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New Mountain Finance Corporation
NMFC
#7112
Rank
ยฃ0.50 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
ยฃ5.38
Share price
-0.82%
Change (1 day)
N/A
Change (1 year)
  1. New Mountain Finance Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

New Mountain Finance Corporation - 10-Q quarterly report FY2026 Q2


Text size:
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Drawn2026-06-300001496099Associations, Inc. | Subordinated 12026-06-300001496099Associations, Inc. | Subordinated 22026-06-300001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Foundational Education Group, Inc. | First lien2026-06-300001496099Foundational Education Group, Inc. | Second lien 12026-06-300001496099Foundational Education Group, Inc. | Second lien 22026-06-300001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Deca Dental Holdings LLC | First lien 12026-06-300001496099Deca Dental Holdings LLC | First lien 22026-06-300001496099Deca Dental Holdings LLC | First lien 32026-06-300001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Healthspan Buyer, LLC | First lien 12026-06-300001496099Healthspan Buyer, LLC | First lien 22026-06-300001496099nmfc:HealthspanBuyerLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099MRI Software LLC | First lien 12026-06-300001496099MRI Software LLC | First lien 22026-06-300001496099MRI Software LLC | First lien 32026-06-300001496099MRI Software LLC | First lien 42026-06-300001496099MRI Software LLC | First lien 52026-06-300001496099MRI Software LLC | First lien - Drawn2026-06-300001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099TigerConnect, Inc. | First lien 12026-06-300001496099TigerConnect, Inc. | First lien 22026-06-300001496099TigerConnect, Inc. | First lien 32026-06-300001496099TigerConnect, Inc. | First lien 42026-06-300001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099CentralSquare Technologies, LLC | First lien2026-06-300001496099IG Investments Holdings, LLC | First lien 12026-06-300001496099IG Investments Holdings, LLC | First lien 22026-06-300001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099AAH Topco, LLC | First lien 12026-06-300001496099AAH Topco, LLC | First lien 22026-06-300001496099AAH Topco, LLC | First lien 32026-06-300001496099AAH Topco, LLC | First lien 42026-06-300001496099AAH Topco, LLC | Subordinated 12026-06-300001496099AAH Topco, LLC | Subordinated 22026-06-300001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First lien 12026-06-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First lien 22026-06-300001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First lien 32026-06-300001496099nmfc:CronosCrimsonHoldingsInc.FkaNMCCrimsonHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Fortis Solutions Group, LLC | First lien 12026-06-300001496099Fortis Solutions Group, LLC | First lien - Drawn2026-06-300001496099Fortis Solutions Group, LLC | First lien 22026-06-300001496099Fortis Solutions Group, LLC | First lien 32026-06-300001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Auctane Inc. (fka Stamps.com Inc.) | First lien2026-06-300001496099PPV Intermediate Holdings, LLC | First lien 12026-06-300001496099PPV Intermediate Holdings, LLC | First lien 22026-06-300001496099PPV Intermediate Holdings, LLC | First lien - Drawn2026-06-300001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Nelipak Holding Company | First lien 12026-06-300001496099Nelipak Holding Company | First lien 22026-06-300001496099Nelipak Holding Company | First lien 32026-06-300001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099YLG Holdings, Inc. | First lien 12026-06-300001496099YLG Holdings, Inc. | First lien 22026-06-300001496099YLG Holdings, Inc. | First lien - Drawn 12026-06-300001496099YLG Holdings, Inc. | First lien - Drawn 22026-06-300001496099nmfc:YLGHoldingsIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099TMK Hawk Parent, Corp. | First lien 12026-06-300001496099TMK Hawk Parent, Corp. | First lien 22026-06-300001496099TMK Hawk Parent, Corp. | Subordinated 12026-06-300001496099TMK Hawk Parent, Corp. | Subordinated 22026-06-300001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099PetVet Care Centers, LLC | First lien2026-06-300001496099PetVet Care Centers, LLC | First lien - Drawn2026-06-300001496099nmfc:PetVetCareCentersLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099GS Acquisitionco, Inc. | First lien 12026-06-300001496099GS Acquisitionco, Inc. | First lien - Drawn2026-06-300001496099GS Acquisitionco, Inc. | First lien 22026-06-300001496099nmfc:GSAcquisitioncoInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Baker Tilly Advisory Group, LP | First lien 12026-06-300001496099Baker Tilly Advisory Group, LP | First lien 22026-06-300001496099Baker Tilly Advisory Group, LP | First lien 32026-06-300001496099Baker Tilly Advisory Group, LP | First lien 42026-06-300001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099PDI TA Holdings, Inc. | First lien 12026-06-300001496099PDI TA Holdings, Inc. | First lien 22026-06-300001496099PDI TA Holdings, Inc. | First lien 32026-06-300001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Tempo Acquisition, LLC | First lien2026-06-300001496099AmeriVet Partners Management, Inc. | First lien 12026-06-300001496099AmeriVet Partners Management, Inc. | First lien 22026-06-300001496099AmeriVet Partners Management, Inc. | First lien 32026-06-300001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099FS WhiteWater Borrower, LLC | First lien 12026-06-300001496099FS WhiteWater Borrower, LLC | First lien 22026-06-300001496099FS WhiteWater Borrower, LLC | First lien 32026-06-300001496099FS WhiteWater Borrower, LLC | First lien 42026-06-300001496099FS WhiteWater Borrower, LLC | First lien 52026-06-300001496099FS WhiteWater Borrower, LLC | First lien 62026-06-300001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Sierra Enterprises, LLC | First lien2026-06-300001496099Xactly Corporation | First lien2026-06-300001496099GC Waves Holdings, Inc. | First lien2026-06-300001496099RLG Holdings, LLC | First lien 12026-06-300001496099RLG Holdings, LLC | First lien 22026-06-300001496099RLG Holdings, LLC | First lien 32026-06-300001496099RLG Holdings, LLC | First lien 42026-06-300001496099RLG Holdings, LLC | Second lien2026-06-300001496099nmfc:RLGHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Brave Parent Holdings, Inc. | First lien2026-06-300001496099Low Voltage Holdings Inc. | First lien 12026-06-300001496099Low Voltage Holdings Inc. | First lien 22026-06-300001496099Low Voltage Holdings Inc. | First lien - Drawn2026-06-300001496099nmfc:LowVoltageHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Cardinal Parent, Inc. | First lien2026-06-300001496099Cardinal Parent, Inc. | Second lien2026-06-300001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc. | Second lien 12026-06-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc. | Second lien 22026-06-300001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Viper Bidco. Inc. | First lien 12026-06-300001496099Viper Bidco. Inc. | First lien 22026-06-300001496099nmfc:ViperBidco.Inc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Kele Holdco, Inc. | First lien 12026-06-300001496099Kele Holdco, Inc. | First lien 22026-06-300001496099Kele Holdco, Inc. | First lien - Drawn2026-06-300001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Bonterra LLC | First lien 12026-06-300001496099Bonterra LLC | First lien 22026-06-300001496099Bonterra LLC | First lien - Drawn2026-06-300001496099nmfc:BonterraLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien 12026-06-300001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien 22026-06-300001496099American Achievement Corporation (aka AAC Holding Corp.) | Subordinated2026-06-300001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Coupa Holdings, LLC | First lien 12026-06-300001496099Coupa Holdings, LLC | First lien 22026-06-300001496099Coupa Holdings, LLC | First lien - Drawn2026-06-300001496099nmfc:CoupaHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Digicert, Inc. | First lien2026-06-300001496099Bullhorn, Inc. | First lien 12026-06-300001496099Bullhorn, Inc. | First lien 22026-06-300001496099Bullhorn, Inc. | First lien 32026-06-300001496099Bullhorn, Inc. | First lien 42026-06-300001496099Bullhorn, Inc. | First lien 52026-06-300001496099Bullhorn, Inc. | First lien 62026-06-300001496099Bullhorn, Inc. | First lien - Drawn2026-06-300001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Infogain Corporation | First lien 12026-06-300001496099Infogain Corporation | First lien 22026-06-300001496099Infogain Corporation | Subordinated2026-06-300001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099CFS Management, LLC | First lien 12026-06-300001496099CFS Management, LLC | First lien 22026-06-300001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Acumatica Holdings, Inc. | First lien 2026-06-300001496099Daxko Acquisition Corporation | First lien 12026-06-300001496099Daxko Acquisition Corporation | First lien 22026-06-300001496099Daxko Acquisition Corporation | First lien 32026-06-300001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099USRP Holdings, Inc. | First lien 2026-06-300001496099New ACI Buyer LLC | First lien 12026-06-300001496099New ACI Buyer LLC | First lien 22026-06-300001496099New ACI Buyer LLC | First lien 32026-06-300001496099New ACI Buyer LLC | Subordinated 12026-06-300001496099New ACI Buyer LLC | Subordinated 22026-06-300001496099nmfc:NewACIBuyerLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Jawbreaker Parent, Inc. | First lien 12026-06-300001496099Jawbreaker Parent, Inc. | First lien 22026-06-300001496099nmfc:JawbreakerParentInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Houghton Mifflin Harcourt Company | First lien 2026-06-300001496099Trinity Air Consultants Holdings Corporation | First lien 12026-06-300001496099Trinity Air Consultants Holdings Corporation | First lien 22026-06-300001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Firebird Acquisition Corp, Inc. | First lien 12026-06-300001496099Firebird Acquisition Corp, Inc. | First lien - Drawn2026-06-300001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Project Accelerate Parent, LLC | First lien 2026-06-300001496099Planview Parent, Inc. | First lien2026-06-300001496099Planview Parent, Inc. | Second lien2026-06-300001496099nmfc:PlanviewParentInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099AWP Group Holdings, Inc. | First lien 12026-06-300001496099AWP Group Holdings, Inc. | First lien - Drawn2026-06-300001496099nmfc:AWPGroupHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Alegeus Technologies Holdings Corp. | First lien2026-06-300001496099HP TLE Buyer, Inc. | First lien2026-06-300001496099Foreside Financial Group, LLC | First lien 12026-06-300001496099Foreside Financial Group, LLC | First lien 22026-06-300001496099Foreside Financial Group, LLC | First lien - Drawn2026-06-300001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099iCIMS, Inc. | First lien 12026-06-300001496099iCIMS, Inc. | First lien - Drawn2026-06-300001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099KPSKY Acquisition Inc. | First lien 12026-06-300001496099KPSKY Acquisition Inc. | First lien 22026-06-300001496099KPSKY Acquisition Inc. | First lien 32026-06-300001496099KPSKY Acquisition Inc. | First lien 42026-06-300001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Compsych Investments Corp. | First lien2026-06-300001496099NC Topco, LLC | First lien 12026-06-300001496099NC Topco, LLC | First lien 22026-06-300001496099nmfc:NCTopcoLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Consumer Products | First lien2026-06-300001496099Consumer Products | Subordinated2026-06-300001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Eclipse Buyer Inc. | First lien 2026-06-300001496099Legends Hospitality Holding Company, LLC | First lien 12026-06-300001496099Legends Hospitality Holding Company, LLC | First lien 22026-06-300001496099Legends Hospitality Holding Company, LLC | First lien - Drawn2026-06-300001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099OEConnection LLC | First lien 2026-06-300001496099Fullsteam Operations LLC | First lien 2026-06-300001496099Fullsteam Operations LLC | First lien - Drawn2026-06-300001496099nmfc:FullsteamOperationsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099RailPros Parent, LLC | First lien2026-06-300001496099RailPros Parent, LLC | First lien - Drawn2026-06-300001496099nmfc:RailProsParentLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Next Holdco, LLC | First lien 2026-06-300001496099Greenway Health, LLC | First lien 2026-06-300001496099Vehlo Purchaser, LLC | First lien 2026-06-300001496099WEG Sub Intermediate Holdings, LLC | Subordinated2026-06-300001496099Icefall Parent, Inc. | First lien 2026-06-300001496099DOCS, MSO, LLC | First lien 12026-06-300001496099DOCS, MSO, LLC | First lien 22026-06-300001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Diligent Corporation | First lien2026-06-300001496099Diligent Corporation | First lien - Drawn2026-06-300001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Meta Buyer LLC | First lien 12026-06-300001496099Meta Buyer LLC | First lien 22026-06-300001496099Meta Buyer LLC | First lien - Drawn 12026-06-300001496099Meta Buyer LLC | First lien - Drawn 22026-06-300001496099nmfc:MetaBuyerLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Capstone Borrower, Inc. | First lien 2026-06-300001496099Logrhythm, Inc. | First lien2026-06-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) | First lien2026-06-300001496099DG Investment Intermediate Holdings 2, Inc. | Second lien2026-06-300001496099PPVA Black Elk (Equity) LLC | Claim2026-06-300001496099Convey Health Solutions, Inc. | First lien 12026-06-300001496099Convey Health Solutions, Inc. | First lien 22026-06-300001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Mai Capital Management Intermediate LLC | First lien - Drawn2026-06-300001496099Community Management Holdings MidCo 2, LLC | First lien 2026-06-300001496099Community Management Holdings MidCo 2, LLC | First lien - Drawn2026-06-300001496099nmfc:CommunityManagementHoldingsMidCo2LLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099RealPage, Inc. | First lien2026-06-300001496099DCA TopCo LP | First lien 12026-06-300001496099DCA TopCo LP | First lien 22026-06-300001496099nmfc:DCATopCoLPMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099CoreTrust Purchasing Group LLC | First lien2026-06-300001496099DT1 Midco Corp | First lien 2026-06-300001496099DT1 Midco Corp | First lien - Drawn2026-06-300001496099nmfc:DT1MidcoCorpMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Flash Charm Inc. (fka Idera, Inc.) | Second lien 12026-06-300001496099Flash Charm Inc. (fka Idera, Inc.) | Second lien 22026-06-300001496099nmfc:FlashCharmInc.FkaIderaInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099Centegix Intermediate II, LLC | First lien2026-06-300001496099Reorganized Careismatic Brands, LLC | Trust Claim 12026-06-300001496099Reorganized Careismatic Brands, LLC | Trust Claim 22026-06-300001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099PPVA Fund, L.P. | Claim2026-06-300001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Tennessee Bidco Limited | First lien 12026-06-300001496099Tennessee Bidco Limited | First lien 22026-06-300001496099Tennessee Bidco Limited | First lien 32026-06-300001496099nmfc:TennesseeBidcoLimitedMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099country:JEnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Ciklum Inc. | First lien 12026-06-300001496099Ciklum Inc. | First lien 22026-06-300001496099nmfc:CiklumInc.Membernmfc:FundedDebtSecuritiesMember2026-06-300001496099country:GBnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Atlas AU Bidco Pty Ltd | First lien 12026-06-300001496099Atlas AU Bidco Pty Ltd | First lien 22026-06-300001496099Atlas AU Bidco Pty Ltd | First lien 32026-06-300001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Adelaide Borrower, LLC | First lien 2026-06-300001496099Adelaide Borrower, LLC | First lien - Drawn2026-06-300001496099nmfc:AdelaideBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099country:AUnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Matterhorn Finco, Inc., | First lien2026-06-300001496099country:CHnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Dealer Tire Holdings, LLC | Preferred Shares2026-06-300001496099Symplr Software Intermediate Holdings, Inc. | Series A Preferred Shares 12026-06-300001496099Symplr Software Intermediate Holdings, Inc. | Series A Preferred Shares 22026-06-300001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2026-06-300001496099New ACI Holdings LLC | Class A Common Units 12026-06-300001496099New ACI Holdings LLC | Class A Common Units 22026-06-300001496099New ACI Holdings LLC | Class B Common Units2026-06-300001496099nmfc:NewACIHoldingsLLCMemberus-gaap:EquitySecuritiesMember2026-06-300001496099HBWM Holdings, LLC | Common Units2026-06-300001496099Knockout Intermediate Holdings I Inc. | Preferred Shares2026-06-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Series A Preferred Shares2026-06-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Series B Preferred Shares2026-06-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Ordinary Shares2026-06-300001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2026-06-300001496099FS WhiteWater Holdings, LLC | Ordinary Shares2026-06-300001496099Notorious Buyer, LLC | Common Stock2026-06-300001496099IMA Financial Group, Inc. | Class C Common Shares2026-06-300001496099Firebird Co-Invest L.P. | LP Interest2026-06-300001496099Jawbreaker Topco, L.P. | Class A-1 Common Units2026-06-300001496099Eclipse Topco, Inc. | Preferred Shares2026-06-300001496099Pioneer Topco I, L.P. | Class A-2 Common Units2026-06-300001496099DCA TopCo LP | Class A Common Units 12026-06-300001496099DCA TopCo LP | Class A Common Units 22026-06-300001496099nmfc:DCATopCoLPMemberus-gaap:EquitySecuritiesMember2026-06-300001496099Ambrosia Topco LLC | Class A-1 Common Units 12026-06-300001496099Ambrosia Topco LLC | Class A-1 Common Units 22026-06-300001496099nmfc:AmbrosiaTopcoLLCMemberus-gaap:EquitySecuritiesMember2026-06-300001496099GEDC Equity, LLC | Participation Interest2026-06-300001496099AAC Lender Holdings, LLC | Ordinary Shares2026-06-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001496099Ivy Hill Middle Market Credit Fund, Ltd | Structured Finance Obligation2026-06-300001496099country:USnmfc:StructuredFinanceObligationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Reorganized Careismatic Brands, LLC | Warrants 12026-06-300001496099Reorganized Careismatic Brands, LLC | Warrants 22026-06-300001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:WarrantMember2026-06-300001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2026-06-300001496099GS Acquisitionco, Inc. | First lien - Undrawn2026-06-300001496099Community Management Holdings MidCo 2, LLC | First lien - Undrawn2026-06-300001496099Notorious Topco, LLC | First lien - Undrawn2026-06-300001496099DOCS, MSO, LLC | First lien - Undrawn2026-06-300001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien - Undrawn2026-06-300001496099TMK Hawk Parent, Corp. | First lien - Undrawn2026-06-300001496099Mai Capital Management Intermediate LLC | First lien - Undrawn 12026-06-300001496099Mai Capital Management Intermediate LLC | First lien - Undrawn 22026-06-300001496099nmfc:MaiCapitalManagementIntermediateLLCMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099YLG Holdings, Inc. | First lien - Undrawn 12026-06-300001496099YLG Holdings, Inc. | First lien - Undrawn 22026-06-300001496099nmfc:YLGHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Next Holdco, LLC | First lien - Undrawn2026-06-300001496099Associations, Inc. | First lien - Undrawn 12026-06-300001496099Associations, Inc. | First lien - Undrawn 22026-06-300001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099DT1 Midco Corp | First lien - Undrawn 12026-06-300001496099DT1 Midco Corp | First lien - Undrawn 22026-06-300001496099nmfc:DT1MidcoCorpMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) | First lien - Undrawn2026-06-300001496099Kele Holdco, Inc. | First lien - Undrawn2026-06-300001496099RailPros Parent, LLC | First lien - Undrawn 12026-06-300001496099RailPros Parent, LLC | First lien - Undrawn 22026-06-300001496099nmfc:RailProsParentLLCMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Firebird Acquisition Corp, Inc. | First lien - Undrawn12026-06-300001496099Firebird Acquisition Corp, Inc. | First lien - Undrawn 22026-06-300001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Wealth Enhancement Group, LLC | First lien - Undrawn2026-06-300001496099Trinity Air Consultants Holdings Corporation | First lien - Undrawn2026-06-300001496099Project Accelerate Parent, LLC | First lien - Undrawn2026-06-300001496099USRP Holdings, Inc. | First lien - Undrawn2026-06-300001496099HP TLE Buyer, Inc. | First lien - Undrawn2026-06-300001496099Healthspan Buyer, LLC | First lien - Undrawn2026-06-300001496099Fortis Solutions Group, LLC | First lien - Undrawn2026-06-300001496099FS WhiteWater Borrower, LLC | First lien - Undrawn2026-06-300001496099Compsych Investments Corp. | First lien - Undrawn2026-06-300001496099Icefall Parent, Inc. | First lien - Undrawn2026-06-300001496099Sierra Enterprises, LLC | First lien - Undrawn2026-06-300001496099Foreside Financial Group, LLC | First lien - Undrawn2026-06-300001496099Infogain Corporation | First lien - Undrawn2026-06-300001496099GC Waves Holdings, Inc. | First lien - Undrawn2026-06-300001496099Nelipak Holding Company | First lien - Undrawn 12026-06-300001496099Nelipak Holding Company | First lien - Undrawn 22026-06-300001496099Nelipak Holding Company | First lien - Undrawn 32026-06-300001496099Nelipak Holding Company | First lien - Undrawn 42026-06-300001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099AAH Topco, LLC | First lien - Undrawn2026-06-300001496099IG Investments Holdings, LLC | First lien - Undrawn2026-06-300001496099CentralSquare Technologies, LLC | First lien - Undrawn2026-06-300001496099Coupa Holdings, LLC | First lien - Undrawn2026-06-300001496099AWP Group Holdings, Inc. | First lien - Undrawn2026-06-300001496099Meta Buyer LLC | First lien - Undrawn 12026-06-300001496099Meta Buyer LLC | First lien - Undrawn 22026-06-300001496099nmfc:MetaBuyerLLCMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Centegix Intermediate II, LLC. | First lien - Undrawn2026-06-300001496099PPV Intermediate Holdings, LLC. | First lien - Undrawn2026-06-300001496099Bullhorn, Inc.. | First lien - Undrawn2026-06-300001496099NC Topco, LLC. | First lien - Undrawn2026-06-300001496099Digicert, Inc. | First lien - Undrawn2026-06-300001496099Legends Hospitality Holding Company, LLC | First lien - Undrawn2026-06-300001496099Daxko Acquisition Corporation. | First lien - Undrawn2026-06-300001496099Fullsteam Operations LLC | First lien - Undrawn 12026-06-300001496099Fullsteam Operations LLC | First lien - Undrawn 22026-06-300001496099nmfc:FullsteamOperationsLLCMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099OEConnection LLC | First lien - Undrawn 12026-06-300001496099OEConnection LLC | First lien - Undrawn 22026-06-300001496099nmfc:OEConnectionLLCMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Jawbreaker Parent, Inc. | First lien - Undrawn 12026-06-300001496099Jawbreaker Parent, Inc. | First lien - Undrawn 22026-06-300001496099nmfc:JawbreakerParentInc.Membernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Low Voltage Holdings Inc. | First lien - Undrawn 12026-06-300001496099Low Voltage Holdings Inc. | First lien - Undrawn 22026-06-300001496099Low Voltage Holdings Inc. | First lien - Undrawn 32026-06-300001496099nmfc:LowVoltageHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099MRI Software LLC | First lien - Undrawn2026-06-300001496099Bonterra LLC | First lien - Undrawn2026-06-300001496099Acumatica Holdings, Inc. | First lien - Undrawn2026-06-300001496099Diligent Corporation | First lien - Undrawn2026-06-300001496099Model N, Inc. | First lien - Undrawn2026-06-300001496099TigerConnect, Inc. | First lien - Undrawn2026-06-300001496099Xactly Corporation | First lien - Undrawn2026-06-300001496099Baker Tilly Advisory Group, LP | First lien - Undrawn2026-06-300001496099Logrhythm, Inc. | First lien - Undrawn2026-06-300001496099Eclipse Buyer Inc.| First lien - Undrawn 12026-06-300001496099Eclipse Buyer Inc. | First lien - Undrawn 22026-06-300001496099nmfc:EclipseBuyerInc.Membernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Viper Bidco. Inc. | First lien - Undrawn 12026-06-300001496099Viper Bidco. Inc. | First lien - Undrawn 22026-06-300001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099AmeriVet Partners Management, Inc. | First lien - Undrawn2026-06-300001496099Einstein Parent, Inc. | First lien - Undrawn2026-06-300001496099iCIMS, Inc. | First lien - Undrawn2026-06-300001496099PetVet Care Centers, LLC | First lien - Undrawn2026-06-300001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Adelaide Borrower, LLC | First lien - Undrawn 12026-06-300001496099Adelaide Borrower, LLC | First lien - Undrawn 22026-06-300001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Atlas AU Bidco Pty Ltd | First lien - Undrawn2026-06-300001496099country:AUnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Matterhorn Finco, Inc., | First lien - Undrawn2026-06-300001496099country:CHnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099Ciklum Inc. | First lien - Undrawn2026-06-300001496099country:GBnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2026-06-300001496099Edmentum Ultimate Holdings, LLC | Subordinated2026-06-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) | First lien 12026-06-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) | First lien 22026-06-300001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099Permian Trust | Trust Claim2026-06-300001496099Permian Trust | First lien2026-06-300001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001496099TVG-Edmentum Holdings, LLC | Series C-2 Preferred Units2026-06-300001496099TVG-Edmentum Holdings, LLC | Class B-1 Common Shares2026-06-300001496099TVG-Edmentum Holdings, LLC | Class B-2 Common Shares2026-06-300001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2026-06-300001496099Eagle Infrastructure Super HoldCo, LLC | Ordinary Shares2026-06-300001496099Sierra Hamilton Holdings Corporation | Ordinary Shares 12026-06-300001496099Sierra Hamilton Holdings Corporation | Ordinary Shares 22026-06-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2026-06-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001496099New Permian Holdco, L.L.C. | First lien - Drawn2026-06-300001496099New Permian Holdco, L.L.C. | First lien2026-06-300001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099New Benevis Holdco, Inc. | First lien2026-06-300001496099New Benevis Holdco, Inc. | Subordinated2026-06-300001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2026-06-300001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001496099NMFC Senior Loan Program III LLC | Membership Interest2026-06-300001496099NM NL Holdings, L.P. | Membership Interest2026-06-300001496099NMFC Senior Loan Program IV LLC | Membership Interest2026-06-300001496099UniTek Global Services, Inc. | Preferred Shares 12026-06-300001496099UniTek Global Services, Inc. | Preferred Shares 22026-06-300001496099UniTek Global Services, Inc. | Preferred Shares 32026-06-300001496099UniTek Global Services, Inc. | Preferred Shares 42026-06-300001496099UniTek Global Services, Inc. | Ordinary Shares 12026-06-300001496099UniTek Global Services, Inc. | Ordinary Shares 22026-06-300001496099UniTek Global Services, Inc. | Preferred Shares 52026-06-300001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2026-06-300001496099New Benevis Topco, LLC | Common Stock 12026-06-300001496099New Benevis Topco, LLC | Common Stock 22026-06-300001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2026-06-300001496099New Permian Holdco, Inc. | Ordinary Shares2026-06-300001496099NM YI, LLC | Membership Interest2026-06-300001496099NM GP Holdco, LLC | Membership Interest2026-06-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-06-300001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2026-06-300001496099New Permian Holdco, L.L.C. | First lien - Undrawn2026-06-300001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001496099Viper Bidco,Inc. | First lien 12026-06-300001496099DCA TopCo LP | First lien2026-06-300001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien2026-06-300001496099Jawbreaker Topco, Inc. | First lien2026-06-300001496099New ACI Intermediate II, LLC | Subordinated2026-06-300001496099New ACI Buyer, LLC | First lien2026-06-300001496099FS WhiteWater Borrower, LLC | First lien2026-06-300001496099Eclipse Topco, Inc. | Preferred shares2026-06-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) | First lien2026-06-300001496099Ambrosia Holdco Corp. | First lien2026-06-300001496099Ambrosia Holdco Corp. | Subordinated2026-06-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Series A preferred shares2026-06-300001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Series B preferred shares2026-06-300001496099HBWM Holdings, LLC | Common units2026-06-300001496099Knockout Intermediate Holdings I Inc. | Preferred shares2026-06-300001496099Symplr Software Intermediate Holdings, Inc. | Series A preferred shares2026-06-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC2025-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC2026-01-012026-06-300001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC2026-06-300001496099Sierra Hamilton Holdings Corporation2025-12-310001496099Sierra Hamilton Holdings Corporation2026-01-012026-06-300001496099Sierra Hamilton Holdings Corporation2026-06-300001496099TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC2025-12-310001496099TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC2026-01-012026-06-300001496099TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC2026-06-300001496099National HME, Inc./NHME Holdings Corp.2025-12-310001496099National HME, Inc./NHME Holdings Corp.2026-01-012026-06-300001496099National HME, Inc./NHME Holdings Corp.2026-06-300001496099New Benevis Topco, LLC / New Benevis Holdco, Inc.2025-12-310001496099New Benevis Topco, LLC / New Benevis Holdco, Inc.2026-01-012026-06-300001496099New Benevis Topco, LLC / New Benevis Holdco, Inc.2026-06-300001496099New Permian Holdco, Inc. / New Permian Holdco, L.L.C.2025-12-310001496099New Permian Holdco, Inc. / New Permian Holdco, L.L.C.2026-01-012026-06-300001496099New Permian Holdco, Inc. / New Permian Holdco, L.L.C.2026-06-300001496099NM NL Holdings, L.P.2025-12-310001496099NM NL Holdings, L.P.2026-01-012026-06-300001496099NM NL Holdings, L.P.2026-06-300001496099NM GP Holdco, LLC2025-12-310001496099NM GP Holdco, LLC2026-01-012026-06-300001496099NM GP Holdco, LLC2026-06-300001496099NM YI LLC2025-12-310001496099NM YI LLC2026-01-012026-06-300001496099NM YI LLC2026-06-300001496099NMFC Senior Loan Program III LLC2025-12-310001496099NMFC Senior Loan Program III LLC2026-01-012026-06-300001496099NMFC Senior Loan Program III LLC2026-06-300001496099NMFC Senior Loan Program IV LLC2025-12-310001496099NMFC Senior Loan Program IV LLC2026-01-012026-06-300001496099NMFC Senior Loan Program IV LLC2026-06-300001496099UniTek Global Services, Inc.2025-12-310001496099UniTek Global Services, Inc.2026-01-012026-06-300001496099UniTek Global Services, Inc.2026-06-300001496099Interest Rate Swaps | Morgan Stanley Bank N.A. | February 2029 Notes2026-06-300001496099Interest Rate Swaps | Morgan Stanley Bank N.A. | February 2029 Notes2026-01-012026-06-300001496099Interest Rate Swaps | Morgan Stanley Bank N.A. | October 2027 Notes2026-06-300001496099Interest Rate Swaps | Morgan Stanley Bank N.A. | October 2027 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Topco, LLC | First lien 12025-12-310001496099AAH Topco, LLC | First lien 22025-12-310001496099AAH Topco, LLC | First lien 32025-12-310001496099AAH Topco, LLC | First lien 42025-12-310001496099AAH Topco, LLC | Subordinated 12025-12-310001496099AAH Topco, LLC | Subordinated 22025-12-310001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Associations, Inc. | First lien2025-12-310001496099Associations, Inc. | First lien - Drawn2025-12-310001496099Associations, Inc. | Subordinated 12025-12-310001496099Associations, Inc. | Subordinated 22025-12-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099GC Waves Holdings, Inc. | First lien 12025-12-310001496099GC Waves Holdings, Inc. | First lien 22025-12-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Einstein Parent, Inc. | First lien 12025-12-310001496099Einstein Parent, Inc. | First lien 22025-12-310001496099nmfc:EinsteinParentInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099iCIMS, Inc. | First lien 12025-12-310001496099iCIMS, Inc. | First lien 22025-12-310001496099iCIMS, Inc. | First lien - Drawn2025-12-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099GS Acquisitionco, Inc. | First lien 12025-12-310001496099GS Acquisitionco, Inc. | First lien 22025-12-310001496099GS Acquisitionco, Inc. | First lien 32025-12-310001496099GS Acquisitionco, Inc. | First lien - Drawn 12025-12-310001496099GS Acquisitionco, Inc. | First lien - Drawn 22025-12-310001496099nmfc:GSAcquisitioncoInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Model N, Inc. | First lien2025-12-310001496099Infogain Corporation | First lien 12025-12-310001496099Infogain Corporation | First lien 22025-12-310001496099Infogain Corporation | Subordinated2025-12-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Deca Dental Holdings LLC | First lien 12025-12-310001496099Deca Dental Holdings LLC | First lien 22025-12-310001496099Deca Dental Holdings LLC | First lien 32025-12-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Foreside Financial Group, LLC | First lien 12025-12-310001496099Foreside Financial Group, LLC | First lien 22025-12-310001496099Foreside Financial Group, LLC | First lien - Drawn2025-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Foundational Education Group, Inc. | Second lien 12025-12-310001496099Foundational Education Group, Inc. | Second lien 22025-12-310001496099Foundational Education Group, Inc. | First lien2025-12-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Acumatica Holdings, Inc. | First lien2025-12-310001496099MRI Software LLC | First lien 12025-12-310001496099MRI Software LLC | First lien 22025-12-310001496099MRI Software LLC | First lien 32025-12-310001496099MRI Software LLC | First lien 42025-12-310001496099MRI Software LLC | First lien 52025-12-310001496099MRI Software LLC | First lien - Drawn2025-12-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099TigerConnect, Inc. | First lien 12025-12-310001496099TigerConnect, Inc. | First lien - Drawn 12025-12-310001496099TigerConnect, Inc. | First lien 22025-12-310001496099TigerConnect, Inc. | First lien - Drawn 22025-12-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099CentralSquare Technologies, LLC | First lien2025-12-310001496099Auctane Inc. (fka Stamps.com Inc.) | First lien2025-12-310001496099IG Investments Holdings, LLC | First lien 12025-12-310001496099IG Investments Holdings, LLC | First lien 22025-12-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First lien 12025-12-310001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First lien 22025-12-310001496099Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) | First lien 32025-12-310001496099nmfc:CronosCrimsonHoldingsInc.FkaNMCCrimsonHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Fortis Solutions Group, LLC | First lien 12025-12-310001496099Fortis Solutions Group, LLC | First lien 22025-12-310001496099Fortis Solutions Group, LLC | First lien - Drawn2025-12-310001496099Fortis Solutions Group, LLC | First lien 32025-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Nelipak Holding Company | First lien 12025-12-310001496099Nelipak Holding Company | First lien 22025-12-310001496099Nelipak Holding Company | First lien - Drawn 12025-12-310001496099Nelipak Holding Company | First lien - Drawn 22025-12-310001496099Nelipak Holding Company | First lien - Drawn 32025-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099PPV Intermediate Holdings, LLC | First lien 12025-12-310001496099PPV Intermediate Holdings, LLC | First lien 22025-12-310001496099PPV Intermediate Holdings, LLC | First lien - Drawn2025-12-310001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099DOCS, MSO, LLC | First lien 12025-12-310001496099DOCS, MSO, LLC | First lien 22025-12-310001496099DOCS, MSO, LLC | First lien 32025-12-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Bullhorn, Inc. | First lien 12025-12-310001496099Bullhorn, Inc. | First lien 22025-12-310001496099Bullhorn, Inc. | First lien 32025-12-310001496099Bullhorn, Inc. | First lien 42025-12-310001496099Bullhorn, Inc. | First lien 52025-12-310001496099Bullhorn, Inc. | First lien 62025-12-310001496099Bullhorn, Inc. | First lien 72025-12-310001496099Bullhorn, Inc. | First lien - Drawn2025-12-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099PetVet Care Centers, LLC | First lien2025-12-310001496099PetVet Care Centers, LLC | First lien - Drawn2025-12-310001496099nmfc:PetVetCareCentersLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099ACI Group Holdings, Inc. | First lien 12025-12-310001496099ACI Group Holdings, Inc. | First lien 22025-12-310001496099ACI Group Holdings, Inc. | First lien 32025-12-310001496099ACI Group Holdings, Inc. | First lien - Drawn2025-12-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099YLG Holdings, Inc. | First lien 12025-12-310001496099YLG Holdings, Inc. | First lien 22025-12-310001496099YLG Holdings, Inc. | First lien - Drawn2025-12-310001496099nmfc:YLGHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099AmeriVet Partners Management, Inc. | First lien 12025-12-310001496099AmeriVet Partners Management, Inc. | First lien 22025-12-310001496099AmeriVet Partners Management, Inc. | First lien 32025-12-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099PDI TA Holdings, Inc. | First lien 12025-12-310001496099PDI TA Holdings, Inc. | First lien - Drawn2025-12-310001496099PDI TA Holdings, Inc. | First lien 22025-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Diligent Corporation | First lien 12025-12-310001496099Diligent Corporation | First lien 22025-12-310001496099Diligent Corporation | First lien - Drawn2025-12-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc. | Second lien 12025-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc. | Second lien 22025-12-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Xactly Corporation | First lien2025-12-310001496099FS WhiteWater Borrower, LLC | First lien 12025-12-310001496099FS WhiteWater Borrower, LLC | First lien 22025-12-310001496099FS WhiteWater Borrower, LLC | First lien 32025-12-310001496099FS WhiteWater Borrower, LLC | First lien 42025-12-310001496099FS WhiteWater Borrower, LLC | First lien - Drawn 12025-12-310001496099FS WhiteWater Borrower, LLC | First lien- Drawn 22025-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Baker Tilly Advisory Group, LP | First lien 12025-12-310001496099Baker Tilly Advisory Group, LP | First lien 22025-12-310001496099Baker Tilly Advisory Group, LP | First lien 32025-12-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Sierra Enterprises, LLC | First lien2025-12-310001496099Brave Parent Holdings, Inc. | First lien2025-12-310001496099Cardinal Parent, Inc. | First lien2025-12-310001496099Cardinal Parent, Inc. | Second lien2025-12-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Low Voltage Holdings Inc. | First lien 12025-12-310001496099Low Voltage Holdings Inc. | First lien 22025-12-310001496099nmfc:LowVoltageHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Viper Bidco. Inc. | First lien 12025-12-310001496099Viper Bidco. Inc. | First lien 22025-12-310001496099nmfc:ViperBidco.Inc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099TMK Hawk Parent, Corp. | First lien 12025-12-310001496099TMK Hawk Parent, Corp. | First lien 22025-12-310001496099TMK Hawk Parent, Corp. | Subordinated 12025-12-310001496099TMK Hawk Parent, Corp. | Subordinated 22025-12-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien 12025-12-310001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien 22025-12-310001496099American Achievement Corporation (aka AAC Holding Corp.) | Subordinated2025-12-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Bonterra LLC | First lien2025-12-310001496099Bonterra LLC | First lien - Drawn 12025-12-310001496099Bonterra LLC | First lien - Drawn 22025-12-310001496099nmfc:BonterraLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Power Grid Holdings, Inc. | First lien2025-12-310001496099Power Grid Holdings, Inc. | First lien - Drawn2025-12-310001496099nmfc:PowerGridHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Kele Holdco, Inc. | First lien 12025-12-310001496099Kele Holdco, Inc. | First lien 22025-12-310001496099Kele Holdco, Inc. | First lien - Drawn2025-12-310001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Digicert, Inc. | First lien2025-12-310001496099Coupa Holdings, LLC | First lien2025-12-310001496099Daxko Acquisition Corporation | First lien 12025-12-310001496099Daxko Acquisition Corporation | First lien 22025-12-310001496099Daxko Acquisition Corporation | First lien 32025-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099CFS Management, LLC | First lien 12025-12-310001496099CFS Management, LLC | First lien 22025-12-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099eResearchTechnology, Inc. | First lien 12025-12-310001496099eResearchTechnology, Inc. | First lien 22025-12-310001496099eResearchTechnology, Inc. | First lien - Drawn2025-12-310001496099nmfc:EResearchTechnologyInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099Houghton Mifflin Harcourt Company | First lien2025-12-310001496099USRP Holdings, Inc. | First lien2025-12-310001496099Convey Health Solutions, Inc. | First lien 12025-12-310001496099Convey Health Solutions, Inc. | First lien 22025-12-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Trinity Air Consultants Holdings Corporation | First lien 12025-12-310001496099Trinity Air Consultants Holdings Corporation | First lien 22025-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Anaplan, Inc. | First lien2025-12-310001496099Project Accelerate Parent, LLC | First lien2025-12-310001496099Firebird Acquisition Corp, Inc. | First lien2025-12-310001496099Firebird Acquisition Corp, Inc. | First lien - Drawn2025-12-310001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099CG Group Holdings, LLC | First lien2025-12-310001496099CG Group Holdings, LLC | First lien - Drawn2025-12-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099DG Investment Intermediate Holdings 2, Inc. | Second lien2025-12-310001496099Ultimus Group Midco, LLC | First lien2025-12-310001496099Denali Intermediate Holdings, Inc. | First lien2025-12-310001496099Planview Parent, Inc. | Second lien2025-12-310001496099Alegeus Technologies Holdings Corp. | First lien2025-12-310001496099KPSKY Acquisition Inc. | First lien 12025-12-310001496099KPSKY Acquisition Inc. | First lien 22025-12-310001496099KPSKY Acquisition Inc. | First lien 32025-12-310001496099KPSKY Acquisition Inc. | First lien 42025-12-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099HP TLE Buyer, Inc. | First lien2025-12-310001496099Compsych Investments Corp. | First lien2025-12-310001496099Eclipse Buyer Inc. | First lien2025-12-310001496099RLG Holdings, LLC | First lien 12025-12-310001496099RLG Holdings, LLC | First lien 22025-12-310001496099nmfc:RLGHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Notorious Topco, LLC | First lien 2025-12-310001496099Notorious Topco, LLC | Subordinated2025-12-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Legends Hospitality Holding Company, LLC | First lien2025-12-310001496099Legends Hospitality Holding Company, LLC | First lien - Drawn 12025-12-310001496099Legends Hospitality Holding Company, LLC | First lien - Drawn 22025-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099OEConnection LLC | First lien2025-12-310001496099PPVA Black Elk (Equity) LLC | Subordinated2025-12-310001496099Flash Charm Inc. (fka Idera, Inc.) | Second lien 12025-12-310001496099Flash Charm Inc. (fka Idera, Inc.) | Second lien 22025-12-310001496099nmfc:FlashCharmInc.FkaIderaInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099CRCI Longhorn Holdings, Inc. | First lien2025-12-310001496099Next Holdco, LLC | First lien2025-12-310001496099Greenway Health, LLC | First lien2025-12-310001496099Fullsteam Operations LLC | First lien2025-12-310001496099Vehlo Purchaser, LLC | First lien2025-12-310001496099NC Topco, LLC | First lien2025-12-310001496099RailPros Parent, LLC | First lien2025-12-310001496099Healthspan Buyer, LLC | First lien2025-12-310001496099WEG Sub Intermediate Holdings, LLC | Subordinated2025-12-310001496099Logrhythm, Inc. | First lien2025-12-310001496099AI Altius US Bidco, Inc. | First lien2025-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) | First lien2025-12-310001496099Meta Buyer LLC | First lien2025-12-310001496099DCA Investment Holding, LLC | First lien 12025-12-310001496099DCA Investment Holding, LLC | First lien 22025-12-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Mai Capital Management Intermediate LLC | First lien - Drawn 12025-12-310001496099Mai Capital Management Intermediate LLC | First lien - Drawn 22025-12-310001496099nmfc:MaiCapitalManagementIntermediateLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099CoreTrust Purchasing Group LLC | First lien2025-12-310001496099DT1 Midco Corp | First lien2025-12-310001496099DT1 Midco Corp | First lien - Drawn2025-12-310001496099nmfc:DT1MidcoCorpMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Community Management Holdings MidCo 2, LLC | First lien2025-12-310001496099Community Management Holdings MidCo 2, LLC | First lien - Drawn2025-12-310001496099nmfc:CommunityManagementHoldingsMidCo2LLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Reorganized Careismatic Brands, LLC | Trust Claim 12025-12-310001496099Reorganized Careismatic Brands, LLC | Trust Claim 22025-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099PPVA Fund, L.P. | Collateralized Financing2025-12-310001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099Tennessee Bidco Limited | First lien 12025-12-310001496099Tennessee Bidco Limited | First lien 22025-12-310001496099Tennessee Bidco Limited | First lien 32025-12-310001496099nmfc:TennesseeBidcoLimitedMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099country:JEnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099Ciklum Inc. | First lien 12025-12-310001496099Ciklum Inc. | First lien 22025-12-310001496099nmfc:CiklumInc.Membernmfc:FundedDebtSecuritiesMember2025-12-310001496099country:GBnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099Atlas AU Bidco Pty Ltd | First lien 12025-12-310001496099Atlas AU Bidco Pty Ltd | First lien 22025-12-310001496099Atlas AU Bidco Pty Ltd | First lien 32025-12-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Adelaide Borrower, LLC | First lien2025-12-310001496099Adelaide Borrower, LLC | First lien - Drawn2025-12-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099country:AUnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Dealer Tire Holdings, LLC | Preferred shares2025-12-310001496099Symplr Software Intermediate Holdings, Inc. | Series A preferred shares 12025-12-310001496099Symplr Software Intermediate Holdings, Inc. | Series A preferred shares 22025-12-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2025-12-310001496099Diligent Preferred Issuer, Inc. | Preferred shares2025-12-310001496099Knockout Intermediate Holdings I Inc. | Preferred shares2025-12-310001496099HBWM Holdings, LLC | Common units2025-12-310001496099Notorious Buyer, LLC | Common stock2025-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Series A preferred shares2025-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Series B preferred shares2025-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | Ordinary shares2025-12-310001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2025-12-310001496099FS WhiteWater Holdings, LLC | Ordinary shares2025-12-310001496099Firebird Co-Invest L.P. | LP Interest2025-12-310001496099Eclipse Topco, Inc. | Preferred shares2025-12-310001496099Pioneer Topco I, L.P. | Class A-2 common units2025-12-310001496099ACI Parent Inc. | Preferred shares2025-12-310001496099Ambrosia Topco LLC | Class A-1 common units 12025-12-310001496099Ambrosia Topco LLC | Class A-1 common units 22025-12-310001496099nmfc:AmbrosiaTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-12-310001496099GEDC Equity, LLC | Participation Interest2025-12-310001496099AAC Lender Holdings, LLC | Ordinary shares2025-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001496099Ivy Hill Middle Market Credit Fund, Ltd | Structured Finance Obligation2025-12-310001496099country:USnmfc:StructuredFinanceObligationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099Reorganized Careismatic Brands, LLC | Warrants 12025-12-310001496099Reorganized Careismatic Brands, LLC | Warrants 22025-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:WarrantMember2025-12-310001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2025-12-310001496099OEConnection LLC | First lien - Undrawn 12025-12-310001496099OEConnection LLC | First lien - Undrawn 22025-12-310001496099nmfc:OEConnectionLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Community Management Holdings MidCo 2, LLC | First lien - Undrawn2025-12-310001496099Notorious Topco, LLC | First lien - Undrawn2025-12-310001496099DOCS, MSO, LLC | First lien - Undrawn2025-12-310001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien - Undrawn2025-12-310001496099TMK Hawk Parent, Corp. | First lien - Undrawn2025-12-310001496099AI Altius US Bidco, Inc. | First lien - Undrawn2025-12-310001496099Riskonnect Parent, LLC | First lien - Undrawn2025-12-310001496099Acumatica Holdings, Inc. | First lien - Undrawn2025-12-310001496099CG Group Holdings, LLC | First lien - Undrawn2025-12-310001496099CoreTrust Purchasing Group LLC | First lien - Undrawn2025-12-310001496099Mai Capital Management Intermediate LLC | First lien - Undrawn 12025-12-310001496099Mai Capital Management Intermediate LLC | First lien - Undrawn 22025-12-310001496099nmfc:MaiCapitalManagementIntermediateLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099PDI TA Holdings, Inc. | First lien - Undrawn2025-12-310001496099Next Holdco, LLC | First lien - Undrawn2025-12-310001496099YLG Holdings, Inc. | First lien - Undrawn 12025-12-310001496099YLG Holdings, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:YLGHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099NC Topco, LLC | First lien - Undrawn 12025-12-310001496099NC Topco, LLC | First lien - Undrawn 22025-12-310001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Associations, Inc. | First lien - Undrawn 12025-12-310001496099Associations, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) | First lien - Undrawn2025-12-310001496099Legends Hospitality Holding Company, LLC | First lien - Undrawn 12025-12-310001496099Legends Hospitality Holding Company, LLC | First lien - Undrawn 22025-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099CRCI Longhorn Holdings, Inc. | First lien - Undrawn 12025-12-310001496099CRCI Longhorn Holdings, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Bullhorn, Inc. | First lien - Undrawn 12025-12-310001496099Bullhorn, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Wealth Enhancement Group, LLC | First lien - Undrawn2025-12-310001496099Trinity Air Consultants Holdings Corporation | First lien - Undrawn2025-12-310001496099Project Accelerate Parent, LLC | First lien - Undrawn2025-12-310001496099Kele Holdco, Inc. | First lien - Undrawn2025-12-310001496099MRI Software LLC | First lien - Undrawn2025-12-310001496099PPV Intermediate Holdings, LLC | First lien - Undrawn2025-12-310001496099USRP Holdings, Inc. | First lien - Undrawn2025-12-310001496099Daxko Acquisition Corporation | First lien - Undrawn2025-12-310001496099eResearchTechnology, Inc. | First lien - Undrawn 12025-12-310001496099eResearchTechnology, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:EResearchTechnologyInc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Healthspan Buyer, LLC | First lien - Undrawn2025-12-310001496099Coupa Holdings, LLC | First lien - Undrawn 12025-12-310001496099Coupa Holdings, LLC | First lien - Undrawn 22025-12-310001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099FS WhiteWater Borrower, LLC | First lien - Undrawn 12025-12-310001496099FS WhiteWater Borrower, LLC | First lien - Undrawn 22025-12-310001496099FS WhiteWater Borrower, LLC | First lien - Undrawn 32025-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Compsych Investments Corp | First lien - Undrawn2025-12-310001496099Viper Bidco. Inc. | First lien - Undrawn 12025-12-310001496099Viper Bidco. Inc. | First lien - Undrawn 22025-12-310001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099GS Acquisitionco, Inc. | First lien - Undrawn 12025-12-310001496099GS Acquisitionco, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:GSAcquisitioncoInc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Diligent Corporation | First lien - Undrawn 12025-12-310001496099Diligent Corporation | First lien - Undrawn 22025-12-310001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Fortis Solutions Group, LLC | First lien - Undrawn2025-12-310001496099Foreside Financial Group, LLC | First lien - Undrawn 12025-12-310001496099Foreside Financial Group, LLC | First lien - Undrawn 22025-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Eclipse Buyer Inc. | First lien - Undrawn 12025-12-310001496099Eclipse Buyer Inc. | First lien - Undrawn 22025-12-310001496099nmfc:EclipseBuyerInc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Model N, Inc. | First lien - Undrawn 12025-12-310001496099Model N, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Nelipak Holding Company | First lien - Undrawn 12025-12-310001496099Nelipak Holding Company | First lien - Undrawn 22025-12-310001496099Nelipak Holding Company | First lien - Undrawn 32025-12-310001496099Nelipak Holding Company | First lien - Undrawn 42025-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Baker Tilly Advisory Group, LP | First lien - Undrawn 12025-12-310001496099Baker Tilly Advisory Group, LP | First lien - Undrawn 22025-12-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Infogain Corporation | First lien - Undrawn2025-12-310001496099GC Waves Holdings, Inc. | First lien - Undrawn2025-12-310001496099AAH Topco, LLC | First lien - Undrawn2025-12-310001496099IG Investments Holdings, LLC | First lien - Undrawn2025-12-310001496099Power Grid Holdings, Inc. | First lien - Undrawn2025-12-310001496099TigerConnect, Inc. | First lien - Undrawn2025-12-310001496099CentralSquare Technologies, LLC | First lien - Undrawn2025-12-310001496099Meta Buyer LLC | First lien - Undrawn 12025-12-310001496099Meta Buyer LLC | First lien - Undrawn 22025-12-310001496099Meta Buyer LLC | First lien - Undrawn 32025-12-310001496099nmfc:MetaBuyerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Bonterra LLC | First lien - Undrawn 12025-12-310001496099Bonterra LLC | First lien - Undrawn 22025-12-310001496099nmfc:BonterraLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099ACI Group Holdings, Inc. | First lien - Undrawn2025-12-310001496099Denali Intermediate Holdings, Inc. | First lien - Undrawn2025-12-310001496099Digicert, Inc. | First lien - Undrawn2025-12-310001496099HP TLE Buyer, Inc. | First lien - Undrawn2025-12-310001496099Firebird Acquisition Corp, Inc. | First lien - Undrawn 12025-12-310001496099Firebird Acquisition Corp, Inc. | First lien - Undrawn 22025-12-310001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Xactly Corporation | First lien - Undrawn2025-12-310001496099Fullsteam Operations LLC | First lien - Undrawn 12025-12-310001496099Fullsteam Operations LLC | First lien - Undrawn 22025-12-310001496099nmfc:FullsteamOperationsLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099RailPros Parent, LLC | First lien - Undrawn 12025-12-310001496099RailPros Parent, LLC | First lien - Undrawn 22025-12-310001496099nmfc:RailProsParentLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099AmeriVet Partners Management, Inc. | First lien - Undrawn2025-12-310001496099Logrhythm, Inc. | First lien - Undrawn2025-12-310001496099Sierra Enterprises, LLC | First lien - Undrawn2025-12-310001496099Ultimus Group Midco, LLC | First lien - Undrawn 12025-12-310001496099Ultimus Group Midco, LLC | First lien - Undrawn 22025-12-310001496099nmfc:UltimusGroupMidcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099DT1 Midco Corp | First lien - Undrawn 12025-12-310001496099DT1 Midco Corp | First lien - Undrawn 22025-12-310001496099nmfc:DT1MidcoCorpMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Low Voltage Holdings Inc. | First lien - Undrawn 12025-12-310001496099Low Voltage Holdings Inc. | First lien - Undrawn 22025-12-310001496099Low Voltage Holdings Inc. | First lien - Undrawn 32025-12-310001496099nmfc:LowVoltageHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Einstein Parent, Inc. | First lien - Undrawn2025-12-310001496099iCIMS, Inc. | First lien - Undrawn2025-12-310001496099PetVet Care Centers, LLC | First lien - Undrawn2025-12-310001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099Adelaide Borrower, LLC | First lien - Undrawn 12025-12-310001496099Adelaide Borrower, LLC | First lien - Undrawn 22025-12-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Atlas AU Bidco Pty Ltd | First lien - Undrawn2025-12-310001496099country:AUnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099Ciklum Inc. | First lien - Undrawn2025-12-310001496099country:GBnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2025-12-310001496099Edmentum Ultimate Holdings, LLC | Subordinated2025-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) | First lien 12025-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) | First lien 22025-12-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099Permian Trust | Trust Claim2025-12-310001496099Permian Trust | First lien2025-12-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001496099TVG-Edmentum Holdings, LLC | Series C-2 Preferred Units2025-12-310001496099TVG-Edmentum Holdings, LLC | Class B-1 Common Shares2025-12-310001496099TVG-Edmentum Holdings, LLC | Class B-2 Common Shares2025-12-310001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2025-12-310001496099Eagle Infrastructure Super HoldCo, LLC | Ordinary shares2025-12-310001496099Sierra Hamilton Holdings Corporation | Ordinary shares 12025-12-310001496099Sierra Hamilton Holdings Corporation | Ordinary shares 22025-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2025-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001496099New Benevis Holdco, Inc. | First lien 12025-12-310001496099New Benevis Holdco, Inc. | First lien 22025-12-310001496099New Benevis Holdco, Inc. | Subordinated2025-12-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099New Permian Holdco, L.L.C. | First lien - Drawn2025-12-310001496099New Permian Holdco, L.L.C. | First lien2025-12-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2025-12-310001496099National HME, Inc. | Second lien2025-12-310001496099country:USnmfc:FundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001496099NMFC Senior Loan Program III LLC | Membership interest2025-12-310001496099NMFC Senior Loan Program IV LLC | Membership interest2025-12-310001496099NM NL Holdings, L.P. | Membership interest2025-12-310001496099UniTek Global Services, Inc. | Preferred shares 12025-12-310001496099UniTek Global Services, Inc. | Preferred shares 22025-12-310001496099UniTek Global Services, Inc. | Preferred shares 32025-12-310001496099UniTek Global Services, Inc. | Preferred shares 42025-12-310001496099UniTek Global Services, Inc. | Ordinary shares 12025-12-310001496099UniTek Global Services, Inc. | Ordinary shares 22025-12-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2025-12-310001496099New Benevis Topco, LLC | Common stock 12025-12-310001496099New Benevis Topco, LLC | Common stock 22025-12-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-12-310001496099New Permian Holdco, Inc. | Ordinary shares2025-12-310001496099NM YI, LLC | Membership interest2025-12-310001496099NM GP Holdco, LLC | Membership interest2025-12-310001496099NHME Holdings Corp. | Ordinary shares2025-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-12-310001496099NHME Holdings Corp. | Warrants2025-12-310001496099country:USus-gaap:WarrantMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2025-12-310001496099New Permian Holdco, L.L.C. | First lien - Undrawn2025-12-310001496099country:USnmfc:UnfundedDebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001496099National HME, Inc., Second lien, Tranche A Term Loan2025-12-310001496099National HME, Inc., Second lien, Tranche B Term Loan2025-12-310001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien2025-12-310001496099Diamond Parent Holdings Corp | Wholly-owned subsidiaries2025-12-310001496099Diligent Corporation | First lien2025-12-310001496099ACI Group Holdings, Inc. | First lien2025-12-310001496099FS WhiteWater Borrower, LLC | First lien2025-12-310001496099TMK Hawk Parent, Corp. | First lien2025-12-310001496099Symplr Software Intermediate Holdings, Inc. | Series A preferred shares2025-12-310001496099Dealer Tire Holdings, LLC | Preferred Shares2025-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC2024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC2025-01-012025-12-310001496099Sierra Hamilton Holdings Corporation2024-12-310001496099Sierra Hamilton Holdings Corporation2025-01-012025-12-310001496099TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC2024-12-310001496099TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC2025-01-012025-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001496099National HME, Inc./NHME Holdings Corp.2024-12-310001496099National HME, Inc./NHME Holdings Corp.2025-01-012025-12-310001496099New Benevis Topco, LLC / New Benevis Holdco, Inc.2024-12-310001496099New Benevis Topco, LLC / New Benevis Holdco, Inc.2025-01-012025-12-310001496099New Permian Holdco, Inc. / New Permian Holdco, L.L.C.2024-12-310001496099New Permian Holdco, Inc. / New Permian Holdco, L.L.C.2025-01-012025-12-310001496099NM NL Holdings, L.P.2024-12-310001496099NM NL Holdings, L.P.2025-01-012025-12-310001496099NM GP Holdco, LLC2024-12-310001496099NM GP Holdco, LLC2025-01-012025-12-310001496099NM YI LLC2024-12-310001496099NM YI LLC2025-01-012025-12-310001496099NMFC Senior Loan Program III LLC2024-12-310001496099NMFC Senior Loan Program III LLC2025-01-012025-12-310001496099NMFC Senior Loan Program IV LLC2024-12-310001496099NMFC Senior Loan Program IV LLC2025-01-012025-12-310001496099UniTek Global Services, Inc.2024-12-310001496099UniTek Global Services, 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Achievement Corporation (aka AAC Holding Corp.) | Subordinated | Non-accrual status2021-03-310001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien | Non-accrual status2021-09-300001496099American Achievement Corporation (aka AAC Holding Corp.) | First lien | Non-accrual status2023-09-300001496099American Achievement Corporation (aka AAC Holding Corp.) | Non-accrual status2026-04-012026-06-300001496099American Achievement Corporation (aka AAC Holding Corp.) | Non-accrual status2026-01-012026-06-300001496099Eclipse Topco Holdings, Inc. | Series B preferred shares | Non-accrual status2026-04-012026-06-300001496099Eclipse Topco Holdings, Inc. | Series B preferred shares | Non-accrual status2026-01-012026-06-300001496099Convey Health Solutions, Inc. | First lien | Non-accrual status2026-04-012026-06-300001496099Convey Health Solutions, Inc. | First lien | Non-accrual status2026-01-012026-06-300001496099Symplr Software Intermediate Holdings, Inc. | Series A preferred shares | Non-accrual status2026-04-012026-06-300001496099Symplr Software Intermediate Holdings, Inc. | Series A preferred shares | Non-accrual status2026-01-012026-06-300001496099PPVA Black Elk (Equity) LLC, Subordinated2013-05-030001496099PPVA Black Elk (Equity) LLC, Subordinated2014-08-012014-08-310001496099nmfc:BlackElkTrusteeMember2017-08-012017-08-310001496099nmfc:BlackElkTrusteeMember2017-12-222017-12-220001496099nmfc:BlackElkTrusteeMember2018-01-012018-12-310001496099PPVA Black Elk (Equity) LLC | 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Investments - First lien | Convey Health Solutions, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-04-012026-06-300001496099Funded Investments - First lien | Convey Health Solutions, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-01-012026-06-300001496099First Lien Investmentssrt:WeightedAverageMembernmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099First Lien Investmentssrt:WeightedAverageMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Accelya Lux Finco S.a r.l.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | ADMI Corp. (aka Aspen Dental)nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | AmSpec Parent, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Ardonagh Midco 3 Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Asurion, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Asurion, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Asurion, LLC 3nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | athenahealth Group Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | BCPE Empire Holdings, Inc. 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | BCPE Empire Holdings, Inc. 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Bella Holding Company, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Berlin Packaging L.L.C.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | BIFM CA Buyer Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Capstone Borrower, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Cardinal Parent, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Chrysaor Bidco S.a r.l.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Cleanova US Holdings LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Cloudera, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Clydesdale Acquisition Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Confluent Health, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Confluent Medical Technologies, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | ConnectWise, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Convey Health Solutions, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | CoreLogic, Inc. (fka First American Corporation, The)nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Cornerstone OnDemand, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | CVET Midco 2, L.P.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Dayforce Bidco, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Dealer Tire Financial, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | DG Investment Intermediate Holdings 2, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Discovery Purchaser Corporationnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | EAB Global, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Eagle Parent Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Eisner Advisory Group LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Embecta Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Finastra USA, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | First Advantage Holdings, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Flash Charm, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | FNZ Group Entities Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Forgent Power LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Foundational Education Group, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Groundworks, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Heartland Dental, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Help/Systems Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | HIG Finance 2 Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | HIG Operations Holdings, Inc. 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | HIG Operations Holdings, Inc. 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Houghton Mifflin Harcourt Companynmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | HP PHRG Borrower, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Inizio Group Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Jones DesLauriers Insurance Management Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Kaseya Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | KnowBe4, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | LI Group Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | LSCS Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | LTR Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Marcel Bidco LLC (Marcel Bidco GmbH)nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Mavis Tire Express Services Topco, Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | MED ParentCo, LPnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Michael Baker International, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Michael Baker International, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Neon Maple Purchaser Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Nexus Buyer LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Nielsen Consumer, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Oak-Eagle Acquireco, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Oceankey (U.S.) II Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Orbit Private Holdings I Ltdnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Orion Midco Ltdnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Osaic Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Osmose Utilities Services, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Outcomes Group Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | OVG Business Services, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Pearls (Netherlands) Bidco B.V.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Perforce Software, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Physician Partners, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Physician Partners, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Pioneer AcquisitionCo, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Planview Parent, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Project Alpha Intermediate Holding, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Pushpay USA Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Quartz AcquireCo, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | RealPage, Inc. 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | RealPage, Inc. 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Rithum Holdings, Inc. (fka CommerceHub, Inc.)nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | RLG Holdings, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | RxB Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Secure Acquisition, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | SonarSource Financing, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Sovos Compliance, LLC (fka Taxware, LLC)nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Spring Education Group, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | STATS Intermediate Holdings, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Storable, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Summit Acquisition Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Sword Purchaser, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Symplr Software, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Team.blue Finco SARLnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Tegra118 Wealth Solutions, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Tempo Acquisition, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Therapy Brands Holdings LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Thermostat Purchaser III, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Tricorbraun Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | UKG Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Valcour Packaging, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Valcour Packaging, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Viant Medical Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | VSTG Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | VT Topco, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Xplor T1, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Zelis Cost Management Buyer, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Zest Acquisition Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Unfunded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Unfunded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Unfunded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Unfunded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2026-06-300001496099Funded Investments - First lien | Accelya Lux Finco S.a r.l.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | ADMI Corp. (aka Aspen Dental)nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | AmSpec Parent, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Ardonagh Midco 3 Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Asurion, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Asurion, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Asurion, LLC 3nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | athenahealth Group Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Bach Finance Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | BCPE Empire Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Bella Holding Company, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Berlin Packaging L.L.C.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | BIFM CA Buyer Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Boxer Parent Company Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | BradyPLUS Holdings, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | BW Holding, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Capstone Borrower, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Cardinal Parent, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Chrysaor Bidco S.a r.l.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Cleanova US Holdings LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Cloudera, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Clydesdale Acquisition Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Confluent Health, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Confluent Medical Technologies, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | ConnectWise, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Convey Health Solutions, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Cornerstone OnDemand, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | CVET Midco 2, L.P.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Dealer Tire Financial, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | DG Investment Intermediate Holdings 2, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Disco Parent, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Discovery Purchaser Corporationnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | EAB Global, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Eagle Parent Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Eisner Advisory Group LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Embecta Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Finastra USA, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | First Advantage Holdings, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Flash Charm, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | FNZ Group Entities Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Forgent Intermediate IV LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Foundational Education Group, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Groundworks, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Heartland Dental, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Help/Systems Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | HIG Operations Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Houghton Mifflin Harcourt Companynmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | HP PHRG Borrower, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Inizio Group Limitednmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Jones DesLauriers Insurance Management Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Kaseya Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Kestra Advisor Services Holdings A, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | KnowBe4, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | LI Group Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | LSCS Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | LTR Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Marcel Bidco LLC (Marcel Bidco GmbH)nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Mavis Tire Express Services Topco, Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | MED ParentCo, LPnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Michael Baker International, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Neon Maple Purchaser Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Nexus Buyer LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Nielsen Consumer, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Oceankey (U.S.) II Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Orbit Private Holdings I Ltdnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Orion Advisor Solutions, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Orion Midco Ltdnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Osaic Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Osmose Utilities Services, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Outcomes Group Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | OVG Business Services, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Pearls (Netherlands) Bidco B.V.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Perforce Software, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Physician Partners, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Physician Partners, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Pioneer AcquisitionCo, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Planview Parent, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Project Alpha Intermediate Holding, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Pushpay USA Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Quartz AcquireCo, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | RealPage, Inc. 1nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | RealPage, Inc. 2nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Rithum Holdings, Inc. (fka CommerceHub, Inc.)nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | RLG Holdings, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | RxB Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Secure Acquisition, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | SonarSource Financing, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Sovos Compliance, LLC (fka Taxware, LLC)nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Spring Education Group, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Storable, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Summit Acquisition Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Symplr Software, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Team.blue Finco SARLnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Therapy Brands Holdings LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Thermostat Purchaser III, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | TransDigm Inc. 1nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | TransDigm Inc. 2nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | TRC Companies LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Tricorbraun Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Valcour Packaging, LLC 1nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Valcour Packaging, LLC 2nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Viant Medical Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | VSTG Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | VT Topco, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Xplor T1, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Zelis Cost Management Buyer, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Funded Investments - First lien | Zest Acquisition Corp.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Unfunded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Unfunded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Unfunded Investments - First lien | HIG Operations Holdings, Inc.nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Unfunded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099Unfunded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2026-04-012026-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-04-012025-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2026-04-012026-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2026-01-012026-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-04-012025-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-06-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2026-01-012026-06-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099nmfc:SkyKnightIncomeAlphaLLCMembernmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-07-110001496099nmfc:LineOfCreditClassAAdvanceMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-07-110001496099nmfc:LineOfCreditClassBAdvanceMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-07-110001496099us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-07-100001496099nmfc:LineOfCreditClassAAdvanceMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2025-07-112025-07-110001496099nmfc:LineOfCreditClassBAdvanceMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2025-07-112025-07-110001496099us-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2024-12-202025-07-100001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099us-gaap:RevolvingCreditFacilityMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099nmfc:UnfundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099nmfc:UnfundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Convey Health Solutions, Inc.2026-04-012026-06-300001496099Funded Investments - First lien | Convey Health Solutions, Inc.2026-01-012026-06-300001496099First Lien Investmentssrt:WeightedAverageMembernmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099First Lien Investmentssrt:WeightedAverageMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Accelya Lux Finco S.a r.l.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | ADG, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | ADMI Corp. (aka Aspen Dental)nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | AmSpec Parent, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Asurion, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Asurion, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Asurion, LLC 3nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | athenahealth Group Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | BCPE Empire Holdings, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | BCPE Empire Holdings, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Bella Holding Company, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Berlin Packaging L.L.C.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | BIFM CA Buyer Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Capstone Borrower, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Cardinal Parent, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Chrysaor Bidco S.a r.l.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Cleanova US Holdings LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Cloudera, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Clydesdale Acquisition Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Confluence Technologies, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Confluence Technologies, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Confluent Health, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Confluent Medical Technologies, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | ConnectWise, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Convey Health Solutions, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | CoreLogic, Inc. (fka First American Corporation, The)nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Cornerstone OnDemand, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | CVET Midco 2, L.P.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Dayforce Bidco, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Dealer Tire Financial, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | DG Investment Intermediate Holdings 2, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Disco Parent, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Discovery Purchaser Corporationnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | EAB Global, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Eagle Parent Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Eisner Advisory Group LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Embecta Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Finastra USA, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | First Advantage Holdings, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Flash Charm, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | FNZ Group Entities Limitednmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Forgent Power LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Foundational Education Group, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Groundworks, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Heartland Dental, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Help/Systems Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | HIG Finance 2 Limitednmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | HIG Operations Holdings, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | HIG Operations Holdings, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Houghton Mifflin Harcourt Companynmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | HP PHRG Borrower, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Inizio Group Limitednmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Jones DesLauriers Insurance Management Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Kaseya Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | KnowBe4, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | LSCS Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | LTR Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Marcel Bidco LLC (Marcel Bidco GmbH)nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Mavis Tire Express Services Topco, Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | MED ParentCo, LPnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Michael Baker International, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Michael Baker International, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Neon Maple Purchaser Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Nexus Buyer LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Nielsen Consumer, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Oak-Eagle Acquireco, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Oceankey (U.S.) II Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Orbit Private Holdings I Ltdnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Orion Midco Ltdnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Osaic Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Osmose Utilities Services, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Outcomes Group Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | OVG Business Services, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Pearls (Netherlands) Bidco B.V.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Perforce Software, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Physician Partners, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Physician Partners, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Pioneer AcquisitionCo, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Planview Parent, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Project Alpha Intermediate Holding, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Pushpay USA Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Quartz AcquireCo, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | RealPage, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | RealPage, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Rithum Holdings, Inc. (fka CommerceHub, Inc.)nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | RxB Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Secure Acquisition, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | SonarSource Financing, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Sovos Compliance, LLC (fka Taxware, LLC)nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Spring Education Group, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | STATS Intermediate Holdings, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Storable, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Summit Acquisition Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Sword Purchaser, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Symplr Software, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Team.blue Finco SARLnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Tegra118 Wealth Solutions, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Tempo Acquisition, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Therapy Brands Holdings LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Thermostat Purchaser III, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Tricorbraun Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | UKG Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Valcour Packaging, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Valcour Packaging, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Viant Medical Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | VSTG Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | VT Topco, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Xplor T1, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Zelis Cost Management Buyer, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Zest Acquisition Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Zone Climate Services, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Zone Climate Services, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Unfunded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Unfunded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Unfunded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Unfunded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2026-06-300001496099Funded Investments - First lien | Accelya Lux Finco S.a r.l.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | ADG, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | ADMI Corp. (aka Aspen Dental)nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | AmSpec Parent, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Asurion, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Asurion, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Asurion, LLC 3nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | athenahealth Group Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Bach Finance Limitednmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | BCPE Empire Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Bella Holding Company, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Berlin Packaging L.L.C.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | BIFM CA Buyer Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Boxer Parent Company Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | BradyPLUS Holdings, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | BW Holding, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Capstone Borrower, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Cardinal Parent, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Chrysaor Bidco S.a r.l.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Cleanova US Holdings LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Cloudera, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Clydesdale Acquisition Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Confluence Technologies, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Confluence Technologies, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Confluent Health, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Confluent Medical Technologies, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | ConnectWise, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Convey Health Solutions, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Cornerstone OnDemand, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | CVET Midco 2, L.P.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Dealer Tire Financial, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | DG Investment Intermediate Holdings 2, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Disco Parent, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Discovery Purchaser Corporationnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | EAB Global, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Eagle Parent Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Eisner Advisory Group LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Embecta Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Finastra USA, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | First Advantage Holdings, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Flash Charm, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | FNZ Group Entities Limitednmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Forgent Intermediate IV LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Foundational Education Group, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Groundworks, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Heartland Dental, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Help/Systems Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | HIG Operations Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Houghton Mifflin Harcourt Companynmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Inizio Group Limitednmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Jones DesLauriers Insurance Management Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Kaseya Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Kestra Advisor Services Holdings A, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | KnowBe4, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | LSCS Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | LTR Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Marcel Bidco LLC (Marcel Bidco GmbH)nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Mavis Tire Express Services Topco, Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | MED ParentCo, LPnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Michael Baker International, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Neon Maple Purchaser Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Nexus Buyer LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Nielsen Consumer, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Oceankey (U.S.) II Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Orbit Private Holdings I Ltdnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Orion Advisor Solutions, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Orion Midco Ltdnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Osaic Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Osmose Utilities Services, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Outcomes Group Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | OVG Business Services, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Pearls (Netherlands) Bidco B.V.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Perforce Software, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Physician Partners, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Physician Partners, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Pioneer AcquisitionCo, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Planview Parent, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Project Alpha Intermediate Holding, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Pushpay USA Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Quartz AcquireCo, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | RealPage, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | RealPage, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Rithum Holdings, Inc. (fka CommerceHub, Inc.)nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | HP PHRG Borrower, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | RxB Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Secure Acquisition, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | SonarSource Financing, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Sovos Compliance, LLC (fka Taxware, LLC)nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Spring Education Group, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | STATS Intermediate Holdings, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | STATS Intermediate Holdings, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Storable, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Symplr Software, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Team.blue Finco SARLnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Therapy Brands Holdings LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Thermostat Purchaser III, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | TransDigm Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | TransDigm Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | TRC Companies LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Tricorbraun Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | US Fertility Enterprises, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Valcour Packaging, LLC 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Valcour Packaging, LLC 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Viant Medical Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | VSTG Intermediate Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | VT Topco, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Xplor T1, LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Zelis Cost Management Buyer, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Zest Acquisition Corp.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Zone Climate Services, Inc. 1nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Funded Investments - First lien | Zone Climate Services, Inc. 2nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Unfunded Investments - First lien | Citrin Cooperman Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Unfunded Investments - First lien | Cohnreznick Advisory LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Unfunded Investments - First lien | HIG Operations Holdings, Inc.nmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Unfunded Investments - First lien | Secretariat Advisors LLCnmfc:NMFCSeniorLoanProgramIVLLCMember2025-12-310001496099Unfunded Investments - First lien | US Fertility Enterprises, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2026
o         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 numbers and states or other jurisdictions of incorporation or organization		I.R.S. Employer
Identification Number
814-00832New Mountain Finance Corporation27-2978010
1633 Broadway, 48th Floor
New York, New York 10019
Telephone: (212) 720-0300
State of Incorporation: Delaware
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNMFCNASDAQ Global Select Market
8.250% Notes due 2028NMFCZNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
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 ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer o
Non-accelerated filer oSmaller reporting company o
Emerging growth company o
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
DescriptionShares as of August 3, 2026
Common stock, par value $0.01 per share94,452,390

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
TABLE OF CONTENTS
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2
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
New Mountain Finance Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)

June 30, 2026December 31, 2025
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $1,680,189 and $2,060,391, respectively)
$1,589,609 $2,002,306 
Non-controlled/affiliated investments (cost of $134,340 and $131,221, respectively)
69,953 60,702 
Controlled investments (cost of $649,899 and $720,503, respectively)
630,243 679,005 
Total investments at fair value (cost of $2,464,428 and $2,912,115, respectively)
2,289,805 2,742,013 
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)
5,700 13,500 
Cash and cash equivalents64,799 80,718 
Interest and dividend receivable33,600 38,549 
Receivable from affiliates182 381 
Derivative asset at fair value34 5,647 
Receivable from unsettled securities sold— 4,138 
Other assets21,333 17,907 
Total assets$2,415,453 $2,902,853 
Liabilities
Borrowings
     Unsecured Notes$784,045 $991,585 
     Holdings Credit Facility378,146 420,063 
     SBA-guaranteed debentures169,255 196,205 
     NMFC Credit Facility30,356 81,074 
     Deferred financing costs (net of accumulated amortization of $48,929 and $45,302, respectively)
(15,416)(17,875)
Net borrowings1,346,386 1,671,052 
Payable to broker7,490 14,630 
Management fee payable7,414 9,176 
Interest payable7,395 11,892 
Incentive fee payable4,324 3,018 
Derivative liability at fair value2,968 366 
Deferred tax liability1,670 1,819 
Payable for unsettled securities purchased313 463 
Other liabilities2,678 2,181 
Total liabilities1,380,638 1,714,597 
Commitments and contingencies (See Note 9)
Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued
— — 
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 107,851,929 and 107,851,929 shares issued, respectively, and 94,452,390 and 102,638,388 shares outstanding, respectively
1,079 1,079 
Paid in capital in excess of par1,354,726 1,354,726 
Treasury stock at cost, 13,399,539 and 5,213,541 shares held, respectively
(117,515)(51,952)
Accumulated overdistributed earnings(210,109)(121,676)
Total net assets of New Mountain Finance Corporation$1,028,181 $1,182,177 
Non-controlling interest in New Mountain Net Lease Corporation6,634 6,079 
Total net assets$1,034,815 $1,188,256 
Total liabilities and net assets$2,415,453 $2,902,853 
Number of shares outstanding94,452,390 102,638,388 
Net asset value per share of New Mountain Finance Corporation$10.89 $11.52 
The accompanying notes are an integral part of these consolidated financial statements.
3
New Mountain Finance Corporation
 
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$35,949 $53,584 $75,198 $105,697 
PIK interest income2,532 2,931 4,895 5,844 
Dividend income352 506 2,157 1,063 
Non-cash dividend income835 3,972 2,192 8,406 
Other income1,673 892 3,019 2,204 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)320 336 635 667 
PIK interest income1,256 1,057 2,444 2,044 
Non-cash dividend income661 292 1,401 1,975 
Other income62 62 125 125 
From controlled investments:
Interest income (excluding PIK interest income)1,645 2,022 4,917 3,507 
PIK interest income1,627 2,900 3,213 6,588 
Dividend income10,703 12,183 22,614 24,381 
Non-cash dividend income3,386 2,378 6,610 4,449 
Other income474 375 849 2,203 
Total investment income61,475 83,490 130,269 169,153 
Expenses
Interest and other financing expenses22,454 31,138 49,978 62,512 
Management fee7,414 9,759 15,568 19,992 
Incentive fee5,766 7,971 11,869 16,218 
Professional fees1,056 1,100 2,084 2,489 
Administrative expenses970 1,184 1,965 2,288 
Other general and administrative expenses616 331 1,074 847 
Total expenses38,276 51,483 82,538 104,346 
Less: management and incentive fees waived (See Note 5) (1,442)(2,586)(7,545)(4,408)
Net expenses36,834 48,897 74,993 99,938 
Net investment income before income taxes24,641 34,593 55,276 69,215 
Income tax expense (benefit)19 8 23 (11)
Net investment income24,622 34,585 55,253 69,226 
Net realized (losses) gains:
Non-controlled/non-affiliated investments(32,111)13,390 (58,403)12,316 
Controlled investments(12,873)(1)(18,591)38,898 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments14,528 (29,012)(31,709)(24,806)
Non-controlled/affiliated investments2,653 (8,928)6,132 (13,819)
Controlled investments20,641 (2,590)21,842 (50,982)
Securities purchased under collateralized agreements to resell— — (7,800)— 
Foreign currency(6)452 (106)602 
Benefit (provision) for taxes 59 (21)146 (43)
Net realized and unrealized losses(7,109)(26,710)(88,489)(37,834)
Net increase (decrease) in net assets resulting from operations17,513 7,875 (33,236)31,392 
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(256)(101)(435)(205)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation$17,257 $7,774 $(33,671)$31,187 
Basic earnings (loss) per share$0.18 $0.07 $(0.35)$0.29 
Weighted average shares of common stock outstanding - basic (See Note 11)
94,551,023 107,750,160 97,497,589 107,800,508 
Diluted earnings (loss) per share$0.18 $0.07 $(0.35)$0.29 
Weighted average shares of common stock outstanding - diluted (See Note 11)
94,551,023 126,733,459 97,497,589 126,792,855 
Distributions declared and paid per share$0.25 $0.32 $0.57 $0.64 
The accompanying notes are an integral part of these consolidated financial statements.
4
New Mountain Finance Corporation
 
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Increase (decrease) in net assets resulting from operations:
Net investment income$24,622 $34,585 $55,253 $69,226 
Net realized (losses) gains on investments and foreign currency(44,984)13,389 (76,994)51,214 
Net change in unrealized appreciation (depreciation) of investments, foreign currency and New Mountain Net Lease Corporation37,816 (40,078)(3,841)(89,005)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell— — (7,800)— 
Benefit (provision) for taxes59 (21)146 (43)
Net increase (decrease) in net assets resulting from operations17,513 7,875 (33,236)31,392 
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")(256)(101)(435)(205)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation17,257 7,774 (33,671)31,187 
Capital transactions
Repurchase of shares under the repurchase programs(8,966)(9,642)(65,563)(9,642)
Offering costs— 14 — (14)
Distributions declared to stockholders from net investment income(23,612)(34,499)(54,762)(69,011)
Total net decrease in net assets resulting from capital transactions(32,578)(44,127)(120,325)(78,667)
Net decrease in net assets(15,321)(36,353)(153,996)(47,480)
New Mountain Finance Corporation net assets at the beginning of the period1,043,502 1,342,212 1,182,177 1,353,339 
New Mountain Finance Corporation net assets at the end of the period 1,028,181 1,305,859 1,028,181 1,305,859 
Non-controlling interest in NMNLC6,634 5,977 6,634 5,977 
Net assets at the end of the period$1,034,815 $1,311,836 $1,034,815 $1,311,836 
Capital share activity
Conversion of 2022 Convertible Notes to Shares— 514 — 514 
Shares repurchased under the repurchase programs(1,122,761)(925,216)(8,185,998)(925,216)
Net decrease in shares outstanding(1,122,761)(924,702)(8,185,998)(924,702)


The accompanying notes are an integral part of these consolidated financial statements.
5
New Mountain Finance Corporation
 
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended
June 30, 2026June 30, 2025
Cash flows from operating activities
Net (decrease) increase in net assets resulting from operations$(33,236)$31,392 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized losses (gains) on investments76,994 (51,214)
Net change in unrealized depreciation of investments and New Mountain Net Lease Corporation3,735 89,607 
Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies106 (602)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell7,800 — 
Amortization of purchase discount
(3,759)(5,841)
Amortization of deferred financing costs
5,062 4,539 
Amortization of premium on 2022 Convertible Notes— (45)
Amortization of discount on February 2029 and October 2027 Notes618 618 
Net change due to hedging activity57 (851)
Non-cash investment income
(26,070)(27,171)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities
(190,652)(243,438)
Proceeds from sales and paydowns of investments
600,233 342,004 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
62 204 
Cash paid on drawn revolvers
(21,123)(18,844)
Cash repayments on drawn revolvers
12,011 8,831 
Interest and dividend receivable
4,969 (763)
Receivable from unsettled securities sold
4,138 (4,386)
Receivable from affiliates
199 (200)
Other assets
(3,425)(15,120)
(Decrease) increase in operating liabilities:
Management fee payable(1,762)(708)
Incentive fee payable1,306 (3,241)
Payable for unsettled securities purchased(150)29,562 
Interest payable(4,500)(1,551)
Deferred tax liability(149)43 
Payable to broker(7,140)10,670 
Other liabilities501 758 
Net cash flows provided by operating activities425,825 144,253 
Cash flows from financing activities
Repurchase of shares under the repurchase programs(65,563)(9,642)
Offering costs paid— (75)
Distributions paid(54,762)(69,011)
Proceeds from Holdings Credit Facility260,000 221,500 
Repayment of Holdings Credit Facility(301,916)(269,800)
Repayment of 2022 Convertible Notes— (1,223)
Repayment of Unsecured Notes(200,000)— 
Proceeds from NMFC Credit Facility90,000 — 
Repayment of NMFC Credit Facility(140,000)— 
Repayment of SBA-guaranteed debentures(26,950)(37,500)
Contributions related to non-controlling interest in NMNLC300 — 
Distributions related to non-controlling interest in NMNLC(180)(180)
Deferred financing costs paid(2,611)(1,464)
Net cash flows used in financing activities(441,682)(167,395)
Net decrease in cash and cash equivalents(15,857)(23,142)
Effect of foreign exchange rate changes on cash and cash equivalents(62)212 
Cash and cash equivalents at the beginning of the period80,718 80,320 
Cash and cash equivalents at the end of the period$64,799 $57,390 
Supplemental disclosure of cash flow information
Cash interest paid$47,255 $57,134 
Income taxes paid (received)34 (313)
Non-cash operating activities:
Non-cash activity on investments$24,188 $61,007 
Non-cash financing activities:
Accrued but unpaid offering costs$41 $114 
Accrued but unpaid deferred financing costs52 109 

The accompanying notes are an integral part of these consolidated financial statements.
6
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
June 30, 2026
(in thousands, except shares)
(unaudited)
Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Einstein Parent, Inc.
SoftwareFirst lien (3)(10)(12)SOFR(Q)5.25%8.91%01/202501/2031$35,582 $35,294 $34,728 
First lien (2)(11)(12)SOFR(Q)5.25%8.91%01/202501/203120,000 19,838 19,520 
55,132 54,248 5.24 %
Model N, Inc.
HealthcareFirst lien (2)(11)(12)SOFR(Q)4.75%8.48%06/202406/203143,553 43,384 43,187 
First lien (3)(10)(12)SOFR(Q)4.75%8.42%06/202406/20314,512 4,490 4,474 
47,874 47,661 4.61 %
Associations Finance, Inc.
Associations, Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(Q)6.50%10.42%05/202407/202829,871 29,862 29,871 
First lien (3)(12)(15) - DrawnSOFR(Q)6.50%10.42%05/202407/20282,010 2,009 2,010 
Subordinated (3)(12)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20309,842 9,828 9,842 
Subordinated (3)(12)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20303,758 3,753 3,758 
45,452 45,481 4.40 %
Foundational Education Group, Inc.
EducationFirst lien (2)(11)(12)SOFR(Q)4.25%8.18%05/202508/20286,317 5,921 5,875 
Second lien (5)(12)SOFR(Q)6.50%10.43%08/202108/202922,500 22,444 22,500 
Second lien (3)(10)(12)SOFR(Q)6.50%10.43%08/202108/202910,965 10,778 10,965 
39,143 39,340 3.80 %
Deca Dental Holdings LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)5.75%9.58%08/202108/202836,614 36,475 32,536 
First lien (3)(10)(12)SOFR(Q)5.75%9.58%08/202108/20283,854 3,839 3,425 
First lien (3)(10)(12)SOFR(Q)5.75%9.58%08/202108/20273,027 2,997 2,690 
43,311 38,651 3.74 %
Healthspan Buyer, LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)4.75%8.48%03/202610/203032,320 32,007 32,320 
First lien (3)(10)(12)SOFR(Q)4.75%8.48%10/202310/20304,992 4,958 4,992 
36,965 37,312 3.61 %
The accompanying notes are an integral part of these consolidated financial statements.
7
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
MRI Software LLC
SoftwareFirst lien (5)(12)SOFR(Q)4.75%8.48%01/202002/2028$21,092 $21,075 $20,734 
First lien (3)(10)(12)SOFR(Q)4.75%8.48%03/202102/20287,472 7,469 7,345 
First lien (2)(11)(12)SOFR(Q)4.75%8.48%03/202102/20284,450 4,449 4,375 
First lien (2)(11)(12)SOFR(Q)4.75%8.48%01/202002/20283,058 3,057 3,006 
First lien (3)(10)(12)SOFR(Q)4.75%8.48%01/202002/2028781 780 767 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.48%01/202002/2028501 498 492 
37,328 36,719 3.55 %
TigerConnect, Inc.
HealthcareFirst lien (3)(10)(12)SOFR(Q)6.25%10.06%02/202208/202929,875 29,746 29,579 
First lien (2)(12)SOFR(Q)6.25%10.06%02/202208/20293,741 3,741 3,704 
First lien (3)(10)(12)SOFR(Q)6.25%10.06%08/202508/20293,054 3,035 3,024 
First lien (3)(12)SOFR(Q)6.25%10.06%08/202508/202942 42 41 
36,564 36,348 3.51 %
CentralSquare Technologies, LLC
SoftwareFirst lien (2)(11)(12)SOFR(M)5.75%9.39%04/202404/203036,322 36,021 36,322 3.51 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)5.00%8.66%09/202109/202832,307 32,190 32,307 
First lien (3)(10)(12)SOFR(Q)5.00%8.66%03/202409/20282,504 2,506 2,504 
34,696 34,811 3.36 %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (4)(12)SOFR(M)5.25%8.99%01/202212/20279,451 9,422 9,451 
First lien (4)(12)SOFR(M)5.25%8.99%12/202112/20277,263 7,237 7,263 
First lien (2)(11)(12)SOFR(M)5.25%8.99%12/202112/20275,971 5,950 5,971 
First lien (3)(10)(12)SOFR(M)5.25%8.99%12/202112/20273,491 3,481 3,491 
Subordinated (4)(12)FIXED(Q)*
11.50%/PIK
11.50%01/202212/20317,327 7,283 7,241 
Subordinated (3)(10)(12)FIXED(Q)*
11.50%/PIK
11.50%12/202112/2031874 868 864 
34,241 34,281 3.31 %
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
HealthcareFirst lien (2)(11)(12)SOFR(Q)6.09%9.91%03/202103/202824,172 24,063 23,795 
First lien (3)(10)(12)SOFR(Q)6.09%9.90%03/202103/20285,012 5,003 4,934 
First lien (2)(11)(12)SOFR(Q)6.24%10.06%04/202503/20284,706 4,691 4,632 
33,757 33,361 3.22 %
The accompanying notes are an integral part of these consolidated financial statements.
8
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Fortis Solutions Group, LLC
PackagingFirst lien (2)(11)(12)SOFR(Q)5.50%9.33%10/202110/2028$29,082 $28,963 $29,082 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.50%9.33%10/202110/20281,573 1,558 1,573 
First lien (3)(10)(12)SOFR(Q)5.50%9.33%06/202210/2028967 970 967 
First lien (3)(12)SOFR(Q)5.50%9.33%10/202110/202878 78 78 
31,569 31,700 3.06 %
Auctane Inc. (fka Stamps.com Inc.)
Distribution & LogisticsFirst lien (3)(10)(12)SOFR(Q)5.75%9.42%05/202606/203331,814 31,578 31,576 3.05 %
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (4)(12)SOFR(Q)5.75%9.42%08/202208/202922,050 22,012 21,638 
First lien (2)(11)(12)SOFR(Q)5.75%9.42%06/202408/20298,134 8,134 7,982 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.75%9.40%08/202208/2029170 172 167 
30,318 29,787 2.88 %
Nelipak Holding Company
PackagingFirst lien (3)(10)(12)(13)EURIBOR(Q)5.50%7.79%03/202403/2031€16,275 17,535 18,591 
First lien (2)(11)(12)SOFR(Q)5.50%9.23%03/202403/2031$8,887 8,838 8,887 
First lien (3)(10)(12)SOFR(Q)5.50%9.23%03/202403/2031$2,157 2,143 2,157 
28,516 29,635 2.86 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(12)SOFR(Q)4.75%8.43%11/201912/203021,552 21,531 21,552 
First lien (2)(11)(12)SOFR(Q)4.75%8.43%04/202512/20304,287 4,269 4,287 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.42%04/202512/2030392 390 392 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.41%11/201912/203029 29 29 
26,219 26,260 2.54 %
Ambrosia Holdco Corp. (29)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (3)(10)(12)SOFR(M)4.00%7.64%01/202407/202927,414 24,679 17,711 
First lien (3)(10)(12)SOFR(M)4.00%7.64%03/202407/202910,238 6,003 6,548 
Subordinated (2)(12)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031356 356 356 
Subordinated (3)(12)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031412 348 412 
31,386 25,027 2.42 %
The accompanying notes are an integral part of these consolidated financial statements.
9
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
PetVet Care Centers, LLC
Consumer ServicesFirst lien (2)(11)(12)SOFR(M)6.00%9.64%10/202311/2030$27,719 $27,522 $23,849 
First lien (3)(10)(12)(15) - DrawnSOFR(M)6.00%9.62%10/202311/20291,112 1,101 957 
28,623 24,806 2.40 %
GS Acquisitionco, Inc.
SoftwareFirst lien (5)(12)SOFR(Q)5.25%8.98%08/201905/202820,962 20,941 19,673 
First lien (3)(12)(15) - DrawnSOFR(Q)5.25%8.98%08/201905/20284,818 4,793 4,522 
First lien (3)(12)SOFR(Q)5.25%8.98%03/202405/2028446 444 419 
26,178 24,614 2.38 %
Baker Tilly Advisory Group, LP
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(M)4.75%8.39%05/202406/203115,524 15,433 15,354 
First lien (2)(11)(12)SOFR(M)4.25%7.89%05/202506/20315,753 5,729 5,661 
First lien (3)(10)(12)SOFR(M)4.25%7.89%07/202506/20311,266 1,260 1,245 
First lien (3)(10)(12)SOFR(M)4.25%7.90%05/202506/20311,228 1,222 1,209 
23,644 23,469 2.27 %
PDI TA Holdings, Inc.
SoftwareFirst lien (4)(12)SOFR(Q)*
3.50% + 2.50%/PIK
9.66%01/202402/203122,197 22,115 21,198 
First lien (3)(12)SOFR(Q)5.50%9.17%01/202402/20311,830 1,821 1,748 
First lien (3)(10)(12)SOFR(Q)*
3.50% + 2.50%/PIK
9.66%03/202502/2031510 510 487 
24,446 23,433 2.26 %
Tempo Acquisition, LLC**
Business ServicesFirst lien (3)(10)SOFR(M)1.75%5.39%03/202608/202827,536 19,753 23,354 2.26 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(10)(12)SOFR(S)5.50%9.60%02/202202/202818,672 18,640 17,635 
First lien (2)(11)(12)SOFR(S)5.50%9.60%02/202202/20285,196 5,187 4,908 
First lien (3)(10)(12)SOFR(S)5.50%9.60%02/202202/2028682 681 645 
24,508 23,188 2.24 %
FS WhiteWater Holdings, LLC(26)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)(12)SOFR(Q)5.00%8.88%12/202112/20298,396 8,362 8,396 
First lien (3)(10)(12)SOFR(Q)5.00%8.88%07/202212/20294,681 4,657 4,681 
First lien (5)(12)SOFR(Q)5.00%8.88%12/202112/20292,819 2,806 2,819 
First lien (5)(12)SOFR(Q)5.00%8.88%12/202112/20292,801 2,789 2,801 
First lien (5)(12)SOFR(Q)5.00%8.88%03/202512/20292,711 2,687 2,711 
First lien (3)(10)(12)SOFR(Q)5.00%8.88%03/202512/2029905 897 905 
22,198 22,313 2.16 %
The accompanying notes are an integral part of these consolidated financial statements.
10
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Sierra Enterprises, LLC
Food & BeverageFirst lien (2)(11)(12)SOFR(Q)5.75%9.48%05/202505/2030$21,250 $21,120 $21,250 2.05 %
Xactly Corporation
SoftwareFirst lien (4)(12)SOFR(Q)6.25%10.02%07/201707/202722,500 22,492 21,233 2.05 %
GC Waves Holdings, Inc.
Financial Services & TechnologyFirst lien (5)(12)SOFR(M)4.50%8.14%08/202110/203021,126 21,078 21,126 2.04 %
RLG Holdings, LLC
PackagingFirst lien (3)(10)(12)SOFR(Q)4.25%8.18%01/202607/202818,577 9,487 10,693 
First lien (2)(11)(12)SOFR(Q)4.25%8.18%09/202507/20287,147 6,016 4,114 
First lien (2)(11)(12)SOFR(Q)5.00%8.66%06/202407/20284,142 4,097 2,384 
First lien (3)(10)(12)SOFR(Q)5.00%8.66%01/202607/20281,191 576 685 
Second lien (3)(10)(12)SOFR(Q)7.50%11.43%01/202607/202910,768 1,542 3,001 
21,718 20,877 2.02 %
Brave Parent Holdings, Inc.
SoftwareFirst lien (5)(12)SOFR(M)4.50%8.14%11/202311/203021,016 20,940 20,323 1.96 %
Low Voltage Holdings Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.50%8.23%04/202504/203218,414 18,354 18,345 
First lien (3)(10)(12)SOFR(Q)4.50%8.23%04/202504/2032958 954 954 
First lien (3)(12)(15) - DrawnSOFR(Q)4.50%8.17%04/202504/2032290 289 289 
19,597 19,588 1.89 %
Cardinal Parent, Inc.
Financial Services & TechnologyFirst lien (4)SOFR(Q)4.50%8.38%10/202011/202711,548 11,527 10,229 
Second lien (4)(12)SOFR(Q)7.75%11.63%11/202011/20289,767 9,728 8,475 
21,255 18,704 1.81 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)(12)SOFR(Q)*
9.00%/PIK
12.74%11/201905/202924,854 24,806 15,345 
Second lien (2)(12)SOFR(Q)*
9.00%/PIK
12.74%11/201905/20294,648 4,632 2,870 
29,438 18,215 1.76 %
Viper Bidco. Inc.
Business ServicesFirst lien (3)(10)(12)(13)SONIA(D)4.50%8.23%11/202411/2031£11,850 14,966 15,563 
First lien (3)(10)(12)SOFR(Q)4.50%8.23%11/202411/2031$2,294 2,284 2,249 
17,250 17,812 1.72 %
The accompanying notes are an integral part of these consolidated financial statements.
11
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(12)SOFR(M)4.50%8.14%02/202002/2028$14,392 $14,383 $14,392 
First lien (5)(12)SOFR(M)4.50%8.14%02/202402/20281,109 1,106 1,109 
First lien (3)(10)(12)(15) - DrawnSOFR(M)4.50%8.14%02/202002/20281,079 1,074 1,079 
16,563 16,580 1.60 %
Bonterra LLC
SoftwareFirst lien (2)(11)(12)SOFR(Q)4.75%8.48%03/202503/203214,914 14,882 14,570 
First lien (3)(10)(12)SOFR(Q)4.75%8.48%03/202503/20321,625 1,625 1,587 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.49%03/202503/2032326 325 318 
16,832 16,475 1.59 %
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (3)(10)(12)SOFR(M)(17)*
6.75%/PIK + 0.50%
10.97%09/201509/202729,879 29,842 16,000 
First lien (3)(12)SOFR(M)(17)*
14.50%/PIK + 0.50%
18.72%06/202109/20271,527 1,527 — 
Subordinated (3)(12)SOFR(Q)(17)*
1.00%/PIK
4.84%03/202109/20275,230 — — 
31,369 16,000 1.55 %
Coupa Holdings, LLC
SoftwareFirst lien (2)(11)(12)SOFR(Q)5.25%8.91%02/202302/203014,171 14,063 13,981 
First lien (3)(10)(12)SOFR(Q)5.25%8.90%02/202302/20301,291 1,291 1,274 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.25%8.90%02/202302/2029659 651 650 
16,005 15,905 1.54 %
Digicert, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(M)5.75%9.39%07/202507/203015,384 15,286 15,269 1.48 %
Bullhorn, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(M)5.00%8.64%05/202410/20298,879 8,967 8,813 
First lien (2)(11)(12)SOFR(M)5.00%8.64%10/202110/20293,398 3,395 3,373 
First lien (3)(10)(12)SOFR(M)5.00%8.64%05/202410/20291,025 1,023 1,017 
First lien (2)(11)(12)SOFR(M)5.00%8.64%09/201910/2029761 759 755 
First lien (2)(11)(12)SOFR(M)5.00%8.64%09/201910/2029341 340 338 
First lien (2)(11)(12)SOFR(M)5.00%8.64%09/201910/2029272 271 270 
First lien (3)(12)(15) - DrawnSOFR(M)5.00%8.64%09/201910/2029125 127 124 
14,882 14,690 1.42 %
The accompanying notes are an integral part of these consolidated financial statements.
12
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
IG Intermediateco LLC
Infogain Corporation
Business ServicesFirst lien (2)(11)(12)SOFR(M)5.75%9.49%07/202207/2028$7,645 $7,614 $7,645 
First lien (3)(12)(15) - DrawnSOFR(M)5.75%9.49%07/202107/2028234 233 234 
Subordinated (3)(12)SOFR(M)7.50%11.24%07/202207/20296,265 6,223 6,265 
14,070 14,144 1.37 %
CFS Management, LLC
HealthcareFirst lien (3)(10)(12)SOFR(Q)*
6.25% + 2.25%/PIK
12.49%08/201909/202612,383 12,383 10,835 
First lien (2)(11)(12)SOFR(Q)*
6.25% + 2.25%/PIK
12.49%08/201909/20263,690 3,698 3,228 
16,081 14,063 1.36 %
Acumatica Holdings, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(Q)4.50%8.23%07/202507/203213,759 13,759 13,713 1.33 %
Daxko Acquisition Corporation
Financial Services & TechnologyFirst lien (3)(10)(12)SOFR(M)4.75%8.39%10/202110/202812,679 12,630 12,533 
First lien (2)(11)(12)SOFR(M)4.75%8.39%10/202110/20281,068 1,064 1,056 
First lien (3)(12)SOFR(M)4.75%8.39%10/202110/202864 64 63 
13,758 13,652 1.32 %
USRP Holdings, Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(M)4.75%8.39%07/202112/202912,331 12,283 12,331 1.19 %
New ACI Holdings LLC
New ACI Intermediate II LLC (25)
New ACI Buyer LLC
HealthcareFirst lien (2)SOFR(Q)*
3.13% + 3.13%/PIK
9.99%06/202606/20313,572 3,572 3,572 
First lien (2)(11)SOFR(Q)5.50%9.24%06/202606/20311,841 1,841 1,841 
First lien (3)(10)SOFR(Q)*
3.13% + 3.13%/PIK
9.99%06/202606/20311,686 1,686 1,686 
Subordinated (2)FIXED(Q)*
10.00%/PIK
10.00%06/202606/20323,175 3,175 3,175 
Subordinated (3)(10)FIXED(Q)*
10.00%/PIK
10.00%06/202606/20321,499 1,499 1,499 
11,773 11,773 1.14 %
Jawbreaker Topco, L.P. (24)
Jawbreaker Parent, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(Q)4.75%8.48%01/202601/20337,796 7,759 7,757 
First lien (3)(10)(12)SOFR(Q)4.75%8.48%01/202601/20333,728 3,728 3,709 
11,487 11,466 1.11 %
The accompanying notes are an integral part of these consolidated financial statements.
13
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Houghton Mifflin Harcourt Company
EducationFirst lien (2)(11)SOFR(Q)5.25%9.01%10/202304/2029$14,262 $14,003 $11,331 1.09 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.25%8.01%06/202106/20298,303 8,272 8,303 
First lien (2)(11)(12)SOFR(Q)4.25%8.01%06/202106/20292,784 2,772 2,784 
11,044 11,087 1.07 %
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(Q)*
2.25% + 2.75%/PIK
8.66%01/202502/20328,261 8,244 8,261 
First lien (3)(12)(15) - DrawnSOFR(Q)4.50%8.16%01/202502/20322,794 2,787 2,794 
11,031 11,055 1.07 %
Project Accelerate Parent, LLC
Financial Services & TechnologyFirst lien (5)(12)SOFR(M)5.25%8.89%02/202402/203110,360 10,322 10,360 1.00 %
Planview Parent, Inc.
SoftwareFirst lien (3)(10)SOFR(Q)3.50%7.23%02/202612/20273,755 3,108 3,247 
Second lien (3)(10)(12)SOFR(Q)5.75%9.48%06/202412/20289,231 9,215 6,811 
12,323 10,058 0.97 %
AWP Group Holdings, Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(Q)*
2.63% + 3.28%/PIK
9.56%04/202612/20328,660 8,629 8,628 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.25%8.90%04/202612/2032359 358 358 
8,987 8,986 0.87 %
Alegeus Technologies Holdings Corp.
HealthcareFirst lien (3)(10)SOFR(Q)6.50%10.16%10/202411/20298,170 8,094 8,170 0.79 %
HP TLE Buyer, Inc.
EducationFirst lien (2)(11)(12)SOFR(Q)4.75%8.48%06/202507/20328,168 8,131 8,168 0.79 %
Foreside Financial Group, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)5.25%9.14%05/202210/20297,746 7,735 7,746 
First lien (3)(10)(12)SOFR(Q)5.25%9.14%05/202210/2029273 271 273 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.25%9.14%05/202210/202992 92 92 
8,098 8,111 0.78 %
iCIMS, Inc.
SoftwareFirst lien (3)(10)(12)SOFR(Q)6.25%9.92%10/202208/20287,366 7,338 6,986 
First lien (3)(12)(15) - DrawnSOFR(S)5.75%9.41%08/202208/20281,024 1,020 959 
8,358 7,945 0.77 %
The accompanying notes are an integral part of these consolidated financial statements.
14
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
KPSKY Acquisition Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(Q)5.50%9.26%10/202110/2028$6,721 $6,695 $6,157 
First lien (3)(10)(12)SOFR(Q)5.50%9.25%06/202210/20281,131 1,126 1,036 
First lien (3)(10)(12)SOFR(Q)5.50%9.27%10/202110/2028770 767 706 
First lien (3)(12)SOFR(Q)5.75%9.51%11/202310/202819 18 17 
8,606 7,916 0.76 %
Compsych Investments Corp.
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.75%8.41%07/202407/20317,750 7,705 7,750 0.75 %
NC Topco, LLC
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(Q)4.50%8.17%08/202409/20315,833 5,810 5,775 
First lien (3)(10)(12)SOFR(Q)4.50%8.17%08/202409/20311,672 1,665 1,656 
7,475 7,431 0.72 %
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(12)SOFR(Q)*
7.25%/PIK
11.13%12/202512/20304,976 4,976 4,976 
Subordinated (3)(12)SOFR(Q)*
9.00%/PIK
12.88%12/202512/20312,410 2,410 2,410 
7,386 7,386 0.71 %
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & TechnologyFirst lien (4)(12)SOFR(Q)4.50%8.15%09/202409/20317,113 7,083 7,007 0.68 %
Legends Hospitality Holding Company, LLC
Business ServicesFirst lien (5)(12)SOFR(Q)*
2.75% + 2.75%/PIK
9.16%08/202408/20316,281 6,234 6,220 
First lien (5)(12)SOFR(Q)5.00%8.66%08/202408/2031355 351 348 
First lien (3)(12)(15) - DrawnSOFR(M)5.00%8.64%08/202408/2030197 195 193 
6,780 6,761 0.65 %
OEConnection LLC
Business ServicesFirst lien (2)(11)(12)SOFR(M)4.50%8.14%04/202412/20326,609 6,584 6,519 0.63 %
Fullsteam Operations LLC
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(Q)5.25%8.90%08/202508/20316,223 6,196 6,192 
First lien (3)(12)(15) - DrawnSOFR(M)5.25%8.88%08/202508/2031225 224 224 
6,420 6,416 0.62 %
The accompanying notes are an integral part of these consolidated financial statements.
15
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
RailPros Parent, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.25%7.89%05/202505/2032$5,799 $5,773 $5,799 
First lien (3)(12)(15) - DrawnSOFR(Q)4.25%7.89%05/202505/2032538 535 538 
6,308 6,337 0.61 %
Next Holdco, LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)5.25%8.89%11/202311/20306,232 6,203 6,232 0.60 %
Greenway Health, LLC
HealthcareFirst lien (3)(10)(12)SOFR(S)6.75%10.60%12/202304/20296,206 6,152 6,085 0.59 %
Vehlo Purchaser, LLC
SoftwareFirst lien (3)(12)SOFR(M)5.25%8.89%06/202505/20286,042 6,001 6,020 0.58 %
WEG Sub Intermediate Holdings, LLC
Financial Services & TechnologySubordinated (3)(12)FIXED(Q)*
13.00%/PIK
13.00%05/202305/20334,977 4,936 4,977 0.48 %
Icefall Parent, Inc.
Financial Services & TechnologyFirst lien (3)(10)(12)SOFR(Q)4.50%8.23%01/202401/20304,828 4,661 4,828 0.47 %
DOCS, MSO, LLC
HealthcareFirst lien (4)(12)SOFR(Q)5.00%8.84%06/202206/20283,223 3,223 3,223 
First lien (3)(10)(12)SOFR(Q)5.00%8.84%06/202206/20281,591 1,596 1,591 
4,819 4,814 0.47 %
Diligent Corporation
SoftwareFirst lien (3)(10)(12)SOFR(Q)*
8.42%/PIK
12.09%04/202408/20303,398 3,389 3,310 
First lien (3)(12)(15) - DrawnSOFR(Q)5.00%8.65%04/202408/2030895 891 872 
4,280 4,182 0.40 %
Meta Buyer LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)5.25%8.93%12/202512/20312,972 2,958 2,957 
First lien (3)(12)SOFR(Q)5.25%8.93%12/202512/2031408 405 406 
First lien (3)(12)(15) - DrawnSOFR(Q)5.25%8.93%12/202512/2031176 175 175 
First lien (3)(12)(15) - DrawnSOFR(Q)5.25%8.97%12/202512/2031124 123 123 
3,661 3,661 0.35 %
Capstone Borrower, Inc.
Business ServicesFirst lien (3)(10)FIXED(S)8.00%8.00%03/202606/20303,763 3,260 3,580 0.35 %
Logrhythm, Inc.
SoftwareFirst lien (3)(12)SOFR(Q)*
6.38%/PIK + 1.12%
11.16%07/202407/20294,231 4,189 3,575 0.35 %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business ServicesFirst lien (3)(10)(12)SOFR(M)4.75%8.49%05/202105/20283,046 3,041 3,046 0.29 %
The accompanying notes are an integral part of these consolidated financial statements.
16
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)(10)(12)SOFR(M)5.50%9.14%07/202507/2033$3,024 $3,010 $3,024 0.29 %
PPVA Black Elk (Equity) LLC
Business ServicesClaim(3)(12)———05/2013—14,500 14,500 2,755 0.27 %
Convey Health Solutions, Inc.
HealthcareFirst lien (2)(12)SOFR(Q)(17)*
1.31% +3.94%/PIK
9.08%09/201907/202913,060 13,019 1,635 
First lien (2)(12)SOFR(Q)(17)*
1.31% + 3.94%/PIK
9.08%02/202207/20292,181 2,168 273 
15,187 1,908 0.18 %
Mai Capital Management Intermediate LLC
Financial Services & TechnologyFirst lien (3)(10)(12)(15) - DrawnSOFR(Q)4.75%8.48%06/202508/20311,884 1,867 1,884 0.18 %
Community Management Holdings MidCo 2, LLC
Business ServicesFirst lien (3)(10)(12)SOFR(Q)5.00%8.74%07/202511/20311,285 1,274 1,285 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.00%8.68%07/202511/2031568 564 568 
1,838 1,853 0.18 %
RealPage, Inc.
SoftwareFirst lien (2)(11)SOFR(Q)3.75%7.48%03/202604/20281,958 1,834 1,846 0.18 %
DCA Buyer LLC(21)
DCA TopCo LP
HealthcareFirst lien (2)(11)(12)SOFR(Q)*
4.25% + 2.25%/PIK
10.16%06/202604/2031957 957 957 
First lien (3)(10)(12)SOFR(Q)*
4.25% + 2.25%/PIK
10.16%06/202604/2031536 536 536 
1,493 1,493 0.14 %
CoreTrust Purchasing Group LLC
Business ServicesFirst lien (3)(10)(12)SOFR(M)5.25%8.89%05/202410/20291,462 1,457 1,462 0.14 %
DT1 Midco Corp.
Business ServicesFirst lien (2)(11)(12)SOFR(M)5.25%8.90%06/202512/20311,335 1,329 1,335 
First lien (3)(12)(15) - DrawnSOFR(M)5.25%8.90%06/202512/203132 32 32 
1,361 1,367 0.13 %
Flash Charm Inc. (fka Idera, Inc.)
SoftwareSecond lien (4)SOFR(Q)6.75%10.56%06/201903/20291,884 1,873 1,154 
Second lien (3)(10)SOFR(Q)6.75%10.56%04/202103/2029251 251 154 
2,124 1,308 0.13 %
The accompanying notes are an integral part of these consolidated financial statements.
17
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Centegix Intermediate II, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)*
2.75% + 3.25%/PIK
9.64%03/202608/2032$240 $239 $239 0.02 %
Reorganized Careismatic Brands, LLC
HealthcareTrust Claim (2)(12)———06/202406/2029152 152 152 
Trust Claim (3)(12)———06/202406/202952 52 52 
204 204 0.02 %
PPVA Fund, L.P.
Business ServicesClaim(18)———11/2014—— — — — %
Total Funded Debt Investments - United States$1,489,511 $1,408,023 136.06 %
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business ServicesFirst lien (3)(10)(12)SOFR(S)*
3.50% + 2.00%/PIK
9.08%07/202407/2031$20,017 $20,099 $20,017 
First lien (2)(11)(12)SOFR(S)*
3.50% + 2.00%/PIK
9.08%06/202507/203116,411 16,411 16,411 
First lien (2)(11)(12)SOFR(S)*
3.50% + 2.00%/PIK
9.19%06/202507/2031899 899 899 
37,409 37,327 3.61 %
Total Funded Debt Investments - Jersey$37,409 $37,327 3.61 %
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business ServicesFirst lien (2)(11)(12)SOFR(Q)7.00%10.76%02/202402/2030$9,392 $9,313 $9,392 
First lien (3)(10)(12)SOFR(M)7.00%10.73%02/202402/20305,312 5,259 5,312 
14,572 14,704 1.42 %
Total Funded Debt Investments - United Kingdom$14,572 $14,704 1.42 %
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.50%8.16%06/202512/2029$4,441 $4,432 $4,352 
First lien (3)(10)(12)SOFR(Q)4.50%8.16%12/202212/20293,393 3,364 3,325 
First lien (3)(10)(12)SOFR(Q)4.50%8.16%12/202312/20291,322 1,313 1,295 
9,109 8,972 0.87 %
Adelaide Borrower, LLC**
Business ServicesFirst lien (3)(10)(12)SOFR(Q)6.00%9.73%05/202405/20304,780 4,746 4,748 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)6.00%9.74%05/202405/203053 53 53 
4,799 4,801 0.46 %
Total Funded Debt Investments - Australia$13,908 $13,773 1.33 %
The accompanying notes are an integral part of these consolidated financial statements.
18
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Funded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
SoftwareFirst lien (2)(11)(12)SOFR(Q)5.50%9.23%03/202603/2033$7,982 $7,944 $7,943 0.77 %
Total Funded Debt Investments - Switzerland$7,944 $7,943 0.77 %
Total Funded Debt Investments$1,563,344 $1,481,770 143.19 %
Equity - United States
Dealer Tire Holdings, LLC(34)
Distribution & LogisticsPreferred Shares (3)(10)(12)FIXED(A)*
7.00%/PIK
7.00%09/2021—16,829 $27,082 $25,191 2.43 %
Symplr Software Intermediate Holdings, Inc.(33)
HealthcareSeries A Preferred Shares (4)(12)SOFR(Q)(17)*
10.50%/PIK
14.33%11/2018—7,500 19,636 13,922 
Series A Preferred Shares (3)(10)(12)SOFR(Q)(17)*
10.50%/PIK
14.33%11/2018—35 91 64 
19,727 13,986 1.35 %
New ACI Intermediate II LLC (25)
New ACI Holdings LLC
HealthcareClass A Common Units(2)-——06/2026—15,321 7,587 7,587 
Class A Common Units(3)-——06/2026—7,233 3,582 3,582 
Class B Common Units(3)-——06/2026—1,250 630 630 
11,799 11,799 1.14 %
HBWM Holdings, LLC(31)
Financial Services & TechnologyCommon Units(8)(12)FIXED(Q)*4.00%4.00%09/2021—47,114 4,810 10,922 1.06 %
Knockout Intermediate Holdings I Inc.(32)
SoftwarePreferred Shares (3)(12)SOFR(S)*
10.75%/PIK
14.60%06/2022—8,313 14,203 9,294 0.90 %
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)(30)
PackagingSeries A Preferred Shares (3)(12)FIXED(A)*
15.00%/PIK
15.00%05/2024—2,900 3,835 3,835 
Series B Preferred Shares (3)(12)FIXED(A)(17)*
11.50%/PIK
11.50%05/2024—3,691 2,565 3,009 
Ordinary Shares (3)(12)———05/2024—290 145 — 
6,545 6,844 0.66 %
FS WhiteWater Holdings, LLC(26)
Consumer ServicesOrdinary Shares (5)(12)———12/2021—50,000 5,000 6,088 0.59 %
Notorious Buyer, LLC(35)
Consumer ProductsCommon Stock (3)(12)———12/2025—375 7,339 5,686 0.55 %
The accompanying notes are an integral part of these consolidated financial statements.
19
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
IMA Financial Group, Inc.
Business ServicesClass C Common Shares(3)(10)(12)———05/2026—20,474 $4,411 $4,411 0.43 %
Firebird Co-Invest L.P.(19)
Business ServicesLP Interest (3)(12)———01/2025—3,358,474 3,358 4,209 0.41 %
Jawbreaker Topco, L.P.(24)
SoftwareClass A-1 Common Units(3)(12)———01/2026—247,609 2,476 2,476 0.24 %
Eclipse Topco, Inc.(27)
Financial Services & TechnologyPreferred Shares (4)(12)FIXED(S)*
12.50%/PIK
12.50%09/2024—131 1,620 1,632 0.16 %
Pioneer Topco I, L.P.
SoftwareClass A-2 Common Units(9)(12)———11/2021—199,980 2,000 1,600 0.15 %
DCA TopCo LP
HealthcareClass A Common Units(2)(12)———06/2026—61,641 617 617 
Class A Common Units(3)(10)(12)———06/2026—34,536 345 345 
962 962 0.09 %
Ambrosia Topco LLC
Distribution & LogisticsClass A-1 Common Units(2)(12)———01/2024—126,536 1,348 349 
Class A-1 Common Units(3)(12)———01/2024—122,044 1,300 337 
2,648 686 0.07 %
GEDC Equity, LLC
HealthcareParticipation Interest(3)(12)———06/2023—190,000 190 — — %
AAC Lender Holdings, LLC(23)
EducationOrdinary Shares (3)(12)———03/2021—758 — — — %
Total Shares - United States$114,170 $105,786 10.23 %
Total Shares$114,170 $105,786 10.23 %
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment FundStructured Finance Obligation(3)(12)SOFR(Q)——11/202401/20373,232 $3,232 $3,191 0.31 %
Total Structured Finance Obligations - United States$3,232 $3,191 0.31 %
Warrants - United States
Reorganized Careismatic Brands, LLC
HealthcareWarrants (2)(12)———06/202406/2029138,622 $182 $272 
Warrants (3)(12)———06/202406/202947,459 62 93 
244 365 0.04 %
Total Warrants - United States$244 $365 0.04 %
Total Funded Investments$1,680,990 $1,591,112 153.77 %
The accompanying notes are an integral part of these consolidated financial statements.
20
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Unfunded Debt Investments - United States
GS Acquisitionco, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———08/201905/2028$3 $— $— — %
Community Management Holdings MidCo 2, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202511/202641 — — — %
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(12)(15) - Undrawn———12/202512/2030938 — — — %
DOCS, MSO, LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———06/202206/20282,405 — — — %
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (3)(12)(15) - Undrawn———01/202109/20272,652 — — — %
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (3)(12)(15) - Undrawn———10/202410/20262,695 — — — %
Mai Capital Management Intermediate LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———06/202506/20271,099 — — 
First lien (3)(12)(15) - Undrawn———06/202508/2031308 (2)— 
(2)— — %
YLG Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———04/202511/2026271 (1)— 
First lien (3)(12)(15) - Undrawn———11/201912/2030281 (1)— 
(2)— — %
Next Holdco, LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———11/202311/2029339 (3)— — %
The accompanying notes are an integral part of these consolidated financial statements.
21
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Associations, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202407/2028$1,806 $(1)$— 
First lien (3)(12)(15) - Undrawn———05/202407/20283,077 (2)— 
(3)— — %
DT1 Midco Corp.
Business ServicesFirst lien (3)(12)(15) - Undrawn———06/202504/20274,462 — — 
First lien (3)(12)(15) - Undrawn———06/202512/2030674 (3)— 
(3)— — %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202105/2028417 (4)— — %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (3)(12)(15) - Undrawn———02/202002/2028720 (4)— — %
RailPros Parent, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202505/20271,258 — — 
First lien (3)(12)(15) - Undrawn———05/202505/2032899 (4)— 
(4)— — %
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———01/202502/20271,926 — — 
First lien (3)(12)(15) - Undrawn———01/202502/20321,422 (4)— 
(4)— — %
Wealth Enhancement Group, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———08/202110/20282,040 (6)— — %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (3)(12)(15) - Undrawn———06/202106/2029818 (8)— — %
Project Accelerate Parent, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———02/202402/20311,510 (8)— — %
USRP Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202112/2029893 (9)— — %
The accompanying notes are an integral part of these consolidated financial statements.
22
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
HP TLE Buyer, Inc.
EducationFirst lien (3)(12)(15) - Undrawn———06/202507/2032$1,797 $(9)$— — %
Healthspan Buyer, LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———10/202310/20301,229 (12)— — %
Fortis Solutions Group, LLC
PackagingFirst lien (3)(12)(15) - Undrawn———10/202110/20281,287 (13)— — %
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———12/202112/20291,400 (14)— — %
Compsych Investments Corp.
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202407/20272,253 (14)— — %
Icefall Parent, Inc.
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———01/202401/2030475 (17)— — %
Sierra Enterprises, LLC
Food & BeverageFirst lien (3)(12)(15) - Undrawn———05/202505/20302,717 (20)— — %
Foreside Financial Group, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202210/20292,218 (22)— — %
Infogain Corporation
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202107/20283,593 (27)— — %
GC Waves Holdings, Inc.
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———10/201910/20303,951 (30)— — %
Nelipak Holding Company
PackagingFirst lien (3)(12)(15) - Undrawn———03/202403/2027$1,332 — — 
First lien (3)(10)(12)(13)(15) - Undrawn———03/202403/2027€6,411 — — 
First lien (3)(10)(12)(13)(15) - Undrawn———03/202403/2031€1,196 (10)— 
First lien (3)(12)(15) - Undrawn———03/202403/2031$2,613 (20)— 
(30)— — %
The accompanying notes are an integral part of these consolidated financial statements.
23
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———12/202112/2027$3,659 $(37)$— — %
IG Investments Holdings, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———09/202109/20283,780 (38)— — %
CentralSquare Technologies, LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———04/202404/20303,980 (50)— — %
Coupa Holdings, LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———02/202302/2029330 (4)(4)(0.00)%
AWP Group Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———04/202612/20321,005 (4)(4)(0.00)%
Meta Buyer LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———12/202512/2031412 (1)(2)
First lien (3)(12)(15) - Undrawn———12/202512/2027642 — (3)
(1)(5)(0.00)%
Centegix Intermediate II, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———03/202603/20281,177 — (6)(0.00)%
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———08/202208/2029316 (6)(6)(0.00)%
Bullhorn, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———09/201910/2029811 (6)(6)(0.00)%
NC Topco, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———08/202409/2031669 (3)(7)(0.00)%
Digicert, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———07/202507/20301,119 (8)(8)(0.00)%
Legends Hospitality Holding Company, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———08/202408/2030519 (5)(10)(0.00)%
Daxko Acquisition Corporation
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———10/202110/2028986 (10)(11)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
24
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Fullsteam Operations LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———08/202508/2031$467 $(2)$(2)
First lien (3)(12)(15) - Undrawn———08/202508/20272,074 — (10)
(2)(12)(0.00)%
OEConnection LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———04/202412/2028495 — (7)
First lien (3)(12)(15) - Undrawn———04/202412/2032618 (3)(8)
(3)(15)(0.00)%
Jawbreaker Topco, L.P. (24)
Jawbreaker Parent, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———01/202601/20291,503 — (8)
First lien (3)(12)(15) - Undrawn———01/202601/20331,503 (8)(8)
(8)(16)(0.00)%
Low Voltage Holdings Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———04/202504/2032819 (3)(3)
First lien (3)(12)(15) - Undrawn———04/202504/20322,028 (8)(8)
First lien (3)(12)(15) - Undrawn———04/202510/20272,738 — (10)
(11)(21)(0.00)%
MRI Software LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———01/202002/20281,502 (8)(26)(0.00)%
Bonterra LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———03/202503/20321,303 (3)(30)(0.00)%
Acumatica Holdings, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———07/202507/20329,403 — (31)(0.00)%
Diligent Corporation
SoftwareFirst lien (3)(12)(15) - Undrawn———04/202408/20301,371 (5)(35)(0.00)%
Model N, Inc.
HealthcareFirst lien (3)(12)(15) - Undrawn———06/202406/20314,825 (24)(41)(0.00)%
TigerConnect, Inc.
HealthcareFirst lien (3)(12)(15) - Undrawn———02/202208/20294,267 (43)(42)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
25
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Xactly Corporation
SoftwareFirst lien (3)(12)(15) - Undrawn———07/201707/2027$992 $(10)$(56)(0.01)%
Baker Tilly Advisory Group, LP
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———05/202406/20303,707 (26)(60)(0.01)%
Logrhythm, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———07/202407/2029420 (6)(65)(0.01)%
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & TechnologyFirst lien (4)(12)(15) - Undrawn———09/202409/20261,206 — (18)
First lien (3)(12)(15) - Undrawn———09/202409/20314,190 (21)(62)
(21)(80)(0.01)%
Viper Bidco. Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———11/202411/20261,838 — (36)
First lien (3)(12)(15) - Undrawn———11/202411/20313,320 (17)(65)
(17)(101)(0.01)%
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———02/202202/20281,969 (10)(109)(0.01)%
Einstein Parent, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———01/202501/20315,750 (57)(138)(0.01)%
iCIMS, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———08/202208/20282,506 (22)(159)(0.02)%
PetVet Care Centers, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———10/202311/20292,596 (26)(362)(0.03)%
Total Unfunded Debt Investments - United States$(742)$(1,466)(0.12)%
Unfunded Debt Investments - Australia
Adelaide Borrower, LLC**
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202405/2030$613 $(6)$(4)
First lien (3)(12)(15) - Undrawn———05/202411/20271,048 — (7)
(6)(11)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
26
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Atlas AU Bidco Pty Ltd**
Business ServicesFirst lien (3)(12)(15) - Undrawn———12/202212/2028$790 $(6)$(16)(0.00)%
Total Unfunded Debt Investments - Australia$(12)$(27)(0.00%)
Unfunded Debt Investments - Switzerland
Matterhorn Finco, Inc.**
SoftwareFirst lien (3)(12)(15) - Undrawn———03/202603/2033$1,985 $(10)$(10)(0.00)%
Total Unfunded Debt Investments - Switzerland$(10)$(10)(0.00%)
Unfunded Debt Investments - United Kingdom
Ciklum Inc.**
Business ServicesFirst lien (3)(12)(15) - Undrawn———02/202402/2030$2,989 $(37)$— — %
Total Unfunded Debt Investments - United Kingdom$(37)$— — %
Total Unfunded Debt Investments $(801)$(1,503)(0.12)%
Total Non-Controlled/Non-Affiliated Investments$1,680,189 $1,589,609 153.65 %
Non-Controlled/Affiliated Investments (36)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (20)
Edmentum Ultimate Holdings, LLC
EducationSubordinated (3)(12)SOFR(Q)*
14.00%/PIK
17.85%12/202001/2028$29,089 $29,048 $29,089 2.81 %
Eagle Infrastructure Super HoldCo, LLC (28)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business ServicesFirst lien (2)(11)(12)SOFR(Q)7.50%11.38%03/202304/202810,628 10,628 10,628 
First lien (3)(12)SOFR(Q)7.50%11.38%03/202304/2028340 340 340 
10,968 10,968 1.06 %
Permian Holdco 3, Inc.
Permian Trust
EnergyTrust Claim(7)(12)FIXED(Q)(17)*
10.00%/PIK
10.00%03/2021—247 — — 
First lien (3)(12)SOFR(Q)(17)*
10.00%/PIK
11.00%07/2020—3,409 — — 
— — — %
Total Funded Debt Investments - United States$40,016 $40,057 3.87 %
The accompanying notes are an integral part of these consolidated financial statements.
27
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Equity - United States
TVG-Edmentum Holdings, LLC(20)
EducationSeries C-2 Preferred Units(3)(12)FIXED(Q)*
15.00%/PIK
15.00%05/2024—3,480 $9,385 $9,385 
Class B-1 Common Shares (3)(12)———12/2020—24,450 43,212 5,000 
Class B-2 Common Shares (3)(12)———12/2020—24,450 24,839 — 
77,436 14,385 1.39 %
Eagle Infrastructure Super HoldCo, LLC
Business ServicesOrdinary Shares (3)(12)———03/2023—72,536 4,104 13,510 1.31 %
Sierra Hamilton Holdings Corporation
EnergyOrdinary Shares (2)(12)———07/2017—25,000,000 11,502 1,800 
Ordinary Shares (3)(12)———07/2017—2,786,000 1,282 201 
12,784 2,001 0.19 %
Total Shares - United States$94,324 $29,896 2.89 %
Total Non-Controlled/Affiliated Investments$134,340 $69,953 6.76 %
Controlled Investments (37)
Funded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(10)(12)(15) - DrawnSOFR(Q)6.00%9.99%10/202012/2027$31,479 $31,479 $31,479 
First lien (3)(10)(12)SOFR(Q)9.00%12.99%10/202012/202723,336 23,336 23,336 
54,815 54,815 5.30 %
New Benevis Topco, LLC (22)
New Benevis Holdco, Inc.
HealthcareFirst lien (2)(12)FIXED(Q)*
12.00%/PIK
12.00%10/202010/202825,643 25,643 25,643 
Subordinated (3)(12)FIXED(M)*
12.00%/PIK
12.00%10/202010/202828,541 28,402 28,541 
54,045 54,184 5.24 %
Total Funded Debt Investments - United States$108,860 $108,999 10.54 %
Equity - United States
NMFC Senior Loan Program III LLC**
Investment FundMembership Interest (3)(12)———05/2018—— $160,000 $157,872 15.26 %
NM NL Holdings, L.P.**
Net LeaseMembership Interest (6)(12)———06/2018—— 76,444 112,303 10.85 %
The accompanying notes are an integral part of these consolidated financial statements.
28
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
NMFC Senior Loan Program IV LLC**
Investment FundMembership Interest (3)(12)———05/2021—— $112,400 $105,532 10.20 %
UniTek Global Services, Inc.
Business ServicesPreferred Shares (3)(12)FIXED(Q)*
20.00%/PIK
20.00%08/2018—71,095,414 67,771 71,095 
Preferred Shares (3)(12)———06/2017—80,994,293 29,318 18,434 
Preferred Shares (2)(12)———01/2015—29,326,545 26,946 — 
Preferred Shares (3)(12)———01/2015—141,354,439 7,447 — 
Ordinary Shares (2)(12)———01/2015—2,096,477 1,925 — 
Ordinary Shares (3)(12)———01/2015—10,697,948 532 — 
Preferred Shares (3)(12)———02/2026—21,117,531 — — 
133,939 89,529 8.65 %
New Benevis Topco, LLC (22)
HealthcareCommon Stock (2)(12)———10/2020—325,516 27,154 24,446 
Common Stock (3)(12)———10/2020—152,548 12,768 11,457 
39,922 35,903 3.47 %
New Permian Holdco, Inc.
EnergyOrdinary Shares (3)(12)———10/2020—100 11,155 11,000 1.06 %
NM YI, LLC
Net LeaseMembership Interest (6)(12)———09/2019—— 6,272 8,687 0.84 %
NM GP Holdco, LLC**
Net LeaseMembership Interest (6)(12)———06/2018—— 907 418 0.04 %
Total Shares - United States$541,039 $521,244 50.37 %
Total Shares$541,039 $521,244 50.37 %
Total Funded Investments$649,899 $630,243 60.91 %
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(12)(15) - Undrawn———10/202012/2027$415,000 $— $— — %
Total Unfunded Debt Investments - United States$— $— — %
Total Controlled Investments$649,899 $630,243 60.91 %
Total Investments$2,464,428 $2,289,805 221.32 %

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
(2)Investment is held by New Mountain Finance Holdings, L.L.C.
(3)Investment is held by New Mountain Finance Corporation.
The accompanying notes are an integral part of these consolidated financial statements.
29
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

(4)Investment is held by New Mountain Finance SBIC, L.P.
(5)Investment is held by New Mountain Finance SBIC II, L.P.
(6)Investment is held by New Mountain Net Lease Corporation.
(7)Investment is held by NMF Permian Holdings, LLC.
(8)Investment is held by NMF HB, Inc.
(9)Investment is held by NMF Pioneer, Inc.
(10)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details.
(11)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.
(12)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(13)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of June 30, 2026, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,718 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan and undrawn revolver is $18,589, $7,322 and $1,366, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(14)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").
(15)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolvers or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(16)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of June 30, 2026.
(17)Investment is on non-accrual status as of June 30, 2026. See Note 3. Investments, for details.
(18)The Company holds one claim related to a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $5,700 as of June 30, 2026. See Note 2. Summary of Significant Accounting Policies, for details.
(19)The Company holds an LP Interest in Firebird Co-Invest L.P. and a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P.
(20)The Company holds preferred shares and Class B-1 and Class B-2 of common equity in TVG-Edmentum Holdings, LLC and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of June 30, 2026, the Company's stated value of the Company's Class B-1 and Class B-2 common equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.
(21)The Company holds Class A common units in DCA TopCo LP and two first lien term loans in DCA Buyer, LLC, a wholly-owned subsidiary of DCA TopCo LP.
(22)The Company holds common shares in New Benevis Topco, LLC, and a first lien last out term loan and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.
(23)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.
(24)The Company holds Class A-1 common units in Jawbreaker Topco, L.P., and two first lien term loans, a first lien delayed draw term loan and a first lien revolver in Jawbreaker Parent, Inc, a wholly-owned subsidiary of Jawbreaker Topco, L.P.
(25)The Company holds Class A common units and Class B common units in New ACI Holdings, LLC, one subordinated loan in New ACI Intermediate II, LLC and two first lien term loans in New ACI Buyer, LLC, a wholly-owned subsidiary of New ACI Holdings, LLC.
(26)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and five first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.
(27)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $1,632.
(28)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and two first lien term loans in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.
(29)The Company holds Class A-1 Common Units in Ambrosia Topco LLC and two first lien term loans, two subordinated loans and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.
The accompanying notes are an integral part of these consolidated financial statements.
30
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

(30)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its Series A and Series B preferred equity investment, plus unpaid compounded dividends, was $3,835 and $3,691, respectively.
(31)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of June 30, 2026, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,810.
(32)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its share, plus unpaid compounded dividends, was $14,279.
(33)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $19,839.
(34)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of June 30, 2026, the Company's stated value of its share, plus unpaid compounded dividends, was $27,116.
(35)The Company holds common units in Notorious Buyer, LLC, and a first lien term loan, a subordinated loan, and a first lien revolver in Notorious Topco, LLC and Notorious Holdings, LLC, two wholly-owned subsidiaries of Notorious Buyer, LLC.
The accompanying notes are an integral part of these consolidated financial statements.
31
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)


(36)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of June 30, 2026 and December 31, 2025, along with transactions during the six months ended June 30, 2026 in which the issuer was a non-controlled/affiliated investment, is as follows:
Portfolio CompanyFair Value at December 31, 2025Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at June 30, 2026Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$18,337 $— $— $6,141 $24,478 $— $625 $735 $— 
Sierra Hamilton Holdings Corporation2,000 — — — 2,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC40,365 3,119 — (9)43,475 — 2,454 666 125 
Total Non-Controlled/Affiliated Investments$60,702 $3,119 $— $6,132 $69,953 $— $3,079 $1,401 $125 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.


The accompanying notes are an integral part of these consolidated financial statements.
32
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(in thousands, except shares)
(unaudited)

(37)    Denotes investments in which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of June 30, 2026 and December 31, 2025, along with transactions during the six months ended June 30, 2026 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2025Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at June 30, 2026Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
National HME, Inc./NHME Holdings Corp.$— $— $(12,872)$12,872 $— $(12,872)$— $— $— 
New Benevis Topco, LLC / New Benevis Holdco, Inc.154,464 7,255 (76,831)5,199 90,087 (5,717)5,147 — — 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.63,833 2,982 — (1,000)65,815 — 2,983 — 250 
NM NL Holdings, L.P.106,096 5,926 (3,729)4,010 112,303 (2)— 4,400 99 
NM GP Holdco, LLC390 75 (19)(28)418 — — 22 — 
NM YI LLC8,641 — — 46 8,687 — — 466 — 
NMFC Senior Loan Program III LLC160,000 — — (2,128)157,872 — — 10,560 — 
NMFC Senior Loan Program IV LLC112,400 — — (6,868)105,532 — — 7,166 — 
UniTek Global Services, Inc.73,181 6,609 — 9,739 89,529 — — 6,610 500 
Total Controlled Investments$679,005 $22,847 $(93,451)$21,842 $630,243 $(18,591)$8,130 $29,224 $849 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
*    All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.
**    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 June 30, 2026, 19.7% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

Derivative Instruments
Interest Rate Swaps
Company ReceivesCompany Pays
Counter PartyFair Value at Hedge ItemReferenceSpreadReferenceSpreadMaturity DateFair Market ValueUpfront Payments/ReceiptsChange in Unrealized Appreciation (Depreciation)(A)
Morgan Stanley Bank N.A.February 2029 NotesFIXED6.88 %SOFR(M)2.82 %02/2029$34 $— $(5,613)
Morgan Stanley Bank N.A.October 2027 NotesFIXED6.20 %SOFR(M)2.88 %10/2027(2,968)— (2,601)
Total Interest Rate Swaps$(2,934)$— $(8,214)
(A)For interest rate swaps designated in qualifying hedge relationships, the changes in fair value are recorded in interest expense within the Company's Consolidated Statement of Operations.

The accompanying notes are an integral part of these consolidated financial statements.
33
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 2026
(unaudited)

June 30, 2026
Investment TypePercent of Total
Investments at Fair Value
First lien63.49 %
Second lien3.24 %
Subordinated4.30 %
Structured Finance Obligations 0.14 %
Equity and other28.83 %
Total investments100.00 %
 
June 30, 2026
Industry TypePercent of Total
Investments at Fair Value
Business Services20.69 %
Software16.52 %
Healthcare16.11 %
Investment Funds (includes investments in joint ventures)11.64 %
Consumer Services6.11 %
Financial Services & Technology5.78 %
Net Lease5.30 %
Education5.17 %
Distribution & Logistics4.33 %
Packaging3.89 %
Energy2.96 %
Food & Beverage0.93 %
Consumer Products0.57 %
Total investments100.00 %
 
June 30, 2026
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates87.78 %
Fixed rates12.22 %
Total investments100.00 %

The accompanying notes are an integral part of these consolidated financial statements.
34
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
 December 31, 2025
(in thousands, except shares)
Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (2)(11)(12)SOFR(M)5.25%9.07%12/202112/2027$22,502 $22,398 $22,502 
First lien (3)(10)(12)SOFR(M)5.25%9.07%12/202112/202720,009 19,932 20,009 
First lien (4)(12)SOFR(M)5.25%9.07%01/202212/20279,500 9,463 9,500 
First lien (4)(12)SOFR(M)5.25%9.07%12/202112/20277,300 7,267 7,300 
Subordinated (3)(10)(12)FIXED(Q)*
11.50%/PIK
11.50%12/202112/203117,649 17,527 17,418 
Subordinated (4)(12)FIXED(Q)*
11.50%/PIK
11.50%01/202212/20316,921 6,873 6,831 
83,460 83,560 7.03 %
Associations Finance, Inc.
Associations, Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(Q)6.50%10.66%05/202407/202848,932 48,915 48,932 
First lien (3)(12)(15) - DrawnSOFR(Q)6.50%10.66%05/202407/20281,639 1,639 1,639 
Subordinated (3)(12)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20309,173 9,158 9,356 
Subordinated (3)(12)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20303,503 3,497 3,593 
63,209 63,520 5.35 %
GC Waves Holdings, Inc.
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(M)4.50%8.22%08/202110/203035,918 35,742 35,918 
First lien (5)(12)SOFR(M)4.50%8.22%08/202110/203021,233 21,180 21,233 
56,922 57,151 4.81 %
Einstein Parent, Inc.
SoftwareFirst lien (3)(10)(12)SOFR(Q)6.50%10.36%01/202501/203135,582 35,292 35,226 
First lien (2)(11)(12)SOFR(Q)6.50%10.36%01/202501/203120,000 19,800 19,800 
55,092 55,026 4.63 %
iCIMS, Inc.
SoftwareFirst lien (3)(10)(12)SOFR(Q)5.75%9.61%09/202308/202844,742 44,590 43,538 
First lien (3)(10)(12)SOFR(Q)6.25%10.11%10/202208/20287,366 7,332 7,253 
First lien (3)(12)(15) - DrawnSOFR(Q)5.75%9.59%08/202208/20281,165 1,160 1,134 
53,082 51,925 4.37 %
The accompanying notes are an integral part of these consolidated financial statements.
35
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(Q)5.25%8.92%08/201905/2028$25,079 $25,049 $25,079 
First lien (5)(12)SOFR(Q)5.25%8.92%08/201905/202821,074 21,048 21,074 
First lien (3)(10)(12)SOFR(Q)5.25%8.92%08/201905/20282,878 2,874 2,878 
First lien (3)(12)(15) - DrawnSOFR(Q)5.25%8.92%08/201905/20281,786 1,779 1,786 
First lien (3)(12)(15) - DrawnSOFR(Q)5.25%8.92%03/202405/2028448 446 448 
51,196 51,265 4.31 %
Model N, Inc.
HealthcareFirst lien (2)(11)(12)SOFR(Q)4.75%8.42%06/202406/203143,774 43,592 43,774 3.68 %
IG Intermediateco LLC
Infogain Corporation
Business ServicesFirst lien (2)(11)(12)SOFR(M)5.75%9.57%07/202107/202818,324 18,263 18,324 
First lien (2)(11)(12)SOFR(M)5.75%9.57%07/202207/20287,685 7,647 7,685 
Subordinated (3)(12)SOFR(Q)7.50%11.27%07/202207/202916,661 16,534 16,661 
42,444 42,670 3.59 %
Deca Dental Holdings LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)5.75%9.52%08/202108/202836,710 36,543 35,715 
First lien (3)(10)(12)SOFR(Q)5.75%9.52%08/202108/20283,864 3,846 3,760 
First lien (3)(10)(12)SOFR(Q)5.75%9.52%08/202108/20273,027 2,997 2,945 
43,386 42,420 3.57 %
Foreside Financial Group, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)5.25%9.22%05/202209/202736,810 36,683 36,810 
First lien (3)(10)(12)SOFR(Q)5.25%9.22%05/202209/20274,033 4,012 4,033 
First lien (3)(12)(15) - DrawnSOFR(Q)5.25%9.08%03/202409/2027460 457 460 
41,152 41,303 3.48 %
Foundational Education Group, Inc.
EducationSecond lien (5)(12)SOFR(Q)6.50%10.60%08/202108/202922,500 22,436 22,500 
Second lien (3)(10)(12)SOFR(Q)6.50%10.60%08/202108/202910,965 10,754 10,965 
First lien (2)(11)SOFR(Q)3.75%7.85%05/202508/20286,350 5,871 5,871 
39,061 39,336 3.31 %
Acumatica Holdings, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(Q)4.75%8.42%07/202507/203239,188 39,188 39,188 3.30 %
The accompanying notes are an integral part of these consolidated financial statements.
36
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
MRI Software LLC
SoftwareFirst lien (5)(12)SOFR(Q)4.75%8.42%01/202002/2028$21,205 $21,183 $21,205 
First lien (3)(10)(12)SOFR(Q)4.75%8.42%03/202102/20287,512 7,506 7,512 
First lien (2)(11)(12)SOFR(Q)4.75%8.42%03/202102/20284,474 4,471 4,474 
First lien (2)(11)(12)SOFR(Q)4.75%8.42%01/202002/20283,075 3,072 3,075 
First lien (3)(10)(12)SOFR(Q)4.75%8.42%01/202002/2028785 784 785 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.44%01/202002/2028400 398 400 
37,414 37,451 3.15 %
TigerConnect, Inc.
HealthcareFirst lien (3)(10)(12)SOFR(Q)6.25%10.25%02/202208/202929,875 29,728 29,875 
First lien (2)(12)(15) - DrawnSOFR(Q)6.25%10.25%02/202208/20293,741 3,741 3,741 
First lien (3)(10)(12)SOFR(Q)6.25%10.25%08/202508/20293,054 3,033 3,054 
First lien (3)(12)(15) - DrawnSOFR(Q)6.25%10.25%08/202508/202942 42 42 
36,544 36,712 3.09 %
CentralSquare Technologies, LLC
SoftwareFirst lien (2)(11)(12)SOFR(M)5.75%9.47%04/202404/203036,497 36,162 36,497 3.07 %
Auctane Inc. (fka Stamps.com Inc.)
Distribution & LogisticsFirst lien (3)(10)(12)SOFR(S)5.75%9.58%10/202110/202836,155 35,985 36,155 3.04 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)5.00%8.84%09/202109/202832,471 32,329 32,471 
First lien (3)(10)(12)SOFR(Q)5.00%8.84%03/202409/20282,517 2,517 2,517 
34,846 34,988 2.94 %
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
HealthcareFirst lien (2)(11)(12)SOFR(Q)6.09%10.20%03/202103/202824,172 24,034 24,172 
First lien (3)(10)(12)SOFR(Q)6.09%10.02%03/202103/20285,012 5,001 5,012 
First lien (2)(11)(12)SOFR(Q)6.24%10.25%04/202503/20284,706 4,687 4,706 
33,722 33,890 2.85 %
The accompanying notes are an integral part of these consolidated financial statements.
37
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Fortis Solutions Group, LLC
PackagingFirst lien (2)(11)(12)SOFR(Q)5.50%9.27%10/202110/2028$29,234 $29,095 $29,234 
First lien (3)(10)(12)SOFR(Q)5.50%9.27%06/202210/2028972 974 972 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.50%9.27%10/202110/2027834 826 834 
First lien (3)(12)SOFR(Q)5.50%9.27%10/202110/202879 78 79 
30,973 31,119 2.62 %
Nelipak Holding Company
PackagingFirst lien (3)(10)(12)(13)EURIBOR(Q)5.50%7.52%03/202403/2031€16,357 17,614 19,214 
First lien (2)(11)(12)SOFR(Q)5.50%9.17%03/202403/2031$8,932 8,878 8,932 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.50%9.17%03/202403/2031$2,168 2,152 2,168 
First lien (3)(10)(12)(13)(15) - DrawnSOFR(M)5.50%9.23%03/202403/2031$392 389 392 
First lien (3)(12)(15) - DrawnEURIBOR(M)5.50%7.44%03/202403/2031€105 121 123 
29,154 30,829 2.59 %
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (4)(12)SOFR(Q)5.75%9.57%08/202208/202922,163 22,118 22,163 
First lien (2)(11)(12)SOFR(Q)5.75%9.57%06/202408/20298,175 8,175 8,175 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)5.75%9.63%08/202208/202961 64 61 
30,357 30,399 2.56 %
DOCS, MSO, LLC
HealthcareFirst lien (3)(10)(12)SOFR(M)5.75%9.63%06/202206/202818,149 18,149 18,149 
First lien (4)(12)SOFR(M)5.75%9.63%06/202206/20286,797 6,797 6,797 
First lien (3)(10)(12)SOFR(M)5.75%9.57%02/202506/20283,354 3,335 3,354 
28,281 28,300 2.38 %
Bullhorn, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(M)5.00%8.72%09/201910/202913,206 13,177 13,206 
First lien (2)(11)(12)SOFR(M)5.00%8.72%05/202410/20298,879 8,976 8,879 
First lien (2)(11)(12)SOFR(M)5.00%8.72%10/202110/20293,398 3,395 3,398 
First lien (3)(10)(12)SOFR(M)5.00%8.72%05/202410/20291,025 1,023 1,025 
First lien (2)(11)(12)SOFR(M)5.00%8.72%09/201910/2029761 759 761 
First lien (2)(11)(12)SOFR(M)5.00%8.72%09/201910/2029341 340 341 
First lien (2)(11)(12)SOFR(M)5.00%8.72%09/201910/2029272 271 272 
First lien (3)(12)(15) - DrawnSOFR(M)5.00%8.72%09/201910/2029125 127 125 
28,068 28,007 2.36 %
The accompanying notes are an integral part of these consolidated financial statements.
38
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
PetVet Care Centers, LLC
Consumer ServicesFirst lien (2)(11)(12)SOFR(M)6.00%9.72%10/202311/2030$27,861 $27,646 $26,649 
First lien (3)(10)(12)(15) - DrawnSOFR(M)6.00%9.84%10/202311/2029371 367 355 
28,013 27,004 2.27 %
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
HealthcareFirst lien (2)(11)(12)SOFR(Q)*
2.75% + 3.25%/PIK
9.77%08/202108/202822,643 22,547 18,114 
First lien (3)(10)(12)SOFR(Q)*
2.75% + 3.25%/PIK
9.77%08/202108/20284,346 4,319 3,477 
First lien (3)(10)(12)SOFR(Q)*
2.75% + 3.25%/PIK
9.77%08/202108/20284,014 3,994 3,211 
First lien (3)(12)(15) - DrawnSOFR(Q)5.50%9.27%08/202108/20272,330 2,307 1,864 
33,167 26,666 2.24 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(12)SOFR(Q)4.75%8.74%11/201912/203021,661 21,638 21,661 
First lien (2)(11)(12)SOFR(Q)4.75%8.74%04/202512/20304,309 4,289 4,309 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.60%04/202512/2030394 392 394 
26,319 26,364 2.22 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(10)(12)SOFR(S)5.50%9.62%02/202202/202818,769 18,729 18,626 
First lien (2)(11)(12)SOFR(Q)5.50%9.62%02/202202/20285,223 5,211 5,183 
First lien (3)(10)(12)SOFR(S)5.50%9.62%02/202202/2028686 684 681 
24,624 24,490 2.06 %
PDI TA Holdings, Inc.
SoftwareFirst lien (4)(12)SOFR(Q)5.50%9.34%01/202402/203122,171 22,081 22,171 
First lien (3)(12)(15) - DrawnSOFR(Q)5.50%9.34%01/202402/20311,342 1,335 1,342 
First lien (3)(10)(12)SOFR(Q)5.50%9.34%03/202502/2031509 509 509 
23,925 24,022 2.02 %
Diamond Parent Holdings Corp. (24)
Diligent Corporation
SoftwareFirst lien (2)(11)(12)SOFR(Q)5.00%8.82%04/202408/203019,821 19,763 19,821 
First lien (3)(10)(12)SOFR(Q)5.00%8.82%04/202408/20303,398 3,388 3,398 
First lien (3)(12)(15) - DrawnSOFR(Q)5.00%8.75%04/202408/2030532 530 532 
23,681 23,751 2.00 %
The accompanying notes are an integral part of these consolidated financial statements.
39
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)(12)SOFR(Q)*
9.00%/PIK
12.97%11/201905/2029$23,738 $23,683 $19,640 
Second lien (2)(11)(12)SOFR(Q)*
9.00%/PIK
12.97%11/201905/20294,440 4,421 3,673 
28,104 23,313 1.96 %
Xactly Corporation
SoftwareFirst lien (4)(12)SOFR(Q)6.25%10.17%07/201707/202722,500 22,489 22,232 1.87 %
FS WhiteWater Holdings, LLC(26)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)(12)SOFR(Q)5.25%9.07%12/202112/20298,449 8,410 8,449 
First lien (3)(10)(12)SOFR(Q)5.25%9.07%07/202212/20294,710 4,682 4,710 
First lien (5)(12)SOFR(Q)5.25%9.07%12/202112/20292,836 2,822 2,836 
First lien (5)(12)SOFR(Q)5.25%9.07%12/202112/20292,818 2,805 2,818 
First lien (5)(12)(15) - DrawnSOFR(S)5.25%9.26%03/202512/20292,533 2,508 2,533 
First lien (3)(10)(12)(15) - DrawnSOFR(S)5.25%9.26%03/202512/2029846 837 846 
22,064 22,192 1.87 %
Baker Tilly Advisory Group, LP
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(M)4.75%8.47%05/202406/203115,602 15,504 15,602 
First lien (2)(11)(12)SOFR(M)4.25%7.97%05/202506/20315,782 5,756 5,782 
First lien (3)(10)(12)SOFR(M)4.25%7.97%07/202506/2031378 376 378 
21,636 21,762 1.83 %
Sierra Enterprises, LLC
Food & BeverageFirst lien (2)(11)(12)SOFR(Q)6.00%9.67%05/202505/203021,357 21,213 21,197 1.78 %
Brave Parent Holdings, Inc.
SoftwareFirst lien (5)(12)SOFR(M)4.25%7.97%11/202311/203021,124 21,040 21,124 1.78 %
Cardinal Parent, Inc.
Financial Services & TechnologyFirst lien (4)SOFR(Q)4.50%8.32%10/202011/202711,609 11,581 11,366 
Second lien (4)(12)SOFR(Q)7.75%11.58%11/202011/20289,767 9,721 9,653 
21,302 21,019 1.77 %
Low Voltage Holdings Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.75%8.42%04/202504/203217,038 16,979 16,975 
First lien (3)(10)(12)SOFR(Q)4.75%8.42%04/202504/20321,422 1,417 1,417 
18,396 18,392 1.55 %
Viper Bidco. Inc.
Business ServicesFirst lien (3)(10)(12)(13)SONIA(D)4.75%8.47%11/202411/2031£11,910 15,037 16,051 
First lien (3)(10)(12)SOFR(Q)4.75%8.42%11/202411/20312,306 2,294 2,306 
17,331 18,357 1.54 %
The accompanying notes are an integral part of these consolidated financial statements.
40
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (3)(10)(12)SOFR(M)*
3.25%/PIK + 2.00%
8.97%01/202407/2029$22,939 $22,392 $14,820 
First lien (3)(10)(12)SOFR(M)*
3.00%/PIK + 1.00%
7.72%03/202407/20294,057 2,878 2,594 
Subordinated (2)(12)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031337 337 337 
Subordinated (3)(12)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031325 325 325 
25,932 18,076 1.52 %
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (3)(10)(12)SOFR(M)(17)*
6.75%/PIK + 0.50%
11.22%09/201509/202729,879 29,842 17,999 
First lien (3)(12)SOFR(M)(17)*
14.50%/PIK + 0.50%
18.97%06/202109/20271,527 1,527 — 
Subordinated (3)(12)SOFR(Q)(17)*
1.00%/PIK
5.14%03/202109/20275,230 — — 
31,369 17,999 1.51 %
Bonterra LLC
SoftwareFirst lien (2)(11)(12)SOFR(Q)4.75%8.42%03/202503/203214,989 14,955 14,952 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)4.75%8.69%03/202503/20321,629 1,629 1,625 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.44%03/202503/2032244 244 244 
16,828 16,821 1.42 %
Power Grid Holdings, Inc.
Business ProductsFirst lien (4)(12)SOFR(Q)4.75%8.42%11/202312/203015,597 15,511 15,597 
First lien (3)(12)(15) - DrawnP(Q)3.75%10.50%11/202312/2030429 425 429 
15,936 16,026 1.35 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(12)SOFR(M)4.50%8.22%02/202002/202814,473 14,461 14,473 
First lien (5)(12)SOFR(M)4.50%8.22%02/202402/20281,241 1,236 1,241 
First lien (3)(10)(12)(15) - DrawnSOFR(M)4.50%8.22%02/202002/2028270 269 270 
15,966 15,984 1.35 %
Digicert, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(M)5.75%9.47%07/202507/203015,462 15,354 15,346 1.29 %
Coupa Holdings, LLC
SoftwareFirst lien (2)(11)(12)SOFR(Q)5.25%9.09%02/202302/203014,243 14,123 14,243 1.20 %
The accompanying notes are an integral part of these consolidated financial statements.
41
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Daxko Acquisition Corporation
Financial Services & TechnologyFirst lien (3)(10)(12)SOFR(M)4.75%8.47%10/202110/2028$12,746 $12,686 $12,746 
First lien (2)(11)(12)SOFR(M)4.75%8.47%10/202110/20281,074 1,069 1,074 
First lien (3)(12)SOFR(M)4.75%8.47%10/202110/202864 64 64 
13,819 13,884 1.17 %
CFS Management, LLC
HealthcareFirst lien (3)(10)(12)SOFR(Q)*
3.41% + 5.09%/PIK
12.43%08/201909/202612,124 12,124 10,608 
First lien (2)(11)(12)SOFR(Q)*
3.41% + 5.09%/PIK
12.43%08/201909/20263,612 3,621 3,161 
15,745 13,769 1.16 %
eResearchTechnology, Inc.
HealthcareFirst lien (2)(11)(12)SOFR(M)4.75%8.47%03/202501/203211,380 11,275 11,380 
First lien (3)(10)(12)SOFR(M)4.75%8.47%03/202501/20321,889 1,877 1,889 
First lien (3)(10)(12)(15) - DrawnSOFR(M)4.75%8.47%03/202501/2032301 290 301 
13,442 13,570 1.14 %
Houghton Mifflin Harcourt Company
EducationFirst lien (2)(11)SOFR(M)5.25%9.07%10/202304/202914,336 14,044 12,689 1.07 %
USRP Holdings, Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(M)5.00%8.72%07/202112/202912,396 12,341 12,396 1.04 %
Convey Health Solutions, Inc.
HealthcareFirst lien (2)(11)(12)SOFR(Q)*
1.00% + 3.94%/PIK
8.71%09/201907/202913,518 13,475 9,869 
First lien (2)(11)(12)SOFR(Q)*
1.00% + 3.94%/PIK
8.71%02/202207/20292,257 2,244 1,648 
15,719 11,517 0.97 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.50%8.44%06/202106/20298,345 8,310 8,345 
First lien (2)(11)(12)SOFR(Q)4.50%8.50%06/202106/20292,798 2,784 2,798 
11,094 11,143 0.94 %
Anaplan, Inc.
SoftwareFirst lien (2)(11)(12)SOFR(Q)4.50%8.32%06/202206/202910,513 10,456 10,513 0.88 %
Project Accelerate Parent, LLC
Financial Services & TechnologyFirst lien (5)(12)SOFR(M)5.25%8.97%02/202402/203110,413 10,372 10,413 0.88 %
The accompanying notes are an integral part of these consolidated financial statements.
42
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(Q)*
2.25% + 2.75%/PIK
8.84%01/202502/2032$8,187 $8,169 $8,167 
First lien (3)(12)(15) - DrawnSOFR(Q)4.50%8.34%01/202502/20321,919 1,914 1,914 
10,083 10,081 0.85 %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (2)(11)(12)SOFR(Q)*
6.75% + 2.00%/PIK
12.42%07/202107/20278,582 8,553 8,582 
First lien (3)(10)(12)(15) - DrawnSOFR(M)*
6.75% + 2.00%/PIK
12.47%07/202107/20261,089 1,078 1,089 
9,631 9,671 0.81 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)(10)(12)SOFR(M)5.50%9.22%07/202507/20339,512 9,466 9,464 0.80 %
Ultimus Group Midco, LLC
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(Q)4.75%8.42%07/202507/20329,116 9,073 9,070 0.76 %
Denali Intermediate Holdings, Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(M)5.50%9.23%08/202508/20329,091 9,047 9,045 0.76 %
Planview Parent, Inc.
SoftwareSecond lien (3)(10)(12)SOFR(Q)5.75%9.42%06/202412/20289,231 9,212 8,827 0.74 %
Alegeus Technologies Holdings Corp.
HealthcareFirst lien (3)(10)(12)SOFR(Q)6.50%10.34%10/202411/20298,382 8,297 8,382 0.71 %
KPSKY Acquisition Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(Q)5.50%9.44%10/202110/20286,756 6,724 6,331 
First lien (3)(10)(12)SOFR(Q)5.50%9.46%06/202210/20281,137 1,130 1,066 
First lien (3)(10)(12)SOFR(Q)5.50%9.53%10/202110/2028774 770 726 
First lien (3)(12)SOFR(Q)5.75%9.67%11/202310/202819 18 18 
8,642 8,141 0.69 %
HP TLE Buyer, Inc.
EducationFirst lien (2)(11)(12)SOFR(Q)4.75%8.42%06/202507/20328,168 8,129 8,127 0.68 %
Compsych Investments Corp.
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.75%8.61%07/202407/20317,790 7,741 7,790 0.66 %
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & TechnologyFirst lien (4)(12)SOFR(M)4.50%8.25%09/202409/20317,113 7,082 7,113 0.60 %
RLG Holdings, LLC
PackagingFirst lien (2)(11)SOFR(M)4.25%8.08%09/202507/20287,184 5,816 4,419 
First lien (2)(11)SOFR(M)5.00%8.72%06/202407/20284,163 4,109 2,613 
9,925 7,032 0.59 %
The accompanying notes are an integral part of these consolidated financial statements.
43
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(12)SOFR(Q)*
7.25%/PIK
11.10%12/202512/2030$4,692 $4,692 $4,692 
Subordinated (3)(12)SOFR(Q)*
9.00%/PIK
12.85%12/202512/20312,252 2,252 2,252 
6,944 6,944 0.58 %
Legends Hospitality Holding Company, LLC
Business ServicesFirst lien (5)(12)SOFR(M)*
2.75% + 2.75%/PIK
9.23%08/202408/20316,250 6,198 6,250 
First lien (5)(12)(15) - DrawnSOFR(M)5.00%8.73%08/202408/2031296 293 296 
First lien (3)(12)(15) - DrawnSOFR(M)5.00%8.73%08/202408/2030233 230 233 
6,721 6,779 0.57 %
OEConnection LLC
Business ServicesFirst lien (2)(11)SOFR(M)4.50%8.23%04/202412/20326,609 6,582 6,620 0.56 %
PPVA Black Elk (Equity) LLC
Business ServicesSubordinated (3)(12)———05/2013—14,500 14,500 6,525 0.55 %
Flash Charm Inc. (fka Idera, Inc.)
SoftwareSecond lien (4)SOFR(Q)6.75%10.75%06/201903/20296,474 6,463 5,697 
Second lien (3)(10)SOFR(Q)6.75%10.75%04/202103/2029863 862 760 
7,325 6,457 0.54 %
CRCI Longhorn Holdings, Inc.
Business ServicesFirst lien (2)(11)(12)SOFR(M)4.75%8.47%08/202408/20316,451 6,423 6,451 0.54 %
Next Holdco, LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)5.25%9.09%11/202311/20306,264 6,232 6,264 0.53 %
Greenway Health, LLC
HealthcareFirst lien (3)(10)(12)SOFR(Q)6.75%10.42%12/202304/20296,238 6,175 6,238 0.52 %
Fullsteam Operations LLC
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(Q)5.25%9.11%08/202508/20316,223 6,193 6,192 0.52 %
Vehlo Purchaser, LLC
SoftwareFirst lien (3)SOFR(M)5.50%9.22%06/202505/20286,073 6,022 6,042 0.51 %
NC Topco, LLC
Financial Services & TechnologyFirst lien (2)(11)(12)SOFR(M)4.50%8.22%08/202409/20315,862 5,838 5,862 0.49 %
RailPros Parent, LLC
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.25%8.13%05/202505/20325,828 5,801 5,799 0.49 %
Healthspan Buyer, LLC
HealthcareFirst lien (3)(10)(12)SOFR(Q)4.75%8.42%10/202310/20305,018 4,980 5,018 0.42 %
The accompanying notes are an integral part of these consolidated financial statements.
44
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
WEG Sub Intermediate Holdings, LLC
Financial Services & TechnologySubordinated (3)(12)FIXED(Q)*
13.00%/PIK
13.00%05/202305/2033$4,665 $4,623 $4,665 0.39 %
Logrhythm, Inc.
SoftwareFirst lien (3)(12)SOFR(Q)7.50%11.34%07/202407/20294,196 4,148 3,994 0.34 %
AI Altius US Bidco, Inc.
Business ServicesFirst lien (3)(10)(12)SOFR(S)4.75%8.36%05/202412/20283,062 3,051 3,062 0.26 %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business ServicesFirst lien (3)(10)(12)SOFR(M)4.75%8.57%05/202105/20273,046 3,038 3,046 0.26 %
Meta Buyer LLC
HealthcareFirst lien (2)(11)SOFR(S)5.25%8.94%12/202512/20312,987 2,972 2,972 0.25 %
DCA Investment Holding, LLC
HealthcareFirst lien (2)(11)(12)SOFR(Q)(17)8.41%12.08%03/202104/20281,786 1,781 1,574 
First lien (3)(10)(12)SOFR(Q)(17)8.50%12.17%12/202204/20281,000 994 882 
2,775 2,456 0.21 %
Mai Capital Management Intermediate LLC
Financial Services & TechnologyFirst lien (3)(10)(12)(15) - DrawnSOFR(Q)4.75%8.42%06/202508/20311,979 1,959 1,979 
First lien (3)(12)(15) - DrawnSOFR(Q)4.75%8.43%06/202508/203157 57 57 
2,016 2,036 0.17 %
CoreTrust Purchasing Group LLC
Business ServicesFirst lien (3)(10)(12)SOFR(M)5.00%8.72%05/202410/20291,470 1,463 1,470 0.12 %
DT1 Midco Corp
Business ServicesFirst lien (2)(11)(12)SOFR(M)5.00%8.72%06/202512/20311,342 1,335 1,335 
First lien (3)(12)(15) - DrawnSOFR(M)5.00%8.72%06/202512/203132 32 32 
1,367 1,367 0.12 %
Community Management Holdings MidCo 2, LLC
Business ServicesFirst lien (3)(10)(12)SOFR(Q)4.75%8.44%07/202511/20311,291 1,279 1,291 
First lien (3)(10)(12)(15) - DrawnSOFR(M)4.75%8.48%07/202511/20319 9 9 
1,288 1,300 0.11 %
Reorganized Careismatic Brands, LLC
HealthcareTrust Claim(2)(12)———06/202406/2029152 152 152 
Trust Claim(3)(12)———06/202406/202952 52 52 
204 204 0.02 %
The accompanying notes are an integral part of these consolidated financial statements.
45
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
PPVA Fund, L.P.
Business ServicesCollateralized Financing (17)(18)———11/2014—$— $— $— — %
Total Funded Debt Investments - United States$1,802,143 $1,752,265 147.45 %
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business ServicesFirst lien (3)(10)(12)SOFR(S)*
3.50% + 2.00%/PIK
9.40%07/202407/2031$19,815 $19,903 $19,815 
First lien (2)(11)(12)SOFR(S)*
3.50% + 2.00%/PIK
9.40%06/202507/203116,245 16,245 16,245 
First lien (2)(11)(12)SOFR(S)*
3.50% + 2.00%/PIK
9.26%06/202507/2031890 890 890 
37,038 36,950 3.11 %
Total Funded Debt Investments - Jersey$37,038 $36,950 3.11 %
Funded Debt Investments - United Kingdom
Ciklum Inc.**
Business ServicesFirst lien (2)(11)(12)SOFR(Q)6.50%10.45%02/202402/2030$9,440 $9,351 $9,440 
First lien (3)(10)(12)SOFR(Q)6.50%10.44%02/202402/20305,339 5,280 5,339 
14,631 14,779 1.24 %
Total Funded Debt Investments - United Kingdom$14,631 $14,779 1.24 %
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business ServicesFirst lien (2)(11)(12)SOFR(Q)4.75%8.61%06/202512/2029$4,463 $4,453 $4,463 
First lien (3)(10)(12)SOFR(Q)4.75%8.61%12/202212/20293,411 3,377 3,411 
First lien (3)(10)(12)SOFR(Q)4.75%8.61%12/202312/20291,328 1,319 1,328 
9,149 9,202 0.77 %
Adelaide Borrower, LLC**
Business ServicesFirst lien (3)(10)(12)SOFR(Q)*
3.38% + 3.38%/PIK
10.42%05/202405/20304,780 4,743 4,780 
First lien (3)(10)(12)(15) - DrawnSOFR(Q)6.25%9.98%05/202405/2030120 119 120 
4,862 4,900 0.41 %
Total Funded Debt Investments - Australia$14,011 $14,102 1.18 %
Total Funded Debt Investments$1,867,823 $1,818,096 152.98 %
Equity - United States
Dealer Tire Holdings, LLC(34)
Distribution & LogisticsPreferred shares (3)(10)(12)FIXED(A)*
7.00%/PIK
7.00%09/2021—56,271 $81,859 $87,225 7.34 %
The accompanying notes are an integral part of these consolidated financial statements.
46
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Symplr Software Intermediate Holdings, Inc. (33)
HealthcareSeries A preferred shares (4)(12)SOFR(Q)*
10.50%/PIK
14.31%11/2018—7,500 $18,953 $18,204 
Series A preferred shares (3)(10)(12)SOFR(Q)*
10.50%/PIK
14.31%11/2018—2,586 6,534 6,276 
25,487 24,480 2.06 %
Diamond Parent Holdings Corp. (24)
Diligent Preferred Issuer, Inc.
SoftwarePreferred shares (3)(12)FIXED(S)*
10.50%/PIK
10.50%04/2021—10,000 15,702 15,036 1.27 %
Knockout Intermediate Holdings I Inc.(32)
SoftwarePreferred shares (3)(12)SOFR(S)*
10.75%/PIK
14.35%06/2022—8,313 13,248 13,324 1.12 %
HBWM Holdings, LLC(31)
Financial Services & TechnologyCommon units(8)(12)FIXED(Q)*4.00%4.00%09/2021—47,114 4,776 10,854 0.91 %
Notorious Buyer, LLC(35)
Consumer ProductsCommon stock (3)(12)———12/2025—375 7,339 7,339 0.62 %
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) (30)
PackagingSeries A preferred shares (3)(12)FIXED(A)*
15.00%/PIK
15.00%05/2024—2,900 3,335 3,335 
Series B preferred shares (3)(12)FIXED(A)(17)*
11.50%/PIK
11.50%05/2024—3,691 2,565 3,009 
Ordinary shares (3)(12)———05/2024—290 145 — 
6,045 6,344 0.53 %
FS WhiteWater Holdings, LLC(26)
Consumer ServicesOrdinary shares (5)(12)———12/2021—50,000 5,000 5,357 0.45 %
Firebird Co-Invest L.P.(19)
Business ServicesLP Interest (3)(12)———01/2025—3,358,474 3,358 3,358 0.28 %
Eclipse Topco, Inc.(27)
Financial Services & TechnologyPreferred shares (4)(12)FIXED(S)*
12.50%/PIK
12.50%09/2024—190 2,207 2,228 0.19 %
Pioneer Topco I, L.P.
SoftwareClass A-2 common units(9)(12)———11/2021—199,980 2,000 2,200 0.19 %
ACI Parent Inc.(25)
HealthcarePreferred shares (3)(12)FIXED(Q)(17)*
11.75%/PIK
11.75%08/2021—12,500 20,124 2,087 0.18 %
Ambrosia Topco LLC
Distribution & LogisticsClass A-1 common units(2)(12)———01/2024—126,536 1,348 590 
Class A-1 common units(3)(12)———01/2024—122,044 1,300 569 
2,648 1,159 0.10 %
The accompanying notes are an integral part of these consolidated financial statements.
47
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
GEDC Equity, LLC
HealthcareParticipation Interest(3)(12)———06/2023—190,000 $190 $50 — %
AAC Lender Holdings, LLC(23)
EducationOrdinary shares (3)(12)———03/2021—758 — — — %
Total Shares - United States$189,983 $181,041 15.24 %
Total Shares$189,983 $181,041 15.24 %
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment FundStructured Finance Obligation(3)(12)SOFR(Q)7.00%10.86%11/202401/20373,232 $3,232 $3,277 0.28 %
Total Structured Finance Obligations - United States$3,232 $3,277 0.28 %
Warrants - United States
Reorganized Careismatic Brands, LLC
HealthcareWarrants (2)(12)———06/202406/2029138,622 $182 $272 
Warrants (3)(12)———06/202406/202947,459 62 93 
244 365 0.03 %
Total Warrants - United States$244 $365 0.03 %
Total Funded Investments$2,061,282 $2,002,779 168.53 %
Unfunded Debt Investments - United States
OEConnection LLC
Business ServicesFirst lien (3)(15) - Undrawn———04/202412/2026$495 $— $1 
First lien (3)(15) - Undrawn———04/202412/2032618 (3)— 
(3)1 0.00 %
Community Management Holdings MidCo 2, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202511/2026602 — — — %
Notorious Buyer, LLC (35)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(12)(15) - Undrawn———12/202512/2030938 — — — %
DOCS, MSO, LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———06/202206/20282,405 — — — %
AAC Lender Holdings, LLC(23)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (3)(12)(15) - Undrawn———01/202109/20272,652 — — — %
The accompanying notes are an integral part of these consolidated financial statements.
48
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Ambrosia Holdco Corp(29)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (3)(12)(15) - Undrawn———10/202410/2026$2,695 $— $— — %
AI Altius US Bidco, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202405/20263,077 — — — %
Riskonnect Parent, LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———03/202403/20266,349 — — — %
Acumatica Holdings, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———07/202507/20329,403 — — — %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (3)(12)(15) - Undrawn———07/202107/2026113 (1)— — %
CoreTrust Purchasing Group LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202405/2026147 (1)— — %
Mai Capital Management Intermediate LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———06/202506/20271,709 — — 
First lien (3)(12)(15) - Undrawn———06/202508/2031251 (1)— 
(1)— — %
PDI TA Holdings, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———01/202402/2031488 (2)— — %
Next Holdco, LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———11/202311/2029339 (3)— — %
YLG Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———04/202511/2026271 (1)— 
First lien (3)(12)(15) - Undrawn———11/201912/2030309 (2)— 
(3)— — %
The accompanying notes are an integral part of these consolidated financial statements.
49
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
NC Topco, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———08/202408/2026$1,672 $— $— 
First lien (3)(12)(15) - Undrawn———08/202409/2031669 (3)— 
(3)— — %
Associations, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202407/20282,186 (1)— 
First lien (3)(12)(15) - Undrawn———05/202407/20283,077 (2)— 
(3)— — %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202105/2027417 (4)— — %
Legends Hospitality Holding Company, LLC
Business ServicesFirst lien (5)(12)(15) - Undrawn———08/202408/202661 — — 
First lien (3)(12)(15) - Undrawn———08/202408/2030483 (5)— 
(5)— — %
CRCI Longhorn Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———08/202408/20261,629 — — 
First lien (3)(12)(15) - Undrawn———08/202408/20311,086 (5)— 
(5)— — %
Bullhorn, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———05/202405/2026822 — — 
First lien (3)(12)(15) - Undrawn———09/201910/2029811 (6)— 
(6)— — %
Wealth Enhancement Group, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———08/202110/20282,040 (6)— — %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (3)(12)(15) - Undrawn———06/202106/2029818 (8)— — %
Project Accelerate Parent, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———02/202402/20311,510 (8)— — %
The accompanying notes are an integral part of these consolidated financial statements.
50
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (3)(12)(15) - Undrawn———02/202002/2028$1,529 $(8)$— — %
MRI Software LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———01/202002/20281,602 (8)— — %
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———08/202208/2029426 (9)— — %
USRP Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202112/2029893 (9)— — %
Daxko Acquisition Corporation
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———10/202110/2028986 (10)— — %
eResearchTechnology, Inc.
HealthcareFirst lien (3)(12)(15) - Undrawn———03/202501/20271,847 — — 
First lien (3)(12)(15) - Undrawn———03/202510/20311,074 (11)— 
(11)— — %
Healthspan Buyer, LLC
HealthcareFirst lien (3)(12)(15) - Undrawn———10/202310/20301,229 (12)— — %
Coupa Holdings, LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———02/202306/20271,291 — — 
First lien (3)(12)(15) - Undrawn———02/202302/2029989 (12)— 
(12)— — %
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———03/202503/202764 — — 
First lien (5)(12)(15) - Undrawn———03/202503/2027191 — — 
First lien (3)(12)(15) - Undrawn———12/202112/20291,400 (14)— 
(14)— — %
Compsych Investments Corp.
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202407/20272,253 (14)— — %
The accompanying notes are an integral part of these consolidated financial statements.
51
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Viper Bidco. Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———11/202411/2026$1,838 $— $— 
First lien (3)(12)(15) - Undrawn———11/202411/20313,320 (17)— 
(17)— — %
GS Acquisitionco, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———03/202403/2026759 — — 
First lien (3)(12)(15) - Undrawn———08/201905/20283,036 (19)— 
(19)— — %
Diamond Parent Holdings Corp. (24)
Diligent Corporation
SoftwareFirst lien (3)(12)(15) - Undrawn———04/202408/20301,733 (6)— 
First lien (3)(12)(15) - Undrawn———04/202404/20263,398 (13)— 
(19)— — %
Fortis Solutions Group, LLC
PackagingFirst lien (3)(12)(15) - Undrawn———10/202110/20272,026 (20)— — %
Foreside Financial Group, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———03/202403/20262,849 — — 
First lien (3)(12)(15) - Undrawn———05/202209/20272,311 (21)— 
(21)— — %
Eclipse Topco, Inc. (27)
Eclipse Buyer Inc.
Financial Services & TechnologyFirst lien (4)(12)(15) - Undrawn———09/202409/20261,206 — — 
First lien (3)(12)(15) - Undrawn———09/202409/20314,190 (21)— 
(21)— — %
Model N, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———06/202406/20269,047 — — 
First lien (3)(12)(15) - Undrawn———06/202406/20314,825 (24)— 
(24)— — %
The accompanying notes are an integral part of these consolidated financial statements.
52
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Nelipak Holding Company
PackagingFirst lien (3)(12)(15) - Undrawn———03/202403/2027$1,332 $— $— 
First lien (3)(10)(12)(13)(15) - Undrawn———03/202403/2027€6,411 — — 
First lien (3)(10)(12)(13)(15) - Undrawn———03/202403/2031€1,092 (8)— 
First lien (3)(12)(15) - Undrawn———03/202403/2031$2,221 (17)— 
(25)— — %
Baker Tilly Advisory Group, LP
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———05/202506/20272,122 — — 
First lien (3)(12)(15) - Undrawn———05/202406/20303,707 (26)— 
(26)— — %
Infogain Corporation
Business ServicesFirst lien (3)(12)(15) - Undrawn———07/202107/20283,827 (29)— — %
GC Waves Holdings, Inc.
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———10/201910/20303,951 (30)— — %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———12/202112/20273,659 (37)— — %
IG Investments Holdings, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———09/202109/20283,780 (38)— — %
Power Grid Holdings, Inc.
Business ProductsFirst lien (3)(12)(15) - Undrawn———11/202312/20303,861 (39)— — %
TigerConnect, Inc.
HealthcareFirst lien (3)(12)(15) - Undrawn———02/202208/20294,267 (43)— — %
CentralSquare Technologies, LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———04/202404/20303,980 (50)— — %
The accompanying notes are an integral part of these consolidated financial statements.
53
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Meta Buyer LLC
HealthcareFirst lien (3)(15) - Undrawn———12/202512/2031$819 $— $— 
First lien (3)(15) - Undrawn———12/202512/2031409 — — 
First lien (3)(15) - Undrawn———12/202512/2031536 (2)(2)
(2)(2)(0.00)%
Bonterra LLC
SoftwareFirst lien (3)(12)(15) - Undrawn———03/202503/2027— — — 
First lien (3)(12)(15) - Undrawn———03/202503/20321,384 (3)(3)
(3)(3)(0.00)%
ACI Parent Inc.(25)
ACI Group Holdings, Inc.
HealthcareFirst lien (3)(12)(15) - Undrawn———08/202108/202724 — (5)(0.00)%
Denali Intermediate Holdings, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———08/202508/2032909 (5)(5)(0.00)%
Digicert, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———07/202507/20301,119 (8)(8)(0.00)%
HP TLE Buyer, Inc.
EducationFirst lien (3)(12)(15) - Undrawn———06/202507/20321,797 (9)(9)(0.00)%
Firebird Co-Invest L.P. (19)
Firebird Acquisition Corp, Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———01/202502/20321,422 (4)(4)
First lien (3)(12)(15) - Undrawn———01/202502/20272,814 — (7)
(4)(11)(0.00)%
Xactly Corporation
SoftwareFirst lien (3)(12)(15) - Undrawn———07/201707/2027992 (10)(12)(0.00)%
Fullsteam Operations LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———08/202508/2031691 (3)(3)
First lien (3)(12)(15) - Undrawn———08/202508/20272,074 — (10)
(3)(13)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
54
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
RailPros Parent, LLC
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202505/2032$899 $(4)$(4)
First lien (3)(12)(15) - Undrawn———05/202505/20271,798 — (9)
(4)(13)(0.00)%
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———02/202202/20281,969 (10)(15)(0.00)%
Logrhythm, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———07/202407/2029420 (6)(20)(0.00)%
Sierra Enterprises, LLC
Food & BeverageFirst lien (3)(12)(15) - Undrawn———05/202505/20302,717 (20)(20)(0.00)%
Ultimus Group Midco, LLC
Financial Services & TechnologyFirst lien (3)(12)(15) - Undrawn———07/202507/20321,139 (6)(6)
First lien (3)(12)(15) - Undrawn———07/202501/20283,039 — (15)
(6)(21)(0.00)%
DT1 Midco Corp
Business ServicesFirst lien (3)(12)(15) - Undrawn———06/202512/2030674 (3)(3)
First lien (3)(12)(15) - Undrawn———06/202504/20274,462 — (22)
(3)(25)(0.00)%
Low Voltage Holdings Inc.
Business ServicesFirst lien (3)(12)(15) - Undrawn———04/202504/2032819 (3)(3)
First lien (3)(12)(15) - Undrawn———04/202504/20322,317 (9)(9)
First lien (3)(12)(15) - Undrawn———04/202510/20273,698 — (14)
(12)(26)(0.00)%
Einstein Parent, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———01/202501/20315,750 (57)(57)(0.00)%
iCIMS, Inc.
SoftwareFirst lien (3)(12)(15) - Undrawn———08/202208/20282,365 (21)(64)(0.01)%
The accompanying notes are an integral part of these consolidated financial statements.
55
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
PetVet Care Centers, LLC
Consumer ServicesFirst lien (3)(12)(15) - Undrawn———10/202311/2029$3,337 $(33)$(145)(0.01)%
Total Unfunded Debt Investments - United States$(843)$(473)(0.02)%
Unfunded Debt Investments - Australia
Adelaide Borrower, LLC**
Business ServicesFirst lien (3)(12)(15) - Undrawn———05/202405/2026$1,048 $— $— 
First lien (3)(12)(15) - Undrawn———05/202405/2030547 (5)— 
(5)— — %
Atlas AU Bidco Pty Ltd**
Business ServicesFirst lien (3)(12)(15) - Undrawn———12/202212/2028790 (6)— — %
Total Unfunded Debt Investments - Australia$(11)$— — %
Unfunded Debt Investments - UK
Ciklum Inc.**
Business ServicesFirst lien (3)(12)(15) - Undrawn———02/202402/2030$2,989 $(37)$— — %
Total Unfunded Debt Investments - UK$(37)$— — %
Total Unfunded Debt Investments $(891)$(473)(0.02)%
Total Non-Controlled/Non-Affiliated Investments$2,060,391 $2,002,306 168.51 %
Non-Controlled/Affiliated Investments (36)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (20)
Edmentum Ultimate Holdings, LLC
EducationSubordinated (3)(12)SOFR(Q)*
14.00%/PIK
17.67%12/202001/2028$26,646 $26,596 $26,646 2.24 %
Eagle Infrastructure Super HoldCo, LLC (28)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business ServicesFirst lien (2)(11)(12)SOFR(Q)7.50%11.32%03/202304/202810,628 10,628 10,628 
First lien (3)(12)SOFR(Q)7.50%11.32%03/202304/2028340 340 340 
10,968 10,968 0.92 %
The accompanying notes are an integral part of these consolidated financial statements.
56
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Permian Holdco 3, Inc.
Permian Trust
EnergyTrust Claim(7)(12)FIXED(Q)(17)*
10.00%/PIK
10.00%03/2021—$247 $— $— 
First lien (3)(12)SOFR(Q)(17)*
10.00%/PIK
11.00%07/2020—3,409 — — 
— — — %
Total Funded Debt Investments - United States$37,564 $37,614 3.16 %
Equity - United States
TVG-Edmentum Holdings, LLC(20)
EducationSeries C-2 Preferred Units(3)(12)FIXED(Q)*
15.00%/PIK
15.00%05/2024—3,480 $8,719 $8,719 
Class B-1 Common Shares (3)(13)———12/2020—24,450 43,212 5,000 
Class B-2 Common Shares (3)(13)———12/2020—24,450 24,839 — 
76,770 13,719 1.15 %
Eagle Infrastructure Super HoldCo, LLC
Business ServicesOrdinary shares (3)(12)———03/2023—72,536 4,104 7,369 0.62 %
Sierra Hamilton Holdings Corporation
EnergyOrdinary shares (2)(12)———07/2017—25,000,000 11,501 1,799 
Ordinary shares (3)(12)———07/2017—2,786,000 1,282 201 
12,783 2,000 0.17 %
Total Shares - United States$93,657 $23,088 1.94 %
Total Non-Controlled/Affiliated Investments$131,221 $60,702 5.10 %
Controlled Investments (37)
Funded Debt Investments - United States
New Benevis Topco, LLC (22)
New Benevis Holdco, Inc.
HealthcareFirst lien (2)(12)FIXED(Q)*
12.00%/PIK
12.00%10/202010/2028$51,933 $51,933 $51,933 
First lien (3)(10)(12)FIXED(Q)*
12.00%/PIK
12.00%10/202010/202845,204 45,204 45,204 
Subordinated (3)(12)FIXED(M)*
12.00%/PIK
12.00%10/202010/202826,878 26,483 26,878 
123,620 124,015 10.44 %
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(10)(12)(15) - DrawnSOFR(Q)6.00%9.93%10/202012/202728,497 28,497 28,497 
First lien (3)(10)(12)SOFR(Q)9.00%12.93%10/202012/202723,336 23,336 23,336 
51,833 51,833 4.36 %
The accompanying notes are an integral part of these consolidated financial statements.
57
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
NHME Holdings Corp. (21)
National HME, Inc.
HealthcareSecond lien (3)(12)SOFR(Q)(17)*
5.00%/PIK
9.25%11/201811/2025$8,281 $7,872 $— — %
Total Funded Debt Investments - United States$183,325 $175,848 14.80 %
Equity - United States
NMFC Senior Loan Program III LLC**
Investment FundMembership interest (3)(12)———05/2018—— $160,000 $160,000 13.47 %
NMFC Senior Loan Program IV LLC**
Investment FundMembership interest (3)(12)———05/2021—— 112,400 112,400 9.46 %
NM NL Holdings, L.P.**
Net LeaseMembership interest (6)(12)———06/2018—— 74,248 106,096 8.93 %
UniTek Global Services, Inc.
Business ServicesPreferred shares (3)(12)FIXED(Q)*
20.00%/PIK
20.00%08/2018—64,485,636 61,162 64,486 
Preferred shares (3)(12)———06/2017—80,994,293 29,318 8,695 
Preferred shares (2)(12)———01/2015—29,326,545 26,946 — 
Preferred shares (3)(12)———01/2015—141,354,439 7,447 — 
Ordinary shares (2)(12)———01/2015—2,096,477 1,925 — 
Ordinary shares (3)(12)———01/2015—9,236,492 532 — 
127,330 73,181 6.16 %
New Benevis Topco, LLC (22)
HealthcareCommon stock (2)(12)———10/2020—325,516 27,155 20,733 
Common stock (3)(12)———10/2020—152,548 12,768 9,716 
39,923 30,449 2.56 %
New Permian Holdco, Inc.
EnergyOrdinary shares (3)(12)———10/2020—100 11,155 12,000 1.01 %
NM YI, LLC
Net LeaseMembership interest (6)(12)———09/2019—— 6,272 8,641 0.73 %
NM GP Holdco, LLC**
Net LeaseMembership interest (6)(12)———06/2018—— 850 390 0.03 %
NHME Holdings Corp.(21)
HealthcareOrdinary shares (3)(12)———11/2018—640,000 4,000 — — %
Total Shares - United States$536,178 $503,157 42.35 %
Total Shares$536,178 $503,157 42.35 %
The accompanying notes are an integral part of these consolidated financial statements.
58
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

Portfolio Company, Location and Industry(1)Type of
Investment		ReferenceSpreadTotal Coupon (16)Acquisition DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (14)		CostFair ValuePercent of
Net
Assets
Warrants - United States
NHME Holdings Corp. (21)
HealthcareWarrants (3)(12)———11/201801/2033160,000 $1,000 $— — %
Total Warrants - United States$1,000 $— — %
Total Funded Investments$720,503 $679,005 57.15 %
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(12)(15) - Undrawn———10/202012/2027$3,397 $— $— — %
Total Unfunded Debt Investments - United States$— $— — %
Total Controlled Investments$720,503 $679,005 57.15 %
Total Investments$2,912,115 $2,742,013 230.76 %
(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
(2)Investment is held by New Mountain Finance Holdings, L.L.C.
(3)Investment is held by New Mountain Finance Corporation
(4)Investment is held by New Mountain Finance SBIC, L.P.
(5)Investment is held by New Mountain Finance SBIC II, L.P.
(6)Investment is held by New Mountain Net Lease Corporation.
(7)Investment is held by NMF Permian Holdings, LLC.
(8)Investment is held by NMF HB, Inc.
(9)Investment is held by NMF Pioneer, Inc.
(10)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details
(11)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. Borrowings, for details.
(12)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(13)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $16,051 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $19,212, $7,529, $1,282 and $123, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(14)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").
(15)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(16)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2025.
(17)Investment is on non-accrual status as of December 31, 2025. See Note 3. Investments, for details.
The accompanying notes are an integral part of these consolidated financial statements.
59
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

(18)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of December 31, 2025. See Note 2. Summary of Significant Accounting Policies, for details.
(19)The Company holds an LP Interest in Firebird Co-Invest L.P. and holds a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P.
(20)The Company holds ordinary shares and Class B-1 and B-2 of preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. As of December 31, 2025, the Company's stated value of the Company's Class B-1 and Class B-2 preferred equity investments, plus unpaid compounded dividends, was $48,080 and $29,707, respectively.
(21)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.
(22)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.
(23)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.
(24)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $15,827.
(25)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. . The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $20,249.
(26)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and five first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.
(27)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $2,226.
(28)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.
(29)The Company holds Class A-1 Common Units in Ambrosia Topco LLC and two first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.
(30)The Company's Series A preferred equity investment and Series B preferred equity investment in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) are entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its Series A and Series B preferred equity investment, plus unpaid compounded dividends, was $3,335 and $4,116, respectively.
(31)The Company's common equity investment in HBWM Holdings, LLC. is entitled to receive cumulative return that are calculated using the unreturned original investment plus any unpaid capitalized dividends. As of December 31, 2025, the Company's unreturned original investment, plus any unpaid compounded dividends, was $4,776.
(32)The Company's preferred equity investment in Knockout Intermediate Holdings I, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its share, plus unpaid compounded dividends, was $13,323.
(33)The Company's Series A preferred equity investment in Symplr Software Intermediate Holdings, Inc. is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment, plus unpaid compounded dividends, was $25,639.
(34)The Company's preferred equity investment in Dealer Tire Holdings, LLC is entitled to receive cumulative preferred dividends that are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its share, plus unpaid compounded dividends, was $90,671.
(35)The Company holds common units in Notorious Buyer, LLC, and a first lien term loan, a subordinated loan, and a first lien revolver in Notorious Topco, LLC and Notorious Holdings, LLC, two wholly-owned subsidiaries of Notorious Buyer, LLC.

The accompanying notes are an integral part of these consolidated financial statements.
60
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)

(36)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2024Gross
Additions (A)		Gross
Redemptions
(B)		Net Change In Unrealized Appreciation (Depreciation)Fair Value at December 31, 2025Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC$19,156 $— $— $(819)$18,337 $— $1,321 $— $— 
Sierra Hamilton Holdings Corporation2,000 — — — 2,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC91,620 6,967 — (58,222)40,365 — 4,357 2,594 250 
Total Non-Controlled/Affiliated Investments$112,776 $6,967 $— $(59,041)$60,702 $— $5,678 $2,594 $250 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
(37)    Denotes investments in which the Company “Controls”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2025 and December 31, 2024 along with transactions during the year ended December 31, 2025 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2024Gross
Additions
(A)		Gross
Redemptions
(B)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2025Net Realized Gains (Losses)Interest
Income		Dividend
Income		Other
Income
National HME, Inc./NHME Holdings Corp.$3,000 $— $— $(3,000)$— $— $— $— $— 
New Benevis Topco, LLC / New Benevis Holdco, Inc.140,102 21,456 — (7,094)154,464 — 14,309 — 1,383 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.63,076 7,657 — (6,900)63,833 — 5,759 — 500 
NM NL Holdings, L.P.104,512 — — 1,584 106,096 — — 8,740 — 
NM GP Holdco, LLC322 — — 68 390 — — 44 — 
NM YI LLC9,960 — — (1,319)8,641 — — 886 — 
NMFC Senior Loan Program III LLC160,000 — — — 160,000 — — 22,600 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 15,315 — 
UniTek Global Services, Inc.107,524 72,385 (60,582)(46,146)73,181 38,898 516 10,851 1,070 
Total Controlled Investments$700,896 $101,498 $(60,582)$(62,807)$679,005 $38,898 $20,584 $58,436 $2,953 

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
*    All or a portion of interest contains PIK interest.
**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2025, 15.4% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.
The accompanying notes are an integral part of these consolidated financial statements.
61
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2025
(in thousands, except shares)



December 31, 2025
Investment TypePercent of Total Investments at Fair Value
First lien66.30 %
Second lien3.33 %
Subordinated4.43 %
Structured Finance Obligations0.12 %
Equity and other25.82 %
Total investments100.00 %
 
December 31, 2025
Industry TypePercent of Total
Investments at Fair Value
Software19.22 %
Business Services18.84 %
Healthcare16.91 %
Investment Funds (includes investments in joint ventures)10.05 %
Consumer Services7.03 %
Financial Services & Technology6.28 %
Distribution & Logistics5.78 %
Education4.32 %
Net Lease4.20 %
Packaging2.75 %
Energy2.40 %
Food & Beverage0.77 %
Business Products0.58 %
Consumer Products0.52 %
Specialty Chemicals & Materials0.35 %
Total investments100.00 %
 
December 31, 2025
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates83.69 %
Fixed rates16.31 %
Total investments100.00 %

The accompanying notes are an integral part of these consolidated financial statements.
62

Notes to the Consolidated Financial Statements of
New Mountain Finance Corporation
 
June 30, 2026
(in thousands, except shares and per share data)
(unaudited)
Note 1. Formation and Business Purpose
New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through June 30, 2026, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.
New Mountain Finance Advisers, L.L.C. (the “Investment Adviser”), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.
The Company has established the following wholly-owned direct and indirect subsidiaries:
•New Mountain Finance Holdings, L.L.C. ("NMF Holdings"), whose assets are used to secure NMF Holdings’ credit facility;
•New Mountain Finance SBIC, L.P. ("SBIC I"), New Mountain Finance SBIC II, L.P. ("SBIC II") and New Mountain Finance SBIC III, L.P. ("SBIC III"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "SBIC Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP") and New Mountain Finance SBIC III G.P., L.L.C. ("SBIC III GP"), respectively;
•NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB") and NMF Pioneer, Inc. ("NMF Pioneer") which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates these corporations for accounting purposes but the corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and
•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.
New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.
NMFC is a BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.
63
Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.
NMFC primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.
Similar to the Company, the investment objective of each of SBIC I, SBIC II and SBIC III is to generate current income and capital appreciation under the investment criteria used by the Company. However, investments made by SBIC I, SBIC II and SBIC III must be in SBA eligible small businesses.
The Company’s portfolio may be concentrated in a limited number of industries. As of June 30, 2026, the Company’s top five industry concentrations were business services, software, healthcare, investment funds (which includes the Company's investments in its joint ventures) and consumer services.
Note 2. Summary of Significant Accounting Policies
Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, SBIC III, SBIC III GP, NMF QID, NMF YP, NMF Permian, NMF HB and NMF Pioneer and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.
The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.
The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.
Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.
The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:
(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.
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(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.
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
b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:
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
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).
(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:
a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;
b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;
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
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 interest rate risk, which we seek to mitigate through derivative transactions.
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The Company enters into derivative financial instruments to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. These instruments primarily include interest rate swaps. All derivative financial instruments are recognized as derivative assets at fair value or derivative liabilities at fair value, as applicable.
The Company has entered into an International Swaps and Derivatives Association, Inc. 2002 Master Agreement, (together with the Schedule and Credit Support Annex thereto and any transactions thereunder, the "ISDA Master Agreement"), on March 18, 2024, with a derivative counterparty (the “ISDA Counterparty”). The ISDA Master Agreement is a bilateral agreement between the Company and the ISDA Counterparty that governs over-the-counter derivatives, into which the Company enters for hedging purposes. The ISDA Master Agreement provides for, among other things, collateral posting terms and netting provisions in the event of certain specified defaults and/or termination events, including bankruptcy or insolvency of the counterparty. The ISDA Master Agreement also includes termination rights that permit the termination of outstanding transactions by the ISDA Counterparty in the event the Company fails to maintain sufficient asset levels, and by the Company in the event the ISDA Counterparty is downgraded below a specified minimum rating level. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. The collateral terms of the ISDA Master Agreement provide for the bilateral posting of collateral in the form of cash or U.S. government securities for any outstanding exposure under the transactions. In the case of the Company, the agreement provides for the segregation of posted collateral at the Company’s custodian subject to a perfected security interest in favor of the ISDA Counterparty. Upon the close-out of the transactions outstanding under the ISDA Master Agreement following a default, the ISDA Master Agreement provides for a single net payment between the parties equal to the close-out replacement value of the terminated transactions, the right to offset receivables and payables with the same counterparty and/or the right to liquidate collateral.
Interest rate swaps are agreements to exchange interest payments based upon notional amounts and subject the Company to market risk associated with changes in interest rates and changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company designates all interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship. As a result, the change in fair value of the hedging instrument and hedged item are recorded in "Interest expense" and recognized as components of "Interest expense" in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swap is included as a component of "Derivative asset at fair value" or "Derivative liability at fair value" on the Company’s Consolidated Statements of Assets and Liabilities. Derivative assets at fair value and derivative liabilities at fair value, including variation margin as applicable, are included in the "Net change due to hedging activity" line item in the operating section in the Company’s Consolidated Statements of Cash Flows.
The Company elected not to offset derivative assets and liabilities and cash collateral held with the same counterparty where it has a legally enforceable master netting agreement.
Refer to Note 4. Fair Value and Note 7. Borrowings for more information on derivative instruments and hedging activities.
New Mountain Net Lease Corporation
NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments as of June 30, 2026 are disclosed on the Company's Consolidated Schedule of Investments.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.
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Below is certain summarized property information for NMNLC as of June 30, 2026:
Lease Total Fair Value as of
Portfolio CompanyTenantExpiration DateLocationSquare FeetJune 30, 2026
NM NL Holdings LP / NM GP Holdco LLCVariousVariousVariousVarious$112,721 
NM YI, LLCYoung Innovations, Inc.10/31/2039IL / MO2128,687 
$121,408 
Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. Upon the counterparty's failure to perform its contractual obligation to repurchase the collateral, the Company's asset no longer represents an interest-bearing collateralized agreement to resell but instead represents a contractual claim in the liquidation proceedings.
As of June 30, 2026, the Company held one claim related to the collateralized agreement to resell with a cost basis of $30,000 and a fair value of $5,700. As of December 31, 2025, the Company held one collateralized agreement to resell with a cost basis of $30,000 and a fair value of $13,500.
The claim arises from a collateralized agreement to resell that was guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral.
A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund.
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 June 30, 2026 and December 31, 2025. The cash deposits are FDIC insured up to $250 per ownership category, per institution.
Revenue recognition
Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.
Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2026, the Company recognized PIK interest from investments of $5,415 and $10,552, respectively, and non-cash dividends from investments of $4,882 and $10,203, respectively. For the three and six months ended June 30, 2025, the Company recognized PIK interest from investments of $6,888 and $14,476, respectively, and non-cash dividends from investments of $6,642 and $14,830, respectively.
Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.
Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK
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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.
Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.
Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.
Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.
Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.
Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.
To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.
Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.
For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.
The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.
Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.
The following table summarizes the current income tax expense (benefit), deferred income tax (benefit) provision and total income tax (benefit) provision, for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Current income tax expense (benefit)$19 $8 $23 $(11)
Deferred income tax (benefit) provision (59)21 (146)43 
Total income tax (benefit) provision $(40)$29 $(123)$32 
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As of June 30, 2026 and December 31, 2025, the Company had $1,670 and $1,819, respectively, of deferred tax liabilities, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.
Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2025. The 2022 through 2025 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.
Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.
The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.
The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on NASDAQ Global Select Market ("NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.
If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.
Stock repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Old Repurchase Program"). On October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100,000 worth of the Company's common stock (the "Repurchase Program"). On April 28, 2026, the Company's board of directors authorized the repurchase of up to an additional $50,000 of the Company's common stock under the Repurchase Program. Giving effect to the increase, the Repurchase Program authorizes the Company to repurchase up to $150,000 worth of its common stock.
Under the Old Repurchase Program and the Repurchase Program, the Company is permitted, but is not obligated, to repurchase its outstanding shares of common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50,000 of the Company's common stock. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150,000 worth of its common stock have been repurchased.
During the three and six months ended June 30, 2026, the Company repurchased a total of 1,122,761 and 8,185,998 shares, respectively, of the Company's common stock in the open market for $8,966 and $65,563, respectively, including commissions paid. During the three and six months ended June 30, 2025, the Company repurchased 925,216 and 925,216 shares, respectively, of the Company's common stock in the open market for $9,642 and $9,642, respectively, including commissions paid. Since the inception of the Repurchase Program through June 30, 2026, the Company repurchased $70,462 worth of its common stock under the Repurchase Program.
Earnings (loss) per share—The Company's earnings (loss) per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted
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EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.
Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.
Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.
Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.
Note 3. Investments
At June 30, 2026, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
CostFair Value
First lien$1,510,307 $1,453,636 
Second lien88,279 74,299 
Subordinated98,129 98,429 
Structured Finance Obligations3,232 3,191 
Equity and other764,481 660,250 
Total investments$2,464,428 $2,289,805 

Investment Cost and Fair Value by Industry
CostFair Value
Business Services$515,611 $473,876 
Software405,761 378,288 
Healthcare398,944 368,847 
Investment Funds (includes investments in joint ventures)275,632 266,595 
Consumer Services144,795 139,986 
Financial Services & Technology128,804 132,238 
Net Lease83,623 121,408 
Education199,121 118,313 
Distribution & Logistics109,253 99,060 
Packaging88,305 89,056 
Energy78,754 67,816 
Food & Beverage21,100 21,250 
Consumer Products14,725 13,072 
Total investments$2,464,428 $2,289,805 

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At December 31, 2025, the Company’s investments consisted of the following:
Investment Cost and Fair Value by Type
CostFair Value
First lien$1,854,022 $1,818,215 
Second lien104,890 91,179 
Subordinated128,705 121,487 
Structured Finance Obligations 3,232 3,277 
Equity and other821,266 707,855 
Total investments$2,912,115 $2,742,013 

Investment Cost and Fair Value by Industry
CostFair Value
Software$533,638 $526,440 
Business Services573,549 516,701 
Healthcare517,598 463,591 
Investment Funds (includes investments in joint ventures)275,632 275,677 
Consumer Services193,415 192,842 
Financial Services & Technology165,745 172,215 
Distribution & Logistics162,382 158,599 
Education195,960 118,507 
Net Lease81,370 115,127 
Packaging76,052 75,324 
Energy75,771 65,833 
Food & Beverage21,193 21,177 
Business Products15,897 16,026 
Consumer Products14,283 14,283 
Specialty Chemicals & Materials9,630 9,671 
Total investments$2,912,115 $2,742,013 
As of June 30, 2026, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of June 30, 2026, the Company's positions in AAC on non-accrual status had total unearned interest income of $1,417 and $2,784, respectively, for the three and six months then ended.
During the second quarter of 2024, the Company placed its junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2026, the Company's junior preferred shares in Transcendia had total unearned income of $124 and $242, respectively, for the three and six months then ended.
During the first quarter of 2026, the Company placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of June 30, 2026, the Company's first lien positions in Convey had total unearned income of $359 and $687, respectively, for the three and six months then ended.
During the second quarter of 2026, the Company placed its Series A preferred shares in Symplr Software Intermediate Holdings, Inc. ("Symplr") on non-accrual status. As of June 30, 2026, the Company's preferred shares in Symplr had total unearned income of $709 and $709, respectively, for the three and six months then ended.
For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies.

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PPVA Black Elk (Equity) LLC
On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.
In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.
On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. As a result of the settlement and the counterparty's failure to satisfy its contractual obligations, the Company's rights under the SPP Agreement have been converted into a contractual claim being pursued through the Cayman Islands liquidation proceedings. Accordingly, the Company no longer classifies the asset as a collateralized securities purchase and put agreement and instead classifies the position as a claim. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, 2026, the claim had a cost basis of $14,500 and a fair value of $2,755. As of December 31, 2025, the SPP Agreement had a cost basis of $14,500 and a fair value of $6,525.
NMFC Senior Loan Program III LLC
NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III initially had a five year investment period and will continue in existence until August 7, 2030. On August 6, 2025, the investment period was extended until August 7, 2028. The investment period may be extended for up to one additional year subject to certain conditions.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2026, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on August 6, 2025, the maturity date of SLP III's revolving credit facility was extended from January 8, 2029 to August 6, 2030, and the reinvestment period was extended from July 8, 2027 to August 7, 2028.
On August 6, 2025, SLP III entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on August 6, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $941,000 of which $830,000 of the facility amount is attributed to Class A lenders and $111,000 is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600,000, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of the SOFR plus 1.80% and Class B advances bear interest at a rate of the SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of the SOFR plus 5.05%. From July 3, 2024 to August 6, 2025, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%.
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As of June 30, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $919,844 and $941,427, respectively, and debt outstanding under its credit facility of $800,700 and $672,700, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $4,400 and $6,867, respectively.
During the first quarter of 2026, SLP III placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP III's first lien positions in Convey had total unearned income of $208 and $416, respectively, for the three and six months then ended.
Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
First lien investments (1)$990,055 $971,559 
Weighted average interest rate on first lien investments (2)7.45 %8.36 %
Number of portfolio companies in SLP III105 105 
Largest portfolio company investment (1)$19,692 $19,791 
Total of five largest portfolio company investments (1)$93,091 $93,239 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
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The following table is a listing of the individual investments in SLP III's portfolio as of June 30, 2026:
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.98%10/2032$16,404 $16,099 $15,625 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.51%12/20272,315 2,312 2,082 
AmSpec Parent, LLCEnergySOFR(Q)3.00%7.23%12/20319,445 9,431 9,489 
Ardonagh Midco 3 LimitedBusiness ServicesSOFR(S)3.00%6.63%02/20311,980 1,972 1,922 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/20303,600 3,508 3,569 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/20301,975 1,950 1,956 
Asurion, LLCBusiness ServicesSOFR(Q)3.75%7.41%02/203312,968 12,905 12,296 
athenahealth Group Inc.HealthcareSOFR(M)3.25%6.89%02/20323,086 3,086 3,058 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.89%12/203010,916 10,866 10,787 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.50%7.14%12/20327,164 7,062 7,090 
Bella Holding Company, LLCHealthcareSOFR(M)3.25%6.89%06/20337,702 7,625 7,648 
Berlin Packaging L.L.C.PackagingSOFR(Q)3.25%6.97%06/20318,691 8,690 8,659 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.89%05/20289,004 8,990 9,044 
Capstone Borrower, Inc.Business ServicesSOFR(Q)2.75%6.48%06/20309,106 8,681 8,757 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.38%11/202711,566 11,481 10,246 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.00%6.67%10/20312,105 2,105 2,111 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.73%04/20328,427 8,389 8,213 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.41%06/203217,411 17,258 17,091 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.49%10/202813,989 13,858 10,919 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.89%04/20329,289 9,285 8,945 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.25%6.98%03/20329,560 9,533 9,349 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.76%11/20284,579 4,569 4,084 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.73%02/20296,706 6,691 6,748 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.49%09/202811,452 11,444 10,577 
Convey Health Solutions, Inc.HealthcareSOFR(Q)(3)
1.31% + 3.94%/PIK
9.08%07/20298,814 8,707 1,103 
CoreLogic, Inc. (fka First American Corporation, The)Business ServicesSOFR(M)3.50%7.26%06/2028796 786 788 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.51%10/20282,520 2,515 1,617 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.73%10/20299,656 9,395 9,378 
Dayforce Bidco, LLCSoftwareSOFR(Q)3.00%6.66%02/20335,549 5,382 5,076 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.64%07/203111,377 11,334 11,306 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.25%6.89%07/20328,958 8,921 8,986 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.41%10/202910,150 9,917 10,123 
EAB Global, Inc.EducationSOFR(M)3.00%6.64%08/203010,031 9,850 9,066 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.98%04/202913,794 13,659 13,894 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.64%02/203111,285 11,191 11,107 
Embecta Corp.HealthcareSOFR(Q)3.00%6.73%03/20293,767 3,775 3,000 
Finastra USA, Inc.Financial Services & TechnologySOFR(S)4.00%7.75%09/203212,342 12,235 11,410 
First Advantage Holdings, LLCBusiness ServicesSOFR(Q)2.75%6.48%10/20311,271 1,260 1,258 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.16%03/202810,334 10,338 8,067 
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.66%11/203110,126 9,959 8,106 
Forgent Power LLCBusiness ProductsSOFR(Q)2.25%5.95%12/203212,717 12,597 12,776 
Foundational Education Group, Inc.EducationSOFR(Q)4.25%8.18%08/202813,990 13,925 13,010 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.65%03/203110,049 10,021 10,022 
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Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Heartland Dental, LLCHealthcareSOFR(M)3.50%7.14%08/2032$13,826 $13,795 $13,852 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.77%05/202911,085 11,068 8,452 
HIG Finance 2 LimitedFinancial Services & TechnologySOFR(M)2.75%6.39%02/20316,467 6,286 6,089 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/203111,790 11,750 11,790 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/20311,118 1,118 1,118 
Houghton Mifflin Harcourt CompanyEducationSOFR(Q)5.25%9.01%04/20297,945 7,800 6,313 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.73%02/203216,558 16,458 16,475 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.08%08/202812,747 12,683 12,233 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.66%02/20337,761 7,641 7,449 
Kaseya Inc.SoftwareSOFR(Q)3.25%6.91%03/203212,756 12,734 9,928 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.41%07/20327,137 7,136 5,603 
LI Group Holdings, Inc.EducationSOFR(M)3.50%7.26%03/20283,010 3,008 3,009 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.23%03/203214,788 14,705 14,543 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.39%12/20327,897 7,860 7,925 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.62%11/20305,039 5,000 4,919 
Mavis Tire Express Services Topco, Corp.RetailSOFR(Q)3.00%6.67%05/202812,530 12,495 12,526 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.64%04/203110,328 10,291 10,352 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.66%12/20285,506 5,506 5,511 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.50%8.23%12/20282,168 2,112 2,170 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.14%11/20315,731 5,735 5,597 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.64%07/203113,941 13,876 13,526 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.89%10/20305,742 5,395 5,685 
Oak-Eagle Acquireco, Inc.Consumer ServicesSOFR(M)3.50%6.73%03/20335,470 5,388 5,490 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.24%12/202813,941 13,945 13,395 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.60%12/20319,339 9,306 9,347 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.17%10/203210,277 10,267 10,295 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(Q)2.50%6.23%07/20325,561 5,561 5,496 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.01%06/202813,878 13,455 13,818 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.64%05/20314,067 4,055 4,084 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.64%06/20312,755 2,742 2,762 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%6.91%02/20294,336 4,178 3,965 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.39%03/20314,015 4,001 2,072 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.73%12/20293,344 3,235 3,335 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% + 2.50%/PIK
7.88%12/20292,840 2,827 2,580 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)2.50%6.15%10/20327,904 7,886 7,919 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.23%12/202713,435 13,355 11,617 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.98%10/203013,437 13,253 9,816 
Pushpay USA Inc.Financial Services & TechnologySOFR(M)3.75%7.39%08/203113,833 13,815 13,003 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.98%06/20302,625 2,617 2,202 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.99%04/20285,523 5,513 5,176 
RealPage, Inc.SoftwareSOFR(Q)3.75%7.48%04/20287,441 7,348 7,015 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.48%07/203215,666 15,571 14,833 
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Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
RLG Holdings, LLCPackagingSOFR(Q)4.25%8.18%07/2028$7,069 $6,855 $4,069 
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.64%12/20305,124 5,030 5,117 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.73%02/20329,741 9,709 9,577 
Secure Acquisition, Inc.PackagingSOFR(M)3.75%7.39%12/20283,829 3,828 3,831 
SonarSource Financing, LLCSoftwareSOFR(Q)4.50%8.18%12/203011,270 11,114 10,509 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.89%08/202911,063 10,966 10,398 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.98%10/203013,096 12,994 13,085 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)7.00%10.67%04/20309,975 9,626 9,663 
Storable, Inc.SoftwareSOFR(M)3.25%6.89%04/20319,907 9,832 8,891 
Summit Acquisition Inc.Business ServicesSOFR(M)3.50%7.14%10/20316,438 6,413 6,443 
Sword Purchaser, LLCPackagingSOFR(M)4.00%7.64%04/20334,460 4,237 4,358 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.26%12/202715,160 15,125 9,998 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.98%07/20328,542 8,551 8,190 
Tegra118 Wealth Solutions, Inc.Financial Services & TechnologySOFR(Q)4.00%7.67%01/203311,756 11,668 11,808 
Tempo Acquisition, LLCBusiness ServicesSOFR(M)1.75%5.39%08/20282,134 1,798 1,810 
Therapy Brands Holdings LLCHealthcareSOFR(Q)4.00%7.93%05/20283,954 3,947 3,663 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.98%08/202813,437 13,432 13,306 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.89%03/203111,064 11,028 10,380 
UKG Inc.SoftwareSOFR(Q)2.25%5.91%02/20315,283 5,192 4,987 
US Fertility Enterprises, LLCHealthcareSOFR(Q)3.25%6.98%12/20327,515 7,479 7,548 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.89%10/202811,195 11,267 11,208 
Valcour Packaging, LLCPackagingSOFR(M)3.75%7.50%10/20283,212 3,212 2,575 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.64%10/203111,396 11,377 10,758 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.48%07/202911,131 11,124 10,957 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.64%08/203011,115 10,964 10,922 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.25%6.91%12/203219,692 19,612 18,116 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.89%11/203119,365 19,367 18,935 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%8.92%02/20285,209 5,150 5,209 
Total Funded Investments$985,655 $977,224 $919,954 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology——04/2027$2,273 $(23)$(80)
Cohnreznick Advisory LLCFinancial Services & Technology——03/2027555 — (12)
Secretariat Advisors LLCBusiness Services——02/20271,189 1 (20)
US Fertility Enterprises, LLCHealthcare——12/2027383 (2)2 
Total Unfunded Investments$4,400 $(24)$(110)
Total Investments$990,055 $977,200 $919,844 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2026.
(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.
(3)Investment is on non-accrual status as of June 30, 2026.
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The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2025:
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity DatePrincipal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.92%10/2032$16,487 $16,162 $16,435 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.58%12/20272,327 2,323 2,214 
AmSpec Parent, LLCEnergySOFR(Q)3.50%7.17%12/20319,493 9,478 9,540 
Ardonagh Midco 3 LimitedBusiness ServicesSOFR(S)2.75%6.92%02/20311,990 1,982 1,990 
Asurion, LLCBusiness ServicesSOFR(M)4.25%8.07%08/202813,000 12,931 13,039 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/20303,618 3,517 3,621 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/20301,985 1,958 1,988 
athenahealth Group Inc.HealthcareSOFR(M)2.75%6.47%02/202912,117 12,005 12,155 
Bach Finance LimitedEducationSOFR(Q)2.75%6.57%01/20322,107 2,103 2,117 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.97%12/203011,821 11,761 11,718 
Bella Holding Company, LLCHealthcareSOFR(M)3.00%6.72%05/20287,722 7,707 7,760 
Berlin Packaging L.L.C.PackagingSOFR(M)3.25%7.11%06/20318,735 8,734 8,765 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.97%05/20289,049 9,032 9,123 
Boxer Parent Company Inc.SoftwareSOFR(Q)3.00%6.82%07/20317,416 7,400 7,405 
BradyPLUS Holdings, LLCDistribution & LogisticsSOFR(Q)3.50%7.15%12/20327,182 7,075 7,118 
BW Holding, Inc.PackagingSOFR(Q)6.50%10.34%12/2030603 597 616 
Capstone Borrower, Inc.SoftwareSOFR(Q)2.75%6.40%06/20303,124 3,109 3,126 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.32%11/202711,626 11,513 11,384 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.25%7.14%10/20312,115 2,115 2,133 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.67%04/20326,719 6,711 6,747 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.48%06/203218,741 18,565 18,741 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.57%10/202814,062 13,904 13,511 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.97%04/20329,313 9,308 9,316 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.50%7.17%03/20329,114 9,092 9,177 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.83%11/20284,603 4,592 4,120 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.67%02/20296,740 6,723 6,799 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.43%09/202811,512 11,502 11,332 
Convey Health Solutions, Inc.HealthcareSOFR(Q)
1.00% + 3.94%/PIK
8.71%07/20299,123 9,012 6,661 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.58%10/20282,533 2,527 2,335 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.67%10/20299,706 9,410 8,749 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.72%07/203111,435 11,388 11,464 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.75%7.47%07/203211,008 10,959 11,050 
Disco Parent, Inc.SoftwareSOFR(Q)3.25%7.07%08/20327,250 7,233 7,304 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.61%10/202913,856 13,496 13,349 
EAB Global, Inc.EducationSOFR(M)3.00%6.72%08/203010,083 9,881 8,990 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.92%04/202913,866 13,709 13,920 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.72%02/20318,546 8,494 8,617 
Embecta Corp.HealthcareSOFR(M)3.00%6.72%03/20294,002 4,012 4,015 
Finastra USA, Inc.Financial Services & TechnologySOFR(Q)4.00%7.72%09/203212,373 12,259 12,135 
First Advantage Holdings, LLCBusiness ServicesSOFR(M)2.75%6.47%10/20314,223 4,181 4,186 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.35%03/202816,341 16,333 15,290 
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.90%11/203110,178 9,997 8,099 
Forgent Intermediate IV LLCBusiness ProductsSOFR(M)3.25%6.90%12/203212,749 12,621 12,685 
Foundational Education Group, Inc.EducationSOFR(Q)3.75%7.85%08/202814,063 13,984 13,001 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.73%03/203110,100 9,871 10,163 
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Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity DatePrincipal Amount or Par Value CostFair
Value (2)
Heartland Dental, LLCHealthcareSOFR(M)3.75%7.47%08/2032$13,896 $13,862 $13,970 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.97%05/202911,140 11,121 10,120 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.22%06/203111,849 11,806 11,849 
Houghton Mifflin Harcourt CompanyEducationSOFR(M)5.25%9.07%04/20297,986 7,818 7,069 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.67%02/203216,641 16,534 16,572 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.02%08/202812,747 12,669 12,444 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.65%02/20332,687 2,680 2,693 
Kaseya Inc.SoftwareSOFR(M)3.00%6.72%03/203212,820 12,797 12,847 
Kestra Advisor Services Holdings A, Inc.Financial Services & TechnologySOFR(M)3.00%6.72%03/20313,749 3,742 3,760 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.59%07/203213,128 13,125 13,152 
LI Group Holdings, Inc.EducationSOFR(M)3.50%7.33%03/20283,033 3,031 3,055 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.17%03/203214,863 14,774 14,590 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.40%12/20327,917 7,878 7,949 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.93%11/20302,809 2,777 2,826 
Mavis Tire Express Services Topco, Corp.RetailSOFR(M)3.00%6.72%05/202812,593 12,549 12,653 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.72%04/20319,880 9,840 9,921 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.84%12/20285,534 5,533 5,553 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.22%11/20313,510 3,523 3,519 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.72%07/203114,012 13,941 13,927 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.97%10/20305,771 5,388 5,787 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.32%12/202814,014 14,019 13,841 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.55%12/20319,085 9,051 9,134 
Orion Advisor Solutions, Inc.Financial Services & TechnologySOFR(Q)3.25%6.90%09/20301,500 1,501 1,511 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.43%10/20328,102 8,095 8,150 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(S)3.00%6.60%07/203212,357 12,327 12,423 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.08%06/202813,951 13,430 13,742 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.72%05/20314,088 4,074 4,119 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.72%06/20312,769 2,755 2,778 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%7.09%02/20298,959 8,576 8,123 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.47%03/20314,035 4,021 3,426 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.67%12/20292,360 2,303 1,974 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% +2.50%/PIK
7.82%12/20292,805 2,790 1,353 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)3.25%6.94%10/20327,924 7,904 7,968 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.17%12/202713,503 13,397 12,995 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.92%10/203013,505 13,302 13,500 
Pushpay USA Inc.Financial Services & TechnologySOFR(S)3.75%7.62%08/203113,903 13,884 13,911 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.92%06/20303,510 3,497 3,510 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.93%04/20283,047 3,043 3,048 
RealPage, Inc.SoftwareSOFR(Q)3.75%7.42%04/20284,963 4,945 4,985 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.42%07/203215,744 15,644 15,769 
RLG Holdings, LLCPackagingSOFR(M)4.25%8.08%07/20287,106 6,843 4,372 
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.65%12/20305,156 5,053 5,098 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.67%02/20328,957 8,920 8,994 
Secure Acquisition, Inc.PackagingSOFR(Q)3.75%7.42%12/2028500 501 505 
78
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity DatePrincipal Amount or Par Value CostFair
Value (2)
SonarSource Financing, LLCSoftwareSOFR(M)4.50%8.15%12/2030$11,485 $11,313 $11,370 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.97%08/20298,767 8,775 8,803 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.92%10/203013,163 13,051 13,254 
Storable, Inc.SoftwareSOFR(M)3.25%6.97%04/20314,607 4,606 4,635 
Summit Acquisition Inc.Business ServicesSOFR(M)3.50%7.22%10/20315,970 5,944 6,022 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.44%12/202715,240 15,193 12,984 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.92%07/20328,586 8,595 8,642 
Therapy Brands Holdings LLCHealthcareSOFR(M)4.00%7.83%05/20283,975 3,966 3,679 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.92%08/202813,506 13,501 13,483 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%08/20323,510 3,519 3,529 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%02/20312,106 2,111 2,116 
TRC Companies LLCBusiness ServicesSOFR(M)3.00%6.72%12/20289,377 9,352 9,418 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.97%03/203111,122 11,083 10,798 
US Fertility Enterprises, LLCHealthcareSOFR(M)3.50%7.22%12/20326,875 6,841 6,910 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.99%10/20282,256 2,238 2,282 
Valcour Packaging, LLCPackagingSOFR(M)
1.50% + 2.25%/PIK
7.60%10/20283,178 3,178 2,480 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.72%10/203111,454 11,434 11,358 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.42%07/202911,189 11,180 11,189 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.87%08/203010,672 10,520 10,541 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.50%7.29%12/203219,791 19,706 19,840 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.97%11/203119,463 19,463 19,342 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%9.11%02/20285,236 5,160 5,236 
Total Funded Investments$964,692 $957,258 $941,399 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology———04/2027$2,273 $(23)$9 
Cohnreznick Advisory LLCFinancial Services & Technology———03/20271,344 (3)9 
HIG Operations Holdings, Inc.Business Services———09/20261,121 — — 
Secretariat Advisors LLCBusiness Services———02/20271,087 — 5 
US Fertility Enterprises, LLCHealthcare———12/20271,042 — 5 
Total Unfunded Investments$6,867 $(26)$28 
Total Investments$971,559 $957,232 $941,427 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2025.
(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.




79
Below is certain summarized financial information for SLP III as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:
Selected Balance Sheet Information:June 30, 2026December 31, 2025
Investments at fair value (cost of $977,200 and $957,232)
$919,844 $941,427 
Cash and other assets35,195 28,469 
Receivable from unsettled securities sold4,577 — 
Total assets$959,616 $969,896 
Credit facility$800,700 $672,700 
Deferred financing costs (net of accumulated amortization of $8,557 and $7,948, respectively)
(3,699)(4,308)
Payable for unsettled securities purchased7,671 105,171 
Distribution payable6,000 7,000 
Other liabilities10,715 8,462 
Total liabilities821,387 789,025 
Members' capital$138,229 $180,871 
Total liabilities and members' capital$959,616 $969,896 
Selected Statement of Operations Information:Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income$19,164 $14,936 $37,380 $30,067 
Other income158 113 433 189 
Total investment income19,322 15,049 37,813 30,256 
Interest and other financing expenses12,104 8,037 23,355 16,217 
Other expenses322 297 721 603 
Total expenses12,426 8,334 24,076 16,820 
Net investment income6,896 6,715 13,737 13,436 
Net realized (losses) gains on investments(974)144 (1,628)465 
Net change in unrealized depreciation of investments(8,593)(170)(41,551)(8,317)
Net (decrease) increase in members' capital$(2,671)$6,689 $(29,442)$5,584 
For the three and six months ended June 30, 2026, the Company earned approximately $4,800 and $10,560, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2025, the Company earned approximately $5,600 and $11,400, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2026 and December 31, 2025, approximately $4,800 and $5,600, respectively, of dividend income related to SLP III was included in interest and dividend receivable.
The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.

80
NMFC Senior Loan Program IV LLC
NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until July 11, 2030. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2026, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
On May 5, 2021, SLP IV entered into a revolving credit facility with Wells Fargo Bank, National Association. As of the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to July 11, 2030.
On July 11, 2025, SLP IV entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600,000, of which $530,000 of the facility amount is attributed to Class A lenders and $70,000 of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370,000, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%.
As of June 30, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $624,995 and $641,452, respectively, and debt outstanding under its credit facility of $534,137 and $471,737, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $2,708 and $4,796, respectively.
During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP IV's first lien positions in Convey had total unearned income of $84 and $164, respectively for the three and six months then ended.
Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
First lien investments (1)$671,491 $664,399 
Weighted average interest rate on first lien investments (2)7.51 %8.67 %
Number of portfolio companies in SLP IV106 105 
Largest portfolio company investment (1)$18,327 $18,217 
Total of five largest portfolio company investments (1)$67,186 $64,111 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.


81
The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026:
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.98%10/2032$10,446 $10,252 $9,950 
ADG, LLCHealthcareSOFR(Q)
1.00% + 3.00%/PIK
7.88%09/202618,327 18,325 13,609 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.51%12/20271,786 1,784 1,606 
AmSpec Parent, LLCEnergySOFR(Q)3.00%7.23%12/20315,491 5,486 5,517 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/20301,800 1,754 1,785 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/2030987 975 978 
Asurion, LLCBusiness ServicesSOFR(Q)3.75%7.41%02/20339,569 9,522 9,074 
athenahealth Group Inc.HealthcareSOFR(M)3.25%6.89%02/20325,247 5,230 5,199 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.89%12/20307,858 7,827 7,764 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.50%7.14%12/20323,642 3,590 3,604 
Bella Holding Company, LLCHealthcareSOFR(M)3.25%6.89%06/20331,733 1,716 1,721 
Berlin Packaging L.L.C.PackagingSOFR(Q)3.25%6.97%06/20314,902 4,905 4,884 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.89%05/20286,577 6,561 6,607 
Capstone Borrower, Inc.Business ServicesSOFR(Q)2.75%6.48%06/20305,785 5,519 5,564 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.38%11/20277,008 6,935 6,208 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.00%6.67%10/20311,553 1,553 1,558 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.73%04/20324,904 4,886 4,780 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.41%06/203211,124 11,012 10,919 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.49%10/20289,575 9,491 7,473 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.89%04/20325,518 5,519 5,313 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.25%6.98%03/20325,786 5,769 5,658 
Confluence Technologies, Inc.SoftwareSOFR(Q)3.75%7.63%07/20289,550 9,533 7,966 
Confluence Technologies, Inc.SoftwareSOFR(Q)5.00%8.65%07/2028943 943 941 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.76%11/20283,065 3,059 2,734 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.73%02/20296,706 6,691 6,748 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.49%09/20286,572 6,578 6,070 
Convey Health Solutions, Inc.HealthcareSOFR(Q)(3)
1.31% + 3.94%/PIK
9.08%07/20293,390 3,349 424 
CoreLogic, Inc. (fka First American Corporation, The)Business ServicesSOFR(M)3.50%7.26%06/2028398 393 394 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.51%10/20281,800 1,796 1,155 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.73%10/20296,489 6,383 6,302 
Dayforce Bidco, LLCSoftwareSOFR(Q)3.00%6.66%02/20333,003 2,924 2,747 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.64%07/203110,323 10,284 10,259 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.25%6.89%07/20327,247 7,229 7,269 
Disco Parent, Inc.SoftwareSOFR(Q)3.00%6.67%08/2032843 841 825 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.41%10/20296,833 6,657 6,815 
EAB Global, Inc.EducationSOFR(M)3.00%6.64%08/20306,841 6,773 6,183 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.98%04/20298,798 8,720 8,862 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.64%02/20316,843 6,775 6,735 
Embecta Corp.HealthcareSOFR(Q)3.00%6.73%03/20291,585 1,589 1,262 
Finastra USA, Inc.Financial Services & TechnologySOFR(S)4.00%7.75%09/20328,234 8,165 7,613 
First Advantage Holdings, LLCBusiness ServicesSOFR(Q)2.75%6.48%10/2031549 544 543 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.16%03/20286,196 6,205 4,837 
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.66%11/20317,180 7,061 5,747 
82
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Forgent Power LLCBusiness ProductsSOFR(Q)2.25%5.95%12/2032$8,098 $8,021 $8,136 
Foundational Education Group, Inc.EducationSOFR(Q)4.25%8.18%08/202810,873 10,809 10,112 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.65%03/20316,420 6,390 6,402 
Heartland Dental, LLCHealthcareSOFR(M)3.50%7.14%08/20329,860 9,838 9,879 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.77%05/20296,017 6,010 4,588 
HIG Finance 2 LimitedFinancial Services & TechnologySOFR(M)2.75%6.39%02/20312,985 2,892 2,810 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/20317,087 7,087 7,087 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/20311,233 1,233 1,233 
Houghton Mifflin Harcourt CompanyEducationSOFR(Q)5.25%9.01%04/20298,130 7,960 6,460 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.73%02/203210,544 10,479 10,491 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.08%08/20289,702 9,614 9,311 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.66%02/20334,974 4,889 4,773 
Kaseya Inc.SoftwareSOFR(Q)3.25%6.91%03/20328,111 8,096 6,313 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.41%07/20324,763 4,763 3,739 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.23%03/203210,145 10,096 9,977 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.39%12/20325,029 5,005 5,046 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.62%11/20303,006 2,981 2,935 
Mavis Tire Express Services Topco, Corp.RetailSOFR(Q)3.00%6.67%05/20288,450 8,434 8,447 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.64%04/20317,254 7,225 7,271 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.66%12/20283,810 3,810 3,814 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.50%8.23%12/20281,263 1,230 1,264 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.14%11/20312,216 2,218 2,164 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.64%07/20318,864 8,822 8,600 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.89%10/20303,663 3,502 3,626 
Oak-Eagle Acquireco, Inc.Consumer ServicesSOFR(M)3.50%6.73%03/20331,962 1,933 1,969 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.24%12/20289,191 9,194 8,832 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.60%12/20315,956 5,935 5,961 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.17%10/20325,622 5,617 5,632 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(Q)2.50%6.23%07/20323,541 3,541 3,500 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.01%06/20288,829 8,560 8,790 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.64%05/20312,815 2,806 2,826 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.64%06/20311,754 1,746 1,759 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%6.91%02/20292,749 2,648 2,513 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.39%03/20313,182 3,171 1,642 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.73%12/20292,770 2,674 2,762 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% + 2.50%/PIK
7.88%12/20292,147 2,137 1,950 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)2.50%6.15%10/20325,033 5,021 5,043 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.23%12/20277,900 7,852 6,831 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.98%10/20309,659 9,526 7,056 
Pushpay USA Inc.Financial Services & TechnologySOFR(M)3.75%7.39%08/20318,808 8,813 8,280 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.98%06/20301,105 1,101 927 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.99%04/20283,517 3,510 3,296 
83
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
RealPage, Inc.SoftwareSOFR(Q)3.75%7.48%04/2028$4,074 $4,007 $3,841 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.48%07/203210,010 9,944 9,478 
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.64%12/20303,263 3,203 3,259 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.73%02/20326,265 6,242 6,160 
Secure Acquisition, Inc.PackagingSOFR(M)3.75%7.39%12/20282,587 2,585 2,589 
SonarSource Financing, LLCSoftwareSOFR(Q)4.50%8.18%12/20306,967 6,870 6,497 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.89%08/20296,677 6,630 6,276 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.98%10/203010,102 10,023 10,094 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)7.00%10.67%04/20306,983 6,744 6,764 
Storable, Inc.SoftwareSOFR(M)3.25%6.89%04/20315,561 5,535 4,991 
Summit Acquisition Inc.Business ServicesSOFR(M)3.50%7.14%10/2031746 744 747 
Sword Purchaser, LLCPackagingSOFR(M)4.00%7.64%04/20332,840 2,701 2,775 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.26%12/20273,630 3,628 2,394 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.98%07/20327,184 7,170 6,887 
Tegra118 Wealth Solutions, Inc.Financial Services & TechnologySOFR(Q)4.00%7.67%01/20337,322 7,266 7,354 
Tempo Acquisition, LLCBusiness ServicesSOFR(M)1.75%5.39%08/20281,148 967 974 
Therapy Brands Holdings LLCHealthcareSOFR(Q)4.00%7.93%05/20285,816 5,806 5,388 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.98%08/20288,573 8,569 8,489 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.89%03/20317,045 7,022 6,609 
UKG Inc.SoftwareSOFR(Q)2.25%5.91%02/20313,437 3,377 3,245 
US Fertility Enterprises, LLCHealthcareSOFR(Q)3.25%6.98%12/20324,785 4,762 4,806 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.89%10/20286,943 6,979 6,951 
Valcour Packaging, LLCPackagingSOFR(M)3.75%7.50%10/20282,337 2,337 1,873 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.64%10/20317,705 7,686 7,274 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.48%07/20297,045 7,038 6,935 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.64%08/20307,328 7,227 7,200 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.25%6.91%12/203212,505 12,456 11,505 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.89%11/203112,331 12,333 12,058 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%8.92%02/20283,864 3,808 3,864 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.32%03/20289,564 9,500 9,457 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.32%03/20282,103 2,088 2,079 
Total Funded Investments$668,783 $663,539 $625,062 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology———04/2027$1,364 $(14)$(48)
Cohnreznick Advisory LLCFinancial Services & Technology———03/2027336 (1)(7)
Secretariat Advisors LLCBusiness Services———02/2027764 — (13)
US Fertility Enterprises, LLCHealthcare———12/2027244 (1)1 
Total Unfunded Investments$2,708 $(16)$(67)
Total Investments$671,491 $663,523 $624,995 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2026.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.
(3)Investment is on non-accrual status as of June 30, 2026.
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The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2025:
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.92%10/2032$10,498 $10,292 $10,466 
ADG, LLCHealthcareSOFR(Q)
1.00% +3.00%/PIK
7.82%09/202618,217 18,215 14,574 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.58%12/20271,795 1,792 1,708 
AmSpec Parent, LLCEnergySOFR(Q)3.50%7.17%12/20315,519 5,514 5,547 
Asurion, LLCBusiness ServicesSOFR(M)4.25%8.07%08/20289,593 9,542 9,622 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/20301,809 1,759 1,811 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/2030992 979 994 
athenahealth Group Inc.HealthcareSOFR(M)2.75%6.47%02/20294,722 4,717 4,737 
Bach Finance LimitedEducationSOFR(Q)2.75%6.57%01/20321,595 1,592 1,602 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.97%12/20308,509 8,473 8,434 
Bella Holding Company, LLCHealthcareSOFR(M)3.00%6.72%05/20281,737 1,736 1,746 
Berlin Packaging L.L.C.PackagingSOFR(M)3.25%7.11%06/20314,927 4,930 4,944 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.97%05/20286,611 6,585 6,664 
Boxer Parent Company Inc.SoftwareSOFR(Q)3.00%6.82%07/20315,216 5,205 5,208 
BradyPLUS Holdings, LLCDistribution & LogisticsSOFR(Q)3.50%7.15%12/20323,650 3,596 3,618 
BW Holding, Inc.PackagingSOFR(Q)6.50%10.34%12/2030445 441 454 
Capstone Borrower, Inc.SoftwareSOFR(Q)2.75%6.40%06/20301,989 1,979 1,991 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.32%11/20277,046 6,947 6,898 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.25%7.14%10/20311,561 1,561 1,574 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.67%04/20324,179 4,173 4,196 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.48%06/203211,973 11,846 11,973 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.57%10/20289,625 9,524 9,247 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.97%04/20325,521 5,523 5,525 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.50%7.17%03/20325,475 5,463 5,513 
Confluence Technologies, Inc.SoftwareSOFR(Q)3.75%7.57%07/20289,600 9,579 8,058 
Confluence Technologies, Inc.SoftwareSOFR(Q)5.00%8.85%07/2028943 942 943 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.83%11/20283,082 3,074 2,758 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.67%02/20296,740 6,723 6,799 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.43%09/20286,606 6,614 6,503 
Convey Health Solutions, Inc.HealthcareSOFR(Q)
1.00% +3.94%/PIK
8.71%07/20293,509 3,466 2,562 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.58%10/20281,809 1,805 1,668 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.67%10/20296,522 6,402 5,879 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.72%07/203110,376 10,333 10,402 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.75%7.47%07/20327,283 7,264 7,310 
Disco Parent, Inc.SoftwareSOFR(Q)3.25%7.07%08/20324,625 4,614 4,660 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.61%10/20299,227 8,958 8,889 
EAB Global, Inc.EducationSOFR(M)3.00%6.72%08/20306,876 6,801 6,131 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.92%04/20298,844 8,753 8,878 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.72%02/20314,976 4,937 5,017 
Embecta Corp.HealthcareSOFR(M)3.00%6.72%03/20291,684 1,688 1,689 
Finastra USA, Inc.Financial Services & TechnologySOFR(Q)4.00%7.72%09/20328,255 8,181 8,097 
First Advantage Holdings, LLCBusiness ServicesSOFR(M)2.75%6.47%10/20311,777 1,759 1,762 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.35%03/20289,955 9,924 9,315 
85
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.90%11/2031$7,216 $7,088 $5,742 
Forgent Intermediate IV LLCBusiness ProductsSOFR(M)3.25%6.90%12/20328,118 8,037 8,077 
Foundational Education Group, Inc.EducationSOFR(Q)3.75%7.85%08/202810,930 10,852 10,105 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.73%03/20316,452 6,297 6,492 
Heartland Dental, LLCHealthcareSOFR(M)3.75%7.47%08/20329,910 9,886 9,963 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.97%05/20296,047 6,039 5,494 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.22%06/20317,123 7,123 7,123 
Houghton Mifflin Harcourt CompanyEducationSOFR(M)5.25%9.07%04/20298,172 7,975 7,233 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.02%08/20289,702 9,595 9,472 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.65%02/20331,711 1,707 1,715 
Kaseya Inc.SoftwareSOFR(M)3.00%6.72%03/20328,152 8,135 8,169 
Kestra Advisor Services Holdings A, Inc.Financial Services & TechnologySOFR(M)3.00%6.72%03/20312,280 2,277 2,287 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.59%07/20328,761 8,762 8,778 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.17%03/203210,197 10,144 10,010 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.40%12/20325,041 5,016 5,061 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.93%11/20302,019 1,996 2,032 
Mavis Tire Express Services Topco, Corp.RetailSOFR(M)3.00%6.72%05/20288,493 8,473 8,533 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.72%04/20317,291 7,259 7,321 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.84%12/20283,829 3,829 3,843 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.22%11/20311,477 1,483 1,481 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.72%07/20318,909 8,864 8,855 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.97%10/20303,682 3,504 3,692 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.32%12/20289,239 9,243 9,126 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.55%12/20315,785 5,763 5,816 
Orion Advisor Solutions, Inc.Financial Services & TechnologySOFR(Q)3.25%6.90%09/2030955 956 962 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.43%10/20325,237 5,231 5,267 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(S)3.00%6.60%07/20328,883 8,861 8,930 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.08%06/20288,875 8,543 8,742 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.72%05/20312,829 2,819 2,850 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.72%06/20311,763 1,755 1,769 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%7.09%02/20295,679 5,436 5,150 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.47%03/20313,198 3,186 2,715 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.67%12/20291,784 1,740 1,492 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% +2.50%/PIK
7.82%12/20292,120 2,109 1,022 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)3.25%6.94%10/20325,046 5,033 5,074 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.17%12/20277,940 7,876 7,641 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.92%10/20309,708 9,561 9,704 
Pushpay USA Inc.Financial Services & TechnologySOFR(S)3.75%7.62%08/20318,853 8,858 8,858 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.92%06/20301,477 1,472 1,477 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.93%04/20281,940 1,938 1,941 
RealPage, Inc.SoftwareSOFR(Q)3.75%7.42%04/20281,985 1,978 1,994 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.42%07/203210,061 9,990 10,076 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.67%02/203210,597 10,527 10,553 
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Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.65%12/2030$3,283 $3,218 $3,246 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.67%02/20326,110 6,083 6,134 
Secure Acquisition, Inc.PackagingSOFR(Q)3.75%7.42%12/2028330 331 333 
SonarSource Financing, LLCSoftwareSOFR(M)4.50%8.15%12/20307,100 6,994 7,029 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.97%08/20295,561 5,566 5,584 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.92%10/203010,154 10,066 10,225 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)5.25%9.40%07/20264,940 4,902 4,868 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)7.25%11.40%07/20262,225 2,210 2,225 
Storable, Inc.SoftwareSOFR(M)3.25%6.97%04/20313,820 3,818 3,843 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.44%12/20273,650 3,646 3,109 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.92%07/20327,220 7,205 7,267 
Therapy Brands Holdings LLCHealthcareSOFR(M)4.00%7.83%05/20285,847 5,834 5,412 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.92%08/20288,617 8,612 8,602 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%08/20321,477 1,481 1,485 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%02/2031886 889 891 
TRC Companies LLCBusiness ServicesSOFR(M)3.00%6.72%12/20285,332 5,318 5,355 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.97%03/20317,082 7,057 6,876 
US Fertility Enterprises, LLCHealthcareSOFR(M)3.50%7.22%12/20324,378 4,356 4,400 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.99%10/20281,641 1,629 1,660 
Valcour Packaging, LLCPackagingSOFR(M)
1.50% +2.25%/PIK
7.60%10/20282,311 2,311 1,804 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.72%10/20317,745 7,724 7,680 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.42%07/20297,082 7,074 7,082 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.87%08/20306,865 6,769 6,781 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.50%7.29%12/203212,569 12,516 12,600 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.97%11/203112,394 12,395 12,316 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%9.11%02/20283,884 3,822 3,884 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.52%03/20289,625 9,543 9,625 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.52%03/20282,116 2,098 2,116 
Total Funded Investments$659,603 $654,884 $641,435 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology———04/2027$1,364 $(14)$6 
Cohnreznick Advisory LLCFinancial Services & Technology———03/2027791 (3)5 
HIG Operations Holdings, Inc.Business Services———09/20261,236 — — 
Secretariat Advisors LLCBusiness Services———02/2027742 — 3 
US Fertility Enterprises, LLCHealthcare———12/2027663 — 3 
Total Unfunded Investments$4,796 $(17)$17 
Total Investments$664,399 $654,867 $641,452 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2025.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

87
Below is certain summarized consolidated financial information for SLP IV as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:
Selected Consolidated Balance Sheet Information:June 30, 2026December 31, 2025
Investments at fair value (cost of $663,523 and $654,867, respectively)
$624,995 $641,452 
Cash and other assets19,550 31,324 
Receivable from unsettled securities sold2,963 — 
Total assets$647,508 $672,776 
Credit facility$534,137 $471,737 
Deferred financing costs (net of accumulated amortization of $4,863 and $4,022, respectively)
(3,603)(4,444)
Distribution payable4,290 66,866 
Payable for unsettled securities purchased3,385 4,826 
Other liabilities8,372 6,978 
Total liabilities546,581 545,963 
Members' capital$100,927 $126,813 
Total liabilities and members' capital$647,508 $672,776 

Selected Consolidated Statement of Operations Information:Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income$13,109 $9,906 $25,688 $19,983 
Other income137 61 301 91 
Total investment income13,246 9,967 25,989 20,074 
Interest and other financing expenses8,223 5,053 16,011 10,185 
Other expenses319 193 610 415 
Total expenses8,542 5,246 16,621 10,600 
Net investment income4,704 4,721 9,368 9,474 
Net realized (losses) gains on investments(604)89 (1,025)(140)
Net change in depreciation of investments(4,907)(1,343)(25,113)(5,106)
Net (decrease) increase in members' capital$(807)$3,467 $(16,770)$4,228 
For the three and six months ended June 30, 2026, the Company earned approximately $3,372 and $7,166, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and six ended June 30, 2025, the Company earned approximately $3,794 and $7,728, respectively, of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2026 and December 31, 2025, approximately $3,372 and $3,794, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.
The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.
Unconsolidated Significant Subsidiaries
In accordance with Regulation S-X Rule 1-02(w)(2), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis
88
performed under Rule 10-01(b)(1). As of June 30, 2026, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."
Investment Risk Factors
First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.
Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.
The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.
Note 4. Fair Value
Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:
Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
•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
•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.
The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.
The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a
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quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of June 30, 2026:
TotalLevel ILevel IILevel III
First lien$1,453,636 $— $59,462 $1,394,174 
Second lien74,299 — 1,308 72,991 
Subordinated98,429 — — 98,429 
Structured Finance Obligations3,191 — — 3,191 
Equity and other660,250 — — 660,250 
Total investments$2,289,805 $— $60,770 $2,229,035 
The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2025:
TotalLevel ILevel IILevel III
First lien$1,818,215 $— $43,579 $1,774,636 
Second lien91,179 — — 91,179 
Subordinated121,487 — — 121,487 
Structured Finance Obligations3,277 — — 3,277 
Equity and other707,855 — — 707,855 
Total investments$2,742,013 $— $43,579 $2,698,434 
The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 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 June 30, 2026:
TotalFirst LienSecond LienSubordinatedStructured Finance ObligationsEquity and
other
Fair Value, March 31, 2026$2,242,253 $1,435,322 $73,098 $93,449 $3,186 $637,198 
Total gains or losses included in earnings:
Net realized losses on investments(44,942)(12,497)(7,956)— — (24,489)
Net change in unrealized appreciation (depreciation) of investments38,284 3,487 7,409 (3)5 27,386 
Purchases, including capitalized PIK and revolver fundings114,753 83,857 663 7,738 — 22,495 
Proceeds from sales and paydowns of investments(1)(138,955)(127,487)(6,373)— — (5,095)
Transfers into Level III(2)(3)20,397 11,492 6,150 — — 2,755 
Transfers out of Level III(2)(3)(2,755)— — (2,755)— — 
Fair Value, June 30, 2026$2,229,035 $1,394,174 $72,991 $98,429 $3,191 $660,250 
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:$(5,277)$(8,151)$(463)$(3)$4 $3,336 
(1)Includes non-cash reorganizations and restructurings.
(2)As of June 30, 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 quarterly period in which the reclassification occurred.
(3)Includes reclassification of investment type to a claim.
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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:
TotalFirst LienSecond LienSubordinatedStructured Finance ObligationsEquity and
other
Fair Value, March 31, 2025$2,956,224 $1,929,645 $125,004 $104,948 $3,232 $793,395 
Total gains or losses included in earnings:
Net realized gains (losses) on investments13,405 30 (501)— — 13,876 
Net change in unrealized (depreciation) appreciation of investments(34,500)(5,909)(690)12 17 (27,930)
Purchases, including capitalized PIK and revolver fundings(1)135,748 126,657 — 3,026 — 6,065 
Proceeds from sales and paydowns of investments(1)(159,810)(123,057)(4,386)— — (32,367)
Transfers into Level III(2)9,196 — 9,196 — — — 
Fair Value, June 30, 2025$2,920,263 $1,927,366 $128,623 $107,986 $3,249 $753,039 
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:$(22,375)$(5,819)$(690)$10 $17 $(15,893)
(1)Includes non-cash reorganizations and restructurings.
(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.
The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 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 June 30, 2026:
TotalFirst LienSecond LienSubordinatedStructured Finance ObligationsEquity and
other
Fair Value, December 31, 2025$2,698,434 $1,774,636 $91,179 $121,487 $3,277 $707,855 
Total gains or losses included in earnings:
Net realized losses on investments(75,632)(39,858)(7,956)(2,089)— (25,729)
Net change in unrealized (depreciation) appreciation of investments977 (18,321)2,406 (3,947)(86)20,925 
Purchases, including capitalized PIK and revolver fundings228,573 177,674 2,869 11,046 — 36,984 
Proceeds from sales and paydowns of investments(1)(632,296)(518,070)(6,373)(25,313)— (82,540)
Transfers into Level III(2)(3)27,018 18,113 6,150 — — 2,755 
Transfers out of Level III(2)(3)(18,039)— (15,284)(2,755)— — 
Fair Value, June 30, 2026$2,229,035 $1,394,174 $72,991 $98,429 $3,191 $660,250 
Net change in unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:$(42,280)$(27,328)$(8,143)$(176)$(86)$(6,547)
(1)Includes non-cash reorganizations and restructurings.
(2)As of June 30, 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.
(3)Includes reclassification of investment type to a claim.

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The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:
TotalFirst LienSecond LienSubordinatedStructured Finance ObligationsEquity and
other
Fair Value, December 31, 2024$2,987,078 $1,902,610 $150,334 $102,034 $— $832,100 
Total gains or losses included in earnings:
Net realized gains (losses) on investments51,071 97 (2,732)— — 53,706 
Net change in unrealized (depreciation) appreciation of investments(82,280)(6,620)(829)175 17 (75,023)
Purchases, including capitalized PIK and revolver fundings(1)339,322 252,412 4,255 5,777 — 76,878 
Proceeds from sales and paydowns of investments(1)(387,368)(221,133)(31,613)— — (134,622)
Transfers into Level III(2)12,440 — 9,208 — 3,232 — 
Fair Value, June 30, 2025$2,920,263 $1,927,366 $128,623 $107,986 $3,249 $753,039 
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:$(29,928)$(6,481)$(1,117)$173 $17 $(22,520)
(1)Includes non-cash reorganizations and restructurings.
(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three and six months ended June 30, 2026 and June 30, 2025. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.
The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.
The Company generally uses the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:
Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.
For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company’s debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company’s debt
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investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.
Market Based Approach:  The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of June 30, 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 June 30, 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 June 30, 2026 were as follows:
Range
TypeFair Value as of June 30, 2026ApproachUnobservable InputLowHighWeighted
Average(1)
First lien$1,378,905 Market & Income ApproachEBITDA multiple6.0x22.0x13.3x
Revenue multiple2.0x10.0x5.9x
Discount rate6.5 %57.3 %11.1 %
15,269 OtherN/A(2)N/AN/AN/A
Second lien72,991 Market & Income ApproachEBITDA multiple10.0x16.0x13.8x
Discount rate10.0 %160.2 %21.7 %
OtherN/A(2)N/AN/AN/A
Subordinated93,755 Market & Income ApproachEBITDA multiple7.5x20.0x12.8x
Discount rate12.7 %19.5 %16.4 %
4,674 OtherN/A(2)N/AN/AN/A
Structured Finance Obligations3,191 Income ApproachDiscount Rate11.1 %11.1 %11.1 %
Equity and other263,639 Market & Income ApproachEBITDA multiple6.0x21.4x11.0x
Revenue multiple6.5x8.5x7.0x
Discount rate8.9 %51.6 %24.0 %
384,812 Income ApproachDiscount rate6.4 %14.3 %11.1 %
11,799 OtherN/A(2)N/AN/AN/A
$2,229,035 
(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.
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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:
Range
TypeFair Value as of December 31, 2025ApproachUnobservable InputLowHighWeighted
Average(1)
First lien$1,765,624 Market & income approachEBITDA multiple5.0x31.3x14.3x
Revenue multiple4.0x19.5x10.3x
Discount rate6.1 %21.6 %9.1 %
9,012 OtherN/A(2)N/AN/AN/A
Second lien84,722 Market & income approachEBITDA multiple14.0x18.0x16.0x
Discount rate9.4 %15.8 %13.5 %
6,457 OtherN/A(2)N/AN/AN/A
Subordinated121,487 Market & income approachEBITDA multiple7.0x20.0x13.4x
Discount rate11.7 %18.9 %14.1 %
Structured Finance Obligations3,277 Income approachDiscount rate10.5 %10.5 %10.5 %
Equity and other320,328 Market & income approachEBITDA multiple5.5x21.7x11.7x
Revenue multiple8.5x10.5x9.0x
Discount rate9.3 %20.2 %11.7 %
387,527 Income approachDiscount rate6.3 %15.7 %11.4 %
$2,698,434 
(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.
The carrying value of the collateralized agreement approximates fair value as of June 30, 2026 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.
The June 2027 Notes, Holdings Credit Facility, SBA-guaranteed debentures and NMFC Credit Facility are considered Level III investments. The fair value of the November 2028 Notes, the February 2029 Notes the October 2027 Notes are based on quoted prices and are considered Level II securities. See Note 7. Borrowings, for details.
The following are the principal amounts and fair values of the Company’s borrowings as of June 30, 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
June 30, 2026December 31, 2025
Principal Amount
Fair Value
Principal Amount
Fair Value
Unsecured Notes$790,000 $792,877 $990,000 $1,002,356 
Holdings Credit Facility378,146 376,345 420,063 419,981 
SBA-guaranteed debentures169,255 143,610 196,205 175,141 
NMFC Credit Facility (1)30,356 30,305 81,074 81,097 
Total Borrowings$1,367,757 $1,343,137 $1,687,342 $1,678,575 
 
(1)     As of June 30, 2026, the principal amount of the NMFC Credit Facility was $30,356, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of June 30, 2026, the fair value of the NMFC Credit Facility was $30,305, which included €16,484 denominated in EUR and £8,653 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the principal amount of the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the fair value of the NMFC Credit Facility was
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$81,097, which included €16,479 denominated in EUR and £8,651 denominated in GBP that has been translated to U.S. dollars.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of June 30, 2026. The Company's derivative instruments are considered Level II investments.
As of June 30, 2026As of December 31, 2025
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Derivatives in fair value hedging relationships:
Interest rate swaps$600,000 $34 $(2,968)$600,000 $5,647 $(366)
Total derivatives designated as hedging instruments600,000 34 (2,968)600,000 5,647 (366)
Total derivatives600,000 34 (2,968)600,000 5,647 (366)
Total net derivatives(1)$600,000 $— $(2,934)$600,000 $5,281 $— 
(1)As of June 30, 2026, the Company had a net derivative liability at fair value subject to such enforceable master netting arrangement in the amount of $2,934 and a collateral balance of $7,490, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,281 and a collateral balance $14,630, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of June 30, 2026 and December 31, 2025, if the Company had elected to offset, the net amount would be $0 and $0, respectively.
Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.
Note 5. Agreements
The Company entered into an investment advisory and management agreement (as amended from time to time, the “Investment Management Agreement”) with the Investment Adviser, which was most recently re-approved by the Company's board of directors on February 11, 2026, for a period of 12 months commencing on March 1, 2026. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement (“Amendment No. 1”). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets. On January 29, 2025, the Company entered into Amendment No. 2 to the Investment Management Agreement ("Amendment No. 2"), the sole purpose of which was to reduce the base management fee from 1.4% of the Company's gross assets to 1.25% of the Company's gross assets.
Pursuant to Amendment No. 1, prior to January 29, 2025, the base management fee was calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. Pursuant to Amendment No. 2, as of January 29, 2025, the base management fee is calculated at an annual rate of 1.25% of the Company's gross assets. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. To the extent the Company invests in derivatives, the Company uses the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.
The Company entered into a fee waiver agreement, dated March 31, 2021, as subsequently amended on November 2, 2021 and August 3, 2023, pursuant to which, effective as of and for the quarter ended March 31, 2021 through the quarter ended December 31, 2024, the Investment Adviser waived base management fees in order to reach a target base management fee of 1.25% on gross assets. Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment
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Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three and six months ended June 30, 2026, no management fees were waived. For the three and six months ended June 30, 2025, management fees waived were $0 and approximately $288, respectively.
The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of June 30, 2026), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company’s incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:
•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").
•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.
•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.
The Investment Adviser can voluntarily agree to waive a portion of the incentive fee that would otherwise have been earned during the period. The incentive fee waiver is made at the sole discretion of the Investment Adviser and is not required by any contractual or regulatory obligation. For the three and six months ended June 30, 2026, incentive fees waived were approximately $1,442 and $7,545, respectively. For the three and six months June 30, 2025, incentive fees waived were approximately $2,586 and $4,120, respectively.
The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.
In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

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The following table summarizes the management fees and incentive fees incurred by the Company for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Management fee$7,414 $9,759 $15,568 $19,992 
Less: management fee waiver— — — (288)
Total net management fee7,414 9,759 15,568 19,704 
Incentive fee, excluding accrued capital gains incentive fees5,766 7,971 11,869 16,218 
Less: incentive fee waiver(1,442)(2,586)(7,545)(4,120)
Total net incentive fee$4,324 $5,385 $4,324 $12,098 
Accrued capital gains incentive fees(1)$— $— $— $— 
(1)As of June 30, 2026 and June 30, 2025, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.
The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on February 11, 2026 for a period of 12 months commencing on March 1, 2026. The Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2026, approximately $558 and $1,156, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. For the three and six months ended June 30, 2025, approximately $705 and $1,345, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of June 30, 2026 and December 31, 2025, approximately $580 and $610, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, 2026, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets. For the three and six months ended June 30, 2025, the reimbursement to the Administrator represented approximately 0.02% and 0.04%, respectively, of the Company's gross assets.
The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.
Note 6. Related Parties
The Company has entered into a number of business relationships with affiliated or related parties.
The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment
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Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.
The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser originally agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2024. Following the expiration of the Fee Waiver Agreement, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. See Note 5. Agreements, for details.
The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.
The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.
The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.
The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Investment Adviser and certain of its affiliates, were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the board of directors and other conditions. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Exemptive Order”) by the SEC, that replaces the prior exemptive relief, for the Company to co-invest with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the board of directors make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis. Pursuant to the Exemptive Order, the board of directors will oversee the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company’s Chief Compliance Officer will provide reporting to the board of directors.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.
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On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C. (the "Uncommitted Revolving Loan Agreement" and the facility thereunder, the "Unsecured Management Company Revolver"), which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings thereunder from $50,000 to $100,000, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate (as defined in the Uncommitted Revolving Loan Agreement). On October 27, 2025, we entered into the Third Amended and Restated
Uncommitted Revolving Loan Agreement which extended the maturity date from December 31, 2027 to December 31, 2030. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).
NMFC and SBIC I are parties to an intercompany promissory note (the "Intercompany Note"). The Intercompany Note had an initial principal balance of $59,000 and the purpose is to fund the repayment of the SBA guaranteed-debentures issued by SBIC I. Under the terms of the Intercompany Note, no fees or interest are payable to NMFC. For the purposes of the consolidated financial statements, all balances and transactions related to the Intercompany Note are eliminated. As of June 30, 2026, the Intercompany Note had a principal balance of $27,200.
Note 7. Borrowings
On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures issued by SBIC I, SBIC II and SBIC III, if any, from the definition of "senior security" for the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of June 30, 2026, the Company’s asset coverage ratio was 186.2%.
Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on March 12, 2026, the maturity date of the Holdings Credit Facility is March 12, 2031, and the maximum facility amount is the lesser of the actual commitments of the lenders to make advances as of such date and the commitment amount. As of the amendment on March 12, 2026, the commitment amount is $450,000 from March 12, 2026 to October 26, 2026 and $350,000 from October 26, 2026 to March 12, 2031.
As of June 30, 2026, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $450,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.
As of the amendment on March 12, 2026, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.85% per annum. From March 28, 2025 to March 11, 2026, the Holdings Credit Facility bore interest at a rate of SOFR plus 1.95% per annum. From July 29, 2024 to March 27, 2025, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.15% per annum. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest expense$5,210 $3,982 $11,650 $9,015 
Non-usage fee$91 $730 $368 $1,308 
Amortization of financing costs$523 $667 $2,712 $1,244 
Weighted average interest rate5.5 %6.3 %5.5 %6.5 %
Effective interest rate6.2 %8.6 %7.1 %8.3 %
Average debt outstanding$376,974 $251,167 $418,304 $280,737 
As of June 30, 2026 and December 31, 2025, the outstanding balance on the Holdings Credit Facility was $378,146 and $420,063, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.
NMFC Credit Facility—The Second Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated September 30, 2024, among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, and the Lenders, as outlined in the RCA (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment and restatement on September 30, 2024, the maturity date for the Extending Lenders (as defined in the RCA) of the NMFC Credit Facility is September 28, 2029. The maturity date for Non-Extending Lenders was June 4, 2026, prior to the full repayment and termination of the Non-Extending Lenders (as defined in the RCA) on May 7, 2025.
As of June 30, 2026, the maximum amount of revolving borrowings available under the NMFC Credit Facility is $527,100. As of the amendment and restatement on September 30, 2024, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $638,500, of which $527,100 had been committed by Extending Lenders and $111,400 had been committed by Non-Extending Lenders. On May 7, 2025, all outstanding borrowings attributed to the Non-Extending Lenders were fully repaid and the $111,400 committed by Non-Extending Lenders was terminated. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.
As of the amendment and restatement on September 30, 2024, the NMFC Credit Facility generally bears interest at a rate of SOFR or SONIA, plus any applicable credit spread adjustment, or EURIBOR, plus any applicable credit spread adjustment, plus 1.90% per annum for Extending Lenders and 2.10% per annum for Non-Extending Lenders, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). As of the amendment on June 5, 2024, the Canadian Dollar Offered Rate was replaced with the Canadian Overnight Repo Rate Average term rate plus a credit spread adjustment as a benchmark rate for certain assets.
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest expense$351 $383 $1,877 $759 
Non-usage fee$471 $513 $858 $1,087 
Amortization of financing costs$206 $187 $410 $371 
Weighted average interest rate4.5 %5.0 %5.2 %5.2 %
Effective interest rate13.4 %14.3 %8.8 %15.3 %
Average debt outstanding$30,824 $30,315 $72,131 $29,314 
As of June 30, 2026, the outstanding balance on the NMFC Credit Facility was $30,356, which included €16,512 denominated in Euro ("EUR") and £8,666 denominated in British Pound Sterling ("GBP") that has been translated to U.S.
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dollars. As of December 31, 2025, the outstanding balance on the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars.
Unsecured Management Company Revolver—The Unsecured Management Company Revolver, is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on October 27, 2025, the maturity date of the Unsecured Management Company Revolver is December 31, 2030.
As of the amendment on October 31, 2023, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. On October 31, 2023, the Company entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings available thereunder from $50,000 to $100,000. As of June 30, 2026, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $100,000 and no borrowings were outstanding. For the three and six months ended June 30, 2026, amortization of financing costs were $2 and $3, respectively. For the three and six months ended June 30, 2025, amortization of financing costs were $1 and $2, respectively.
2022 Convertible Notes — On November 2, 2022, the Company closed a private offering of $200,000 aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, the Company issued an additional $60,000 aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200,000 aggregate principal amount of the 2022 Convertible Notes that the Company issued in November 2022.
On January 21, 2025, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 21, 2025, up to $260,000 aggregate principal amount of the outstanding 2022 Convertible Notes for cash in an amount equal to $1.01 per $1.00 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "2022 Convertible Notes Tender Offer"). The 2022 Convertible Notes Tender Offer expired on February 19, 2025. As of the expiration of the 2022 Convertible Tender Offer, $1,216 aggregate principal amount of the 2022 Convertible Notes were validly tendered and not validly withdrawn pursuant to the 2022 Convertible Notes Tender Offer. The Company accepted for purchase all of the 2022 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the 2022 Convertible Notes Tender Offer. Following settlement of the 2022 Convertible Notes Tender Offer on February 24, 2025, approximately $258,784 aggregate principal amount of the 2022 Convertible Notes remained outstanding. On June 27, 2025, the Company was notified that $7 of aggregate principal amount of the 2022 Convertible Notes were being converted to 514 shares of common stock at a conversion price of $13.61 per share, with the transaction settling on July 2, 2025.
The 2022 Convertible Notes matured on October 15, 2025, pursuant to the terms of the 2018C Indenture. The Company could not redeem the 2022 Convertible Notes prior to July 15, 2025. Prior to their maturity, on or after July 15, 2025, the 2022 Convertible Notes were redeemable for cash, in whole or from time to time in part, at the Company's option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.
Prior to the maturity of the 2022 Convertible Notes, the conversion rate was be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, were subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event would the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company had determined that the embedded conversion option in the 2022 Convertible Notes was not required to be separately accounted for as a derivative under GAAP.
The 2022 Convertible Notes were unsecured obligations and ranked senior in right of payment to the Company’s existing and future indebtedness, if any, that was expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that was not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secured) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

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The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2022 Convertible Notes for the three and six months ended June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2025(1)June 30, 2025(1)
Interest expense$4,853 $9,718 
Amortization of financing costs$426 $852 
Amortization of premium$(28)$(45)
Weighted average interest rate7.5 %7.5 %
Effective interest rate8.1 %8.1 %
Average debt outstanding$258,784 $259,147 
(1)On October 15, 2025, the 2022 Convertible Notes matured and were repaid.
Unsecured Notes
On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes with a maturity of April 30, 2024 (the "April 2024 Notes") pursuant to an amended and restated note purchase agreement, dated September 30, 2016, (the "NPA") and a fourth supplement to the NPA (the "Fourth Supplement"). On February 5, 2024, the Company fully repaid $116,500 in aggregate principal amount of issued and outstanding April 2024 Notes. On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that matured on January 29, 2026 (the "January 2026 Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On January 29, 2026, the Company fully repaid $200,000 in aggregate principal amount of issued and outstanding January 2026 Notes. On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "June 2027 Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.
The April 2024 Notes bore interest at an annual rate of 5.494%. The January 2026 Notes bore interest at an annual rate of 3.875%. The June 2027 Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser. 
The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.
On November 13, 2023, the Company closed a registered public offering of $115,000 in aggregate principal amount of 8.250% notes that mature on November 15, 2028 (the "November 2028 Notes"), pursuant to a base indenture and fourth supplemental indenture thereto dated November 13, 2023 (the "Fourth Supplemental Indenture") between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.
The November 2028 Notes bear interest at an annual rate of 8.250%, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The November 2028 Notes are listed on NASDAQ and trade under the trading symbol "NMFCZ".
The Company may redeem the November 2028 Notes, in whole or in part, at any time, or from time to time, at its option on or after November 15, 2025 at the redemption price of par, plus accrued interest.
No sinking fund provision is provided for the November 2028 Notes and holders of the November 2028 Notes have no option to have their November 2028 Notes repaid prior to the stated maturity date.
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On February 1, 2024, the Company issued $300,000 in aggregate principal amount of its 6.875% notes that mature on February 1, 2029 (the "February 2029 Notes") pursuant to a base indenture and fifth supplemental indenture thereto dated February 1, 2024 (the "Fifth Supplemental Indenture"). The February 2029 Notes bear interest at an annual rate of 6.875%, payable semi-annually on February 1 and August 1 of each year. The Company may redeem the February 2029 Notes, in whole or in part, at any time prior to January 1, 2029, at par plus a "make-whole" premium, and thereafter at par, plus accrued interest.
On September 26, 2024, the Company issued $300,000 in aggregate principal amount of its 6.200% notes that mature on October 15, 2027 (the "October 2027 Notes", together with the April 2024 Notes, January 2026 Notes, June 2027 Notes, November 2028 Notes and February 2029 Notes, the "Unsecured Notes") pursuant to a base indenture and sixth supplemental indenture thereto dated September 26, 2024 (together, with the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"). The October 2027 Notes bear interest at an annual rate of 6.200%, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2025. The Company may redeem the October 2027 Notes, in whole or in part, at any time prior to October 15, 2027, at par plus a "make-whole" premium and accrued interest.
On June 18, 2026, the Company entered into the seventh supplement to the NPA (the "Seventh Supplement") with certain institutional investors providing for the private placement of $150,000 in aggregate principal amount of the 2026A Notes (as defined below). The 2026A Notes will be comprised of (i) $40,000 aggregate principal amount of 7.28% Series 2026A Senior Fixed Rate Notes, Tranche A, due 2028 (the "Tranche A Notes"), (ii) $35,000 aggregate principal amount of 7.76% Series 2026A Senior Fixed Rate Notes, Tranche B, due 2031 (the "Tranche B Notes"), and (iii) $75,000 aggregate principal amount of Series 2026A Senior Floating Rate Notes, Tranche C, due 2031, which will bear interest at a rate of SOFR plus 3.66% (the "Tranche C Notes" and together with the Tranche A Notes and the Tranche B Notes, the "2026A Notes"). The closing and funding of the 2026A Notes is expected to occur on or before October 1, 2026, subject to the satisfaction of customary closing conditions. As of June 30, 2026, none of the 2026A Notes have been funded under the Note Purchase Agreement.
The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.
The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest expense(1)$13,313 $16,199 $27,243 $31,594 
Amortization of financing costs$758 $811 $1,535 $1,613 
Amortization of discount$311 $311 $618 $618 
Weighted average interest rate6.7 %6.5 %6.6 %6.5 %
Effective interest rate7.3 %7.0 %7.2 %6.8 %
Average debt outstanding$790,000 $990,000 $822,044 $990,000 
(1)Interest expense includes net expense recognized on fair value hedges.
As of June 30, 2026 and December 31, 2025, the outstanding balance on the Unsecured Notes was $784,045 and $991,585, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.
In connection with the issuance of the February 2029 Notes, the Company entered into an interest rate swap on March 22, 2024 with Morgan Stanley Bank N.A., in which the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.8183% on the notional amount of $300,000. In connection with the issuance of the October 2027 Notes, the Company entered into an interest rate swap on September 23, 2024 with Morgan Stanley Bank, N.A., in which the Company receives a fixed interest rate of 6.200% and pays a floating rate of one-month SOFR plus 2.882% on the notional amount of $300,000. The Company designates interest rate swaps as fair value hedges in a qualifying fair value hedge accounting relationship to mitigate risk of changes in the fair value of financial liabilities due to interest rate risk. As a result, the Company will present changes in fair value of the hedging instruments and the related hedged items in interest expense within the Company’s Consolidated Statements of Operations.
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The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. For each hedging relationship, the Company performs quarterly quantitative assessments of the hedge effectiveness to assess that the hedging relationships are highly effective in offsetting changes in fair values of hedged items and whether the relationship is expected to continue to be highly effective in the future. To the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item, the difference is recognized. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.
If a hedge relationship is de-designated or if hedge accounting is discontinued because the hedged item no longer exists, the derivative will continue to be recorded as a "Derivative asset at fair value" or "Derivative liability at fair value" in the Consolidated Statements of Assets and Liabilities at its fair value, with changes in fair value recognized in net change in unrealized appreciation (depreciation).
The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative$(43)$(1,074)$(36)$(2,002)
(Losses) gains recognized on derivative(3,955)4,545 (8,214)11,717 
Gains (losses) recognized on hedged item3,969 (4,449)8,157 (10,866)
Net expense recognized on fair value hedge$(29)$(978)$(93)$(1,151)
The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of June 30, 2026 and December 31, 2025.
As of
June 30, 2026December 31, 2025
DescriptionCarrying ValueCumulative Amount of Basis AdjustmentCarrying ValueCumulative Amount of Basis Adjustment
February 2029 Notes
$297,729 $661 $303,000 $(4,918)
October 2027 Notes$296,317 $2,874 $298,585 $296 
The Company’s derivative instrument contracts are subject to ISDA Master Agreements which contain certain covenants and other provisions upon the occurrence of specific credit-risk-related events which may allow the counterparties to terminate derivatives contracts if the Company fails to maintain sufficient asset coverage for its derivative contracts or upon certain credit events. As a result, the hedging relationship terminates and is immediately accelerated and deemed payable pursuant to the ISDA Master Agreement.
The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a net liability position on June 30, 2026 was $2,934 and a net asset position on December 31, 2025 was $5,281, respectively, for which Morgan Stanley Bank N.A. had posted collateral of $7,490 and $14,630, respectively. The Company does not have any derivatives that are not designated as hedging instruments.
SBA-guaranteed debentures—On August 1, 2014, August 25, 2017 and July 15, 2025, respectively, SBIC I, SBIC II and SBIC III received licenses from the SBA to operate as SBICs.
These SBIC licenses allow each of SBIC I, SBIC II and SBIC III to obtain leverage in the form of SBA-guaranteed debentures, subject to the SBA's customary commitment and draw application procedures. SBA debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I, SBIC II and SBIC III over the
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Company's stockholders in the event SBIC I, SBIC II and SBIC III are liquidated or the SBA exercises its remedies upon an event of default.
On February 28, 2025, SBIC I repaid $37,500 of SBA-guaranteed debentures that were set to mature on March 1, 2025. On August 29, 2025, SBIC I repaid $66,295 of SBA-guaranteed debentures that were set to mature on September 1, 2025. On February 27, 2026, SBIC I repaid $13,950 of SBA-guaranteed debentures that were set to mature on March 1, 2026. On March 2, 2026, SBIC II repaid $13,000 of SBA-guaranteed debentures that were set to mature on September 1, 2028.
As of June 30, 2026 and December 31, 2025, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $32,255 and $150,000, respectively.
As of June 30, 2026 and December 31, 2025, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $137,000 and $150,000, respectively. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount.
As of June 30, 2026 and December 31, 2025 SBIC III had regulatory capital of $3,375 and $3,375, respectively. SBIC III had no SBA-guaranteed debentures outstanding as of June 30, 2026 and December 31, 2025.
The following table summarizes the Company’s SBA-guaranteed debentures as of June 30, 2026:
Issuance DateMaturity DateDebenture AmountInterest RateSBA Annual Charge
Fixed SBA-guaranteed debentures(1):
September 21, 2016September 1, 2026$4,000 2.051 %0.742 %
September 20, 2017September 1, 202713,000 2.518 %0.742 %
March 21, 2018March 1, 202815,255 3.187 %0.742 %
Fixed SBA-guaranteed debentures(2):
September 19, 2018September 1, 20282,000 3.548 %0.222 %
September 25, 2019September 1, 202919,000 2.283 %0.222 %
March 25, 2020March 1, 203041,000 2.078 %0.222 %
March 25, 2020March 1, 203024,000 2.078 %0.275 %
September 23, 2020September 1, 203051,000 1.034 %0.275 %
Total SBA-guaranteed debentures$169,255 
(1)SBA-guaranteed debentures are issued by SBIC I.
(2)SBA-guaranteed debentures are issued by SBIC II.
Prior to pooling, the SBA-guaranteed debentures bear interest at an interim interest rate equal to the Federal Home Loan Bank of Chicago's Fixed Regular Advance Rate (Bank Advance Rate), plus 41 basis points. Once pooled, which occurs semi-annually each year, and is switching to quarterly each year beginning in June 2026, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.
The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest expense$962 $1,752 $2,067 $3,659 
Amortization of financing costs$140 $219 $403 $456 
Weighted average interest rate2.3 %2.7 %2.3 %2.7 %
Effective interest rate2.6 %3.0 %2.8 %3.0 %
Average debt outstanding$169,255 $262,500 $178,040 $274,724 

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing provided by an SBIC, prohibit investments in small businesses with certain characteristics or in certain industries, and require capitalization thresholds that limit distributions to the Company.
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SBICs are subject to periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) and in accordance with the SBA's SBIC Valuation Guidelines by an independent auditor.

Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.
Note 8. Regulation
The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is generally required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).
Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.
Note 9. Commitments and Contingencies
In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of June 30, 2026, the Company had unfunded commitments on revolving credit facilities of $119,976, which included €1,196 denominated in EUR that has been translated to U.S. dollars, no outstanding bridge financing commitments and other future funding commitments of $37,186, including €6,411 denominated in EUR that has been translated to U.S. dollars. As of December 31, 2025, the Company had unfunded commitments on revolving credit facilities of $133,534, which included €1,092 denominated in EUR that has been translated to U.S. dollars, no outstanding bridge financing commitments and other future funding commitments of $77,602, which included €6,411 denominated in EUR that has been translated to U.S. dollars. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.
The Company also had revolving borrowings available under the Holdings Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver, as of June 30, 2026 and December 31, 2025. See Note 7. Borrowings, for details.
The Company may from time to time enter into financing commitment letters. As of June 30, 2026 and December 31, 2025, the Company had commitment letters to purchase investments in the aggregate par amount of $10,513 and $4,727, respectively, which could require funding in the future.
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Note 10. Net Assets
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, 2026:
Accumulated Undistributed (Overdistributed) Earnings
Common StockTreasury StockPaid in
Capital in
Excess		Accumulated
Net Investment		Accumulated Net Realized Net 
Unrealized Appreciation		Total Net AssetsNon-
Controlling
Interest in		Total
SharesPar Amountat Costof ParIncome(Losses) Gains(Depreciation)of NMFCNMNLCNet Assets
Net assets at December 31, 2025102,638,388 $1,079 $(51,952)$1,354,726 $192,583 $(98,121)$(216,138)$1,182,177 $6,079 $1,188,256 
Repurchases of common
stock under the
Repurchase Program		(7,063,237)— (56,597)— — — — (56,597)— (56,597)
Distributions declared — — — — (31,150)— — (31,150)(90)(31,240)
Contributions related to non-controlling interest in NMNLC— — — — — — — — 300 300 
Net increase (decrease) in net assets resulting from operations— — — — 30,517 (32,010)(49,435)(50,928)179 (50,749)
Net assets at March 31, 202695,575,151 $1,079 $(108,549)$1,354,726 $191,950 $(130,131)$(265,573)$1,043,502 $6,468 $1,049,970 
Repurchases of common
stock under the
Repurchase Program		(1,122,761)— (8,966)— — — — (8,966)— (8,966)
Distributions declared— — — — (23,612)— — (23,612)(90)(23,702)
Net increase (decrease) in net assets resulting from operations— — — — 24,502 (44,984)37,739 17,257 256 17,513 
Net assets at June 30, 202694,452,390 $1,079 $(117,515)$1,354,726 $192,840 $(175,115)$(227,834)$1,028,181 $6,634 $1,034,815 

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and six months ended June 30, 2025:
Accumulated Undistributed (Overdistributed) Earnings
Common StockTreasury StockPaid in
Capital in Excess		Accumulated
Net Investment		Accumulated Net Realized 
(Losses)		Net 
Unrealized Appreciation		Total Net AssetsNon-Controlling Interest inTotal
SharesPar Amountat Costof ParIncomeGains(Depreciation)of NMFCNMNLCNet Assets
Net assets at December 31, 2024107,851,415 $1,079 $— $1,365,852 $181,266 $(141,279)$(53,579)$1,353,339 $5,952 $1,359,291 
Offering costs— — — (28)— — — (28)— (28)
Distributions declared— — — — (34,512)— — (34,512)(90)(34,602)
Net increase (decrease) in net assets resulting from operations— — — — 34,524 37,825 (48,936)23,413 104 23,517 
Net assets at March 31, 2025107,851,415 $1,079 $— $1,365,824 $181,278 $(103,454)$(102,515)$1,342,212 $5,966 $1,348,178 
Repurchases of common stock(925,216)— (9,642)— — — — (9,642)— (9,642)
Conversion of
2022 Convertible
Notes		514 — — — — — — — — — 
Offering costs— — — 14 — — — 14 — 14 
Distributions declared— — — — (34,499)— — (34,499)(90)(34,589)
Net increase (decrease) in net assets resulting from operations— — — — 34,468 13,389 (40,083)7,774 101 7,875 
Net assets at June 30, 2025106,926,713 $1,079 $(9,642)$1,365,838 $181,247 $(90,065)$(142,598)$1,305,859 $5,977 $1,311,836 
On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of common stock (the "Old Repurchase Program"). The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50,000 of common stock. On October 23, 2025, the Company's board of directors authorized a new program for the purpose of repurchasing up to $100,000 worth of our common stock (the "Repurchase Program"). On April 28, 2026, the Company's board of directors authorized the repurchase of up to an additional $50,000 of the Company's common stock.
Under the Old Repurchase Program and the Repurchase Program, the Company was permitted, but not obligated, to repurchase outstanding common stock in the open market from time to time, provided that the Company complied with its code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Company expects the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150,000 worth of common stock have been repurchased.
During the three and six months ended June 30, 2026, approximately $8,966 and $65,563 of common stock was repurchased under the Repurchase Program. As of June 30, 2026, approximately $79,538 remained available under the Repurchase Program.
On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000.
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For the three and six months ended June 30, 2026 and June 30, 2025, the Company did not sell any shares of common stock under the Distribution Agreement.
The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of June 30, 2026, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.
Note 11. Earnings (Loss) Per Share
The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Earnings per share—basic
Numerator for basic earnings (loss) per share:$17,257 $7,774 $(33,671)$31,187 
Denominator for basic weighted average share:94,551,023 107,750,160 97,497,589 107,800,508 
Basic earnings (loss) per share:$0.18 $0.07 $(0.35)$0.29 
Earnings per share—diluted(1)
Numerator for increase (decrease) in net assets per share$17,257 $7,774 $(33,671)$31,187 
Adjustment for interest on 2022 Convertible Notes and incentive fees, net (2)(3)— 4,197 — 8,259 
Numerator for diluted earnings (loss) per share:$17,257 $11,971 $(33,671)$39,446 
Denominator for basic weighted average share94,551,023 107,750,160 97,497,589 107,800,508 
Adjustment for dilutive effect of 2022 Convertible Notes(2)— 18,983,299 — 18,992,347 
Denominator for diluted weighted average share94,551,023 126,733,459 97,497,589 126,792,855 
Diluted earnings (loss) per share:$0.18 $0.07 $(0.35)$0.29 
(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended June 30, 2025, there was anti-dilution.
(2)For the three and six months ended June 30, 2026, the Company did not hold any convertible notes.
(3)In applying the if-converted method, the adjustment for incentive fees includes the impact of any incentive fee waived during the period. See Note 5. Agreements, for details.

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Note 12. Financial Highlights
The following information sets forth the Company's financial highlights for the six months ended June 30, 2026 and June 30, 2025:
Six Months Ended
June 30, 2026June 30, 2025
Per share data(1):
Net asset value, January 1, 2026 and January 1, 2025, respectively$11.52 $12.55 
Net investment income0.56 0.64 
Net realized and unrealized losses(2)(0.92)(0.36)
Total net (decrease) increase(0.36)0.28 
Repurchases of common stock0.30 0.02 
Distributions declared to stockholders from net investment income(0.57)(0.64)
Net asset value, June 30, 2026 and June 30, 2025, respectively$10.89 $12.21 
Per share market value, June 30, 2026 and June 30, 2025, respectively$7.17 $10.55 
Total return based on market value(3)(16.11)%(0.72)%
Total return based on net asset value(4)(0.50)%2.44 %
Shares outstanding at end of period94,452,390 106,926,713 
Average weighted shares outstanding for the period97,497,589 107,800,508 
Average net assets for the period$1,099,108 1,347,006 
Ratio to average net assets(5):
Net investment income10.09 %10.33 %
Total expenses, before waivers/reimbursements15.15 %15.62 %
Total expenses, net of waivers/reimbursements13.76 %14.96 %
Average debt outstanding—Unsecured Notes$822,044 $990,000 
Average debt outstanding—Holdings Credit Facility418,304 280,737 
Average debt outstanding—SBA-guaranteed debentures178,040 274,724 
Average debt outstanding—NMFC Credit Facility(6)72,131 29,314 
Average debt outstanding—2022 Convertible Notes (7)— 259,147 
Asset coverage ratio(8)186.22 %185.56 %
Portfolio turnover7.55 %7.94 %
(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).
(2)Includes the (dilutive) accretive effect of common stock repurchases per share, which for the six months ended June 30, 2026 and June 30, 2025 was $(0.01) and $0.00, respectively
(3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.
(4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.
(5)Interim periods are annualized.
(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2026 and June 30, 2025, the Company had borrowings denominated in EUR of €16,512 and €16,512, respectively, and borrowings denominated in GBP of £8,666 and £8,666, respectively, that have been translated to U.S. dollars.
(7)On October 15, 2025, the Company repaid the outstanding principal on the 2022 Convertible Notes, which matured on October 15, 2025.
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(8)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.
Note 13. Recent Accounting Standards Updates
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging - Hedge Accounting Improvements ("ASC 2025-09”), which enhances certain aspects of the guidance by (i) expanding the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, (ii) providing a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on choose-your-rate debt instruments, (iii) expanding hedge accounting for forecasted purchases and sales of nonfinancial assets, (iv) eliminating the requirement to apply the net written option test to a compound derivative comprising a swap and a written option designated as the hedging instrument in a hedge of interest rate risk, and (v) eliminating the recognition and presentation mismatch related to dual hedge strategies. ASC 2025-09 is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted and prospective application for all hedging relationships is required. The Company is currently assessing the impact of this guidance and does not expect a material impact on its consolidated financial statements.
In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock ("ASU 2026-01"), which requires an issuer to initially measure paid-in-kind dividends on equity-classified preferred stock by multiplying the stated PIK dividend rate by the liquidation preference of the shares. The ASU addresses measurement only and does not change recognition requirements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
Note 14. Segment Reporting
The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is the Company’s Chief Executive Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.
Note 15. Subsequent Events
On July 21, 2026, the Company’s board of directors declared a third quarter 2026 distribution of $0.25 per share, payable on September 30, 2026 to holders of record as of September 16, 2026.
On July 30, 2026, the Company entered into Amendment No. 1 to the Second Amended and Restated Senior Secured Revolving Credit Agreement (the "First Amendment"), which amended the NMFC Credit Facility to, among other things, (i) reflect that $487,100 of the facility is being committed by Extending Lenders and $50,000 of the facility is being committed by Non-Extending Lenders, (ii) extend the maturity date of the NMFC Credit Facility to July 30, 2031 for Extending Lenders and September 28, 2029 for Non-Extending Lenders and (iii) modify the applicable spread used to determine the per annum interest rate payable under the NMFC Credit Facility to SOFR plus any applicable credit spread adjustments, SONIA or EURIBOR plus 2.00%.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the "Company"), including the consolidated schedule of investments, as of June 30, 2026, the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Review Results

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

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


/s/ DELOITTE & TOUCHE LLP
New York, New York
August 3, 2026
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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").
Forward-Looking Statements
The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:
•statements concerning the impact of a protracted decline in the liquidity of credit markets;
•the general economy, including fluctuating interest and inflation rates, on the industries in which we invest;
•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;
•the impact of interest rate volatility on our business and our portfolio companies;
•our future operating results, our business prospects, the adequacy of our cash resources and working capital;
•the ability of our portfolio companies to achieve their objectives;
•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;
•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;
•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
•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Quarterly Report on Form 10-Q.
Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Quarterly Report on Form 10-Q.
We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview
We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through June 30, 2026, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.
The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net
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lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.
We have established the following wholly-owned direct and indirect subsidiaries:
•New Mountain Finance Holdings, L.L.C. ("NMF Holdings"), whose assets are used to secure NMF Holdings’ credit facility;
•New Mountain Finance SBIC, L.P. ("SBIC I"), New Mountain Finance SBIC II, L.P. ("SBIC II") and New Mountain Finance SBIC III, L.P. ("SBIC III"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "SBIC Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP") and New Mountain Finance SBIC III G.P., L.L.C. ("SBIC III GP"), respectively;
•NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB") and NMF Pioneer, Inc. ("NMF Pioneer"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate these corporations for accounting purposes but the corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and
•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.
New Mountain Net Lease Corporation ("NMNLC"), a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to "triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.
We are a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.
Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.
We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.
Similar to us, the investment objective of each of SBIC I, SBIC II and SBIC III, is to generate current income and capital appreciation under the investment criteria we use. However, investments made by SBIC I, SBIC II and SBIC III must be in SBA eligible small businesses.
Our portfolio may be concentrated in a limited number of industries. As of June 30, 2026, our top five industry concentrations were business services, software, healthcare, investment funds (which includes our investments in our joint ventures) and consumer services.
As of June 30, 2026, our net asset value was approximately $1,028.2 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $2,289.8 million in 112 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 11.1% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.9%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized
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agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing leverage. YTM at Cost and YTM at Cost for Investments use Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.
Recent Developments
On July 21, 2026, our board of directors declared a third quarter 2026 distribution of $0.25 per share payable on September 30, 2026 to holders of record as of September 16, 2026.
On July 30, 2026, we entered into Amendment No. 1 to the Second Amended and Restated Senior Secured Revolving Credit Agreement (the "First Amendment"), which amended the NMFC Credit Facility to, among other things, (i) reflect that $487.1 million of the facility is being committed by Extending Lenders and $50 million of the facility is being committed by Non-Extending Lenders, (ii) extend the maturity date of the NMFC Credit Facility to July 30, 2031 for Extending Lenders and September 28, 2029 for Non-Extending Lenders and (iii) modify the applicable spread used to determine the per annum interest rate payable under the NMFC Credit Facility to SOFR plus any applicable credit spread adjustments, SONIA or EURIBOR plus 2.00%.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.
Basis of Accounting
We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, SBIC III, SBIC III GP, NMF QID, NMF YP, NMF Permian, NMF HB and NMF Pioneer and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").
Valuation and Leveling of Portfolio Investments
At all times consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.
We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:
(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.
(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.
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
b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:
i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the
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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;
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).
(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:
a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;
b.Preliminary valuation conclusions will then be documented and discussed with our senior management;
c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and
d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.
For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.
GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:
Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.
Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
•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
•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.
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The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.
The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of June 30, 2026.
We generally use the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:
Company Performance, Financial Review, and Analysis:  Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.
For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.
Market Based Approach:  We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue, or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.
Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.
See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of June 30, 2026.
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NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from us and SkyKnight II. SLP III initially had a five year investment period and will continue in existence until August 7, 2030. On August 6, 2025, the investment period was extended until August 7, 2028. The investment period may be extended for up to one additional year subject to certain conditions.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2026, we and SkyKnight II have committed and contributed $160.0 million and $40.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on August 6, 2025, the maturity date of SLP III's revolving credit facility was extended from January 8, 2029 to August 7, 2030, and the reinvestment period was extended from July 8, 2027 to August 7, 2028.
On August 6, 2025, SLP III entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing
lender (“Class A lenders”). As of the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $941.0 million of which $830.0 million of the facility amount is attributed to Class A lenders and $111.0 million of the facility amount is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600.0 million, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of SOFR plus 1.80%. During the reinvestment period, Class B advances bear interest at a rate of SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of SOFR plus 5.05%. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%.
As of June 30, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $919.8 million and $941.4 million, respectively, and debt outstanding under its credit facility of $800.7 million and $672.7 million, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $4.4 million and $6.9 million, respectively.
During the first quarter of 2026, SLP III placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of June 30, 2026, SLP III's first lien positions in Convey had total unearned income of $0.2 million and $0.4 million, respectively, for the three and six months then ended.
Below is a summary of SLP III's portfolio as of June 30, 2026 and December 31, 2025:    
(dollars in millions)June 30, 2026December 31, 2025
First lien investments (1)$990 $972 
Weighted average interest rate on first lien investments (2)7.45 %8.36 %
Number of portfolio companies in SLP III105 105 
Largest portfolio company investment (1)$20 $20 
Total of five largest portfolio company investments (1)$93 $93 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of June 30, 2026 and December 31, 2025 and additional information on certain summarized financial information for SLP III as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025.
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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until July 11, 2030. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2026, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association. As of the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to July 11, 2030.
On July 11, 2025, SLP IV entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600.0 million, of which $530.0 million of the facility amount is attributed to Class A lenders and $70.0 million of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370.0 million, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%.
As of June 30, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $625.0 million and $641.5 million, respectively, and debt outstanding under its credit facility of $534.1 million and $471.7 million, respectively. As of June 30, 2026 and December 31, 2025, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $2.7 million and $4.8 million, respectively.
During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP IV's first lien positions in Convey had total unearned income of $0.1 million and $0.2 million, respectively, for the three and six months then ended.
Below is a summary of SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025:
(dollars in millions)June 30, 2026December 31, 2025
First lien investments (1)$671 $664 
Weighted average interest rate on first lien investments (2)7.51 %8.67 %
Number of portfolio companies in SLP IV106 105 
Largest portfolio company investment (1)$18 $18 
Total of five largest portfolio company investments (1)$67 $64 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025 and additional information on certain summarized financial information for SLP IV as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025.

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New Mountain Net Lease Corporation
NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of June 30, 2026.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.
Below is certain summarized property information for NMNLC as of June 30, 2026:
Lease Total Fair Value as of
Portfolio CompanyTenantExpiration DateLocationSquare FeetJune 30, 2026
(in thousands)(in millions)
NM NL Holdings LP / NM GP Holdco LLCVariousVariousVariousVarious$113 
NM YI, LLCYoung Innovations, Inc.10/31/2039IL / MO2128 
$121 
Collateralized agreements or repurchase financings
We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. Upon the counterparty's failure to perform its contractual obligation to repurchase the collateral, our asset no longer represents an interest-bearing collateralized agreement to resell but instead represents its contractual claim in the liquidation proceedings.
As of June 30, 2026, we held one claim related to the collateralized agreement to resell with a cost basis of $30.0 million and a fair value of $5.7 million. As of December 31, 2025, we held one collateralized agreement to resell with a cost basis of $30.0 million and a fair value of $13.5 million.
The claim arises from a collateralized agreement to resell that was guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund.
PPVA Black Elk (Equity) LLC
On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.
In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We
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were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.
On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. As a result of the settlement and the counterparty's failure to satisfy its contractual obligations, the Company's rights under the SPP Agreement have been converted into a contractual claim being pursued through the Cayman Islands liquidation proceedings. Accordingly, we no longer classify the asset as a collateralized securities purchase and put agreement but as a claim. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of June 30, 2026, the claim had a cost basis of $14.5 million and a fair value of $2.8 million. As of December 31, 2025, the SPP Agreement had a cost basis of $14.5 million and a fair value of $6.5 million.
Revenue Recognition
Sales and paydowns of investments:  Realized gains and losses on investments are determined on the specific identification method.
Interest and dividend income:  Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2026 we recognized PIK interest from investments of approximately $5.4 million and $10.6 million, respectively, and PIK dividends from investments of approximately $4.9 million and $10.2 million, respectively. For the three and six months ended June 30, 2025 we recognized PIK interest from investments of approximately $6.9 million and $14.5 million, respectively, and PIK dividends from investments of approximately $6.6 million and $14.8 million, respectively.
Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.
Non-accrual income:  Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.
Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.
Monitoring of Portfolio Investments
We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).
We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:
•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:
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◦Tier 4 – Business performance is in-line with or above expectations
◦Tier 3 – Moderate business underperformance and/or moderate market headwinds
◦Tier 2 – Significant business underperformance and/or significant market headwinds
◦Tier 1 – Severe business underperformance and/or severe market headwinds
•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:
•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)
•Yellow – 3C, 2B, and 1A
•Orange – 2C and 1B
•Red – 1C
The following table shows the Risk Rating of our portfolio companies as of June 30, 2026:
(in millions)
As of June 30, 2026
Risk RatingCostPercentFair ValuePercent
Green$2,090.6 83.8 %$2,010.5 87.6 %
Yellow308.8 12.4 %233.9 10.2 %
Orange79.8 3.2 %49.2 2.1 %
Red15.2 0.6 %1.9 0.1 %
Total$2,494.4 100.0 %$2,295.5 100.0 %
As of June 30, 2026, all investments in our portfolio had a Green Risk Rating with the exception of thirteen portfolio companies that had a Yellow Risk Rating, seven portfolio companies that had an Orange Risk Rating and one portfolio company that had a Red Risk Rating.
As of June 30, 2026, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of June 30, 2026, our positions in AAC on non-accrual status had total unearned interest income of $1.4 million and $2.8 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in AAC had an Orange Risk Rating.
During the second quarter of 2024, we placed our investment in our junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2026, our junior preferred shares in Transcendia had total unearned income of $0.1 million and $0.2 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in Transcendia had a Green Risk Rating.
During the first quarter of 2026, we placed our first lien positions in Convey on non-accrual status. As of June 30, 2026, our first lien positions in Convey had total unearned income of $0.4 million and $0.7 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in Convey had a Red Risk Rating.
During the second quarter of 2026, we placed our Series A preferred shares in Symplr Software Intermediate Holdings, Inc. ("Symplr) on non-accrual status. As of June 30, 2026, our preferred shares in Symplr had total unearned income of $0.7 million and $0.7 million, respectively, for the three and six months then ended. As of June 30, 2026, our investment in Symplr had a Yellow Risk Rating.
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Portfolio and Investment Activity
The fair value of our investments, as determined in good faith by our board of directors, was approximately $2,289.8 million in 112 portfolio companies at June 30, 2026 and approximately $2,742.0 million in 113 portfolio companies at December 31, 2025.
The following table shows our portfolio and investment activity for the six months ended June 30, 2026 and June 30, 2025:
Six Months Ended
(in millions)June 30, 2026June 30, 2025
Investments in 31 and 34 new and existing portfolio companies, respectively$190.6 $243.2 
Debt repayments in existing portfolio companies107.4 286.3 
Sales of securities in 22 and 6 portfolio companies, respectively492.8 55.7 
Change in unrealized appreciation on 31 and 31 portfolio companies, respectively73.5 6.4 
Change in unrealized depreciation on 89 and 88 portfolio companies, respectively(77.2)(96.0)
Asset Sale
On March 10, 2026, we completed a sale of approximately $468.0 million of assets held by us and our wholly-owned subsidiary, NMFH, at 94% of the fair value of such assets as of December 31, 2025 (the “Asset Sale”). The Asset Sale was completed pursuant to a definitive agreement, dated February 21, 2026, by and between us, as seller, and Eagle Credit CV, L.P., Eagle Credit Holdings SPV, L.P. and Eagle Credit Sub Blocker L.P. as the third party purchasers (the “Purchaser”), pursuant to which the Purchaser acquired full or partial investments in fifteen portfolio companies.
The proceeds from the Asset Sale were used for the repayment of our outstanding indebtedness and other general corporate purposes, including to make investments in accordance with our investment strategy.
Recent Accounting Standards Updates
See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.
Results of Operations for the Three Months Ended June 30, 2026 and June 30, 2025
Revenue
Three Months Ended
(in millions)June 30, 2026June 30, 2025
Total interest income$43.4 $62.8 
Total dividend income15.9 19.3 
Other income2.2 1.3 
Total investment income$61.5 $83.5 
Our total investment income decreased by approximately $22.0 million, or 26%, for the three months ended June 30, 2026 as compared to the same period in the prior year. For the three months ended June 30, 2026, total investment income of approximately $61.5 million consisted of approximately $35.6 million in cash interest from investments, approximately $5.4 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $2.4 million, approximately $11.0 million in cash dividends from investments, approximately $4.9 million in non-cash dividends from investments and approximately $2.2 million in other income. The decrease in interest income of approximately $19.5 million was primarily due to a lower invested asset base as a result of the Asset Sale. The decrease in dividend income of approximately $3.4 million was primarily due to a decrease in preferred equity investments held. Other income during the three months ended June 30, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 13 different portfolio companies.


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Operating Expenses
Three Months Ended
(in millions)June 30, 2026June 30, 2025
Management fee$7.4 $9.8 
Incentive fee5.8 8.0 
Less: incentive fee waiver(1.4)(2.6)
Total net incentive fee4.4 5.4 
Interest and other financing expenses22.5 31.1 
Professional fees1.0 1.1 
Administrative expenses0.9 1.2 
Other general and administrative expenses0.6 0.3 
Total expenses36.8 48.9 
Income tax expense0.0 0.0 
Net expenses after income taxes$36.8 $48.9 
    
Our total net operating expenses decreased by approximately $12.1 million for the three months ended June 30, 2026 as compared to the same period in the prior year. Our total net management fee decreased by approximately $2.4 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The decrease in total net management fee was primarily attributable to a lower invested asset base. Our total net incentive fee decreased by approximately $1.0 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The decrease in incentives fees was primarily attributable to the decrease in investment income due to a lower invested asset base.
Interest and other financing expenses decreased by approximately $8.6 million for the three months ended June 30, 2026 as compared to the same period in the prior year. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses remained relatively consistent period over period.
Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)
Three Months Ended
(in millions)June 30, 2026June 30, 2025
Net realized (losses) gains on investments$(45.0)$13.4 
Net change in unrealized appreciation (depreciation) of investments37.8 (40.5)
Net change in unrealized appreciation on foreign currency0.0 0.4 
Benefit (provision) for taxes0.1 (0.0)
Net realized and unrealized losses$(7.1)$(26.7)
Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $7.1 million for the three months ended June 30, 2026 compared to net realized gains and unrealized gains and losses resulting in a net loss of approximately $26.7 million for the same period in 2025. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended June 30, 2026 was primarily driven by unrealized depreciation in Convey and Knockout Intermediate Holdings I Inc. ("Kaseya"), partially offset by unrealized gains in UniTek Global Services, Inc. ("UniTek") and RLG Holdings, LLC ("Resource Label Group"). The provision for income taxes was attributable to equity investments that are held as of June 30, 2026 in five of our corporate subsidiaries. The net loss for the three months ended June 30, 2025 was primarily driven by unrealized depreciation in TVG-Edmentum Holdings, LLC ("Edmentum"), ACI Parent Inc. and New Permian Holdco, Inc., partially offset by realized gains in OA Topco, L.P. The provision for income taxes was attributable to equity investments that are held as of June 30, 2025 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

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Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")
Three Months Ended
(in millions)June 30, 2026June 30, 2025
Total investment income$61.5 $83.5 
Net expenses after income taxes36.9 48.9 
Net investment income24.6 34.6 
Less: Net investment income related to non-controlling interest in NMNLC0.1 0.1 
Net investment income related to NMFC$24.5 $34.5 
Net change in realized (losses) gains on investments(45.0)13.4 
Net change in realized (losses) gains of investments related to NMFC$(45.0)$13.4 
Net change in unrealized appreciation (depreciation) of investments37.8 (40.5)
Net change in unrealized (depreciation) appreciation on foreign currency(0.0)0.4 
Benefit (provision) for taxes0.0 (0.0)
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC0.1 (0.0)
Net change in unrealized appreciation (depreciation) of investments related to NMFC$37.7 $(40.1)
Results of Operations for the Six Months Ended June 30, 2026 and June 30, 2025
Revenue
Six Months Ended
(in millions)June 30, 2026June 30, 2025
Total interest income$91.3 $124.4 
Total dividend income35.0 40.3 
Other income4.0 4.5 
Total investment income$130.3 $169.2 
Our total investment income decreased by approximately $38.9 million, or 23%, for the six months ended June 30, 2026 as compared to the same period in the prior year. For the six months ended June 30, 2026, total investment income of approximately $130.3 million consisted of approximately $77.1 million in cash interest from investments, approximately $10.5 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $3.8 million, approximately $24.7 million in cash dividends from investments, approximately $10.2 million in non-cash dividends from investments and approximately $4.0 million in other income. The decrease in interest income of approximately $33.0 million was primarily due to a lower invested asset base as a result of the Asset Sale. The decrease in dividend income of approximately $5.3 million was primarily due to a decrease in preferred equity investments held. Other income during the six months ended June 30, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 21 different portfolio companies.

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Operating Expenses
Six Months Ended
(in millions)June 30, 2026June 30, 2025
Management fee$15.6 $20.0 
Less: management fee waiver— (0.3)
Total net management fee15.6 19.7 
Incentive fee11.9 16.2 
Less: incentive fee waiver(7.5)(4.1)
Total net incentive fee4.3 12.1 
Interest and other financing expenses50.0 62.5 
Professional fees2.1 2.5 
Administrative expenses2.0 2.3 
Other general and administrative expenses1.1 0.8 
Total expenses75.0 99.9 
Income tax expense (benefit)0.0 (0.0)
Net expenses after income taxes$75.0 $99.9 
    
Our total net operating expenses decreased by approximately $24.9 million for the six months ended June 30, 2026 as compared to the same period in the prior year. Our total net management fee decreased by approximately $4.1 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The decrease in total net management fee was primarily attributable to a lower invested asset base. Our total net incentive fee decreased by approximately $7.8 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The decrease in incentives fees was primarily attributable to the decrease in investment income due to a lower invested asset base, along with an increase in an incentive fee waiver by the Investment Adviser.
Interest and other financing expenses decreased by approximately $12.5 million for the six months ended June 30, 2026 as compared to the same period in the prior year. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses remained relatively consistent period over period.
Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)
Six Months Ended
(in millions)June 30, 2026June 30, 2025
Net realized (losses) gains on investments$(77.0)$51.2 
Net change in unrealized depreciation of investments(3.7)(89.6)
Net change in unrealized depreciation securities purchased under collateralized
agreements to resell		(7.8)— 
Net change in unrealized appreciation on foreign currency(0.1)0.6 
Benefit (provision) for taxes0.1 (0.0)
Net realized and unrealized losses$(88.5)$(37.8)
Our net realized and unrealized losses resulted in a net loss of approximately $88.5 million for the six months ended June 30, 2026 compared to net realized gains and unrealized gains and losses resulting in a net loss of approximately $37.8 million for the same period in 2025. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the six months ended June 30, 2026 was primarily driven by realized losses due to the Asset Sale where we sold approximately $468.0 million of assets at 94% of the fair value of such assets as of December 31, 2025, unrealized depreciation on the claim related to the collateralized agreement with PPVA Fund, L.P. and PPVA Black Elk (Equity) LLC, Convey, Affordable Care, SLP IV and HelpsSystems, partially offset by unrealized appreciation in UniTek and Eagle Infrastructure Super HoldCo, LLC. The benefit (provision) for income taxes was attributable to equity investments that are held as of June 30, 2026 in five of our corporate subsidiaries. The net loss for the six months ended June 30, 2025 was primarily driven by unrealized depreciation in UniTek, TVG-Edmentum Holdings, LLC, ACI Parent Inc. and New Permian Holdco, Inc., partially offset by unrealized appreciation in Homrich Berg and realized
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gains in OA Topco, L.P. The provision for income taxes was attributable to equity investments that are held as of June 30, 2025 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")
Six Months Ended
(in millions)June 30, 2026June 30, 2025
Total investment income$130.3 $169.2 
Net expenses after income taxes75.0 99.9 
Net investment income55.3 69.2 
Less: Net investment income related to non-controlling interest in NMNLC0.2 0.2 
Net investment income related to NMFC$55.1 $69.0 
Net change in realized (losses) gains on investments(77.0)51.2 
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC— — 
Net change in realized (losses) gains of investments related to NMFC$(77.0)$51.2 
Net change in unrealized depreciation of investments(3.7)(89.6)
Net change in unrealized depreciation of securities purchased under collateralized
agreements to resell		(7.8)— 
Net change in unrealized (depreciation) appreciation on foreign currency(0.1)0.6 
Benefit (provision) for taxes0.1 (0.0)
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC0.2 (0.0)
Net change in unrealized depreciation of investments related to NMFC$(11.7)$(89.0)
Liquidity, Capital Resources, Off-Balance Sheet Arrangements and Contractual Obligations
Liquidity and Capital Resources
The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.
Since our IPO, and through June 30, 2026, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.
Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures of SBIC I, SBIC II and SBIC III from the definition of "senior securities" in the asset coverage requirement applicable to us under the 1940 Act. The agreements governing the NMFC Credit Facility and certain of the Unsecured Notes (as defined in Item 1— Financial Statements—Note 7. Borrowings in this Quarterly Report on Form 10-Q) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of June 30, 2026, our asset coverage ratio was 186.2%.
As of June 30, 2026 and December 31, 2025, our borrowings consisted of the June 2027 Notes, November 2028 Notes, February 2029 Notes, October 2027 Notes, Holdings Credit Facility, SBA-guaranteed debentures, NMFC Credit Facility and
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Unsecured Management Company Revolver. See Item 1—Financial Statements —Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information.
At June 30, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $64.8 million and $80.7 million, respectively. Our cash provided by operating activities during the six months ended June 30, 2026 and June 30, 2025 was approximately $425.8 million and $144.3 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.
On November 3, 2021, we entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, we increased the maximum amount of shares to be sold through the ATM program from $250.0 million to $400.0 million.
For the three and six months ended June 30, 2026 and June 30, 2025, we did not sell any shares of common stock under the Distribution Agreement.
We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of June 30, 2026, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.
On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50.0 million of our common stock. On October 23, 2025, our board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of our common stock (the "Repurchase Program"). On April 28, 2026, our board of directors authorized the repurchase of up to an additional $50.0 million worth of our common stock. Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock.
Under the Old Repurchase Program and the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. We expect the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150.0 million worth of common stock have been repurchased.
During the six months ended June 30, 2026, approximately $65.6 million of common stock was repurchased by us under the Repurchase Program. As of June 30, 2026, approximately $79.5 million remained available under the Repurchase Program.
Off-Balance Sheet Agreements
We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2026 and December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $157.2 million, which included €7.6 million denominated in EUR that has been translated to U.S. dollars, and $211.1 million, which included €7.5 million denominated in EUR that has been translated to U.S. dollars, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.
We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of June 30, 2026 and December 31, 2025, we had commitment letters to purchase investments in an aggregate par amount of $10.5 million and $4.7 million, respectively. As of June 30, 2026 and December 31, 2025, we had not entered into any bridge financing commitments which could require funding in the future.

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Contractual Obligations
A summary of our significant contractual payment obligations as of June 30, 2026 is as follows:
Contractual Obligations Payments Due by Period
(in millions)TotalLess than
1 Year		1 - 3 Years3 - 5 YearsMore than
5 Years
Unsecured Notes(1)$790.0 $75.0 $715.0 $— $— 
Holdings Credit Facility(2)378.1 28.1 — 350.0 — 
SBA-guaranteed debentures(3)169.3 4.0 30.3 135.0 — 
NMFC Credit Facility(4)30.4 — — 30.4 — 
Unsecured Management Company Revolver(5)— — — — — 
Total Contractual Obligations$1,367.8 $107.1 $745.3 $515.4 $— 
(1)$75.0 million of the June 2027 Notes will mature on June 15, 2027 unless earlier repurchased, $115.0 million of the November 2028 Notes will mature on November 15, 2028 unless earlier redeemed, $300.0 million of the February 2029 Notes will mature on February 1, 2029 unless earlier redeemed and $300.0 million of the October 2027 Notes will mature on October 15, 2027 unless earlier redeemed.
(2)Under the terms of the Holdings Credit Facility, all outstanding borrowings under that facility exceeding $350.0 million must be repaid on or before October 26, 2026 ($28.1 million outstanding as of June 30, 2026) and all remaining borrowings must be repaid on or before March 12, 2031 ($350.0 million outstanding as of June 30, 2026). As of June 30, 2026, there was approximately $71.9 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.
(3)The SBA-guaranteed debentures held by SBIC I began to mature on March 1, 2025. The SBA-guaranteed debentures held by SBIC II will begin to mature on September 1, 2028. Refer to Item 1 — Financial Statements — Note 7. Borrowings for a full schedule of SBA-guaranteed debenture maturities.
(4)Under the terms of the $527.1 million NMFC Credit Facility, all outstanding borrowings under that facility ($30.4 million, which included €16.5 million denominated in EUR and £8.7 million denominated in GBP that have been translated to U.S. dollars as of June 30, 2026) must be repaid on or before September 28, 2029. As of June 30, 2026, there was approximately $496.7 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.
(5)Under the terms of the $100.0 million Unsecured Management Company Revolver, all outstanding borrowings under that facility must be repaid on or before December 31, 2030. As of June 30, 2026, there were no borrowings outstanding.
We have entered into an investment management and advisory agreement (as amended from time to time, the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.
We have also entered into the administration agreement, (as amended and restated, the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC.
If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.
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Distributions and Dividends
Distributions declared and paid to stockholders for the six months ended June 30, 2026 totaled approximately $54.8 million.
The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recently completed fiscal years and the current fiscal year to date:
Fiscal Year EndedDate DeclaredRecord DatePayment DatePer Share
Amount (1)(2)
December 31, 2026
Second QuarterApril 22, 2026June 16, 2026June 30, 2026$0.25 
First QuarterFebruary 11, 2026March 17, 2026March 31, 20260.32 
$0.57 
December 31, 2025
Fourth QuarterOctober 28, 2025December 17, 2025December 31, 2025$0.32 
Third QuarterJuly 24, 2025September 16, 2025September 30, 20250.32 
Second QuarterApril 22, 2025June 16, 2025June 30, 20250.32 
First QuarterFebruary 14, 2025March 17, 2025March 31, 20250.32 
$1.28 
December 31, 2024
Fourth QuarterOctober 23, 2024December 17, 2024December 31, 2024$0.33 
Third QuarterJuly 23, 2024September 16, 2024September 30, 20240.34 
Second QuarterApril 18, 2024June 14, 2024June 28, 20240.34 
First QuarterJanuary 30, 2024March 15, 2024March 29, 20240.36 
$1.37 
(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2025 and December 31, 2024, total distributions were $135.7 million and $147.2 million, respectively, of which the distributions were comprised of approximately 91.36% and 75.68%, respectively, of ordinary income, 0.00% and 0.00%, respectively, of qualified income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 8.64% and 24.32%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.
(2)Includes regular quarterly distributions of $0.32 per share and supplemental distributions related to prior quarter earnings of $0.01, $0.02, $0.02, $0.04 for the fourth quarter of 2024, third quarter of 2024, second quarter of 2024 and first quarter of 2024, respectively.
We intend to pay quarterly distributions to our stockholders in amounts sufficient to maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.
We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless the stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.
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Related Parties
We have entered into a number of business relationships with affiliated or related parties, including the following:
•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.
•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2024. Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of our gross assets. See Item 1— Financial Statements—Note 5. Agreements in this Quarterly Report on Form 10-Q for details.
•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2026 approximately $0.6 million and $1.2 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of June 30, 2026, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, 2026, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of our gross assets.
•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.
In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.
The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that superseded the prior order for exemptive relief (the “Exemptive Order”) by the SEC. The Exemptive Order allows the Company to co-invest in certain negotiated transactions with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a “required majority” (as defined in Section 57(o)
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of the 1940 Act) of the board of directors make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis, or is a sale of a tradable security. Pursuant to the Exemptive Order, the board of directors oversees the Company’s participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company’s Chief Compliance Officer will provide reporting to the board of directors.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.
On March 30, 2020, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings thereunder from $50.0 million to $100.0 million, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. On October 27, 2025, we entered into the Third Amended and Restated Uncommitted Revolving Loan Agreement which extended the maturity date from December 31, 2027 to December 31, 2030. Refer to Item 1 — Financial Statements — Note 7. Borrowings for discussion of the Unsecured Management Company Revolver.
NMFC and SBIC I are parties to an intercompany promissory note (the "Intercompany Note"). The Intercompany Note had an initial principal balance of $59.0 million and the purpose is to fund the repayment of the SBA guaranteed-debentures issued by SBIC I. Under the terms of the Intercompany Note, no fees or interest are payable to NMFC. For the purposes of the consolidated financial statements, all balances and transactions related to the Intercompany Note are eliminated. As of June 30, 2026, the Intercompany Note had a principal balance of $27.2 million.
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Item 3.     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 each meeting held in 2026 after previously decreasing interest rates by 0.25% in each of September, October and December of 2025. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current levels for longer, as headline inflation remains above the Federal Reserve's 2% target and geopolitical tensions have added further upside pressure to the inflation outlook. Given the evolving economic environment and the Federal Reserve's continued focus on balancing its dual mandate of full employment and progress toward its long-run inflation target, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In a high interest rate environment, our net investment income would increase due to an increase in interest and dividend income generated by our investment portfolio. However, our cost of funds would also increase, which would also impact net investment income. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR, SONIA or EURIBOR, to zero, the difference between the total interest and dividend income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest and dividend income and potentially adversely affecting our operating results. During the six months ended June 30, 2026, certain of the investments held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of June 30, 2026, approximately 87.71% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-dividend bearing equity investments) represent floating-rate investments with a SOFR, SONIA or EURIBOR floor (includes investments bearing prime interest rate contracts) and approximately 12.29% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities and interest rate swaps are also subject to floating interest rates and are currently paid based on the floating SOFR, SONIA or EURIBOR rates.
The following table estimates the potential changes in interest and dividend income, net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest and dividend income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2026. Interest expense is calculated based on the terms of our outstanding revolving credit facilities and unsecured notes. For our credit facilities, we use the outstanding balance as of June 30, 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 June 30, 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 RatesEstimated
Percentage
Change in Interest and Dividend
Income Net of
Interest Expense
-200 Basis Points(11.65)%
-150 Basis Points(8.74)%
-100 Basis Points(5.82)%
-50 Basis Points(2.91)%
+50 Basis Points2.91 %
+100 Basis Points5.82 %
+150 Basis Points8.74 %
+200 Basis Points11.65 %


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Item 4.     Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures 
As of June 30, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
(b)Changes in Internal Controls Over Financial Reporting
Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION
The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.
Item 1.    Legal Proceedings
We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of June 30, 2026. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the six months ended June 30, 2026 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
We did not engage in unregistered sales of equity securities during the three months ended June 30, 2026.
Issuer Purchases of Equity Securities
Dividend Reinvestment Plan
During the six months ended June 30, 2026, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 482,527 shares of our common stock for approximately $4.1 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the six months ended June 30, 2026.
(in thousands, except shares and per share data)Total Number ofWeighted Average PriceTotal Number of Shares Purchased as Part of Publicly Announced PlansMaximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
PeriodShares PurchasedPaid Per Shareor ProgramsPlans or Programs
January 2026219,579 $9.27 — $— 
February 2026— — — — 
March 2026— — — — 
April 2026262,948 7.70 — — 
May 2026— — — — 
June 2026— — — — 
Total482,527 $8.41 — $— 
Stock Repurchase Program
On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Old Repurchase Program"). On October 23, 2025, our board of directors authorized a new program for the purpose of repurchasing up to $100.0 million worth of our common stock (the "Repurchase Program"). On April 28, 2026, our board of directors authorized the repurchase of up to an additional $50.0 million of our common stock. Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock.
Under the Old Repurchase Program and the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. The Old Repurchase Program terminated on October 8, 2025 upon the repurchase of $50.0 million of our common stock. On April 28, 2026, our board of directors authorized the repurchase program of up to an additional $50.0 million of our common stock under the Repurchase Program. Giving effect to the increase, the Repurchase Program authorizes us to repurchase up to $150.0 million worth of our common stock. We expect the Repurchase Program to be in place until the earlier of December 31, 2026 or until $150.0 million worth of common stock have been repurchased.
As of June 30, 2026, approximately $79.5 million remained available under the Repurchase Program.
The following table outlines repurchases of our common stock under the Repurchase Program during the six months ended June 30, 2026.
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(in thousands, except shares and per share data)Total Number ofWeighted Average PriceTotal Number of Shares Purchased as Part of Publicly Announced PlansMaximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
PeriodShares PurchasedPaid Per Share (1)or ProgramsPlans or Programs
January 2026315,201 $8.72 315,201 $92,351 
February 20261,854,612 8.19 1,854,612 77,168 
March 20264,893,424 7.90 4,893,424 38,504 
April 20261,122,761 7.99 1,122,761 79,538 
May 2026— — — 79,538 
June 2026— — — 79,538 
Total8,185,998 $8.01 8,185,998 
(1)     Amount includes commissions paid.
Item 3.     Defaults Upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
(a)None.
(b)None.
(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of the our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.
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Item 6.     Exhibits
(a)Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:
Exhibit
Number		Description
3.1(a)
3.1(b)
3.2
3.3
4.1
10.1
10.2
31.1
31.2
32.1
32.2
101.INS Inline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.
(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.
(3)Previously filed in connection with New Mountain Finance Corporation's and New Mountain Finance AIV Holdings Corporation's Current Report on Form 8-K filed on August 25, 2011.
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Table of Contents
(4)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on April 3, 2019.
*Filed herewith.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 3, 2026.
NEW MOUNTAIN FINANCE CORPORATION
By:/s/ JOHN R. KLINE
John R. Kline
President, Chief Executive Officer
(Principal Executive Officer) and Director
By:/s/ LAURA C. HOLSON
Laura C. Holson
Chief Financial Officer (Principal Financial and
Accounting Officer), Chief Operating Officer and
Treasurer
140

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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