# EDGAR Filing Document

**Accession Number:** 0001925531
**File Stem:** 0001925531-26-000010
**Filing Date:** 2026-5
**Character Count:** 407514
**Document Hash:** 888f4ac0347c4fcf5ba113d131c0d4b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001925531-26-000010.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001925531-26-000010

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Mountain Guardian IV BDC, L.L.C.
- **CENTRAL INDEX KEY:** 0001925531

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01528
- **FILM NUMBER:** 26969523

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Mountain Guardian IV BDC L.L.C.
- **DATE OF NAME CHANGE:** 20220426

?xml version='1.0' encoding='ASCII'? nmg4-20260331

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________________________________________________

**FORM 10-Q**

_________________________________________________________________________________

---

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

---

**For the Quarterly Period Ended March 31, 2026**

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

_________________________________________________________________________________

---

| | | |
|:---|:---|:---|
| **Commission File Number** | **Exact name of registrant as specified in its charter, address of principal executive offices, telephone number and states or other jurisdictions of incorporation or organization** | **I.R.S. Employer<br>Identification Number** |
| **000-56437** | **New Mountain Guardian IV BDC, L.L.C.**<br>**1633 Broadway, 48th Floor**<br>**New York, New York 10019**<br>**Telephone: (212) 720-0300**<br>**State of Organization: Delaware** | **88-1377220** |

---

_________________________________________________________________________________

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

---

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

---

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 🗷&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer 🗷 | Smaller reporting company ☐ |
| Emerging growth company ☒ | |

---

&nbsp;&nbsp;&nbsp;&nbsp;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. □

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

_________________________________________________________________________________

The number of the registrant's limited liability company units outstanding as of May 12, 2026 was 120,834,931. As of March 31, 2026, there was no established public market for the registrant's limited liability company units.

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

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

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| **<u>[PART I. FINANCIAL INFORMATION](#i2a7f71a84fba467e9d02d76f9807951e_13)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#i2a7f71a84fba467e9d02d76f9807951e_13)</u>** | |
| <u>[Item 1.](#i2a7f71a84fba467e9d02d76f9807951e_16)</u> | <u>[Financial Statements](#i2a7f71a84fba467e9d02d76f9807951e_16)</u> |  |
|  | <u>[Consolidated Statements of Assets, Liabilities and Members' Capital as of March 31, 2026 (unaudited) and December 31, 2025](#i2a7f71a84fba467e9d02d76f9807951e_19)</u> | <u>[3](#i2a7f71a84fba467e9d02d76f9807951e_19)</u> |
|  | <u>[Consolidated Statements of Operations for the three months ended](#i2a7f71a84fba467e9d02d76f9807951e_22)[March 31, 2026](#i2a7f71a84fba467e9d02d76f9807951e_19)[(unaudited) and](#i2a7f71a84fba467e9d02d76f9807951e_22)[March 31, 2025](#i2a7f71a84fba467e9d02d76f9807951e_19)[(unaudited)](#i2a7f71a84fba467e9d02d76f9807951e_22)</u> | <u>[4](#i2a7f71a84fba467e9d02d76f9807951e_22)</u> |
|  | <u>[Consolidated Statements of Changes in Members' Capital for the three](#i2a7f71a84fba467e9d02d76f9807951e_25)[months ended](#i2a7f71a84fba467e9d02d76f9807951e_25)[March 31, 2026](#i2a7f71a84fba467e9d02d76f9807951e_19)[(unaudited) and](#i2a7f71a84fba467e9d02d76f9807951e_25)[March 31, 2025](#i2a7f71a84fba467e9d02d76f9807951e_19)[(unaudited)](#i2a7f71a84fba467e9d02d76f9807951e_25)</u> | <u>[5](#i2a7f71a84fba467e9d02d76f9807951e_25)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the](#i2a7f71a84fba467e9d02d76f9807951e_28)[th](#i2a7f71a84fba467e9d02d76f9807951e_28)[ree](#i2a7f71a84fba467e9d02d76f9807951e_28)[months ended](#i2a7f71a84fba467e9d02d76f9807951e_28)[March 31, 2026](#i2a7f71a84fba467e9d02d76f9807951e_19)[(unaudited) and](#i2a7f71a84fba467e9d02d76f9807951e_28)[March 31, 2025](#i2a7f71a84fba467e9d02d76f9807951e_19)[(unaudited)](#i2a7f71a84fba467e9d02d76f9807951e_28)</u> | <u>[6](#i2a7f71a84fba467e9d02d76f9807951e_28)</u> |
|  | <u>[Consolidated Schedule of Investments as of](#i2a7f71a84fba467e9d02d76f9807951e_31)[March 31, 2026](#i2a7f71a84fba467e9d02d76f9807951e_31)[(unaudited)](#i2a7f71a84fba467e9d02d76f9807951e_31)</u> | <u>[7](#i2a7f71a84fba467e9d02d76f9807951e_31)</u> |
|  | <u>[Consolidated Schedule of Investments as of December 31, 2025](#i2a7f71a84fba467e9d02d76f9807951e_37)</u> | <u>[32](#i2a7f71a84fba467e9d02d76f9807951e_37)</u> |
|  | <u>[Notes to the Consolidated Financial Statements of New Mountain Guardian IV BDC, L.L.C. (unaudited)](#i2a7f71a84fba467e9d02d76f9807951e_43)</u> | <u>[57](#i2a7f71a84fba467e9d02d76f9807951e_43)</u> |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i2a7f71a84fba467e9d02d76f9807951e_91)</u> | <u>[79](#i2a7f71a84fba467e9d02d76f9807951e_91)</u> |
| <u>[Item 2.](#i2a7f71a84fba467e9d02d76f9807951e_94)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2a7f71a84fba467e9d02d76f9807951e_94)</u> | <u>[80](#i2a7f71a84fba467e9d02d76f9807951e_94)</u> |
| <u>[Item 3.](#i2a7f71a84fba467e9d02d76f9807951e_130)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i2a7f71a84fba467e9d02d76f9807951e_130)</u> | <u>[91](#i2a7f71a84fba467e9d02d76f9807951e_130)</u> |
| <u>[Item 4.](#i2a7f71a84fba467e9d02d76f9807951e_133)</u> | <u>[Controls and Procedures](#i2a7f71a84fba467e9d02d76f9807951e_133)</u> | <u>[92](#i2a7f71a84fba467e9d02d76f9807951e_133)</u> |
| **<u>[PART II. OTHER INFORMATION](#i2a7f71a84fba467e9d02d76f9807951e_136)</u>** | **<u>[PART II. OTHER INFORMATION](#i2a7f71a84fba467e9d02d76f9807951e_136)</u>** |  |
| <u>[Item 1.](#i2a7f71a84fba467e9d02d76f9807951e_139)</u> | <u>[Legal Proceedings](#i2a7f71a84fba467e9d02d76f9807951e_139)</u> | <u>[93](#i2a7f71a84fba467e9d02d76f9807951e_139)</u> |
| <u>[Item 1A.](#i2a7f71a84fba467e9d02d76f9807951e_142)</u> | <u>[Risk Factors](#i2a7f71a84fba467e9d02d76f9807951e_142)</u> | <u>[93](#i2a7f71a84fba467e9d02d76f9807951e_142)</u> |
| <u>[Item 2.](#i2a7f71a84fba467e9d02d76f9807951e_145)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i2a7f71a84fba467e9d02d76f9807951e_145)</u> | <u>[94](#i2a7f71a84fba467e9d02d76f9807951e_145)</u> |
| <u>[Item 3.](#i2a7f71a84fba467e9d02d76f9807951e_148)</u> | <u>[Defaults Upon Senior Securities](#i2a7f71a84fba467e9d02d76f9807951e_148)</u> | <u>[94](#i2a7f71a84fba467e9d02d76f9807951e_148)</u> |
| <u>[Item 4.](#i2a7f71a84fba467e9d02d76f9807951e_151)</u> | <u>[Mine Safety Disclosures](#i2a7f71a84fba467e9d02d76f9807951e_151)</u> | <u>[94](#i2a7f71a84fba467e9d02d76f9807951e_151)</u> |
| <u>[Item 5.](#i2a7f71a84fba467e9d02d76f9807951e_154)</u> | <u>[Other Information](#i2a7f71a84fba467e9d02d76f9807951e_154)</u> | <u>[94](#i2a7f71a84fba467e9d02d76f9807951e_154)</u> |
| <u>[Item 6.](#i2a7f71a84fba467e9d02d76f9807951e_157)</u> | <u>[Exhibits](#i2a7f71a84fba467e9d02d76f9807951e_157)</u> | <u>[95](#i2a7f71a84fba467e9d02d76f9807951e_157)</u> |
|  | <u>[Signatures](#i2a7f71a84fba467e9d02d76f9807951e_160)</u> | <u>[96](#i2a7f71a84fba467e9d02d76f9807951e_160)</u> |

---

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**PART I. FINANCIAL INFORMATION**

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

**New Mountain Guardian IV BDC, L.L.C.**

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

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

(unaudited)

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments at fair value (cost of $2,047,310 and $2,006,365, respectively) | $2022193 | $2006885 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 56327 | 33895 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 13146 | 11404 |
| &nbsp;&nbsp;&nbsp;Derivative asset at fair value | 143 |  |
| &nbsp;&nbsp;&nbsp;Other assets | 814 | 1414 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $2092623 | $2053598 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Credit Facility | $552622 | $422166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Credit Facility | 314000 | 394000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $3,589 and $3,019, respectively) | (8256) | (6190) |
| &nbsp;&nbsp;&nbsp;Net borrowings | 858366 | 809976 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 25013 | 22354 |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 12895 | 633 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee payable | 4461 | 3925 |
| &nbsp;&nbsp;&nbsp;Interest payable | 4259 | 4525 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 3475 | 2992 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 517 | 434 |
| &nbsp;&nbsp;&nbsp;Payable to affiliate | 482 | 451 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 2163 | 1500 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 911631 | 846790 |
| **Commitments and contingencies (See Note 8)** |  |  |
| **Members' Capital** |  |  |
| &nbsp;&nbsp;Common units, 120,834,931 and 120,834,931 units issued and outstanding, respectively | 1204992 | 1204992 |
| &nbsp;&nbsp;&nbsp;Accumulated underdistributed (overdistributed) earnings | (24000) | 1816 |
| &nbsp;&nbsp;&nbsp;**Total members' capital** | $1180992 | $1206808 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and members' capital** | $2092623 | $2053598 |
| &nbsp;&nbsp;&nbsp;**Members' capital per unit** | $9.77 | $9.99 |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Statements of Operations**

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

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Investment income** | | |
| &nbsp;&nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $44393 | $38339 |
| &nbsp;&nbsp;&nbsp;PIK interest income | 958 | 1109 |
| &nbsp;&nbsp;&nbsp;Dividend income | 860 | 856 |
| &nbsp;&nbsp;&nbsp;Fee income | 1138 | 1376 |
| &nbsp;&nbsp;&nbsp;Total investment income | 47349 | 41680 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest and other financing expenses | 12718 | 12761 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee | 4461 | 3812 |
| &nbsp;&nbsp;&nbsp;Management fee | 3475 | 2331 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 751 | 609 |
| &nbsp;&nbsp;&nbsp;Professional fees | 426 | 430 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee |  | (382) |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 74 | 51 |
| &nbsp;&nbsp;&nbsp;Organizational and offering expenses |  | 21 |
| &nbsp;&nbsp;&nbsp;Total expenses | 21905 | 19633 |
| &nbsp;&nbsp;&nbsp;Less: management fees waived (See Note 5) |  | (21) |
| &nbsp;&nbsp;&nbsp;Net expenses | 21905 | 19612 |
| &nbsp;&nbsp;&nbsp;Net investment income before income taxes | 25444 | 22068 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 161 | 79 |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 25283 | 21989 |
| &nbsp;&nbsp;Net realized gains (losses) on investments | (528) | (767) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (25151) | (1649) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of foreign currency | (467) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of derivative instruments | 143 |  |
| &nbsp;&nbsp;(Provision) benefit for taxes | (83) | (119) |
| &nbsp;&nbsp;**Net realized and unrealized gains (losses)** | (26086) | (2535) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in members' capital resulting from operations** | $(803) | $19454 |
| Earnings (loss) per unit (basic & diluted) | $(0.01) | $0.24 |
| Weighted average common units outstanding - basic & diluted (See Note 10) | 120834931 | 80974363 |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Statements of Changes in Members' Capital**

**(in thousands, except units)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Increase (Decrease) in members' capital resulting from operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $25283 | $21989 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency | (528) | (767) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments and foreign currency | (25618) | (1649) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of derivative instruments | 143 |  |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for taxes | (83) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in members' capital resulting from operations** | (803) | 19454 |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions declared to unitholders from net investment income | (25013) | (21620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net increase (decrease) in members' capital resulting from capital transactions** | (25013) | (21620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in members' capital** | (25816) | (2166) |
| **Members' capital at the beginning of the period** | 1206808 | 820098 |
| **Members' capital at the end of the period** | $1180992 | $817932 |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**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 increase (decrease) in members' capital resulting from operations | $(803) | $19454 |
| Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (gains) losses on investments | 528 | 767 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of investments | 25151 | 1649 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 467 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of derivative instruments | (143) |  |
| &nbsp;&nbsp;&nbsp;Amortization of purchase discount | (1155) | (2339) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 569 | 353 |
| &nbsp;&nbsp;&nbsp;Non-cash investment income | (927) | (928) |
| **(Increase) decrease in operating assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of investments and delayed draw facilities | (96782) | (121057) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 58119 | 82998 |
| &nbsp;&nbsp;&nbsp;Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 62 | 103 |
| &nbsp;&nbsp;&nbsp;Cash paid for purchase of drawn portion of revolving credit facilities | (26) | (104) |
| &nbsp;&nbsp;&nbsp;Cash paid on drawn revolvers | (7654) | (4449) |
| &nbsp;&nbsp;&nbsp;Cash repayments on drawn revolvers | 6863 | 3109 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | (1742) | 362 |
| &nbsp;&nbsp;&nbsp;Other assets | 600 | (711) |
| **Increase (decrease) in operating liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 12262 | (12711) |
| &nbsp;&nbsp;&nbsp;Interest payable | (266) | (263) |
| &nbsp;&nbsp;&nbsp;Management fee payable | 483 | 97 |
| &nbsp;&nbsp;&nbsp;Income based incentive fee payable | 536 | 433 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains incentive fee |  | (382) |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | 31 | (20) |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 83 | 119 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 700 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows (used in) provided by operating activities** | (3044) | (32898) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (22354) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from BMO Subscription Line |  | 38000 |
| &nbsp;&nbsp;&nbsp;Repayment of BMO Subscription Line |  | (38000) |
| &nbsp;&nbsp;&nbsp;Repayment of UBS Credit Facility | (80000) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Wells Credit Facility | 130829 | 55300 |
| &nbsp;&nbsp;&nbsp;Repayment of Wells Credit Facility |  | (19000) |
| &nbsp;&nbsp;&nbsp;Placement fees paid | (137) | (59) |
| &nbsp;&nbsp;&nbsp;Deferred financing costs paid | (2535) | (1105) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows provided by (used in) financing activities** | 25803 | 35136 |
| **Net increase (decrease) in cash and cash equivalents** | 22759 | 2238 |
| **Cash and cash equivalents at the beginning of the period** | 33895 | 19866 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (327) |  |
| **Cash and cash equivalents at the end of the period** | $56327 | $22104 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash interest paid | $12117 | $12488 |
| &nbsp;&nbsp;&nbsp;Income taxes paid | 2 |  |
| **Non-cash operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash activity on investments | $— | $1993 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions declared and payable | $25013 | $21620 |
| &nbsp;&nbsp;&nbsp;Accrual for deferred credit facility costs | 223 | 53 |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | | |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(6)(8) | SOFR(Q) | + | 4.25% | 7.91% | 10/2023 | 10/2028 | $12535 | $12535 | $12535 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.25% | 7.91% | 10/2023 | 10/2028 | 10313 | 10313 | 10313 |  |
|  | First Lien(8) | SOFR(Q) | + | 4.25% | 7.91% | 02/2024 | 10/2028 | 6497 | 6470 | 6497 |  |
|  | Subordinated(8) | Fixed(Q)\* |  | 13.00%/PIK | 13.00% | 05/2023 | 05/2033 | 4822 | 4794 | 4822 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | + | 4.25% | 7.90% | 12/2024 | 10/2028 | 3151 | 3146 | 3151 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.25% | 7.91% | 10/2023 | 10/2028 | 2159 | 2159 | 2159 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.25% | 7.91% | 10/2023 | 10/2028 | 1242 | 1242 | 1242 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.25% | 7.91% | 10/2023 | 10/2028 | 174 | 174 | 174 |  |
|  |  |  |  |  |  |  |  |  | 40833 | 40893 | 3.46% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | + | 4.75% | 8.45% | 11/2024 | 11/2031 | 41752 | 41574 | 40524 | 3.43% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | + | 4.50% | 8.17% | 08/2024 | 09/2031 | 30551 | 30434 | 30252 |  |
|  | First Lien(8) | SOFR(M) | + | 4.75% | 8.42% | 08/2024 | 09/2031 | 8738 | 8703 | 8652 |  |
|  |  |  |  |  |  |  |  |  | 39137 | 38904 | 3.29% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | + | 5.25% | 8.92% | 02/2023 | 02/2030 | 38773 | 38621 | 38296 | 3.24% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | + | 4.50% | 8.17% | 06/2022 | 06/2029 | 34647 | 34633 | 33975 |  |
|  | First Lien(8) | SOFR(Q) | + | 4.50% | 8.17% | 01/2024 | 06/2029 | 3292 | 3292 | 3228 |  |
|  |  |  |  |  |  |  |  |  | 37925 | 37203 | 3.15% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | + | 4.50% | 8.17% | 04/2024 | 12/2032 | 37110 | 37010 | 37110 | 3.14% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | + | 4.75% | 8.45% | 10/2024 | 10/2030 | 10271 | 10251 | 10271 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.75% | 8.45% | 10/2025 | 10/2030 | 8420 | 8401 | 8420 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | + | 4.75% | 8.45% | 03/2026 | 10/2030 | 5421 | 5368 | 5421 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.75% | 8.45% | 10/2023 | 10/2030 | 5005 | 4971 | 5005 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | + | 4.75% | 8.45% | 07/2025 | 10/2030 | 3652 | 3644 | 3652 |  |
|  | First Lien(8) | SOFR(Q) | + | 4.75% | 8.45% | 07/2025 | 10/2030 | 3520 | 3512 | 3520 |  |
|  |  |  |  |  |  |  |  |  | 36147 | 36289 | 3.07% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 08/2031 | $21449 | $21361 | $21449 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 08/2031 | 12611 | 12560 | 12611 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 08/2031 | 1749 | 1745 | 1749 |  |
|  |  |  |  |  |  |  |  | 35666 | 35809 | 3.03% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.42% | 05/2024 | 07/2028 | 27036 | 27028 | 27036 |  |
|  | Subordinated(8) | Fixed(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 5262 | 5255 | 5262 |  |
|  | Subordinated(8) | Fixed(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 2010 | 2007 | 2010 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 6.50% | 10.42% | 05/2024 | 07/2028 | 1013 | 1012 | 1013 |  |
|  |  |  |  |  |  |  |  | 35302 | 35321 | 2.99% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 11/2032 | 35044 | 34952 | 34956 | 2.96% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.20% | 12/2025 | 12/2032 | 30660 | 30586 | 30583 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.20% | 10/2023 | 12/2032 | 3431 | 3431 | 3422 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.20% | 10/2023 | 12/2032 | 619 | 619 | 617 |  |
|  |  |  |  |  |  |  |  | 34636 | 34622 | 2.93% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.15% | 07/2024 | 07/2031 | 22912 | 22822 | 22912 |  |
|  | First Lien(8)(9) - Drawn | SOFR(S) | 4.50% | 8.17% | 07/2024 | 07/2031 | 6761 | 6734 | 6761 |  |
|  | First Lien(2)(6)(8) | SOFR(S) | 4.50% | 8.23% | 11/2025 | 07/2031 | 3523 | 3515 | 3523 |  |
|  | First Lien(2)(6)(8)(9) - Drawn | SOFR(M) | 4.50% | 8.17% | 11/2025 | 07/2031 | 291 | 291 | 291 |  |
|  |  |  |  |  |  |  |  | 33362 | 33487 | 2.84% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8) | SOFR(Q) | 6.00% | 9.67% | 09/2023 | 08/2029 | 16822 | 16769 | 16723 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2029 | 12298 | 12298 | 12075 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2029 | 4494 | 4468 | 4413 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.75% | 9.41% | 08/2022 | 08/2029 | 160 | 160 | 157 |  |
|  |  |  |  |  |  |  |  | 33695 | 33368 | 2.83% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 8.92% | 01/2025 | 01/2031 | 34415 | 34124 | 33169 | 2.81% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.42% | 03/2024 | 12/2032 | 32837 | 32804 | 32309 |  |
|  | First Lien(8)(9) - Drawn | P(Q) | 3.75% | 10.50% | 10/2024 | 12/2032 | 167 | 163 | 164 |  |
|  |  |  |  |  |  |  |  | 32967 | 32473 | 2.75% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 8.94% | 12/2025 | 12/2031 | $26722 | $26593 | $26589 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 8.92% | 12/2025 | 12/2031 | 3671 | 3645 | 3653 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 8.92% | 12/2025 | 12/2031 | 1579 | 1572 | 1572 |  |
|  |  |  |  |  |  |  |  | 31810 | 31814 | 2.69% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8) | SOFR(M) | 5.25% | 9.02% | 11/2023 | 12/2027 | 22827 | 22725 | 22827 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.77% | 03/2025 | 12/2027 | 8908 | 8880 | 8908 |  |
|  |  |  |  |  |  |  |  | 31605 | 31735 | 2.69% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 06/2024 | 06/2031 | 31607 | 31480 | 31607 | 2.68% |
| &nbsp;&nbsp;Pike Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.18% | 12/2025 | 12/2032 | 31607 | 31531 | 31528 | 2.67% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 30740 | 30740 | 30663 | 2.60% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.17% | 09/2025 | 09/2032 | 29801 | 29731 | 29038 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.50% | 8.45% | 09/2025 | 09/2032 | 895 | 894 | 872 |  |
|  |  |  |  |  |  |  |  | 30625 | 29910 | 2.53% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 5.00% | 8.67% | 03/2024 | 09/2028 | 29545 | 29453 | 29545 | 2.50% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.70% | 12/2024 | 12/2031 | 28950 | 28826 | 28296 | 2.40% |
| &nbsp;&nbsp;HIG Intermediate, Inc. (14) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.17% | 08/2023 | 06/2031 | 22828 | 22770 | 22828 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.17% | 08/2023 | 06/2031 | 3760 | 3760 | 3760 |  |
|  | First Lien(8) | SOFR(M) | 4.50% | 8.17% | 03/2024 | 06/2031 | 1601 | 1597 | 1601 |  |
|  |  |  |  |  |  |  |  | 28127 | 28189 | 2.39% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.20% | 08/2024 | 08/2031 | 21337 | 21293 | 21177 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.20% | 08/2024 | 08/2031 | 6965 | 6950 | 6912 |  |
|  |  |  |  |  |  |  |  | 28243 | 28089 | 2.38% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.42% | 10/2023 | 12/2029 | 11814 | 11814 | 11814 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 4.75% | 8.42% | 10/2023 | 12/2029 | 10688 | 10670 | 10688 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.42% | 08/2024 | 12/2029 | 2625 | 2614 | 2625 |  |
|  | First Lien(8) | SOFR(M) | 4.75% | 8.42% | 07/2023 | 12/2029 | 2286 | 2262 | 2286 |  |
|  |  |  |  |  |  |  |  | 27360 | 27413 | 2.32% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.70% | 11/2025 | 11/2029 | $23873 | $23873 | $23873 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.70% | 11/2025 | 11/2028 | 2813 | 2813 | 2813 |  |
|  |  |  |  |  |  |  |  | 26686 | 26686 | 2.26% |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.42% | 12/2025 | 12/2031 | 25710 | 25649 | 25474 | 2.16% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(M) | 4.25% | 7.92% | 11/2023 | 11/2030 | 10492 | 10454 | 10152 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 4.25% | 7.92% | 11/2023 | 11/2030 | 8930 | 8929 | 8640 |  |
|  | First Lien(8) | SOFR(M) | 4.25% | 7.92% | 10/2025 | 11/2030 | 6136 | 6107 | 5937 |  |
|  |  |  |  |  |  |  |  | 25490 | 24729 | 2.09% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(M) | 5.50% | 9.17% | 12/2025 | 05/2028 | 19649 | 19583 | 19576 |  |
|  | First Lien(8) | SOFR(M) | 5.50% | 9.17% | 06/2025 | 05/2028 | 4056 | 4031 | 4041 |  |
|  |  |  |  |  |  |  |  | 23614 | 23617 | 2.00% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 11127 | 11116 | 11127 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 7481 | 7470 | 7481 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 2863 | 2861 | 2863 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 864 | 860 | 864 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 641 | 641 | 641 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 287 | 287 | 287 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 229 | 229 | 229 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 105 | 104 | 105 |  |
|  |  |  |  |  |  |  |  | 23568 | 23597 | 2.00% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.20% | 09/2024 | 05/2029 | 18854 | 18854 | 18666 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.20% | 10/2023 | 05/2029 | 4546 | 4518 | 4501 |  |
|  |  |  |  |  |  |  |  | 23372 | 23167 | 1.96% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.17% | 05/2025 | 06/2031 | 11260 | 11195 | 11079 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.42% | 05/2024 | 06/2031 | 7178 | 7135 | 7100 |  |
|  | First Lien(8) | SOFR(M) | 4.50% | 8.17% | 05/2025 | 06/2031 | 2357 | 2337 | 2319 |  |
|  | First Lien(8) | SOFR(M) | 4.75% | 8.42% | 05/2024 | 06/2031 | 1443 | 1435 | 1427 |  |
|  |  |  |  |  |  |  |  | 22102 | 21925 | 1.86% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.41% | 06/2024 | 12/2030 | 21000 | 20988 | 21000 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.41% | 04/2025 | 12/2030 | 263 | 262 | 263 |  |
|  |  |  |  |  |  |  |  | 21250 | 21263 | 1.80% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(M) | 4.50% | 8.17% | 10/2024 | 10/2030 | $14178 | $14122 | $14178 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.17% | 10/2024 | 10/2030 | 5213 | 5207 | 5213 |  |
|  | First Lien(8) | SOFR(M) | 4.50% | 8.17% | 10/2024 | 10/2030 | 1578 | 1578 | 1578 |  |
|  |  |  |  |  |  |  |  | 20907 | 20969 | 1.78% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.17% | 10/2024 | 11/2029 | 20441 | 20244 | 20441 | 1.73% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 10/2024 | 02/2028 | 12899 | 12843 | 12675 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.45% | 12/2023 | 02/2028 | 4177 | 4168 | 4105 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 02/2028 | 2622 | 2613 | 2577 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.46% | 10/2025 | 02/2028 | 609 | 608 | 598 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.45% | 12/2023 | 02/2028 | 299 | 301 | 294 |  |
|  |  |  |  |  |  |  |  | 20533 | 20249 | 1.71% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2028 | 11320 | 11301 | 10833 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2028 | 9587 | 9552 | 9174 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2028 | 227 | 236 | 218 |  |
|  |  |  |  |  |  |  |  | 21089 | 20225 | 1.71% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 5.75% | 9.42% | 04/2024 | 04/2030 | 20168 | 19996 | 20168 | 1.71% |
| &nbsp;&nbsp;GHX Ultimate Parent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q)\* | 2.50% +2.50%/PIK | 8.70% | 02/2025 | 02/2033 | 17595 | 17442 | 17595 |  |
|  | First Lien(4)(7)(8) | SOFR(Q)\* | 2.50% +2.50%/PIK | 8.70% | 02/2026 | 02/2033 | 2429 | 2423 | 2429 |  |
|  |  |  |  |  |  |  |  | 19865 | 20024 | 1.70% |
| &nbsp;&nbsp;Asurion, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.25% | 7.92% | 09/2024 | 09/2030 | 19700 | 19387 | 19524 | 1.65% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(M) | 4.75% | 8.42% | 10/2023 | 12/2027 | 12491 | 12424 | 12491 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.42% | 10/2024 | 12/2027 | 5352 | 5337 | 5352 |  |
|  |  |  |  |  |  |  |  | 17761 | 17843 | 1.51% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (12) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.18% | 09/2024 | 09/2031 | 17280 | 17209 | 17194 | 1.46% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(4)(7) | SOFR(M) | 5.25% | 9.02% | 12/2023 | 04/2029 | 11408 | 11273 | 9703 |  |
|  | First Lien(2)(6) | SOFR(M) | 5.25% | 9.02% | 09/2023 | 04/2029 | 8611 | 8299 | 7324 |  |
|  |  |  |  |  |  |  |  | 19572 | 17027 | 1.44% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q)\* | 2.75% +2.75%/PIK | 9.17% | 08/2024 | 08/2031 | $14717 | $14602 | $14570 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.67% | 08/2024 | 08/2030 | 884 | 879 | 875 |  |
|  | First Lien(8) | SOFR(Q) | 5.00% | 8.66% | 08/2024 | 08/2031 | 837 | 830 | 828 |  |
|  |  |  |  |  |  |  |  | 16311 | 16273 | 1.38% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6)(8) | SOFR(M) | 6.00% | 9.67% | 10/2023 | 11/2030 | 18302 | 18167 | 15714 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 6.00% | 9.67% | 10/2023 | 11/2029 | 488 | 493 | 419 |  |
|  |  |  |  |  |  |  |  | 18660 | 16133 | 1.37% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(M) | 5.25% | 9.02% | 10/2024 | 09/2027 | 13435 | 13434 | 13435 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.25% | 9.02% | 07/2024 | 09/2027 | 2309 | 2295 | 2309 |  |
|  |  |  |  |  |  |  |  | 15729 | 15744 | 1.33% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(4)(7)(8) | SOFR(S) | 4.75% | 8.37% | 12/2025 | 12/2031 | 15196 | 15160 | 15158 | 1.28% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 11744 | 11703 | 11744 |  |
|  | First Lien(4)(7)(8) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 3062 | 3051 | 3062 |  |
|  |  |  |  |  |  |  |  | 14754 | 14806 | 1.25% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.20% | 12/2025 | 12/2032 | 14822 | 14804 | 14804 | 1.25% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(6)(8) | SOFR(Q) | 5.75% | 9.45% | 05/2025 | 05/2030 | 14265 | 14173 | 14265 | 1.21% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Second Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.43% | 05/2022 | 08/2029 | 9783 | 8990 | 9783 |  |
|  | First Lien(2)(6) | SOFR(Q) | 3.75% | 7.68% | 05/2025 | 08/2028 | 4552 | 4228 | 4188 |  |
|  |  |  |  |  |  |  |  | 13218 | 13971 | 1.18% |
| &nbsp;&nbsp;Fetch, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(M) | 4.75% | 8.42% | 03/2026 | 03/2033 | 13822 | 13753 | 13752 | 1.16% |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q)\* | 2.25% +2.75%/PIK | 8.67% | 01/2025 | 02/2032 | 10184 | 10163 | 10184 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.50% | 8.17% | 01/2025 | 02/2032 | 3263 | 3257 | 3263 |  |
|  |  |  |  |  |  |  |  | 13420 | 13447 | 1.14% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 10980 | 10949 | 10861 |  |
|  | First Lien(8) | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 1882 | 1877 | 1862 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 276 | 276 | 273 |  |
|  |  |  |  |  |  |  |  | 13102 | 12996 | 1.10% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.20% | 04/2025 | 04/2032 | $11153 | $11115 | $11153 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.20% | 04/2025 | 04/2032 | 1694 | 1688 | 1694 |  |
|  |  |  |  |  |  |  |  | 12803 | 12847 | 1.09% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(Q) | 4.50% | 8.20% | 01/2024 | 01/2030 | 8422 | 8363 | 8192 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.20% | 12/2025 | 01/2030 | 4776 | 4776 | 4646 |  |
|  |  |  |  |  |  |  |  | 13139 | 12838 | 1.09% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(M) | 5.25% | 8.92% | 09/2022 | 10/2029 | 9837 | 9753 | 9837 |  |
|  | First Lien(8) | SOFR(M) | 5.25% | 8.92% | 09/2022 | 10/2029 | 1529 | 1517 | 1529 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.25% | 8.92% | 09/2022 | 10/2029 | 1037 | 1033 | 1037 |  |
|  |  |  |  |  |  |  |  | 12303 | 12403 | 1.05% |
| &nbsp;&nbsp;Vamos Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 01/2025 | 01/2032 | 12386 | 12329 | 12181 | 1.03% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.45% | 03/2025 | 03/2032 | 9258 | 9237 | 9088 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.43% | 10/2025 | 03/2032 | 1867 | 1858 | 1832 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.45% | 03/2025 | 03/2032 | 1008 | 1006 | 990 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 272 | 272 | 267 |  |
|  |  |  |  |  |  |  |  | 12373 | 12177 | 1.03% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 6.25% | 10.02% | 02/2023 | 07/2027 | 12802 | 12791 | 12151 | 1.03% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 07/2024 | 07/2031 | 12099 | 12053 | 12099 | 1.02% |
| &nbsp;&nbsp;PROS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 12/2032 | 11954 | 11939 | 11939 | 1.01% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 11815 | 11759 | 11756 | 1.00% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 8.02% | 10/2025 | 06/2029 | 8778 | 8739 | 8778 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 8.01% | 06/2023 | 06/2029 | 2895 | 2881 | 2895 |  |
|  |  |  |  |  |  |  |  | 11620 | 11673 | 0.99% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 10938 | 10888 | 10938 | 0.93% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.07% | 05/2022 | 09/2027 | $7460 | $7450 | $7460 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.07% | 10/2024 | 09/2027 | 1817 | 1817 | 1817 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 9.09% | 03/2024 | 09/2027 | 752 | 749 | 752 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 9.07% | 05/2022 | 09/2027 | 355 | 354 | 355 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 9.07% | 05/2022 | 09/2027 | 264 | 264 | 264 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 9.11% | 05/2022 | 09/2027 | 116 | 120 | 116 |  |
|  |  |  |  |  |  |  |  | 10754 | 10764 | 0.91% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(4)(7) | SOFR(Q) | 4.25% | 8.18% | 09/2025 | 07/2028 | 11747 | 9611 | 5580 |  |
|  | First Lien | SOFR(Q) | 4.25% | 8.18% | 01/2026 | 07/2028 | 7375 | 3588 | 3503 |  |
|  | Second Lien | SOFR(Q) | 7.50% | 11.43% | 01/2026 | 07/2029 | 5888 | 843 | 1030 |  |
|  | First Lien | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 07/2028 | 1196 | 708 | 568 |  |
|  |  |  |  |  |  |  |  | 14750 | 10681 | 0.90% |
| &nbsp;&nbsp;Tempo Acquisition, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(M) | 1.75% | 5.42% | 03/2026 | 08/2028 | 14269 | 9473 | 10356 | 0.88% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 5.75% | 9.42% | 07/2025 | 07/2030 | 10327 | 10259 | 10250 | 0.87% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(4)(7) | SOFR(Q) | 5.75% | 9.45% | 06/2024 | 12/2028 | 12117 | 12091 | 8073 |  |
|  | First Lien(4) | SOFR(Q) | 3.50% | 7.20% | 02/2026 | 12/2027 | 2649 | 2129 | 1996 |  |
|  |  |  |  |  |  |  |  | 14220 | 10069 | 0.85% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.17% | 07/2025 | 07/2032 | 10044 | 9997 | 10044 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.50% | 8.18% | 07/2025 | 07/2032 | 22 | 22 | 22 |  |
|  |  |  |  |  |  |  |  | 10019 | 10066 | 0.85% |
| &nbsp;&nbsp;Nexus Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Second Lien(4)(7) | SOFR(M) | 5.75% | 9.42% | 08/2025 | 02/2032 | 10000 | 9907 | 9775 | 0.83% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second Lien(2)(6) | SOFR(M) | 5.50% | 9.17% | 07/2025 | 07/2033 | 9512 | 9468 | 9286 | 0.79% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | SOFR(Q) | 5.25% | 8.95% | 03/2024 | 05/2028 | 4984 | 4979 | 4667 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 8.95% | 03/2024 | 05/2028 | 2296 | 2299 | 2150 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 8.95% | 03/2024 | 05/2028 | 1268 | 1268 | 1187 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 8.95% | 03/2024 | 05/2028 | 991 | 990 | 928 |  |
|  |  |  |  |  |  |  |  | 9536 | 8932 | 0.76% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q)\* | 3.50% +2.50%/PIK | 9.70% | 01/2024 | 02/2031 | 6297 | 6274 | 6007 |  |
|  | First Lien(8) | SOFR(Q)\* | 3.50% +2.50%/PIK | 9.70% | 01/2024 | 02/2031 | 2278 | 2269 | 2173 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.50% | 9.17% | 01/2024 | 02/2031 | 638 | 636 | 609 |  |
|  |  |  |  |  |  |  |  | 9179 | 8789 | 0.74% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (13) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.10% | 07/2022 | 12/2029 | $3911 | $3891 | $3911 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.10% | 09/2024 | 12/2029 | 3214 | 3191 | 3214 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 9.10% | 03/2025 | 12/2029 | 1280 | 1270 | 1280 |  |
|  |  |  |  |  |  |  |  | 8352 | 8405 | 0.71% |
| &nbsp;&nbsp;Jawbreaker Topco, L.P. (17) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jawbreaker Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 01/2026 | 01/2033 | 8230 | 8190 | 8189 | 0.69% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 7.92% | 09/2023 | 09/2029 | 8148 | 8087 | 8124 | 0.69% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 7.95% | 10/2025 | 10/2032 | 8214 | 8205 | 8013 | 0.68% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.17% | 12/2024 | 01/2032 | 7975 | 7943 | 7935 | 0.67% |
| &nbsp;&nbsp;LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7) | SOFR(Q) | 4.50% | 8.20% | 09/2024 | 03/2032 | 8359 | 8275 | 7889 | 0.67% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.67% | 10/2024 | 10/2031 | 7920 | 7887 | 7800 | 0.66% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.45% | 10/2025 | 09/2032 | 7838 | 7801 | 7798 | 0.66% |
| &nbsp;&nbsp;Panzura Holdings, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Panzura, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | Fixed(Q)\* | 9.00% +8.00%/PIK | 17.00% | 08/2023 | 08/2027 | 8260 | 8007 | 7508 | 0.64% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.41% | 11/2024 | 11/2031 | 5205 | 5172 | 5205 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.00% | 8.67% | 11/2024 | 11/2031 | 1030 | 1024 | 1030 |  |
|  | First Lien(8) | SOFR(Q) | 5.00% | 8.71% | 07/2025 | 11/2031 | 863 | 855 | 863 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.00% | 8.66% | 11/2024 | 11/2031 | 403 | 401 | 403 |  |
|  |  |  |  |  |  |  |  | 7452 | 7501 | 0.64% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 7744 | 7612 | 7386 | 0.63% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.41% | 10/2023 | 10/2032 | 3877 | 3848 | 3819 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.20% | 10/2025 | 10/2032 | 2944 | 2937 | 2900 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.39% | 10/2023 | 10/2032 | 626 | 625 | 617 |  |
|  |  |  |  |  |  |  |  | 7410 | 7336 | 0.62% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(M) | 4.50% | 8.17% | 06/2024 | 12/2028 | $7102 | $7084 | $7102 | 0.60% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.50% | 9.17% | 12/2025 | 12/2032 | 7102 | 7067 | 7066 | 0.60% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 10/2032 | 5093 | 5069 | 5067 |  |
|  | First Lien(8) | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 10/2032 | 1026 | 1016 | 1021 |  |
|  | First Lien(4)(7)(8)(18) | SONIA(D) | 5.00% | 8.73% | 10/2025 | 10/2032 | 643 | 842 | 846 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 10/2032 | 74 | 74 | 73 |  |
|  |  |  |  |  |  |  |  | 7001 | 7007 | 0.59% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(Q) | 4.50% | 8.20% | 04/2024 | 09/2028 | 4407 | 4394 | 4308 |  |
|  | First Lien | SOFR(Q) | 4.50% | 8.20% | 04/2024 | 09/2028 | 1922 | 1904 | 1878 |  |
|  | First Lien | SOFR(Q) | 4.50% | 8.20% | 02/2026 | 09/2028 | 185 | 185 | 181 |  |
|  | First Lien(9) - Drawn | SOFR(Q) | 4.50% | 8.20% | 02/2026 | 09/2028 | 123 | 123 | 121 |  |
|  |  |  |  |  |  |  |  | 6606 | 6488 | 0.55% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.42% | 08/2024 | 08/2031 | 6434 | 6408 | 6434 | 0.54% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 7.91% | 05/2025 | 05/2032 | 5813 | 5788 | 5784 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.25% | 7.91% | 05/2025 | 05/2032 | 539 | 537 | 537 |  |
|  |  |  |  |  |  |  |  | 6325 | 6321 | 0.54% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 8.89% | 08/2025 | 08/2031 | 6223 | 6195 | 6182 | 0.52% |
| &nbsp;&nbsp;Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2)(6) | SOFR(M) | 6.00% | 9.77% | 10/2022 | 10/2029 | 7900 | 7041 | 6148 | 0.52% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 6.75% | 10.45% | 12/2023 | 04/2029 | 6222 | 6163 | 6146 | 0.52% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 6089 | 6061 | 6058 | 0.51% |
| &nbsp;&nbsp;Zest Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 8.92% | 04/2023 | 02/2028 | 6058 | 5977 | 6058 | 0.51% |
| &nbsp;&nbsp;Javelin Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.67% | 10/2024 | 12/2032 | 6470 | 6441 | 5991 | 0.51% |
| &nbsp;&nbsp;IG IntermediateCo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated(8) | SOFR(Q) | 7.50% | 11.30% | 07/2022 | 07/2029 | 3043 | 3021 | 3043 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 5.75% | 9.52% | 07/2022 | 07/2028 | 2660 | 2648 | 2660 |  |
|  |  |  |  |  |  |  |  | 5669 | 5703 | 0.48% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | + | 5.25% | 8.92% | 02/2024 | 02/2031 | $5542 | $5521 | $5542 | 0.47% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(6)(8) | SOFR(Q) | + | 5.50% | 9.20% | 11/2022 | 04/2030 | 5367 | 5323 | 5367 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | + | 5.50% | 9.21% | 11/2022 | 04/2030 | 97 | 98 | 97 |  |
|  |  |  |  |  |  |  |  |  | 5421 | 5464 | 0.46% |
| &nbsp;&nbsp;Smile Doctors LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(S) | + | 5.90% | 9.63% | 05/2022 | 12/2028 | 3747 | 3734 | 3637 |  |
|  | First Lien(2)(6)(8) | SOFR(S) | + | 5.90% | 9.63% | 05/2022 | 12/2028 | 1103 | 1093 | 1070 |  |
|  | First Lien(8) | SOFR(S) | + | 5.90% | 9.63% | 06/2023 | 12/2028 | 561 | 557 | 545 |  |
|  |  |  |  |  |  |  |  |  | 5384 | 5252 | 0.44% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | + | 5.25% | 8.89% | 11/2023 | 11/2030 | 5183 | 5157 | 5183 | 0.44% |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | + | 6.24% | 10.06% | 04/2025 | 03/2028 | 4706 | 4690 | 4706 | 0.40% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | + | 6.25% | 10.06% | 11/2024 | 08/2029 | 2337 | 2325 | 2293 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | + | 6.25% | 10.06% | 08/2025 | 08/2029 | 2045 | 2032 | 2006 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | + | 6.25% | 10.06% | 11/2024 | 08/2029 | 113 | 113 | 111 |  |
|  |  |  |  |  |  |  |  |  | 4470 | 4410 | 0.37% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q)\* | + | 2.63% +3.13%/PIK | 9.40% | 08/2025 | 08/2032 | 3240 | 3225 | 3224 |  |
|  | First Lien(8) | SOFR(Q)\* | + | 2.63% +3.13%/PIK | 9.40% | 08/2025 | 08/2032 | 531 | 527 | 528 |  |
|  | First Lien(8) | SOFR(Q)\* | + | 2.63%+3.13%/PIK | 9.40% | 08/2025 | 08/2032 | 407 | 406 | 405 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | + | 5.50% | 9.20% | 03/2026 | 08/2032 | 169 | 168 | 168 |  |
|  |  |  |  |  |  |  |  |  | 4326 | 4325 | 0.37% |
| &nbsp;&nbsp;Pathway Vet Alliance LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(4)(7) | SOFR(Q) | + | 5.00% | 8.67% | 04/2025 | 06/2028 | 4006 | 4021 | 3974 | 0.34% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | + | 7.50% | 11.17% | 07/2024 | 07/2029 | 4196 | 4151 | 3673 | 0.31% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | + | 4.50% | 8.17% | 08/2023 | 08/2029 | 1815 | 1801 | 1815 |  |
|  | First Lien(8) | SOFR(Q) | + | 4.50% | 8.17% | 08/2023 | 08/2029 | 1388 | 1378 | 1388 |  |
|  | First Lien(8) | SOFR(Q) | + | 4.50% | 8.17% | 07/2024 | 08/2029 | 392 | 390 | 392 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | + | 4.50% | 8.17% | 01/2025 | 08/2029 | 65 | 65 | 65 |  |
|  |  |  |  |  |  |  |  |  | 3634 | 3660 | 0.31% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.67% | 02/2026 | 12/2031 | $2044 | $2044 | $2034 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.67% | 06/2025 | 12/2031 | 1513 | 1507 | 1505 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.67% | 06/2025 | 12/2031 | 36 | 36 | 36 |  |
|  |  |  |  |  |  |  |  | 3587 | 3575 | 0.30% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(8) | SOFR(Q) | 5.50% | 9.30% | 06/2022 | 10/2028 | 1455 | 1454 | 1455 |  |
|  | First Lien(8) | SOFR(Q) | 5.50% | 9.30% | 06/2022 | 10/2028 | 1185 | 1184 | 1185 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.50% | 9.30% | 06/2022 | 10/2028 | 372 | 372 | 372 |  |
|  |  |  |  |  |  |  |  | 3010 | 3012 | 0.26% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 6.00% | 9.82% | 10/2023 | 03/2028 | 2415 | 2409 | 2397 |  |
|  | First Lien(8) | SOFR(Q) | 6.00% | 9.85% | 11/2023 | 03/2028 | 278 | 278 | 276 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.75% | 9.55% | 11/2023 | 03/2028 | 233 | 233 | 231 |  |
|  |  |  |  |  |  |  |  | 2920 | 2904 | 0.25% |
| &nbsp;&nbsp;Capstone Borrower, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | Fixed(S) | 8.00% | 8.00% | 03/2026 | 06/2030 | 2649 | 2277 | 2534 | 0.21% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 5.50% | 9.26% | 06/2022 | 10/2028 | 1723 | 1715 | 1616 |  |
|  | First Lien(8) | SOFR(Q) | 5.75% | 9.52% | 11/2023 | 10/2028 | 19 | 19 | 17 |  |
|  |  |  |  |  |  |  |  | 1734 | 1633 | 0.14% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 5.00% | 8.81% | 06/2022 | 06/2028 | 1579 | 1578 | 1564 | 0.13% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.17% | 07/2025 | 02/2028 | 1348 | 1348 | 1348 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.17% | 07/2025 | 02/2028 | 69 | 69 | 69 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.50% | 8.17% | 07/2025 | 02/2028 | 15 | 15 | 15 |  |
|  |  |  |  |  |  |  |  | 1432 | 1432 | 0.12% |
| &nbsp;&nbsp;RealPage, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) | SOFR(Q) | 3.75% | 7.45% | 03/2026 | 04/2028 | 1381 | 1294 | 1345 | 0.11% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.42% | 07/2024 | 10/2028 | 1105 | 1100 | 1092 | 0.09% |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (15) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated(8) | SOFR(Q)\* | 8.00%/PIK | 11.67% | 02/2025 | 02/2030 | 423 | 423 | 423 |  |
|  | First Lien(2)(6)(8) | SOFR(Q)\* | 1.00% +5.25%/PIK | 9.92% | 02/2025 | 02/2030 | 404 | 404 | 404 |  |
|  |  |  |  |  |  |  |  | 827 | 827 | 0.07% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.49% | 11/2025 | 12/2028 | 450 | 448 | 450 | 0.04% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**1914932** | $**1891799** | **160.18%** |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 7.00% | 10.76% | 02/2024 | 02/2030 | $12144 | $12037 | $12144 |  |
|  | First Lien(8) | SOFR(Q) | 7.00% | 10.73% | 02/2024 | 02/2030 | 6904 | 6878 | 6904 |  |
|  |  |  |  |  |  |  |  | 18915 | 19048 | 1.61% |
| &nbsp;&nbsp;Accelya Lux Finco S.a r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 8.95% | 09/2025 | 10/2032 | 9528 | 9348 | 9176 | 0.78% |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.42% | 05/2025 | 06/2032 | 8364 | 8102 | 8239 | 0.70% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**36365** | $**36463** | **3.09%** |
| **Funded Debt Investments - France** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Datheos Bidco\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8)(18) | EURIBOR(Q) | 5.00% | 7.13% | 12/2025 | 12/2032 | 24911 | $29075 | $28607 | 2.42% |
| **Total Funded Debt Investments - France** |  |  |  |  |  |  |  | $**29075** | $**28607** | **2.42%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 06/2025 | 12/2029 | $3983 | $3974 | $3929 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 12/2022 | 12/2029 | 3402 | 3371 | 3356 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 12/2023 | 12/2029 | 1325 | 1316 | 1307 |  |
|  |  |  |  |  |  |  |  | 8661 | 8592 | 0.73% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8) | SOFR(Q) | 6.25% | 9.95% | 05/2024 | 05/2030 | 4780 | 4745 | 4732 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 6.25% | 9.92% | 05/2024 | 05/2030 | 80 | 81 | 79 |  |
|  |  |  |  |  |  |  |  | 4826 | 4811 | 0.41% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  |  | $**13487** | $**13403** | **1.14%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.08% | 06/2025 | 07/2031 | $10989 | $10989 | $10989 |  |
|  | First Lien(4)(7)(8) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.12% | 06/2025 | 07/2031 | 602 | 602 | 602 |  |
|  |  |  |  |  |  |  |  | 11591 | 11591 | 0.98% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  |  | $**11591** | $**11591** | **0.98%** |
| **Funded Debt Investments - Switzerland** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Matterhorn Finco, Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7) | SOFR(Q) | 5.50% | 9.20% | 03/2026 | 03/2033 | $7982 | $7943 | $7943 | 0.67% |
| **Total Funded Debt Investments - Switzerland** |  |  |  |  |  |  |  | $**7943** | $**7943** | **0.67%** |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| **Structured Financing Obligation - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligations(8) | SOFR(Q) | 7.00% | 10.67% | 11/2024 | 01/2037 | $1996 | $1996 | $1968 | 0.17% |
| **Total Structured Financing Obligation - United States** |  |  |  |  |  |  |  | $**1996** | $**1968** | **0.17%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  |  | $**2015389** | $**1991774** | **168.65%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Intermediate, Inc. (14) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Series A preferred shares (8) | Fixed(Q) | 10.50% | 10.50% | 12/2024 |  | 14558 | $14448 | $14558 | 1.23% |
| &nbsp;&nbsp;Portage Point Partners, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred shares (5)(8) | Fixed(S) | 14.00% | 14.00% | 09/2024 |  | 77399 | 7663 | 7740 |  |
|  | Class B common units (5)(8) |  |  |  | 09/2024 |  | 667 | 2415 | 3641 |  |
|  |  |  |  |  |  |  |  | 10078 | 11381 | 0.96% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (12) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred shares (8) | Fixed(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 461 | 5361 | 5407 | 0.45% |
| &nbsp;&nbsp;Jawbreaker Topco, L.P. (17) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-1 common units (8) |  |  |  | 01/2026 |  | 69708 | 697 | 697 | 0.06% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc. (16) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (8) | SOFR(S)\* | 10.75%/PIK | 14.35% | 06/2022 |  | 433 | 690 | 663 | 0.06% |
| &nbsp;&nbsp;KWOR TopCo I, LLC (15) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (15) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred shares (8) | SOFR(Q)\* | 8.00%/PIK | 11.67% | 02/2025 |  | 250 | 284 | 284 |  |
|  | Class A-1 common units (8) |  |  |  | 02/2025 |  | 234 | 245 | 23 |  |
|  |  |  |  |  |  |  |  | 529 | 307 | 0.03% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (13) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Class B preferred units (8) | Fixed(A)\* | 20.00%/PIK | 20.00% | 10/2024 |  | 1396 | 219 | 219 | 0.02% |
| &nbsp;&nbsp;Panzura Holdings, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class N-3 common units (3)(8) |  |  |  | 02/2025 |  | 90351 | 480 |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**32502** | $**33232** | **2.81%** |
| **Total Shares** |  |  |  |  |  |  |  | $**32502** | $**33232** | **2.81%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**2047891** | $**2025006** | **171.46%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (13) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | $5258 | $— | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 03/2027 | 97 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 07/2028 | $1104 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1705 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2026 | 1685 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 02/2024 | 10/2028 | 536 | (2) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 02/2025 | 02/2027 | 249 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 02/2025 | 02/2030 | 188 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;HIG Intermediate, Inc. (14) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 03/2024 | 09/2026 | 591 |  |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 02/2024 | 02/2031 | 806 | (3) |  | —% |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 02/2027 | 2590 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 02/2032 | 1761 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 03/2027 | 10274 |  |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 10/2026 | 2572 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 12/2027 | 368 | (1) |  |  |
|  |  |  |  |  |  |  |  | (1) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2026 | 693 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 10/2029 | 683 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2024 | 11/2026 | 1474 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 11/2024 | 11/2031 | 473 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2026 | $1629 | $— | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2031 | 1086 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2027 | 3507 | (9) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 09/2022 | 05/2026 | 522 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 09/2022 | 10/2029 | 1480 | (11) |  |  |
|  |  |  |  |  |  |  |  | (11) |  | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 01/2027 | 1017 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2023 | 08/2029 | 675 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2022 | 09/2027 | 465 | (5) |  | —% |
| &nbsp;&nbsp;GHX Ultimate Parent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 02/2025 | 02/2033 | 2612 | (16) |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2024 | 09/2028 | 3146 | (10) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 02/2028 | 139 |  |  | —% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 05/2030 | 1819 | (11) |  | —% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2978 | (15) |  | —% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2027 | 4155 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1778 | (8) |  |  |
|  |  |  |  |  |  |  |  | (8) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 06/2024 | 06/2026 | 6549 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 06/2024 | 06/2031 | 3493 | (13) |  |  |
|  |  |  |  |  |  |  |  | (13) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 11/2023 | 11/2029 | $339 | $(2) | $— | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 09/2027 | 1933 |  |  | —% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2028 | 2777 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 12/2032 | 3472 | (11) |  |  |
|  |  |  |  |  |  |  |  | (11) |  | —% |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 11/2025 | 11/2029 | 3385 |  |  | —% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(8)(9) - Undrawn |  |  |  | 11/2022 | 04/2030 | 319 | (5) |  | —% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 04/2025 | 10/2027 | 1992 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 04/2025 | 04/2032 | 1552 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;SIG Parent Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 02/2026 | 02/2028 | 7229 |  |  | —% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 2406 | (11) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 10/2030 | 1229 | (8) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1886 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 06/2029 | 503 | (2) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 04/2030 | 2205 | (19) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2026 | 3318 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 12/2029 | 1358 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2025 | 05/2028 | 3425 |  |  |  |
|  | First Lien(2)(6)(8)(9) - Undrawn |  |  |  | 11/2025 | 07/2026 | 24 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2026 | 561 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2031 | 2546 | (10) |  |  |
|  |  |  |  |  |  |  |  | (10) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 04/2025 | 11/2026 | $182 | $(1) | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 06/2024 | 12/2030 | 1830 | (1) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 09/2023 | 09/2029 | 626 | (5) | (2) | (0.00)% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2024 | 02/2031 | 46 |  | (2) | (0.00)% |
| &nbsp;&nbsp;PROS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 1958 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2023 | 03/2028 | 211 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 06/2022 | 06/2028 | 282 |  | (3) | (0.00)% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 03/2026 | 03/2028 | 828 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2032 | 563 | (3) | (3) |  |
|  |  |  |  |  |  |  |  | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1161 |  | (1) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 2208 | (5) | (3) |  |
|  |  |  |  |  |  |  |  | (5) | (4) | (0.00)% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 888 | (4) | (4) | (0.00)% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2022 | 08/2029 | 266 | (3) | (5) | (0.00)% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2030 | 749 | (5) | (6) | (0.00)% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 11/2032 | 2710 | (7) | (7) | (0.00)% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 2955 |  | (7) | (0.00)% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 05/2028 | 2041 | (7) | (8) | (0.00)% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 3148 |  | (8) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Jawbreaker Topco, L.P. (17) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jawbreaker Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2026 | 01/2029 | $1587 | $— | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 01/2026 | 04/2026 | 3935 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 01/2026 | 01/2033 | 1587 | (8) | (8) |  |
|  |  |  |  |  |  |  |  | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2030 | 800 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 09/2027 | 1071 |  | (5) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 09/2031 | 1071 | (5) | (5) |  |
|  |  |  |  |  |  |  |  | (5) | (10) | (0.00)% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 05/2032 | 899 | (4) | (4) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 05/2027 | 1258 |  | (6) |  |
|  |  |  |  |  |  |  |  | (4) | (10) | (0.00)% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 10/2031 | 750 | (3) | (11) | (0.00)% |
| &nbsp;&nbsp;Fetch, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 03/2026 | 09/2028 | 4065 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 03/2026 | 03/2033 | 2439 | (12) | (12) |  |
|  |  |  |  |  |  |  |  | (12) | (12) | (0.00)% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 763 | (3) | (4) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 01/2028 | 2035 |  | (10) |  |
|  |  |  |  |  |  |  |  | (3) | (14) | (0.00)% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (12) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 09/2024 | 09/2026 | 2929 |  | (15) | (0.00)% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2031 | 691 | (3) | (4) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2027 | 2074 |  | (13) |  |
|  |  |  |  |  |  |  |  | (3) | (17) | (0.00)% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 02/2026 | 09/2028 | 201 | (1) | (5) |  |
|  | First Lien(9) - Undrawn |  |  |  | 02/2026 | 02/2028 | 649 |  | (15) |  |
|  |  |  |  |  |  |  |  | (1) | (20) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 10/2028 | $483 | $(2) | $(6) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1304 |  | (15) |  |
|  |  |  |  |  |  |  |  | (2) | (21) | (0.00)% |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1029 | (2) | (9) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1286 |  | (12) |  |
|  |  |  |  |  |  |  |  | (2) | (21) | (0.00)% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 3663 | (9) | (9) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 5198 |  | (13) |  |
|  |  |  |  |  |  |  |  | (9) | (22) | (0.00)% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2031 | 3115 | (6) | (23) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2027 | 538 |  | (27) | (0.00)% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2032 | 1120 | (1) | (27) | (0.00)% |
| &nbsp;&nbsp;Pike Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 4581 | (11) | (11) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2028 | 6871 |  | (17) |  |
|  |  |  |  |  |  |  |  | (11) | (28) | (0.00)% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 06/2025 | 12/2030 | 976 | (3) | (5) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 06/2025 | 04/2027 | 5044 |  | (25) |  |
|  |  |  |  |  |  |  |  | (3) | (30) | (0.00)% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 08/2030 | 979 | (4) | (11) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 04/2026 | 1882 | (5) | (20) |  |
|  |  |  |  |  |  |  |  | (9) | (31) | (0.00)% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2023 | 02/2028 | 898 | (4) | (16) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 967 |  | (17) |  |
|  |  |  |  |  |  |  |  | (4) | (33) | (0.00)% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 09/2031 | 3495 | (14) | (34) | (0.00)% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 01/2024 | 01/2030 | 1283 | (5) | (35) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 03/2032 | $736 | $(2) | $(13) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1794 |  | (33) |  |
|  |  |  |  |  |  |  |  | (2) | (46) | (0.00)% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 06/2028 | 2460 |  | (48) | (0.00)% |
| &nbsp;&nbsp;PDQ.COM Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1636 |  | (25) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 10/2032 | 1647 | (11) | (25) |  |
|  |  |  |  |  |  |  |  | (11) | (50) | (0.00)% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2029 | 420 | (4) | (52) | (0.00)% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2031 | 4804 | (18) | (24) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 5763 |  | (29) |  |
|  |  |  |  |  |  |  |  | (18) | (53) | (0.00)% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 66 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 966 |  | (5) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2032 | 2879 | (13) | (14) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 3868 |  | (19) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 3774 |  | (19) |  |
|  |  |  |  |  |  |  |  | (13) | (57) | (0.00)% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1969 | (9) | (10) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2028 | 9846 |  | (49) |  |
|  |  |  |  |  |  |  |  | (9) | (59) | (0.00)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 08/2022 | 08/2028 | 1397 | (12) | (60) | (0.01)% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 11/2023 | 11/2030 | 2113 | (5) | (68) | (0.01)% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 03/2024 | 05/2028 | 1150 | (3) | (73) | (0.01)% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 02/2023 | 02/2029 | 2698 | (8) | (33) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 02/2023 | 06/2027 | 3524 |  | (43) |  |
|  |  |  |  |  |  |  |  | (8) | (76) | (0.01)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 06/2027 | $2518 | $— | $(41) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 06/2030 | 3190 | (17) | (51) |  |
|  |  |  |  |  |  |  |  | (17) | (92) | (0.01)% |
| &nbsp;&nbsp;Vamos Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 01/2032 | 1560 | (7) | (26) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 02/2027 | 5200 |  | (86) |  |
|  |  |  |  |  |  |  |  | (7) | (112) | (0.01)% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 01/2031 | 3560 | (29) | (129) | (0.01)% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 12/2032 | 2749 |  | (44) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 5371 |  | (86) |  |
|  |  |  |  |  |  |  |  |  | (130) | (0.02)% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 01/2028 | 26862 |  | (134) | (0.02)% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 09/2025 | 09/2027 | 7896 |  | (231) | (0.03)% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 09/2025 | 09/2032 | 3169 | (8) | (81) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 09/2025 | 09/2027 | 6097 |  | (156) |  |
|  |  |  |  |  |  |  |  | (8) | (237) | (0.03)% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2031 | 3633 | (15) | (82) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2026 | 7265 |  | (164) |  |
|  |  |  |  |  |  |  |  | (15) | (246) | (0.03)% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 11/2029 | 1954 | (20) | (276) | (0.03)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**(535)** | $**(2749)** | **(0.23)%** |
| **Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 02/2024 | 02/2030 | $3874 | $(31) | $— | &nbsp;&nbsp;— |
| **Total Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**(31)** | $**—** | **— %** |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry (1)** | **Type of Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity/Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (19)** | **Cost** | **Fair<br> Value** | **Percent of<br>Members' Capital** |
| **Unfunded Debt Investments - Switzerland** | | | | | | | | | | |
| &nbsp;&nbsp;Matterhorn Finco, Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(9) - Undrawn |  |  |  | 03/2026 | 03/2033 | $698 | $(3) | $(3) |  |
|  | First Lien(4)(7)(9) - Undrawn |  |  |  | 03/2026 | 03/2033 | 698 | (3) | (3) |  |
|  |  |  |  |  |  |  |  | (6) | (6) | (0.00)% |
| **Total Unfunded Debt Investments - Switzerland** |  |  |  |  |  |  |  | $**(6)** | $**(6)** | (0.00)% |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2022 | 12/2028 | $740 | $(3) | $(10) | (0.00)% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2030 | 587 | (6) | (6) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1048 |  | (10) |  |
|  |  |  |  |  |  |  |  | (6) | (16) | (0.00)% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  | $**(9)** | $**(26)** | (0.00)% |
| **Unfunded Debt Investments - France** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Datheos Bidco\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9)(18) - Undrawn |  |  |  | 12/2025 | 10/2029 | 4529 | $— | $(32) | (0.00)% |
| **Total Unfunded Debt Investments - France** |  |  |  |  |  |  |  |  | (32) | (0.00)% |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  |  | $**(581)** | $**(2813)** | **(0.23)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**2047310** | $**2022193** | **171.23%** |
| **Total Investments** |  |  |  |  |  |  |  | $**2047310** | $**2022193** | **171.23%** |

---

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

(2)Investment is held by New Mountain Guardian IV SPV, L.L.C.

(3)Investment is held by New Mountain Guardian IV Panzura, Inc.

(4)Investment is held by New Mountain Guardian IV Holdings, L.L.C.

(5)Investment is held by New Mountain Guardian IV PPP, Inc.

(6)Investment is pledged as collateral for the UBS Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV SPV, L.L.C. as the borrower, UBS AG London Branch as the administrative agent, U.S. Bank Trust Company, National Association, as the collateral agent, and U.S. Bank National Association as the document custodian. See Note 6. *Borrowings*, for details.

(7)Investment is pledged as collateral for the Wells Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV Holdings, L.L.C. as the borrower, Wells Fargo Bank, National Association as the swingline lender and administrative agent, Western Alliance Trust Company, N.A. as the collateral custodian. See Note 6. *Borrowings*, for details.

(8)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.

(9)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.

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

(11)The Company holds Class N-3 common units in Panzura Holdings, LLC and a first lien term loan in Panzura, LLC, a wholly-owned subsidiary of Panzura Holdings, LLC.

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

(12)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is 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 its equity investment plus unpaid compounded dividends was $5,407.

(13)The Company holds Class B preferred units in FS WhiteWater Holdings, LLC and a first lien term loan and three first lien delayed draws in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC. The Company's Class B preferred units are entitled to receive cumulative preferred dividends that is 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 its equity investment plus unpaid compounded dividends was $219.

(14)The Company holds Series A preferred shares in HIG Intermediate, Inc. and a first lien term loan and a first lien delayed draw in Higginbotham Insurance Agency, Inc., a wholly-owned subsidiary of HIG Intermediate, Inc.

(15)The Company holds Class A-1 common units in KWOR TopCo I, LLC and preferred equity and subordinated notes in KWOR Intermediate I, LLC, a wholly-owned subsidiary of KWOR TopCo I, LLC. The Company also holds a first lien term loan, a first lien delayed draw and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is 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 its equity investment plus unpaid compounded dividends was $284.

(16)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that is 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 its share plus unpaid compounded dividends was $694.

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

(18)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 Packaging Coordinators Midco, Inc. first lien delayed draw is $850 and the Datheos Bidco first lien term loan and undrawn delayed draw term loan is $28,786 and $5,234, respectively. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

\*&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of interest contains payment in kind ("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 Investment Company Act of 1940, as amended (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, 5.27% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

**ADDITIONAL INFORMATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | | | | | |
| **Counterparty** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| U.S. Bank National Association | $4461 | € | 3737 | 4/30/2026 | $143 |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026&nbsp;&nbsp;&nbsp;&nbsp;**

(unaudited)

---

| | |
|:---|:---|
|<br>**Investment Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 95.00% |
| Second lien | 2.48% |
| Subordinated | 0.77% |
| Structured finance obligations | 0.10% |
| Equity and other | 1.65% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 36.11% |
| Software | 28.50% |
| Financial Services & Technology | 14.73% |
| Healthcare | 10.59% |
| Consumer Services | 5.01% |
| Education | 2.07% |
| Business Products | 1.16% |
| Food & Beverage | 0.71% |
| Packaging | 0.68% |
| Distribution & Logistics | 0.34% |
| Investment Fund | 0.10% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 97.52% |
| Fixed rates | 2.48% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 11/2024 | 11/2031 | $41857 | $41673 | $41857 | 3.47% |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 12569 | 12568 | 12569 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 10341 | 10341 | 10341 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.49% | 02/2024 | 10/2028 | 6514 | 6483 | 6514 |  |
|  | Subordinated(8) | Fixed(Q)\* | 13.00%/PIK | 13.00% | 05/2023 | 05/2033 | 4665 | 4635 | 4665 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 2164 | 2164 | 2164 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.50% | 8.36% | 12/2024 | 10/2028 | 1967 | 1963 | 1967 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 1245 | 1245 | 1245 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.49% | 10/2023 | 10/2028 | 174 | 174 | 174 |  |
|  |  |  |  |  |  |  |  | 39573 | 39639 | 3.29% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.09% | 02/2023 | 02/2030 | 38872 | 38711 | 38872 | 3.22% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.32% | 06/2022 | 06/2029 | 34734 | 34719 | 34734 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.32% | 01/2024 | 06/2029 | 3300 | 3300 | 3300 |  |
|  |  |  |  |  |  |  |  | 38019 | 38034 | 3.15% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(M) | 4.50% | 8.23% | 04/2024 | 12/2032 | 37110 | 37007 | 37172 | 3.08% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 27105 | 27097 | 27105 |  |
|  | Subordinated(8) | Fixed(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 5081 | 5073 | 5183 |  |
|  | Subordinated(8) | Fixed(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1940 | 1937 | 1990 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 908 | 907 | 908 |  |
|  |  |  |  |  |  |  |  | 35014 | 35186 | 2.92% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 08/2031 | 21503 | 21412 | 21503 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 08/2031 | 12643 | 12590 | 12643 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.43% | 08/2024 | 08/2031 | 874 | 876 | 874 |  |
|  |  |  |  |  |  |  |  | 34878 | 35020 | 2.90% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 11/2032 | 35044 | 34950 | 34956 | 2.90% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(Q) | 4.50% | 8.17% | 12/2025 | 12/2032 | $30660 | $30584 | $30583 |  |
|  | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.17% | 10/2023 | 12/2032 | 3431 | 3431 | 3422 |  |
|  | First Lien | SOFR(Q) | 4.50% | 8.17% | 10/2023 | 12/2032 | 619 | 619 | 617 |  |
|  |  |  |  |  |  |  |  | 34634 | 34622 | 2.87% |
| &nbsp;&nbsp;Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 6.50% | 10.36% | 01/2025 | 01/2031 | 34415 | 34112 | 34070 | 2.82% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8) | SOFR(Q) | 6.00% | 9.82% | 09/2023 | 08/2029 | 16865 | 16809 | 16865 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.75% | 9.57% | 08/2022 | 08/2029 | 12329 | 12329 | 12329 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.75% | 9.57% | 08/2022 | 08/2029 | 4506 | 4478 | 4506 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.75% | 9.63% | 08/2022 | 08/2029 | 53 | 55 | 53 |  |
|  |  |  |  |  |  |  |  | 33671 | 33753 | 2.80% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.47% | 03/2024 | 12/2032 | 32920 | 32885 | 32920 |  |
|  | First Lien(8)(9) - Drawn | P(Q) | 3.75% | 10.50% | 10/2024 | 12/2032 | 167 | 163 | 167 |  |
|  |  |  |  |  |  |  |  | 33048 | 33087 | 2.74% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.52% | 07/2024 | 07/2031 | 22912 | 22819 | 22912 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.50% | 8.28% | 07/2024 | 07/2031 | 6053 | 6028 | 6053 |  |
|  | First Lien(2)(6)(8) | SOFR(S) | 4.50% | 8.23% | 11/2025 | 07/2031 | 3523 | 3515 | 3523 |  |
|  | First Lien(2)(6)(8)(9) - Drawn | SOFR(M) | 4.50% | 8.28% | 11/2025 | 07/2031 | 260 | 260 | 260 |  |
|  |  |  |  |  |  |  |  | 32622 | 32748 | 2.71% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 06/2024 | 06/2031 | 31688 | 31555 | 31688 | 2.63% |
| &nbsp;&nbsp;Pike Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(Q) | 4.50% | 8.20% | 12/2025 | 12/2032 | 31607 | 31528 | 31528 | 2.61% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2024 | 10/2030 | 10297 | 10276 | 10297 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 10/2030 | 8441 | 8421 | 8441 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2023 | 10/2030 | 5018 | 4982 | 5018 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 10/2030 | 3661 | 3652 | 3661 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 10/2030 | 3529 | 3521 | 3529 |  |
|  |  |  |  |  |  |  |  | 30852 | 30946 | 2.57% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 30740 | 30740 | 30740 | 2.55% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.22% | 08/2024 | 09/2031 | 30627 | 30500 | 30627 | 2.54% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.22% | 09/2025 | 09/2032 | $29876 | $29803 | $29801 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.50% | 8.22% | 09/2025 | 09/2032 | 773 | 772 | 771 |  |
|  |  |  |  |  |  |  |  | 30575 | 30572 | 2.53% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 5.00% | 8.84% | 03/2024 | 09/2028 | 29620 | 29519 | 29620 | 2.45% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.67% | 12/2024 | 12/2031 | 29023 | 28894 | 29023 | 2.40% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.17% | 08/2024 | 08/2031 | 21391 | 21346 | 21391 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.17% | 08/2024 | 08/2031 | 6982 | 6967 | 6982 |  |
|  |  |  |  |  |  |  |  | 28313 | 28373 | 2.35% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8) | SOFR(M) | 5.25% | 9.07% | 11/2023 | 12/2027 | 22885 | 22769 | 22885 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.82% | 03/2025 | 12/2027 | 5489 | 5469 | 5489 |  |
|  |  |  |  |  |  |  |  | 28238 | 28374 | 2.35% |
| &nbsp;&nbsp;HIG Intermediate, Inc. (14) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(M) | 4.50% | 8.22% | 08/2023 | 06/2031 | 22885 | 22825 | 22885 |  |
|  | First Lien(2)(6) | SOFR(M) | 4.50% | 8.22% | 08/2023 | 06/2031 | 3769 | 3769 | 3769 |  |
|  | First Lien | SOFR(M) | 4.50% | 8.22% | 03/2024 | 06/2031 | 1605 | 1601 | 1605 |  |
|  |  |  |  |  |  |  |  | 28195 | 28259 | 2.34% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.72% | 10/2023 | 12/2029 | 11845 | 11845 | 11845 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 5.00% | 8.72% | 10/2023 | 12/2029 | 10716 | 10697 | 10716 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.72% | 08/2024 | 12/2029 | 2631 | 2620 | 2631 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 07/2023 | 12/2029 | 2292 | 2264 | 2292 |  |
|  |  |  |  |  |  |  |  | 27426 | 27484 | 2.28% |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.67% | 11/2025 | 11/2029 | 23873 | 23873 | 23873 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.67% | 11/2025 | 11/2028 | 2813 | 2813 | 2813 |  |
|  |  |  |  |  |  |  |  | 26686 | 26686 | 2.21% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7) | SOFR(S) | 5.25% | 8.94% | 12/2025 | 12/2031 | 26789 | 26656 | 26655 | 2.21% |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7) | SOFR(Q) | 4.75% | 8.54% | 12/2025 | 12/2031 | 25710 | 25647 | 25646 | 2.13% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 5.50% | 9.22% | 12/2025 | 05/2028 | 19699 | 19625 | 19625 |  |
|  | First Lien | SOFR(M) | 5.50% | 9.22% | 06/2025 | 05/2028 | 4066 | 4039 | 4046 |  |
|  |  |  |  |  |  |  |  | 23664 | 23671 | 1.96% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | $11127 | $11116 | $11127 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 7481 | 7470 | 7481 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 2863 | 2861 | 2863 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 864 | 859 | 864 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 641 | 641 | 641 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 287 | 287 | 287 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 229 | 229 | 229 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 105 | 104 | 105 |  |
|  |  |  |  |  |  |  |  | 23567 | 23597 | 1.96% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.17% | 09/2024 | 05/2029 | 18902 | 18902 | 18713 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.17% | 10/2023 | 05/2029 | 4557 | 4527 | 4512 |  |
|  |  |  |  |  |  |  |  | 23429 | 23225 | 1.92% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.74% | 06/2024 | 12/2030 | 21053 | 21040 | 21053 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.60% | 04/2025 | 12/2030 | 264 | 262 | 264 |  |
|  |  |  |  |  |  |  |  | 21302 | 21317 | 1.77% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(M) | 4.50% | 8.22% | 10/2024 | 10/2030 | 14214 | 14155 | 14214 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 4.50% | 8.22% | 10/2024 | 10/2030 | 5226 | 5221 | 5226 |  |
|  | First Lien(8) | SOFR(M) | 4.50% | 8.22% | 10/2024 | 10/2030 | 1582 | 1582 | 1582 |  |
|  |  |  |  |  |  |  |  | 20958 | 21022 | 1.74% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | SOFR(Q) | 5.75% | 9.61% | 08/2022 | 08/2028 | 11320 | 11299 | 11016 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.75% | 9.61% | 08/2022 | 08/2028 | 9587 | 9549 | 9329 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.75% | 9.59% | 08/2022 | 08/2028 | 536 | 542 | 522 |  |
|  |  |  |  |  |  |  |  | 21390 | 20867 | 1.73% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.34% | 10/2024 | 11/2029 | 20704 | 20493 | 20704 | 1.72% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | 4.25% | 7.97% | 05/2025 | 06/2031 | 11288 | 11220 | 11288 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.47% | 05/2024 | 06/2031 | 7196 | 7152 | 7196 |  |
|  | First Lien(8) | SOFR(M) | 4.75% | 8.47% | 05/2024 | 06/2031 | 1447 | 1438 | 1447 |  |
|  | First Lien(8) | SOFR(M) | 4.25% | 7.97% | 05/2025 | 06/2031 | 530 | 517 | 530 |  |
|  |  |  |  |  |  |  |  | 20327 | 20461 | 1.70% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 5.75% | 9.47% | 04/2024 | 04/2030 | 20217 | 20036 | 20217 | 1.68% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | $12649 | $12618 | $12649 |  |
|  | First Lien(4)(8) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 4794 | 4794 | 4794 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 1930 | 1909 | 1930 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.44% | 12/2025 | 02/2031 | 599 | 599 | 599 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 222 | 222 | 222 |  |
|  |  |  |  |  |  |  |  | 20142 | 20194 | 1.67% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2024 | 02/2028 | 12933 | 12883 | 12933 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 12/2023 | 02/2028 | 4188 | 4180 | 4188 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 02/2028 | 2629 | 2621 | 2629 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.44% | 12/2023 | 02/2028 | 240 | 242 | 240 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 02/2028 | 189 | 189 | 189 |  |
|  |  |  |  |  |  |  |  | 20115 | 20179 | 1.67% |
| &nbsp;&nbsp;Asurion, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.25% | 7.97% | 09/2024 | 09/2030 | 19750 | 19421 | 19778 | 1.64% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(M) | 4.25% | 7.97% | 11/2023 | 11/2030 | 10519 | 10479 | 10519 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 4.25% | 7.97% | 11/2023 | 11/2030 | 8952 | 8951 | 8952 |  |
|  |  |  |  |  |  |  |  | 19430 | 19471 | 1.61% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6)(8) | SOFR(M) | 6.00% | 9.72% | 10/2023 | 11/2030 | 18348 | 18207 | 17550 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 6.00% | 9.84% | 10/2023 | 11/2029 | 244 | 250 | 233 |  |
|  |  |  |  |  |  |  |  | 18457 | 17783 | 1.47% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(4)(7) | SOFR(M) | 5.25% | 9.07% | 12/2023 | 04/2029 | 11437 | 11292 | 10124 |  |
|  | First Lien(2)(6) | SOFR(M) | 5.25% | 9.07% | 09/2023 | 04/2029 | 8633 | 8298 | 7642 |  |
|  |  |  |  |  |  |  |  | 19590 | 17766 | 1.47% |
| &nbsp;&nbsp;GHX Ultimate Parent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 02/2025 | 12/2031 | 17530 | 17372 | 17530 | 1.45% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (12) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.25% | 09/2024 | 09/2031 | 17280 | 17207 | 17280 | 1.43% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(M) | 4.75% | 8.47% | 10/2023 | 12/2027 | 12523 | 12446 | 12523 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.47% | 10/2024 | 12/2027 | 4635 | 4620 | 4635 |  |
|  |  |  |  |  |  |  |  | 17066 | 17158 | 1.42% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M)\* | 2.75% +2.75%/PIK | 9.23% | 08/2024 | 08/2031 | $14709 | $14590 | $14709 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2031 | 696 | 690 | 696 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2030 | 547 | 545 | 547 |  |
|  |  |  |  |  |  |  |  | 15825 | 15952 | 1.32% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(M) | 5.25% | 9.07% | 10/2024 | 09/2027 | 13470 | 13470 | 13470 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.25% | 9.07% | 07/2024 | 09/2027 | 2315 | 2298 | 2315 |  |
|  |  |  |  |  |  |  |  | 15768 | 15785 | 1.31% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.22% | 01/2024 | 05/2029 | 15655 | 15625 | 15655 | 1.30% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(4)(7) | SOFR(Q) | 4.50% | 8.27% | 12/2025 | 12/2031 | 15235 | 15198 | 15197 | 1.26% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.19% | 12/2025 | 12/2032 | 14822 | 14803 | 14803 |  |
|  | First Lien(9) - Drawn | SOFR(M) | 4.50% | 8.23% | 12/2025 | 12/2032 | 188 | 188 | 188 |  |
|  |  |  |  |  |  |  |  | 14991 | 14991 | 1.24% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 11744 | 11702 | 11744 |  |
|  | First Lien(4)(7)(8) | SOFR(S) | 4.75% | 8.36% | 05/2024 | 12/2028 | 3062 | 3051 | 3062 |  |
|  |  |  |  |  |  |  |  | 14753 | 14806 | 1.23% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(6)(8) | SOFR(Q) | 6.00% | 9.67% | 05/2025 | 05/2030 | 14301 | 14204 | 14194 | 1.18% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | Second Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.60% | 05/2022 | 08/2029 | 9783 | 8945 | 9783 |  |
|  | First Lien(2)(6) | SOFR(Q) | 3.75% | 7.85% | 05/2025 | 08/2028 | 4564 | 4209 | 4219 |  |
|  |  |  |  |  |  |  |  | 13154 | 14002 | 1.16% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(Q) | 4.50% | 8.17% | 01/2024 | 01/2030 | 8422 | 8360 | 8422 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.17% | 12/2025 | 01/2030 | 4776 | 4776 | 4776 |  |
|  |  |  |  |  |  |  |  | 13136 | 13198 | 1.09% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 10980 | 10948 | 10980 |  |
|  | First Lien(8) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 1882 | 1877 | 1882 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.00% | 8.75% | 04/2024 | 08/2030 | 295 | 295 | 295 |  |
|  |  |  |  |  |  |  |  | 13120 | 13157 | 1.09% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 6.25% | 10.17% | 02/2023 | 07/2027 | 12802 | 12789 | 12649 | 1.05% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q)\* | 2.75% +2.75%/PIK | 8.84% | 01/2025 | 02/2032 | $10138 | $10116 | $10113 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.50% | 8.34% | 01/2025 | 02/2032 | 2376 | 2371 | 2370 |  |
|  |  |  |  |  |  |  |  | 12487 | 12483 | 1.03% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(M) | 5.00% | 8.72% | 09/2022 | 10/2029 | 9862 | 9772 | 9862 |  |
|  | First Lien(8) | SOFR(M) | 5.00% | 8.72% | 09/2022 | 10/2029 | 1533 | 1520 | 1533 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.72% | 09/2022 | 10/2029 | 1039 | 1035 | 1039 |  |
|  |  |  |  |  |  |  |  | 12327 | 12434 | 1.03% |
| &nbsp;&nbsp;Vamos Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 01/2025 | 01/2032 | 12417 | 12358 | 12355 | 1.02% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 11153 | 11114 | 11111 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 1209 | 1205 | 1204 |  |
|  |  |  |  |  |  |  |  | 12319 | 12315 | 1.02% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 11815 | 11756 | 11756 |  |
|  | First Lien(9) - Drawn | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 394 | 392 | 392 |  |
|  |  |  |  |  |  |  |  | 12148 | 12148 | 1.01% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.61% | 07/2024 | 07/2031 | 12129 | 12082 | 12129 | 1.01% |
| &nbsp;&nbsp;PROS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(Q) | 4.75% | 8.49% | 12/2025 | 12/2032 | 11954 | 11939 | 11939 | 0.99% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.48% | 10/2025 | 06/2029 | 8800 | 8757 | 8800 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.50% | 06/2023 | 06/2029 | 2902 | 2889 | 2902 |  |
|  |  |  |  |  |  |  |  | 11646 | 11702 | 0.97% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(4)(7)(8) | SOFR(Q) | 5.75% | 9.42% | 06/2024 | 12/2028 | 12117 | 12089 | 11587 | 0.96% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 03/2025 | 03/2032 | 9281 | 9260 | 9258 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.69% | 03/2025 | 03/2032 | 1008 | 1006 | 1006 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.69% | 10/2025 | 03/2032 | 951 | 947 | 947 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 151 | 151 | 151 |  |
|  |  |  |  |  |  |  |  | 11364 | 11362 | 0.94% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 10938 | 10887 | 10883 | 0.90% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | $7479 | $7467 | $7479 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.22% | 10/2024 | 09/2027 | 1821 | 1821 | 1821 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 9.08% | 03/2024 | 09/2027 | 603 | 597 | 603 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | 356 | 355 | 356 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | 265 | 264 | 265 |  |
|  |  |  |  |  |  |  |  | 10504 | 10524 | 0.87% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 5.75% | 9.47% | 07/2025 | 07/2030 | 10353 | 10281 | 10275 | 0.85% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.47% | 07/2025 | 07/2032 | 10044 | 9996 | 9993 | 0.83% |
| &nbsp;&nbsp;Nexus Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Second Lien(4)(7) | SOFR(M) | 5.75% | 9.47% | 08/2025 | 02/2032 | 10000 | 9904 | 9930 | 0.82% |
| &nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Second Lien(2)(6)(8) | SOFR(M) | 5.50% | 9.22% | 07/2025 | 07/2033 | 9512 | 9466 | 9464 | 0.78% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 4997 | 4992 | 4997 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 2302 | 2305 | 2302 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 994 | 989 | 994 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.25% | 8.92% | 03/2024 | 05/2028 | 896 | 896 | 896 |  |
|  |  |  |  |  |  |  |  | 9182 | 9189 | 0.76% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 6313 | 6289 | 6313 |  |
|  | First Lien(8) | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 2284 | 2275 | 2284 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 501 | 500 | 501 |  |
|  |  |  |  |  |  |  |  | 9064 | 9098 | 0.75% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(M) | 5.50% | 9.23% | 08/2025 | 08/2032 | 9091 | 9047 | 9045 | 0.75% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (13) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.07% | 07/2022 | 12/2029 | 3923 | 3906 | 3923 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.07% | 09/2024 | 12/2029 | 3224 | 3203 | 3224 |  |
|  | First Lien(8)(9) - Drawn | SOFR(S) | 5.25% | 9.26% | 03/2025 | 12/2029 | 1283 | 1272 | 1283 |  |
|  |  |  |  |  |  |  |  | 8381 | 8430 | 0.70% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | $7046 | $6981 | $7046 |  |
|  | First Lien(8) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 1170 | 1162 | 1170 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 186 | 186 | 186 |  |
|  |  |  |  |  |  |  |  | 8329 | 8402 | 0.70% |
| &nbsp;&nbsp;LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7) | SOFR(Q) | 4.50% | 8.17% | 09/2024 | 03/2032 | 8380 | 8293 | 8226 | 0.68% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 8.15% | 10/2025 | 10/2032 | 8214 | 8204 | 8204 | 0.68% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 7.98% | 09/2023 | 09/2029 | 8148 | 8083 | 8148 | 0.68% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.72% | 10/2024 | 10/2031 | 7940 | 7905 | 7940 | 0.66% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.27% | 12/2024 | 01/2031 | 7975 | 7941 | 7935 | 0.66% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 09/2032 | 7857 | 7819 | 7818 | 0.65% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 7764 | 7626 | 7776 | 0.64% |
| &nbsp;&nbsp;Panzura Holdings, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Panzura, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8) | Fixed(Q)\* | 7.00%+8.00%/PIK | 15.00% | 08/2023 | 08/2027 | 8098 | 7804 | 7651 | 0.63% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(4)(7) | SOFR(M) | 4.25% | 8.08% | 09/2025 | 07/2028 | 11778 | 9445 | 7246 |  |
|  | First Lien | SOFR(M) | 5.00% | 8.72% | 10/2025 | 07/2028 | 504 | 388 | 316 |  |
|  |  |  |  |  |  |  |  | 9833 | 7562 | 0.63% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.60% | 11/2024 | 11/2031 | 5218 | 5184 | 5218 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.63% | 11/2024 | 11/2031 | 1032 | 1026 | 1032 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.44% | 07/2025 | 11/2031 | 865 | 857 | 865 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.60% | 11/2024 | 11/2031 | 351 | 349 | 351 |  |
|  |  |  |  |  |  |  |  | 7416 | 7466 | 0.62% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.62% | 10/2023 | 10/2032 | 3887 | 3869 | 3887 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 10/2032 | 2944 | 2937 | 2944 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.61% | 10/2023 | 10/2032 | 628 | 627 | 628 |  |
|  |  |  |  |  |  |  |  | 7433 | 7459 | 0.62% |
| &nbsp;&nbsp;Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2)(6)(8) | SOFR(M) | 6.00% | 9.82% | 10/2022 | 10/2029 | 7900 | 6993 | 7251 | 0.60% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8) | SOFR(M) | 4.50% | 8.23% | 06/2024 | 12/2028 | $7120 | $7100 | $7120 | 0.59% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7) | SOFR(Q) | 5.50% | 9.27% | 12/2025 | 12/2032 | 7101 | 7066 | 7066 | 0.59% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 5106 | 5081 | 5080 |  |
|  | First Lien(8) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 1029 | 1019 | 1024 |  |
|  | First Lien (4)(7)(8)(17) | SONIA(D) | 4.50% | 8.22% | 10/2025 | 10/2032 | £646 | 866 | 866 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 35 | 35 | 35 |  |
|  |  |  |  |  |  |  |  | 7001 | 7005 | 0.58% |
| &nbsp;&nbsp;Javelin Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(4)(7)(8) | SOFR(Q) | 5.00% | 8.82% | 10/2024 | 12/2032 | 6470 | 6441 | 6470 | 0.54% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 4.75% | 8.47% | 08/2024 | 08/2031 | 6451 | 6423 | 6451 | 0.53% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | 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(4)(7)(8) | SOFR(Q) | 5.25% | 9.11% | 08/2025 | 08/2031 | 6223 | 6193 | 6192 | 0.51% |
| &nbsp;&nbsp;Zest Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.11% | 04/2023 | 02/2028 | 6074 | 5982 | 6074 | 0.50% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 6104 | 6075 | 6074 | 0.50% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.25% | 8.13% | 05/2025 | 05/2032 | 5828 | 5801 | 5799 | 0.48% |
| &nbsp;&nbsp;IG IntermediateCo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated(8) | SOFR(Q) | 7.50% | 11.27% | 07/2022 | 07/2029 | 3043 | 3020 | 3043 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 5.75% | 9.57% | 07/2022 | 07/2028 | 2667 | 2654 | 2667 |  |
|  |  |  |  |  |  |  |  | 5674 | 5710 | 0.47% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(4)(7)(8) | SOFR(M) | 5.25% | 8.97% | 02/2024 | 02/2031 | 5557 | 5534 | 5557 | 0.46% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(6)(8) | SOFR(Q) | 5.50% | 9.17% | 11/2022 | 04/2029 | 5381 | 5334 | 5381 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.50% | 9.17% | 11/2022 | 04/2029 | 69 | 71 | 69 |  |
|  |  |  |  |  |  |  |  | 5405 | 5450 | 0.45% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Smile Doctors LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 5.90% | 9.84% | 05/2022 | 12/2028 | $3757 | $3743 | $3660 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 5.90% | 9.84% | 05/2022 | 12/2028 | 1106 | 1095 | 1077 |  |
|  | First Lien(8) | SOFR(Q) | 5.90% | 9.84% | 06/2023 | 12/2028 | 563 | 558 | 548 |  |
|  |  |  |  |  |  |  |  | 5396 | 5285 | 0.44% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 5.25% | 9.09% | 11/2023 | 11/2030 | 5196 | 5169 | 5196 | 0.43% |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(Q) | 6.24% | 10.25% | 04/2025 | 03/2028 | 4706 | 4691 | 4706 | 0.39% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4)(7)(8) | SOFR(Q) | 6.25% | 10.25% | 11/2024 | 08/2029 | 2337 | 2325 | 2337 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 6.25% | 10.25% | 08/2025 | 08/2029 | 2045 | 2030 | 2045 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 6.25% | 10.25% | 11/2024 | 08/2029 | 113 | 113 | 113 |  |
|  |  |  |  |  |  |  |  | 4468 | 4495 | 0.37% |
| &nbsp;&nbsp;Pathway Vet Alliance LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(4)(7) | SOFR(Q) | 0.05 | 8.84% | 04/2025 | 06/2028 | 4006 | 4023 | 4044 | 0.34% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6)(8) | SOFR(Q) | 7.50% | 11.34% | 07/2024 | 07/2029 | 4196 | 4149 | 3994 | 0.33% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 4.50% | 8.34% | 08/2023 | 08/2029 | 1820 | 1804 | 1820 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.34% | 08/2023 | 08/2029 | 1392 | 1381 | 1392 |  |
|  | First Lien(8) | SOFR(Q) | 4.50% | 8.34% | 07/2024 | 08/2029 | 393 | 391 | 393 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 4.50% | 8.34% | 01/2025 | 08/2029 | 65 | 65 | 65 |  |
|  |  |  |  |  |  |  |  | 3641 | 3670 | 0.30% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q)\* | 2.75% +3.25%/PIK | 9.88% | 08/2025 | 08/2032 | 3214 | 3199 | 3198 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 5.50% | 9.31% | 08/2025 | 08/2032 | 319 | 317 | 317 |  |
|  |  |  |  |  |  |  |  | 3516 | 3515 | 0.29% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6)(8) | SOFR(M) | 5.75% | 9.63% | 06/2022 | 06/2028 | 2928 | 2928 | 2928 |  |
|  | First Lien(2)(6)(8) | SOFR(M) | 5.75% | 9.57% | 02/2025 | 06/2028 | 394 | 392 | 394 |  |
|  |  |  |  |  |  |  |  | 3320 | 3322 | 0.28% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(8) | SOFR(Q) | 5.50% | 9.27% | 06/2022 | 10/2028 | 1460 | 1458 | 1460 |  |
|  | First Lien(8) | SOFR(Q) | 5.50% | 9.27% | 06/2022 | 10/2028 | 1188 | 1187 | 1188 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 5.50% | 9.27% | 06/2022 | 10/2028 | 373 | 373 | 373 |  |
|  |  |  |  |  |  |  |  | 3018 | 3021 | 0.25% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 6.00% | 10.04% | 10/2023 | 03/2028 | $2421 | $2414 | $2421 |  |
|  | First Lien(8) | SOFR(Q) | 6.00% | 9.82% | 11/2023 | 03/2028 | 279 | 279 | 279 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.75% | 9.71% | 11/2023 | 03/2028 | 233 | 233 | 233 |  |
|  |  |  |  |  |  |  |  | 2926 | 2933 | 0.24% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8) | SOFR(Q) | 4.50% | 8.17% | 04/2024 | 09/2028 | 1787 | 1768 | 1787 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.50% | 8.17% | 04/2024 | 09/2028 | 1078 | 1073 | 1078 |  |
|  |  |  |  |  |  |  |  | 2841 | 2865 | 0.24% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 5.50% | 9.46% | 06/2022 | 10/2028 | 1727 | 1719 | 1618 |  |
|  | First Lien(8) | SOFR(Q) | 5.75% | 9.67% | 11/2023 | 10/2028 | 19 | 19 | 18 |  |
|  |  |  |  |  |  |  |  | 1738 | 1636 | 0.14% |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (15) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q)\* | 1.00% +5.25%/PIK | 10.07% | 02/2025 | 02/2030 | 1170 | 1170 | 1170 |  |
|  | Subordinated(8) | SOFR(Q)\* | 8.00%/PIK | 11.82% | 02/2025 | 02/2030 | 411 | 411 | 411 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 9.07% | 02/2025 | 02/2030 | 9 | 9 | 9 |  |
|  | First Lien(8) | SOFR(Q) | 5.25% | 9.07% | 02/2025 | 02/2030 | 6 | 6 | 6 |  |
|  |  |  |  |  |  |  |  | 1596 | 1596 | 0.13% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 1351 | 1351 | 1351 |  |
|  | First Lien(4)(7)(8) | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 77 | 77 | 77 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 23 | 23 | 23 |  |
|  |  |  |  |  |  |  |  | 1451 | 1451 | 0.12% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 1341 | 1335 | 1335 |  |
|  | First Lien(8)(9) - Drawn | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 32 | 32 | 32 |  |
|  |  |  |  |  |  |  |  | 1367 | 1367 | 0.11% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Drawn | SOFR(M) | 4.75% | 8.47% | 07/2024 | 10/2028 | 1108 | 1103 | 1108 | 0.09% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.62% | 11/2025 | 12/2028 | 451 | 449 | 451 | 0.04% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  |  | $**1882647** | $**1882027** | **155.95%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6)(8) | SOFR(Q) | 6.50% | 10.45% | 02/2024 | 02/2030 | $12175 | $12062 | $12175 |  |
|  | First Lien(8) | SOFR(Q) | 6.50% | 10.44% | 02/2024 | 02/2030 | 6921 | 6894 | 6921 |  |
|  |  |  |  |  |  |  |  | 18956 | 19096 | 1.58% |
| &nbsp;&nbsp;Accelya Lux Finco S.a r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7) | SOFR(Q) | 5.25% | 8.92% | 09/2025 | 10/2032 | 9552 | 9365 | 9522 | 0.79% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.48% | 05/2025 | 06/2032 | $8385 | $8108 | $8385 | 0.69% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**36429** | $**37003** | **3.06%** |
| **Funded Debt Investments - France** |  |  |  |  |  |  |  |  |  |  |
| Datheos Bidco\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Business Services | First Lien(4)(7)(17) | Euribor(Q) | 5.00% | 7.09% | 12/2025 | 10/2032 | 24911 | $29077 | $29076 | 2.41% |
| **Total Funded Debt Investments - France** |  |  |  |  |  |  |  | $**29077** | $**29076** | **2.41%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.61% | 06/2025 | 12/2029 | $3993 | $3984 | $3993 |  |
|  | First Lien(2)(6)(8) | SOFR(Q) | 4.75% | 8.61% | 12/2022 | 12/2029 | 3411 | 3378 | 3411 |  |
|  | First Lien(4)(7)(8) | SOFR(Q) | 4.75% | 8.61% | 12/2023 | 12/2029 | 1328 | 1319 | 1328 |  |
|  |  |  |  |  |  |  |  | 8681 | 8732 | 0.72% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8) | SOFR(Q)\* | 3.38%+3.38%/PIK | 10.42% | 05/2024 | 05/2030 | 4780 | 4744 | 4780 |  |
|  | First Lien(8)(9) - Drawn | SOFR(Q) | 6.25% | 9.98% | 05/2024 | 05/2030 | 120 | 120 | 120 |  |
|  |  |  |  |  |  |  |  | 4864 | 4900 | 0.41% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  |  | $**13545** | $**13632** | **1.13%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4)(7)(8) | SOFR(S)\* | 3.50% +2.00%/PIK | 9.40% | 06/2025 | 07/2031 | $10878 | $10878 | $10878 |  |
|  | First Lien(4)(7)(8) | SOFR(S)\* | 3.50%+ 2.00%/PIK | 9.12% | 06/2025 | 07/2031 | 602 | 602 | 602 |  |
|  |  |  |  |  |  |  |  | 11480 | 11480 | 0.95% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  |  | $**11480** | $**11480** | **0.95%** |
| **Structured Financing Obligation - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ivy Hill Middle Market Credit Fund, Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Fund | Structured Finance Obligations(8) | SOFR(Q) | 7.00% | 10.86% | 11/2024 | 01/2037 | $1996 | $1996 | $2024 | 0.17% |
| **Total Structured Financing Obligation - United States** |  |  |  |  |  |  |  | $**1996** | $**2024** | **0.17%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  |  | $**1975174** | $**1975242** | **163.67%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Intermediate, Inc. (14) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Series A preferred shares (8) | Fixed(Q) | 10.50% | 10.50% | 12/2024 |  | 14558 | $14448 | $14558 | 1.21% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Portage Point Partners, LP |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred shares (5)(8) | Fixed(S) |  | 14.00% | 14.00% | 09/2024 |  | 77399 | $7663 | $7740 |  |
|  | Class B common units (5)(8) |  |  |  |  | 09/2024 |  | 667 | 2415 | 3047 |  |
|  |  |  |  |  |  |  |  |  | 10078 | 10787 | 0.89% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (12) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred shares (8) | Fixed(S)\* |  | 12.50%/PIK | 12.50% | 09/2024 |  | 461 | 5361 | 5413 | 0.45% |
| &nbsp;&nbsp;Knockout Intermediate Holdings I Inc. (16) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred shares (8) | SOFR(S)\* | + | 10.75%/PIK | 14.35% | 06/2022 |  | 433 | 690 | 693 | 0.06% |
| &nbsp;&nbsp;KWOR TopCo I, LLC (15) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (15) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred shares (8) | SOFR(Q)\* | + | 8.00%/PIK | 11.82% | 02/2025 |  | 250 | 276 | 276 |  |
|  | Class A-1 common units (8) |  |  |  |  | 02/2025 |  | 234 | 245 | 133 |  |
|  |  |  |  |  |  |  |  |  | 521 | 409 | 0.03% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (13) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | Class B preferred units (8) | Fixed(A)\* |  | 20.00%/PIK | 20.00% | 10/2024 |  | 1396 | 219 | 219 | 0.02% |
| &nbsp;&nbsp;Panzura Holdings, LLC (11) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-2 common units (3)(8) |  |  |  |  | 09/2023 |  | 90351 | 480 | 100 | 0.01% |
| **Total Shares - United States** |  |  |  |  |  |  |  |  | $**31797** | $**32179** | **2.67%** |
| **Total Shares** |  |  |  |  |  |  |  |  | $**31797** | $**32179** | **2.67%** |
| **Total Funded Investments** |  |  |  |  |  |  |  |  | $**2006971** | $**2007421** | **166.34%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  |  | 12/2024 | 12/2028 | $2777 | $— | $5 |  |
|  | First Lien(9) - Undrawn |  |  |  |  | 04/2024 | 12/2032 | 3472 | (11) |  |  |
|  |  |  |  |  |  |  |  |  | (11) | 5 | 0.00% |
| &nbsp;&nbsp;FS WhiteWater Holdings, LLC (13) |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  |  | 12/2025 | 12/2027 | 5258 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  |  | 03/2025 | 03/2027 | 97 |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  |  | 05/2024 | 07/2028 | 1211 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  |  | 05/2024 | 07/2028 | 1705 | (1) |  |  |
|  |  |  |  |  |  |  |  |  | (1) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Eclipse Topco, Inc. (12) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 09/2024 | 09/2026 | $2929 | $— | $— | —% |
| &nbsp;&nbsp;WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2026 | 2871 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 02/2024 | 10/2028 | 536 | (2) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (15) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 02/2025 | 02/2027 | 249 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 02/2025 | 02/2030 | 188 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;HIG Intermediate, Inc. (14) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 03/2024 | 09/2026 | 591 |  |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 02/2024 | 02/2031 | 806 | (3) |  | —% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 3148 |  |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 03/2027 | 13707 |  |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 10/2026 | 3302 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 12/2027 | 368 | (1) |  |  |
|  |  |  |  |  |  |  |  | (1) |  | —% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 06/2028 | 2460 |  |  | —% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 06/2027 | 4351 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 06/2030 | 3190 | (18) |  |  |
|  |  |  |  |  |  |  |  | (18) |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 09/2023 | 09/2029 | 626 | (5) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2026 | $6136 | $— | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 11/2023 | 11/2030 | 1056 | (2) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2026 | 693 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 10/2029 | 683 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2024 | 11/2026 | 1474 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 11/2024 | 11/2031 | 526 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1629 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2031 | 1086 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2027 | 3507 | (9) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 09/2022 | 05/2026 | 522 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 09/2022 | 10/2029 | 1480 | (12) |  |  |
|  |  |  |  |  |  |  |  | (12) |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 02/2023 | 06/2027 | 3524 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 02/2023 | 02/2029 | 2698 | (9) |  |  |
|  |  |  |  |  |  |  |  | (9) |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1304 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 10/2028 | 483 | (2) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 04/2026 | 1882 | (5) |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 08/2030 | 960 | (4) |  |  |
|  |  |  |  |  |  |  |  | (9) |  | —% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 06/2022 | 06/2028 | 282 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2026 | $3077 | $— | $— | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 01/2027 | 1017 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2023 | 08/2029 | 675 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 01/2024 | 01/2030 | 1283 | (6) |  | —% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 19249 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 02/2031 | 2797 | (7) |  |  |
|  |  |  |  |  |  |  |  | (7) |  | —% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 01/2027 | 1143 | (6) |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 10/2031 | 665 | (6) |  |  |
|  |  |  |  |  |  |  |  | (12) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 03/2024 | 03/2026 | 3731 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2022 | 09/2027 | 581 | (1) |  |  |
|  |  |  |  |  |  |  |  | (1) |  | —% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2031 | 3115 | (6) |  | —% |
| &nbsp;&nbsp;GHX Ultimate Parent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 02/2025 | 12/2031 | 1577 | (14) |  | —% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 2955 |  |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2024 | 09/2028 | 3146 | (11) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 03/2024 | 03/2026 | 1681 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 03/2024 | 05/2028 | 1522 | (4) |  |  |
|  |  |  |  |  |  |  |  | (4) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 02/2028 | 132 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2026 | $143 | $— | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2030 | 1137 | (11) |  |  |
|  |  |  |  |  |  |  |  | (11) |  | —% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2031 | 3852 | (19) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 06/2024 | 06/2026 | 6549 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 06/2024 | 06/2031 | 3493 | (14) |  |  |
|  |  |  |  |  |  |  |  | (14) |  | —% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1387 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2023 | 02/2028 | 958 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2026 | 8738 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 09/2031 | 3495 | (14) |  |  |
|  |  |  |  |  |  |  |  | (14) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 11/2023 | 11/2029 | 339 | (2) |  | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 09/2027 | 1933 |  |  | —% |
| &nbsp;&nbsp;Optimizely North America Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 10/2031 | 750 | (3) |  | —% |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 11/2025 | 11/2029 | 3385 |  |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2024 | 02/2031 | 182 | (1) |  | —% |
| &nbsp;&nbsp;PDQ.COM Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1636 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 10/2032 | 1647 | (7) |  |  |
|  |  |  |  |  |  |  |  | (7) |  | —% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(8)(9) - Undrawn |  |  |  | 11/2022 | 04/2029 | 347 | (5) |  | —% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2026 | 7265 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 12/2031 | 3633 | (16) |  |  |
|  |  |  |  |  |  |  |  | (16) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2024 | 05/2029 | $1401 | $(2) | $— | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 03/2024 | 03/2026 | 9349 | (15) |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 5371 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2024 | 12/2032 | 2749 |  |  |  |
|  |  |  |  |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2023 | 03/2028 | 211 | (2) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 10/2030 | 1229 | (9) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1886 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 06/2029 | 503 | (2) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 04/2024 | 04/2030 | 2205 | (20) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2024 | 08/2026 | 3318 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 12/2029 | 1358 | (3) |  |  |
|  |  |  |  |  |  |  |  | (3) |  | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 11/2025 | 05/2028 | 3425 |  |  |  |
|  | First Lien(2)(6)(8)(9) - Undrawn |  |  |  | 11/2025 | 07/2026 | 55 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1269 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2031 | 2546 | (10) |  |  |
|  |  |  |  |  |  |  |  | (10) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2022 | 08/2029 | 372 | (4) |  | —% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 09/2025 | 09/2027 | 7896 |  |  | —% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 04/2025 | 11/2026 | 182 | (1) |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 06/2024 | 12/2030 | 1830 | (1) |  |  |
|  |  |  |  |  |  |  |  | (2) |  | —% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2032 | $1120 | $(1) | $(1) | (0.00)% |
| &nbsp;&nbsp;PROS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 1958 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1286 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1028 | (3) | (3) |  |
|  |  |  |  |  |  |  |  | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 888 | (4) | (4) | (0.00)% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2032 | 909 | (4) | (5) | (0.00)% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1161 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 2020 | (5) | (5) |  |
|  |  |  |  |  |  |  |  | (5) | (5) | (0.00)% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2030 | 749 | (5) | (6) | (0.00)% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2032 | 244 | (1) | (1) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2027 | 938 |  | (5) |  |
|  |  |  |  |  |  |  |  | (1) | (6) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2027 | 538 |  | (6) | (0.00)% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 11/2032 | 2710 | (7) | (7) | (0.00)% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(9) - Undrawn |  |  |  | 12/2025 | 05/2028 | 2041 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2028 | 9846 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1575 | (8) | (8) |  |
|  |  |  |  |  |  |  |  | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;Databricks, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 12/2025 | 01/2028 | 26862 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 12/2024 | 07/2026 | 1772 |  | (9) |  |
|  |  |  |  |  |  |  |  |  | (9) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | $5198 | $— | $— |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 3663 | (9) | (9) |  |
|  |  |  |  |  |  |  |  | (9) | (9) | (0.00)% |
| Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 09/2027 | 1071 |  | (5) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 09/2031 | 1071 | (5) | (5) |  |
|  |  |  |  |  |  |  |  | (5) | (10) | (0.00)% |
| Pike Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2028 | 6871 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2032 | 4581 | (11) | (11) |  |
|  |  |  |  |  |  |  |  | (11) | (11) | (0.00)% |
| HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 2406 | (11) | (12) | (0.00)% |
| Firebird Acquisition Corp, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 02/2032 | 1761 | (4) | (4) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 02/2027 | 3485 |  | (9) |  |
|  |  |  |  |  |  |  |  | (4) | (13) | (0.00)% |
| RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 05/2032 | 899 | (4) | (4) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 05/2027 | 1798 |  | (9) |  |
|  |  |  |  |  |  |  |  | (4) | (13) | (0.00)% |
| Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(8)(9) - Undrawn |  |  |  | 05/2025 | 05/2030 | 1819 | (12) | (14) | (0.00)% |
| Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2031 | 691 | (3) | (3) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 08/2025 | 08/2027 | 2074 |  | (10) |  |
|  |  |  |  |  |  |  |  | (3) | (13) | (0.00)% |
| The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 763 | (4) | (4) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 01/2028 | 2035 |  | (10) |  |
|  |  |  |  |  |  |  |  | (4) | (14) | (0.00)% |
| Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 04/2025 | 04/2032 | 1552 | (5) | (6) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 04/2025 | 10/2027 | 2476 |  | (9) |  |
|  |  |  |  |  |  |  |  | (5) | (15) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 03/2025 | 03/2032 | $857 | $(2) | $(2) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2027 | 2709 |  | (14) |  |
|  |  |  |  |  |  |  |  | (2) | (16) | (0.00)% |
| Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2027 | 7342 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 03/2026 | 3671 |  |  |  |
|  | First Lien(9) - Undrawn |  |  |  | 12/2025 | 12/2031 | 4804 | (18) | (18) |  |
|  |  |  |  |  |  |  |  | (18) | (18) | (0.00)% |
| Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 3868 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 3774 |  |  |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 104 |  | (1) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 07/2027 | 966 |  | (5) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 10/2025 | 10/2032 | 2879 | (14) | (14) |  |
|  |  |  |  |  |  |  |  | (14) | (20) | (0.00)% |
| LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 07/2024 | 07/2029 | 420 | (4) | (20) | (0.00)% |
| Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 09/2025 | 09/2032 | 3291 | (8) | (8) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 09/2025 | 09/2027 | 6097 |  | (15) |  |
|  |  |  |  |  |  |  |  | (8) | (23) | (0.00)% |
| DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 06/2025 | 12/2030 | 674 | (3) | (3) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 06/2025 | 04/2027 | 4462 |  | (22) |  |
|  |  |  |  |  |  |  |  | (3) | (25) | (0.00)% |
| iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 08/2022 | 08/2028 | 1088 | (10) | (29) | (0.00)% |
| MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1778 | (8) | (9) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 07/2025 | 07/2027 | 4178 |  | (21) |  |
|  |  |  |  |  |  |  |  | (8) | (30) | (0.01)% |
| Vamos Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 01/2032 | 1560 | (7) | (8) |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 02/2027 | 5200 |  | (26) |  |
|  |  |  |  |  |  |  |  | (7) | (34) | (0.01)% |
| Einstein Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(8)(9) - Undrawn |  |  |  | 01/2025 | 01/2031 | 3560 | (30) | (36) | (0.01)% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (10)** | **Spread (10)** | **Interest Rate (10)** | **Purchase Date** | **Maturity / Expiration Date** | **Principal<br>Amount,<br>Par Value or Shares (18)** | **Cost** | **Fair Value** | **Percent of<br>Members' Capital** |
| PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(8)(9) - Undrawn |  |  |  | 10/2023 | 11/2029 | $2198 | $(22) | $(96) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  |  | $**(565)** | $**(536)** | **(0.04)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2026 | $1048 | $— | $— |  |
|  | First Lien(8)(9) - Undrawn |  |  |  | 05/2024 | 05/2030 | 547 | (5) |  |  |
|  |  |  |  |  |  |  |  | (5) |  | —% |
| Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 12/2022 | 12/2028 | 740 | (3) |  | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  | $**(8)** | $**—** | **— %** |
| **Unfunded Debt Investments - France** |  |  |  |  |  |  |  |  |  |  |
| Datheos Bidco\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(9)(17) - Undrawn |  |  |  | 12/2025 | 10/2029 | 4529 | $— | $— | —% |
| **Total Unfunded Debt Investments - France** |  |  |  |  |  |  |  | $**—** | $**—** | **— %** |
| **Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(8)(9) - Undrawn |  |  |  | 02/2024 | 02/2030 | $3874 | $(33) | $— | —% |
| **Total Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  |  | $**(33)** | $**—** | **0.00%** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  |  | $**(606)** | $**(536)** | **(0.04)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**2006365** | $**2006885** | **166.30%** |
| **Total Investments** |  |  |  |  |  |  |  | $**2006365** | $**2006885** | **166.30%** |

---

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

(2)Investment is held by New Mountain Guardian IV SPV, L.L.C.

(3)Investment is held by New Mountain Guardian IV Panzura, Inc.

(4)Investment is held by New Mountain Guardian IV Holdings, L.L.C.

(5)Investment is held by New Mountain Guardian IV PPP, Inc.

(6)Investment is pledged as collateral for the UBS Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV SPV, L.L.C. as the borrower, UBS AG London Branch as the administrative agent, U.S. Bank Trust Company, National Association, as the collateral agent, and U.S. Bank National Association as the document custodian. See Note 6. *Borrowings*, for details.

(7)Investment is pledged as collateral for the Wells Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV Holdings, L.L.C. as the borrower, Wells Fargo Bank, National Association as the swingline lender and administrative agent, Western Alliance Trust Company, N.A. as the collateral custodian. See Note 6. *Borrowings*, for details.

(8)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.

(9)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.

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

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

(11)The Company holds Class A-2 common units in Panzura Holdings, LLC and a first lien term loan in Panzura, LLC, a wholly-owned subsidiary of Panzura Holdings, LLC.

(12)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is 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 $5,407.

(13)The Company holds preferred equity in FS WhiteWater Holdings, LLC and a first lien term loan and a first lien delayed draw in FS WhiteWater Borrower, LLC, a wholly-owned subsidiary of FS WhiteWater Holdings, LLC. The Company's Class B preferred units are entitled to receive cumulative preferred dividends that is 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 $219.

(14)The Company holds preferred equity in HIG Intermediate, Inc. and a first lien term loan and a first lien delayed draw in HIG Operations Holdings, Inc., a wholly-owned subsidiary of HIG Intermediate, Inc.

(15)The Company holds Class A-1 common units in KWOR TopCo I, LLC and preferred equity and subordinated notes in KWOR Intermediate I, LLC, a wholly-owned subsidiary of KWOR Intermediate I, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is 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 $276.

(16)The Company's preferred equity investment in Knockout Intermediate Holdings I Inc. is entitled to receive cumulative preferred dividends that is 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 $694.

(17)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 Packaging Coordinators Midco, Inc. first lien delayed draw is $871 and the Datheos Bidco first lien term loan and undrawn delayed draw term loan is $29,259 and $5,320, respectively. See Note 2. *Summary of Significant Accounting Policies*, for details.

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

\*&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of interest contains payment in kind ("PIK") interest. See Note 2. *Summary of Accounting Policies-Revenue Recognition*, for details.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2025, 4.54% 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**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u>

**New Mountain Guardian IV BDC, L.L.C.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(in thousands, except shares)**

---

| | |
|:---|:---|
|<br>**Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 94.83% |
| Second lien | 2.71% |
| Subordinated | 0.76% |
| Structured finance obligations | 0.10% |
| Equity and other | 1.60% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 36.29% |
| Software | 28.90% |
| Financial Services & Technology | 14.26% |
| Healthcare | 10.57% |
| Consumer Services | 5.00% |
| Education | 2.12% |
| Business Products | 1.18% |
| Food & Beverage | 0.71% |
| Packaging | 0.53% |
| Distribution & Logistics | 0.34% |
| Investment Fund | 0.10% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 97.63% |
| Fixed rates | 2.37% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

**Notes to the Consolidated Financial Statements of**

**New Mountain Guardian IV BDC, L.L.C.**

**March 31, 2026** 

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

(unaudited)

**Note 1. Formation and Business Purpose**

New Mountain Guardian IV BDC, L.L.C. (the "Company") is a Delaware limited liability company formed on March 18, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $60.0 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the 24-month period following the initial closing of Capital Commitments, which occurred on May 4, 2022 (the "Closing Period"). On April 15, 2024, pursuant to the Limited Liability Company Agreement, as amended and restated on December 6, 2023 (the "Third A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from 24 months to 30 months after the initial closing of the Private Offering. As a result of the foregoing, the Company extended the end of the period during which it held subsequent closings from May 4, 2024 to November 4, 2024. At the end of the Closing Period, the Company had aggregate Capital Commitments from investors of $1.2 billion. The Company accepted and drew down on Capital Commitments from investors throughout and after the Closing Period. The final drawdown of Capital Commitments closed on December 30, 2025. The Company commenced loan origination and investment activities contemporaneously with the initial drawdown from investors in the Private Offering, which occurred on May 9, 2022 (the "Initial Drawdown"). The "Investment Period" began on May 4, 2022 and will continue until November 4, 2028, the four-year anniversary of the end of the Closing Period. The term of the Company is until November 4, 2030, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors.

The Company established New Mountain Guardian IV SPV, L.L.C. ("GIV SPV") on July 26, 2022 as a wholly-owned direct subsidiary of the Company, whose assets are used to secure GIV SPV's credit facility. The Company established New Mountain Guardian IV Holdings, L.L.C. ("GIV Holdings"), formerly known as New Mountain Guardian IV Issuer SPV, L.L.C., on October 28, 2022 as a wholly-owned direct subsidiary, whose assets are used to secure GIV Holdings' credit facility. The Company established New Mountain Guardian IV Panzura, Inc. ("GIV Panzura") and New Mountain Guardian IV PPP, Inc. ("GIV PPP") as wholly-owned direct subsidiaries, which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate the Company's compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in certain of the Company's portfolio companies that are organized as a limited liability company or other form of pass-through entity. The Company consolidates GIV Panzura and GIV PPP 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.

The Company focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

sourcing and origination of senior secured loans and select junior capital positions to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle-market companies as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include "last-out" positions, which generally heighten the risk of loss. The Company generally does not hold any last-out positions. In some cases, the Company's investments may also include equity interests.

As of March 31, 2026, the Company's top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

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

***Basis of accounting***—The Company's 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 subsidiaries GIV SPV, GIV Holdings, GIV Panzura and GIV PPP.

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 the period(s) 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 Articles 6 and 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, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's 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 Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below:

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

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Preliminary valuation conclusions will then be documented and discussed with the Company's senior management;

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

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

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

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

See Note 3. *Investments*, for further discussion relating to investments.

***Derivative instruments and hedging activities***—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 fluctuations in the value of foreign currencies, which we seek to mitigate through derivative transactions.

The Company enters into derivative financial instruments to manage risks, facilitate asset/liability management strategies and manage other exposures. 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"),

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

on March 12, 2025, with U.S. Bank National Association (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 risk management 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.

Foreign currency forward contracts are agreements to exchange one currency for another at a specified exchange rate on a specified future date. The Company enters into foreign currency forward contracts to manage its exposure to fluctuations in foreign exchange rates on investments denominated in non-U.S. currencies. The foreign currency forward contract is not designated as a hedging instrument in a qualifying hedge accounting relationship. Changes in fair value of the derivative contract are recorded as changes in unrealized appreciation (depreciation) of derivative instruments on the Company's Consolidated Statements of Operations. Net realized gains and losses on derivative assets and derivative liabilities that are not designated in a qualifying hedge accounting relationship are included in net realized gain (loss) on derivative instruments in the Consolidated Statements of Operations. The fair value of the foreign currency forward contract is included as a component of "Derivative asset at fair value" on the Company's Consolidated Statements of Assets and Liabilities.

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* for more information on derivative instruments.

***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 its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2026 and March 31, 2025, the Company recognized PIK interest from investments of $958 and $1,109, respectively, and PIK dividends from investments of $210 and $186, respectively.

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

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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

***Interest and other financing expenses***—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. *Borrowings*, for details.

***Organizational expenses***—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,500 or 0.50% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.

***Deferred offering costs***—The Company's deferred offering costs consist of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Consolidated Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital until amortized.

***Deferred financing costs***—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. *Borrowings*, for details.

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

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

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

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

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

Certain of the Company's consolidated subsidiaries 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.

For the three months ended March 31, 2026 and March 31, 2025, the Company recognized total current income tax expenses of approximately $161 and $79, respectively, and total deferred income tax provision of approximately $83 and $119, respectively, for the Company's consolidated subsidiaries.

As of March 31, 2026 and December 31, 2025, the Company had $517 and $434, respectively, of deferred tax liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for the 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")

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

through December 31, 2025. The 2023 through 2025 tax years and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

***Distributions***—Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.***&nbsp;&nbsp;&nbsp;&nbsp;***

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

***Foreign securities***—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's 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 4. Fair Value**

Pursuant to Rule 2a-5 under the 1940 Act, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that "quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not 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&nbsp;&nbsp;&nbsp;&nbsp;market participants at the measurement date. Accounting Standards Codification Topic 820, *Fair Value Measurements and Disclosure* ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:*&nbsp;&nbsp;&nbsp;&nbsp;*

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

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

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

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

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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

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

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

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

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1921347 | $— | $85870 | $1835477 |
| Second lien | 50086 |  | 14221 | 35865 |
| Subordinated | 15560 |  |  | 15560 |
| Structured finance obligations | 1968 |  |  | 1968 |
| Equity and other | 33232 |  |  | 33232 |
| Total investments | $2022193 | $— | $100091 | $1922102 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1902905 | $— | $116070 | $1786835 |
| Second lien | 54485 |  | 9930 | 44555 |
| Subordinated | 15292 |  |  | 15292 |
| Structured finance obligations | 2024 |  |  | 2024 |
| Equity and other | 32179 |  |  | 32179 |
| Total investments | $2006885 | $— | $126000 | $1880885 |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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 other** |
| **Fair Value, December 31, 2025** | $1880885 | $1786835 | $44555 | $15292 | $2024 | $32179 |
| Total gains or losses included in earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (528) | (528) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (17573) | (17088) | (624) | (152) | (56) | 347 |
| Purchases, including capitalized PIK and revolver fundings | 86300 | 84334 | 843 | 420 |  | 703 |
| Proceeds from sales and paydowns of investments | (64771) | (64774) |  |  |  | 3 |
| Transfers into Level III (1) | 56628 | 46698 | 9930 |  |  |  |
| Transfers out of Level III (1) | (18839) |  | (18839) |  |  |  |
| **Fair Value, March 31, 2026** | $1922102 | $1835477 | $35865 | $15560 | $1968 | $33232 |
| Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(17585) | $(17100) | $(624) | $(152) | $(56) | $347 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;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.

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_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 other** |
| **Fair Value, December 31, 2024** | $1337720 | $1272214 | $21129 | $13420 | $— | $30957 |
| Total gains or losses included in earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (462) | (471) |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 1053 | 206 | 141 | 95 |  | 611 |
| Purchases, including capitalized PIK and revolver fundings (1) | 128427 | 125024 | 2309 | 596 |  | 498 |
| Proceeds from sales and paydowns of investments (1) | (45236) | (44799) |  |  |  | (437) |
| Transfers into Level III (2) | 50519 | 48523 |  |  | 1996 |  |
| Transfers out of Level III (2) | (6437) |  | (6437) |  |  |  |
| **Fair Value, March 31, 2025** | $1465584 | $1400697 | $17142 | $14111 | $1996 | $31638 |
| Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $590 | $(257) | $141 | $95 | $— | $611 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Includes non-cash reorganizations and restructurings.

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

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. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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

***Market Based Approach:***&nbsp;&nbsp;&nbsp;&nbsp;The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of 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 | $1799093 | Market & income approach | EBITDA multiple | 7.0x | 27.5x | 16.7x |
|  |  |  | Revenue multiple | 2.0x | 13.0x | 7.1x |
|  |  |  | Discount rate | 6.1% | 21.7% | 8.9% |
|  | 36384 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 15774 | Market & income approach | EBITDA multiple | 12.0x | 16.0x | 14.0x |
|  |  |  | Discount rate | 10.3% | 14.4% | 12.1% |
|  | 20091 | Other | N/A (2) | N/A | N/A | N/A |
| Subordinated | 15560 | Market & income approach | EBITDA multiple | 8.3x | 18.0x | 14.7x |
|  |  |  | Discount rate | 12.1% | 14.7% | 13.9% |
| Structured Finance Obligations | 1968 | Income approach | Discount rate | 11.1% | 11.1% | 11.1% |
| Equity and other | 33232 | Market & income approach | EBITDA multiple | 8.3x | 20.0x | 16.4x |
|  |  |  | Revenue multiple | 2.5x | 3.5x | 3.0x |
|  |  |  | Discount rate | 11.3% | 15.7% | 13.0% |
|  | $1922102 |  |  |  |  |  |

---

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

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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

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 | $1526105 | Market & income approach | EBITDA multiple | 7.0x | 31.3x | 17.5x |
|  |  |  | Revenue multiple | 4.0x | 14.0x | 10.3x |
|  |  |  | Discount rate | 6.1% | 18.0% | 8.6% |
|  | 260730 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 44555 | Market & income approach | EBITDA multiple | 14.0x | 18.0x | 16.0x |
|  |  |  | Discount rate | 8.8% | 13.7% | 11.1% |
| Subordinated | 15292 | Market & income approach | EBITDA multiple | 8.8x | 20.0x | 15.5x |
|  |  |  | Discount rate | 11.7% | 14.6% | 13.4% |
| Structured Finance Obligations | 2024 | Income approach | Discount rate | 10.5% | 10.5% | 10.5% |
| Equity and other | 32179 | Market & income approach | EBITDA multiple | 8.8x | 21.0x | 17.4x |
|  |  |  | Revenue multiple | 3.0x | 4.0x | 3.4x |
|  |  |  | Discount rate | 11.3% | 15.5% | 12.8% |
|  | $1880885 |  |  |  |  |  |

---

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

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

The UBS Credit Facility (as defined below) and the Wells Credit Facility (as defined below) are considered Level III investments. See Note 6. *Borrowings* for details.

The following are the principal amounts and fair values of the Company's borrowings as of 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** |
| UBS Credit Facility | $314000 | $314633 | $394000 | $394835 |
| Wells Credit Facility (1) | 552622 | 550015 | 422166 | 423826 |
| Total | $866622 | $864648 | $816166 | $818661 |

---

(1)As of March 31, 2026, the principal amount of the Wells Credit Facility was $552,622, which included £494 denominated in GBP and €21,174 denominated in EUR that has been translated to U.S. dollars. As of March 31, 2026, the fair value of the Wells Credit Facility was $550,015, which included £491 denominated in GBP and €21,052 denominated in EUR that has been translated to U.S. dollars.

The Company's foreign currency forward contract with a notional amount of €3,737 is considered a Level II investment. The unrealized appreciation of $143 is included within net change in unrealized appreciation (depreciation) of derivative instruments on the Consolidated Statements of Operations.

***Fair value risk factors***—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

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 3. Investments**

At March 31, 2026, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1942531 | $1921347 |
| Second lien | 54781 | 50086 |
| Subordinated | 15500 | 15560 |
| Structured finance obligations | 1996 | 1968 |
| Equity and other | 32502 | 33232 |
| Total investments | $2047310 | $2022193 |

---

**Investment Cost and Fair Value by Industry**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Business Services | $731083 | $730129 |
| Software | 592642 | 576527 |
| Financial Services & Technology | 297654 | 297961 |
| Healthcare | 213911 | 214087 |
| Consumer Services | 104325 | 101341 |
| Education | 43667 | 41936 |
| Business Products | 23262 | 23390 |
| Food & Beverage | 14162 | 14265 |
| Packaging | 17760 | 13693 |
| Distribution & Logistics | 6848 | 6896 |
| Investment Fund | 1996 | 1968 |
| Total investments | $2047310 | $2022193 |

---

At December 31, 2025, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1903658 | $1902905 |
| Second lien | 53838 | 54485 |
| Subordinated | 15076 | 15292 |
| Structured finance obligations | 1996 | 2024 |
| Equity and other | 31797 | 32179 |
| Total investments | $2006365 | $2006885 |

---

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

**Investment Cost and Fair Value by Industry**

---

| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Business Services | $726148 | $728407 |
| Software | 580568 | 579937 |
| Financial Services & Technology | 284631 | 286135 |
| Healthcare | 211425 | 212182 |
| Consumer Services | 100777 | 100315 |
| Education | 43620 | 42639 |
| Business Products | 23306 | 23582 |
| Food & Beverage | 14192 | 14180 |
| Packaging | 12851 | 10583 |
| Distribution & Logistics | 6851 | 6901 |
| Investment Fund | 1996 | 2024 |
| Total investments | $2006365 | $2006885 |

---

For discussion of the Company's unfunded commitments, see Note 8. *Commitments and Contingencies*.

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

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

The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, the Company may lose the value of its investment. The Company will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent the Company invests in the "last out" tranche of a unitranche loan. The Company generally does not hold any last-out positions.

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

**Note 5. Agreements and Related Parties**

The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on May 3, 2022. The Investment Management Agreement initially had a term of two years which began on May 3, 2022, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

the Company. The Investment Management Agreement was most recently re-approved by the Company's board of directors on February 11, 2026, for a period of 12 months commencing on March 1, 2026.

Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 1.15% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee was reduced by 50% (for the avoidance of doubt, this resulted in an annual management fee rate of 0.575% through May 9, 2023). Because the one-year anniversary of the Initial Drawdown Date occurred on a date other than the last day of a calendar quarter, the management fee was prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one-year anniversary of the Initial Drawdown Date. The base management fee could also be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,500 or 0.50% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below) and any fund expenses in excess of the Specified Expenses Cap (as defined below).

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

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

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

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

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.75% per quarter (7.0% annualized).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75% (7.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 2.059% (8.235% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.059%) as the "catch-up". The "catch-up" is meant to provide the Investment Adviser with approximately 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 2.059% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 2.059% (8.235% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser.

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

For both the three months ended March 31, 2026 and March 31, 2025, there were no incentive fees waived by the Investment Adviser. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

*Incentive Fee on Capital Gains*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Second, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 7.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 15.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Thereafter, an incentive fee on capital gains equal to 15.0% of additional undistributed Cumulative Net Realized Gains.

Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 15.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 7.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser.

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

*Expense Limitation*

Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $750,000 or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate committed capital and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $750,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate committed capital at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the Third A&R LLC Agreement) incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the Third A&R LLC Agreement) (which are subject to the Organizational and Offering Expense Cap), (iv) Placement Fees (as defined in the Third A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes.

If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For both the three months ended March 31, 2026 and March 31, 2025, there were no reimbursements to the Investment Adviser pursuant to this provision.

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

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Management fee | $3475 | $2331 |
| Less: management fee waiver |  | (21) |
| **Net management fee** | 3475 | 2310 |
| Income based incentive fee | $4461 | $3812 |
| Capital gains incentive fee | $— | $(382) |

---

As of both March 31, 2026 and December 31, 2025, no incentive fees on capital gains were accrued but are not payable under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions.

The Company has entered into an administration agreement with the Administrator (the "Administration Agreement"), under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on 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 U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2026 and March 31, 2025, approximately $288 and $260, respectively, of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of March 31, 2026 and December 31, 2025, approximately $288 and $297, respectively, of indirect administrative expenses were included in payable to affiliates.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, (as amended, the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this

------

<u>[**Table of Contents**](#i2a7f71a84fba467e9d02d76f9807951e_10)</u> 

limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment 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 Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the board of directors and other conditions. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted a new order for exemptive relief (the "Exemptive Order") by the SEC. The Exemptive Order allows the Company to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the board of directors make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis, or is a sale of a tradeable security. Pursuant to the Exemptive Order, the board of directors oversees the Company's participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the board of directors has approved, policies and procedures reasonably 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.

**Note 6. Borrowings**

***BMO Subscription Line***—On May 9, 2022, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended from time to time, the "Loan Authorization Agreement"), which allowed the Company to borrow on a revolving credit basis an aggregate principal amount not exceeding $200,000 (the "BMO Subscription Line"). All outstanding borrowings under the BMO Subscription Line were due on BMO's demand within 15 business days or the earliest to occur on the date (x) 6 months after each advance date and (y) 30 days prior to the termination of the Investment Period, which varied throughout the period. The BMO Subscription Line was collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Consolidated Statements of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. On December 31, 2025, the BMO Subscription Line was terminated in connection with the final drawdown on Capital Commitments. From May 9, 2022 to December 31, 2025, the BMO Subscription Line bore interest at the greater of the prime commercial rate minus 0.25% per annum or the Secured Overnight Financing Rate ("SOFR") Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%.

For the three months ended March 31, 2025, interest expense and amortization of financing costs incurred on the BMO Subscription Line were $128 and $2, respectively. The weighted average interest rate and effective interest rate on the BMO Subscription Line for the three months ended March 31, 2025 were 7.3% and 7.3%, respectively.

***UBS Credit Facility***—On January 25, 2023, the Company's wholly-owned subsidiary, GIV SPV, entered into a Loan and Security Agreement (as amended from time to time, the "UBS Loan and Security Agreement"), by and among GIV SPV, as the borrower, the Company as collateral manager and equityholder, the lenders from time to time party thereto, UBS AG London Branch ("UBS"), as the administrative agent, U.S. Bank Trust Company, National Association as the collateral agent, and U.S. Bank National Association as the document custodian, which is structured as a secured revolving credit facility (the "UBS Credit Facility"). The UBS Credit Facility will mature on November 4, 2030 and has a maximum facility amount of $400,000. Under the UBS Credit Facility, GIV SPV is permitted to borrow up to 30.0%, 40.0%, 50.0%, 65.0%, 70.0% or 75.0% of the purchase price of pledged assets, subject to approval by UBS. The UBS Credit Facility is collateralized by all of the investments of GIV SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the UBS Credit Facility are capitalized on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital and charged against income as other financing expenses over the life of the UBS Credit Facility. The UBS Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are

------

generally not tied to mark to market fluctuations in the prices of GIV SPV investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on November 4, 2025, the UBS Credit Facility bears interest at a rate of Term SOFR plus 2.00% per annum. Prior to the amendment on November 4, 2025, the UBS Credit Facility bore interest at a rate of Term SOFR plus 2.35% per annum. Previously, the UBS Credit Facility bore interest at a rate of Term SOFR plus 2.85% per annum. The UBS 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 UBS Loan and Security Agreement).

The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the UBS Credit Facility 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 | $4601 | $4384 |
| Non-usage fee | $94 | $108 |
| Amortization of financing costs | $143 | $94 |
| Weighted average interest rate | 5.7% | 6.7% |
| Effective interest rate | 6.0% | 7.0% |
| Average debt outstanding | $323778 | $262500 |

---

As of March 31, 2026 and December 31, 2025, the outstanding balance on the UBS Credit Facility was $314,000 and $394,000, respectively, and GIV SPV was in compliance with the applicable covenants of the UBS Loan and Security Agreement on such dates.

***Wells Credit Facility***—On May 23, 2024, the Company's wholly-owned subsidiary, GIV Holdings, entered into a Loan and Security Agreement, (together with the exhibits and schedules thereto, and as amended from time to time, the "Wells Loan and Security Agreement") by and among GIV Holdings, as the borrower, the Company, as seller, equityholder and collateral manager, Wells Fargo Bank, National Association ("Wells Fargo"), as the administrative agent and swingline lender, Western Alliance Trust Company, N.A., as the collateral custodian ("WATC"), which is structured as a secured revolving credit facility (the "Wells Credit Facility"). The Wells Credit Facility will mature on November 4, 2030 and has a maximum facility amount of $750,000. Under the Wells Credit Facility, GIV Holdings is permitted to borrow up to 25.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to the Company and is collateralized by all of the investments of GIV Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Wells Credit Facility are capitalized on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of GIV Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on January 13, 2026, the Wells Credit Facility bears interest at a rate of Daily Simple SOFR, SONIA or EURIBOR plus 1.85% per annum. Prior to the amendment on January 13, 2026, the Wells Credit Facility bore interest at a rate of Daily Simple SOFR or SONIA plus 2.05% per annum. Previously, the Wells Credit Facility bore interest at a rate of Daily Simple SOFR plus 2.30% per annum. The Wells 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 Wells Loan and Security Agreement).

The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility 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 | $7159 | $7706 |
| Non-usage fee | $237 | $43 |
| Amortization of financing costs | $427 | $257 |
| Weighted average interest rate | 5.5% | 6.6% |
| Effective interest rate | 6.0% | 6.9% |
| Average debt outstanding | $524298 | $465166 |

---

------

As of of March 31, 2026, the outstanding balance on the Wells Credit Facility was $552,622, which included £494 denominated in GBP and €21,174 denominated in EUR that has been translated to U.S. dollars. As of December 31, 2025, the outstanding balance on the Wells Credit Facility was $422,166, which included £494 denominated in GBP that has been translated to U.S. dollars. GIV Holdings was in compliance with the applicable covenants of the Wells Loan and Security Agreement on such dates.

&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;***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 unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's members' capital. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its unitholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

**Note 7. Regulation**

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

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

**Note 8. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2026, the Company had unfunded commitments on revolving credit facilities of $145,010, no outstanding bridge financing commitments, and other future funding commitments of $211,187 which included €4,529 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 $144,057, no outstanding bridge financing commitments, and other future funding commitments of $264,948, which included €4,529 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 UBS Credit Facility and Wells Credit Facility as of March 31, 2026 and December 31, 2025. See Note 6. *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 $72,972 and $50,888, respectively, which could require funding in the future.

**Note 9. Members' Capital**

There were no Units issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2026 and March 31, 2025.

The following table reflects the distributions declared on the Company's Units for the three months ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** |
| March 25, 2026 | March 31, 2026 | April 20, 2026 | $0.207 |

---

------

The following table reflects the distributions declared on the Company's Units for the three months ended March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** |
| March 25, 2025 | March 28, 2025 | April 21, 2025 | $0.267 |

---

**Note 10. Earnings (Loss) Per Unit**

The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the three months ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Earnings (Loss) per unit—basic & diluted** | | |
| Numerator for basic & diluted earnings (loss) per unit: | $(803) | $19454 |
| Denominator for basic & diluted weighted average unit: | 120834931 | 80974363 |
| Basic & diluted earnings (loss) per unit: | $(0.01) | $0.24 |

---

------

**Note 11. 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 unit data(1):** | | |
| Members' capital, December 31, 2025 and December 31, 2024, respectively | $9.99 | $10.13 |
| Net investment income (loss) | 0.21 | 0.27 |
| Net realized and unrealized gains (losses) | (0.22) | (0.03) |
| Total net increase (decrease) | (0.01) | 0.24 |
| Distributions declared to unitholders from net investment income | (0.21) | (0.27) |
| Members' capital, March 31, 2026 and March 31, 2025, respectively | $9.77 | $10.10 |
| Total return based on members' capital(2) | (0.09)% | 2.34% |
| Units outstanding at end of period | 120834931 | 80974363 |
| Average weighted units outstanding for the period | 120834931 | 80974363 |
| Average members' capital for the period | $1206521 | $820074 |
| **Ratio to average members' capital:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(3) | 8.50% | 10.88% |
| &nbsp;&nbsp;&nbsp;Total expenses, before waivers(3) | 7.42% | 9.74% |
| &nbsp;&nbsp;&nbsp;Total expenses, net of waivers(3) | 7.42% | 9.73% |
| Average debt outstanding—Wells Credit Facility(4) | $524298 | $465166 |
| Average debt outstanding—BMO Subscription Line | N/A | $7156 |
| Average debt outstanding—UBS Credit Facility | $323778 | $262500 |
| Asset coverage ratio | 236.28% | 211.13% |
| Portfolio turnover | 2.90% | 5.47% |
| Capital Commitments | $1207896 | $1207896 |
| Funded Capital Commitments | $1207896 | $809290 |
| % of Capital Commitments funded | 100.00% | 67.00% |

---

(1)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(2)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized.

(3)Annualized, except organizational and offering costs.

(4)Under the Wells Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026, the Company had borrowings denominated in GBP of £494 and borrowings denominated in EUR of €21,174 that have been translated to U.S. dollars.

N/A&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Note 12. Recent Accounting Standards Updates**

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the

------

first quarter ending March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes-Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company's consolidated financial statements.

**Note 13. Segment Reporting**

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

**Note 14. Subsequent Events**

The Company has evaluated the need for disclosures and/or adjustments resulting from recent developments through the date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Results of Review of Interim Financial Information**

We have reviewed the accompanying consolidated statement of assets, liabilities and members' capital of New Mountain Guardian IV BDC, L.L.C. and subsidiaries (the "Company"), including the consolidated schedule of investments, as of March 31, 2026, the related consolidated statements of operations, changes in members' capital, 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, liabilities and members' capital of the Company, including the consolidated schedule of investments as of December 31, 2025, and the related consolidated statements of operations, changes in members' capital and cash flows for the year then ended (not presented herein); and in our report dated March 4, 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, liabilities and members' capital as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets, liabilities and members' capital 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 12, 2026

------

**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 Guardian IV BDC, L.L.C., including its wholly-owned direct subsidiaries (collectively, "we", "us", "our", "GIV" 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 and the adequacy of our cash resources and working capital;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk factors set forth in *Item 1A.—Risk Factors* contained in 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, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview**

We are a Delaware limited liability company formed on March 18, 2022. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated for U.S. federal income tax purposes, and intend to 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").

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

------

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

We conducted a private offering (the "Private Offering") of units of our limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units were offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with us (each, a "Subscription Agreement"). Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the 24-month period following the initial closing of Capital Commitments, which occurred on May 4, 2022 (the "Closing Period"). On April 15, 2024, pursuant to the Limited Liability Company Agreement, as amended and restated on December 6, 2023 (the "Third A&R LLC Agreement"), the Investment Adviser elected to extend the Closing Period from 24 months to 30 months after the initial closing of the Private Offering. As a result of the foregoing, we extended the end of the period during which we held subsequent closings from May 4, 2024 to November 4, 2024. At the end of the Closing Period, we had aggregate Capital Commitments from investors of $1.2 billion. We accepted and drew down on Capital Commitments from investors throughout and after the Closing Period. The final drawdown on Capital Commitments closed on December 30, 2025. We commenced our loan origination and investment activities contemporaneously with the initial drawdown from investors in the Private Offering, which occurred on May 9, 2022 (the "Initial Drawdown"). The investment period began on May 4, 2022 and will continue until November 4, 2028, the four-year anniversary of the end of the Closing Period (the "Investment Period"). Our term is until November 4, 2030, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by our board of directors.

We established New Mountain Guardian IV SPV, L.L.C. ("GIV SPV") on July 26, 2022 as a wholly-owned direct subsidiary, whose assets are used to secure GIV SPV's credit facility. We established New Mountain Guardian IV Holdings, L.L.C. ("GIV Holdings"), formerly known as New Mountain Guardian IV Issuer SPV, L.L.C., on October 28, 2022 as a wholly-owned direct subsidiary, whose assets are used to secure GIV Holdings' credit facility. We established New Mountain Guardian IV Panzura, Inc. ("GIV Panzura") and New Mountain Guardian IV PPP, Inc. ("GIV PPP") as wholly-owned direct subsidiaries, 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-like investments in certain of our portfolio companies that are organized as a limited liability company or other form of pass-through entity; we consolidate 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.

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

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

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

As of March 31, 2026, our top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

As of March 31, 2026, our members' capital was approximately $1,181.0 million and our portfolio had a fair value of approximately $2,022.2 million in 134 portfolio companies.

------

**Critical Accounting Estimates**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is

------

also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

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

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

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

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

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

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

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

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

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

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

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

See *Item 1.—Financial Statements—Note 4. Fair Valu*e 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 is little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

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

------

When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.

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

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

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

See *Item 1.—Financial Statements—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.

***Revenue Recognition***

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

*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal balance on the capitalization date and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2026 and March 31, 2025 we recognized PIK interest from investments of $1.0 million and $1.1 million, respectively, and PIK dividends from investments of $0.2 million and $0.2 million, respectively.

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

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

*Fee income:* Fee income represents delayed compensation, revolver fees, upfront fees amendment fees, consent fees, ticking fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature

------

and may expire unfunded. A fee is received by us for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

**Monitoring of Portfolio Investments**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(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 | $2008.7 | 98.1% | $1987.9 | 98.3% |
| Yellow | 34.5 | 1.7% | 30.7 | 1.5% |
| Orange | 4.1 | 0.2% | 3.6 | 0.2% |
| Red |  | —% |  | —% |
|  | $2047.3 | 100.0% | $2022.2 | 100.0% |

---

As of March 31, 2026, all investments in our portfolio had a Green Risk Rating, with the exception of 4 portfolio companies that had a Yellow Risk Rating and 1 portfolio company that had an Orange Risk Rating.

------

**Portfolio and Investment Activity**

The fair value of our investments, as determined in good faith by our board of directors, was approximately $2,022.2 million in 134 portfolio companies at March 31, 2026 and approximately $2,006.9 million in 131 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:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Investments in 32 and 34, respectively, new and existing portfolio companies | $96.7 | $121.1 |
| Debt repayments in existing portfolio companies | (49.6) | (76.9) |
| Sales of securities in 1 and 2 portfolio companies, respectively | (8.5) | (6.1) |
| Change in unrealized appreciation on 19 and 25 portfolio companies, respectively | 2.2 | 2.0 |
| Change in unrealized depreciation on 115 and 87 portfolio companies, respectively | (27.4) | (3.6) |

---

**Recent Accounting Standards Updates**

See *Item 1.—Financial Statements—Note 12. 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***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Total interest income | $45.3 | $39.4 |
| Dividend income | 0.9 | 0.9 |
| Fee income | 1.1 | 1.4 |
| Total investment income | $47.3 | $41.7 |

---

Our total investment income increased by approximately $5.6 million, or 14%, 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 $47.3 million consisted of approximately $43.1 million in cash interest from investments, approximately $1.0 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $1.2 million, approximately $0.9 million in dividends from investments and approximately $1.1 million in fee income.

The increase in interest income of approximately $5.9 million during the three months ended March 31, 2026 was primarily attributable to our increasing invested balances due to our full deployment of capital in December 2025 as compared to the same period in the prior year. Fee income during the three months ended March 31, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront fees received from 9 different portfolio companies.

------

***Operating Expenses***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Management fee | $3.5 | $2.3 |
| Less: management fee waiver |  |  |
| Net management fee | 3.5 | 2.3 |
| Interest and other financing expenses | 12.7 | 12.8 |
| Income based incentive fee | 4.5 | 3.8 |
| Administrative expenses | 0.8 | 0.6 |
| Professional fees | 0.4 | 0.4 |
| Capital gains incentive fee |  | (0.4) |
| Other general and administrative expenses | 0.1 | 0.1 |
| Net expenses before income taxes | 22.0 | 19.6 |
| Income tax expense | 0.2 | 0.1 |
| Net expenses after income taxes | $22.2 | $19.7 |

---

Our total net operating expenses increased by approximately $2.5 million for the three months ended March 31, 2026 as compared to the same period in the prior year. Our net management fee increased by approximately $1.2 million and our income based incentive fee increased by approximately $0.7 million for the three months ended March 31, 2026 as compared to the same period in the prior year. The increase in management fees and income based incentive fees was attributable to larger managed and invested capital balances due to our full deployment of capital in December 2025 over the three months ended March 31, 2026 as compared to the same period in the prior year. There were no capital gains incentive fees for the three months ended March 31, 2026. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than the cumulative amount in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Amounts accrued are not payable unless gains are realized and distributions are greater than contributions.

Interest and other financing expenses decreased by approximately $0.1 million during the three months ended March 31, 2026 as compared to the same period in the prior year, primarily due to the refinancing of both our UBS Credit Facility and Wells Credit Facility to lower applicable spreads and lower SOFR rates on the UBS Credit Facility and Wells Credit Facility, as well as the termination of the BMO Subscription Line, offset by higher average drawn balances UBS Credit Facility and Wells Credit Facility.

Our total administrative expenses, professional fees and other general and administrative expenses remained relatively flat during the three months ended March 31, 2026 as compared to the same period in the prior year.

***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 gains (losses) on investments | $(0.5) | $(0.8) |
| Net change in unrealized appreciation (depreciation) of investments | (25.2) | (1.6) |
| Net change in unrealized appreciation (depreciation) of foreign currency | (0.4) |  |
| Net change in unrealized appreciation (depreciation) of derivative instruments | 0.1 |  |
| (Provision) benefit for taxes | (0.1) | (0.1) |
| Net realized and unrealized gains (losses) | $(26.1) | $(2.5) |

---

Our net realized losses and unrealized depreciation resulted in a net loss of approximately $26.1 million for the three months ended March 31, 2026 as compared to net realized losses and unrealized depreciation resulting in a net loss of approximately $2.5 million for the same period in the prior year. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended March 31, 2026 was primarily driven by unrealized depreciation in Planview Parent, Inc., RLG Holdings, LLC, PetVet Care Centers, LLC and Houghton Mifflin Harcourt Company. The provision for income taxes was primarily attributable to our

------

equity investments that are held as of March 31, 2026 in our corporate subsidiaries. The net loss for the three months ended March 31, 2025 was primarily driven by realized losses in Barracuda Parent, LLC and KWOR Acquisition, Inc. and material accelerated amortization realized on our investment in Nielsen Consumer Inc. due to early repayments received during the period. The provision for income taxes was primarily attributable to our equity investments that were held as of March 31, 2025 in our corporate subsidiaries.

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

**Liquidity and Capital Resources**

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

We expect to generate cash from (1) cash flows from investments and operations and (2) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms, however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Upon organization, we adopted the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, as amended by the Small Business Credit Availability Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions for our Units, our unitholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of March 31, 2026, our asset coverage ratio was 236.3%.

Since our inception on March 18, 2022, we have entered into Subscription Agreements with several investors on various dates. Closings of the Private Offering occurred, from time to time, in the Investment Adviser's sole discretion, during the Closing Period. On March 31, 2026 and December 31, 2025, we had aggregate capital commitments accepted and undrawn capital commitments from investors as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2026** | **December 31, 2025** |
| Capital Commitments | $1207.9 | $1207.9 |
| Unfunded Capital Commitments |  |  |
| % of Capital Commitments funded | 100.0% | 100.0% |

---

As of March 31, 2026 and December 31, 2025, our borrowings consisted of the UBS Credit Facility and the Wells Credit Facility. See *Item 1—Financial Statements —Note 6. Borrowings* in this Quarterly Report on Form 10-Q for additional information.

As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $56.3 million and $33.9 million, respectively. Our cash used in operating activities for the three months ended March 31, 2026 and March 31, 2025 was approximately $3.0 million and $32.9 million, respectively. We expect that all current liquidity needs will be met with cash flows from investments and operations and borrowings from banks or other lenders.

**Off-Balance Sheet Arrangements**

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the balance sheet. As of March 31, 2026 and December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $356.2 million which included €4.5 million denominated in EUR, that has been translated to U.S. dollars and $409.0 million, which included €4.5 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 the aggregate par amount of $73.0 million and $50.9 million, respectively, which could require funding in the future. 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.

------

**Contractual Obligations**

A summary of our significant contractual payment obligations as of March 31, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| UBS Credit Facility (1) | $314.0 | $— | $— | $314.0 | $— |
| Wells Credit Facility (2) | 552.6 |  |  | 552.6 |  |
| Total Contractual Obligations | $866.6 | $— | $— | $866.6 | $— |

---

(1)Under the terms of the $400.0 million UBS Credit Facility, all outstanding borrowings under that facility ($314.0 million as of March 31, 2026) must be repaid on or before November 4, 2030. As of March 31, 2026, there was approximately $86.0 million of possible capacity remaining under the UBS Credit Facility. See *Item 1—Financial Statements —Note 6. Borrowings* in this Quarterly Report on Form 10-Q, for material details on the UBS Credit Facility.

(2)Under the terms of the $750.0 million Wells Credit Facility, all outstanding borrowings under that facility ($552.6 million as of March 31, 2026, which included £0.5 million denominated in GBP and €21.2 million denominated in EUR that has been translated to U.S. dollars as of March 31, 2026) must be repaid on or before November 4, 2030. As of March 31, 2026, there was approximately $197.4 million of possible capacity remaining under the Wells Credit Facility. See *Item 1—Financial Statements —Note 6. Borrowings* in this Quarterly Report on Form 10-Q, for material details on the Wells Credit Facility.

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

We have also entered into an administration agreement (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 unitholders and reports filed with the SEC. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

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

**Distributions and Dividends**

Distributions declared to unitholders for the three months ended March 31, 2026 totaled approximately $25.0 million.

Tax characteristics of all distributions paid are reported to unitholders on Form 1099 or Form 1042 after the end of the calendar year. For the years ended December 31, 2025 and December 31, 2024, total distributions declared were $89.3 million and $57.5 million, respectively, of which the distributions were comprised of approximately 94.22% and 93.94%, respectively, of ordinary income, 5.78% and 6.06%, respectively, of long-term capital gains and 0.00% and 0.00%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

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

**Related Parties**

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

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2026, approximately $0.3 million of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of March 31, 2026, approximately $0.3 million of indirect administrative expenses were included in payable to affiliates on the Consolidated Statement of Assets, Liabilities and Members' Capital.

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

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

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

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

------

**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 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 income generated by our investment portfolio. However, our cost of funds would also increase, which would also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SONIA, EURIBOR or SOFR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the three months ended March 31, 2026, certain of the loans held in our portfolio had floating Prime or SOFR interest rates. As of March 31, 2026, approximately 97.52% of our investments at fair value (excluding unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and approximately 2.48% 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 and Prime interest rates.

The following table estimates the potential changes in interest income net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2026. Interest expense is calculated based on the terms of our UBS Credit Facility and Wells Credit Facility. For our borrowings, 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 Percentage<br>Change in Interest and Dividend<br>Income Net of<br>Interest Expense** |
| –200 Basis Points | (17.13)% |
| –150 Basis Points | (12.85)% |
| –100 Basis Points | (8.57)% |
| –50 Basis Points | (4.28)% |
| +50 Basis Points | 4.28% |
| +100 Basis Points | 8.57% |
| +150 Basis Points | 12.85% |
| +200 Basis Points | 17.13% |

---

------

**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 Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including our 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 Control Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

*The terms "we", "us", "our" and the "Company" refers to New Mountain Guardian IV BDC, L.L.C. 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 legal proceedings as of March 31, 2026. From time to time, we or our consolidated subsidiaries may be 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.&nbsp;&nbsp;&nbsp;&nbsp;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 "Company-Level Borrowings". 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 fiscal year ended December 31, 2025 other than those noted below.

**Hedging using derivatives may impact investment performance.**

We may use over-the-counter (OTC) and cleared derivatives to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions.

Hedging transactions may limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price. If we choose to engage in hedging transactions, there can be no assurances that we will achieve the intended benefits of such transactions and, depending on the degree of exposure such transactions could create, such transactions may expose us to risk of loss.

While we may enter into derivatives transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities would likely fluctuate as a result of factors not related to currency fluctuations.

**Valuing OTC derivatives may be less certain than actively traded financial instruments.**

In general, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

**Our rights under an OTC derivative may be restricted by regulations.**

Regulations adopted by global prudential regulators that are now in effect require certain prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their derivatives contracts and certain other financial contracts terms that delay or restrict the rights of counterparties to terminate such contracts, foreclose upon collateral,

------

exercise other default rights or restrict transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to any of our counterparties that located in those jurisdictions. It is possible that these new requirements, as well as potential additional resulted government regulation, could adversely affect our ability to terminate existing derivatives contracts, exercise default rights, or satisfy obligations owed to us with collateral received under such contracts.

**The use of OTC derivatives may expose us to early termination risk, which could result in significant losses.**

OTC derivatives do not have uniform terms. An OTC derivatives counterparty may have the right to close out our position due to the occurrence of certain events (for example, if a counterparty is unable to hedge its obligations to us, or if we defaults on certain terms of the OTC swaps agreement, or if there is a material decline in our NAV on a particular day) and request immediate payment of amounts owed by us under the agreement. If the level of our NAV has a dramatic intraday move, the terms of our OTC derivatives document may permit the counterparty to early close out a transaction with us at a price calculated by the counterparty that, in good faith, represents such counterparty's loss, which may not represent fair market value. An OTC derivatives counterparty may also have the right to close out our position for no reason, in some cases with same day notice.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None, other than those already disclosed in certain current reports on Form 8-K filed with the SEC.

**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)&nbsp;&nbsp;&nbsp;&nbsp;None.

(b)&nbsp;&nbsp;&nbsp;&nbsp;None.

(c)&nbsp;&nbsp;&nbsp;&nbsp;For the period covered by this Quarterly Report on Form 10-Q, no director or officer has adopted or terminated (i) any 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 our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Third Amended and Restated Limited Liability Company Agreement dated as of December 6, 2023(2)](https://www.sec.gov/Archives/edgar/data/1925531/000110465923123953/tm2332268d1_ex3-1.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement(1)](https://www.sec.gov/Archives/edgar/data/0001925531/000110465922057025/tm2214116d2_ex4-1.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\*](nmg4-03312026xexhibit311.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\*](nmg4-3312026xexhibit312.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)\*](nmg4-3312026xexhibit321.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)\*](nmg4-3312026xexhibit322.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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Previously filed in connection with New Mountain Guardian IV BDC, L.L.C.'s Registration Statement on Form 10 (File No. 000-56437) filed on May 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Previously filed in connection with New Mountain Guardian IV BDC, L.L.C.'s Current Report on Form 8-K filed on December 6, 2023.

\* Filed herewith.

------

**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 12, 2026.

---

| | |
|:---|:---|
| NEW MOUNTAIN GUARDIAN IV BDC, L.L.C. | NEW MOUNTAIN GUARDIAN IV BDC, L.L.C. |
| By: | /s/ JOHN R. KLINE |
|  | John R. Kline<br>*President and Chief Executive Officer*<br>*(Principal Executive Officer)* |
| By: | /s/ KRIS CORBETT |
|  | Kris Corbett<br>*Chief Financial Officer (Principal Financial and Accounting Officer) and Treasurer* |

---

## Exhibit 31.1

**EXHIBIT 31.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

I, John R. Kline, Chief Executive Officer of New Mountain Guardian IV BDC, L.L.C., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of New Mountain Guardian IV BDC, L.L.C.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 12th day of May, 2026<br>

---

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

---

## Exhibit 31.2

**EXHIBIT 31.2** <br>

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

I, Kris Corbett, Chief Financial Officer of New Mountain Guardian IV BDC, L.L.C., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of New Mountain Guardian IV BDC, L.L.C.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 12th day of May, 2026<br>

---

| |
|:---|
| /s/ KRIS CORBETT |
| Kris Corbett |

---

## Exhibit 32.1

**EXHIBIT 32.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**<br>**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)** 

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2026 (the "Report") of New Mountain Guardian IV BDC, L.L.C. (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;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ JOHN R. KLINE | /s/ JOHN R. KLINE |
| Name: | John R. Kline |
| Date: | May 12, 2026 |

---

## Exhibit 32.2

**EXHIBIT 32.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**<br>**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)** 

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2026 (the "Report") of New Mountain Guardian IV BDC, L.L.C. (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;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ KRIS CORBETT | /s/ KRIS CORBETT |
| Name: | Kris Corbett |
| Date: | May 12, 2026 |

---

<br>