New Mountain Finance Corp

Previous wording

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.

Current wording

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

Previous wording

•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), 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") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

Current wording

•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;

Previous wording

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 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.

Current wording

As of September 30, 2025, our net asset value was approximately $1,256.6 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $2,943.6 million in 126 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 10.4% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 10.0%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing leverage. YTM at Cost and YTM at Cost for Investments use Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.

Previous wording

On July 24, 2025, our board of directors declared a third quarter 2025 distribution of $0.32 per share payable on September 30, 2025 to holders of record as of September 16, 2025.

Current wording

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

Previous wording

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

Current wording

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:

Previous wording

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.

Current wording

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.

Previous wording

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. As of June 30, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600.0 million. As of June 30, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $701.4 million and $715.1 million, respectively, and debt outstanding under its credit facility of $511.2 million and $511.2 million, respectively. As of June 30, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual. Additionally, as of June 30, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $5.2 million and $2.7 million, respectively.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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 had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

Current wording

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

Previous wording

On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on December 20, 2024, the facility bears interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. As of June 30, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $453.1 million and $469.3 million, respectively, and debt outstanding under its credit facility of $319.4 million and $334.4 million, respectively. As of June 30, 2025 and December 31, 2024, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2.8 million and $1.2 million, respectively.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of June 30, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $6.5 million and $6.5 million, respectively, which is reflective of the higher inherent risk in this transaction.

Current wording

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

Previous wording

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, 2025 we recognized PIK interest from investments of approximately $6.9 million and $14.5 million, respectively, and non-cash dividends from investments of approximately $6.6 million and $14.8 million, respectively. For the three and six months ended June 30, 2024 we recognized PIK interest from investments of approximately $9.0 million and $18.7 million, respectively, and non-cash dividends from investments of approximately $7.7 million and $15.2 million, respectively.

Current wording

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

Previous wording

As of June 30, 2025, all investments in our portfolio had a Green Risk Rating with the exception of six 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.

Current wording

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

Previous wording

As of June 30, 2025, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of June 30, 2025, our positions in AAC on non-accrual status had an aggregate cost basis of $31.4 million, an aggregate fair value of $18.0 million and total unearned interest income of $1.3 million and $2.6 million, respectively, for the three and six months then ended. As of June 30, 2025, our investment in AAC had an Orange Risk Rating.

Current wording

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

Previous wording

During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of June 30, 2025, our second lien position in National HME had an aggregate cost basis of $7.9 million, an aggregate fair value of $3.0 million and total unearned interest income of $0.5 million and $1.0 million, respectively, for the three and six months then ended. As of June 30, 2025, our investment in National HME had an Orange Risk Rating.

Current wording

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

Previous wording

During the second quarter of 2024, we placed our investment in our junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2025, our junior preferred shares in Transcendia had an aggregate cost basis of $2.6 million, an aggregate fair value of $2.7 million and total unearned income of $0.1 million and $0.2 million, respectively, for the three and six months then ended. As of June 30, 2025, our investment in Transcendia had a Green Risk Rating.

Current wording

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

Previous wording

The fair value of our investments, as determined in good faith by our board of directors, was approximately $3,000.7 million in 123 portfolio companies at June 30, 2025 and approximately $3,091.0 million in 120 portfolio companies at December 31, 2024.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Our total investment income decreased by approximately $11.1 million, or 12%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. For the three months ended June 30, 2025, total investment income of approximately $83.5 million consisted of approximately $51.7 million in cash interest from investments, approximately $6.9 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $4.3 million, approximately $12.7 million in cash dividends from investments, approximately $6.6 million in non-cash dividends from investments and approximately $1.3 million in other income. The decrease in interest income of approximately $5.5 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was primarily due to a lower invested asset base, along with slightly lower yields on the portfolio. The decrease in dividend income of approximately $3.0 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was primarily due to a higher dividend income balance in 2024 driven by a cash distribution received related to our ordinary shares in OA Topco, L.P. Other income during the three months ended June 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 12 different portfolio companies.

Current wording

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

Previous wording

Our total net operating expenses decreased by approximately $7.2 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Our management fee, net of a management fee waiver, remained relatively flat for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Our incentive fee, net of an incentive fee waiver, decreased by approximately $4.2 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Advisor, along with a decrease in investment income. Interest and other financing expenses decreased by approximately $2.0 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 remained relatively flat.

Current wording

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

Previous wording

Our net realized gains and unrealized gains and losses resulted in a net loss of approximately $26.7 million for the three months ended June 30, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $3.7 million for the same period in 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended 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. The net loss for the three months ended June 30, 2024 was primarily driven by realized losses in New Trojan Parent, Inc. and Transcendia and unrealized depreciation in TVG-Edmentum Holdings, LLC, PPVA Fund, L.P. and Black Elk, partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in New Permian Holdco, Inc., OA Topco, L.P. and UniTek Global Services, Inc. The provision for income taxes was attributable to equity investments that are held as of June 30, 2024 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Current wording

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

Previous wording

Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024

Current wording

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

Previous wording

Our total investment income decreased by approximately $16.0 million, or 9%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. For the six months ended June 30, 2025, total investment income of approximately $169.2 million consisted of approximately $103.9 million in cash interest from investments, approximately $14.5 million in PIK interest from investments, approximately $0.1 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $5.9 million, approximately $25.5 million in cash dividends from investments, approximately $14.8 million in non-cash dividends from investments and approximately $4.5 million in other income. The decrease in interest income of approximately $11.6 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was primarily due to a lower invested asset base, along with slightly lower yields on the portfolio. The decrease in dividend income of approximately $2.5 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was primarily due to a higher dividend income balance in 2024 driven by a cash distribution received related to our ordinary shares in OA Topco, L.P. Other income during the six months ended June 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 20 different portfolio companies.

Current wording

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

Previous wording

Our total net operating expenses decreased by approximately $9.2 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Our management fee, net of a management fee waiver, remained relatively flat for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Our incentive fee, net of an incentive fee waiver, decreased by approximately $6.8 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Adviser along with a decrease in investment income. Our interest and other financing expenses decreased by approximately $1.6 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease in interest and other financing expenses was primarily attributable to a decrease in total outstanding borrowings. Our total professional fees, administrative expenses and total other general and administrative expenses for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 remained relatively flat.

Current wording

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

Previous wording

Our net realized gains and unrealized gains and losses resulted in a net loss of approximately $37.8 million for the six months ended June 30, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $13.1 million for the same period in 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the six months ended June 30, 2025 was primarily driven by unrealized depreciation in UniTek Global Services, Inc., TVG-Edmentum Holdings, LLC, ACI Parent Inc. and New Permian Holdco, Inc., partially offset by unrealized appreciation in Homrich Berg and 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. The net loss for the six months ended June 30, 2024 was primarily driven by realized losses in New Trojan Parent, Inc., TMK Hawk Parent, Corp., and Transcendia and unrealized depreciation in TVG-Edmentum Holdings, LLC, New Benevis Topco, LLC, PPVA Fund, L.P. and Black Elk, partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in NM GP Holdco, LLC, UniTek, CentralSquare Technologies, LLC and New Permian Holdco, Inc. The provision for income taxes was attributable to equity investments that are held as of June 30, 2024 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Current wording

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

Previous wording

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures of SBIC I, SBIC II and SBIC III from the definition of "senior securities" in the asset coverage requirement applicable to us under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2022 Convertible Notes and certain of the Unsecured Notes (as defined in Item 1— Financial Statements—Note 7. Borrowingsin 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, 2025, our asset coverage ratio was 185.6%.

Current wording

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

Previous wording

2022 Convertible Notes, Holdings Credit Facility, NMFC Credit Facility and Unsecured Management Company Revolver. See Item 1—Financial Statements —Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information.

Current wording

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

Previous wording

At June 30, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $57.4 million and $80.3 million, respectively. Our cash provided by (used in) operating activities during the six months ended June 30, 2025 and June 30, 2024 was approximately $144.3 million and $(91.6) million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

Current wording

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

Previous wording

For the three and six months ended June 30, 2025, we did not sell any shares of common stock under the Distribution Agreement. For the three and six months ended June 30, 2024, we sold 1,562,122 and 5,292,556 shares, respectively, of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $19.8 million and $67.7 million, respectively, including $0.0 million and $0.0 million of offering expenses, from these sales.

Current wording

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

Previous wording

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, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $261.1 million and $243.7 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

Current wording

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $255.9 million and $243.7 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

Previous wording

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, 2025 and December 31, 2024, we had commitment letters to purchase investments in an aggregate par amount of $97.4 million and $83.6 million, respectively. As of June 30, 2025 and December 31, 2024, we had not entered into any bridge financing commitments which could require funding in the future.

Current wording

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2025 and December 31, 2024, we had commitment letters to purchase investments in an aggregate par amount of $4.7 million and $83.6 million, respectively. As of September 30, 2025 and December 31, 2024, we had not entered into any bridge financing commitments which could require funding in the future.

Previous wording

(4)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($246.1 million as of June 30, 2025) must be repaid on or before March 28, 2030. As of June 30, 2025, there was approximately $483.9 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

(5)Under the terms of the $527.1 million NMFC Credit Facility, all outstanding borrowings under that facility ($31.4 million, which included €16.5 million denominated in EUR and £8.7 million denominated in GBP that have been converted to U.S. dollars as of June 30, 2025) must be repaid on or before September 28, 2029. As of June 30, 2025, there was approximately $495.7 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

Current wording

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

Previous wording

Distributions declared and paid to stockholders for the six months ended June 30, 2025 totaled approximately $69.0 million.

Current wording

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

Previous wording

•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, 2025 approximately $0.7 million and $1.3 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of June 30, 2025, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and six months ended June 30, 2025, the reimbursement to the Administrator represented approximately 0.02% and 0.04%, respectively, of our gross assets.

Current wording

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