237 | 3130 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 1.50%+2.50%/PIK | 7.85% | 12/2029 | 2823 | 2808 | 2006 |
| Pioneer AcquisitionCo, LLC | Business Services | SOFR(Q) | 3.25% | 6.96% | 10/2032 | 7924 | 7905 | 7972 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.20% | 12/2027 | 13469 | 13376 | 10144 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 6.95% | 10/2030 | 13471 | 13278 | 10269 |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Pushpay USA Inc. | Financial Services & Technology | SOFR(Q) | 3.75% | 7.45% | 08/2031 | $13868 | $13849 | $13590 |
| Quartz AcquireCo, LLC | Business Services | SOFR(Q) | 2.25% | 5.95% | 06/2030 | 2632 | 2623 | 2204 |
| RealPage, Inc. | Software | SOFR(Q) | 3.00% | 6.96% | 04/2028 | 5538 | 5526 | 5319 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 7.45% | 04/2028 | 7459 | 7355 | 7265 |
| Relativity Intermediate HoldCo LLC | Software | SOFR(M) | 2.75% | 6.42% | 01/2033 | 3905 | 3895 | 3868 |
| Rithum Holdings, Inc. (fka CommerceHub, Inc.) | Software | SOFR(Q) | 4.75% | 8.45% | 07/2032 | 15705 | 15608 | 14979 |
| RLG Holdings, LLC | Packaging | SOFR(Q) | 4.25% | 8.18% | 07/2028 | 7087 | 6848 | 3367 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 5.00% | 8.67% | 12/2030 | 5156 | 5057 | 5150 |
| Salas O'Brien, Inc. | Manufacturing | SOFR(M) | 2.75% | 6.42% | 01/2033 | 5643 | 5616 | 5643 |
| Secretariat Advisors LLC | Business Services | SOFR(Q) | 4.00% | 7.70% | 02/2032 | 9766 | 9733 | 9619 |
| Secure Acquisition, Inc. | Packaging | SOFR(Q) | 3.75% | 7.45% | 12/2028 | 2245 | 2248 | 2247 |
| SonarSource Financing, LLC | Software | SOFR(Q) | 4.50% | 8.17% | 12/2030 | 11485 | 11319 | 10566 |
| Sovos Compliance, LLC (fka Taxware, LLC) | Software | SOFR(M) | 3.25% | 6.92% | 08/2029 | 11091 | 10987 | 10570 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 3.25% | 6.95% | 10/2030 | 13129 | 13022 | 13045 |
| Storable, Inc. | Software | SOFR(M) | 3.25% | 6.92% | 04/2031 | 9932 | 9854 | 9557 |
| Summit Acquisition Inc. | Business Services | SOFR(M) | 3.50% | 7.17% | 10/2031 | 6454 | 6428 | 6454 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.27% | 12/2027 | 15200 | 15159 | 10792 |
| Team.blue Finco SARL | Software | SOFR(Q) | 3.25% | 6.95% | 07/2032 | 8564 | 8573 | 8195 |
| Tegra118 Wealth Solutions, Inc. | Financial Services & Technology | SOFR(Q) | 4.00% | 7.67% | 01/2033 | 11756 | 11665 | 11531 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(Q) | 4.00% | 7.93% | 05/2028 | 3964 | 3957 | 3647 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 7.95% | 08/2028 | 13471 | 13466 | 13213 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.17% | 08/2032 | 3501 | 3510 | 3506 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.17% | 02/2031 | 2101 | 2106 | 2103 |
| Tricorbraun Holdings, Inc. | Packaging | SOFR(M) | 0.0325 | 6.92% | 03/2031 | 11093 | 11055 | 10572 |
| UKG Inc. | Software | SOFR(Q) | 2.50% | 6.17% | 02/2031 | 5296 | 5201 | 5069 |
| US Fertility Enterprises, LLC | Healthcare | SOFR(Q) | 3.50% | 7.17% | 12/2032 | 6875 | 6842 | 6873 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 8.93% | 10/2028 | 11195 | 11267 | 11080 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% +2.25%/PIK | 7.54% | 10/2028 | 3196 | 3196 | 2405 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(M) | 4.00% | 7.67% | 10/2031 | 11425 | 11406 | 11426 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 3.75% | 7.45% | 07/2029 | 11160 | 11152 | 11097 |
| VT Topco, Inc. | Business Services | SOFR(M) | 3.00% | 6.67% | 08/2030 | 11144 | 10985 | 10843 |
| Xplor T1, LLC | Financial Services & Technology | SOFR(Q) | 3.50% | 7.17% | 12/2032 | 19741 | 19659 | 18409 |
| Zelis Cost Management Buyer, Inc. | Healthcare | SOFR(M) | 3.25% | 6.92% | 11/2031 | 19414 | 19416 | 18834 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 8.92% | 02/2028 | 5223 | 5155 | 5223 |
|  |  |  |  |  |  | $**1034115** | $**1025475** | $**976828** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| Citrin Cooperman Advisors LLC | Financial Services & Technology |  |  |  | 04/2027 | $2273 | $(23) | $(108) |
| Cohnreznick Advisory LLC | Financial Services & Technology |  |  |  | 03/2027 | 719 | (1) | (19) |
| HIG Operations Holdings, Inc. | Business Services |  |  |  | 09/2026 | 1121 |  |  |
| Salas O'Brien, Inc. | Manufacturing |  |  |  | 01/2028 | 728 | (1) |  |
| Secretariat Advisors LLC | Business Services |  |  |  | 02/2027 | 1188 | 1 | (18) |
| US Fertility Enterprises, LLC | Healthcare |  |  |  | 12/2027 | 1042 | (5) |  |
|  |  |  |  |  |  | $**7071** | $**(29)** | $**(145)** |
|  |  |  |  |  |  | $**1041186** | $**1025446** | $**976683** |

---

(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 March 31, 2026.

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

(3)Investment is on non-accrual status as of March 31, 2026.

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry (3)** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| **Funded Investments - First lien** | | | | | | | | |
| Accelya Lux Finco S.a r.l. | Business Services | SOFR(Q) | 5.25% | 8.92% | 10/2032 | $16487 | $16162 | $16435 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 7.58% | 12/2027 | 2327 | 2323 | 2214 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.17% | 12/2031 | 9493 | 9478 | 9540 |
| Ardonagh Midco 3 Limited | Business Services | SOFR(S) | 2.75% | 6.92% | 02/2031 | 1990 | 1982 | 1990 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.07% | 08/2028 | 13000 | 12931 | 13039 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.97% | 09/2030 | 3618 | 3517 | 3621 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.97% | 09/2030 | 1985 | 1958 | 1988 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 2.75% | 6.47% | 02/2029 | 12117 | 12005 | 12155 |
| Bach Finance Limited | Education | SOFR(Q) | 2.75% | 6.57% | 01/2032 | 2107 | 2103 | 2117 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.25% | 6.97% | 12/2030 | 11821 | 11761 | 11718 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.00% | 6.72% | 05/2028 | 7722 | 7707 | 7760 |
| Berlin Packaging L.L.C. | Packaging | SOFR(M) | 3.25% | 7.11% | 06/2031 | 8735 | 8734 | 8765 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.25% | 6.97% | 05/2028 | 9049 | 9032 | 9123 |
| Boxer Parent Company Inc. | Software | SOFR(Q) | 3.00% | 6.82% | 07/2031 | 7416 | 7400 | 7405 |
| BradyPLUS Holdings, LLC | Distribution & Logistics | SOFR(Q) | 3.50% | 7.15% | 12/2032 | 7182 | 7075 | 7118 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 6.50% | 10.34% | 12/2030 | 603 | 597 | 616 |
| Capstone Borrower, Inc. | Software | SOFR(Q) | 2.75% | 6.40% | 06/2030 | 3124 | 3109 | 3126 |
| Cardinal Parent, Inc. | Financial Services & Technology | SOFR(Q) | 4.50% | 8.32% | 11/2027 | 11626 | 11513 | 11384 |
| Chrysaor Bidco S.a r.l. | Financial Services & Technology | SOFR(Q) | 3.25% | 7.14% | 10/2031 | 2115 | 2115 | 2133 |
| Citrin Cooperman Advisors LLC | Financial Services & Technology | SOFR(Q) | 3.00% | 6.67% | 04/2032 | 6719 | 6711 | 6747 |
| Cleanova US Holdings LLC | Business Products | SOFR(Q) | 4.75% | 8.48% | 06/2032 | 18741 | 18565 | 18741 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 7.57% | 10/2028 | 14062 | 13904 | 13511 |
| Clydesdale Acquisition Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.97% | 04/2032 | 9313 | 9308 | 9316 |
| Cohnreznick Advisory LLC | Financial Services & Technology | SOFR(Q) | 3.50% | 7.17% | 03/2032 | 9114 | 9092 | 9177 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 7.83% | 11/2028 | 4603 | 4592 | 4120 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.00% | 6.67% | 02/2029 | 6740 | 6723 | 6799 |
| ConnectWise, LLC | Software | SOFR(Q) | 3.50% | 7.43% | 09/2028 | 11512 | 11502 | 11332 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) | 1.00% + 3.94%/PIK | 8.71% | 07/2029 | 9123 | 9012 | 6661 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 7.58% | 10/2028 | 2533 | 2527 | 2335 |
| CVET Midco 2, L.P. | Distribution & Logistics | SOFR(Q) | 5.00% | 8.67% | 10/2029 | 9706 | 9410 | 8749 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.00% | 6.72% | 07/2031 | 11435 | 11388 | 11464 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.75% | 7.47% | 07/2032 | 11008 | 10959 | 11050 |
| Disco Parent, Inc. | Software | SOFR(Q) | 3.25% | 7.07% | 08/2032 | 7250 | 7233 | 7304 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 3.75% | 7.61% | 10/2029 | 13856 | 13496 | 13349 |
| EAB Global, Inc. | Education | SOFR(M) | 3.00% | 6.72% | 08/2030 | 10083 | 9881 | 8990 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 7.92% | 04/2029 | 13866 | 13709 | 13920 |
| Eisner Advisory Group LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.72% | 02/2031 | 8546 | 8494 | 8617 |
| Embecta Corp. | Healthcare | SOFR(M) | 3.00% | 6.72% | 03/2029 | 4002 | 4012 | 4015 |
| Finastra USA, Inc. | Financial Services & Technology | SOFR(Q) | 4.00% | 7.72% | 09/2032 | 12373 | 12259 | 12135 |
| First Advantage Holdings, LLC | Business Services | SOFR(M) | 2.75% | 6.47% | 10/2031 | 4223 | 4181 | 4186 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 7.35% | 03/2028 | 16341 | 16333 | 15290 |
| FNZ Group Entities Limited | Financial Services & Technology | SOFR(Q) | 5.00% | 8.90% | 11/2031 | 10178 | 9997 | 8099 |
| Forgent Intermediate IV LLC | Business Products | SOFR(M) | 3.25% | 6.90% | 12/2032 | 12749 | 12621 | 12685 |
| Foundational Education Group, Inc. | Education | SOFR(Q) | 3.75% | 7.85% | 08/2028 | 14063 | 13984 | 13001 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.00% | 6.73% | 03/2031 | 10100 | 9871 | 10163 |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry (3)** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 3.75% | 7.47% | 08/2032 | $13896 | $13862 | $13970 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 6.00% | 9.97% | 05/2029 | 11140 | 11121 | 10120 |
| HIG Operations Holdings, Inc. | Business Services | SOFR(M) | 4.50% | 8.22% | 06/2031 | 11849 | 11806 | 11849 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.07% | 04/2029 | 7986 | 7818 | 7069 |
| HP PHRG Borrower, LLC | Consumer Services | SOFR(Q) | 4.00% | 7.67% | 02/2032 | 16641 | 16534 | 16572 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.02% | 08/2028 | 12747 | 12669 | 12444 |
| Jones DesLauriers Insurance Management Inc. | Business Services | SOFR(Q) | 3.00% | 6.65% | 02/2033 | 2687 | 2680 | 2693 |
| Kaseya Inc. | Software | SOFR(M) | 3.00% | 6.72% | 03/2032 | 12820 | 12797 | 12847 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services & Technology | SOFR(M) | 3.00% | 6.72% | 03/2031 | 3749 | 3742 | 3760 |
| KnowBe4, Inc. | Education | SOFR(Q) | 3.75% | 7.59% | 07/2032 | 13128 | 13125 | 13152 |
| LI Group Holdings, Inc. | Education | SOFR(M) | 3.50% | 7.33% | 03/2028 | 3033 | 3031 | 3055 |
| LSCS Holdings, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.17% | 03/2032 | 14863 | 14774 | 14590 |
| LTR Intermediate Holdings, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.75% | 7.40% | 12/2032 | 7917 | 7878 | 7949 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 3.00% | 6.93% | 11/2030 | 2809 | 2777 | 2826 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(M) | 3.00% | 6.72% | 05/2028 | 12593 | 12549 | 12653 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.00% | 6.72% | 04/2031 | 9880 | 9840 | 9921 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.00% | 7.84% | 12/2028 | 5534 | 5533 | 5553 |
| Neon Maple Purchaser Inc. | Financial Services & Technology | SOFR(M) | 2.50% | 6.22% | 11/2031 | 3510 | 3523 | 3519 |
| Nexus Buyer LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.72% | 07/2031 | 14012 | 13941 | 13927 |
| Nielsen Consumer, Inc. | Business Services | SOFR(M) | 2.25% | 5.97% | 10/2030 | 5771 | 5388 | 5787 |
| Oceankey (U.S.) II Corp. | Software | SOFR(M) | 3.50% | 7.32% | 12/2028 | 14014 | 14019 | 13841 |
| Orbit Private Holdings I Ltd | Financial Services & Technology | SOFR(S) | 3.75% | 7.55% | 12/2031 | 9085 | 9051 | 9134 |
| Orion Advisor Solutions, Inc. | Financial Services & Technology | SOFR(Q) | 3.25% | 6.90% | 09/2030 | 1500 | 1501 | 1511 |
| Orion Midco Ltd | Financial Services & Technology | SOFR(Q) | 3.50% | 7.43% | 10/2032 | 8102 | 8095 | 8150 |
| Osaic Holdings, Inc. | Financial Services & Technology | SOFR(S) | 3.00% | 6.60% | 07/2032 | 12357 | 12327 | 12423 |
| Osmose Utilities Services, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.25% | 7.08% | 06/2028 | 13951 | 13430 | 13742 |
| Outcomes Group Holdings, Inc. | Healthcare | SOFR(M) | 3.00% | 6.72% | 05/2031 | 4088 | 4074 | 4119 |
| OVG Business Services, LLC | Business Services | SOFR(M) | 3.00% | 6.72% | 06/2031 | 2769 | 2755 | 2778 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 3.25% | 7.09% | 02/2029 | 8959 | 8576 | 8123 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 8.47% | 03/2031 | 4035 | 4021 | 3426 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 6.00% | 9.67% | 12/2029 | 2360 | 2303 | 1974 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 1.50% +2.50%/PIK | 7.82% | 12/2029 | 2805 | 2790 | 1353 |
| Pioneer AcquisitionCo, LLC | Business Services | SOFR(Q) | 3.25% | 6.94% | 10/2032 | 7924 | 7904 | 7968 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.17% | 12/2027 | 13503 | 13397 | 12995 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 6.92% | 10/2030 | 13505 | 13302 | 13500 |
| Pushpay USA Inc. | Financial Services & Technology | SOFR(S) | 3.75% | 7.62% | 08/2031 | 13903 | 13884 | 13911 |
| Quartz AcquireCo, LLC | Business Services | SOFR(Q) | 2.25% | 5.92% | 06/2030 | 3510 | 3497 | 3510 |
| RealPage, Inc. | Software | SOFR(Q) | 3.00% | 6.93% | 04/2028 | 3047 | 3043 | 3048 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 7.42% | 04/2028 | 4963 | 4945 | 4985 |
| Rithum Holdings, Inc. (fka CommerceHub, Inc.) | Software | SOFR(Q) | 4.75% | 8.42% | 07/2032 | 15744 | 15644 | 15769 |
| RLG Holdings, LLC | Packaging | SOFR(M) | 4.25% | 8.08% | 07/2028 | 7106 | 6843 | 4372 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 5.00% | 8.65% | 12/2030 | 5156 | 5053 | 5098 |
| Secretariat Advisors LLC | Business Services | SOFR(Q) | 4.00% | 7.67% | 02/2032 | 8957 | 8920 | 8994 |
| Secure Acquisition, Inc. | Packaging | SOFR(Q) | 3.75% | 7.42% | 12/2028 | 500 | 501 | 505 |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry (3)** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| SonarSource Financing, LLC | Software | SOFR(M) | 4.50% | 8.15% | 12/2030 | $11485 | $11313 | $11370 |
| Sovos Compliance, LLC (fka Taxware, LLC) | Software | SOFR(M) | 3.25% | 6.97% | 08/2029 | 8767 | 8775 | 8803 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 3.25% | 6.92% | 10/2030 | 13163 | 13051 | 13254 |
| Storable, Inc. | Software | SOFR(M) | 3.25% | 6.97% | 04/2031 | 4607 | 4606 | 4635 |
| Summit Acquisition Inc. | Business Services | SOFR(M) | 3.50% | 7.22% | 10/2031 | 5970 | 5944 | 6022 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.44% | 12/2027 | 15240 | 15193 | 12984 |
| Team.blue Finco SARL | Software | SOFR(Q) | 3.25% | 6.92% | 07/2032 | 8586 | 8595 | 8642 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(M) | 4.00% | 7.83% | 05/2028 | 3975 | 3966 | 3679 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 7.92% | 08/2028 | 13506 | 13501 | 13483 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.22% | 08/2032 | 3510 | 3519 | 3529 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.22% | 02/2031 | 2106 | 2111 | 2116 |
| TRC Companies LLC | Business Services | SOFR(M) | 3.00% | 6.72% | 12/2028 | 9377 | 9352 | 9418 |
| Tricorbraun Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.97% | 03/2031 | 11122 | 11083 | 10798 |
| US Fertility Enterprises, LLC | Healthcare | SOFR(M) | 3.50% | 7.22% | 12/2032 | 6875 | 6841 | 6910 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 8.99% | 10/2028 | 2256 | 2238 | 2282 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% + 2.25%/PIK | 7.60% | 10/2028 | 3178 | 3178 | 2480 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(M) | 4.00% | 7.72% | 10/2031 | 11454 | 11434 | 11358 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 3.75% | 7.42% | 07/2029 | 11189 | 11180 | 11189 |
| VT Topco, Inc. | Business Services | SOFR(M) | 3.00% | 6.87% | 08/2030 | 10672 | 10520 | 10541 |
| Xplor T1, LLC | Financial Services & Technology | SOFR(Q) | 3.50% | 7.29% | 12/2032 | 19791 | 19706 | 19840 |
| Zelis Cost Management Buyer, Inc. | Healthcare | SOFR(M) | 3.25% | 6.97% | 11/2031 | 19463 | 19463 | 19342 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 9.11% | 02/2028 | 5236 | 5160 | 5236 |
| **Total Funded Investments** |  |  |  |  |  | $**964692** | $**957258** | $**941399** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| Citrin Cooperman Advisors LLC | Financial Services & Technology |  |  |  | 04/2027 | $2273 | $(23) | $9 |
| Cohnreznick Advisory LLC | Financial Services & Technology |  |  |  | 03/2027 | 1344 | (3) | 9 |
| HIG Operations Holdings, Inc. | Business Services |  |  |  | 09/2026 | 1121 |  |  |
| Secretariat Advisors LLC | Business Services |  |  |  | 02/2027 | 1087 |  | 5 |
| US Fertility Enterprises, LLC | Healthcare |  |  |  | 12/2027 | 1042 |  | 5 |
| **Total Unfunded Investments** |  |  |  |  |  | $**6867** | $**(26)** | $**28** |
| **Total Investments** |  |  |  |  |  | $**971559** | $**957232** | $**941427** |

---

(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, 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.

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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

---

| | | |
|:---|:---|:---|
| **Selected Balance Sheet Information:** | **March 31, 2026** | **December 31, 2025** |
| Investments at fair value (cost of $1,025,446 and $957,232) | $976683 | $941427 |
| Cash and other assets | 26369 | 28469 |
| Receivable from unsettled securities sold | 838 |  |
| Total assets | $1003890 | $969896 |
| Credit facility | $821700 | $672700 |
| Deferred financing costs (net of accumulated amortization of $8,256 and $7,948, respectively) | (4000) | (4308) |
| Payable for unsettled securities purchased | 21928 | 105171 |
| Distribution payable | 7200 | 7000 |
| Other liabilities | 10162 | 8462 |
| Total liabilities | 856990 | 789025 |
| Members' capital | $146900 | $180871 |
| Total liabilities and members' capital | $1003890 | $969896 |

---

---

| | | |
|:---|:---|:---|
| **Selected Statement of Operations Information:** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest income | $18216 | $15131 |
| Other income | 275 | 76 |
| Total investment income | 18491 | 15207 |
| Interest and other financing expenses | 11251 | 8180 |
| Other expenses | 399 | 306 |
| Total expenses | 11650 | 8486 |
| Net investment income | 6841 | 6721 |
| Net realized (losses) gains on investments | (654) | 321 |
| Net change in unrealized depreciation of investments | (32958) | (8147) |
| Net decrease in members' capital | $(26771) | $(1105) |

---

For the three months ended March 31, 2026 and March 31, 2025, the Company earned approximately $5,760 and $5,800, respectively, of dividend income related to SLP III, which is included in dividend income. As of March 31, 2026 and December 31, 2025, approximately $5,760 and $5,600, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_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 July 11, 2030. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

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

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

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

As of March 31, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $655,089 and $641,452, respectively, and debt outstanding under its credit facility of $545,137 and $471,737, respectively. Additionally, as of March 31, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $4,936 and $4,796, respectively.

During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of March 31, 2026, SLP IV's first lien positions in Convey had total unearned income of $80 for the three months then ended.

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| First lien investments (1) | $699017 | $664399 |
| Weighted average interest rate on first lien investments (2) | 7.48% | 8.67% |
| Number of portfolio companies in SLP IV | 112 | 105 |
| Largest portfolio company investment (1) | $18266 | $18217 |
| Total of five largest portfolio company investments (1) | $65025 | $64111 |

---

(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.

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2026:

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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% | 8.95% | 10/2032 | $10472 | $10271 | $10086 |
| ADG, LLC | Healthcare | SOFR(Q) | 1.00%+3.00%/PIK | 7.85% | 09/2026 | 18266 | 18264 | 14060 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 7.53% | 12/2027 | 1791 | 1788 | 1684 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.20% | 12/2031 | 5505 | 5500 | 5504 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.92% | 09/2030 | 1805 | 1757 | 1787 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.92% | 09/2030 | 990 | 977 | 981 |
| Asurion, LLC | Business Services | SOFR(M) | 3.75% | 7.42% | 02/2033 | 9593 | 9544 | 9287 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 2.75% | 6.42% | 02/2029 | 5247 | 5229 | 5158 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.25% | 6.92% | 12/2030 | 7876 | 7847 | 7764 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.50% | 7.17% | 12/2032 | 3651 | 3598 | 3601 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.00% | 6.67% | 05/2028 | 1733 | 1732 | 1732 |
| Berlin Packaging L.L.C. | Packaging | SOFR(Q) | 3.25% | 6.94% | 06/2031 | 4915 | 4917 | 4751 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.25% | 6.92% | 05/2028 | 6594 | 6576 | 6602 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 6.50% | 10.14% | 12/2030 | 445 | 441 | 442 |
| Capstone Borrower, Inc. | Business Services | SOFR(Q) | 2.75% | 6.45% | 06/2030 | 5500 | 5230 | 5249 |
| Cardinal Parent, Inc. | Financial Services & Technology | SOFR(Q) | 4.50% | 8.35% | 11/2027 | 7027 | 6940 | 6553 |
| Chrysaor Bidco S.a r.l. | Financial Services & Technology | SOFR(Q) | 3.25% | 6.90% | 10/2031 | 1557 | 1557 | 1557 |
| Citrin Cooperman Advisors LLC | Financial Services & Technology | SOFR(Q) | 3.00% | 6.70% | 04/2032 | 4916 | 4898 | 4738 |
| Cleanova US Holdings LLC | Business Products | SOFR(Q) | 4.75% | 8.42% | 06/2032 | 11943 | 11820 | 11764 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 7.52% | 10/2028 | 9600 | 9507 | 8598 |
| Clydesdale Acquisition Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.92% | 04/2032 | 5532 | 5533 | 5183 |
| Cohnreznick Advisory LLC | Financial Services & Technology | SOFR(Q) | 3.25% | 6.95% | 03/2032 | 6822 | 6801 | 6643 |
| Confluence Technologies, Inc. | Software | SOFR(Q) | 3.75% | 7.60% | 07/2028 | 9575 | 9556 | 8002 |
| Confluence Technologies, Inc. | Software | SOFR(Q) | 5.00% | 8.65% | 07/2028 | 943 | 943 | 941 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 7.78% | 11/2028 | 3073 | 3066 | 2631 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.00% | 6.70% | 02/2029 | 6723 | 6707 | 6731 |
| ConnectWise, LLC | Software | SOFR(Q) | 3.50% | 7.46% | 09/2028 | 6589 | 6596 | 6101 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q)(3) | 1.31%+3.94%/PIK | 9.05% | 07/2029 | 3448 | 3406 | 2243 |
| CoreLogic, Inc. (fka First American Corporation, The) | Business Services | SOFR(M) | 3.50% | 7.28% | 06/2028 | 399 | 393 | 382 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 7.53% | 10/2028 | 1805 | 1801 | 1325 |
| Cross Financial Corp. | Financial Services & Technology | SOFR(M) | 2.75% | 6.42% | 10/2031 | 898 | 882 | 892 |
| CVET Midco 2, L.P. | Distribution & Logistics | SOFR(Q) | 5.00% | 8.70% | 10/2029 | 6506 | 6393 | 6080 |
| Dayforce Bidco, LLC | Software | SOFR(Q) | 3.00% | 6.66% | 02/2033 | 2753 | 2684 | 2612 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.00% | 6.67% | 07/2031 | 10349 | 10308 | 10332 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.25% | 6.92% | 07/2032 | 7265 | 7246 | 7269 |
| Disco Parent, Inc. | Software | SOFR(Q) | 3.00% | 6.67% | 08/2032 | 4614 | 4603 | 4538 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 3.75% | 7.42% | 10/2029 | 9204 | 8951 | 9079 |
| EAB Global, Inc. | Education | SOFR(Q) | 3.00% | 6.70% | 08/2030 | 6859 | 6787 | 6130 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 7.95% | 04/2029 | 8821 | 8736 | 8849 |
| Eisner Advisory Group LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.67% | 02/2031 | 6860 | 6789 | 6552 |
| Embecta Corp. | Healthcare | SOFR(M) | 3.00% | 6.67% | 03/2029 | 1591 | 1595 | 1594 |
| Finastra USA, Inc. | Financial Services & Technology | SOFR(Q) | 4.00% | 7.67% | 09/2032 | 8255 | 8183 | 7764 |
| First Advantage Holdings, LLC | Business Services | SOFR(Q) | 2.75% | 6.45% | 10/2031 | 1460 | 1446 | 1424 |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_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)** |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 7.16% | 03/2028 | $8781 | $8757 | $7001 |
| FNZ Group Entities Limited | Financial Services & Technology | SOFR(Q) | 5.00% | 8.66% | 11/2031 | 7198 | 7074 | 5755 |
| Forgent Intermediate IV LLC | Business Products | SOFR(Q) | 3.00% | 6.66% | 12/2032 | 8118 | 8039 | 8166 |
| Foundational Education Group, Inc. | Education | SOFR(Q) | 3.75% | 7.68% | 08/2028 | 10901 | 10830 | 10029 |
| Groundworks, LLC | Business Services | SOFR(Q) | 3.00% | 6.67% | 03/2031 | 6436 | 6405 | 6426 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 3.75% | 7.42% | 08/2032 | 9885 | 9862 | 9878 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 6.00% | 9.76% | 05/2029 | 6032 | 6025 | 5215 |
| HIG Finance 2 Limited | Financial Services & Technology | SOFR(M) | 2.75% | 6.42% | 02/2031 | 2993 | 2895 | 2906 |
| HIG Operations Holdings, Inc. | Business Services | SOFR(M) | 4.50% | 8.17% | 06/2031 | 7105 | 7105 | 7105 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.02% | 04/2029 | 8151 | 7967 | 6933 |
| HP PHRG Borrower, LLC | Consumer Services | SOFR(Q) | 4.00% | 7.70% | 02/2032 | 10570 | 10503 | 10478 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.05% | 08/2028 | 9702 | 9605 | 8696 |
| ISolved, Inc. | Information Services | SOFR(M) | 2.75% | 6.42% | 10/2030 | 998 | 926 | 953 |
| Jones DesLauriers Insurance Management Inc. | Business Services | SOFR(Q) | 3.00% | 6.66% | 02/2033 | 6124 | 6016 | 5969 |
| Kaseya Inc. | Software | SOFR(M) | 3.25% | 6.92% | 03/2032 | 8132 | 8115 | 7615 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services & Technology | SOFR(M) | 3.00% | 6.67% | 03/2031 | 2274 | 2271 | 2261 |
| KnowBe4, Inc. | Education | SOFR(Q) | 3.75% | 7.42% | 07/2032 | 4775 | 4775 | 4282 |
| LSCS Holdings, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.20% | 03/2032 | 10171 | 10120 | 9599 |
| LTR Intermediate Holdings, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.75% | 7.43% | 12/2032 | 5041 | 5017 | 5060 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 2.75% | 6.41% | 11/2030 | 3014 | 2987 | 2988 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(M) | 3.00% | 6.67% | 05/2028 | 8471 | 8453 | 8474 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.00% | 6.67% | 04/2031 | 7272 | 7242 | 7278 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.00% | 7.67% | 12/2028 | 3820 | 3820 | 3827 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.50% | 8.20% | 12/2028 | 1266 | 1230 | 1268 |
| Neon Maple Purchaser Inc. | Financial Services & Technology | SOFR(M) | 2.50% | 6.17% | 11/2031 | 2222 | 2224 | 2180 |
| Nexus Buyer LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.67% | 07/2031 | 8886 | 8843 | 8631 |
| Nielsen Consumer, Inc. | Business Services | SOFR(M) | 2.25% | 5.92% | 10/2030 | 3672 | 3503 | 3631 |
| Oak-Eagle Acquireco, Inc. | Consumer Services | SOFR(M) | 3.50% | 7.16% | 03/2033 | 1962 | 1933 | 1953 |
| Oceankey (U.S.) II Corp. | Software | SOFR(M) | 3.50% | 7.27% | 12/2028 | 9215 | 9218 | 8711 |
| Orbit Private Holdings I Ltd | Financial Services & Technology | SOFR(S) | 3.75% | 7.55% | 12/2031 | 5771 | 5749 | 5748 |
| Orion Advisor Solutions, Inc. | Financial Services & Technology | SOFR(Q) | 2.75% | 6.42% | 09/2030 | 2903 | 2887 | 2857 |
| Orion Midco Ltd | Financial Services & Technology | SOFR(Q) | 3.50% | 7.15% | 10/2032 | 5637 | 5631 | 5591 |
| Osaic Holdings, Inc. | Financial Services & Technology | SOFR(Q) | 2.50% | 6.20% | 07/2032 | 3550 | 3550 | 3490 |
| Osmose Utilities Services, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.25% | 7.03% | 06/2028 | 8852 | 8551 | 8719 |
| Outcomes Group Holdings, Inc. | Healthcare | SOFR(Q) | 3.00% | 6.67% | 05/2031 | 2822 | 2813 | 2826 |
| OVG Business Services, LLC | Business Services | SOFR(M) | 3.00% | 6.67% | 06/2031 | 1759 | 1750 | 1761 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 3.25% | 6.92% | 02/2029 | 5665 | 5440 | 4807 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 8.42% | 03/2031 | 3190 | 3179 | 2214 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 6.00% | 9.70% | 12/2029 | 2777 | 2676 | 2593 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 1.50%+2.50%/PIK | 7.85% | 12/2029 | 2133 | 2123 | 1516 |
| Pioneer AcquisitionCo, LLC | Business Services | SOFR(Q) | 3.25% | 6.96% | 10/2032 | 5046 | 5034 | 5076 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.20% | 12/2027 | 7920 | 7864 | 5965 |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_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)** |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 6.95% | 10/2030 | $9683 | $9543 | $7381 |
| Pushpay USA Inc. | Financial Services & Technology | SOFR(Q) | 3.75% | 7.45% | 08/2031 | 8831 | 8835 | 8654 |
| Quartz AcquireCo, LLC | Business Services | SOFR(Q) | 2.25% | 5.95% | 06/2030 | 1108 | 1104 | 928 |
| RealPage, Inc. | Software | SOFR(Q) | 3.00% | 6.96% | 04/2028 | 3526 | 3519 | 3387 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 7.45% | 04/2028 | 4084 | 4009 | 3977 |
| Relativity Intermediate HoldCo LLC | Software | SOFR(M) | 2.75% | 6.42% | 01/2033 | 2487 | 2480 | 2463 |
| Rithum Holdings, Inc. (fka CommerceHub, Inc.) | Software | SOFR(Q) | 4.75% | 8.45% | 07/2032 | 10035 | 9967 | 9571 |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 5.00% | 8.67% | 12/2030 | 3283 | 3220 | 3279 |
| Salas O'Brien, Inc. | Manufacturing | SOFR(M) | 2.75% | 6.42% | 01/2033 | 3593 | 3576 | 3593 |
| Secretariat Advisors LLC | Business Services | SOFR(Q) | 4.00% | 7.70% | 02/2032 | 6281 | 6257 | 6187 |
| Secure Acquisition, Inc. | Packaging | SOFR(Q) | 3.75% | 7.45% | 12/2028 | 1077 | 1079 | 1079 |
| SonarSource Financing, LLC | Software | SOFR(Q) | 4.50% | 8.17% | 12/2030 | 7100 | 6997 | 6532 |
| Sovos Compliance, LLC (fka Taxware, LLC) | Software | SOFR(M) | 3.25% | 6.92% | 08/2029 | 6694 | 6644 | 6379 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 3.25% | 6.95% | 10/2030 | 10128 | 10045 | 10063 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 5.25% | 9.17% | 07/2026 | 4927 | 4907 | 4896 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 7.25% | 11.17% | 07/2026 | 2220 | 2211 | 2220 |
| Storable, Inc. | Software | SOFR(M) | 3.25% | 6.92% | 04/2031 | 5575 | 5548 | 5364 |
| Summit Acquisition Inc. | Business Services | SOFR(M) | 3.50% | 7.17% | 10/2031 | 748 | 746 | 748 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.27% | 12/2027 | 3640 | 3637 | 2584 |
| Team.blue Finco SARL | Software | SOFR(Q) | 3.25% | 6.95% | 07/2032 | 7202 | 7188 | 6891 |
| Tegra118 Wealth Solutions, Inc. | Financial Services & Technology | SOFR(Q) | 4.00% | 7.67% | 01/2033 | 7322 | 7264 | 7182 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(Q) | 4.00% | 7.93% | 05/2028 | 5831 | 5820 | 5365 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 7.95% | 08/2028 | 8594 | 8590 | 8430 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.17% | 08/2032 | 1474 | 1477 | 1475 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.17% | 02/2031 | 884 | 886 | 885 |
| Tricorbraun Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.92% | 03/2031 | 7064 | 7040 | 6732 |
| UKG Inc. | Software | SOFR(Q) | 2.50% | 6.17% | 02/2031 | 3445 | 3383 | 3298 |
| US Fertility Enterprises, LLC | Healthcare | SOFR(Q) | 3.50% | 7.17% | 12/2032 | 4378 | 4357 | 4377 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 8.93% | 10/2028 | 6943 | 6983 | 6872 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50%+2.25%/PIK | 7.54% | 10/2028 | 2325 | 2325 | 1749 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(M) | 4.00% | 7.67% | 10/2031 | 7725 | 7705 | 7726 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 3.75% | 7.45% | 07/2029 | 7063 | 7056 | 7024 |
| VT Topco, Inc. | Business Services | SOFR(M) | 3.00% | 6.67% | 08/2030 | 7346 | 7241 | 7148 |
| Xplor T1, LLC | Financial Services & Technology | SOFR(Q) | 3.50% | 7.17% | 12/2032 | 12537 | 12486 | 11691 |
| Zelis Cost Management Buyer, Inc. | Healthcare | SOFR(M) | 3.25% | 6.92% | 11/2031 | 12362 | 12364 | 11993 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 8.92% | 02/2028 | 3874 | 3815 | 3874 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 9.32% | 03/2028 | 9600 | 9526 | 9472 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 9.32% | 03/2028 | 2110 | 2094 | 2082 |
| **Total Funded Investments** |  |  |  |  |  | $**694081** | $**688729** | $**655177** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| Citrin Cooperman Advisors LLC | Financial Services & Technology |  |  |  | 04/2027 | $1364 | $(14) | $(65) |
| Cohnreznick Advisory LLC | Financial Services & Technology |  |  |  | 03/2027 | 445 | (1) | (12) |
| HIG Operations Holdings, Inc. | Business Services |  |  |  | 09/2026 | 1236 |  |  |
| Salas O'Brien, Inc. | Manufacturing |  |  |  | 01/2028 | 464 | (1) |  |
| Secretariat Advisors LLC | Business Services |  |  |  | 02/2027 | 764 |  | (11) |
| US Fertility Enterprises, LLC | Healthcare |  |  |  | 12/2027 | 663 | (3) |  |
|  |  |  |  |  |  | $**4936** | $**(19)** | $**(88)** |
|  |  |  |  |  |  | $**699017** | $**688710** | $**655089** |

---

------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

(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 March 31, 2026.

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

(3)Investment is on non-accrual status as of March 31, 2026.

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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry (3)** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| **Funded Investments - First lien** | | | | | | | | |
| Accelya Lux Finco S.a r.l. | Business Services | SOFR(Q) | 5.25% | 8.92% | 10/2032 | $10498 | $10292 | $10466 |
| ADG, LLC | Healthcare | SOFR(Q) | 1.00% +3.00%/PIK | 7.82% | 09/2026 | 18217 | 18215 | 14574 |
| ADMI Corp. (aka Aspen Dental) | Healthcare | SOFR(M) | 3.75% | 7.58% | 12/2027 | 1795 | 1792 | 1708 |
| AmSpec Parent, LLC | Energy | SOFR(Q) | 3.50% | 7.17% | 12/2031 | 5519 | 5514 | 5547 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 8.07% | 08/2028 | 9593 | 9542 | 9622 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.97% | 09/2030 | 1809 | 1759 | 1811 |
| Asurion, LLC | Business Services | SOFR(M) | 4.25% | 7.97% | 09/2030 | 992 | 979 | 994 |
| athenahealth Group Inc. | Healthcare | SOFR(M) | 2.75% | 6.47% | 02/2029 | 4722 | 4717 | 4737 |
| Bach Finance Limited | Education | SOFR(Q) | 2.75% | 6.57% | 01/2032 | 1595 | 1592 | 1602 |
| BCPE Empire Holdings, Inc. | Distribution & Logistics | SOFR(M) | 3.25% | 6.97% | 12/2030 | 8509 | 8473 | 8434 |
| Bella Holding Company, LLC | Healthcare | SOFR(M) | 3.00% | 6.72% | 05/2028 | 1737 | 1736 | 1746 |
| Berlin Packaging L.L.C. | Packaging | SOFR(M) | 3.25% | 7.11% | 06/2031 | 4927 | 4930 | 4944 |
| BIFM CA Buyer Inc. | Business Services | SOFR(M) | 3.25% | 6.97% | 05/2028 | 6611 | 6585 | 6664 |
| Boxer Parent Company Inc. | Software | SOFR(Q) | 3.00% | 6.82% | 07/2031 | 5216 | 5205 | 5208 |
| BradyPLUS Holdings, LLC | Distribution & Logistics | SOFR(Q) | 3.50% | 7.15% | 12/2032 | 3650 | 3596 | 3618 |
| BW Holding, Inc. | Packaging | SOFR(Q) | 6.50% | 10.34% | 12/2030 | 445 | 441 | 454 |
| Capstone Borrower, Inc. | Software | SOFR(Q) | 2.75% | 6.40% | 06/2030 | 1989 | 1979 | 1991 |
| Cardinal Parent, Inc. | Financial Services & Technology | SOFR(Q) | 4.50% | 8.32% | 11/2027 | 7046 | 6947 | 6898 |
| Chrysaor Bidco S.a r.l. | Financial Services & Technology | SOFR(Q) | 3.25% | 7.14% | 10/2031 | 1561 | 1561 | 1574 |
| Citrin Cooperman Advisors LLC | Financial Services & Technology | SOFR(Q) | 3.00% | 6.67% | 04/2032 | 4179 | 4173 | 4196 |
| Cleanova US Holdings LLC | Business Products | SOFR(Q) | 4.75% | 8.48% | 06/2032 | 11973 | 11846 | 11973 |
| Cloudera, Inc. | Software | SOFR(M) | 3.75% | 7.57% | 10/2028 | 9625 | 9524 | 9247 |
| Clydesdale Acquisition Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.97% | 04/2032 | 5521 | 5523 | 5525 |
| Cohnreznick Advisory LLC | Financial Services & Technology | SOFR(Q) | 3.50% | 7.17% | 03/2032 | 5475 | 5463 | 5513 |
| Confluence Technologies, Inc. | Software | SOFR(Q) | 3.75% | 7.57% | 07/2028 | 9600 | 9579 | 8058 |
| Confluence Technologies, Inc. | Software | SOFR(Q) | 5.00% | 8.85% | 07/2028 | 943 | 942 | 943 |
| Confluent Health, LLC | Healthcare | SOFR(M) | 4.00% | 7.83% | 11/2028 | 3082 | 3074 | 2758 |
| Confluent Medical Technologies, Inc. | Healthcare | SOFR(Q) | 3.00% | 6.67% | 02/2029 | 6740 | 6723 | 6799 |
| ConnectWise, LLC | Software | SOFR(Q) | 3.50% | 7.43% | 09/2028 | 6606 | 6614 | 6503 |
| Convey Health Solutions, Inc. | Healthcare | SOFR(Q) | 1.00% +3.94%/PIK | 8.71% | 07/2029 | 3509 | 3466 | 2562 |
| Cornerstone OnDemand, Inc. | Software | SOFR(M) | 3.75% | 7.58% | 10/2028 | 1809 | 1805 | 1668 |
| CVET Midco 2, L.P. | Distribution & Logistics | SOFR(Q) | 5.00% | 8.67% | 10/2029 | 6522 | 6402 | 5879 |
| Dealer Tire Financial, LLC | Distribution & Logistics | SOFR(M) | 3.00% | 6.72% | 07/2031 | 10376 | 10333 | 10402 |
| DG Investment Intermediate Holdings 2, Inc. | Business Services | SOFR(M) | 3.75% | 7.47% | 07/2032 | 7283 | 7264 | 7310 |
| Disco Parent, Inc. | Software | SOFR(Q) | 3.25% | 7.07% | 08/2032 | 4625 | 4614 | 4660 |
| Discovery Purchaser Corporation | Specialty Chemicals & Materials | SOFR(Q) | 3.75% | 7.61% | 10/2029 | 9227 | 8958 | 8889 |
| EAB Global, Inc. | Education | SOFR(M) | 3.00% | 6.72% | 08/2030 | 6876 | 6801 | 6131 |
| Eagle Parent Corp. | Business Services | SOFR(Q) | 4.25% | 7.92% | 04/2029 | 8844 | 8753 | 8878 |
| Eisner Advisory Group LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.72% | 02/2031 | 4976 | 4937 | 5017 |
| Embecta Corp. | Healthcare | SOFR(M) | 3.00% | 6.72% | 03/2029 | 1684 | 1688 | 1689 |
| Finastra USA, Inc. | Financial Services & Technology | SOFR(Q) | 4.00% | 7.72% | 09/2032 | 8255 | 8181 | 8097 |
| First Advantage Holdings, LLC | Business Services | SOFR(M) | 2.75% | 6.47% | 10/2031 | 1777 | 1759 | 1762 |
| Flash Charm, Inc. | Software | SOFR(Q) | 3.50% | 7.35% | 03/2028 | 9955 | 9924 | 9315 |

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------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry (3)** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| FNZ Group Entities Limited | Financial Services & Technology | SOFR(Q) | 5.00% | 8.90% | 11/2031 | $7216 | $7088 | $5742 |
| Forgent Intermediate IV LLC | Business Products | SOFR(M) | 3.25% | 6.90% | 12/2032 | 8118 | 8037 | 8077 |
| Foundational Education Group, Inc. | Education | SOFR(Q) | 3.75% | 7.85% | 08/2028 | 10930 | 10852 | 10105 |
| Groundworks, LLC | Business Services | SOFR(M) | 3.00% | 6.73% | 03/2031 | 6452 | 6297 | 6492 |
| Heartland Dental, LLC | Healthcare | SOFR(M) | 3.75% | 7.47% | 08/2032 | 9910 | 9886 | 9963 |
| Help/Systems Holdings, Inc. | Software | SOFR(Q) | 6.00% | 9.97% | 05/2029 | 6047 | 6039 | 5494 |
| HIG Operations Holdings, Inc. | Business Services | SOFR(M) | 4.50% | 8.22% | 06/2031 | 7123 | 7123 | 7123 |
| Houghton Mifflin Harcourt Company | Education | SOFR(M) | 5.25% | 9.07% | 04/2029 | 8172 | 7975 | 7233 |
| Inizio Group Limited | Healthcare | SOFR(Q) | 4.25% | 8.02% | 08/2028 | 9702 | 9595 | 9472 |
| Jones DesLauriers Insurance Management Inc. | Business Services | SOFR(Q) | 3.00% | 6.65% | 02/2033 | 1711 | 1707 | 1715 |
| Kaseya Inc. | Software | SOFR(M) | 3.00% | 6.72% | 03/2032 | 8152 | 8135 | 8169 |
| Kestra Advisor Services Holdings A, Inc. | Financial Services & Technology | SOFR(M) | 3.00% | 6.72% | 03/2031 | 2280 | 2277 | 2287 |
| KnowBe4, Inc. | Education | SOFR(Q) | 3.75% | 7.59% | 07/2032 | 8761 | 8762 | 8778 |
| LSCS Holdings, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.17% | 03/2032 | 10197 | 10144 | 10010 |
| LTR Intermediate Holdings, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.75% | 7.40% | 12/2032 | 5041 | 5016 | 5061 |
| Marcel Bidco LLC (Marcel Bidco GmbH) | Software | SOFR(M) | 3.00% | 6.93% | 11/2030 | 2019 | 1996 | 2032 |
| Mavis Tire Express Services Topco, Corp. | Retail | SOFR(M) | 3.00% | 6.72% | 05/2028 | 8493 | 8473 | 8533 |
| MED ParentCo, LP | Healthcare | SOFR(M) | 3.00% | 6.72% | 04/2031 | 7291 | 7259 | 7321 |
| Michael Baker International, LLC | Business Services | SOFR(Q) | 4.00% | 7.84% | 12/2028 | 3829 | 3829 | 3843 |
| Neon Maple Purchaser Inc. | Financial Services & Technology | SOFR(M) | 2.50% | 6.22% | 11/2031 | 1477 | 1483 | 1481 |
| Nexus Buyer LLC | Financial Services & Technology | SOFR(M) | 4.00% | 7.72% | 07/2031 | 8909 | 8864 | 8855 |
| Nielsen Consumer, Inc. | Business Services | SOFR(M) | 2.25% | 5.97% | 10/2030 | 3682 | 3504 | 3692 |
| Oceankey (U.S.) II Corp. | Software | SOFR(M) | 3.50% | 7.32% | 12/2028 | 9239 | 9243 | 9126 |
| Orbit Private Holdings I Ltd | Financial Services & Technology | SOFR(S) | 3.75% | 7.55% | 12/2031 | 5785 | 5763 | 5816 |
| Orion Advisor Solutions, Inc. | Financial Services & Technology | SOFR(Q) | 3.25% | 6.90% | 09/2030 | 955 | 956 | 962 |
| Orion Midco Ltd | Financial Services & Technology | SOFR(Q) | 3.50% | 7.43% | 10/2032 | 5237 | 5231 | 5267 |
| Osaic Holdings, Inc. | Financial Services & Technology | SOFR(S) | 3.00% | 6.60% | 07/2032 | 8883 | 8861 | 8930 |
| Osmose Utilities Services, Inc. | Specialty Chemicals & Materials | SOFR(M) | 3.25% | 7.08% | 06/2028 | 8875 | 8543 | 8742 |
| Outcomes Group Holdings, Inc. | Healthcare | SOFR(M) | 3.00% | 6.72% | 05/2031 | 2829 | 2819 | 2850 |
| OVG Business Services, LLC | Business Services | SOFR(M) | 3.00% | 6.72% | 06/2031 | 1763 | 1755 | 1769 |
| Pearls (Netherlands) Bidco B.V. | Specialty Chemicals & Materials | SOFR(Q) | 3.25% | 7.09% | 02/2029 | 5679 | 5436 | 5150 |
| Perforce Software, Inc. | Software | SOFR(M) | 4.75% | 8.47% | 03/2031 | 3198 | 3186 | 2715 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 6.00% | 9.67% | 12/2029 | 1784 | 1740 | 1492 |
| Physician Partners, LLC | Healthcare | SOFR(Q) | 1.50% +2.50%/PIK | 7.82% | 12/2029 | 2120 | 2109 | 1022 |
| Pioneer AcquisitionCo, LLC | Business Services | SOFR(Q) | 3.25% | 6.94% | 10/2032 | 5046 | 5033 | 5074 |
| Planview Parent, Inc. | Software | SOFR(Q) | 3.50% | 7.17% | 12/2027 | 7940 | 7876 | 7641 |
| Project Alpha Intermediate Holding, Inc. | Software | SOFR(Q) | 3.25% | 6.92% | 10/2030 | 9708 | 9561 | 9704 |
| Pushpay USA Inc. | Financial Services & Technology | SOFR(S) | 3.75% | 7.62% | 08/2031 | 8853 | 8858 | 8858 |
| Quartz AcquireCo, LLC | Business Services | SOFR(Q) | 2.25% | 5.92% | 06/2030 | 1477 | 1472 | 1477 |
| RealPage, Inc. | Software | SOFR(Q) | 3.00% | 6.93% | 04/2028 | 1940 | 1938 | 1941 |
| RealPage, Inc. | Software | SOFR(Q) | 3.75% | 7.42% | 04/2028 | 1985 | 1978 | 1994 |
| Rithum Holdings, Inc. (fka CommerceHub, Inc.) | Software | SOFR(Q) | 4.75% | 8.42% | 07/2032 | 10061 | 9990 | 10076 |
| HP PHRG Borrower, LLC | Consumer Services | SOFR(Q) | 4.00% | 7.67% | 02/2032 | 10597 | 10527 | 10553 |

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------

<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company and Type of Investment** | **Industry (3)** | **Reference** | **Spread** | **Interest Rate (1)** | **Maturity Date** | **Principal Amount or Par Value** | **Cost** | **Fair <br>Value (2)** |
| RxB Holdings, Inc. | Healthcare | SOFR(M) | 5.00% | 8.65% | 12/2030 | $3283 | $3218 | $3246 |
| Secretariat Advisors LLC | Business Services | SOFR(Q) | 4.00% | 7.67% | 02/2032 | 6110 | 6083 | 6134 |
| Secure Acquisition, Inc. | Packaging | SOFR(Q) | 3.75% | 7.42% | 12/2028 | 330 | 331 | 333 |
| SonarSource Financing, LLC | Software | SOFR(M) | 4.50% | 8.15% | 12/2030 | 7100 | 6994 | 7029 |
| Sovos Compliance, LLC (fka Taxware, LLC) | Software | SOFR(M) | 3.25% | 6.97% | 08/2029 | 5561 | 5566 | 5584 |
| Spring Education Group, Inc. | Education | SOFR(Q) | 3.25% | 6.92% | 10/2030 | 10154 | 10066 | 10225 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 5.25% | 9.40% | 07/2026 | 4940 | 4902 | 4868 |
| STATS Intermediate Holdings, LLC | Business Services | SOFR(Q) | 7.25% | 11.40% | 07/2026 | 2225 | 2210 | 2225 |
| Storable, Inc. | Software | SOFR(M) | 3.25% | 6.97% | 04/2031 | 3820 | 3818 | 3843 |
| Symplr Software, Inc. | Healthcare | SOFR(Q) | 4.50% | 8.44% | 12/2027 | 3650 | 3646 | 3109 |
| Team.blue Finco SARL | Software | SOFR(Q) | 3.25% | 6.92% | 07/2032 | 7220 | 7205 | 7267 |
| Therapy Brands Holdings LLC | Healthcare | SOFR(M) | 4.00% | 7.83% | 05/2028 | 5847 | 5834 | 5412 |
| Thermostat Purchaser III, Inc. | Business Services | SOFR(Q) | 4.25% | 7.92% | 08/2028 | 8617 | 8612 | 8602 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.22% | 08/2032 | 1477 | 1481 | 1485 |
| TransDigm Inc. | Manufacturing | SOFR(M) | 2.50% | 6.22% | 02/2031 | 886 | 889 | 891 |
| TRC Companies LLC | Business Services | SOFR(M) | 3.00% | 6.72% | 12/2028 | 5332 | 5318 | 5355 |
| Tricorbraun Holdings, Inc. | Packaging | SOFR(M) | 3.25% | 6.97% | 03/2031 | 7082 | 7057 | 6876 |
| US Fertility Enterprises, LLC | Healthcare | SOFR(M) | 3.50% | 7.22% | 12/2032 | 4378 | 4356 | 4400 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 5.25% | 8.99% | 10/2028 | 1641 | 1629 | 1660 |
| Valcour Packaging, LLC | Packaging | SOFR(M) | 1.50% +2.25%/PIK | 7.60% | 10/2028 | 2311 | 2311 | 1804 |
| Viant Medical Holdings, Inc. | Healthcare | SOFR(M) | 4.00% | 7.72% | 10/2031 | 7745 | 7724 | 7680 |
| VSTG Intermediate Holdings, Inc. | Business Services | SOFR(Q) | 3.75% | 7.42% | 07/2029 | 7082 | 7074 | 7082 |
| VT Topco, Inc. | Business Services | SOFR(M) | 3.00% | 6.87% | 08/2030 | 6865 | 6769 | 6781 |
| Xplor T1, LLC | Financial Services & Technology | SOFR(Q) | 3.50% | 7.29% | 12/2032 | 12569 | 12516 | 12600 |
| Zelis Cost Management Buyer, Inc. | Healthcare | SOFR(M) | 3.25% | 6.97% | 11/2031 | 12394 | 12395 | 12316 |
| Zest Acquisition Corp. | Healthcare | SOFR(Q) | 5.25% | 9.11% | 02/2028 | 3884 | 3822 | 3884 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 9.52% | 03/2028 | 9625 | 9543 | 9625 |
| Zone Climate Services, Inc. | Business Services | SOFR(Q) | 5.50% | 9.52% | 03/2028 | 2116 | 2098 | 2116 |
| **Total Funded Investments** |  |  |  |  |  | $**659603** | $**654884** | $**641435** |
| **Unfunded Investments - First lien** |  |  |  |  |  |  |  |  |
| Citrin Cooperman Advisors LLC | Financial Services & Technology |  |  |  | 04/2027 | $1364 | $(14) | $6 |
| Cohnreznick Advisory LLC | Financial Services & Technology |  |  |  | 03/2027 | 791 | (3) | 5 |
| HIG Operations Holdings, Inc. | Business Services |  |  |  | 09/2026 | 1236 |  |  |
| Secretariat Advisors LLC | Business Services |  |  |  | 02/2027 | 742 |  | 3 |
| US Fertility Enterprises, LLC | Healthcare |  |  |  | 12/2027 | 663 |  | 3 |
| **Total Unfunded Investments** |  |  |  |  |  | $**4796** | $**(17)** | $**17** |
| **Total Investments** |  |  |  |  |  | $**664399** | $**654867** | $**641452** |

---

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

---

| | | |
|:---|:---|:---|
| **Selected Consolidated Balance Sheet Information:** | **March 31, 2026** | **December 31, 2025** |
| Investments at fair value (cost of $688,710 and $654,867, respectively) | $655089 | $641452 |
| Cash and other assets | 17318 | 31324 |
| Receivable from unsettled securities sold | 603 |  |
| Total assets | $673010 | $672776 |
| Credit facility | $545137 | $471737 |
| Deferred financing costs (net of accumulated amortization of $4,440 and $4,022, respectively) | (4026) | (4444) |
| Payable for unsettled securities | 4826 | 66866 |
| Distribution payable | 13167 | 4826 |
| Other liabilities | 7882 | 6978 |
| Total liabilities | 566986 | 545963 |
| Members' capital | $106024 | $126813 |
| Total liabilities and members' capital | $673010 | $672776 |

---

---

| | | |
|:---|:---|:---|
| **Selected Consolidated Statement of Operations Information:** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest income | $12579 | $10077 |
| Other income | 164 | 30 |
| Total investment income | 12743 | 10107 |
| Interest and other financing expenses | 7788 | 5132 |
| Other expenses | 291 | 222 |
| Total expenses | 8079 | 5354 |
| Net investment income | 4664 | 4753 |
| Net realized losses on investments | (421) | (229) |
| Net change in depreciation of investments | (20206) | (3763) |
| Net (decrease) increase in members' capital | $(15963) | $761 |

---

For the three months ended March 31, 2026 and March 31, 2025, the Company earned approximately $3,794 and $3,934, respectively, of dividend income related to SLP IV, which is included in dividend income. As of March 31, 2026 and December 31, 2025, approximately $3,794 and $3,794, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

***Unconsolidated Significant Subsidiaries***

In accordance with Regulation S-X Rule 1-02(w)(2), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as "significant subsidiaries." This determination is made based upon an analysis performed under Rule 10-01(b)(1). As of March 31, 2026, SLP III is considered a significant unconsolidated subsidiary under

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Regulation S-X Rule 10-01(b)(1). Based on the requirements under Regulation S-X Rule 10-01(b)(1), the summarized financial information of SLP III is shown above.

***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 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

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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1498657 | $— | $63335 | $1435322 |
| Second lien | 80889 |  | 7791 | 73098 |
| Subordinated | 93449 |  |  | 93449 |
| Structured Finance Obligations | 3186 |  |  | 3186 |
| Equity and other | 637198 |  |  | 637198 |
| Total investments | $2313379 | $— | $71126 | $2242253 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1818215 | $— | $43579 | $1774636 |
| Second lien | 91179 |  |  | 91179 |
| Subordinated | 121487 |  |  | 121487 |
| Structured Finance Obligations | 3277 |  |  | 3277 |
| Equity and other | 707855 |  |  | 707855 |
| Total investments | $2742013 | $— | $43579 | $2698434 |

---

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Structured Finance Obligations** | **Equity and<br>other** |
| **Fair Value, December 31, 2025** | $2698434 | $1774636 | $91179 | $121487 | $3277 | $707855 |
| Total gains or losses included in earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized losses on investments | (30690) | (27361) |  | (2089) |  | (1240) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (37306) | (21807) | (5003) | (3944) | (91) | (6461) |
| Purchases, including capitalized PIK and revolver fundings | 113820 | 93817 | 2206 | 3308 |  | 14489 |
| Proceeds from sales and paydowns of investments | (493341) | (390583) |  | (25313) |  | (77445) |
| Transfers into Level III(1) | 6620 | 6620 |  |  |  |  |
| Transfers out of Level III(1) | (15284) |  | (15284) |  |  |  |
| **Fair Value, March 31, 2026** | $2242253 | $1435322 | $73098 | $93449 | $3186 | $637198 |
| Net change in unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(38762) | $(22598) | $(5003) | $(3944) | $(91) | $(7126) |

---

(1)As of March 31, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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 | 37668 | 67 | (2229) |  |  | 39830 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (47770) | (712) | (128) | 163 |  | (47093) |
| Purchases, including capitalized PIK and revolver fundings(1) | 203575 | 125756 | 4255 | 2751 |  | 70813 |
| Proceeds from sales and paydowns of investments(1) | (227559) | (98076) | (27228) |  |  | (102255) |
| Transfers into Level III(2) | 3232 |  |  |  | 3232 |  |
| **Fair Value, March 31, 2025** | $2956224 | $1929645 | $125004 | $104948 | $3232 | $793395 |
| 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: | $(61) | $(668) | $(416) | $163 | $— | $860 |

---

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three months ended March 31, 2026 and March 31, 2025. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.

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

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

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

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

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

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

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

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2026 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of March 31, 2026** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average(1)** |
| First lien | $1427389 | Market & Income Approach | EBITDA multiple | 6.0x | 25.0x | 13.4x |
|  |  |  | Revenue multiple | 2.0x | 13.0x | 7.1x |
|  |  |  | Discount rate | 5.3% | 24.1% | 9.5% |
|  | 7933 | Other | N/A(2) | N/A | N/A | N/A |
| Second lien | 61928 | Market & Income Approach | EBITDA multiple | 12.0x | 16.0x | 14.0x |
|  |  |  | Discount rate | 10.3% | 18.3% | 14.8% |
|  | 11170 | Other | N/A(2) | N/A | N/A | N/A |
| Subordinated | 93449 | Market & Income Approach | EBITDA multiple | 7.5x | 18.0x | 12.6x |
|  |  |  | Discount rate | 12.1% | 18.9% | 15.6% |
| Structured Finance Obligations | 3186 | Income Approach | Discount Rate | 11.1% | 11.1% | 11.1% |
| Equity and other | 251379 | Market & Income Approach | EBITDA multiple | 6.0x | 24.0x | 11.3x |
|  |  |  | Revenue multiple | 6.6x | 8.5x | 7.0x |
|  |  |  | Discount rate | 8.2% | 38.6% | 18.3% |
|  | 385819 | Income Approach | Discount rate | 6.2% | 14.0% | 10.7% |
|  | $2242253 |  |  |  |  |  |

---

(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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<u>[Table of](#i41b720316de54481b9c69d807cac7788_10)</u><u>[Contents](#i41b720316de54481b9c69d807cac7788_10)</u>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of December 31, 2025** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average(1)** |
| First lien | $1765624 | Market & income approach | EBITDA multiple | 5.0x | 31.3x | 14.3x |
|  |  |  | Revenue multiple | 4.0x | 19.5x | 10.3x |
|  |  |  | Discount rate | 6.1% | 21.6% | 9.1% |
|  | 9012 | Other | N/A(2) | N/A | N/A | N/A |
| Second lien | 84722 | Market & income approach | EBITDA multiple | 14.0x | 18.0x | 16.0x |
|  |  |  | Discount rate | 9.4% | 15.8% | 13.5% |
|  | 6457 | Other | N/A(2) | N/A | N/A | N/A |
| Subordinated | 121487 | Market & income approach | EBITDA multiple | 7.0x | 20.0x | 13.4x |
|  |  |  | Discount rate | 11.7% | 18.9% | 14.1% |
| Structured Finance Obligations | 3277 | Income approach | Discount rate | 10.5% | 10.5% | 10.5% |
| Equity and other | 320328 | Market & income approach | EBITDA multiple | 5.5x | 21.7x | 11.7x |
|  |  |  | Revenue multiple | 8.5x | 10.5x | 9.0x |
|  |  |  | Discount rate | 9.3% | 20.2% | 11.7% |
|  | 387527 | Income approach | Discount rate | 6.3% | 15.7% | 11.4% |
|  | $2698434 |  |  |  |  |  |

---

(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 March 31, 2026 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| Unsecured Notes | $790000 | $789268 | $990000 | $1002356 |
| Holdings Credit Facility | 354446 | 352673 | 420063 | 419981 |
| SBA-guaranteed debentures | 169255 | 143559 | 196205 | 175141 |
| NMFC Credit Facility (1) | 30545 | 30490 | 81074 | 81097 |
| Total Borrowings | $1344246 | $1315990 | $1687342 | $1678575 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 2026, the principal amount of the NMFC Credit Facility was $30,545, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of March 31, 2026, the fair value of the NMFC Credit Facility was $30,490, which included €16,481 denominated in EUR and £8,652 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the principal amount of the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the fair value of the NMFC Credit Facility was

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

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of March 31, 2026. The Company's derivative instruments are considered Level II investments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **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 | $2958 | $(1936) | $600000 | $5647 | $(366) |
| Total derivatives designated as hedging instruments | 600000 | 2958 | (1936) | 600000 | 5647 | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivatives | 600000 | 2958 | (1936) | 600000 | 5647 | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net derivatives(1)** | $**600000** | $**1022** | $**—** | $**600000** | $**5281** | $**—** |

---

(1)As of March 31, 2026, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $1,022 and a collateral balance of $10,080, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,281 and a collateral balance $14,630, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of March 31, 2026 and December 31, 2025, if the Company had elected to offset, the net amount would be $0 and $0, respectively.

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

**Note 5. Agreements**

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

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

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

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Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three months ended March 31, 2026 and March 31, 2025, management fees waived were $0 and approximately $288, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter, subject to a "preferred return", or "hurdle", and a "catch-up" feature. "Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the "Administration Agreement"), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of March 31, 2026), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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

&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 months ended March 31, 2026 and March 31, 2025, incentive fees waived were approximately $6,103 and $1,534, respectively.

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

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

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The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Management fee | $8154 | $10233 |
| Less: management fee waiver |  | (288) |
| **Total net management fee** | 8154 | 9945 |
| Incentive fee, excluding accrued capital gains incentive fees | 6103 | 8247 |
| Less: incentive fee waiver | (6103) | (1534) |
| **Total net incentive fee** | $— | 6713 |
| Accrued capital gains incentive fees(1) | $— | $— |

---

(1)As of March 31, 2026 and March 31, 2025, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on February 11, 2026 for a period of 12 months commencing on March 1, 2026. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2026 and March 31, 2025, approximately $598 and $640, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of March 31, 2026 and December 31, 2025, approximately $605 and $610, respectively, of indirect administrative expenses were included in payable to affiliates. For the three months ended March 31, 2026 and March 31, 2025, the reimbursement to the Administrator represented approximately 0.02% and 0.02%, 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 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.

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

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

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

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

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

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

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

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

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

NMFC and SBIC I are parties to an intercompany promissory note (the "Intercompany Note"). The Intercompany Note had an initial principal balance of $59,000 and the purpose is to fund the repayment of the SBA guaranteed-debentures issued by SBIC I. Under the terms of the Intercompany Note, no fees or interest are payable to NMFC. For the purposes of the consolidated financial statements, all balances and transactions related to the Intercompany Note are eliminated. As of March 31, 2026, the Intercompany Note had a principal balance of $27,200.

**Note 7. Borrowings**

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures issued by SBIC I, SBIC II and SBIC III, if any, from the definition of "senior security" for the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of March 31, 2026, the Company's asset coverage ratio was 189.0%.

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

As of March 31, 2026, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $450,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

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

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest expense | $6440 | $5033 |
| Non-usage fee | $277 | $578 |
| Amortization of financing costs | $2189 | $577 |
| Weighted average interest rate | 5.6% | 6.5% |
| Effective interest rate | 7.8% | 8.1% |
| Average debt outstanding | $460092 | $310636 |

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As of March 31, 2026 and December 31, 2025, the outstanding balance on the Holdings Credit Facility was $354,446 and $420,063, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.

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

As of March 31, 2026, the maximum amount of revolving borrowings available under the NMFC Credit Facility is $527,100. As of the amendment and restatement on September 30, 2024, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $638,500, of which $527,100 had been committed by Extending Lenders and $111,400 had been committed by Non-Extending Lenders. On May 7, 2025, all outstanding borrowings attributed to the Non-Extending Lenders were fully repaid and the $111,400 committed by Non-Extending Lenders was terminated. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

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

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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 months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest expense | $1526 | $376 |
| Non-usage fee | $387 | $574 |
| Amortization of financing costs | $204 | $184 |
| Weighted average interest rate | 5.4% | 5.3% |
| Effective interest rate | 7.5% | 16.2% |
| Average debt outstanding | $113897 | $28302 |

---

As of March 31, 2026, the outstanding balance on the NMFC Credit Facility was $30,545, which included €16,512 denominated in Euro ("EUR") and £8,666 denominated in British Pound Sterling ("GBP") that has been translated to U.S. dollars. As of December 31, 2025, the outstanding balance on the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars.

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

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

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

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

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

Prior to the maturity of the 2022 Convertible Notes, the conversion rate was be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases

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in dividends, were subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event would the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company had determined that the embedded conversion option in the 2022 Convertible Notes was not required to be separately accounted for as a derivative under GAAP.

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

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2022 Convertible Notes for the three months ended March 31, 2025:

---

| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2025 (1)** |
| Interest expense | $4865 |
| Amortization of financing costs | $426 |
| Amortization of premium | $(17) |
| Weighted average interest rate | 7.5% |
| Effective interest rate | 8.1% |
| Average debt outstanding | $259514 |

---

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

***Unsecured Notes***

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

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

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

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

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

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

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

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

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

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 months ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest expense(1) | $13930 | $15395 |
| Amortization of financing costs | $777 | $802 |
| Amortization of discount | $307 | $307 |
| Weighted average interest rate | 6.5% | 6.5% |
| Effective interest rate | 7.0% | 6.7% |
| Average debt outstanding | $854444 | $990000 |

---

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

As of March 31, 2026 and December 31, 2025, the outstanding balance on the Unsecured Notes was $787,704 and $991,585, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.

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

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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 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** |
| | **March 31, 2026** | **March 31, 2025** |
| (Losses) gains on fair value hedging relationship: |  |  |
| Interest rate swap contract: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (expense) recognized on derivative | $7 | $(928) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Losses) gains recognized on derivative | (4259) | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) recognized on hedged item | 4188 | (6417) |
| Net expense recognized on fair value hedge | $(64) | $(173) |

---

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 March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **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;February 2029 Notes | $300502 | $(2267) | $303000 | $(4918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2027 Notes | $297202 | $1833 | $298585 | $296 |

---

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

The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a net asset position on March 31, 2026 was $1,022 and a net asset position on December 31, 2025 was $5,281, respectively, for which Morgan Stanley Bank N.A. had posted collateral of $10,080 and $14,630, respectively. The Company does not have any derivatives that are not designated as hedging instruments.

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

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

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

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

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

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

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

The following table summarizes the Company's SBA-guaranteed debentures as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuance Date** | **Maturity Date** | **Debenture Amount** | **Interest Rate** | **SBA Annual Charge** |
| **Fixed SBA-guaranteed debentures(1):** | | | | |
| 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 | 2000 | 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** |  | $**169255** |  |  |

---

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

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

Prior to pooling, the SBA-guaranteed debentures bear interest at an interim interest rate equal to the Federal Home Loan Bank of Chicago's Fixed Regular Advance Rate (Bank Advance Rate), plus 41 basis points. Once pooled, which occurs 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 months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest expense | $1105 | $1907 |
| Amortization of financing costs | $263 | $237 |
| Weighted average interest rate | 2.4% | 2.7% |
| Effective interest rate | 3.0% | 3.0% |
| Average debt outstanding | $186922 | $287083 |

---

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

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

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

**Note 8. Regulation**

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

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

**Note 9. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2026, the Company had unfunded commitments on revolving credit facilities of $127,326, which included €1,196 denominated in EUR that has been translated to U.S. dollars, no outstanding bridge financing commitments and other future funding commitments of $63,117, including €6,411 denominated in EUR that has been translated to U.S. dollars. As of December 31, 2025, the Company had unfunded commitments on revolving credit facilities of $133,534, which included €1,092 denominated in EUR that has been translated to U.S. dollars, no outstanding bridge financing commitments and other future funding commitments of $77,602, which included €6,411 denominated in EUR that has been translated to U.S. dollars. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments.

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

The Company may from time to time enter into financing commitment letters. As of March 31, 2026 and December 31, 2025, the Company had commitment letters to purchase investments in the aggregate par amount of $45,998 and $4,727, respectively, which could require funding in the future.

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**Note 10. Net Assets**

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2026:

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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, 2025 | 102638388 | $1079 | $(51952) | $1354726 | $192583 | $(98121) | $(216138) | $1182177 | $6079 | $1188256 |
| Repurchases of common<br>stock under the<br>repurchase programs | (7063237) |  | (56597) |  |  |  |  | (56597) |  | (56597) |
| Distributions declared |  |  |  |  | (31150) |  |  | (31150) | (90) | (31240) |
| Contributions related to non-controlling interest in NMNLC |  |  |  |  |  |  |  |  | 300 | 300 |
| Net increase (decrease) in net assets resulting from operations |  |  |  |  | 30517 | (32010) | (49435) | (50928) | 179 | (50749) |
| Net assets at March 31, 2026 | 95575151 | $1079 | $(108549) | $1354726 | $191950 | $(130131) | $(265573) | $1043502 | $6468 | $1049970 |

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 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>**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, 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 |

---

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

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

During the three months ended March 31, 2026, approximately $56,597 of common stock was repurchased under the Repurchase Program. As of March 31, 2026, approximately $38,504 remained available under the Repurchase Program.

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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.

For the three months ended March 31, 2026 and March 31, 2025, the Company did not sell any shares of common stock under the Distribution Agreement.

The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of March 31, 2026, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

**Note 11. Earnings (Loss) Per Share**

The following information sets forth the computation of basic and diluted net increase in the Company's net assets per share resulting from operations for the three months ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Earnings per share—basic** | | |
| Numerator for basic (loss) earnings per share: | $(50928) | $23413 |
| Denominator for basic weighted average share: | 100476895 | 107851415 |
| Basic (loss) earnings per share: | $(0.51) | $0.22 |
| **Earnings per share—diluted(1)** |  |  |
| Numerator for increase in net assets per share | $(50928) | $23413 |
| Adjustment for interest on 2022 Convertible Notes and incentive fees, net (2)(3) |  | 4062 |
| Numerator for diluted (loss) earnings per share: | $(50928) | $27475 |
| Denominator for basic weighted average share | 100476895 | 107851415 |
| Adjustment for dilutive effect of 2022 Convertible Notes(2) |  | 19001496 |
| Denominator for diluted weighted average share | 100476895 | 126852911 |
| Diluted (loss) earnings per share: | $(0.51) | $0.22 |

---

(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 months ended March 31, 2026 and the three months ended March 31, 2025, there was anti-dilution.

(2)For the three months ended March 31, 2026, the Company did not hold any convertible notes.

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

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**Note 12. Financial Highlights**

The following information sets forth the Company's financial highlights for the three months ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Per share data(1): |  |  |
| Net asset value, January 1, 2026 and January 1, 2025, respectively | $11.52 | $12.55 |
| Net investment income | 0.30 | 0.32 |
| Net realized and unrealized losses(2) | (0.84) | (0.10) |
| Total net (decrease) increase | (0.54) | 0.22 |
| Repurchases of common stock | 0.26 |  |
| Distributions declared to stockholders from net investment income | (0.32) | (0.32) |
| Net asset value, March 31, 2026 and March 31, 2025, respectively | $10.92 | $12.45 |
| Per share market value, March 31, 2026 and March 31, 2025, respectively | $7.76 | $11.03 |
| Total return based on market value(3) | (12.24)% | 0.77% |
| Total return based on net asset value(4) | (2.45)% | 1.73% |
| Shares outstanding at end of period | 95575151 | 107851415 |
| Average weighted shares outstanding for the period | 100476895 | 107851415 |
| Average net assets for the period | $1163664 | 1353216 |
| Ratio to average net assets(5): |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 10.64% | 10.35% |
| &nbsp;&nbsp;&nbsp;Total expenses, before waivers/reimbursements | 15.43% | 15.84% |
| &nbsp;&nbsp;&nbsp;Total expenses, net of waivers/reimbursements | 13.30% | 15.29% |
| Average debt outstanding—Unsecured Notes | $854444 | $990000 |
| Average debt outstanding—Holdings Credit Facility | 460092 | 310636 |
| Average debt outstanding—SBA-guaranteed debentures | 186922 | 287083 |
| Average debt outstanding—NMFC Credit Facility(6) | 113897 | 28302 |
| Average debt outstanding—2022 Convertible Notes (7) |  | 259514 |
| Asset coverage ratio(8) | 188.98% | 186.95% |
| Portfolio turnover | 4.29% | 3.92% |

---

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

(2)Includes the (dilutive) accretive effect of common stock repurchases per share, which for the three months ended March 31, 2026 and March 31, 2025 was ($0.03) and $0.00, respectively

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

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

(5)Interim periods are annualized.

(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and March 31, 2025, the Company had borrowings denominated in EUR of €16,512 and €17,400, respectively, and borrowings denominated in GBP of £8,666 and £8,666, respectively, that have been translated to U.S. dollars.

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

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

**Note 13. Recent Accounting Standards Updates**

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

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes—Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company's 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 April 22, 2026, the Company's board of directors declared a second quarter 2026 distribution of $0.25 per share, payable on June 30, 2026 to holders of record as of June 16, 2026.

On April 28, 2026, the Company's board of directors authorized the repurchase of up to an additional $50,000 of the Company's common stock under the Repurchase Program. Giving effect to the increase, the Repurchase Program authorizes the Company to repurchase up to $150,000 worth of its common stock.

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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 March 31, 2026, the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

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

**Basis for Review Results**

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

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

/s/ DELOITTE & TOUCHE LLP

New York, New York

May 4, 2026

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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, 2025 and in this Quarterly Report on Form 10-Q.

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

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

**Overview**

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through March 31, 2026, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.

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

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

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

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

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

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

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

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

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

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

Our portfolio may be concentrated in a limited number of industries. As of March 31, 2026, our top five industry concentrations were business services, healthcare, software, investment funds (which includes our investments in our joint ventures) and consumer services.

As of March 31, 2026, our net asset value was approximately $1,043.5 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $2,313.4 million in 114 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 11.1% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.5%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized

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

**Recent Developments**

On April 22, 2026, our board of directors declared a second quarter 2026 distribution of $0.25 per share payable on June 30, 2026 to holders of record as of June 16, 2026.

On April 28, 2026, our board of directors authorized the repurchase of up to an additional $50.0 million of our common stock under the Repurchase Program (as defined below). Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock.

**Critical Accounting Estimates**

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

***Basis of Accounting***

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For investments other than bonds, 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;

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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;&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.

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.

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 March 31, 2026.

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

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

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

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

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

See *Item 1*.—*Financial Statements and Supplementary Data*—*Note 4. Fair Value* in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of March 31, 2026.

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

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

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

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

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

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

As of March 31, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $976.7 million and $941.4 million, respectively, and debt outstanding under its credit facility of $821.7 million and $672.7 million, respectively. Additionally, as of March 31, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $7.1 million and $6.9 million, respectively.

During the first quarter of 2026, SLP III placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of March 31, 2026, SLP III's first lien positions in Convey had total unearned income of $0.2 million, for the three months then ended.

Below is a summary of SLP III's portfolio as of March 31, 2026 and December 31, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| (dollars in millions) | **March 31, 2026** | **December 31, 2025** |
| First lien investments (1) | $1041 | $972 |
| Weighted average interest rate on first lien investments (2) | 7.39% | 8.36% |
| Number of portfolio companies in SLP III | 111 | 105 |
| Largest portfolio company investment (1) | $20 | $20 |
| Total of five largest portfolio company investments (1) | $95 | $93 |

---

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

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

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

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

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

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

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

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

As of March 31, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $655.1 million and $641.5 million, respectively, and debt outstanding under its credit facility of $545.1 million and $471.7 million, respectively. As of March 31, 2026 and December 31, 2025, none of SLP IV's investments were on non-accrual. Additionally, as of March 31, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $4.9 million and $4.8 million, respectively.

During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of March 31, 2026, SLP IV's first lien positions in Convey had total unearned income of $0.1 million, for the three months then ended.

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

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| | | |
|:---|:---|:---|
| (dollars in millions) | **March 31, 2026** | **December 31, 2025** |
| First lien investments (1) | $699 | $664 |
| Weighted average interest rate on first lien investments (2) | 7.48% | 8.67% |
| Number of portfolio companies in SLP IV | 112 | 105 |
| Largest portfolio company investment (1) | $18 | $18 |
| Total of five largest portfolio company investments (1) | $65 | $64 |

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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 March 31, 2026 and December 31, 2025 and additional information on certain summarized financial information for SLP IV as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and March 31, 2025.

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***New Mountain Net Lease Corporation***

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of March 31, 2026.

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

Below is certain summarized property information for NMNLC as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Portfolio Company** |<br>**Tenant** | **Lease**<br>**Expiration Date** |<br>**Location** | **Total**<br>**Square Feet** | **Fair Value as of**<br>**March 31, 2026** |
|  |  |  |  | (in thousands) | (in millions) |
| NM NL Holdings LP / NM GP Holdco LLC | Various | Various | Various | Various | $114 |
| NM YI, LLC | Young Innovations, Inc. | 10/31/2039 | IL / MO | 212 | 9 |
|  |  |  |  |  | $123 |

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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 March 31, 2026 and December 31, 2025, 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 $5.7 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.

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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 March 31, 2026 and December 31, 2025, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $2.8 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 months ended March 31, 2026 and March 31, 2025 we recognized PIK interest from investments of approximately $5.1 million and $7.6 million, respectively, and PIK dividends from investments of approximately $5.3 million and $8.2 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 generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

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

**Monitoring of Portfolio Investments**

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

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

&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

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

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

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

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

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

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

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

The following table shows the Risk Rating of our portfolio companies as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Risk Rating** | **Cost** | **Percent** | **Fair Value** | **Percent** |
| Green | $2217.7 | 86.8% | $2117.0 | 91.4% |
| Yellow | 177.0 | 6.9% | 119.5 | 5.1% |
| Orange | 145.5 | 5.7% | 72.5 | 3.1% |
| Red | 15.4 | 0.6% | 10.1 | 0.4% |
| Total | $2555.6 | 100.0% | $2319.1 | 100.0% |

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As of March 31, 2026, all investments in our portfolio had a Green Risk Rating with the exception of eight 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 March 31, 2026, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of March 31, 2026, our positions in AAC on non-accrual status had total unearned interest income of $1.4 million for the three months then ended. As of March 31, 2026, 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 March 31, 2026, our second lien position in National HME had total unearned interest income of $0.5 million for the three months then ended. As of March 31, 2026, our investment in National HME had an Orange Risk Rating.

During the second quarter of 2024, we placed our investment in our junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of March 31, 2026, our junior preferred shares in Transcendia had total unearned income of $0.1 million for the three months then ended. As of March 31, 2026, our investment in Transcendia had a Green Risk Rating.

During the fourth quarter of 2025, we placed our investment in our preferred shares in ACI Parent Inc. ("Affordable Care") on non-accrual status. During the first quarter of 2026, we placed our first lien positions in Affordable Care on non-accrual status. As of March 31, 2026, our positions in Affordable Care had total unearned income of $1.4 million for the three months then ended. As of March 31, 2026, our investment in Affordable Care had an Orange Risk Rating.

During the fourth quarter of 2025, we placed our investment in our first lien positions in DCA Investment Holding, LLC ("DCA") on non-accrual status. As of March 31, 2026, our first lien positions in DCA had total unearned income of $0.1 million for the three months then ended. As of March 31, 2026, our investment in DCA had a Green Risk Rating.

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During the first quarter of 2026, we placed our first lien positions in Convey on non-accrual status. As of March 31, 2026,our first lien positions in Convey had total unearned income of $0.3 million, for the three months then ended. As of March 31, 2026, our investment in Convey had a Red Risk Rating.

During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of March 31, 2026, our investment in this security had a Yellow Risk Rating.

**Portfolio and Investment Activity**

The fair value of our investments, as determined in good faith by our board of directors, was approximately $2,313.4 million in 114 portfolio companies at March 31, 2026 and approximately $2,742.0 million in 113 portfolio companies at December 31, 2025.

The following table shows our portfolio and investment activity for the three months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Investments in 21 and 18 new and existing portfolio companies, respectively | $117.4 | $121.0 |
| Debt repayments in existing portfolio companies | 47.1 | 160.6 |
| Sales of securities in 17 and 3 portfolio companies, respectively | 444.9 | 26.3 |
| Change in unrealized appreciation on 24 and 25 portfolio companies, respectively | 22.1 | 12.0 |
| Change in unrealized depreciation on 89 and 85 portfolio companies, respectively | (63.6) | (61.1) |

---

***Asset Sale***

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

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

**Recent Accounting Standards Updates**

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

**Results of Operations for the Three Months Ended March 31, 2026 and March 31, 2025** 

***Revenue***

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Total interest income | $48.0 | $61.5 |
| Total dividend income | 19.0 | 21.0 |
| Other income | 1.8 | 3.2 |
| Total investment income | $68.8 | $85.7 |

---

Our total investment income decreased by approximately $16.9 million, or 20%, for the three months ended March 31, 2026 as compared to the same period in the prior year. For the three months ended March 31, 2026, total investment income of approximately $68.8 million consisted of approximately $41.5 million in cash interest from investments, approximately $5.1 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $1.4 million, approximately $13.7 million in cash dividends from investments, approximately $5.3 million in non-cash dividends from investments and approximately $1.8 million in other income. The decrease in interest income of approximately $13.5 million was primarily due to a lower invested asset base as a result of prior period repayments combined with the sale of assets to a third-party purchaser from the Asset Sale, which included full or partial investments in fifteen of our portfolio companies. The decrease in dividend income of approximately $1.9 million was primarily due to decrease in preferred equity investments held.

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Other income during the three months ended March 31, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 12 different portfolio companies.

***Operating Expenses***

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Management fee | $8.2 | $10.2 |
| Less: management fee waiver |  | (0.3) |
| Total net management fee | 8.2 | 9.9 |
| Incentive fee | 6.1 | 8.2 |
| Less: incentive fee waiver | (6.1) | (1.5) |
| Total net incentive fee |  | 6.7 |
| Interest and other financing expenses | 27.5 | 31.4 |
| Professional fees | 1.0 | 1.4 |
| Administrative expenses | 1.0 | 1.1 |
| Other general and administrative expenses | 0.5 | 0.5 |
| Total expenses | 38.2 | 51.0 |
| Income tax expense (benefit) | 0.0 | (0.0) |
| Net expenses after income taxes | $38.2 | $51.0 |

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

Our total net operating expenses decreased by approximately $12.8 million for the three months ended March 31, 2026 as compared to the same period in the prior year. Our total net management fee decreased by approximately $1.7 million for the three months ended March 31, 2026 as compared to the same period in prior year. The decrease in total net management fee was primarily attributable to a lower invested asset base. Our total net incentive fee decreased by approximately $6.7 million for the three months ended March 31, 2026 as compared to same period in prior year. Our full incentive fee was waived for the three months ended March 31, 2026.

Interest and other financing expenses decreased by approximately $3.9 million for the three months ended March 31, 2026 as compared to the same period in the prior year. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses remained relatively consistent period over period.

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Net realized (losses) gains on investments | $(32.0) | $37.8 |
| Net change in unrealized depreciation of investments | (41.6) | (49.1) |
| Net change in unrealized depreciation securities purchased under collateralized<br>agreements to resell | (7.8) |  |
| Net change in unrealized (depreciation) appreciation on foreign currency | (0.1) | 0.2 |
| Benefit (provision) for taxes | 0.1 | (0.0) |
| Net realized and unrealized losses | $(81.4) | $(11.1) |

---

Our net realized and unrealized losses resulted in a net loss of approximately $81.4 million for the three months ended March 31, 2026 compared to net realized gains and unrealized gains and losses resulting in a net loss of approximately $11.1 million for the same period in 2025. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended March 31, 2026 was primarily driven by realized losses due to the Asset Sale where we sold approximately $468.0 million of assets at 94% of the fair value of such assets as of December 31, 2025, unrealized depreciation in the collateralized agreement with PPVA Fund, L.P., PPVA Black Elk (Equity) LLC, SLP IV and Affordable Care, partially offset by unrealized appreciation in New Benevis Holdco, Inc. and UniTek Global Services, Inc. ("UniTek"). The provision for income taxes was attributable to equity investments that are held as of March 31, 2026 in five of our corporate subsidiaries. The net loss for the three months ended March 31, 2025 was primarily driven by unrealized depreciation in UniTek, TVG-Edmentum Holdings, LLC ("Edmentum")

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and New Permian Holdco, Inc., partially offset by unrealized appreciation in OA Buyer and HS Purchaser, LLC. The provision for income taxes was attributable to equity investments that are held as of March 31, 2025 in eight of our corporate subsidiaries. See *Monitoring of Portfolio Investments* above for more details regarding the health of our portfolio companies.

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Total investment income | $68.8 | $85.7 |
| Net expenses after income taxes | 38.2 | 51.0 |
| Net investment income | 30.6 | 34.6 |
| Less: Net investment income related to non-controlling interest in NMNLC | 0.1 | 0.1 |
| Net investment income related to NMFC | $30.5 | $34.5 |
| Net change in realized (losses) gains on investments | (32.0) | 37.8 |
| Less: Net change in realized losses on investments related to non-controlling interest in NMNLC |  |  |
| Net change in realized (losses) gains of investments related to NMFC | $(32.0) | $37.8 |
| Net change in unrealized depreciation of investments | (41.6) | (49.1) |
| Net change in unrealized depreciation of securities purchased under collateralized<br>agreements to resell | (7.8) |  |
| Net change in unrealized (depreciation) appreciation on foreign currency | (0.1) | 0.2 |
| Benefit (provision) for taxes | 0.1 | (0.0) |
| Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC | 0.1 | (0.0) |
| Net change in unrealized depreciation of investments related to NMFC | $(49.4) | $(48.9) |

---

**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 March 31, 2026, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures of SBIC I, SBIC II and SBIC III from the definition of "senior securities" in the asset coverage requirement applicable to us under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2022 Convertible 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 March 31, 2026, our asset coverage ratio was 189.0%.

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

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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 March 31, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $51.1 million and $80.7 million, respectively. Our cash provided by operating activities during the three months ended March 31, 2026 and March 31, 2025 was approximately $401.4 million and $103.9 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 months ended March 31, 2026 and March 31, 2025, we did not sell any shares of common stock under the Distribution Agreement.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of March 31, 2026, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50.0 million of our common stock. On October 23, 2025, our board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of our common stock (the "Repurchase Program").

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. 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.

During the fiscal year ended March 31, 2026, approximately $56.6 million of common stock was repurchased by us under the Repurchase Program. As of March 31, 2026, approximately $38.5 million remained available under the Repurchase Program.

**Off-Balance Sheet Agreements**

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of March 31, 2026 and December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $190.4 million, which included €7.6 million denominated in EUR that has been translated to U.S. dollars, and $211.1 million, which included €7.5 million denominated in EUR that has been translated to U.S. dollars, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of March 31, 2026 and December 31, 2025, we had commitment letters to purchase investments in an aggregate par amount of $46.0 million and $4.7 million, respectively. As of March 31, 2026 and December 31, 2025, we had not entered into any bridge financing commitments which could require funding in the future.

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**Contractual Obligations**

A summary of our significant contractual payment obligations as of March 31, 2026 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) | $790.0 | $— | $790.0 | $— | $— |
| Holdings Credit Facility(2) | 354.4 | 4.4 |  | 350.0 |  |
| SBA-guaranteed debentures(3) | 169.3 | 4.0 | 30.3 | 135.0 |  |
| NMFC Credit Facility(4) | 30.5 |  |  | 30.5 |  |
| Unsecured Management Company Revolver(5) |  |  |  |  |  |
| Total Contractual Obligations | $1344.2 | $8.4 | $820.3 | $515.5 | $— |

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

(2)Under the terms of the Holdings Credit Facility, all outstanding borrowings under that facility exceeding $350.0 million must be repaid on or before October 26, 2026 ($4.4 million outstanding as of March 31, 2026) and all remaining borrowings must be repaid on or before March 12, 2031 ($350.0 million outstanding as of March 31, 2026). As of March 31, 2026, there was approximately $95.6 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

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

(4)Under the terms of the $527.1 million NMFC Credit Facility, all outstanding borrowings under that facility ($30.5 million, which included €16.5 million denominated in EUR and £8.7 million denominated in GBP that have been translated to U.S. dollars as of March 31, 2026) must be repaid on or before September 28, 2029. As of March 31, 2026, there was approximately $496.6 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

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

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

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

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

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**Distributions and Dividends**

Distributions declared and paid to stockholders for the three months ended March 31, 2026 totaled approximately $31.2 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)** |
| ***December 31, 2026*** | | | | |
| &nbsp;&nbsp;&nbsp;First Quarter | February 11, 2026 | March 17, 2026 | March 31, 2026 | $0.32 |
|  |  |  |  | $0.32 |
| ***December 31, 2025*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fourth Quarter | October 28, 2025 | December 17, 2025 | December 31, 2025 | $0.32 |
| &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 |
|  |  |  |  | $1.28 |
| ***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 |

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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, 2025 and December 31, 2024, total distributions were $135.7 million and $147.2 million, respectively, of which the distributions were comprised of approximately 91.36% and 75.68%, respectively, of ordinary income, 0.00% and 0.00%, respectively, of qualified income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 8.64% and 24.32%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

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

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

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

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**Related Parties**

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

&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 on December 31, 2024, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of our gross assets. See *Item 1— Financial Statements—Note 5. Agreements* in this Quarterly Report on Form 10-Q for details.

&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 months ended March 31, 2026 approximately $0.6 million of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of March 31, 2026, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three months ended March 31, 2026, the reimbursement to the Administrator represented approximately 0.02% 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. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that superseded the prior order for exemptive relief (the "Exemptive Order") by the SEC. The Exemptive Order allows the Company to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o)

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

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

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

NMFC and SBIC I are parties to an intercompany promissory note (the "Intercompany Note"). The Intercompany Note had an initial principal balance of $59.0 million and the purpose is to fund the repayment of the SBA guaranteed-debentures issued by SBIC I. Under the terms of the Intercompany Note, no fees or interest are payable to NMFC. For the purposes of the consolidated financial statements, all balances and transactions related to the Intercompany Note are eliminated. As of March 31, 2026, the Intercompany Note had a principal balance of $27.2 million.

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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 held interest rates flat in January, March and April of 2026 after previously decreasing interest rates by 0.25% in each of September, October and December 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. 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 and dividend income and potentially adversely affecting our operating results. During the three months ended March 31, 2026, certain of the investments held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of March 31, 2026, approximately 88.47% 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 11.53% 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 March 31, 2026. 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 March 31, 2026. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2026, and are only adjusted for assumed changes in the underlying base interest rates.

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

---

| | |
|:---|:---|
| **Change in Interest Rates** | **Estimated<br>Percentage<br>Change in Interest and Dividend<br>Income Net of<br>Interest Expense (unaudited)** |
| -200 Basis Points | (12.04)% |
| -150 Basis Points | (9.03)% |
| -100 Basis Points | (6.02)% |
| -50 Basis Points | (3.01)% |
| +50 Basis Points | 3.01% |
| +100 Basis Points | 6.02% |
| +150 Basis Points | 9.03% |
| +200 Basis Points | 12.04% |

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

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

As of March 31, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

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

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

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

**Item 1.&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 March 31, 2026. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

**Item 1A. Risk Factors**

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

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**Item 2.&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 March 31, 2026.

**Issuer Purchases of Equity Securities**

***Dividend Reinvestment Plan***

During the three months ended March 31, 2026, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 219,579 shares of our common stock for approximately $2.0 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 three months ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(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 2026 | 219579 | $9.27 |  | $— |
| February 2026 |  |  |  |  |
| March 2026 |  |  |  |  |
| Total | 219579 | $9.27 |  | $— |

---

***Stock Repurchase Program***

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). On October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of the Company's 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 March 31, 2026, approximately $38.5 million remained available under the Repurchase Program.

The following table outlines repurchases of our common stock under the Repurchase Program during the three months ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(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 2026 | 315201 | 8.72 | 315201 | $92351 |
| February 2026 | 1854612 | 8.19 | 1854612 | 77168 |
| March 2026 | 4893424 | 7.90 | 4893424 | 38504 |
| Total | 7063237 | $8.01 | 7063237 |  |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Amount includes commissions paid.

On April 28, 2026, the Company's board of directors authorized the repurchase program of up to an additional $50.0 million of the Company's common stock under the Repurchase Program. Giving effect to the increase, the Repurchase Program authorizes the Company to repurchase up to $150.0 million worth of its common stock, and there is approximately $79.5 million remaining available under the Repurchase Program as of the date of this report.

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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:

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| | |
|:---|:---|
| **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>[Fifteenth Amended and Restated Loan and Security Agreement, dated as of March 12, 2026, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian\*](wells-newmountainnmfcxam.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-033126xex311.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-033126xex312.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-033126xex321.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-033126xex322.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 May 4, 2026.

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| | |
|:---|:---|
| 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)* |

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## Exhibit 10.1

![](wells-newmountainnmfcxam001.jpg)

EXECUTION VERSION FIFTEENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment"), dated as of March 12, 2026 (the "Amendment Date"), among NEW MOUNTAIN FINANCE HOLDINGS, L.L.C., a Delaware limited liability company (the "Borrower"), NEW MOUNTAIN FINANCE CORPORATION, a Delaware corporation (the "Collateral Manager") and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (in such capacity, the "Administrative Agent") and as a lender, the lenders signatory hereto (each a "Lender" and, collectively, the "Lenders"). WHEREAS, the Borrower, the Collateral Manager, the Administrative Agent, the Swingline Lender, the other Lenders party from time to time thereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral custodian are parties to the Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended from time to time prior to the date hereof, the "Loan and Security Agreement"), providing, among other things, for the making and the administration of the Advances by the Lenders to the Borrower; and WHEREAS, the Borrower, the Collateral Manager, the Administrative Agent and the Lenders desire to amend the Loan and Security Agreement in accordance with Section 12.1 thereof and subject to the terms and conditions set forth herein. NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: ARTICLE I Definitions SECTION 1.1. Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan and Security Agreement. ARTICLE II Amendment SECTION 2.1. As of the Amendment Date, the Loan and Security Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages attached as Appendix A hereto. SECTION 2.2. As of the Amendment Date, the Schedules and Exhibits to the Loan and Security Agreement are hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and 2 double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages attached as Appendix B hereto. ARTICLE III Representations and Warranties SECTION 3.1. The Borrower and the Collateral Manager hereby represent and warrant to the Administrative Agent and the Lenders that, as of the date first written above and after giving effect to this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower and the Collateral Manager contained in the Loan and Security Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date). ARTICLE IV Conditions Precedent SECTION 4.1. This Amendment shall become effective as of the date first written above upon satisfaction of the following conditions: (a) the execution and delivery of this Amendment by each party hereto; (b) the Administrative Agent's receipt of a legal opinion of Dechert LLP, counsel to the Borrower, in form and substance reasonably satisfactory to the Administrative Agent covering such matters as the Administrative Agent may reasonably request; and (c) the Administrative Agent's receipt of a good standing certificate for the Borrower by the applicable office body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer; and (d) each of the Administrative Agent and the Lenders shall have received all fees due and payable to such Person. ARTICLE V Miscellaneous SECTION 5.1. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 3 SECTION 5.2. Severability Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. SECTION 5.3. Ratification. Except as expressly amended hereby, the Loan and Security Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan and Security Agreement for all purposes. SECTION 5.4. Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. SECTION 5.5. Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, "Signature Law"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. [Signature Page to Amendment No. 15 to Third A&R Loan and Security Agreement] IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above. NEW MOUNTAIN FINANCE HOLDINGS, L.L.C., as the Borrower By: New Mountain Finance Corporation, its managing member By: ____________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer

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[Signature Page to Amendment No. 15 to Third A&R Loan and Security Agreement] NEW MOUNTAIN FINANCE CORPORATION, as the Collateral Manager By: ____________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer [Signature Page to Amendment No. 15 to Third A&R Loan and Security Agreement] WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent By: __________________________________ Name: R. Beale Pope Title: Managing Director [Signature Page to Amendment No. 15 to Third A&R Loan and Security Agreement] WELLS FARGO BANK, NATIONAL ASSOCIATION, as Swingline Lender and as a Lender By: __________________________________ Name: R. Beale Pope Title: Managing Director Appendix A

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EXECUTION VERSION Conformed through Amendment No. 1415 dated July 17March 12, 20252026 Error! Unknown document property name.4128-9904-7782.5 Borrower CUSIP: 64755CAA4 Borrower ISIN: US64755CAA45 Facility CUSIP: 64755CAB2 Facility ISIN: US64755CAB28 U.S. $800,000,000450,000,000 THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT by and among NEW MOUNTAIN FINANCE CORPORATION, as the Collateral Manager NEW MOUNTAIN FINANCE HOLDINGS, L.L.C., as the Borrower EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as the Lenders WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Swingline Lender WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Custodian Dated as of October 24, 2017 iError! Unknown document property name. 4128-9904-7782.5 **TABLE OF CONTENTS** Page ARTICLE I. DEFINITIONS .................................................................................................2 Section 1.1. Certain Defined Terms. ........................................................................2 Section 1.2. Other Terms. ...................................................................................4645 Section 1.3. Computation of Time Periods.........................................................4645 Section 1.4. Interpretation.......................................................................................46 ARTICLE II. THE ADVANCES......................................................................................4847 Section 2.1. The Advances. ................................................................................4847 Section 2.2. Procedures for Advances by the Lenders. ......................................4948 Section 2.3. Reduction of the Facility Amount; Optional Repayments. ............5149 Section 2.4. Determination of Interest and Non-Usage Fee. ..............................5251 Section 2.5. Promissory Notes............................................................................5251 Section 2.6. Principal Repayments. ....................................................................5251 Section 2.7. Settlement Procedures. ...................................................................5352 Section 2.8. Alternate Settlement Procedures.....................................................5554 Section 2.9. Collections and Allocations. ...........................................................5655 Section 2.10. Payments, Computations, Etc. ........................................................5856 Section 2.11. Fees. ................................................................................................5857 Section 2.12. Increased Costs; Capital Adequacy; Illegality................................5957 Section 2.13. Taxes...............................................................................................6159 Section 2.14. Discretionary Sales. ........................................................................6463 Section 2.15. Refunding of Swingline Advances[Reserved]................................6664 Section 2.16. Defaulting Lenders. ........................................................................6764 ARTICLE III. CONDITIONS TO CLOSING AND ADVANCES...................................6866 Section 3.1. Conditions to Amendment and Restatement. .................................6866 Section 3.2. Conditions Precedent to All Advances. ..........................................7067 Section 3.3. Custodianship; Transfer of Loans and Permitted Investments. ......7269 ARTICLE IV. REPRESENTATIONS AND WARRANTIES ..........................................7370 Section 4.1. Representations and Warranties of the Borrower. ..........................7370 Section 4.2. Representations and Warranties of the Borrower Relating to the Agreement and the Collateral. ........................................................8279 vError! Unknown document property name. 4128-9904-7782.5 EXHIBITS EXHIBIT A-1 Form of Funding Notice EXHIBIT A-2 Form of Repayment Notice EXHIBIT A-3 Form of Reinvestment Notice EXHIBIT A-4 Form of Borrowing Base Certificate EXHIBIT A-5 Form of Approval Notice EXHIBIT B Reserved EXHIBIT C Form of Officer's Certificate as to Solvency EXHIBIT D Form of Officer's Closing Certificate EXHIBIT E Form of Release of Underlying Instruments EXHIBIT F Form of Certificate of Assignment EXHIBIT G Reserved EXHIBIT H Reserved EXHIBIT I Form of Joinder Supplement EXHIBIT J Form of Certificate of Required Loan Documents EXHIBIT K Form of Loan Checklist EXHIBIT L-1 Form of Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT L-2 Form of Tax Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT L-3 Form of Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT L-4 Form of Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) vi Error! Unknown document property name. 4128-9904-7782.5 SCHEDULES SCHEDULE I Legal Names SCHEDULE II Approved Broker Dealers and Approved Valuation Firms SCHEDULE III Loan Schedule SCHEDULE IV Credit and Collection Policy SCHEDULE V Agreed-Upon Procedures ANNEXES ANNEX A Addresses for Notices ANNEX B Commitments ANNEX C Variable Defined Terms

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Error! Unknown document property name.4128-9904-7782.5 THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT THIS THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (as amended, modified, waived, supplemented, restated or replaced from time to time, this "Agreement") is made as of October 24, 2017, by and among: NEW MOUNTAIN FINANCE CORPORATION, a Delaware corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"); NEW MOUNTAIN FINANCE HOLDINGS, L.L.C., a Delaware limited liability company, as the borrower (the "Borrower"); EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a "Lender", collectively, the "Lenders"); WELLS FARGO BANK, NATIONAL ASSOCIATION, as the swingline lender (together with its successors and assigns in such capacity, the "Swingline Lender"); WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as the administrative agent hereunder (together with its successors and assigns in such capacity, the "Administrative Agent"); and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but as the collateral custodian (together with its successors and assigns in such capacity, the "Collateral Custodian"). R E C I T A L S WHEREAS, the Borrower is party to that certain Second Amended and Restated Loan and Security Agreement, dated as of December 18, 2014 (as amended prior to the date hereof, the "Existing A&R Loan and Security Agreement") with the Lenders, the Administrative Agent, the Collateral Manager and the Collateral Custodian; WHEREAS, the Borrower has requested that the Lenders amend and restate the Existing A&R Loan and Security Agreement and continue to extend credit thereunder by making Advances (as defined below) from time to time prior to the Revolving Period End Date (as defined below) for the general business purposes of the Borrower; and WHEREAS, the Lenders are willing to continue extending such credit to the Borrower on the terms and subject to the conditions set forth herein. NOW, THEREFORE, based upon the foregoing Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree to amend and restate the Existing A&R Loan and Security Agreement in its entirety as follows: Error! Unknown document property name. 2 4128-9904-7782.5 ARTICLE I. DEFINITIONS Section 1.1. Certain Defined Terms. Certain capitalized terms used throughout this Agreement are defined in this Section 1.1. As used in this Agreement and its schedules, exhibits and other attachments, unless the context requires a different meaning, the following terms shall have the following meanings: "1940 Act": The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. "A&R Effective Date": October 24, 2017. "Account": Any of the Collateral Account, the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account and any sub-accounts thereof reasonably deemed appropriate or necessary by the Securities Intermediary or the Administrative Agent for convenience in administering such accounts. "Accreted Interest": Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it accrues. "Accrual Period": With respect to each Payment Date, the period from and including the day after the Determination Date immediately preceding the previous Payment Date to and including the Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). "Adjusted Balance": For any Loan as of any date of determination, an amount equal to the product of (a) the OLB of such Loan as of such date of determination and (b) the Advance Rate for such Loan as of such date of determination; provided that, the "Adjusted Balance" of any Loan that is not an Eligible Loan shall be zero. "Administrative Agent": Wells Fargo, as successor by assignment to Wells Fargo Securities, LLC, in its capacity as administrative agent, together with its successors and assigns, including any successor appointed pursuant to Section 11.6. "Administrative Expenses": All amounts (including indemnification payments) due or accrued and payable by the Borrower to any Person pursuant to any Transaction Document, including, but not limited to, any third party service provider to the Borrower, any Lender or the Collateral Custodian, any Approved Broker Dealer or Approved Valuation Firm, accountants, agents and counsel of any of the foregoing for reasonable fees and expenses or any other Person in respect of any other reasonable fees, expenses, or other payments (including indemnification payments). "Advance": Each funding by the Lenders (including the Swingline Lender) hereunder (including each Loan Advance, Swingline Advance and each advance made for the purpose of refunding the Swingline Lender for any Swingline Advance pursuant to Section 2.15). Error! Unknown document property name. 4 4128-9904-7782.5 "Applicable Law": For any Person or property of such Person, all existing and future laws, rules, regulations (including proposed, temporary and final tax regulations), statutes, treaties, codes, ordinances, permits, certificates, licenses and orders of, and interpretations by, any Governmental Authority which are applicable to such Person or property (including, without limitation, predatory lending laws, usury laws, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. "Applicable Spread": A rate per annum equal to 1.95(i) prior to the Fifteenth Amendment Closing Date, 1.95% and (ii) on and after the Fifteenth Amendment Closing Date, 1.85%; provided that the "Applicable Spread" shall be 3.95%(i) prior to the Fifteenth Amendment Closing Date, 3.95% and (ii) on and after the Fifteenth Amendment Closing Date, 3.85%, in each case, after the occurrence and during the continuance of a Curable BDC Asset Coverage Event or an Event of Default. "Approval Notice": a notice substantially in the form of Exhibit A-5 attached hereto, executed by the Administrative Agent, evidencing the approval of the Administrative Agent, in its sole discretion in accordance with clause (B) of the definition of "Eligible Loan", of the Loans to be added to the Collateral. "Approved Broker Dealer": Each broker dealer listed on part I of Schedule II hereto. "Approved Valuation Firm": Each valuation firm listed on part II of Schedule II hereto. "Asset Coverage Ratio": The ratio, determined on a consolidated basis, without duplication and in accordance with GAAP of (a) the fair market value of the total assets of the BDC and its consolidated Subsidiaries as required by, and in accordance with, GAAP and Applicable Law and any orders of the Securities and Exchange Commission issued to the BDC, to be determined by the Board of Directors of the BDC and reviewed by its auditors, less all liabilities (other than Indebtedness, including Indebtedness hereunder) of the BDC and its consolidated Subsidiaries, to (b) the aggregate amount of Indebtedness of the BDC and its consolidated Subsidiaries, in each case determined pursuant to Section 18 under the 1940 Act, as modified by Section 61 thereunder, and any orders of the Securities and Exchange Commission issued thereunder, including any exemptive relief granted by the Securities and Exchange Commission with respect to the Indebtedness of any Person. "Assigned Value": (a) With respect to any Loan as of any date of determination and subject to the following clauses (b) through (f) and the last paragraph of this definition of "Assigned Value," the lowest of (i) 100%, (ii) the Purchase Price with respect to such Loan and (iii) the value (expressed as a percentage of par) of such Loan as determined by the Administrative Agent in its sole discretion and set forth in the Approval Notice. For the avoidance of doubt, the "Assigned Value" of any Loan may not subsequently be adjusted absent a Value Adjustment Event with respect to such Loan or pursuant to the last Error! Unknown document property name. 13 4128-9904-7782.5 such appeal; (e) any failure by the Collateral Manager to make any payment, transfer or deposit into the Collection Account as required by this Agreement which continues unremedied for a period of two (2) Business Days; (f) the failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) with respect to any recourse debt or other obligations, which debt or other obligations are in excess of United States $15,000,000, individually or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such recourse debt or other obligations, whether or not waived; (g) the Collateral Manager shall cease to be the sole member of the Borrower or, other than in accordance with Section 6.10 or 6.11, shall cease to act in the capacity of Collateral Manager; (h) the occurrence or existence of any change with respect to the Collateral Manager which the Administrative Agent in its sole discretion determines has a Material Adverse Effect (provided that, the withdrawal of the Collateral Manager's election to be regulated as a business development company shall not constitute a Material Adverse Effect on the Collateral Manager); (i) any Change of Control described in clause (c), (d) or (e) of the definition thereof occurs; (j) any failure by the Collateral Manager to deliver any Required Reports hereunder on or before the date occurring two (2) Business Days after the date such report is required to be made or given, as the case may be, under the terms of this Agreement; or (k) the rendering against the Collateral Manager of one or more final judgments, decrees or orders for the payment of money in excess of United States $15,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a stay of execution. "Collateral Manager Termination Notice": The meaning specified in Section 6.11. "Collection Account": Collectively, the Interest Collection Account and the Principal Collection Account. "Collection Period": The period from but excluding the Determination Date immediately preceding the previous Payment Date to and including the Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). "Collections": All cash collections and other cash proceeds of any Collateral, including, without limitation or duplication, any Interest Collections, Principal Collections, collections on Permitted Investments or other amounts received in respect thereof (but excluding any Excluded Amounts).

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Error! Unknown document property name. 14 4128-9904-7782.5 "Commitment": With respect to each Lender, the commitment of such Lender to make Loan Advances in accordance herewith in an amount up to (a) prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date and unless a Curable BDC Asset Coverage Event has occurred and is continuing, the dollar amount set forth opposite such Lender's name on Annex B hereto or the amount set forth as such Lender's "Commitment" on Schedule I to the Joinder Supplement relating to such Lender, as such amounts may be reduced, increased or assigned from time to time pursuant to the terms of this Agreement, and (b) if a Curable BDC Asset Coverage Event has occurred and is continuing and on or after the earlier to occur of the applicable Revolving Period End Date or the Termination Date, zero. "Commitment Reduction Fee": With respect to any reduction of the Facility Amount pursuant to Section 2.3(a), an amount equal to the product of (a) the amount of such reduction multiplied by (b) the applicable Commitment Reduction Percentage. "Commitment Reduction Percentage": On or prior to the one-year anniversary of the EleventhFifteenth Amendment Closing Date, a percentage equal to 1.00%. "Conforming Changes": With respect to the use or administration of Daily Simple SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "Accrual Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.12 and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents). "Connection Income Taxes": Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. "Contractual Obligation": With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject. "Corporate Trust Office": The designated corporate trust office of the Collateral Custodian specified on Annex A or such other address within the United States as the Collateral Custodian may designate from time to time by notice to the Administrative Agent. "Covenant Compliance Period": The period beginning on the A&R Effective Date and Error! Unknown document property name. 15 4128-9904-7782.5 ending on the date on which all Commitments have been terminated and the Obligations have been paid in full (other than contingent indemnification and reimbursement obligations for which no claim giving rise thereto has been asserted). "Covered Party": Any Secured Party that is one of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b). "Credit and Collection Policy": The written credit policies and procedures manual of the Collateral Manager set forth on Schedule IV, as such credit and collection policy may be as amended or supplemented from time to time in accordance with Section 5.1(h). "Curable BDC Asset Coverage Event": The meaning specified in Section 5.1(s). "Cut-Off Loan Date": The date on which the Collateral is initially contributed to the facility, as reported on the Borrowing Base Certificate. "Daily Simple SOFR": For any day (a "SOFR Rate Day"), a rate per annum equal to the greater of (a) SOFR for the day (such day, a "SOFR Determination Day") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website, and (b) the Floor. If by 5:00 p.m. on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. Daily Simple SOFR in no event shall be less than the Floor. "Default": Any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default. "Default Right": The meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "Defaulting Lender": Any Lender that (i) has failed to fund any portion of the Advances or participations in Swingline Advances required to be funded by it hereunder within one Business Error! Unknown document property name. 16 4128-9904-7782.5 Day of the date required to be funded by it hereunder, (ii) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit or has failed to confirm in writing within five (5) Business Days of any reasonable request by the Administrative Agent or the Borrower that it intends to comply with its funding obligations under this Agreement, (iv) has become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or (v) becomes subject to a Bail-In Action. "Delayed Draw Loan": A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation. "Designated Loan": Any Loan that the Administrative Agent, in its sole discretion, has designated as a "Designated Loan" on the related Approval Notice solely for the purposes of determining the Assigned Value of such Loan in reference to the "Minimum Facility Attachment Ratio" specified therefor and set forth in the definition of "Assigned Value." "Determination Date": The last day of each calendar month; provided that, with respect to the Termination Date, the Determination Date shall be the Termination Date. "DIP Loan": Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding). "Discretionary Sale": The meaning specified in Section 2.14(b). "Discretionary Sale Date": With respect to any Discretionary Sale, the Business Day on which such Discretionary Sale occurs. "Disruption Event" means the: The occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent, the Collateral Custodian, the Collateral Manager and the Borrower of a determination by such Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain Dollars to fund any Advance, (b) any Lender shall have notified the Administrative Agent, the Collateral Custodian, the Collateral Manager and the Borrower of a determination by such Lender that the rate at which Dollars are being offered to such Lender does not accurately reflect Error! Unknown document property name. 20 4128-9904-7782.5 (t) if such Loan is a registration-required obligation within the meaning of Section 163(f)(2) of the Code, such Loan is Registered; (u) such Loan is not a participation interest; (v) all information provided by the Borrower or the Collateral Manager with respect to the Loan is true, correct and complete in all material respects as of the date such information is provided; (w) such Loan (A) is not an Equity Security and (B) does not provide for the conversion or exchange into an Equity Security at any time on or after the date it is included as part of the Collateral; (x) such Loan does not constitute Margin Stock; (y) unless such Loan is a Delayed Draw Loan or a Revolving Loan, such Loan does not require the Borrower to make advances in respect of such Loan at any time after the Borrower's purchase of such Loan; provided that, if such Loan is a Delayed Draw Loan or a Revolving Loan, the acquisition of such Loan would not cause the sum of the OLBs of all Loans that are Delayed Draw Loans or Revolving Loans plus the Aggregate Unfunded Exposure Amount to exceed the greater of (i) 10% of the Aggregate OLB plus the Aggregate Unfunded Exposure Amount as of such date and (ii) the Applicable Future Funding Limit Amount set forth on Annex C$17,000,000; (z) the Obligor of such Loan is an Eligible Obligor; provided that with respect to clause (f) of such term, only the Loans or portions thereof exceeding the thresholds set forth in such clause (f) shall be deemed to be Loans with Obligors that are not Eligible Obligors; (aa) such Loan shall not cause the sum of the aggregate OLBs and Unfunded Exposure Amounts of Loans that are Recurring Revenue Loans to exceed the greater of (i) 10% of the Aggregate OLB as of such date and (ii) the applicable amount noted in Annex C$45,000,000; (bb) such Loan satisfies such other eligibility criteria as may be mutually agreed upon by the Administrative Agent and the Borrower prior to the applicable Advance Date; and (cc) if such Loan is a Partial PIK Loan, the Weighted Average Spread Test has been satisfied as of the date of acquisition of such Partial PIK Loan. For purposes of determining compliance with clause (B) of the definition of "Eligible Loan," each Loan included in the Loan Schedule set forth on Schedule III hereto as of the A&R Effective Date shall be deemed to be approved by the Administrative Agent. For the avoidance of doubt, following the end of the Revolving Period, references to the "Aggregate OLB" in clauses (b), (y) and (aa) above shall refer to the Aggregate OLB as of the Revolving Period End Date. "Eligible Obligor": Any Obligor:

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Error! Unknown document property name. 21 4128-9904-7782.5 (a) that is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization; (b) that is not a Governmental Authority; (c) that is not an Affiliate of the Borrower or the Collateral Manager; (d) that is organized or incorporated in (i) the United States (or any State thereof) or (ii) if approved in writing by the Administrative Agent in its sole discretion, any other country; (e) that is not the subject of an Insolvency Event and, as of the date on which such Loan becomes part of the Collateral, such Obligor has not, to the Borrower's knowledge after completion of customary due diligence, experienced a material adverse change in its financial condition; (f) where the sum of the OLBs of all Eligible Loans made to such Obligor (including any Affiliate thereof) does not exceed (i) the Applicable Top-3if such Obligor is the largest Obligor (by aggregate OLB of all Eligible Loans to such Obligor), 9.5% of the Facility Amount set forth on Annex C, (ii) if such Obligor is one of the three (3)second or third largest Obligors (by aggregate OLB of all Eligible Loans to such Obligor), (ii)8.0% of the Applicable Next Top-3 ObligorFacility Amount set forth on Annex C, (iii) if such Obligor is one of the next three (3)fourth, fifth or sixth largest Obligors (by aggregate OLB of all Eligible Loans to such Obligor (not including any Obligors described in clause (i))) or (iii)), 6.5% of the Applicable Other ObligorFacility Amount set forth on Annex C if neither clauseor (iv) if none of clauses (i) nor clausethrough (iiiii) above apply, 6.0% of the Facility Amount; and (g) where the sum of the OLBs of Eligible Loans that are Non-First Lien Loans made to such Obligor (including any Affiliate thereof) does not exceed 6.5% of the Applicable Non-First Lien Loan ObligorFacility Amount set forth on Annex C. "Equity Security": (i) Any equity security or any other security that is not eligible for purchase by the Borrower as a Loan and (ii) any security purchased as part of a "unit" with a Loan and that itself is not eligible for purchase by the Borrower as a Loan. "ERISA": The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated or issued thereunder. "ERISA Affiliate": (a) Any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower. "Erroneous Payment": The meaning specified in Section 11.9(a). "Erroneous Payment Deficiency Assignment": The meaning specified in Section 11.9(d). Error! Unknown document property name. 22 4128-9904-7782.5 "Erroneous Payment Return Deficiency": The meaning specified in Section 11.9(d). "EU Bail-In Legislation Schedule": The EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. "Event of Default": The meaning specified in Section 9.1. "Excepted Persons": The meaning specified in Section 12.13(a). "Excess Concentration Amount": The greater of (a) zero and (b) the greater of (x) the aggregate OLB of all Non-First Lien Loans minus the product of (A) the Aggregate OLB and (B) 35% and (y) the aggregate OLB of all Second Lien Loans minus the product of (A) the Aggregate OLB and (B) 25%. "Exchange Act": The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. "Excluded Amounts": Any amount received in the Collection Account with respect to any Loan included as part of the Collateral, (i) which amount is attributable to the reimbursement of payment by the Borrower or any Affiliate (other than from amounts on deposit in the Collection Account) of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Assets or (ii) which amount was deposited into the Collection Account in error. "Excluded Taxes": Any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance or a Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Advance or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.13, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.13(g) and (d) any U.S. federal withholding Taxes imposed under FATCA. "Existing A&R Loan and Security Agreement": The meaning specified in the Recitals. "Existing Loan and Security Agreements": Collectively, the Existing A&R Loan and Security Agreement, the Existing Operating Loan and Security Agreement and the Existing SPV Loan and Security Agreement. "Existing Operating Loan and Security Agreement": That certain Amended and Restated Loan and Security Agreement, dated as of May 19, 2011, among the Borrower, the Lenders, the Administrative Agent and the Collateral Custodian. Error! Unknown document property name. 23 4128-9904-7782.5 "Existing SPV Loan and Security Agreement": That certain Loan and Security Agreement, dated as of October 27, 2010, among the Borrower, the Lenders, the Administrative Agent and the Collateral Custodian. "Exposure Amount Shortfall": The meaning specified in Section 2.2(e). "Extending Lender": The meaning specified in Section 2.3(c). "Facility Amount": An amount equal to the lesser of (i) the aggregate Commitments and (ii) $800,000,000450,000,000, as such amount may vary from time to time pursuant to Sections 2.1(c) and 2.3 hereof; provided that on or after the earlier to occur of the Revolving Period End Date with respect to all Commitments or the Termination Date, the Facility Amount shall mean the Advances Outstanding. "Facility Attachment Ratio": With respect to any Eligible Loan, as of any date of determination, an amount equal to (a) if such Eligible Loan is a First Lien Loan, the product of (i) the First Out Attachment Ratio, (ii) the applicable Advance Rate and (iii) the Assigned Value, (b) if such Eligible Loan is a First Lien Last Out Loan, the sum of (i) the First Out Attachment Ratio and (ii) the product of (A) the Last Out Attachment Ratio less the First Out Attachment Ratio, (B) the applicable Advance Rate and (C) the Assigned Value, (c) if such Eligible Loan is a Second Lien Loan, the sum of (i) the Net Senior Leverage Ratio and (ii) the product of (A) the Total Leverage Ratio less the Net Senior Leverage Ratio, (B) the applicable Advance Rate and (C) the Assigned Value, and (d) if such Eligible Loan is a Designated Loan, the applicable Facility Attachment Ratio calculation above for a First Lien Loan. "Facility Maturity Date": The two-year anniversary of the Revolving Period End Date with respect to all the Commitments. "FATCA": Sections 1471 through 1474 of the Code, as in effect on the A&R Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing. "FDIC": The Federal Deposit Insurance Corporation, and any successor thereto. "Federal Funds Rate": For any day, a per annum rate equal to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent for such day (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such day. "Fee Letter": Any Fee Letter among the Borrower, the Administrative Agent and/or any Lenders, as the same may be amended, restated, modified or supplemented from time to time. Error! Unknown document property name. 24 4128-9904-7782.5 "Fifteenth Amendment Closing Date": March 12, 2026. "Financial Asset": The meaning specified in Section 8-102(a)(9) of the UCC. "Financial Sponsor": Any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. "First Lien Last Out Loan": Any Loan that is (i) a commercial loan (ii) that by its terms could become subordinate in right of payment to another obligation of the Obligor in a bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings, (iii) that is secured by a pledge of collateral, which security interest is validly perfected and first priority under applicable law (subject to liens permitted under the applicable credit agreement) and (iv) the Collateral Manager determines in good faith that the value of the collateral securing the loan on or about the time of origination equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. "First Lien Loan": A Loan (i) that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) that is secured by a pledge of collateral, which security interest is validly perfected and first priority (subject to Liens permitted under the related Underlying Instruments that are reasonable and customary for similar loans, and Liens accorded priority by law in favor of the United States or any state or agency thereof) under Applicable Law and (iii) the Collateral Manager determines in good faith that the value of the collateral securing the Loan on or about the time of origination equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. "First Out Attachment Ratio": With respect to any Eligible Loan, as of any date of determination, an amount equal to the "senior net leverage ratio" or any comparable term relating to any "first out" senior secured Indebtedness in the Underlying Instruments for such Loan; provided that if the "senior net leverage ratio" or such comparable term is not defined in the Underlying Instruments, then the First Out Attachment Ratio shall be the ratio of such "first out" senior secured Indebtedness (less Unrestricted Cash) to EBITDA, as calculated by the Collateral Manager in good faith using information from calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying Instruments. For the avoidance of doubt, "first out" senior secured Indebtedness refers to all or any portion of such Loan that constitutes first lien senior secured Indebtedness that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the relevant Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings. "Fitch": Fitch Ratings, Inc. or any successor thereto.

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Error! Unknown document property name. 25 4128-9904-7782.5 "Floor": A rate of interest equal to 0.0%. "Foreign Lender": A Lender that is not a U.S. Person. "Fourth Amendment Closing Date": September 30, 2020. "Fronting Exposure": At any time there is a Defaulting Lender, with respect to the Swingline Lender, such Defaulting Lender's Pro Rata Share of Swingline Advances other than Swingline Advances as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other credit support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof. "Funding Date": With respect to any Loan Advance, the Business Day following the Business Day of receipt (or in the case of any Swingline Advance, the Business Day of receipt) by the Administrative Agent (which shall promptly deliver the same to each Revolving Lender or, in the case of any Swingline Advance, the Swingline Lender) of a Funding Notice and other required deliveries in accordance with Section 2.2. "Funding Notice": A notice in the form of Exhibit A-1 requesting an Advance, including the items required by Section 2.2. "GAAP": Generally accepted accounting principles as in effect from time to time in the United States. "General Intangible": The meaning specified in Section 9-102(a)(42) of the UCC. "Governmental Authority": With respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person. "Increased Costs": Any amounts that an Affected Party has notified the Borrower pursuant to Section 2.12(d) are required to be paid by the Borrower to an Affected Party pursuant to Section 2.12. "Indebtedness": With respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness customary for indebtedness of that type, (b) all obligations of such Person under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (c) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness, obligations or liabilities of that Person in respect of derivatives, and (f) all obligations under direct or indirect guaranties in respect of obligations (contingent or otherwise) to Error! Unknown document property name. 28 4128-9904-7782.5 occurrence and during the continuance of a Disruption Event, the "Interest Rate" on that portion of the Advances Outstanding owing to the affected Lender shall mean a rate per annum equal to (x) the Base Rate for such day plus (y) the Applicable Spread for such day. "Investment": With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity Securities otherwise permitted by the terms hereof which are related to such Loans. "Investment Property": The meaning specified in Section 9-102(a)(49) of the UCC. "IRS": The United States Internal Revenue Service. "Joinder Supplement": An agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit I to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the A&R Effective Date, as contemplated by Section 2.1(c). "Last Out Attachment Ratio": With respect to any Loan, the Net Senior Leverage Ratio. "Lenders": The meaning specified in the Preamble, including Wells Fargo, and each financial institution which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower as contemplated by Section 2.1(c). For the avoidance of doubt, the Swingline Lender shall constitute a "Lender" with respect to the repayment of Swingline Advances for all purposes hereunder. "Lien": Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person's assets or properties in favor of any other Person. "Loan": Any loan made by the Borrower or by a commercial bank, an investment bank, investment fund or other financial institution and acquired by the Borrower; provided that, any such loan is similar to those typically made to a commercial client or syndicated, sold or participated to a commercial bank or institutional loan investor or other financial institution in the ordinary course of business. "Loan Advance": The meaning specified in Section 2.1(a). "Loan Checklist": An electronic or hard copy, as applicable, of a checklist in the form of Exhibit K delivered by or on behalf of the Borrower to the Collateral Custodian for each Loan of all related Required Loan Documents, which shall also specify whether such document is an original or a copy. "Loan File": With respect to each Loan, a file containing (a) each of the documents and items as set forth on the Loan Checklist (to the extent reasonably available to the Borrower or the Collateral Manager) with respect to such Loan and (b) duly executed originals and copies of any other relevant records relating to such Loans and the Underlying Assets pertaining thereto. "Loan Register": The meaning specified in Section 5.3(n). Error! Unknown document property name. 31 4128-9904-7782.5 Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Net Senior Leverage Ratio" or comparable definition, the ratio of (i) the senior Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the related Underlying Instruments. "Non-Consenting Lender": A Lender (other than a Lender which is administered by the Administrative Agent or an Affiliate of the Administrative Agent) whose approval is required for an Applicable Amendment and who has given notice that it will not consent to such Applicable Amendment or has failed to approve such Applicable Amendment within five (5) Business Days after written request therefor from the Administrative Agent or the Borrower. "Non-Extending Lender": The meaning specified in Section 2.3(c). "Non-First Lien Loan": A Second Lien Loan or a First Lien Last Out Loan. "Non-Usage Fee": A fee with respect to each Accrual Period in an amount equal to the sum for each day during such Accrual Period of (x) the product of (a) the Unused Facility Amount as of the close of business on such day multiplied by (b) the Non-Usage Fee Rate with respect to such day, divided by (y) 365. "Non-Usage Fee Rate": For each day, the sum of (a) 0.50% on the first portion of the Unused Facility Amount up to the product of (i) (v) for any day from and including July 29, 2024 to May 31, 2025, 55%, (w) for any day from and including June 1, 2025 to August 31, 2025, 70%, (x) for any day from and including September 1, 2025 to October 15, 2025, 60%, (y) for any day from and including October 16, 2025 to December 31, 2025, 50%, and (z) thereafter, 40% and (ii) the Facility Amount and (b) for all Unused Facility Amount in excess of such first portion, 1.75%.The meaning specified in the Fee Letter. "Non-Usage Fee Rate": The meaning specified in the Fee Letter. "Noteless Loan": A Loan with respect to which the Underlying Instruments either (i) do not require the Obligor to execute and deliver a promissory note to evidence the indebtedness created under such Loan or (ii) require execution and delivery of such a promissory note only upon the request of any holder of the indebtedness created under such Loan, and as to which the Borrower has not requested a promissory note from the related Obligor. "Notice of Exclusive Control": The meaning specified in the Securities Account Control Agreement. "Obligations": The unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Advances and interest accruing after the filing of any Error! Unknown document property name. 38 4128-9904-7782.5 "Required Lenders": The Lenders representing an aggregate of more than 50% of the sum of (a) the Commitments then in effect of each Lender with respect to which neither the applicable Revolving Period End Date or the Termination Date has occurred plus (b) the outstanding Advances owing to each other Lender; provided that, for the purposes of determining the Required Lenders, (i) if at any time there is more than one non-Defaulting Lender (counting affiliated Lenders as a single Lender), at least two unaffiliated non-Defaulting Lenders shall be required to constitute "Required Lenders" and (ii) the Commitment of any Defaulting Lender shall be disregarded for purposes of determining whether the consent of the Required Lenders has been obtained and such Lender shall not constitute a Required Lender hereunder. "Required Loan Documents": For each Loan, the following documents or instruments: (a) (i) the original related executed promissory note (if any) or, in the case of a lost note, a copy of the executed underlying promissory note accompanied by an original executed affidavit and indemnity endorsed by the Borrower in blank (and an unbroken chain of endorsements from each prior holder of such promissory note to the Borrower), or (ii) if such promissory note is not issued in the name of the Borrower, an executed copy of each assignment and assumption agreement, transfer document or instrument relating to such Loan evidencing the assignment of such Loan from any prior third party owner thereof directly to the Borrower and from the Borrower in blank; and (b) to the extent applicable for the related Loan, copies of the executed (i) guaranty, (ii) credit agreement, (iii) loan agreement, (iv) note purchase agreement, (v) sale and servicing agreement, (vi) acquisition agreement (or similar agreement) and (vii) security agreement; provided that, to the extent that final copies of the foregoing documents are not available as of the related Funding Date, the latest available draft copies with the final copies to be delivered within ten (10) Business Days after such Funding Date. "Required Minimum Equity Amount": On any day (i) from and including the Fifteenth Amendment Closing Date to and including the Revolving Period End Date, the greater of (x) $250,000,00035.0% of the Facility Amount and (y) the aggregate OLB of the Loans of the three (3) largest Obligors forming part of the Collateral and (ii) after the Revolving Period End Date, the amount determined pursuant to clause (i) of this definition as of the Revolving Period End Date. "Required Reports": Collectively, the Borrowing Base Certificate, the financial statements of Obligors and the Collateral Manager and the annual statements as to compliance and the annual Independent public accountant's report. "Responsible Officer": With respect to any Person, any duly authorized officer, administrative manager or managing member of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer, administrative manager or managing member of such Person to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject. "Revenue Recognition Implementation": The implementation by an Obligor of IFRS

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Error! Unknown document property name. 39 4128-9904-7782.5 15/ASC 606. "Review Criteria": The meaning specified in Section 7.2(b)(i). "Revolving Lender": Each Lender with a Commitment to fund Loan Advances. "Revolving Loan": Any Loan (other than a Delayed Draw Loan, but including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under the Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower. "Revolving Period": The period commencing on the A&R Effective Date and ending on the day preceding the earlier to occur of the Revolving Period End Date with respect to all the Commitments or the Termination Date. "Revolving Period End Date": The earliest to occur of (a) the three-year anniversary of the ThirteenthFifteenth Amendment Closing Date (as such date may be extended with respect to each Extending Lender pursuant to Section 2.3(c)), (b) a Permanent BDC Asset Coverage Event and (c) the Revolving Period Termination Date. "Revolving Period Termination Date": The date of the declaration of the Termination Date pursuant to Section 9.2(a). "S&P": Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, and any successor thereto. "Sale Proceeds": With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower, the Collateral Manager and the Collateral Custodian incurred in connection with any such sale. "Sanction" or "Sanctions": Individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Treasury Department Office of Foreign Assets Control ("OFAC"), the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union, (d) the United Kingdom, or (e) any other Governmental Authorities with jurisdiction over any Agreement Party or other Sanctions Party. "Sanctioned Person": Any Person that is a target of Sanctions, including without limitation, a Person that is: (a) listed on OFAC's Specially Designated Nationals (SDN) and Blocked Persons List; (b) listed on OFAC's Consolidated Non-SDN List; (c) a legal entity that is deemed by OFAC to be a Sanctions target based on the direct or indirect ownership or control of such legal entity by Sanctioned Person(s); or (d) a Person that is a Sanctions target pursuant to any territorial or country-based Sanctions program. Error! Unknown document property name. 41 4128-9904-7782.5 Administrator. "SOFR Administrator": The Federal Reserve Bank of New York (or any successor administrator). "SOFR Administrator's Website": The website of the SOFR Administrator, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. "Solvent": As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person's liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person's property assets would constitute unreasonably small capital. "Special Purpose Provision": The meaning specified in the Borrower LLC Agreement. "Spread": In the case of each Loan that is a floating rate loan that bears interest at a spread over the applicable benchmark as provided for in its related loan agreement, the current cash pay interest rate spread (for avoidance of doubt, excluding any non-cash interest or paid-in-kind interest) on such Loan above such applicable benchmark. "Structuring Fee": The meaning specified in the applicable Fee Letter. "Subsidiary": As to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. "Swingline Advance": Any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.1, and all such swingline loans collectively as the context requires. "Swingline Commitment": The commitment of the Swingline Lender to fund Swingline Advances, subject to the terms and conditions herein, in an amount not greater than $50,000,000 (without regard to any future reimbursement of Swingline Advances by the Revolving Lenders), as such amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement. The Swingline Commitment is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a Revolving Lender hereunder, and is not in addition thereto. Error! Unknown document property name. 42 4128-9904-7782.5 "Swingline Lender": The meaning specified in the Preamble. "Swingline Refund Date": The meaning specified in Section 2.15(a). "Taxable Entity": The BDC. "Taxable Entity Agreement": The collective reference to the organizational documents of the BDC. "Taxes": Any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Termination Date": The earliest of (a) the date of the termination in whole of the Facility Amount pursuant to Section 2.3(a), (b) the Facility Maturity Date and (c) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to Section 9.2(a). "Third Amendment Closing Date": May 7, 2019. "Thirteenth Amendment Closing Date": March 28, 2025. "Total Leverage Ratio": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Total Leverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Total Leverage Ratio" or comparable definition, the ratio of (i) the total Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date of determination minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the related Underlying Instruments. "Transaction": The meaning specified in Section 3.2. "Transaction Documents": This Agreement, the Securities Account Control Agreement, any Joinder Supplement, each Fee Letter, each Promissory Note and the Collateral Custodian Fee Letter. "Unadjusted Benchmark Replacement": The Benchmark Replacement excluding the Benchmark Replacement Adjustment. "UCC": The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions. "Uncertificated Security": The meaning specified in Section 8-102(a)(l8) of the UCC. Error! Unknown document property name. 48 4128-9904-7782.5 ARTICLE II. THE ADVANCES Section 2.1. The Advances. (a) Loan Advances. During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a "Loan Advance") by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance. (b) Swingline Advances. During the Revolving Period, the Borrower may, at its option, request the Swingline Lender make Swingline Advances to the Borrower by delivering a Funding Notice with respect to such requested Swingline Advance to the Administrative Agent, which shall forward such Funding Notice to the Swingline Lender and provide notification to the Revolving Lenders with respect thereto. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Swingline Lender shall make the requested Swingline Advances to the Borrower; provided that the Swingline Lender shall not fund any Swingline Advance if, after giving effect to the amount of the Swingline Advance requested, (i) in the sole discretion of the Swingline Lender, a Default or Event of Default exists or would result therefrom, (ii) the Advances Outstanding would exceed the Borrowing Base or (iii) the aggregate amount of Advances and Swingline Advances made by the Swingline Lender would exceed the Commitment of the Swingline Lender[Reserved]. (c) The Borrower may, with the written consent of the Administrative Agent, (x) add additional Persons as Revolving Lenders or (y) increase the Commitment of any Revolving Lender and, in each case increase the aggregate Commitments hereunder; provided that, (1) the Commitment of any Lender may only be increased with the prior written consent of such Lender and the Administrative Agent and (2) the Facility Amount shall not exceed $800,000,000. Each additional Revolving Lender shall become a party hereto by executing and delivering to the Administrative Agent and the Borrower a Joinder Supplement and a representation letter in the form of Exhibit I. Upon such increase, Annex A hereto shall be deemed to be revised to reflect such increase in such Lender's Commitment and those terms set forth on Annex C shall be revised as set forth therein in accordance with such increase. For the avoidance of doubt, on the Eighth Amendment Closing Date the Facility Amount shall be $730,000,000 and on any subsequent date of determination, the terms set forth on Annex C shall vary in accordance with the Facility Amount then in effect (including, prior to the earlier to occur of the end of the Revolving Period or the Termination Date, in connection with a permanent reduction of the Facility Amount). The Borrower, or the Collateral Manager on its behalf, may at any time request Annex C to be revised so long as it has received prior written consent from the Administrative Agent and the Required Lenders.

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Error! Unknown document property name. 49 4128-9904-7782.5 (d) Advances to be made for the purpose of refunding Swingline Advances shall be made by the Revolving Lenders as provided in Section 2.15. Section 2.2. Procedures for Advances by the Lenders. (a) Subject to the limitations set forth herein, the Borrower may request an Advance from the Lenders by delivering to the Administrative Agent at certain times the information and documents set forth in this Section 2.2. Upon receipt of such information and documents, the Administrative Agent will provide notification to the Revolving Lenders and/or the Swingline Lender, as applicable, with respect thereto. (b) With respect to (i) all Loan Advances, no later than 3:00 p.m. on the Business Day prior to the proposed Funding Date and (ii) all Swingline Advances, no later than 3:00 p.m. on the proposed Funding Date, the Borrower (or the Collateral Manager on its behalf) shall deliver: (i) to the Administrative Agent (which shall promptly deliver to each Revolving Lender or, in the case of any Swingline Advance, the Swingline Lender) and the Collateral Custodian a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof; (ii) to the Administrative Agent a description of the Obligor and the Loan(s) to be funded by the proposed Advance; (iii) to the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered; (iv) to the Administrative Agent and the Collateral Custodian a duly completed Funding Notice which shall (a) specify the desired amount of such Advance, which amount must be at least equal to $500,000 (or, in the case of any Advance to be applied to fund any draw under a Delayed Draw Loan or Revolving Loan, such lesser amount as may be required to fund such draw), to be allocated to each Lender in accordance with its Pro Rata Share, (b) specify the proposed Funding Date of such Advance, (c) specify the Loan(s) to be financed on such Funding Date (including the appropriate file number, Obligor, original loan balance, OLB, Assigned Value and Purchase Price for each Loan) and, with respect to any Delayed Draw Loan or Revolving Loan, the amount to be deposited in the Unfunded Exposure Account in connection with the acquisition of such Loan(s) pursuant to Section 2.2(e) and (d) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Funding Notice shall be irrevocable. If any Funding Notice is received by the Administrative Agent (x) after 3:00 p.m. on the Business Day prior to the Business Day for which such Advance (other than a Swingline Advance) is requested, (y) after 3:00 p.m. on the Business Day on which a Swingline Advance is requested or (zy) on a day that is not a Business Day, such Funding Notice shall be deemed to be received by the Administrative Agent at 9:00 a.m. on the next Business Day. (c) On the proposed Funding Date, subject to the limitations set forth in Section 2.1(a) or (b), as applicable, and upon satisfaction of the applicable conditions set forth in Article III: Error! Unknown document property name. 50 4128-9904-7782.5 (i) in the case of a Loan Advance, (x) each Lender shall make available to the Administrative Agent in same day funds, by no later than 12:00 noon, an amount equal to such Lender's Pro Rata Share of the least of (A) the amount requested by the Borrower for such Advance, (B) the aggregate unused Commitments then in effect and (C) the maximum amount that, after taking into account the proposed use of the proceeds of such Advance, could be advanced to the Borrower hereunder without causing the Advances Outstanding to exceed the Borrowing Base and (y) the Administrative Agent shall make all funds received from the Lenders under clause (x) available to the Borrower in same day funds by wire transfer to the account designated by the Borrower in the Funding Notice given pursuant to this Section 2.2; or (ii) in the case of a Swingline Advance, the Swingline Lender shall make available to the Borrower in same day funds, by wire transfer to the account designated by Borrower in the Funding Notice given pursuant to this Section 2.2, an amount equal to the least of (i) the amount requested by the Borrower for such Swingline Advance, (ii) the positive difference between (A) the Swingline Commitment then in effect and (B) the aggregate outstanding Swingline Advances as of such date and (iii) the maximum amount that, after taking into account the proposed use of the proceeds of such Swingline Advance, could be advanced to the Borrower hereunder without causing the Advances Outstanding to exceed the Borrowing Base. (d) On each Funding Date, the obligation of each Revolving Lender to remit its Pro Rata Share of any such Loan Advance shall be several from that of each other Revolving Lender and the failure of any Revolving Lender to so make such amount available to the Borrower shall not relieve any other Revolving Lender of its obligation hereunder. (e) Notwithstanding anything to the contrary herein, upon the occurrence of the earlier of (i) an Event of Default or (ii) the Revolving Period End Date with respect to all the Commitments, if the amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such shortfall (the "Exposure Amount Shortfall"). Following receipt of a Funding Notice (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested), the Revolving Lenders shall fund such Exposure Amount Shortfall in accordance with Section 2.2(b) as if the Revolving Period were still in effect and notwithstanding anything to the contrary herein (including, without limitation, the Borrower's failure to satisfy any of the conditions precedent set forth in Section 3.2), except that no Lender shall make any Advance to the extent that, after giving effect to such Advance, the Advances Outstanding would exceed the Borrowing Base. Section 2.3. Reduction of the Facility Amount; Optional Repayments. (a) The Borrower shall be entitled at its option to terminate the Facility Amount in whole or reduce in part the portion of the Facility Amount that exceeds the sum of the Advances Outstanding, accrued Interest and Breakage Costs; provided that (i) the Borrower shall provide a Repayment Notice to the Administrative Agent at least one (1) Business Day prior to such termination or reduction, (ii) any partial reduction of the Facility Amount shall be in an amount equal to $5,000,000 and in integral multiples of $500,000 in excess thereof and (iii) in the case of such termination or reduction on or prior to the first anniversary of the EighthFifteenth Amendment Closing Date (other than to the extent set forth in Section 2.3(d)), the Borrower shall Error! Unknown document property name. 65 4128-9904-7782.5 Discretionary Sale shall be sent directly to the Collection Account; and (vii) the aggregate OLB of all Loans which are sold or intended to be sold by the Borrower in connection with a Discretionary Sale during any 12-month rolling period shall not exceed 30% of the highest Aggregate OLB at any point during such 12-month period; provided that, any Discretionary Sale may be excluded from such 30% limitation with the prior written consent of the Administrative Agent; provided, further, that the Borrower may make Discretionary Sales of Loans exceeding such 30% limitation if (x) all proceeds from such Discretionary Sales are applied pursuant to Section 2.3(b) to reduce Advances Outstanding and (y) the Facility Amount is concurrently reduced pursuant to Section 2.3(a) by an amount equal to the proceeds of such Discretionary Sales. (b) Notices to Lenders. The Administrative Agent shall provide the Lenders with copies of any notices (and, if requested by the Lenders, other materials) received by the Administrative Agent pursuant to this Section 2.14 in connection with any Discretionary Sale. Section 2.15. Refunding of Swingline Advances. (a) Each Swingline Advance shall be refunded by the Revolving Lenders on the second Business Day following the date of such Swingline Advance (each such date, a "Swingline Refund Date"). Such refundings shall be made by the Revolving Lenders in accordance with their respective Pro Rata Shares and shall thereafter be reflected as Advances of the Revolving Lenders on the books and records of the Administrative Agent. Each Revolving Lender shall fund its respective Pro Rata Share of Advances as required to repay Swingline Advances outstanding to the Swingline Lender no later than 12:00 noon on the applicable Swingline Refund Date. (b) The Borrower shall pay to the Swingline Lender, within twenty-two (22) days of demand, the amount of such Swingline Advances to the extent amounts received from the Revolving Lenders are not sufficient to repay in full the outstanding Swingline Advances requested or required to be refunded. If any portion of any such amount paid to the Swingline Lender shall be recovered by or on behalf of the Borrower from the Swingline Lender in bankruptcy or otherwise, the loss of the amount so recovered shall be ratably shared among all the Revolving Lenders in accordance with their respective Pro Rata Shares. Nothing in this clause (b) is intended to or shall relieve any Lender from any default in its funding obligations under this Agreement. (c) Each Revolving Lender acknowledges and agrees that its obligation to refund Swingline Advances in accordance with the terms of this Section 2.15 is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 3.2. Further, each Revolving Lender agrees and acknowledges that if prior to the refunding of any outstanding Swingline Advances pursuant to this Section 2.15, an Insolvency Event relating to the Borrower or the Collateral Manager shall have occurred, each Revolving Lender will, on the date the applicable Advance would have been made, purchase an undivided participating interest in the Swingline Advance to be refunded in an amount equal to its Pro Rata Share of the aggregate amount of such Swingline Advance. Each Revolving Lender will immediately transfer to the Swingline Lender, in Error! Unknown document property name. 66 4128-9904-7782.5 immediately available funds, the amount of its participation and upon receipt thereof the Swingline Lender will deliver to such Revolving Lender a certificate evidencing such participation dated the date of receipt of such funds and for such amount. Whenever, at any time after the Swingline Lender has received from any Revolving Lender such Revolving Lender's participating interest in a Swingline Advance, the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to such Revolving Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender's participating interest was outstanding and funded). (d) Notwithstanding anything to the contrary contained in this Section 2.15, the Swingline Lender shall not be obligated to make any Swingline Advance at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender has entered into arrangements (which may include the delivery of cash collateral) with the Borrower or such Defaulting Lender which are satisfactory to the Swingline Lender to eliminate the Swingline Lender's Fronting Exposure (after giving effect to Section 2.16(a)(iii)) with respect to any such Defaulting Lender. Section 2.15. [Reserved]. Section 2.16. Defaulting Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: (i) That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.1. (ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing by that Defaulting Lender to the Swingline Lender; third, if so determined by the Administrative Agent or the Swingline Lender, to be held as cash collateral for future funding obligations of that Defaulting Lender of any participation in a Swingline Advance; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifththird, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Advances under this Agreement; sixthfourth, to the payment of any amounts owing to the Revolving Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Revolving Lender or the Swingline Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; seventhfifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against that

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Error! Unknown document property name. 67 4128-9904-7782.5 Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and eighthsixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances or funded participations in Swingline Advances in respect of which that Defaulting Lender has not fully funded its Pro Rata Share, such payment shall be applied solely to pay the Advances and funded participations in Swingline Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances, or funded participations in Swingline Advances, of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.16 shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. (iii) During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Swingline Advances pursuant to Section 2.15(c), the "Pro Rata Share" of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided that (x) each such reallocation shall be given effect only if the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Swingline Advances shall not exceed the positive difference, if any, of (A) the Commitment of that non-Defaulting Lender minus (B) the aggregate outstanding principal amount of the Advances of that Lender. (iv) Promptly on demand by the Swingline Lender or the Administrative Agent from time to time, the Borrower shall prepay Swingline Advances in an amount of all Fronting Exposure with respect to the Swingline Lender (after giving effect to clause (iii) above). (iii) (v) For any period during which that Lender is a Defaulting Lender, that Defaulting Lender shall not be entitled to receive any Non-Usage Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender). (b) If the Administrative Agent and the Swingline Lender in their respectivein its sole discretion determinedetermines that a Defaulting Lender should no longer be deemed to be a Defaulting Lender (provided in the case of a Defaulting Lender pursuant to clause (iv) or (v) of such term or that has defaulted in the funding of an Advance, which default remains uncured, such determination shall require the consent of the Borrower), the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Shares (without giving effect to Section 2.16(a)(iii) above), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Error! Unknown document property name. 69 4128-9904-7782.5 (i) The Administrative Agent shall have received certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of the Borrower and the Collateral Manager (i) in the jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could not be reasonably expected to have a Material Adverse Effect. (j) The Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Borrower, and bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be satisfactory to the Administrative Agent. (k) The Administrative Agent and the Lenders shall have received the fees (including fees, disbursements and other charges of the Administrative Agent) to be received on the A&R Effective Date referred to herein to the extent invoiced. (l) No "Default", "Event of Default" or "Collateral Manager Termination Event" is continuing under the Existing A&R Loan and Security Agreement. (m) Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that U.S. law requires each Lender and the Administrative Agent to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower. Section 3.2. Conditions Precedent to All Advances. (a) Each Advance under this Agreement and each reinvestment of Principal Collections pursuant to Section 2.7(d) (each, a "Transaction") shall be subject to the further conditions precedent that: (i) with respect to (A) any Loan Advance, the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian) no later than 3:00 p.m. one (1) Business Day prior to the related Funding Date or (B) any Swingline Advance, the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian) no later than 3:00 p.m. on the related Funding Date: (1) the documents required by Section 2.2(b) and a Loan Schedule; and (2) a Certificate of Assignment substantially in the form of Exhibit F containing such additional information as may be reasonably requested by the Administrative Agent and each Lender; (ii) with respect to any reinvestment of Principal Collections permitted by Section 2.7(d), the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian), no later than 3:00 p.m. on the Business Day prior to any such Error! Unknown document property name. 103 4128-9904-7782.5 the Collateral Manager delivered to the Administrative Agent setting forth the Loan, the Underlying Assets, the sale price of the Underlying Assets and certifying that such sale price is the fair market value of such Underlying Assets. Section 6.6. [Intentionally Omitted.]Reserved]. Section 6.7. Payment of Certain Expenses by Collateral Manager. The Collateral Manager will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Collateral Manager, expenses incurred by the Collateral Manager in connection with payments and reports pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower. The Collateral Manager will be required to pay (or cause the Borrower to pay) all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Accounts. The Collateral Manager shall be required to pay such expenses for its own account and shall not be entitled to any payment therefor. Section 6.8. Reports. (a) Borrower's Notice. On the date of each Transaction, the Borrower (and the Collateral Manager on its behalf) will provide the applicable Borrower's Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral Custodian). (b) Tax Returns. Upon demand by the Administrative Agent, the Collateral Manager shall deliver copies of all federal, state and local income tax returns and reports filed by the Borrower or the Collateral Manager, or in which the Borrower or the Collateral Manager was included on a consolidated or combined basis (excluding sales, use and like Taxes). (c) Obligor Financial Statements; Other Reports. The Collateral Manager will deliver to the Administrative Agent, to the extent received by the Borrower or the Collateral Manager pursuant to the Underlying Instruments, the complete financial reporting package with respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Loan for such Obligor) provided to the Borrower or the Collateral Manager for the periods required by the Underlying Instruments, which delivery shall be made within fifteen (15) Business Days after receipt by the Borrower or the Collateral Manager as specified in the Underlying Instruments. Upon demand by the Administrative Agent, the Collateral Manager will provide such other information available to it as the Administrative Agent may reasonably request with respect to any Obligor. (d) Liquidity Reports. Within five (5) Business Days of the written request of the Administrative Agent, the Collateral Manager shall provide a report to the Administrative Agent and the Lenders setting forth the liquidity position of the BDC, in form and substance mutually agreed to by the Administrative Agent and the Collateral Manager. Error! Unknown document property name. 104 4128-9904-7782.5 (e) Agreed Upon Procedures. The Collateral Manager shall furnish to the Administrative Agent for distribution to each Lender (i) with respect to the 2025 fiscal year, on or prior to June 30, 2026 and (ii) commencing with the 2026 fiscal year, within one hundred and twenty (120) days after the end of each fiscal year of the Collateral Manager, a report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing to the effect that such accountants have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as Schedule V, it being understood that the Collateral Manager and the Administrative Agent will provide an updated Schedule V reflecting any further amendments to such Schedule V prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing Schedule V) to certain documents and records relating to the Collateral, the Borrower and the Collateral Manager, compared the information contained in selected Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) delivered during the period covered by such report with such documents and records and that no matters came to the attention of such accountants that caused them to believe that the information and the calculations included in such Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) were not determined or performed in accordance with the provisions of this Agreement, except for such exceptions as such accountants shall believe to be immaterial and such other exceptions as shall be set forth in such statement. Section 6.9. Annual Statement as to Compliance. The Collateral Manager will provide to the Administrative Agent and each Lender, within 90 days following the end of each fiscal year of the Collateral Manager, a fiscal report signed by a Responsible Officer of the Collateral Manager certifying that (a) a review of the activities of the Collateral Manager, and the Collateral Manager's performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal year has been made under such Person's supervision and (b) the Collateral Manager has performed or has caused to be performed in all material respects all of its obligations under this Agreement throughout such year and no Collateral Manager Default has occurred and is continuing or, if any such Collateral Manager Default has occurred and is continuing, a statement describing the nature thereof and the steps being taken to remedy such Collateral Manager Default. Section 6.10. The Collateral Manager Not to Resign. The Collateral Manager shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager's determination that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Collateral Manager shall be evidenced as to clause (i) above by an Opinion of Counsel to such effect delivered to the Administrative Agent. Section 6.11. Collateral Manager Defaults. Upon the occurrence of a Collateral Manager Default, notwithstanding anything herein to the contrary, the Administrative Agent, by written notice to the Collateral Manager and a copy to

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Error! Unknown document property name. 106 4128-9904-7782.5 Loans" in accordance with the terms and conditions of this Agreement, all for the benefit of the Secured Parties and subject to the Lien thereon in favor of the Administrative Agent, as agent for the Secured Parties. Within five (5) Business Days of its receipt of any Underlying Instruments, the Collateral Custodian shall review the Required Loan Documents delivered to it to confirm that (A) if the files delivered per the following sentence indicate that any document must contain an original signature, each such document appears to bear the original signature, or if the file indicates that such document must contain a copy of a signature, that such copies appear to bear a reproduction of such signature and (B) based on a review of the applicable note, the related original Loan balance, Loan identification number and Obligor name with respect to such Loan is referenced on the related Loan List and is not a duplicate Loan, and the related original balance (based on a comparison to the note or assignment agreement, as applicable) is greater than or equal to the applicable loan balance listed on the Loan Tape (such items (A) through (B) collectively, the "Review Criteria"). In order to facilitate the foregoing review by the Collateral Custodian, in connection with each delivery of Underlying Instruments hereunder to the Collateral Custodian, the Collateral Manager shall provide to the Collateral Custodian an electronic file (in EXCEL or a comparable format acceptable to the Collateral Custodian) that contains a list of all Required Loan Documents and whether they require original signatures, the Loan identification number and the name of the Obligor and the original Loan balance with respect to each related Loan. If, at the conclusion of such review, the Collateral Custodian shall determine that (1) the original Loan balances of the Loans with respect to which it has received Underlying Instruments is less than as set forth on the electronic file, the Collateral Custodian shall immediately notify the Administrative Agent and the Collateral Manager of such discrepancy, and (2) any Review Criteria is not satisfied, the Collateral Custodian shall within one (1) Business Day notify the Collateral Manager of such determination and provide the Collateral Manager with a list of the non-complying Loans and the applicable Review Criteria that they fail to satisfy. The Collateral Manager shall have twentyten (2010) Business Days to correct any non-compliance with any Review Criteria. If after the conclusion of such time period the Collateral Manager has still not cured any non-compliance by a Loan with any Review Criteria, the Collateral Custodian shall promptly notify the Collateral Manager, the Borrower and the Administrative Agent of such determination by providing a written report to such persons identifying, with particularity, each Loan and each of the applicable Review Criteria that such Loan fails to satisfy. In addition, if requested in writing in the form of Exhibit E by the Collateral Manager and approved by the Administrative Agent within ten (10) Business Days of the Collateral Custodian's delivery of such report, the Collateral Custodian shall return the Underlying Instruments for any Loan which fails to satisfy a Review Criteria to the Borrower. Other than the foregoing, the Collateral Custodian shall not have any responsibility for reviewing any Underlying Instruments. (ii) In taking and retaining custody of the Underlying Instruments, the Collateral Custodian shall be deemed to be acting as the agent of the Secured Parties; provided that the Collateral Custodian makes no representations as to the existence, perfection or priority of any Lien on the Underlying Instruments or the instruments therein; and provided further that the Collateral Custodian's duties as agent shall be limited to those expressly contemplated herein. (iii) All Underlying Instruments that are originals or copies shall be kept in fire resistant vaults, rooms or cabinets at its offices set forth in Section 5.5(c). All Underlying Instruments that are originals or copies shall be placed together with an appropriate identifying label and maintained in such a manner so as to permit retrieval and access. All Underlying Error! Unknown document property name. 131 4128-9904-7782.5 Transaction Document) without the written consent of each Lender; provided further, that (i) any amendment of this Agreement that is solely for the purpose of adding a Lender may be effected without the written consent of the Borrower or any Lender, (ii) no such amendment, waiver or modification materially adversely affecting the rights or obligations of the Collateral Custodian shall be effective without the written agreement of such Person, (iii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement, (iv) any amendment of this Agreement that a Lender is advised by its legal or financial advisors to be necessary in order to avoid the consolidation of the Borrower with such Lender for accounting purposes may be effected without the written consent of the Borrower or any other Lender, (viv) any deemed waiver of an Event of Default described in Section 9.1(l) pursuant to the definition of Permanent BDC Asset Coverage Event in Section 5.1(s) shall be effective without the written agreement of the Borrower, the Administrative Agent and the Required Lenders, and (viv) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Transaction Documents (and such amendment shall become effective without any further action or consent of any other party to any Transaction Document) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission to the extent such error or omission, in each case, is of a technical and immaterial nature in any such provision. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender. Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event with respect to any Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders holding greater than 50% of the aggregate Commitments then in effect. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 12.1 will occur prior to the applicable Benchmark Transition Start Date. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. The Administrative Agent will promptly notify the Borrower, the Collateral Custodian and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark. Any determination, Signature Page to LSAError! Unknown document property name. 4128-9904-7782.5 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. BORROWER: NEW MOUNTAIN FINANCE HOLDINGS, L.L.C., as the Borrower By: By: Name: Title: COLLATERAL MANAGER: NEW MOUNTAIN FINANCE CORPORATION, as Collateral Manager By: By: Name: Title: [Signatures Continued on the Following Page] Error! Unknown document property name. Signature Page to LSA 4128-9904-7782.5 THE ADMINISTRATIVE AGENT: WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent By: Name: Title: LENDERSLENDER: WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By: Name: Title: WELLS FARGO BANK, NATIONAL ASSOCIATION, as Swingline Lender By: Name: Title: [Signatures Continued on the Following Page]

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Error! Unknown document property name. Signature Page to LSA 4128-9904-7782.5 STATE STREET BANK AND TRUST COMPANY, as a Lender By: Name: Title: Error! Unknown document property name. Signature Page to LSA 4128-9904-7782.5 CIT BANK, N.A., as a Lender By: Name: Title: Error! Unknown document property name. Signature Page to LSA 4128-9904-7782.5 THE COLLATERAL CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Collateral Custodian By: Name: Title: Error! Unknown document property name.4128-9904-7782.5 Annex A NEW MOUNTAIN FINANCE HOLDINGS, L.L.C. NEW MOUNTAIN FINANCE CORPORATION 1633 Broadway, 48th Floor New York, NY 10019 Attention: John Kline, Laura Holson and Cyrus Moshiri WELLS FARGO BANK, NATIONAL ASSOCIATION as a Lender, as Swingline Lender and as Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Attention: Corporate Debt Finance Facsimile: (704) 410-0223 Confirmation: (704) 410-2431 All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com WELLS FARGO BANK, NATIONAL ASSOCIATION as Collateral Custodian Wells Fargo Bank, National Association as Collateral Custodian 9062 Old Annapolis Rd. Columbia, Maryland 21045 Attn: CDO Trust Services—New Mountain Capital Finance Holdings L.L.C. Fax: (410) 717-3748 Phone: (410) 884-2000 FIRST-CITIZENS BANK & TRUST COMPANY (successor by merger to CIT Bank, N.A.) as a Lender 11 West 42nd Street New York, NY 10036 Attention: Bob Klein STATE STREET BANK AND TRUST COMPANY as a Lender State Street Financial Center One Lincoln Street Boston, MA 02111 Attention: Pallo Blum-Tucker Telephone: (617) 664-8358 Email: bsyates@statestreet.com

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Error! Unknown document property name.4128-9904-7782.5 Annex B Lender Commitment as of the Thirteenth Fifteenth Amendment Closing Date Commitment as of the Automatic Reduction Date Wells Fargo Bank, National Association $650,000,000 450,000,000 $311,643,836 350,000,000 First-Citizens Bank & Trust Company (successor by merger to CIT Bank, N.A.) $35,000,000 $16,780,822 State Street Bank and Trust Company $45,000,000 $21,575,342 Total $730,000,000 450,000,000 $350,000,000 Error! Unknown document property name.4128-9904-7782.5 Annex C Variable Defined Terms Applicable Facility Amount\* $695,000,000 $730,000,000 $770,000,000 $800,000,000 "Applicable Future Funding Limit Amount" $28,000,000 $28,000,000 $28,000,000 $28,000,000 "Applicable Top-3 Obligor Amount" $60,000,000 1 Obligor up to $65,000,000 2 Obligors up to $60,000,000 1 Obligor up to $65,000,000 2 Obligors up to $60,000,000 1 Obligor up to $65,000,000 2 Obligors up to $60,000,000 "Applicable Next Top-3 Obligor Amount" $50,000,000 $50,000,000 $50,000,000 $50,000,000 "Applicable Other Obligor Amount" $45,000,000 $45,000,000 $45,000,000 $45,000,000 "Applicable Non-First Lien Loan Obligor Amount" $45,000,000 $47,000,000 $48,000,000 $50,000,000 "Applicable Recurring Revenue Loan Amount" $69,500,000 $74,000,000 $77,000,000 $80,000,000 Variable Defined Term Amount Error! Unknown document property name.4128-9904-7782.5 ________________________________________ \* If the current Facility Amount is not equal to an amount set forth in the first row, then the applicable Facility Amount shall be the next lowest amount. If the Facility Amount is reduced below $695,000,000, then the amounts for the defined terms set forth in the first column shall be agreed to in writing (including via email) by the Borrower, the Administrative Agent and the Required Lenders at the time of such reduction. Appendix B

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Conformed through Amendment No. 15, dated as of March 12, 2026 4158-8423-4342.4 EXHIBIT H [Reserved] EXHIBIT B EXHIBIT I [Reserved] Form of Joinder Supplement EXHIBIT A-3 EXHIBIT J Form of Funding Notice Form of Certificate of Required Loan Documents EXHIBIT C Form of Reinvestment Notice EXHIBIT K Form of Officer's Certificate as to Solvency Form of Loan Checklist EXHIBITS AND SCHEDULES TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT Dated as of October 24, 2017 (NEW MOUNTAIN FINANCE HOLDINGS, L.L.C.) EXHIBITS EXHIBIT L-1 EXHIBIT L-2 EXHIBIT L-3 EXHIBIT L-4 Form of Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Form of Tax Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) Form of Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) Form of Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) EXHIBIT D SCHEDULES SCHEDULE I Form of Officer's Closing Certificate Legal Names EXHIBIT A-4 SCHEDULE II Approved Broker Dealers and Approved Valuation Firms EXHIBIT E Form of Borrowing Base Certificate SCHEDULE III Form of Release of Underlying Instruments Loan Schedule EXHIBIT A-2 SCHEDULE IV Credit and Collection Policy EXHIBIT F SCHEDULE V Form of Certificate of Assignment Agreed-Upon Procedures EXHIBIT A-5 Form of Repayment Notice EXHIBIT G Form of Approval Notice [Reserved] EXHIBIT A-1 A-1-1 4158-8423-4342.4 EXHIBIT A-1 To Loan and Security Agreement FORM OF FUNDING NOTICE [Date] (New Mountain Finance Holdings, L.L.C.) Wells Fargo Bank, National Association, as the Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Facsimile No.: (704) 410-0223715-0067 via e-mail: AgencyServices.Requestsagencyservices.request@wellsfargo.com scp.mmloans@wellsfargo.com Re: Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017 Ladies and Gentlemen: This Funding Notice is delivered to you pursuant to Sections 2.2 and 3.2 of that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly elected Responsible Officers, and holding the office set forth below such officer's name, hereby certify as follows: 1. The Borrower hereby requests a [Loan Advance][Swingline Advance] in the principal amount of $_____________. The Advance shall be at least equal to $500,000 (or, in the case of any Loan Advance to be applied to fund any draw under a Delayed Draw Loan or a Revolving Loan, such lesser amount as required to fund such draw). 2. The Borrower hereby requests that such Advance be made on the following date: _____________. 3. Wire Instructions: Name of Bank: _____________ A/C No.: __________________ A-2-1 4158-8423-4342.4 EXHIBIT A-2 To Loan and Security Agreement FORM OF REPAYMENT NOTICE [Date] (New Mountain Finance Holdings, L.L.C.) Wells Fargo Bank, National Association, as the Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Facsimile No.: (704) 410-0223715-0067 via e-mail: AgencyServices.Requestsagencyservices.request@wellsfargo.com scp.mmloans@wellsfargo.com Re: Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017 Ladies and Gentlemen: This Repayment Notice is delivered to you pursuant to Section 2.3 of that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through its duly elected Responsible Officers, and holding the office set forth below such officer's name, hereby certifies as follows: 1. Pursuant to Section 2.3(b) of the Loan and Security Agreement, the Borrower desires to reduce the Advances Outstanding (an "Advance Reduction") by the amount of [$_____________ of Loan Advances][and][$_____________ of Swingline Advances]. Any reduction of the Advances Outstanding (other than with respect to payments of Advances Outstanding made by the Borrower to reduce the Required Advance Reduction Amount) shall be in a minimum amount of $500,000 and in integral multiples of $100,000 in excess thereof. 2. In connection with any such Advance Reduction, the Borrower shall deliver to the Administrative Agent funds sufficient to repay such Advances Outstanding together with all accrued Interest and Breakage Costs. A-3-1 4158-8423-4342.4 EXHIBIT A-3 To Loan and Security Agreement FORM OF REINVESTMENT NOTICE [Date] (New Mountain Finance Holdings, L.L.C.) Wells Fargo Bank, National Association, as the Administrative Agent 550 South Tryon Street Charlotte, NC 28202 Facsimile No.: (704) 410-0223715-0067 via e-mail: AgencyServices.Requestsagencyservices.request@wellsfargo.com scp.mmloans@wellsfargo.com Re: Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017. Ladies and Gentlemen: This Reinvestment Notice is delivered to you pursuant to Section 3.2 of that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through their duly elected Responsible Officers, and holding the office set forth below such officer's name, hereby certify as follows: 1. Pursuant to Section 2.7(d) of the Loan and Security Agreement, the Borrower hereby requests a disbursement (a "Disbursement") of Principal Collections from the Principal Collections Account in the amount of $_____________. 2. The Borrower hereby request that such Disbursement be made on the following date: _____________. 3. Attached to this Reinvestment Notice is a true, correct and complete calculation of the Borrowing Base and all components thereof. 4. All of the conditions applicable to the Disbursement as set forth in the Loan and Security Agreement have been satisfied as of the date hereof and will remain satisfied to the date

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A-4-1 4158-8423-4342.4 EXHIBIT A-4 To Loan and Security Agreement FORM OF BORROWING BASE CERTIFICATE This certificate is delivered pursuant to that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. As of the date hereof, the undersigned each certify that (i) all of the information set forth in Annex I attached hereto is true, correct and complete and no Default, Event of Default or Collateral Manager Default has occurred and is continuing; (ii) all of the Loans owned by the Borrower are Eligible Loans, within the meaning of such term in the Loan and Security Agreement other than as waived by the Lender as of the Funding Date with respect to any such Loan; and (iii) solely with respect to itself, each of the representations and warranties contained in the Loan and Security Agreement is true, correct and complete. [Remainder of Page Intentionally Left Blank] C-1 4158-8423-4342.4 EXHIBIT C To Loan and Security Agreement FORM OF OFFICER'S CERTIFICATE AS TO SOLVENCY [New Mountain Finance Corporation] [New Mountain Finance Holdings, L.L.C.] Reference is made to that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through its duly elected Responsible Officer, hereby certifies as of the ______ day of __________, ____ (the "Certification Date") to the Administrative Agent, the Swingline Lender, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows: Both before and after giving effect to (a) the transactions contemplated by the Loan and Security Agreement and the other Transaction Documents and (b) the payment and accrual of all transaction costs in connection with the foregoing, the undersigned is and will be Solvent. [Remainder of Page Intentionally Left Blank] D-1 4158-8423-4342.4 EXHIBIT D To Loan and Security Agreement FORM OF OFFICER'S CLOSING CERTIFICATE [New Mountain Finance Corporation] [New Mountain Finance Holdings, L.L.C.] Reference is made to that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. The undersigned, through its duly elected Responsible Officer, hereby certifies as of the ______ day of __________, ____ (the "Certification Date") to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, as follows: 1. Each of the representations and warranties of the undersigned contained in the Transaction Documents are true, complete and correct on and as of the A&R Effective Date as though made on and as of such date, and no event has occurred and is continuing, or would result from the transactions effected pursuant thereto as of the A&R Effective Date, that constitutes or would constitute a Default, an Event of Default or a Collateral Manager Default. 2. The undersigned is in compliance in all material respects with all Applicable Laws. 3. Except as otherwise indicated on a schedule to a Transaction Document, or as otherwise consented to by the Administrative Agent, the undersigned has delivered to the Administrative Agent true, complete and correct copies of all documents required to be delivered by it to the Administrative Agent pursuant to the Transaction Documents, all such documents are true, complete and correct in all respects on and as of the A&R Effective Date, and each and every other condition to the closing of the transactions contemplated by the Transaction Documents (including without limitation the conditions and requirements set forth in Section 3.1 of the Loan and Security Agreement) to be performed by the undersigned has been performed. 4. No Liens have arisen or been granted with respect to the Collateral other than Permitted Liens. 5. The undersigned's Federal Employer Identification Number is __________. E-1 4158-8423-4342.4 EXHIBIT E To Loan and Security Agreement FORM OF RELEASE OF UNDERLYING INSTRUMENTS [Delivery Date] Wells Fargo Bank, National Association as Collateral Custodian 9062 Old Annapolis Rd. Columbia, Maryland 21045 Attn: CDO Trust Services—New Mountain Capital Finance Holdings L.L.C. Fax: (410) 717-3748 Phone: (410) 884-2000 Re: Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), New Mountain Finance Holdings, L.L.C., as the borrower (in such capacity, the "Borrower"), Wells Fargo Bank, National Association, as the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Ladies and Gentlemen: In connection with the administration of the Underlying Instruments held by Wells Fargo Bank, National Association as the Collateral Custodian on behalf of the Administrative Agent as agent for the Secured Parties, under the Loan and Security Agreement, we request the release of the Underlying Instruments (or such documents as specified below) for the Loans described below, for the reason indicated. All capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement. Obligor's Name, Address & Zip Code: Loan Identification Number: Reason for Requesting Documents (check one) ____ 1. Loan paid in full. (The Collateral Manager hereby certifies that all amounts received in connection with such Loan have been credited to the Collection Account.) ____ 2. Loan liquidated by ____________________________. (The Collateral Manager hereby certifies that all proceeds (net of liquidation expenses which the Collateral Manager may retain to pay such expenses) of foreclosure, insurance,

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F-1 4158-8423-4342.4 EXHIBIT F To Loan and Security Agreement FORM OF CERTIFICATE OF ASSIGNMENT THIS GENERAL ASSIGNMENT OF UNDERLYING INSTRUMENTS (this "Assignment"), made as of the ____ day of _______, 20___ by __________________, a ____________, having an address at ________________________________________ ("Assignor") to ___________________________, a ____________________, having an address at ____________________________ ("Assignee"). KNOW ALL MEN BY THESE PRESENTS, that for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby does sell, assign, transfer, grant, convey and set over unto Assignee and to the successors and assigns of Assignee all of Assignor's right, title and interest in, to and under (a) the document(s) referenced in Exhibit A attached hereto and made a part hereof, including any amendments or supplements thereto (such documents collectively referred to herein as the "Underlying Instruments"), (b) the instruments, documents, certificates, letters, records and papers relating to the Underlying Instruments and all other documents executed and/or delivered in connection with the loan evidenced and/or secured by the Underlying Instruments, including, without limitation, all of Assignor's right, title and interest in any title insurance policies, and other insurance policies, endorsements and certificates, security agreements, guaranties, indemnities, bank accounts, certificates of deposit, letters of credit, bonds, operating accounts, reserve accounts, escrow accounts and other accounts, permits, licenses, opinions, surveys, appraisals, environmental reports, inspection reports, financial statements, and any and all other documents and collateral arising out of and/or executed and/or delivered in connection with the Underlying Instruments, (c) all rights and benefits of Assignor related to the Underlying Instruments, including without limitation, all of Assignor's rights to receive insurance proceeds, condemnation awards, indemnity payments, sales proceeds and all other income, issues, profits, payments and proceeds of any nature under or in connection with the Underlying Instruments, and all of Assignor's rights to exercise any rights or remedies thereunder, and (d) all claims, demands and causes of action related to the items referenced in clauses (a) and (b) above (the items referenced in clauses (a), (b) and (c) are collectively referred to herein as the "Assigned Documents"). Assignor represents to Assignee that Assignor has good right, title and authority to assign the Assigned Documents as set forth herein. [Signature Page To Follow] F-2 4158-8423-4342.4 [Entity], a [State of Inc./Formation] [Entity Type] [By: _____________________, its _________] By: [SEAL] Name: Title: IN WITNESS WHEREOF, Assignor has caused these presentsthis Assignment to be duly executed as of the day and year first written above. F-3 4158-8423-4342.4 EXHIBIT A To Exhibit F EXHIBIT A1 [Modify/add/delete as appropriate] 1. [Loan Agreement, dated as of ______________ ___, 20___ (together with all amendments and supplements from time to time thereto), between _______________________ and _____________________ relating to a loan in the original principal amount of $___________.] 2. Promissory Note dated ___________ ___, 20___ in the original principal amount of $_________ issued by _____________ in favor of ______________, or order. 3. UCC-1 Financing Statements showing ________, as debtor, and ___________, as secured party. [Reference Recording Office and any assignments.] 4. [Reference other major loan documents, such as: loan agreement, credit agreement, note purchase agreement, acquisition agreement, intercreditor agreement, guarantees, insurance policies and assumption or substitution agreements.] 1 Capitalized terms used but not defined herein shall have the meaning ascribed to them in the _______________. I-1 4158-8423-4342.4 EXHIBIT I To Loan and Security Agreement FORM OF JOINDER SUPPLEMENT JOINDER SUPPLEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the financial institution identified in Item 2 of Schedule I hereto, New Mountain Finance Holdings, L.L.C., as the borrower (the "Borrower") and Wells Fargo Bank, National Association, as Administrative Agent (the "Administrative Agent"). WHEREAS, this Joinder Supplement is being executed and delivered under Section 2.1(c) of the Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager (together with its successors and assigns in such capacity, the "Collateral Manager"), the Borrower, the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meaning provided in the Loan and Security Agreement; and WHEREAS, the party set forth in Item 2 of Schedule I hereto (the "Proposed Lender") wishes to become a Revolving Lender party to the Loan and Security Agreement; NOW, THEREFORE, the parties hereto hereby agree as follows: (a) Upon receipt by the Administrative Agent of an executed counterpart of this Joinder Supplement, to which is attached a fully completed Schedule I and Schedule II, each of which has been executed by the Proposed Lender, the Borrower and the Administrative Agent, the Administrative Agent will transmit to the Proposed Lender and the Borrower, a Joinder Effective Notice, substantially in the form of Schedule III to this Joinder Supplement (a "Joinder Effective Notice"). Such Joinder Effective Notice shall be executed by the Administrative Agent and shall set forth, inter alia, the date on which the joinder effected by this Joinder Supplement shall become effective (the "Joinder Effective Date"). From and after the Joinder Effective Date, the Proposed Lender shall be a Revolving Lender party to the Loan and Security Agreement for all purposes thereof. (b) Each of the parties to this Joinder Supplement agrees and acknowledges that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Joinder Supplement. (c) By executing and delivering this Joinder Supplement, the Proposed Lender confirms to and agrees with the Administrative Agent and the other Lenders as follows: (i) none of the Administrative Agent and the other Lenders makes any representation or warranty or assumes any responsibility with respect to any statements, warranties or representations made in or in connection with the Loan and Security Agreement or the execution, legality, validity,

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I-3 4158-8423-4342.4 SCHEDULE I TO JOINDER SUPPLEMENT COMPLETION OF INFORMATION AND SIGNATURES FOR JOINDER SUPPLEMENT Re: Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, Wells Fargo Bank, National Association, as the swingline lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Item 1: Date of Joinder Supplement: ______________ Item 2: Proposed Lender: _________________________________ Item 3: Commitment - $______________ Commitment Termination Date: Item 4: Signatures of Parties to Agreement: ___________________________, as Proposed Lender By: Name: Title: I-5 4158-8423-4342.4 SCHEDULE II TO JOINDER SUPPLEMENT ADDRESS FOR NOTICES AND WIRE INSTRUCTIONS Address for Notices: Telephone: Facsimile: emailEmail: With a copy to: Telephone: Facsimile: emailEmail: Wire Instructions: Name of Bank: A/C No.: ABA No. Reference: I-6 4158-8423-4342.4 SCHEDULE III TO JOINDER SUPPLEMENT FORM OF JOINDER EFFECTIVE NOTICE To: [Name and address of the Borrower, Administrative Agent and Proposed Lender] The undersigned, as Administrative Agent under the Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower (the "Borrower"), the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian is delivering this Joinder Effective Notice in connection with the Joinder Supplement dated as of [____________], among you, the Borrower and the Administrative Agent. [Note: attach copies of Schedules I and II from the applicable Joinder Supplement.] Terms defined in such Joinder Supplement are used herein as therein defined. Pursuant to such Joinder Supplement, you are advised that the Joinder Effective Date for [Name of Proposed Lender] will be _____________ with a Commitment of $__________. Very truly yours, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent By: _______________________________ Name: Title: J-1 USActive 30533761.84158-8423-4342.4 EXHIBIT J TO To Loan and Security Agreement FORM OF CERTIFICATE OF REQUIRED LOAN DOCUMENTS Reference is made to that certain Third Amended and Restated Loan and Security Agreement, dated as of October 24, 2017 (as amended, modified, supplemented or restated from time to time, the "Loan and Security Agreement"), by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower (the "Borrower"), the Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, each of the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as the Collateral Custodian. Capitalized terms used but not defined herein shall have the meanings provided in the Loan and Security Agreement. In connection with the acquisition of [_______] (the "Loan") by the Borrower as of the ______ day of __________, ____ (the "Certification Date"), the undersigned hereby certifies to the Administrative Agent, the Lenders, the other Secured Parties, and their respective successors and assigns, that it has possession of, to the extent applicable for the related Loan, copies of the documents specified on Exhibit A attached hereto relating to the Loan. IN WITNESS WHEREOF, I have signed and delivered this certificate as of the Certification Date. By: _______________________________ Name: Title:

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![](wells-newmountainnmfcxam018.jpg)

J-2 USActive 30533761.84158-8423-4342.4 Exhibit A2 [Modify/add/delete as appropriate] 1. [Loan Agreement, dated as of ______________ ___, 20__ (together with all amendments and supplements from time to time thereto), between _______________________ and _____________________ relating to a loan in the original principal amount of $___________.] 2. Promissory Note dated ___________ ___, 20__ in the original principal amount of $_________ issued by _____________ in favor of ______________, or order. 3. UCC-1 Financing Statements showing ________, as debtor, and ___________, as secured party. [Reference Recording Office and any assignments.] 4. [Reference other major loan documents, such as: loan agreement, credit agreement, note purchase agreement, acquisition agreement, intercreditor agreement, guarantees, insurance policies and assumption or substitution agreements.] 2 Capitalized terms used but not defined herein shall have the meaning ascribed to them in the _______________. K-1 USActive 30533761.84158-8423-4342.4 Security/Collateral Agreement [attach multiple agreements where applicable] UCC-1 Financing Statement Item UCC-3 Continuation Statement (if applicable) Required Loan Document3 Acquisition Agreement Original Promissory Note Status If a Lost Note: Underlying Promissory Note and original executed indemnity endorsed by Borrower in blank Obligor: Sale and Servicing Agreement Unbroken Chain of Assignments (prior to contribution to facility). Please attach all relevant assignments EXHIBIT K TO To Loan and Security Agreement FORM OF LOAN CHECKLIST [DRAFT] If no Promissory Note or Noteless Loan: Executed copy of each assignment and assumption agreement, transfer document or other instrument evidencing the assignment of such Loan from prior third party owner to Borrower Credit Agreement or other similar document Subordination Agreement Assignment Agreement – Borrower to BLANK (undated) Loan Register Intercreditor Agreement Funding Memo Note Purchase Agreement Guarantee Agreement Completed By: By:______________________________ Name: Title: Date Certificates of Insurance 3 The Borrower is to provide documents solely to the extent such documents have been made available by the applicable Obligor. L-1 4158-8423-4342.4 EXHIBIT L-1 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Finance Corporation, as Collateral Manager, New Mountain Finance Holdings, L.L.C., as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, Wells Fargo Bank, National Association, as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Obligations in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. Title: By: Date: ________ __, 20[ ] [NAME OF LENDER] Name: L-2 4158-8423-4342.4 EXHIBIT L-2 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Finance Corporation, as Collateral Manager, New Mountain Finance Holdings, L.L.C., as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, Wells Fargo Bank, National Association, as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. Title: By: Date: ________ __, 20[ ] [NAME OF PARTICIPANT] Name:

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L-3 4158-8423-4342.4 [NAME OF PARTICIPANT] Name: EXHIBIT L-3 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Finance Corporation, as Collateral Manager, New Mountain Finance Holdings, L.L.C., as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, Wells Fargo Bank, National Association, as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. By: L-5 4158-8423-4342.4 [NAME OF LENDER] EXHIBIT L-4 To Loan and Security Agreement U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Third Amended and Restated Loan and Security Agreement dated as of October 24, 2017 (as amended, modified, waived, supplemented, restated or replaced from time to time, the "Agreement"), between New Mountain Finance Corporation, as Collateral Manager, New Mountain Finance Holdings, L.L.C., as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Bank, National Association, as the Swingline Lender, Wells Fargo Bank, National Association, as Collateral Custodian, and each of the Lenders from time to time party thereto. Pursuant to the provisions of Section 2.13 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Obligations in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Obligations, (iii) with respect to the extension of credit pursuant to the Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. By: SCHEDULE V-1 4158-8423-4342.4 SCHEDULE V To Loan and Security Agreement AGREED-UPON PROCEDURES In accordance with Section 6.8(e) of the Loan and Security Agreement, the Collateral Manager will cause a firm of nationally recognized independent public accountants to furnish in accordance with attestation standards established by the American Institute of Certified Public Accountants a report to the effect that such accountants have either verified, compared, or recalculated each of the following accounts in Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) of the Loan and Security Agreement to applicable system or records of the Borrower or the Collateral Manager, as applicable:  Loan Schedule o Loan type o Outstanding Balance (Loan & Obligor) o Loan Origination Date o Loan Purchase Date (date Loan was added to facility) o Purchase Price o Loan Maturity Date o Interest Rate:  Fixed/Floating  Index (if applicable)  Spread or coupon  PIK (if applicable) o Current outstanding principal amount o Moody's, Fitch and S&P ratings (if applicable) o Days Delinquent (if any) o Trailing twelve-month revenue for the most recent Relevant Test Period o Trailing twelve-month EBITDA for the most recent Relevant Test Period o The as-of date for each of the statistics in the foregoing two bullet points  Net Senior Leverage Ratio (and related Original Net Senior Leverage Ratio)  Recurring Revenue Loan Gross Leverage  Total Leverage Ratio (and related Original Total Leverage Ratio)  Cash Interest Coverage Ratio (and related Original Cash Interest Coverage Ratio)  Advance Rate (calculated as a weighted average based on the portfolio)  Unused Facility Amount  Availability: o Borrowing Base o Advances Outstanding o Borrowing Base minus Advances Outstanding  Discretionary Sales Calculations, Repurchase/Substitution Calculations  Applicable Spread At the discretion of the Administrative Agent and a firm of nationally recognized independent public accountants, three (3) Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) of the Loan and Security Agreement from the 2025 fiscal year and SCHEDULE V-2 4158-8423-4342.4 for each subsequent fiscal year (including one that pertains to a month immediately prior to a Payment Date) will be haphazardly selected and reviewed. The report provided by such firm may be in a format such typically utilized for a report of this nature; provided that it will consist of at a minimum (i) a list of deviations from the applicable Borrowing Base Certificate or Payment Date calculations pursuant to Section 7.2(b)(vi) of the Loan and Security Agreement and (ii) discuss with the Collateral Manager the reason for such deviations, and set forth the findings in such report.

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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 4th day of May, 2026

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| |
|:---|
| /s/ JOHN R. KLINE |
| John R. Kline |

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## 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 4th day of May, 2026

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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 March 31, 2026 (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: | May 4, 2026 |

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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 March 31, 2026 (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: | May 4, 2026 |

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