May 12, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)]

Table of Contents

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 March 31, 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 number and states or other jurisdictions of incorporation or organization

I.R.S. Employer
Identification Number

000-56072

New Mountain Private Credit Fund

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Organization: Maryland

99-6860731

_________________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

N/A

_________________________________________________________________________________

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 the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.


			Large accelerated filer ☐			Accelerated filer ☐
			Non-accelerated filer ý			Smaller reporting company ☐
			Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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

_________________________________________________________________________________

The number of the registrant's common shares of beneficial interest outstanding as of May 12, 2026 was 41,272,334. As of March 31, 2026, there was no established public market for the registrant's common shares of beneficial interest.

Table of Contents

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

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three months end ed March 31,2026 (unaudited) and March 31, 2 025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the thre e months ended Marc h 31, 2026 (unaudited) an d March 31, 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for th e three months ended Marc h 31 , 2026 (unaudited) and March 31, 2025 (u naudited)	6
	Consolidated Schedule of Investments as o f March 31, 2026 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2025	30
	Notes to the Consolidated Financial Statements of New Mountain Private Credit Fund (unaudited)	53
	Report of Independent Registered Public Accounting Firm	84

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	85
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	98
Item 4.	Controls and Procedures	99

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	100
Item 1A.	Risk Factors	100
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	101
Item 3.	Defaults Upon Senior Securities	102
Item 4.	Mine Safety Disclosures	102
Item 5.	Other Information	102
Item 6.	Exhibits	103
	Signatures	105

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Private Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	As of
	March 31, 2026		December 31, 2025
Assets
Investments at fair value
Non-controlled/non-affiliated investments at fair value (cost of $1,955,146 and $2,029,691, respectively)	$	1,886,109	$	1,984,358
Non-controlled/affiliated investments at fair value (cost of $32,347 and $31,836, respectively)	30,166		31,836
Controlled investments at fair value (cost of $68,000 and $48,000, respectively)	68,000		48,000
Total investments at fair value (cost of $2,055,493 and $2,109,527, respectively)	1,984,275		2,064,194
Cash and cash equivalents	54,850		41,662
Receivable from unsettled securities sold	25,520		4,259
Interest and dividend receivable	15,927		14,017





Other assets	3,003		984
Total assets	$	2,083,575	$	2,125,116
Liabilities
Borrowings
GS Credit Facility	$	533,251	$	576,000

NEWCRED Credit Facility	299,925		499,389
Unsecured Notes	222,834		—


Deferred financing costs (net of accumulated amortization of $6,042 and $5,434, respectively)	(12,484)		(10,250)
Net borrowings	1,043,526		1,065,139
Payable for share repurchases	35,544		16,268
Payable for unsettled securities purchased	12,192		832
Interest payable	8,894		8,395
Distribution payable	8,151		8,442
Incentive Fee Payable	3,479		3,541
Management fee payable	3,141		3,268
Payable to affiliates	2,206		1,259


Derivative liability at fair value	2,166		—
Subscriptions received in advance	1,300		1,447

Other liabilities	2,000		1,528
Total liabilities	1,122,599		1,110,119
Commitments and contingencies (See Note 8)
Net Assets
Common shares, $0.001 par value (41,111,782 and 42,187,443) shares issued and outstanding, respectively	41		42
Additional Paid in Capital	1,049,324		1,074,151
Accumulated overdistributed earnings	(88,389)		(59,196)
Total net assets	$	960,976	$	1,014,997
Total liabilities and net assets	$	2,083,575	$	2,125,116

Net Assets per share	$	23.37	24.06

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

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New Mountain Private Credit Fund

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


	Three months ended
	March 31, 2026		March 31, 2025
Investment income
From non-controlled/non-affiliated investments :
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	41,684	$	36,116
PIK interest income	2,629		2,252
Dividend income	1,480		2,339

Fee income	772		1,308
From non-controlled/affiliated investments:
PIK interest income	450		—
Fee income	75		—
From controlled investments
Dividend Income	1,730		—



Total investment income	48,820		42,015
Expenses
Interest and other financing expenses	16,357		9,395
Incentive fee	3,479		3,018
Management fee	3,141		3,017
Administrative expenses	877		653
Professional fees	606		602
Organizational and offering expenses	59		214
Other general and administrative expenses	46		62
Total expenses	24,565		16,961
Less: management fees waived (See Note 5)	—		(21)

Add: recoupment of expense support (See Note 5)	210		—
Less: expense support (See Note 5)	—		(181)
Net expenses	24,775		16,759
Net investment income before income taxes	24,045		25,256
Income tax expense	—		80
Net investment income	24,045		25,176
Net realized gains (losses) on investments	(2,349)		(8,417)
Net change in unrealized appreciation (depreciation) of investments	(25,886)		1,669
Net realized gains (losses) of foreign currency	—		—
Net change in unrealized (depreciation) appreciation of foreign currency	(770)		—
Benefit (provision) for taxes	—		1
Net realized and unrealized gains (losses)	(29,005)		(6,747)
Net increase in net assets from operations	$	(4,960)	$	18,429
Earnings per share - basic and diluted	$	(0.12)	0.47
Weighted average common shares outstanding - basic & diluted (See Note 10)	42,498,366		39,133,013

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

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New Mountain Private Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(unaudited)


	Three months ended
	March 31, 2026		March 31, 2025

Increase (decrease) in net assets resulting from operations:
Net investment income	$	24,045	25,176
Net realized losses on investments and foreign currency	(2,349)		(8,417)
Net change in unrealized appreciation (depreciation) of investments and foreign currency	(26,656)		1,669
(Provision) benefit for taxes	—		1
Net increase in net assets resulting from operations	(4,960)		18,429
Capital transactions
Subscriptions	5,357		1,182

Reinvestment of distributions	7,228		4,270
Repurchased shares, net of early repurchase deduction	(37,414)		(1,207)
Placement fees	—		(21)
Distributions declared to shareholders from net investment income	(24,232)		(22,306)

Total net increase (decrease) in net assets resulting from capital transactions	(49,061)		(18,082)
Net increase (decrease) in net assets	(54,021)		347
Net assets at the beginning of the period	1,014,997		978,180
Net assets at the end of the period	$	960,976	$	978,527

Capital Activity
Shares Issued	525,278		217,603

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

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New Mountain Private Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three months ended
	March 31, 2026		March 31, 2025
Cash flows from operating activities
Net increase in net assets resulting from operations	$	(4,960)	$	18,429
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:

Net realized (gains) losses on investments	2,349		8,417
Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies	770		—
Net change in unrealized (appreciation) depreciation of investments	25,886		(1,669)
Amortization of purchase discount	(1,140)		(834)
Amortization of deferred financing costs	608		486
Amortization of deferred offering costs	—		—
Non-cash investment income	(3,844)		(3,555)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(77,061)		(128,583)
Proceeds from sales and paydowns of investments	133,764		61,887
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	23		4

Cash paid on drawn revolvers	(5,255)		(4,805)
Cash repayments on drawn revolvers	4,978		3,043
Receivable from unsettled securities sold	(21,261)		—
Interest and dividend receivable	(1,910)		(2,496)
Receivable from affiliate	—		7
Deferred tax asset	—		(1)

Other assets	(2,001)		12
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	11,360		(13,160)

Incentive fee payable	(61)		2,522
Management fee payable	(127)		2,504
Interest payable	499		4,026
Payable to affiliates	(923)		269

Other liabilities	429		353
Net cash flows provided by (used in) operating activities	62,123		(53,144)
Cash flows from financing activities
Distributions paid	(17,296)		(10,486)
Subscriptions received in advance	(147)		34,866
Repurchased Shares, net of early repurchase deduction	(16,268)		—

Net proceeds from issuance of shares	5,357		1,182

Proceeds from Unsecured Notes	225,000		—


Repayment of NEWCRED Credit Facility	(200,000)		—

Proceeds from GS Credit Facility	25,000		118,000
Repayment of GS Credit Facility	(67,749)		(52,000)
Placement fees paid	(1)		—
Deferred offering costs paid	(20)		—
Deferred financing costs paid	(2,812)		—
Net cash flows (used in) provided by financing activities	(48,936)		91,562
Net increase (decrease) in cash and cash equivalents	13,187		38,418
Effect of foreign exchange rate changes on cash and cash equivalents	1		—
Cash and cash equivalents at the beginning of the period	41,662		66,683
Cash and cash equivalents at the end of the period	$	54,850	$	105,101

Supplemental disclosure of cash flow information
Cash interest paid	$	14,796	$	4,804
Income taxes (refunded)/paid	(14)		167
Non-cash operating activities:
Non-cash activity on investments	$	—	$	36,840
Non-cash financing activities:
Distributions declared and payable	$	8,151	$	7,550
Reinvestment of distributions	7,228		4,270
Share repurchases accrued but not yet paid	35,544		1,170
Accrual for early repurchase penalty	1,870		37
Accrual for deferred credit facility costs	30		—

Accrual for placement fees	—		21

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.02%	12/2021	12/2027	$	19,715	$	19,655	$	19,716
	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.02%	12/2021	12/2027	19,521		19,454		19,521
	Subordinated(4)	Fixed(Q)*	+	11.50%/PIK	11.50%	12/2021	12/2031	15,579		15,489		15,393
										54,598		54,630		5.68	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(S)	+	4.75%	8.36%	12/2021	12/2028	47,800		47,555		47,800		4.97	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.20%	05/2022	05/2029	48,140		47,891		47,659		4.96	%
CCBlue Bidco, Inc.
Healthcare	First Lien(4)	SOFR(Q)*	+	2.50% +4.00%/PIK	10.30%	12/2021	12/2028	49,532		49,356		41,008
	First Lien(4)	SOFR(Q)*	+	2.50% +2.75%/PIK	9.05%	12/2021	12/2028	2,574		2,572		2,131
										51,928		43,139		4.49	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	8.95%	02/2020	05/2028	43,408		43,346		40,647
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.95%	02/2020	05/2028	1,239		1,236		1,160
										44,582		41,807		4.35	%
Anaplan, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.17%	06/2022	06/2029	40,676		40,460		39,887		4.15	%
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	7.91%	08/2021	10/2028	29,165		29,127		29,165
	Subordinated(4)	Fixed(Q)*	+	13.00%/PIK	13.00%	05/2023	05/2033	4,822		4,794		4,822
	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	7.91%	01/2022	10/2028	2,989		2,976		2,989
	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	7.91%	01/2022	10/2028	2,005		1,996		2,005
										38,893		38,981		4.06	%
Meta Buyer LLC
Healthcare	First Lien(4)(17)(18)	BBSY(Q)	+	5.25%	9.03%	12/2025	12/2031	AUD 45,007		29,624		30,903
	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	8.94%	12/2025	12/2031	6,491		6,460		6,459
	First Lien(4)	SOFR(Q)	+	5.25%	8.92%	12/2025	12/2031	892		885		887
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.92%	12/2025	12/2031	384		382		382
										37,351		38,631		4.02	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	8.67%	09/2021	09/2028	38,160		37,998		38,160		3.97	%
OEConnection LLC
Business Services	First Lien(4)	SOFR(M)	+	4.50%	8.17%	12/2025	12/2032	35,335		35,335		35,335		3.68	%
WEG Sub Intermediate Holdings, LLC
Jeppesen Holdings, LLC
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	10/2025	11/2032	34,446		34,356		34,359		3.58	%

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(S)	+	5.75%	9.58%	10/2021	10/2028	$	19,328	$	19,244	$	19,328
	First Lien(2)(3)(4)	SOFR(S)	+	5.75%	9.58%	12/2021	10/2028	14,005		13,944		14,005
										33,188		33,333		3.47	%
Businessolver.com, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.20%	12/2025	12/2032	32,826		32,753		32,743		3.41	%
Pioneer Topco I, L.P. (11)
Pioneer Buyer I, LLC
Software	First Lien(4)	SOFR(Q)	+	5.00%	8.70%	11/2021	11/2029	28,383		28,281		28,383
	First Lien(4)	SOFR(Q)	+	5.00%	8.70%	03/2022	11/2028	3,890		3,875		3,890
										32,156		32,273		3.36	%
Fortis Solutions Group, LLC
Packaging	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.30%	10/2021	10/2028	29,501		29,383		29,501
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.27%	10/2021	10/2027	1,318		1,310		1,318
	First Lien(4)	SOFR(Q)	+	5.50%	9.30%	06/2022	10/2028	992		992		992
	First Lien(4)	SOFR(Q)	+	5.50%	9.30%	10/2021	10/2028	345		345		345
	First Lien(4)	SOFR(Q)	+	5.50%	9.30%	10/2021	10/2028	80		75		80
										32,105		32,236		3.35	%
iCIMS, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	28,496		28,397		27,268
	First Lien(4)	SOFR(Q)	+	6.25%	9.92%	10/2022	08/2028	4,508		4,489		4,361
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.75%	9.42%	08/2022	08/2028	353		344		338
										33,230		31,967		3.33	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.07%	05/2022	09/2027	31,434		31,337		31,434
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	9.11%	05/2022	09/2027	358		353		358
										31,690		31,792		3.31	%
Vehlo Purchaser, LLC
Software	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.17%	12/2025	05/2028	27,903		27,808		27,798
	First Lien(4)	SOFR(M)	+	5.50%	9.17%	06/2025	05/2028	3,823		3,800		3,809
										31,608		31,607		3.29	%
DECA Dental Holdings LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.55%	08/2021	08/2028	27,723		27,607		26,339
	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.55%	08/2021	08/2028	2,918		2,915		2,773
	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.55%	08/2021	08/2027	2,292		2,286		2,177
										32,808		31,289		3.26	%
CFS Management, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	3.41% + 5.12%/PIK	12.46%	08/2019	09/2026	26,078		26,064		22,818
	First Lien(2)(3)(4)	SOFR(Q)*	+	3.41% + 5.12%/PIK	12.46%	09/2021	09/2026	6,178		6,177		5,406
	First Lien(4)	SOFR(Q)*	+	3.41% + 5.12%/PIK	12.46%	08/2019	09/2026	2,330		2,329		2,038
	First Lien(2)(3)(4)	SOFR(Q)*	+	3.41% + 5.12%/PIK	12.46%	02/2022	09/2026	400		400		350
										34,970		30,612		3.19	%

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Pike Corporation
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.18%	12/2025	12/2032	$	30,095	$	30,022	$	30,020	3.12	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	Subordinated(4)	SOFR(Q)	+	7.50%	11.30%	07/2022	07/2029	19,424		19,286		19,424
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.52%	07/2021	07/2028	8,850		8,824		8,850
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.52%	07/2022	07/2028	1,528		1,521		1,528
										29,631		29,802		3.10	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)	SOFR(M)	+	4.50%	8.17%	11/2025	07/2031	8,810		8,768		8,810
	First Lien(4)	SOFR(M)	+	4.50%	8.23%	11/2025	07/2031	8,052		8,033		8,052
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	11/2025	07/2031	5,667		5,667		5,667
	First Lien(4)(5) - Drawn	SOFR(S)	+	4.50%	8.17%	11/2025	07/2031	2,712		2,699		2,712
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.23%	11/2025	07/2031	1,934		1,934		1,934
	First Lien(2)(3)(4)(5) - Drawn	SOFR(S)	+	4.50%	8.17%	11/2025	07/2031	1,744		1,743		1,744
										28,844		28,919		3.01	%
Acumatica Holdings, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	28,975		28,975		28,902		3.01	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.10%	12/2021	12/2029	14,341		14,277		14,341
	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.10%	12/2021	12/2029	4,814		4,793		4,814
	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.10%	12/2021	12/2029	4,783		4,762		4,783
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	9.10%	03/2025	12/2029	4,301		4,266		4,301
										28,098		28,239		2.94	%
Diamondback Acquisition, Inc.
Software	First Lien(4)	SOFR(M)	+	4.50%	8.17%	09/2025	09/2032	28,075		28,009		27,357
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.45%	09/2025	09/2032	843		834		822
										28,843		28,179		2.93	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.45%	06/2025	08/2031	25,330		25,217		25,330
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.45%	06/2025	08/2031	1,167		1,163		1,167
										26,380		26,497		2.76	%
Einstein Parent, Inc.
Software	First Lien(4)	SOFR(Q)	+	5.25%	8.92%	01/2025	01/2031	27,167		26,937		26,183		2.72	%
Safety Borrower Holdings LLC
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.42%	09/2021	12/2032	26,210		26,156		25,788
	First Lien(4)(5) - Drawn	P(Q)	+	3.75%	10.50%	09/2021	12/2032	146		140		143
										26,296		25,931		2.70	%
Maverick Bidco Inc.
Software	First Lien(4)	SOFR(M)	+	4.75%	8.42%	12/2025	12/2031	24,315		24,257		24,091		2.51	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Foundational Education Group, Inc.
Education	Second Lien(4)	SOFR(Q)	+	6.50%	10.43%	08/2021	08/2029	$	19,706	$	19,664	$	19,706
	First Lien	SOFR(Q)	+	3.75%	7.68%	05/2025	08/2028	3,274		3,048		3,013
										22,712		22,719		2.36	%
TigerConnect, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	6.25%	10.06%	02/2022	08/2029	18,413		18,339		18,067
	First Lien(2)(4)	SOFR(Q)	+	6.25%	10.06%	02/2022	08/2029	2,306		2,306		2,262
	First Lien(2)(3)(4)	SOFR(Q)	+	6.25%	10.06%	08/2025	08/2029	1,926		1,914		1,890
	First Lien(2)(4)	SOFR(Q)	+	6.25%	10.06%	08/2025	08/2029	26		26		26
										22,585		22,245		2.31	%
PDQ.com Corporation
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.15%	12/2021	10/2032	13,985		13,939		13,775
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.20%	12/2021	10/2032	5,452		5,439		5,370
	First Lien(4)	SOFR(Q)	+	4.50%	8.20%	10/2025	10/2032	2,894		2,887		2,850
										22,265		21,995		2.29	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	10/2025	10/2030	8,276		8,257		8,276
	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	07/2025	10/2030	6,884		6,869		6,884
	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	07/2025	10/2030	6,636		6,621		6,636
										21,747		21,796		2.27	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.02%	09/2021	09/2027	18,636		18,580		18,636		1.94	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.42%	10/2021	10/2028	17,166		17,092		16,968
	First Lien(4)	SOFR(M)	+	4.75%	8.42%	10/2021	10/2028	1,446		1,442		1,430
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.42%	10/2021	10/2028	86		86		85
										18,620		18,483		1.92	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	8.02%	10/2025	06/2029	8,442		8,404		8,442
	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	8.02%	06/2021	06/2029	7,393		7,360		7,393
	First Lien(2)(3)(4)	SOFR(Q)	+	4.25%	8.01%	06/2021	06/2029	2,479		2,469		2,479
										18,233		18,314		1.91	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	6.09%	9.89%	03/2021	03/2028	11,101		11,045		11,101
	First Lien(4)	SOFR(Q)	+	6.24%	10.06%	04/2025	03/2028	4,706		4,689		4,706
	First Lien(2)(3)(4)	SOFR(Q)	+	6.09%	9.91%	03/2021	03/2028	2,302		2,299		2,302
										18,033		18,109		1.88	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.20%	12/2025	01/2030	18,192		18,192		17,695		1.84	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)	SOFR(Q)*	+	2.50% + 2.50% PIK	11.20%	02/2025	02/2033	13,890		13,765		13,890
	First Lien(4)	SOFR(Q)*	+	2.50% + 2.50% PIK	11.20%	02/2026	02/2033	2,317		2,312		2,317
										16,077		16,207		1.69	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Associations, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	6.50%	10.42%	09/2025	07/2028	$	8,203	$	8,187	$	8,203
	First Lien(4)(5) - Drawn	SOFR(Q)	+	6.50%	10.44%	09/2025	07/2028	7,072		7,058		7,072
	First Lien(4)(5) - Drawn	SOFR(Q)	+	6.50%	10.42%	09/2025	07/2028	51		51		51
										15,296		15,326		1.59	%
KWOR Intermediate I, Inc. (12)
KWOR Acquisition, Inc.
Business Services	Subordinated(4)	SOFR(Q)*	+	8.00%/PIK	11.67%	02/2025	02/2030	7,824		7,824		7,824
	First Lien(4)	SOFR(Q)*	+	1.00% +5.25%/PIK	9.92%	02/2025	02/2030	7,477		7,477		7,477
										15,301		15,301		1.59	%
IEM New Sub 2, LLC
Business Products	First Lien(2)(3)(4)	SOFR(S)	+	4.75%	8.37%	12/2025	12/2031	14,372		14,337		14,336		1.49	%
Victors Purchaser, LLC
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.20%	12/2025	12/2032	14,017		14,000		14,000		1.46	%
Brave Parent Holdings, Inc.
Software	First Lien(4)	SOFR(M)	+	4.25%	7.92%	10/2025	11/2030	8,238		8,238		7,971
	First Lien(4)	SOFR(M)	+	4.25%	7.92%	10/2025	11/2030	6,136		6,108		5,937
										14,346		13,908		1.45	%
Help/Systems Holdings, Inc.
Software	Second Lien(4)	SOFR(Q)*	+	9.00%/PIK	12.76%	11/2025	05/2029	20,388		20,388		13,640		1.42	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)	SOFR(M)	+	4.50%	8.17%	11/2025	09/2031	9,736		9,688		9,641
	First Lien(4)	SOFR(M)	+	4.75%	8.42%	11/2025	09/2031	2,785		2,758		2,757
										12,446		12,398		1.29	%
Galway Borrower LLC
Business Services	First Lien(2)(3)	SOFR(Q)	+	4.50%	8.20%	09/2021	09/2028	12,167		12,113		11,893
	First Lien(5) - Drawn	SOFR(Q)	+	4.50%	8.20%	09/2021	09/2028	478		475		467
										12,588		12,360		1.29	%
MRI Software LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.45%	01/2020	02/2028	7,922		7,913		7,785
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.45%	03/2021	02/2028	3,511		3,509		3,451
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.46%	10/2025	02/2028	599		597		588
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.45%	10/2025	02/2028	52		52		51
										12,071		11,875		1.24	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)	SOFR(M)	+	4.50%	8.17%	05/2025	06/2031	12,032		11,967		11,838		1.23	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

DCA Investment Holding, LLC (15)
Healthcare	First Lien(2)(4)	SOFR(Q)(16)	+	8.41%	12.11%	03/2021	04/2028	$	9,203	$	9,179	$	8,112
	First Lien(2)(4)	SOFR(Q)(16)	+	8.41%	12.11%	02/2022	04/2028	2,036		2,032		1,795
	First Lien(4)	SOFR(Q)(16)	+	8.41%	12.11%	03/2021	04/2028	1,544		1,538		1,360
	First Lien(2)(4)	SOFR(Q)(16)	+	8.50%	12.20%	12/2022	04/2028	484		481		427
										13,230		11,694		1.22	%
Lighthouse Buyer, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(S)	+	4.50%	8.04%	12/2025	12/2031	11,613		11,558		11,555		1.20	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.42%	01/2022	12/2027	4,960		4,945		4,960
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.42%	01/2022	12/2027	4,927		4,910		4,927
	First Lien(4)	SOFR(M)	+	4.75%	8.42%	01/2022	12/2027	1,491		1,485		1,491
										11,340		11,378		1.18	%
PROS Parent, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	12/2025	12/2032	11,305		11,291		11,291		1.17	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)	SOFR(Q)	+	5.75%	9.45%	05/2025	05/2030	11,013		10,943		11,013		1.15	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	8.81%	06/2022	06/2028	11,058		11,051		10,951		1.14	%
ACI Parent Inc. (8)
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(Q)(16)*	+	2.75% +3.25%/PIK	9.80%	08/2021	08/2028	11,009		10,964		7,214
	First Lien(2)(3)(4)	SOFR(Q)(16)*	+	2.75% +3.25%/PIK	9.80%	08/2021	08/2028	2,113		2,098		1,385
	First Lien(4)	SOFR(Q)(16)*	+	2.75% +3.25%/PIK	9.80%	08/2021	08/2028	1,951		1,948		1,279
	First Lien(2)(3)(4)(5) - Drawn	SOFR(Q)(16)	+	5.50%	9.30%	08/2021	08/2027	1,133		1,130		736
										16,140		10,614		1.10	%
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)	SOFR(Q)*	+	2.25% +2.75%/PIK	8.67%	01/2025	02/2032	8,039		8,023		8,039
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.17%	01/2025	02/2032	2,576		2,571		2,576
										10,594		10,615		1.10	%
RLG Holdings, LLC
Packaging	First Lien	SOFR(Q)	+	4.25%	8.18%	01/2026	07/2028	18,646		12,973		8,857
	Second Lien	SOFR(Q)	+	7.50%	11.43%	01/2026	07/2029	5,344		765		935
	First Lien	SOFR(Q)	+	5.00%	8.67%	10/2025	07/2028	1,140		684		541
										14,422		10,333		1.08	%
HP TLE Buyer, Inc.
Education	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	10,310		10,263		10,310		1.07	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	12/2021	12/2028	$	6,831	$	6,799	$	6,831
	First Lien(4)	SOFR(M)	+	4.50%	8.17%	12/2021	12/2028	2,679		2,670		2,679
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	12/2021	12/2028	765		761		765
										10,230		10,275		1.07	%
GC Waves Holdings, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	08/2021	10/2030	10,211		10,166		10,211		1.06	%

Bonterra LLC
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	03/2025	03/2032	7,308		7,292		7,174
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.40%	10/2025	03/2032	1,795		1,787		1,762
	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	03/2025	03/2032	796		794		781
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.44%	03/2025	03/2032	215		213		211
										10,086		9,928		1.03	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.50%	8.20%	04/2025	04/2032	9,789		9,759		9,789		1.02	%
AmeriVet Partners Management, Inc.
Consumer Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.35%	02/2022	02/2028	7,822		7,808		7,378
	First Lien(4)	SOFR(Q)	+	5.50%	9.35%	02/2022	02/2028	2,177		2,176		2,053
	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.35%	02/2022	02/2028	286		285		271
										10,269		9,702		1.01	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)(4)	SOFR(Q)*	+	6.75% +2.00%/PIK	12.45%	07/2021	07/2027	8,605		8,581		8,605
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)*	+	6.75% +2.00%/PIK	12.42%	07/2021	07/2026	1,095		1,095		1,095
										9,676		9,700		1.01	%
Tempo Acquisition, LLC**
Business Services	First Lien	SOFR(M)	+	1.75%	5.42%	03/2026	08/2028	13,323		8,850		9,670		1.01	%
DigiCert, Inc.
Software	First Lien(4)	SOFR(M)	+	5.75%	9.42%	07/2025	07/2030	9,729		9,664		9,656		1.00	%
Vamos Bidco, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	01/2025	01/2032	9,777		9,735		9,616		1.00	%
MedX Holdings, LLC
Healthcare	First Lien(4)	SOFR(M)	+	4.50%	8.17%	07/2025	07/2032	9,467		9,423		9,467
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.18%	07/2025	07/2032	21		21		21
										9,444		9,488		0.99	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Ambrosia Topco, LLC (10)
TMK Hawk Parent, Corp.
Distribution & Logistics	First Lien(2)(4)	SOFR(M)	+	4.00%	7.67%	01/2024	07/2029	$	5,874	$	5,874	$	3,795
	First Lien(4)	SOFR(M)	+	4.00%	7.67%	01/2026	07/2029	4,895		2,180		3,131
	First Lien(4)	SOFR(M)	+	4.00%	7.67%	01/2026	07/2029	3,079		1,440		1,989
	Subordinated(2)(4)	Fixed(Q)*	+	11.00%/PIK	11.00%	01/2024	12/2031	206		206		206
	Subordinated(4)	Fixed(Q)*	+	11.00%/PIK	11.00%	01/2026	12/2031	46		2		46
										9,702		9,167		0.95	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.20%	03/2022	04/2030	9,030		8,993		9,030
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.21%	03/2022	04/2030	105		103		105
										9,096		9,135		0.95	%
LSCS Holdings, Inc.
Healthcare	First Lien	SOFR(Q)	+	4.50%	8.20%	02/2025	03/2032	9,268		9,227		8,747		0.91	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.27%	10/2021	10/2028	8,307		8,271		7,791
	First Lien(4)	SOFR(Q)	+	5.50%	9.25%	10/2021	10/2028	952		948		893
										9,219		8,684		0.90	%
Houghton Mifflin Harcourt Company
Education	First Lien(2)(3)	SOFR(M)	+	5.25%	9.02%	01/2025	04/2029	9,872		9,791		8,397		0.87	%
Smile Doctors LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	5.90%	9.63%	02/2022	12/2028	7,705		7,685		7,479
	First Lien(2)(3)(4)	SOFR(Q)	+	5.90%	9.63%	06/2023	12/2028	892		884		865
										8,569		8,344		0.87	%
Huskies Parent, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)*	+	5.50% +0.50%/PIK	9.77%	12/2021	11/2029	8,198		8,167		7,733
	First Lien(2)(3)(4)	SOFR(M)	+	6.00%	9.77%	10/2025	11/2029	338		335		317
										8,502		8,050		0.84	%
Pathway Vet Alliance LLC
Consumer Services	First Lien	SOFR(Q)	+	5.00%	8.67%	04/2025	06/2028	8,105		8,094		8,041		0.84	%
Jawbreaker Topco, L.P. (15)
Jawbreaker Parent, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	01/2026	01/2033	7,852		7,813		7,813		0.81	%
Wrench Group LLC
Consumer Services	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	10/2025	09/2032	7,838		7,800		7,798		0.81	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.25%	7.95%	10/2025	10/2032	7,738		7,729		7,549		0.79	%
Ministry Brands Holdings, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.27%	12/2021	12/2028	6,780		6,764		6,721
	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.27%	12/2021	12/2028	686		685		680
	First Lien(4)(5) - Drawn	P(Q)	+	4.50%	11.25%	12/2021	12/2027	55		55		56
										7,504		7,457		0.78	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software	First Lien(2)(3)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	$	7,744	$	7,609	$	7,386	0.77	%
Archduke Buyer, Inc.
Software	First Lien(4)	SOFR(Q)	+	5.50%	9.17%	12/2025	12/2032	7,101		7,067		7,066		0.74	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)	SOFR(Q)	+	5.00%	8.67%	10/2025	10/2032	5,765		5,737		5,736
	First Lien(4)(17)(18)	SONIA(D)	+	5.00%	8.73%	10/2025	10/2032	£606		801		797
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.67%	10/2025	10/2032	69		69		69
										6,607		6,602		0.69	%
RailPros Parent, LLC
Business Services	First Lien(4)	SOFR(Q)	+	4.25%	7.91%	05/2025	05/2032	5,813		5,787		5,784
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.25%	7.91%	05/2025	05/2032	539		537		537
										6,324		6,321		0.66	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	5.25%	8.89%	08/2025	08/2031	6,223		6,195		6,183		0.64	%
HIG Operations Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	12/2025	06/2031	5,760		5,760		5,760		0.60	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.75%	8.45%	07/2025	07/2032	5,739		5,713		5,710		0.59	%
Therapy Brands Holdings LLC
Healthcare	Second Lien(2)(3)(4)	SOFR(Q)	+	6.75%	10.68%	05/2021	05/2029	6,000		5,981		5,095
	First Lien	SOFR(Q)	+	4.00%	7.93%	05/2025	05/2028	482		374		444
										6,355		5,539		0.58	%
Nexus Buyer LLC
Financial Services & Technology	Second Lien	SOFR(M)	+	5.75%	9.42%	08/2025	02/2032	5,000		4,953		4,888		0.51	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)	SOFR(Q)*	+	2.63% +3.13%/PIK	9.53%	08/2025	08/2032	3,647		3,631		3,629
	First Lien(4)	SOFR(Q)*	+	2.63%+3.13%/PIK	9.53%	08/2025	08/2032	531		527		528
										4,158		4,157		0.43	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.25%	7.92%	09/2025	09/2029	3,879		3,875		3,868		0.40	%
ComPsych Investments Corp.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.61%	05/2025	07/2031	3,423		3,399		3,423		0.36	%
Planview Parent, Inc.
Software	First Lien(2)	SOFR(Q)	+	3.50%	7.20%	02/2026	12/2027	2,528		2,031		1,904		0.20	%
	Second Lien(2)(3)	SOFR(Q)	+	5.75%	9.45%	12/2024	12/2028	2,278		2,270		1,518
										4,301		3,422		0.36	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Kele Holdco, Inc.
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	12/2021	02/2028	$	3,044	$	3,043	$	3,044
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.17%	07/2025	02/2028	69		69		69
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.17%	07/2025	02/2028	15		15		15
										3,127		3,128		0.33	%
Cloudera, Inc.
Software	Second Lien	SOFR(M)	+	6.00%	9.77%	08/2021	10/2029	4,006		4,001		3,117		0.32	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(4)	SOFR(M)	+	5.25%	8.92%	11/2025	04/2030	2,747		2,741		2,740		0.29	%
	First Lien(4)(5) - Drawn	SOFR(M)		5.25%	8.92%	11/2025	04/2030	184		183		183
										2,924		2,923		0.30	%
Capstone Borrower, Inc.
Business Services	First Lien	FIXED(S)	+	8.00%	8.00%	03/2026	06/2030	2,527		2,172		2,417		0.25	%
YLG Holdings, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.41%	04/2025	12/2030	2,193		2,184		2,193
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.41%	04/2025	12/2030	200		199		200
										2,383		2,393		0.25	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First Lien(4)	SOFR(M)	+	4.75%	8.52%	05/2021	05/2028	2,285		2,277		2,285		0.24	%
Idera, Inc.
Software	Second Lien	SOFR(Q)	+	6.75%	10.56%	03/2021	03/2029	2,417		2,411		1,689		0.17	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien	SOFR(M)	+	5.50%	9.17%	07/2025	07/2033	1,512		1,505		1,476		0.14	%
Next Holdco, LLC
Healthcare	First Lien(4)	SOFR(Q)	+	5.25%	8.89%	02/2025	11/2030	1,368		1,362		1,368		0.14	%
DT1 Midco Corp.
Business Services	First Lien(4)	SOFR(M)	+	5.00%	8.67%	06/2025	12/2031	1,338		1,332		1,332
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.00%	8.67%	06/2025	12/2031	32		32		32
										1,364		1,364		0.14	%
RealPage, Inc.
Software	First Lien(2)	SOFR(Q)		3.75%	7.45%	03/2026	04/2028	1,318		1,234		1,283		0.12	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(4)	SOFR(Q)	+	5.00%	8.71%	07/2025	11/2031	813		806		813
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.00%	8.42%	07/2025	11/2031	5		5		5
										811		818		0.09	%
Riskonnect Parent, LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.49%	11/2025	12/2028	750		747		750		0.08	%
PDI TA Holdings, Inc.
Software	First Lien(4)	SOFR(Q)*	+	3.50% +2.50%/PIK	7.17%	03/2025	02/2031	248		248		237		0.02	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(4)	—		—	—	06/2024	06/2029	75		75		75		0.01	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

KENG Acquisition, Inc.
Business Services	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.17%	01/2025	08/2029	$	51	$	51	$	51	—	%
Total Funded Debt Investments - United States										$	1,804,287	$	1,758,854	183.02	%
Funded Debt Investments - United Kingdom
Accelya Lux Finco S.a r.l.**
Business Services	First Lien(4)	SOFR(Q)	+	5.25%	9.21%	09/2025	10/2032	$	9,528	$	9,347	$	9,177	0.94	%
Cleanova US Holdings, LLC**
Business Products	First Lien	SOFR(Q)	+	4.75%	8.42%	05/2025	06/2032	5,372		5,200		5,291		0.55	%
Total Funded Debt Investments - United Kingdom										$	14,547	$	14,468	1.51	%
Funded Debt Investments - Jersey														—	%
Tennessee Bidco Limited**
Business Services	First Lien(4)	SOFR(S)*	+	3.50%+2.00%/PIK	9.40%	06/2025	07/2031	$	10,358	$	10,358	$	10,358
	First Lien(4)	SOFR(S)*	+	3.50% +2.00%/PIK	9.12%	06/2025	07/2031	394		394		394
	First Lien(4)	SOFR(S)*	+	3.50% +2.00%/PIK	9.26%	06/2025	07/2031	172		172		172
										10,924		10,924		1.14	%
Total Funded Debt Investments - Jersey										$	10,924	$	10,924	1.14	%
Funded Debt Investments - France														—	%
Datheos Bidco**
Business Services	First Lien(4)(17)(18)	Euribor(Q)	+	5.00%	7.13%	12/2025	12/2032	€ 24,486		$	28,641	$	28,119	2.93	%
Total Funded Debt Investments - France										$	28,641	$	28,119	2.93	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	06/2025	12/2029	$	3,075	$	3,068	$	3,033	0.32	%
Total Funded Debt Investments - Australia										$	3,068	$	3,033	0.32	%
Total Funded Debt Investments										$	1,861,467	$	1,815,398	188.91	%
Equity - United States
Dealer Tire Holdings, LLC(13)
Distribution & Logistics	Preferred Shares(4)	Fixed(A)*	+	7.00%/PIK	7.00%	09/2021	—	$	30,082	$	43,761	$	46,417	4.83	%
Diligent Preferred Issuer, Inc.(14)
Software	Preferred Shares(4)	Fixed(S)*	+	10.50%/PIK	10.50%	04/2021	—	5,000		8,267		7,736		0.81	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Knockout Intermediate Holdings I Inc. (9)
Software	Preferred Shares(4)	SOFR(S)*	+	10.75%/PIK	14.35%	06/2022	—	$	4,972	$	7,927	$	7,621	0.79	%
KWOR Intermediate I, LLC (12)
Business Services	Preferred Shares(4)	SOFR(Q)*	+	8.00%/PIK	11.67%	02/2025	—	4,621		5,260		5,260
	Class A-1 common Stock (4)	—		—	—	02/2025	—	4,321		4,494		433
										9,754		5,693		0.59	%
Firebird Co-Invest L.P. (7)
Business Services	LP interest(4)	—		—	—	01/2025	—	1,641,526		1,642		2,048		0.21	%
ACI Parent Inc.(8)
Healthcare	Preferred Shares(4)	Fixed(Q)(16)*	+	11.75%/PIK	11.75%	08/2021	—	12,500		20,124		1,072		0.11	%
Jawbreaker Topco, L.P.(15)
Software	Class A-1 common units (4)	—		—	—	01/2026	—	—		1,663		1,663		0.17	%
Ambrosia Topco, LLC (10)
Distribution & Logistics	Class A-1 common units (2)(4)	—		—	—	01/2024	—	55,984		596		261
	Class A-1 common units (4)	—		—	—	01/2024	—	19,197		204		90
										800		351		0.04	%
Pioneer Topco I, L.P. (11)
Software	Class A-2 common units (4)	—		—	—	11/2021	—	10		—		—		—	%
Total Shares - United States										$	93,938	$	72,601	7.55	%
Total Shares										$	93,938	$	72,601	7.55	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants(4)	—		—	—	06/2024	06/2029	68,568		$	90	$	135	0.01	%
Total Warrants - United States										$	90	$	135	0.01	%
Total Funded Investments										$	1,955,495	$	1,888,134	196.48	%
Unfunded Debt Investments - United States
OEConnection LLC
Business Services	First Lien(4)(5) - Undrawn	—		—	—	12/2024	12/2028	$	2,645	$	—	$	—
	First Lien(4)(5) - Undrawn	—		—	—	12/2025	12/2032	3,306		—		—
										—		—		—	%
HIG Operations Holdings, Inc.
Business Services	First Lien(2)(3)(4)(5) - Undrawn	—		—	—	12/2025	09/2026	2,128		—		—
	First Lien(4)(5) - Undrawn	—		—	—	12/2025	12/2027	33,204		—		—
										—		—		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	06/2025	06/2027	$	12,401	$	—	$	—
	First Lien(4)(5) - Undrawn	—	—	—	06/2025	08/2031	1,987		(10)		—
									(10)		—		—	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	11/2025	05/2028	9,708		—		—
	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	11/2025	07/2026	145		—		—
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	07/2026	225		—		—
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	07/2031	1,609		(5)		—
									(5)		—		—	%
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2032	1,390		(3)		—
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2027	2,045		—		—
									(3)		—		—	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2030	1,404		(9)		—		—	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	02/2025	02/2033	2,232		(13)		—		—	%
ComPsych Investments Corp.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2025	07/2027	992		(7)		—		—	%
KENG Acquisition, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2025	08/2029	28		—		—
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2027	803		—		—
									—		—		—	%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2027	736		(2)		—		—	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2021	10/2028	1,885		(2)		—		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

IG IntermediateCo LLC
Infogain Corporation
Business Services	First Lien(4)(5) - Undrawn	—	—	—	07/2021	07/2028	$	1,854	$	(3)	$	—	—	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	09/2021	09/2027	2,523		(7)		—		—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2027	2,427		(7)		—		—	%
Fortis Solutions Group, LLC
Packaging	First Lien(4)(5) - Undrawn	—	—	—	10/2021	10/2027	1,610		—		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2021	09/2028	3,103		(10)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	1,813		—		—
	First Lien(4)(5) - Undrawn	—	—	—	06/2021	06/2029	1,210		(4)		—
									(4)		—		—	%
Pioneer Topco I, L.P. (11)
Pioneer Buyer I, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	11/2021	11/2029	4,009		(14)		—		—	%
HP TLE Buyer, Inc.
Education	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	2,268		(10)		—		—	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2025	10/2027	1,518		(3)		—
	First Lien(4)(5) - Undrawn	—	—	—	04/2025	04/2032	1,182		(4)		—
									(7)		—		—	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	5,006		—		—
	First Lien(4)(5) - Undrawn	—	—	—	03/2025	03/2027	325		—		—
	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2029	2,384		(9)		—
									(9)		—		—	%
SIG Parent Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	02/2026	02/2028	7,229		—		—		—	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	10/2024	10/2026	612		—		—		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	07/2021	07/2026	$	113	$	(1)	$	—	—	%
Foreside Financial Group, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2022	09/2027	1,432		—		—		—	%
KWOR Intermediate I, Inc. (12)
KWOR Acquisition, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	02/2025	02/2027	4,603		—		—
	First Lien(4)(5) - Undrawn	—	—	—	02/2025	02/2030	3,469		—		—
									—		—		—	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	07/2025	11/2026	380		—		—
Associations, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2025	07/2028	2,112		(5)		—
	First Lien(4)(5) - Undrawn	—	—	—	09/2025	07/2028	720		—		—
									(5)		—		—	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	03/2022	04/2030	345		—		—		—	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2021	05/2028	313		(1)		—
YLG Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2025	12/2030	158		(1)		—
	First Lien(4)(5) - Undrawn	—	—	—	04/2025	11/2026	139		—		—
									(1)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	07/2025	02/2028	139		—		—		—	%
MedX Holdings, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	1,676		(8)		—
	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2027	3,917		—		—
									(8)		—		—	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	01/2022	12/2027	1,573		(4)		—		—	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2029	327		—		(1)		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

PROS Parent, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2032	$	1,852	$	(2)	$	(2)	—	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2032	563		(3)		(3)		—	%
Victors Purchaser, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	1,098		—		(1)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2032	2,088		(5)		(3)
									(5)		(4)		—	%
ACI Parent Inc. (8)
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	08/2021	08/2027	13		—		(4)		—	%
Archduke Buyer, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2032	888		(4)		(4)		—	%
DigiCert, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2030	706		(5)		(5)		—	%
Ministry Brands Holdings, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2027	620		—		(5)		—	%
Jeppesen Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	11/2032	2,664		(7)		(7)		—	%
IEM New Sub 2, LLC
Business Products	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	2,795		—		(7)		—	%
Jawbreaker Topco, L.P. (15)
Jawbreaker Parent, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2026	01/2033	1,514		—		—
	First Lien(4)(5) - Undrawn	—	—	—	01/2026	01/2033	3,754		—		—
	First Lien(4)(5) - Undrawn	—	—	—	01/2026	01/2033	1,514		(7)		(8)
									(7)		(8)		—	%
Galway Borrower LLC
Business Services	First Lien(5) - Undrawn	—	—	—	09/2021	09/2028	404		—		(9)		—	%
Wrench Group LLC
Consumer Services	First Lien(4)(5) - Undrawn	-	—	—	10/2025	09/2027	1,071		—		(5)
	First Lien(4)(5) - Undrawn	-	—	—	10/2025	09/2031	1,071		(5)		(5)
									(5)		(10)		—	%
Vehlo Purchaser, LLC
Software	First Lien(4)(5) - Undrawn	-	—	—	12/2025	05/2028	2,899		(10)		(11)		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

RailPros Parent, LLC
Business Services	First Lien(4)(5) - Undrawn	-	—	—	05/2025	05/2032	$	899	$	(4)	$	(4)
	First Lien(4)(5) - Undrawn	-	—	—	05/2025	05/2027	1,258		—		(6)
									(4)		(10)		—	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	-	—	—	11/2025	09/2031	1,114		(6)		(11)		—	%
Meta Buyer LLC
Healthcare	First Lien(4)(5) - Undrawn	-	—	—	12/2025	12/2031	1,167		(4)		(6)
	First Lien(4)(5) - Undrawn	-	—	—	12/2025	12/2027	1,400		—		(7)
									(4)		(13)		—	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	-	—	—	07/2025	07/2032	719		(3)		(4)
	First Lien(4)(5) - Undrawn	-	—	—	07/2025	07/2032	1,918		—		(10)
									(3)		(14)		—	%
Acumatica Holdings, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	5,935		—		(15)		—	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	10/2021	10/2028	1,331		(4)		(15)		—	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,193		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
									—		(15)		—	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2031	691		(3)		(4)
	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(13)
									(3)		(17)		—	%
MRI Software LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	02/2028	155		(1)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	950		—		(16)
									(1)		(19)		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

DOCS, MSO, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	06/2022	06/2028	$	1,977	$	—	$	(19)	—	%
Maverick Bidco Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2031	973		(2)		(9)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	1,216		—		(11)
									(2)		(20)		—	%
Businessolver.com, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2032	3,464		(8)		(9)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	4,916		—		(12)
									(8)		(21)		—	%
DT1 Midco Corp.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	06/2025	12/2030	674		(3)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	06/2025	04/2027	4,462		—		(22)
									(3)		(25)		—	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	1,055		(1)		(26)		—	%
Pike Corporation
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2032	4,362		(10)		(11)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2028	6,542		—		(16)
									(10)		(27)		—	%
PDQ.COM Corporation
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	217		(1)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	1,608		—		(24)
									(1)		(27)		—	%
Huskies Parent, Inc.
Financial Services & Technology	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	12/2021	11/2029	724		(2)		(41)		—	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	05/2022	05/2028	4,156		(15)		(42)		—	%
Bonterra LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	03/2025	03/2032	581		—		(11)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	1,725		—		(32)
									—		(43)		—	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	12/2025	01/2030	1,733		—		(47)		(0.01)	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

TigerConnect, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	02/2022	08/2029	$	2,630	$	(10)	$	(49)	(0.01)	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	62		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	910		(4)		(5)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	2,713		(13)		(14)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	3,644		—		(18)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	3,555		—		(18)
									(17)		(55)		(0.01)	%
Lighthouse Buyer, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2031	1,936		(9)		(10)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2028	9,678		—		(48)
									(9)		(58)		(0.01)	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	05/2025	06/2030	1,403		(8)		(23)
	First Lien(4)(5) - Undrawn	—	—	—	05/2025	06/2027	2,233		(13)		(36)
									(21)		(59)		(0.01)	%
AmeriVet Partners Management, Inc.
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	02/2022	02/2028	1,214		(2)		(69)		(0.01)	%
GS Acquisitionco, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	02/2020	05/2028	1,123		—		(71)		(0.01)	%
Vamos Bidco, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2032	1,231		(5)		(20)
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2027	4,105		—		(68)
									(5)		(88)		(0.01)	%
iCIMS, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	08/2022	08/2028	2,170		—		(94)		(0.02)	%
Brave Parent Holdings, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	11/2030	3,188		(4)		(103)		(0.01)	%
Databricks, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	12/2025	01/2028	23,138		—		(116)		(0.01)	%
Safety Borrower Holdings LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2021	12/2032	2,406		—		(39)
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	6,122		—		(99)
									—		(138)		(0.01)	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Einstein Parent, Inc.
Software	First Lien(4)(5) - Undrawn	—		—	—	01/2025	01/2031	$	2,810	$	(23)	$	(102)	(0.02)	%
Viper Bidco, Inc.
Business Services	First Lien(4)(5) - Undrawn	—		—	—	09/2025	09/2027	7,439		—		(217)		(0.02)	%
Diamondback Acquisition, Inc.
Software	First Lien(4)(5) - Undrawn	—		—	—	09/2025	09/2032	2,986		—		(76)
	First Lien(4)(5) - Undrawn	—		—	—	09/2025	09/2027	5,744		—		(147)
										$	—	$	(223)	(0.02)	%
Total Unfunded Debt Investments - United States										$	(348)	$	(1,989)	(0.21)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)(5) - Undrawn	—		—	—	06/2025	12/2028	$	325	$	(1)	$	(4)	—	%
Total Unfunded Debt Investments - Australia										$	(1)	$	(4)	—	%
Unfunded Debt Investments - France
Datheos Bidco**
Business Services	First Lien(4)(5)(17)(18) - Undrawn	—		—	—	12/2025	10/2029	€ 4,452		—		(32)		—	%
Total Unfunded Debt Investments - France										—		(32)		—	%
Total Unfunded Debt Investments										$	(349)	$	(2,025)	(0.21)	%
Total Non-Controlled/Non-Affiliated Investments										$	1,955,146	$	1,886,109	196.27	%
Non-Controlled/Affiliated Investments (20)
Funded Debt Investments - United States
Notorious Buyer, LLC (19)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First Lien(4)	SOFR(Q)*	+	7.25%/PIK	11.10%	12/2025	12/2030	$	10,788	$	10,788	$	10,788
	Subordinated(4)	SOFR(Q)*	+	9.00%/PIK	12.85%	12/2025	12/2031	5,203		5,203		5,203
										15,991		15,991		1.66	%
Total Funded Debt Investments - United States										$	15,991	$	15,991	1.66	%
Equity - United States
Notorious Buyer, LLC (19)
Consumer Products	Common Units (4)	—		—	—	12/2025	—	837		$	16,356	$	14,175	1.48	%
Total Shares - United States										$	16,356	$	14,175	1.48	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares	Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - United States
Notorious Buyer, LLC (19)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2030	2,092	$	—	$	—	—	%
Total Unfunded Debt Investments								$	—	$	—	—	%
Total Non-Controlled/Affiliated Investments								$	32,347	$	30,166	3.14	%
Controlled Investments (21)
Equity - United States
NEWCRED Senior Loan Program I LLC**
Investment Fund	Membership Interest(4)	—	—	—	07/2025	—	68,000	$	68,000	$	68,000	7.08	%
Total Shares - United States								$	68,000	$	68,000	7.08	%
Total Controlled Investments								$	68,000	$	68,000	7.08	%
Total Investments								$	2,055,493	$	1,984,275	206.49	%

(1)New Mountain Private Credit Fund (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 Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV").

(3)Investment is pledged as collateral for the GS Credit Facility, a revolving credit facility among the Company as Collateral Manager, NEWCRED SPV, as the Borrower, Goldman Sachs Bank USA as the Syndication Agent and Administrative Agent, and Western Alliance Trust Company, N.A. as Collateral Agent, Collateral Custodian and Collateral Administrator. See Note 6. Borrowings, for details.

(4)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.

(5)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.

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

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

(8)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 is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $20,249.

(9)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $7,969.

(10)The Company holds class A-1 common units in Ambrosia Topco LLC., three first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.

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

(12)The Company holds class A-1 common units of KWOR TopCo I, LLC and preferred equity and subordinated notes of KWOR Intermediate I, LLC., a wholly-owned subsidiary of KWOR TopCo I, LLC. The Company also holds three first lien term loans, a first lien delayed draw term loan and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $5,260.

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

(13)The Company holds preferred equity in Dealer Tire Holdings, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026 the Company's stated value of its equity investment plus unpaid compounded dividends was $48,472.

(14)The Company holds preferred equity in Diligent Preferred Issuer, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of its equity investment plus unpaid compounded dividends was $8,329.

(15)The Company holds Class A-1 common units in Jawbreaker Topco, L.P., and holds a first lien term loan, two first lien delayed draw term loans and a first lien revolver in

Jawbreaker Parent, Inc, a partially-owned subsidiary of Jawbreaker Topco, L.P.

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

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

(18)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2026, the par value U.S. dollar equivalent of the Datheos Bidco. first lien undrawn delayed draw term loan and first lien term loan is $5,144 and $28,295, respectively. As of March 31, 2026, the value of the Packaging Coordinators Midco, Inc. first lien delayed draw term loan is $801. As of March 31, 2026, the value of the Meta Buyer LLC first lien term loan is $31,059. See Note 2. Summary of Significant Accounting Policies, for details.

(19)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.

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


Portfolio Company (1)	Fair Value at December 31, 2025		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2026		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Notorious Buyer, LLC	$	31,836	$	—	$	—	$	(1,670)	$	30,166	$	—	$	450	$	—	$	75


Total Non-Controlled/Affiliated Investments	$	31,836	$	—	$	—	$	(1,670)	$	30,166	$	—	$	450	$	—	$	75

(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.

(21)Denotes investments in which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of March 31, 2026 and December 31, 2025, along with transactions during the year ended March 31, 2026 in which the issuer was a controlled investment, is as follows:


Portfolio Company (1)	Fair Value at December 31, 2025		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2026		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
NEWCRED Senior Loan Program I LLC	$	48,000	$	20,000	$	—	$	—	$	68,000	$	—	$	—	$	1,730	$	—
Total Controlled Investments	$	48,000	$	20,000	$	—	$	—	$	68,000	$	—	$	—	$	1,730	$	—

(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.

* All or a portion of interest contains payment-in-kind ("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 March 31, 2026, 6.44% 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.

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2026

(unaudited)


	March 31, 2026
Investment Type	Percent of Total Investments at Fair Value
First lien	86.90	%
Second lien	2.62	%
Subordinated	2.67	%
Equity and other	7.81	%
Total investments	100.00	%


	March 31, 2026
Industry Type	Percent of Total Investments at Fair Value
Business Services	28.25	%
Software	21.38	%
Healthcare	15.87	%
Financial Services & Technology	12.54	%
Consumer Services	5.61	%
Distribution & Logistics	5.12	%
Investment Fund	3.43	%
Packaging	2.15	%
Education	2.09	%
Consumer Products	1.52	%
Business Products	0.99	%
Food & Beverage	0.56	%
Specialty Chemicals & Materials	0.49	%





Total investments	100.00	%


	March 31, 2026
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	95.89	%
Fixed rates	4.11	%
Total investments	100.00	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.07%	12/2021	12/2027	$	19,766	$	19,699	$	19,766
	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.07%	12/2021	12/2027	19,572		19,497		19,572
	Subordinated(4)	Fixed(Q)*	+	11.50%/PIK	11.50%	12/2021	12/2031	15,144		15,050		14,947
										54,246		54,285		5.35	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(S)	+	4.75%	8.36%	12/2021	12/2028	47,800		47,558		47,800		4.72	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.17%	05/2022	05/2029	48,262		47,994		47,779		4.72	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	8.92%	02/2020	05/2028	43,524		43,455		43,524
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	8.92%	02/2020	05/2028	875		881		875
										44,336		44,399		4.38	%
CCBlue Bidco, Inc.
Healthcare	First Lien(2)(4)	SOFR(Q)*	+	2.50% +4.00%/PIK	10.27%	12/2021	12/2028	49,042		48,851		40,597
	First Lien(4)	SOFR(Q)*	+	2.50%+2.75%/PIK	9.03%	12/2021	12/2028	2,549		2,546		2,110
										51,397		42,707		4.21	%
Anaplan, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.32%	06/2022	06/2029	40,778		40,547		40,778		4.02	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.49%	08/2021	10/2028	29,241		29,199		29,241
	Subordinated(4)	Fixed(Q)*	+	13.00%/PIK	13.00%	05/2023	05/2033	4,665		4,635		4,665
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.49%	01/2022	10/2028	2,996		2,983		2,996
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.49%	01/2022	10/2028	2,010		2,001		2,010
										38,818		38,912		3.83	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	8.84%	09/2021	09/2028	38,256		38,079		38,256		3.77	%
Meta Buyer LLC
Healthcare	First Lien (16)(17)	BBSY(Q)	+	5.25%	9.02%	12/2025	12/2031	AUD 45,120		29,960		29,960
	First Lien(2)(3)	SOFR(S)	+	5.25%	8.94%	12/2025	12/2031	6,508		6,475		6,475
										36,435		36,435		3.59	%
OEConnection LLC
Business Services	First Lien(2)(3)	SOFR(M)	+	4.50%	8.23%	12/2025	12/2032	35,335		35,335		35,394		3.49	%
Jeppesen Holdings, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.59%	10/2025	11/2032	34,446		34,354		34,359		3.39	%
Auctane Inc. (fka Stamps.com Inc.)
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(S)	+	5.75%	9.58%	10/2021	10/2028	19,328		19,237		19,328
	First Lien(2)(3)(4)	SOFR(S)	+	5.75%	9.58%	12/2021	10/2028	14,005		13,938		14,005
										33,175		33,333		3.28	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
iCIMS, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.61%	08/2022	08/2028	$	28,496	$	28,388	$	27,730
	First Lien(4)	SOFR(Q)	+	6.25%	10.11%	10/2022	08/2028	4,508		4,487		4,439
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.75%	9.59%	08/2022	08/2028	832		837		810
										33,712		32,979		3.25	%
Businessolver.com, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	+	4.50%	8.17%	12/2025	12/2032	29,264		29,190		29,190
	First Lien(3)	SOFR(Q)	+	4.50%	8.17%	12/2025	12/2032	3,562		3,561		3,553
										32,751		32,743		3.23	%
Pioneer Topco I, L.P. (11)
Pioneer Buyer I, LLC
Software	First Lien(4)	SOFR(Q)	+	5.00%	8.67%	11/2021	11/2029	28,383		28,274		28,383
	First Lien(4)	SOFR(Q)	+	5.00%	8.67%	03/2022	11/2028	3,890		3,876		3,890
										32,150		32,273		3.18	%
DECA Dental Holdings LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.52%	08/2021	08/2028	27,795		27,669		27,042
	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.52%	08/2021	08/2028	2,926		2,922		2,847
	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.52%	08/2021	08/2027	2,292		2,285		2,230
										32,876		32,119		3.16	%
Fortis Solutions Group, LLC
Packaging	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.27%	10/2021	10/2028	29,578		29,449		29,578
	First Lien(4)	SOFR(Q)	+	5.50%	9.27%	06/2022	10/2028	995		994		995
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.27%	10/2021	10/2027	854		866		854
	First Lien(4)	SOFR(Q)	+	5.50%	9.27%	10/2021	10/2028	346		346		346
	First Lien(4)	SOFR(Q)	+	5.50%	9.27%	10/2021	10/2028	81		75		81
										31,730		31,854		3.14	%
Vehlo Purchaser, LLC
Software	First Lien(2)(3)	SOFR(M)	+	5.50%	9.22%	12/2025	05/2028	27,973		27,868		27,868
	First Lien(5) - Drawn	SOFR(M)	+	5.50%	9.22%	06/2025	05/2028	3,833		3,807		3,814
										31,675		31,682		3.12	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.22%	05/2022	09/2027	31,516		31,403		31,516		3.11	%
CFS Management, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	3.41% + 5.09%/PIK	12.43%	08/2019	09/2026	25,809		25,788		22,583
	First Lien(2)(3)(4)	SOFR(Q)*	+	3.41% + 5.09%/PIK	12.43%	09/2021	09/2026	6,110		6,108		5,347
	First Lien(4)	SOFR(Q)*	+	3.41% + 5.09%/PIK	12.43%	08/2019	09/2026	2,306		2,304		2,017
	First Lien(2)(3)(4)	SOFR(Q)*	+	3.41% + 5.09%/PIK	12.43%	02/2022	09/2026	396		396		346
										34,596		30,293		2.98	%
Pike Corporation
Business Services	First Lien(2)(3)	SOFR(Q)	+	4.50%	8.20%	12/2025	12/2032	30,095		30,020		30,020		2.96	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	Subordinated(4)	SOFR(Q)	+	7.50%	11.27%	07/2022	07/2029	19,424		19,277		19,424
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.57%	07/2021	07/2028	8,874		8,844		8,874
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.57%	07/2022	07/2028	1,532		1,524		1,532
										29,645		29,830		2.94	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Acumatica Holdings, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	$	28,975	$	28,975	$	28,975	2.85	%
Diamondback Acquisition, Inc.
Software	First Lien(4)	SOFR(M)	+	4.50%	8.22%	09/2025	09/2032	28,146		28,077		28,075
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.22%	09/2025	09/2032	729		719		727
										28,796		28,802		2.84	%
Vessco Midco Holdings, LLC
Business Services	First Lien(3)(4)	SOFR(Q)	+	4.50%	8.42%	11/2025	07/2031	8,810		8,767		8,810
	First Lien(3)(4)	SOFR(S)	+	4.50%	8.23%	11/2025	07/2031	8,052		8,032		8,052
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.42%	11/2025	07/2031	5,667		5,667		5,667
	First Lien(3)(4)(5) - Drawn	SOFR(M)	+	4.50%	8.28%	11/2025	07/2031	2,428		2,416		2,428
	First Lien(2)(3)(4)	SOFR(S)	+	4.50%	8.23%	11/2025	07/2031	1,934		1,934		1,934
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)	+	4.50%	8.28%	11/2025	07/2031	1,562		1,562		1,562
										28,378		28,453		2.80	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.07%	12/2021	12/2029	14,385		14,318		14,385
	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.07%	12/2021	12/2029	4,829		4,807		4,829
	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.07%	12/2021	12/2029	4,798		4,776		4,798
	First Lien(4)(5) - Drawn	SOFR(S)	+	5.00%	9.01%	03/2025	12/2029	4,312		4,275		4,312
										28,176		28,324		2.79	%
Einstein Parent, Inc.
Software	First Lien(4)	SOFR(Q)	+	6.50%	10.36%	01/2025	01/2031	27,167		26,928		26,895		2.65	%
Galway Borrower LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.17%	09/2021	09/2028	26,186		26,059		26,186
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.19%	09/2021	09/2028	331		340		331
										26,399		26,517		2.61	%
Safety Borrower Holdings LLC
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.47%	09/2021	12/2032	26,276		26,226		26,276
	First Lien(4)(5) - Drawn	P(Q)	+	3.75%	10.50%	09/2021	12/2032	146		153		146
										26,379		26,422		2.60	%
Maverick Bidco Inc.
Software	First Lien(2)(3)	SOFR(Q)	+	4.75%	8.54%	12/2025	12/2031	24,315		24,255		24,254		2.39	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.63%	06/2022	06/2028	20,504		20,504		20,504
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	9.57%	02/2025	06/2028	2,757		2,741		2,757
										23,245		23,261		2.29	%
Foundational Education Group, Inc.
Education	Second Lien(4)	SOFR(Q)	+	6.50%	10.60%	08/2021	08/2029	19,706		19,661		19,706
	First Lien	SOFR(Q)	+	3.75%	7.85%	05/2025	08/2028	3,283		3,035		3,035
										22,696		22,741		2.24	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
TigerConnect, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	6.25%	10.25%	02/2022	08/2029	$	18,413	$	18,334	$	18,413
	First Lien(2)(4)(5) - Drawn	SOFR(Q)	+	6.25%	10.25%	02/2022	08/2029	2,306		2,306		2,306
	First Lien(2)(3)(4)	SOFR(Q)	+	6.25%	10.25%	08/2025	08/2029	1,926		1,913		1,926
	First Lien(2)(4)	SOFR(Q)	+	6.25%	10.25%	08/2025	08/2029	26		26		26
										22,579		22,671		2.23	%

PDQ.com Corporation
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.61%	12/2021	10/2032	14,046		13,998		14,046
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	12/2021	10/2032	5,476		5,463		5,476
	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	10/2025	10/2032	2,894		2,887		2,894
										22,348		22,416		2.21	%
KWOR Intermediate I, Inc. (12)
KWOR Acquisition, Inc.
Business Services	First Lien(4)	SOFR(Q)*	+	1.00% +5.25%/PIK	10.07%	02/2025	02/2030	21,633		21,633		21,633
	Subordinated(4)	SOFR(Q)*	+	8.00%/PIK	11.82%	02/2025	02/2030	7,597		7,597		7,597
	First Lien(4)	SOFR(Q)	+	5.25%	9.07%	02/2025	02/2030	173		173		173
	First Lien(4)	SOFR(Q)	+	5.25%	9.07%	02/2025	02/2030	115		115		115
										29,518		29,518		2.91	%
Healthspan Buyer, LLC
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	10/2025	10/2030	8,297		8,277		8,297
	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	07/2025	10/2030	6,901		6,885		6,901
	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	07/2025	10/2030	6,652		6,637		6,652
										21,799		21,850		2.15	%
MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.42%	06/2025	08/2031	20,281		20,187		20,281
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.43%	06/2025	08/2031	583		582		583
										20,769		20,864		2.06	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.47%	10/2021	10/2028	17,210		17,130		17,210
	First Lien(4)	SOFR(M)	+	4.75%	8.47%	10/2021	10/2028	1,450		1,445		1,450
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.47%	10/2021	10/2028	87		86		87
										18,661		18,747		1.85	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.07%	09/2021	09/2027	18,684		18,620		18,684		1.84	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.48%	10/2025	06/2029	8,463		8,423		8,463
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.44%	06/2021	06/2029	7,412		7,376		7,412
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.50%	06/2021	06/2029	2,485		2,475		2,485
										18,274		18,360		1.81	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.17%	12/2025	01/2030	18,192		18,192		18,192		1.79	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	6.09%	10.20%	03/2021	03/2028	$	11,101	$	11,038	$	11,101
	First Lien(4)	SOFR(Q)	+	6.24%	10.25%	04/2025	03/2028	4,706		4,687		4,706
	First Lien(2)(3)(4)	SOFR(Q)	+	6.09%	10.02%	03/2021	03/2028	2,302		2,298		2,302
										18,023		18,109		1.78	%
Relativity ODA LLC
Software	First Lien(4)	SOFR(M)	+	4.50%	8.22%	05/2021	05/2029	16,848		16,777		16,848		1.66	%
Help/Systems Holdings, Inc.
Software	Second Lien(4)	SOFR(Q)*	+	9.00%/PIK	12.97%	11/2025	05/2029	19,920		19,920		16,482		1.62	%
KENE Acquisition, Inc. (aka Entrust)
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	13,684		13,650		13,684
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	1,428		1,428		1,428
	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	575		572		575
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.44%	12/2025	02/2031	559		565		559
	First Lien(3)(4)	SOFR(Q)	+	4.75%	8.42%	12/2025	02/2031	66		66		66
										16,281		16,312		1.61	%
IEM New Sub 2, LLC
Business Products	First Lien(2)(3)	SOFR(Q)	+	4.50%	8.27%	12/2025	12/2031	14,409		14,373		14,373		1.42	%
Victors Purchaser, LLC
Business Services	First Lien(2)(3)	SOFR(Q)	+	4.50%	8.19%	12/2025	12/2032	14,017		14,000		14,000
	First Lien(5) - Drawn	SOFR(M)	+	4.50%	8.23%	12/2025	12/2032	178		173		178
										14,173		14,178		1.40	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	02/2025	12/2031	13,838		13,713		13,838		1.36	%
Associations, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	6.50%	10.63%	09/2025	07/2028	8,224		8,206		8,224
	First Lien(4)(5) - Drawn	SOFR(Q)	+	6.50%	10.65%	09/2025	07/2028	5,106		5,096		5,106
										13,302		13,330		1.31	%
ACI Parent Inc. (8)
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.77%	08/2021	08/2028	11,009		10,964		8,808
	First Lien(2)(3)(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.77%	08/2021	08/2028	2,113		2,098		1,691
	First Lien(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.77%	08/2021	08/2028	1,951		1,948		1,561
	First Lien(2)(3)(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.27%	08/2021	08/2027	1,133		1,130		906
										16,140		12,966		1.28	%
Databricks, Inc.
Software	First Lien(4)	SOFR(M)	+	4.50%	8.27%	12/2024	01/2031	12,592		12,536		12,529		1.23	%
Lighthouse Buyer, Inc.
Business Services	First Lien(2)(3)	SOFR(S)	+	4.50%	8.04%	12/2025	12/2031	11,613		11,556		11,555
	First Lien(5) - Drawn	SOFR(S)	+	4.50%	8.04%	12/2025	12/2031	387		385		385
										11,941		11,940		1.18	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
DCA Investment Holding, LLC
Healthcare	First Lien(2)(3)(4)(15)	SOFR(Q)(13)	+	8.41%	12.08%	03/2021	04/2028	$	9,203	$	9,176	$	8,112
	First Lien(2)(3)(4)(15)	SOFR(Q)(13)	+	8.41%	12.08%	02/2022	04/2028	2,036		2,032		1,795
	First Lien(4)(15)	SOFR(Q)(13)	+	8.41%	12.08%	03/2021	04/2028	1,544		1,538		1,359
	First Lien(2)(3)(4)(15)	SOFR(Q)(13)	+	8.50%	12.17%	12/2022	04/2028	484		481		427
										13,227		11,693		1.15	%
MRI Software LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	01/2020	02/2028	7,943		7,932		7,943
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	03/2021	02/2028	3,521		3,518		3,521
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.42%	10/2025	02/2028	186		189		186
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.44%	10/2025	02/2028	41		42		41
										11,681		11,691		1.15	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.47%	01/2022	12/2027	4,973		4,956		4,973
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.47%	01/2022	12/2027	4,940		4,921		4,940
	First Lien(4)	SOFR(M)	+	4.75%	8.47%	01/2022	12/2027	1,495		1,488		1,495
										11,365		11,408		1.12	%
PROS Parent, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	+	4.75%	8.49%	12/2025	12/2032	11,305		11,291		11,291		1.11	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)	SOFR(Q)	+	6.00%	9.67%	05/2025	05/2030	11,041		10,967		10,958		1.08	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)	SOFR(M)	+	4.25%	7.97%	05/2025	06/2031	10,437		10,376		10,437		1.03	%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.22%	12/2021	12/2028	6,849		6,814		6,849
	First Lien(4)	SOFR(M)	+	4.50%	8.22%	12/2021	12/2028	2,686		2,676		2,686
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.22%	12/2021	12/2028	767		762		767
										10,252		10,302		1.01	%
HP TLE Buyer, Inc.
Education	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	10,310		10,261		10,258		1.01	%
GC Waves Holdings, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.22%	08/2021	10/2030	10,237		10,190		10,237		1.01	%
AmeriVet Partners Management, Inc.
Consumer Services	First Lien(2)(3)(4)	SOFR(S)	+	5.50%	9.62%	02/2022	02/2028	7,843		7,826		7,783
	First Lien(4)	SOFR(Q)	+	0.06%	0.10%	02/2022	02/2028	2,183		2,181		2,166
	First Lien(2)(3)(4)	SOFR(S)	+	5.50%	9.62%	02/2022	02/2028	287		285		283
										10,292		10,232		1.01	%
Michael Baker International, LLC
Business Services	First Lien	SOFR(Q)	+	4.00%	7.84%	01/2025	12/2028	9,900		9,900		9,935		0.98	%
Nexus Buyer LLC
Financial Services & Technology	Second Lien	SOFR(M)	+	5.75%	9.47%	08/2025	02/2032	10,000		9,904		9,930		0.98	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)	SOFR(Q)*	+	2.25% +2.75%/PIK	8.84%	01/2025	02/2032	$	8,003	$	7,986	$	7,983
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.34%	01/2025	02/2032	1,876		1,872		1,871
										9,858		9,854		0.97	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)	SOFR(M)	+	4.50%	8.22%	11/2025	09/2031	9,760		9,712		9,760		0.96	%
Vamos Bidco, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	01/2025	01/2032	9,802		9,758		9,753		0.96	%
DigiCert, Inc.
Software	First Lien(4)	SOFR(M)	+	5.75%	9.47%	07/2025	07/2030	9,753		9,685		9,680		0.95	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)(4)	SOFR(Q)*	+	6.75% +2.00%/PIK	12.42%	07/2021	07/2027	8,582		8,554		8,582
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)*	+	6.75% +2.00%/PIK	12.47%	07/2021	07/2026	1,089		1,089		1,089
										9,643		9,671		0.95	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien(4)	SOFR(M)	+	5.50%	9.22%	07/2025	07/2033	9,512		9,466		9,464		0.93	%
MedX Holdings, LLC
Healthcare	First Lien(4)	SOFR(M)	+	4.75%	8.47%	07/2025	07/2032	9,467		9,422		9,420		0.93	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	04/2025	04/2032	9,420		9,390		9,385		0.92	%
Bonterra LLC
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	03/2025	03/2032	7,326		7,310		7,308
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.69%	10/2025	03/2032	915		911		911
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.69%	03/2025	03/2032	796		794		794
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.44%	03/2025	03/2032	119		118		119
										9,133		9,132		0.90	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.17%	03/2022	04/2029	9,053		9,016		9,053
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.17%	03/2022	04/2029	75		76		75
										9,092		9,128		0.90	%
LSCS Holdings, Inc.
Healthcare	First Lien	SOFR(Q)	+	4.50%	8.17%	02/2025	03/2032	9,291		9,249		9,121		0.90	%
Denali Intermediate Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.23%	08/2025	08/2032	9,091		9,047		9,045		0.89	%
Houghton Mifflin Harcourt Company
Education	First Lien(2)(3)	SOFR(M)	+	5.25%	9.07%	01/2025	04/2029	9,898		9,811		8,761		0.86	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.44%	10/2021	10/2028	8,328		8,289		7,805
	First Lien(4)	SOFR(Q)	+	5.50%	9.53%	10/2021	10/2028	954		950		894
										9,239		8,699		0.86	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Huskies Parent, Inc.
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)*	+	5.50% +0.50%/PIK	9.82%	12/2021	11/2029	$	8,209	$	8,176	$	8,022
	First Lien(2)(3)(4)	SOFR(M)	+	6.00%	9.82%	10/2025	11/2029	338		335		335
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)	+	5.50%	9.32%	12/2021	11/2029	201		203		196
										8,714		8,553		0.84	%
Smile Doctors LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	5.90%	9.84%	02/2022	12/2028	7,725		7,703		7,525
	First Lien(2)(3)(4)	SOFR(Q)	+	5.90%	9.84%	06/2023	12/2028	894		885		871
										8,588		8,396		0.83	%
Brave Parent Holdings, Inc.
Software	First Lien(4)	SOFR(M)	+	4.25%	7.97%	10/2025	11/2030	8,259		8,259		8,259		0.81	%
Pathway Vet Alliance LLC
Consumer Services	First Lien	SOFR(Q)	+	5.00%	8.84%	04/2025	06/2028	8,105		8,093		8,181		0.81	%
Wrench Group LLC
Consumer Services	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	10/2025	09/2032	7,857		7,819		7,818		0.77	%
Rithum Holdings, Inc. (fka CommerceHub, Inc.)
Software	First Lien(2)(3)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	7,764		7,624		7,776		0.77	%
Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.25%	8.15%	10/2025	10/2032	7,738		7,729		7,729		0.76	%
RLG Holdings, LLC
Packaging	First Lien	SOFR(M)	+	4.25%	8.53%	10/2025	07/2028	11,778		9,445		7,246
	First Lien	SOFR(M)	+	5.00%	8.72%	10/2025	07/2028	504		388		316
										9,833		7,562		0.75	%
Ministry Brands Holdings, LLC
Financial Services & Technology	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.32%	12/2021	12/2028	6,797		6,780		6,797
	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.32%	12/2021	12/2028	687		687		687
	First Lien(4)(5) - Drawn	P(Q)	+	4.50%	11.25%	12/2021	12/2027	55		58		56
										7,525		7,540		0.74	%
Archduke Buyer, Inc.
Software	First Lien	SOFR(Q)	+	5.50%	9.27%	12/2025	12/2032	7,101		7,066		7,066		0.70	%
Idera, Inc.
Software	Second Lien	SOFR(Q)	+	6.75%	10.75%	03/2021	03/2029	7,552		7,534		6,646		0.65	%
eResearchTechnology, Inc.
Healthcare	First Lien(4)	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	5,562		5,511		5,562
	First Lien(4)	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	924		918		924
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.75%	8.47%	03/2025	01/2032	147		142		147
										6,571		6,633		0.65	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.59%	10/2025	10/2032	5,779		5,751		5,750
	First Lien(4)(16)(17)	SONIA(D)	+	4.50%	8.22%	10/2025	10/2032	£609		816		816
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.59%	10/2025	10/2032	33		33		33
										6,600		6,599		0.65	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	5.25%	9.11%	08/2025	08/2031	6,223		6,193		6,192		0.61	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
RailPros Parent, LLC
Business Services	First Lien(4)	SOFR(Q)	+	4.25%	8.13%	05/2025	05/2032	$	5,828	$	5,801	$	5,799	0.57	%
HIG Operations Holdings, Inc.
Business Services	First Lien(2)(3)	SOFR(M)	+	4.50%	8.22%	12/2025	06/2031	5,774		5,774		5,774		0.57	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.75%	8.42%	07/2025	07/2032	5,753		5,726		5,725		0.56	%
Therapy Brands Holdings LLC
Healthcare	Second Lien(2)(3)(4)	SOFR(M)	+	6.75%	10.58%	05/2021	05/2029	6,000		5,979		4,768
	First Lien	SOFR(M)	+	4.00%	7.83%	05/2025	05/2028	484		365		448
										6,344		5,216		0.51	%

Ambrosia Topco, LLC (10)
TMK Hawk Parent, Corp.
Distribution & Logistics	First Lien(2)(4)	SOFR(M)*	+	2.00%+3.25%/PIK	8.97%	01/2024	07/2029	5,887		5,887		3,804
	First Lien(4)	SOFR(M)*	+	1.00% +3.00%/PIK	7.72%	09/2025	07/2029	724		246		463
	Subordinated(2)(4)	Fixed(Q)*	+	11.00%/PIK	11.00%	01/2024	12/2031	200		200		200
										6,333		4,467		0.44	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)	SOFR(Q)	+	4.25%	7.98%	09/2025	09/2029	3,879		3,875		3,879		0.38	%
Cloudera, Inc.
Software	Second Lien(4)	SOFR(M)	+	6.00%	9.82%	08/2021	10/2029	4,006		4,000		3,676		0.36	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)	SOFR(Q)*	+	2.75% +3.25%/PIK	9.88%	08/2025	08/2032	3,214		3,199		3,198
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.31%	08/2025	08/2032	319		316		317
										3,515		3,515		0.35	%
ComPsych Investments Corp.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.61%	05/2025	07/2031	3,431		3,407		3,431		0.34	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.22%	12/2021	02/2028	3,053		3,051		3,053
	First Lien(2)(3)(4)	SOFR(M)	+	4.50%	8.22%	07/2025	02/2028	77		77		77
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.50%	8.22%	07/2025	02/2028	23		23		23
										3,151		3,153		0.31	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(4)	SOFR(M)	+	5.25%	8.97%	11/2025	04/2030	2,754		2,747		2,747		0.27	%
YLG Holdings, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.74%	04/2025	12/2030	2,199		2,189		2,199
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.60%	04/2025	12/2030	201		199		201
										2,388		2,400		0.24	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First Lien(4)	SOFR(M)	+	4.75%	8.57%	05/2021	05/2027	2,285		2,278		2,285		0.23	%
Planview Parent, Inc.
Software	Second Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.42%	12/2024	12/2028	2,278		2,269		2,179		0.21	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Next Holdco, LLC
Healthcare	First Lien(4)	SOFR(Q)	+	5.25%	9.09%	02/2025	11/2030	$	1,371	$	1,365	$	1,371	0.14	%
DT1 Midco Corp.
Business Services	First Lien(4)	SOFR(M)	+	5.00%	8.72%	06/2025	12/2031	1,342		1,335		1,335
	First Lien(4)(5) - Drawn	SOFR(M)	+	5.00%	8.72%	06/2025	12/2031	32		32		32
										1,367		1,367		0.13	%
Power Grid Holdings, Inc.
Business Products	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.42%	11/2025	12/2030	822		814		822		0.08	%
Community Management Holdings MidCo 2, LLC
Business Services	First Lien(4)(5) - Drawn	SOFR(M)	+	4.75%	8.44%	07/2025	11/2031	815		807		815
	First Lien(4)(5) - Drawn	SOFR(M)	+	4.75%	8.63%	07/2025	11/2031	5		5		5
										812		820		0.08	%
Riskonnect Parent, LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.62%	11/2025	12/2028	752		748		752		0.07	%
PDI TA Holdings, Inc.
Software	First Lien(4)	SOFR(Q)	+	5.50%	9.34%	03/2025	02/2031	249		249		249		0.02	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(4)	—		—	—%	06/2024	06/2029	75		75		75		0.01	%
KENG Acquisition, Inc.
Business Services	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.34%	01/2025	08/2029	51		51		51		0.01	%
Total Funded Debt Investments - United States										$	1,878,446	$	1,850,545	182.32	%
Funded Debt Investments - United Kingdom
Accelya Lux Finco S.a r.l.**
Business Services	First Lien	SOFR(Q)	+	5.25%	9.21%	09/2025	10/2032	$	9,552	$	9,365	$	9,522	0.93	%
Cleanova US Holdings, LLC**
Business Products	First Lien(4)	SOFR(Q)	+	4.75%	8.48%	05/2025	06/2032	8,385		8,109		8,385		0.83	%
Total Funded Debt Investments - United Kingdom										$	17,474	$	17,907	1.76	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First Lien(4)	SOFR(S)*	+	3.50%+2.00%/PIK	9.40%	06/2025	07/2031	$	10,253	$	10,253	$	10,253
	First Lien(4)	SOFR(S)*	+	3.50%+2.00%/PIK	9.12%	06/2025	07/2031	394		394		394
	First Lien(4)	SOFR(S)*	+	3.50%+2.00%/PIK	9.26%	06/2025	07/2031	172		172		172
										$	10,819	$	10,819	1.07	%
Total Funded Debt Investments - Jersey										$	10,819	$	10,819	1.07	%
Funded Debt Investments - France
Datheos Bidco**
Business Services	First Lien(16)(17)	Euribor(Q)	+	5.00%	7.09%	12/2025	10/2032	€	24,486	$	28,581	$	28,580	2.82	%
Total Funded Debt Investments - France										$	28,581	$	28,580	2.82	%
Funded Debt Investments - Australia

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.61%	06/2025	12/2029	$	3,083	$	3,076	$	3,083	0.30	%
Total Funded Debt Investments - Australia										$	3,076	$	3,083	0.30	%
Total Funded Debt Investments										$	1,938,396	$	1,910,934	188.27	%
Equity - United States
Dealer Tire Holdings, LLC (13)
Distribution & Logistics	Preferred shares (4)	Fixed(A)*	+	7.00%/PIK	7.00%	09/2021	—	30,082		$	43,761	$	46,630	4.59	%
Knockout Intermediate Holdings I Inc. (9)
Software	Preferred shares (4)	SOFR(S)*	+	10.75%/PIK	14.35%	06/2022	—	4,972		7,930		7,968		0.79	%
Diligent Preferred Issuer, Inc. (14)
Software	Preferred shares (4)	Fixed(S)*	+	10.50%/PIK	10.50%	04/2021	—	5,000		7,851		7,518		0.74	%
KWOR TopCo LLC (12)
KWOR Intermediate I, LLC (12)
Business Services	Preferred shares (4)	SOFR(Q)*	+	8.00%/PIK	11.82%	02/2025	—	4,621		5,110		5,110
	Class A-1 common Stock (4)	—		—	—	02/2025	—	4,321		4,493		2,457
										9,603		7,567		0.75	%
ACI Parent Inc. (8)
Healthcare	Preferred shares (4)(15)	Fixed(Q)(13)*	+	11.75%/PIK	11.75%	08/2021	—	12,500		20,124		2,085		0.21	%
Firebird Co-Invest L.P. (7)
Business Services	LP Interest (4)	—		—	—	01/2025	—	1,641,526		1,642		1,642		0.16	%
Ambrosia Topco, LLC (10)
Distribution & Logistics	Class A-1 common units (2)(4)	—		—	—	01/2024	—	55,984		596		261
	Class A-1 common units (4)	—		—	—	01/2024	—	19,197		204		90
										800		351		0.03	%
Pioneer Topco I, L.P. (11)
Software	Class A-2 common units (4)	—		—	—	11/2021	—	10		—		—		—	%
Total Shares - United States										$	91,711	$	73,761	7.27	%
Total Shares										$	91,711	$	73,761	7.27	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants(4)	—		—	—	06/2024	06/2029	68,568		$	90	$	135	0.01	%
Total Warrants - United States										$	90	$	135	0.01	%
Total Funded Investments										$	2,030,197	$	1,984,830	195.55	%
Unfunded Debt Investments - United States
OEConnection LLC
Business Services	First Lien(5) - Undrawn	—		—	—	12/2024	12/2028	$	2,645	$	—	$	4
	First Lien(5) - Undrawn	—		—	—	12/2025	12/2032	3,306		—		—
										—		4		0.00	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
HIG Operations Holdings, Inc.
Business Services	First Lien(2)(3)(5) - Undrawn	—	—	—	12/2025	09/2026	$	2,128	$	—	$	—
	First Lien(5) - Undrawn	—	—	—	12/2025	09/2026	33,204		—		—
									—		—		—	%
KENE Acquisition, Inc. (aka Entrust)
Business Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	20,823		—		—
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	02/2031	2,608		(13)		—
									(13)		—		—	%


MAI Capital Management Intermediate LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	06/2025	06/2027	17,514		—		—
	First Lien(4)(5) - Undrawn	—	—	—	06/2025	08/2031	2,570		(13)		—
									(13)		—		—	%
Vessco Midco Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	11/2025	05/2028	9,708		—		—
	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	11/2025	07/2026	327		—		—
	First Lien(3)(4)(5) - Undrawn	—	—	—	11/2025	07/2026	509		—		—
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	07/2031	1,609		(5)		—
									(5)		—		—	%
Safety Borrower Holdings LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2021	12/2032	2,406		(12)		—
	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	6,122		—		—
									(12)		—		—	%
KWOR Intermediate I, Inc. (12)
KWOR Acquisition, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	02/2025	02/2027	4,603		—		—
	First Lien(4)(5) - Undrawn	—	—	—	02/2025	02/2030	3,469		—		—
									—		—		—	%
Brave Parent Holdings, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2026	6,136		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	11/2030	1,594		—		—
									—		—		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	12/2025	12/2027	$	5,006	$	—	$	—
	First Lien(4)(5) - Undrawn	—	—	—	03/2025	03/2027	325		—		—
	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2029	2,384		(10)		—
									(10)		—		—	%
Viper Bidco, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2027	7,439		—		—		—	%
Acumatica Holdings, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	5,935		—		—		—	%
Baker Tilly Advisory Group, LP
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	05/2025	06/2030	1,403		(8)		—
	First Lien(4)(5) - Undrawn	—	—	—	05/2025	06/2027	3,859		(12)		—
									(20)		—		—	%

Riskonnect Parent, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	11/2025	03/2026	5,000		(25)		—		—	%
Associations, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2025	07/2028	4,078		(10)		—
	First Lien(4)(5) - Undrawn	—	—	—	09/2025	07/2028	771		—		—
									(10)		—		—	%
Pioneer Topco I, L.P. (11)
Pioneer Buyer I, LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	11/2021	11/2029	4,009		(15)		—		—	%
NC Topco, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	11/2025	08/2026	2,785		(14)		—
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	09/2031	1,114		(6)		—
									(20)		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2021	09/2028	3,103		(11)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	1,813		—		—
	First Lien(4)(5) - Undrawn	—	—	—	06/2021	06/2029	1,210		(5)		—
									(5)		—		—	%
IEM New Sub 2, LLC
Business Products	First Lien(5) - Undrawn	—	—	—	12/2025	12/2027	2,795		—		—		—	%
TigerConnect, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	02/2022	08/2029	2,630		(11)		—		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
OB Hospitalist Group, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	09/2021	09/2027	$	2,523	$	(8)	$	—	—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2027	2,427		(8)		—		—	%
Fortis Solutions Group, LLC
Packaging	First Lien(4)(5) - Undrawn	—	—	—	10/2021	10/2027	2,074		(21)		—		—	%
DOCS, MSO, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	06/2022	06/2028	1,977		—		—		—	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2021	10/2028	1,885		(2)		—		—	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	First Lien(4)(5) - Undrawn	—	—	—	07/2021	07/2028	1,854		(3)		—		—	%
PDQ.COM Corporation
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	1,608		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	217		(1)		—
									(1)		—		—	%
Foreside Financial Group, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2022	09/2027	1,790		(6)		—		—	%
Icefall Parent, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	12/2025	01/2030	1,733		—		—		—	%
Allworth Financial Group, L.P.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	01/2022	12/2027	1,573		(5)		—		—	%
MRI Software LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	1,363		(3)		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	02/2028	165		(1)		—
									(4)		—		—	%
GS Acquisitionco, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	02/2020	05/2028	1,487		(9)		—		—	%
Relativity ODA LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	05/2021	05/2029	1,439		(6)		—		—	%
Daxko Acquisition Corporation
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	10/2021	10/2028	1,331		(5)		—		—	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	02/2025	12/2031	1,245		(11)		—		—	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

ComPsych Investments Corp.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2025	07/2027	$	992	$	(7)	$	—	—	%
KENG Acquisition, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2025	08/2029	28		—		—
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2027	803		—		—
									—		—		—	%
Beacon Pointe Harmony, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2027	736		(2)		—		—	%
Ministry Brands Holdings, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	12/2021	12/2027	620		(3)		—		—	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	10/2024	10/2026	612		—		—		—	%
Community Management Holdings MidCo 2, LLC

Business Services	First Lien(4)(5) - Undrawn	—	—	—	07/2025	11/2026	380		—		—

Radwell Parent, LLC
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	03/2022	04/2029	375		(3)		—		—	%
Bluefin Holding, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2029	327		—		—		—	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2021	05/2027	313		(1)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(4)(5) - Undrawn	—	—	—	07/2025	02/2028	132		—		—		—	%
Galway Borrower LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	09/2021	09/2028	1,562		(16)		—		—	%
eResearchTechnology, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	03/2025	01/2027	903		—		—
	First Lien(4)(5) - Undrawn	—	—	—	03/2025	10/2031	525		(5)		—
									(5)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	07/2021	07/2026	113		(1)		—		—	%
YLG Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2025	12/2030	158		(1)		—
	First Lien(4)(5) - Undrawn	—	—	—	04/2025	11/2026	139		—		—
									(1)		—		0.00	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Arrow Borrower 2025, Inc.
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	$	1,055	$	(1)	$	(1)	—	%
ACI Parent Inc. (8)
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	08/2021	08/2027	13		—		(2)		(0.00)	%
PROS Parent, Inc.
Business Services	First Lien(5) - Undrawn	—	—	—	12/2025	12/2032	1,852		(2)		(2)		(0.00)	%
Maverick Bidco Inc.
Software	First Lien(5) - Undrawn	—	—	—	12/2025	12/2027	1,216		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	12/2031	973		(2)		(2)
									(2)		(2)		(0.00)	%
Archduke Buyer, Inc.
Software	First Lien(5) - Undrawn	—	—	—	12/2025	12/2032	888		(4)		(4)		(0.00)	%
Meta Buyer LLC
Healthcare	First Lien(5) - Undrawn	—	—	—	12/2025	12/2027	1,784		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	03/2026	892		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	12/2031	1,167		(4)		(4)
									(4)		(4)		(0.00)	%
Denali Intermediate Holdings, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2032	909		(4)		(5)		(0.00)	%
DigiCert, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	7/1/2025	7/1/2030	706		(5)		(5)		(0.00)	%
Victors Purchaser, LLC
Business Services	First Lien(5) - Undrawn	—	—	—	12/2025	12/2027	1,098		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	12/2032	1,910				(5)
									—		(5)		(0.00)	%
Centegix Intermediate II, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2032	244		—		(1)
	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2027	938		—		(5)
									—		(6)		(0.00)	%
Jeppesen Holdings, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	11/2032	2,664		(7)		(7)		(0.00)	%
Lighthouse Buyer, Inc.
Business Services	First Lien(5) - Undrawn	—	—	—	12/2025	12/2028	9,678		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	12/2031	1,548		(7)		(7)
									(7)		(7)		(0.00)	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Bonterra LLC
Software	First Lien(4)(5) - Undrawn	—	—	—	03/2025	03/2027	$	—	$	—	$	—
	First Lien(4)(5) - Undrawn	—	—	—	03/2025	03/2032	677		—		(2)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2027	2,605		—		(7)
									—		(9)		(0.00)	%
Businessolver.com, Inc.
Business Services	First Lien(5) - Undrawn	—	—	—	12/2025	12/2027	4,916		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	12/2032	3,464		(9)		(9)
									(9)		(9)		(0.00)	%
AmeriVet Partners Management, Inc.
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	02/2022	02/2028	1,214		(2)		(9)		(0.00)	%
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2032	1,390		(3)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2027	2,751		—		(7)
									(3)		(10)		(0.00)	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2030	1,404		(9)		(11)		(0.00)	%
Wrench Group LLC
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	10/2025	09/2027	1,071		—		(5)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	09/2031	1,071		(5)		(5)
									(5)		(10)		(0.00)	%
Vehlo Purchaser, LLC

Software	First Lien(5) - Undrawn	—	—	—	12/2025	05/2028	2,899		(11)		(11)		(0.00)	%

Pike Corporation
Business Services	First Lien(5) - Undrawn	—	—	—	12/2025	12/2028	6,542		—		—
	First Lien(5) - Undrawn	—	—	—	12/2025	12/2032	4,362		(11)		(11)
									(11)		(11)		(0.00)	%
HP TLE Buyer, Inc.
Education	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	2,268		(11)		(11)		(0.00)	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	04/2025	04/2032	1,182		(4)		(4)
	First Lien(4)(5) - Undrawn	—	—	—	04/2025	10/2027	1,887		(2)		(7)
									(6)		(11)		(0.00)	%
Huskies Parent, Inc.

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Financial Services & Technology	First Lien(2)(3)(4)(5) - Undrawn	—	—	—	12/2021	11/2029	523		(4)		(12)		(0.00)	%
The Ultimus Group Midco, LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	$	719	$	(3)	$	(4)
	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	1,918		—		(10)
									(3)		(14)		(0.00)	%
RailPros Parent, LLC
Business Services	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2032	899		(4)		(4)
	First Lien(4)(5) - Undrawn	—	—	—	05/2025	05/2027	1,798		—		(9)
									(4)		(13)		(0.00)	%
Fullsteam Operations LLC
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2031	691		(3)		(3)
	First Lien(4)(5) - Undrawn	—	—	—	08/2025	08/2027	2,074		—		(10)
									(3)		(13)		(0.00)	%
Databricks, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	12/2025	01/2028	23,138		—		—
	First Lien(4)(5) - Undrawn	—	—	—	12/2024	07/2026	2,798		—		(14)
									—		(14)		(0.00)	%
Rarebreed Veterinary Partners, Inc.
Consumer Services	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
	First Lien(4)(5) - Undrawn	—	—	—	11/2025	11/2027	1,377		—		(3)
									—		(15)		(0.00)	%
Packaging Coordinators Midco, Inc.
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	3,644		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	98		(98)		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	3,555		—		—
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	910		(4)		(5)
	First Lien(4)(5) - Undrawn	—	—	—	10/2025	10/2032	2,713		(13)		(14)
									(115)		(19)		(0.00)	%
Diamondback Acquisition, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2032	3,101		—		(8)
	First Lien(4)(5) - Undrawn	—	—	—	09/2025	09/2027	5,744		—		(14)
									—		(22)		(0.00)	%

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)	Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

DT1 Midco Corp.
Business Services	First Lien(4)(5) - Undrawn	—	—	—	06/2025	12/2030	$	674	$	(3)	$	(3)
	First Lien(4)(5) - Undrawn	—	—	—	06/2025	04/2027	4,462		—		(22)
									(3)		(25)		(0.00)	%
Vamos Bidco, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2032	1,231		(5)		(6)
	First Lien(4)(5) - Undrawn	—	—	—	01/2025	02/2027	4,105		—		(21)
									(5)		(27)		(0.01)	%
MedX Holdings, LLC
Healthcare	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2032	1,676		(8)		(8)
	First Lien(4)(5) - Undrawn	—	—	—	07/2025	07/2027	3,938		—		(20)
									(8)		(28)		(0.01)	%
Einstein Parent, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	01/2025	01/2031	2,810		(24)		(28)		(0.01)	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Financial Services & Technology	First Lien(4)(5) - Undrawn	—	—	—	05/2022	05/2028	4,156		(17)		(42)		(0.01)	%
iCIMS, Inc.
Software	First Lien(4)(5) - Undrawn	—	—	—	08/2022	08/2028	1,690		(15)		(45)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(505)	$	(472)	(0.05)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(4)(5) - Undrawn	—	—	—	06/2025	12/2028	$	325,000	$	(1)	$	—	0.00	%
Total Unfunded Debt Investments - Australia									$	(1)	$	—	0.00	%

Unfunded Debt Investments - France
Datheos Bidco**
Business Services	First Lien(5)(16)(17)- Undrawn	—	—	—	12/2025	10/2029	€	4,452	$	—	$	—	0.00	%
Total Unfunded Debt Investments - France									$	—	$	—	0.00	%
Total Unfunded Debt Investments									$	(506)	$	(472)	(0.05)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,029,691	$	1,984,358	195.50	%
Non-Controlled/Affiliated Investments (19)

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (6)		Spread (6)	Interest Rate (6)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Funded Debt Investments - United States
Notorious Buyer, LLC (18)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First Lien(2)(3)(4)	SOFR(Q)*	+	7.25%/PIK	11.10%	12/2025	12/2030	$	9,694	$	9,694	$	9,694
	Subordinated(2)(3)(4)	SOFR(Q)*	+	9.00%/PIK	12.85%	12/2025	12/2031	4,653		4,653		4,653
	First Lien(4)	SOFR(Q)*	+	7.25%/PIK	11.10%	12/2025	12/2030	765		765		765
	Subordinated(4)	SOFR(Q)*	+	9.00%/PIK	12.85%	12/2025	12/2031	367		367		367
										15,479		15,479		1.53	%
Total Funded Debt Investments - United States										$	15,479	$	15,479	1.53	%
Equity - United States
Notorious Buyer, LLC
Consumer Products	Common Units(4)	—		—	—	12/2025	—	837		$	16,357	$	16,357	1.61	%
Total Shares - United States										$	16,357	$	16,357	1.61	%
Unfunded Debt Investments - United States
Notorious Buyer, LLC (18)
Notorious Holdings, LLC
Notorious Topco, LLC
Consumer Products	First Lien(3)(4)(5) - Undrawn	—		—	—	12/2025	12/2030	$	153	$	—	$	—
	First Lien(2)(3)(4)(5) - Undrawn	—		—	—	12/2025	12/2030	1,939		—		—
										—		—		—	%

Total Unfunded Debt Investments										$	—	$	—	—	%
Total Non-Controlled/Affiliated Investments										$	31,836	$	31,836	3.14	%

Controlled Investments (20)
Equity - United States
NEWCRED Senior Loan Program I LLC**
Investment Fund	Membership Interest(4)	—		—	—	07/2025	—	$	48,000	$	48,000	$	48,000	4.73	%
Total Shares - United States										$	48,000	$	48,000	4.73	%
Total Controlled Investments										$	48,000	$	48,000	4.73	%
Total Investments										$	2,109,527	$	2,064,194	203.37	%

(2)Investment is held by New Mountain Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV").

(4)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.

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)

(8)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 is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment plus unpaid compounded dividends was $20,249.

(9)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment plus unpaid compounded dividends was $7,969.

(10)The Company holds class A-1 common units in Ambrosia Topco LLC., three first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco LLC.

(12)The Company holds class A-1 common units of KWOR TopCo I, LLC and preferred equity and subordinated notes of KWOR Intermediate I, LLC., a wholly-owned subsidiary of KWOR TopCo I, LLC. The Company also holds three first lien term loans, a first lien delayed draw term loan and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment plus unpaid compounded dividends was $5,110.

(13)The Company holds preferred equity in Dealer Tire Holdings, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025 the Company's stated value of its equity investment plus unpaid compounded dividends was $48,472.

(14)The Company holds preferred equity in Diligent Preferred Issuer, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment plus unpaid compounded dividends was $7,913.

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

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

(17)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2025, the par value U.S. dollar equivalent of the Datheos Bidco. first lien undrawn delayed draw term loan and first lien term loan is $5,229 and $28,760, respectively. As of December 31, 2025, the value of the Packaging Coordinators Midco, Inc. first lien delayed draw term loan is $820. As of December 31, 2025, the value of the Meta Buyer LLC first lien term loan is $30,110. See Note 2. Summary of Significant Accounting Policies, for details.

(18)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.

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


Portfolio Company (1)	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Notorious Buyer, LLC	$	—	$	31,836	$	—	$	—	$	31,836	$	—	$	65	$	—	$	—


Total Non-Controlled/Affiliated Investments	$	—	$	31,836	$	—	$	—	$	31,836	$	—	$	65	$	—	$	—

(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.

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025

(in thousands, except shares)

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


Portfolio Company (1)	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
NEWCRED Senior Loan Program I LLC	$	—	$	48,000	$	—	$	—	$	48,000	$	—	$	—	$	1,739	$	—
Total Controlled Investments	$	—	$	48,000	$	—	$	—	$	48,000	$	—	$	—	$	1,739	$	—

(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.

* All or a portion of interest contains payment-in-kind ("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 December 31, 2025, 5.10% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2025


	December 31, 2025
Investment Type	Percent of Total Investments at Fair Value
First lien	87.25	%
Second lien	3.53	%
Subordinated	2.51	%
Equity and other	6.71	%
Total investments	100.00	%


	December 31, 2025
Industry Type	Percent of Total Investments at Fair Value
Business Services	30.00	%
Software	21.88	%
Healthcare	16.16	%
Financial Services & Technology	11.92	%
Consumer Services	5.40	%
Distribution & Logistics	4.70	%
Investment Fund	2.33	%
Education	2.02	%
Packaging	1.91	%
Consumer Products	1.54	%
Business Products	1.14	%
Food & Beverage	0.53	%
Specialty Chemicals & Materials	0.47	%




Total investments	100.00	%


	December 31, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	93.22	%
Fixed rates	6.78	%
Total investments	100.00	%

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

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Notes to the Consolidated Financial Statements of

New Mountain Private Credit Fund

March 31, 2026

(in thousands, except for share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Private Credit Fund (the "Company") is a Maryland statutory trust formed on August 19, 2024. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated for United States federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company commenced operations on December 17, 2024.

On December 17, 2024, the Company completed its previously announced acquisition of New Mountain Guardian III BDC, L.L.C., a Delaware limited liability company (“GIII”). Pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, GIII, and, solely for the limited purposes set forth therein, the Investment Adviser (as defined below), dated as of October 11, 2024, GIII merged with and into the Company, with the Company continuing as the surviving company (the "Merger").

The Merger is accounted for as a common control transaction between GIII and the Company. In accordance with the common control method of accounting, as detailed in Accounting Standards Codification Topic 805-50, Business Combinations - Related Issues, there is no change in basis of the assets and liabilities. Accordingly, the ongoing financial statements of the Company are presented as a continuation of those of GIII, such that the assets and liabilities of GIII were contributed to the Company at their current carrying values, and the equity of the Company was adjusted to reflect the equity of GIII immediately prior to the Merger. The Company is the accounting survivor of the Merger. The Merger was considered a tax-free reorganization and the historical cost basis of the acquired GIII investments are carried forward for tax purposes.

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 Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

New Mountain Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV"), formerly known as New Mountain Guardian III SPV L.L.C ("GIII SPV"), is a wholly-owned direct subsidiary of the Company, whose assets are used to secure NEWCRED SPV's credit facility. New Mountain Private Credit Fund OEC, Inc. ("NEWCRED OEC"), formerly known as New Mountain Guardian III OEC, Inc ("GIII OEC"), was a wholly-owned direct subsidiary of the Company, which was treated as a corporation for U.S. federal income tax purposes and was intended to facilitate the Company's compliance with the requirements to be treated as a RIC under the Code by holding equity or equity like investments in one of the Company's portfolio companies organized as a limited liability company; the Company consolidated this corporation for accounting purposes, but the corporation was not consolidated for U.S. federal income tax purposes and may have incurred U.S. federal income tax expense as a result of its ownership of the portfolio company. NEWCRED OEC was dissolved on November 6, 2025.

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

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization

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("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

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

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

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

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

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Consolidated Statements of Assets 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 monthly basis, or more frequently if required under the 1940 Act. In all cases, the Board is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below:

(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, 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

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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 Board; 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.

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. Agreement, (together with the Schedule and Credit Support Annex thereto and any transactions thereunder, the "ISDA Master Agreement"), on June 2, 2025 and October 8, 2025, with Deutsche Bank AG, New York Branch and U.S. Bank National Association , respectively (together the “ISDA Counterparties”). The ISDA Master Agreement is a bilateral agreement between the Company and the ISDA Counterparties 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 Counterparties in the event the Company fails to maintain sufficient asset levels, and by the Company in the event the ISDA Counterparties are 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

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agreement provides for the segregation of posted collateral at the Company’s custodian subject to a perfected security interest in favor of the ISDA Counterparties. 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. 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.

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 6. Borrowings for more information on derivative instruments and hedging activities.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of March 31, 2026 and December 31, 2025. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

Revenue recognition

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

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2026 and March 31, 2025, the Company recognized PIK interest from investments of $3,079 and $2,252, respectively, and PIK dividends from investments of $1,480 and $2,339, respectively.

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

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

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

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

Organizational and offering expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company. Organizational costs are expensed as incurred in the Consolidated

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Statements of Operations. Offering expenses consist of fees and expenses incurred in connection with the Company's continuous offering. Costs associated with the offering of the Company’s shares are capitalized as deferred offering costs and amortized over a twelve-month period from incurrence on the Consolidated Statements of Operations. Deferred offering costs are included in the Consolidated Statements of Assets and Liabilities until amortized.

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

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

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

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

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

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

Certain 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 total income tax provision, income tax expense and deferred income tax provision for the three months ended March 31, 2026 and March 31, 2025:



	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Deferred income tax (benefit) provision	$	—	$	(1)
Current income tax (benefit) expense	—		80
Total income tax (benefit) provision	$	—	$	79

As of March 31, 2026 and December 31, 2025, the Company had $0 and $0, respectively, of deferred tax assets 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 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 2025 tax year and forward remains subject to examination by the U.S. federal, state, and local tax authorities.

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

Earnings per Share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of Shares 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 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 assuming all potential Shares had been issued, and its related net impact to net assets accounted for, and the additional Shares were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate 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) on foreign currency" and "Net realized gains (losses) on foreign currency" in the Company's Consolidated Statements of Operations.

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

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

Note 3. Investments

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

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,762,293	$	1,724,307
Second lien	61,938		52,064
Subordinated	52,804		52,918
Equity and other	178,458		154,986
Total investments	$	2,055,493	$	1,984,275

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Investment Cost and Fair Value by Industry


	Cost		Fair Value
Business Services	$	564,648	$	560,670
Software	442,817		424,351
Healthcare	356,295		315,154
Financial Services & Technology	250,522		248,840
Consumer Services	111,762		111,237
Distribution & Logistics	99,674		101,531
Investment Fund	68,000		68,000
Packaging	46,527		42,569
Education	42,755		41,425
Consumer Products	32,347		30,166
Business Products	19,537		19,620
Food & Beverage	10,934		11,013
Specialty Chemicals & Materials	9,675		9,699




Total investments	$	2,055,493	$	1,984,275

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

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,822,781	$	1,801,162
Second lien	78,734		72,851
Subordinated	51,779		51,853
Equity and other	156,233		138,328
Total investments	$	2,109,527	$	2,064,194

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Business Services	$	620,307	$	619,166
Software	456,616		451,485
Healthcare	371,018		333,623
Financial Services & Technology	245,895		246,104
Consumer Services	111,349		111,553
Distribution & Logistics	96,311		97,062
Investment Fund	48,000		48,000
Education	42,758		41,749
Packaging	41,542		39,416
Consumer Products	31,836		31,836
Business Products	23,296		23,580
Food & Beverage	10,957		10,948
Specialty Chemicals & Materials	9,642		9,672
Total investments	$	2,109,527	$	2,064,194

During the first quarter of 2026, the Company placed its first lien term loans and delayed draw term loans in DCA Investment Holding, LLC ("DCA") on non-accrual status. As of March 31, 2026, the Company's positions in DCA had total unearned income of $396 for the three months ended March 31, 2026.

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During the fourth quarter of 2025, the Company placed its investment in preferred shares in ACI Parent, Inc. ("Affordable Care") on non-accrual status. During the first quarter of 2026, the Company placed its first lien term positions in Affordable Care on non-accrual status. As of March 31, 2026, the Company's positions in Affordable Care had total unearned income of $1,003 for the three months ended March 31, 2026.

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

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

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

The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, we may lose the value of our investment. We will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent we invest in the "last out" tranche of a unitranche loan.

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.

NEWCRED Senior Loan Program LLC

NEWCRED Senior Loan Program I, L.L.C ("SLP I") was formed as a Delaware limited liability company and commenced operations on July 7, 2025. SLP I is structured as a private joint venture investment fund between the Company and SkyKnight Income IV, LLC (“SkyKnight IV”) and operates under a limited liability company agreement (the "SLP I 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 I, which has equal representation from the Company and SkyKnight IV. The investment period may be extended for up to one year pursuant to certain terms of the SLP I Agreement.

SLP I 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 I to call down on capital commitments requires approval by the board of managers of SLP I. As of March 31, 2026 and December 31, 2025, the Company and SkyKnight IV committed $80,000 and $20,000, respectively, of equity to SLP I. As of March 31, 2026, the Company and SkyKnight IV contributed $68,000 and $17,000, respectively, of equity to SLP I. As of December 31, 2025, the Company and SkyKnight IV contributed $48,000 and $12,000, respectively, of equity to SLP I.

The Company’s investment in SLP I is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2026 and December 31, 2025.

On July 7, 2025, SLP I entered into its revolving credit facility with Bank of America, N.A. The maturity date of SLP I's revolving credit facility is July 7, 2030. On and after July 7, 2025 through the availability period (as defined in the credit agreement), the credit facility bears interest at a rate of Secured Overnight Financing rate ("SOFR") plus 1.47%. As of March 31, 2026 and December 31, 2025, SLP I's revolving credit facility has a maximum borrowing capacity of $300,000 and $300,000, respectively. As of March 31, 2026 and December 31, 2025, SLP I had total investments with an aggregate fair value of approximately $319,176 and $267,327 respectively, and debt outstanding under its credit facility of $231,950 and $161,950 respectively. As of March 31, 2026 and December 31, 2025, none of SLP I's investments were on non-accrual status.

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Additionally, as of March 31, 2026 and December 31, 2025, SLP I had unfunded commitments in the form of delayed draws of $1,779 and $1,732.

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


Investment Type	March 31, 2026			December 31, 2025
First lien investments (1)	$	333,231		$	271,700
Weighted average interest rate on first lien investments (2)	7.23		%	7.36		%
Number of portfolio companies in SLP I	86			75
Largest portfolio company investment (1)	$	6,965		$	6,983
Total of five largest portfolio company investments (1)	$	31,664		$	31,729

(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.

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


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
Accelya Lux Finco S.a r.l.	Business Services	SOFR(Q)(3)	5.25%	8.95%	10/2032	$	3,811	$	3,735	$	3,671
AmSpec Parent, LLC	Energy	SOFR(Q)(3)	3.50%	7.20%	12/2031	4,089		4,093		4,088
Asurion, LLC	Business Services	SOFR(M)(3)	4.25%	7.92%	09/2030	5,594		5,467		5,538
athenahealth Group Inc.	Healthcare	SOFR(M)(3)	2.75%	6.42%	02/2029	3,683		3,639		3,620
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)(3)	3.25%	6.92%	12/2030	3,421		3,373		3,372
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)(3)	3.50%	7.17%	12/2032	3,090		3,069		3,047
Berlin Packaging L.L.C.	Packaging	SOFR(Q)(3)	3.25%	6.91%	06/2031	4,759		4,767		4,600
BIFM CA Buyer Inc.	Business Services	SOFR(M)(3)	3.25%	6.92%	05/2028	1,974		1,975		1,977
Capstone Borrower, Inc.	Business Services	SOFR(Q)(3)	2.75%	6.45%	06/2030	4,184		3,972		3,993
Chrysaor Bidco S.a r.l.	Financial Services & Technology	SOFR(Q)(3)	3.25%	6.90%	10/2031	712		712		712
Citrin Cooperman Advisors LLC	Financial Services & Technology	SOFR(Q)(3)	3.00%	6.70%	04/2032	3,470		3,442		3,344
Cleanova US Holdings LLC	Business Products	SOFR(Q)(3)	4.75%	8.42%	06/2032	4,795		4,814		4,723
Cloudera, Inc.	Software	SOFR(M)(3)	3.75%	7.52%	10/2028	5,864		5,751		5,252
Clydesdale Acquisition Holdings, Inc.	Packaging	SOFR(M)(3)	3.25%	6.92%	04/2032	3,959		3,944		3,709
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)(3)	3.25%	6.95%	03/2032	4,717		4,705		4,593
ConnectWise, LLC	Software	SOFR(Q)(3)	3.50%	7.46%	09/2028	3,712		3,717		3,437
CoreLogic, Inc. (fka First American Corporation, The)	Business Services	SOFR(M)(3)	3.50%	7.28%	06/2028	798		786		765
Cross Financial Corp.	Financial Services & Technology	SOFR(M)(3)	2.75%	6.42%	10/2031	2,294		2,254		2,280
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)(3)	3.00%	6.67%	07/2031	4,975		4,923		4,967
Denali	Software	SOFR(Q)(3)	3.00%	6.66%	02/2033	2,154		2,091		2,043
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)(3)	3.25%	6.92%	07/2032	3,990		3,975		3,992
Disco Parent, Inc.	Financial Services & Technology	SOFR(Q)(3)	3.00%	6.67%	08/2032	2,494		2,488		2,453
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)(3)	3.75%	7.42%	10/2029	4,461		4,459		4,401
EAB Global, Inc.	Education	SOFR(Q)(3)	3.00%	6.70%	08/2030	4,258		4,171		3,806
Eagle Parent Corp.	Business Services	SOFR(Q)(3)	4.25%	7.95%	04/2029	4,953		4,892		4,969
Eisner Advisory Group LLC	Financial Services & Technology	SOFR(M)(3)	4.00%	7.67%	02/2031	3,990		3,947		3,810
Finastra USA, Inc.	Financial Services & Technology	SOFR(Q)(3)	4.00%	7.67%	09/2032	4,922		4,882		4,629
First Advantage Holdings, LLC	Business Services	SOFR(Q)(3)	2.75%	6.45%	10/2031	1,634		1,634		1,595

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Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Groundworks, LLC	Business Services	SOFR(Q)(3)	3.00%	6.67%	03/2031	$	4,982	$	4,995	$	4,975
Heartland Dental, LLC	Healthcare	SOFR(M)(3)	3.75%	7.42%	08/2032	4,466		4,456		4,463
HIG Finance 2 Limited	Financial Services & Technology	SOFR(M)(3)	2.75%	6.42%	02/2031	4,489		4,374		4,359
Houghton Mifflin Harcourt Company	Education	SOFR(M)(3)	5.25%	9.02%	04/2029	4,954		4,868		4,214
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)(3)	4.00%	7.70%	02/2032	5,955		5,927		5,903
Inizio Group Limited	Healthcare	SOFR(Q)(3)	4.25%	8.05%	08/2028	4,000		3,866		3,585
ISolved, Inc.	Information Services	SOFR(M)(3)	2.75%	6.42%	10/2030	1,496		1,389		1,429
Jones DesLauriers Insurance Management Inc.	Business Services	SOFR(Q)(3)	3.00%	6.66%	02/2033	5,135		5,052		5,005
Justrite Safety Group	Business Products	SOFR(Q)(3)	3.00%	6.66%	12/2032	4,573		4,529		4,601
Justrite Safety Group	Education	SOFR(Q)(3)	3.75%	7.68%	08/2028	4,414		4,103		4,061
Kaseya Inc.	Software	SOFR(M)(3)	3.25%	6.92%	03/2032	4,587		4,589		4,295
Kestra Advisor Services Holdings A, Inc.	Financial Services & Technology	SOFR(M)(3)	3.00%	6.67%	03/2031	1,990		1,990		1,978
KnowBe4, Inc.	Education	SOFR(Q)(3)	3.75%	7.42%	07/2032	2,499		2,504		2,241
LSCS Holdings, Inc.	Healthcare	SOFR(Q)(3)	4.50%	8.20%	03/2032	4,407		4,349		4,159
LTR Intermediate Holdings, Inc.	Specialty Chemicals & Materials	SOFR(M)(3)	3.75%	7.43%	12/2032	2,840		2,826		2,851
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)(3)	2.75%	6.41%	11/2030	3,750		3,731		3,717
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)(3)	3.00%	6.67%	05/2028	4,721		4,681		4,723
MED ParentCo, LP	Healthcare	SOFR(M)(3)	3.00%	6.67%	04/2031	2,993		3,000		2,995
Michael Baker International, LLC	Business Services	SOFR(Q)(3)	4.00%	7.67%	12/2028	3,990		3,990		3,997
Michael Baker International, LLC	Business Services	SOFR(Q)(3)	4.50%	8.20%	12/2028	1,548		1,504		1,551
Neon Maple Purchaser Inc.	Financial Services & Technology	SOFR(M)(3)	2.50%	6.17%	11/2031	1,995		1,988		1,958
Nexus Buyer LLC	Financial Services & Technology	SOFR(M)(3)	4.00%	7.67%	07/2031	4,990		4,966		4,847
Nielsen Consumer, Inc.	Business Services	SOFR(M)(3)	2.25%	5.92%	10/2030	1,985		1,981		1,963
Oak-Eagle Acquireco, Inc.	Consumer Services	SOFR(M)(3)	3.50%	7.17%	03/2033	1,962		1,933		1,953
Oceankey (U.S.) II Corp.	Software	SOFR(M)(3)	3.50%	7.27%	12/2028	5,788		5,800		5,472
Orbit Private Holdings I Ltd	Financial Services & Technology	SOFR(S)(3)	3.75%	7.55%	12/2031	3,251		3,239		3,238
Orion Advisor Solutions, Inc.	Financial Services & Technology	SOFR(Q)(3)	2.75%	6.42%	09/2030	3,816		3,773		3,756
Orion Midco Ltd	Financial Services & Technology	SOFR(Q)(3)	3.50%	7.15%	02/2032	4,000		4,005		3,967
Osaic Holdings, Inc.	Financial Services & Technology	SOFR(Q)(3)	2.50%	6.20%	07/2032	2,000		2,000		1,966
Osmose Utilities Services, Inc.	Specialty Chemicals & Materials	SOFR(M)(3)	3.25%	7.03%	06/2028	4,975		4,808		4,900
OVG Business Services, LLC	Business Services	SOFR(M)(3)	3.00%	6.67%	06/2031	991		986		992
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)(3)	3.25%	6.92%	02/2029	2,960		2,838		2,511
Pioneer AcquisitionCo, LLC	Business Services	SOFR(Q)(3)	3.25%	6.96%	10/2032	2,843		2,836		2,860
Planview Parent, Inc.	Software	SOFR(Q)(3)	3.50%	7.20%	12/2027	3,965		3,902		2,986
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)(3)	3.25%	6.95%	10/2030	4,975		4,985		3,792
Pushpay USA Inc.	Financial Services & Technology	SOFR(Q)(3)	3.75%	7.45%	08/2031	4,975		4,977		4,875
RealPage, Inc.	Software	SOFR(Q)(3)	3.75%	7.45%	04/2028	4,053		4,006		3,947
RealPage, Inc.	Software	SOFR(Q)(3)	3.00%	6.96%	04/2028	897		893		861
Relativity Intermediate HoldCo LLC	Software	SOFR(M)(3)	2.75%	6.42%	01/2033	1,401		1,397		1,388
Rithum Holdings, Inc.	Software	SOFR(Q)(3)	4.75%	8.45%	07/2032	3,980		3,925		3,796
RxB Holdings, Inc.	Healthcare	SOFR(M)(3)	5.00%	8.67%	12/2030	1,850		1,814		1,847
Salas O’Brien, Inc.	Manufacturing	SOFR(M)(3)	2.75%	6.42%	01/2033	2,024		2,015		2,024

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Secretariat Advisors LLC	Business Services	SOFR(Q)(3)	4.00%	7.70%	02/2032	$	3,419	$	3,430	$	3,367
Secure Acquisition, Inc.	Packaging	SOFR(Q)(3)	3.75%	7.45%	12/2028	2,114		2,117		2,116
SonarSource Financing, LLC	Software	SOFR(Q)(3)	4.50%	8.17%	12/2030	5,914		5,830		5,442
Sovos Compliance, LLC (fka Taxware, LLC)	Software	SOFR(M)(3)	3.25%	6.92%	08/2029	3,272		3,239		3,118
Spring Education Group, Inc.	Education	SOFR(Q)(3)	3.25%	6.95%	10/2030	3,483		3,481		3,461
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)(3)	5.25%	9.17%	07/2026	3,481		3,471		3,460
Storable, Inc.	Software	SOFR(M)(3)	3.25%	6.92%	04/2031	4,942		4,914		4,756
Summit Acquisition Inc.	Business Services	SOFR(M)(3)	3.50%	7.17%	10/2031	1,746		1,741		1,746
Team.blue Finco SARL	Software	SOFR(Q)(3)	3.25%	6.95%	07/2032	4,722		4,709		4,518
Tegra118 Wealth Solutions, Inc.	Financial Services & Technology	SOFR(Q)(3)	4.00%	7.67%	01/2033	4,387		4,354		4,303
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)(3)	4.25%	7.95%	08/2028	4,829		4,833		4,737
Tricorbraun Holdings, Inc.	Packaging	SOFR(M)(3)	3.25%	6.92%	03/2031	3,980		3,966		3,793
UKG Inc.	Software	SOFR(Q)(3)	2.50%	6.17%	02/2031	2,748		2,691		2,630
US Fertility Enterprises, LLC	Healthcare	SOFR(Q)(3)	3.50%	7.17%	12/2032	2,467		2,454		2,466
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)(3)	4.00%	7.67%	10/2031	4,214		4,203		4,214
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)(3)	3.75%	7.45%	07/2029	4,974		4,980		4,946
VT Topco, Inc.	Business Services	SOFR(M)(3)	3.00%	6.67%	08/2030	4,086		4,051		3,976
Xplor T1, LLC	Financial Services & Technology	SOFR(Q)(3)	3.50%	7.17%	12/2032	6,965		6,931		6,495
Zelis Cost Management Buyer, Inc.	Healthcare	SOFR(M)(3)	3.25%	6.92%	11/2031	6,964		6,952		6,757
Zest Acquisition Corp.	Healthcare	SOFR(Q)(3)	5.25%	8.92%	02/2028	2,523		2,524		2,523

Total Funded Investments						$	331,452	$	328,338	$	319,211
Unfunded Investments - First lien
Citrin Cooperman Advisors LLC	Financial Services & Technology	SOFR(Q)(3)	—	—	04/2027	$	454	$	(4)	$	(22)
Secretariat Advisors LLC	Business Services	SOFR(Q)(3)	—	—	02/2027	416		1		(6)
US Fertility Enterprises, LLC	Healthcare	SOFR(Q)(3)	—	—	12/2027	374		—		—
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)(3)	—	—	03/2027	274		—		(7)
Salas O’Brien, Inc.	Manufacturing	SOFR(M)(3)	—	—	01/2028	261		(1)		—
Total Unfunded Investments						$	1,779	$	(4)	$	(35)



















































Total Investments						$	333,231	$	328,334	$	319,176

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2026.

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

(3)Investment is held by NEWCRED Senior Loan Program Holdings I, L.L.C. ("SLP I Holdings")

Table of Contents

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


Portfolio Company and Type of Investment	Industry (4)	Reference	Spread		Interest Rate (1)		Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
Accelya Lux Finco S.a r.l.	Business Services	SOFR(Q)(3)	5.25	%	8.92	%	10/1/2032	$	3,821	$	3,744	$	3,809
AmSpec Parent, LLC	Energy	SOFR(Q)(3)	3.50	%	7.17	%	12/22/2031	3,100		3,104		3,115
Asurion, LLC	Business Services	SOFR(M)(3)	4.25	%	7.97	%	9/19/2030	5,608		5,475		5,613
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)(3)	3.25	%	6.97	%	12/11/2030	3,695		3,670		3,662
Berlin Packaging L.L.C.	Packaging	SOFR(M)(3)	3.25	%	7.12	%	6/7/2031	4,771		4,780		4,787
BIFM CA Buyer Inc.	Business Services	SOFR(M)(3)	3.25	%	6.97	%	5/31/2028	1,979		1,981		1,995
Boxer Parent Company Inc.	Software	SOFR(Q)(3)	3.00	%	6.82	%	7/30/2031	1,985		1,971		1,982
BradyPLUS Holdings, LLC	Distribution & Logistics	SOFR(Q)(3)	3.50	%	7.15	%	12/13/2032	3,090		3,044		3,062
Capstone Borrower, Inc.	Software	SOFR(Q)(3)	2.75	%	6.40	%	6/17/2030	1,121		1,115		1,122
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)(3)	3.25	%	7.14	%	10/30/2031	714		714		720
Citrin Cooperman Advisors LLC	Business Services	SOFR(Q)(3)	3.00	%	6.67	%	4/1/2032	1,980		1,977		1,987
Cleanova US Holdings LLC	Business Products	SOFR(Q)(3)	4.75	%	8.48	%	6/14/2032	4,807		4,827		4,807
Cloudera, Inc.	Software	SOFR(M)(3)	3.75	%	7.57	%	10/8/2028	5,879		5,756		5,649
Clydesdale Acquisition Holdings, Inc.	Packaging	SOFR(M)(3)	3.25	%	6.90	%	4/1/2032	3,902		3,888		3,903
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)(3)	3.50	%	7.17	%	3/31/2032	3,787		3,791		3,813
ConnectWise, LLC	Software	SOFR(Q)(3)	3.50	%	7.43	%	9/29/2028	3,722		3,726		3,664
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)(3)	3.00	%	6.72	%	7/2/2031	4,987		4,934		5,000
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)(3)	3.75	%	7.47	%	7/9/2032	4,000		3,984		4,015
Disco Parent, Inc.	Software	SOFR(Q)(3)	3.25	%	7.07	%	8/6/2032	2,500		2,494		2,519
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)(3)	3.75	%	7.61	%	10/4/2029	4,473		4,470		4,309
EAB Global, Inc.	Education	SOFR(M)(3)	3.00	%	6.72	%	8/16/2030	3,769		3,721		3,361
Eagle Parent Corp.	Business Services	SOFR(Q)(3)	4.25	%	7.92	%	4/2/2029	4,966		4,901		4,985
Finastra USA, Inc.	Financial Services & Technology	SOFR(Q)(3)	4.00	%	7.72	%	9/15/2032	4,922		4,880		4,827
First Advantage Holdings, LLC	Business Services	SOFR(M)(3)	2.75	%	6.47	%	10/31/2031	1,954		1,954		1,937
Forgent Intermediate IV LLC	Manufacturing	SOFR(M)(3)	3.25	%	6.90	%	12/20/2032	4,573		4,528		4,551
Foundational Education Group, Inc.	Education	SOFR(Q)(3)	3.75	%	7.85	%	8/31/2028	4,426		4,090		4,092
Groundworks, LLC	Business Services	SOFR(M)(3)	3.00	%	6.65	%	3/14/2031	4,995		5,008		5,026
Heartland Dental, LLC	Healthcare	SOFR(M)(3)	3.75	%	7.47	%	8/25/2032	4,478		4,467		4,501
Houghton Mifflin Harcourt Company	Education	SOFR(M)(3)	5.25	%	9.07	%	4/9/2029	4,967		4,875		4,396
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)(3)	4.00	%	7.67	%	2/20/2032	5,970		5,941		5,946
Inizio Group Limited	Healthcare	SOFR(Q)(3)	4.25	%	8.02	%	8/19/2028	4,000		3,854		3,905
Jones DesLauriers Insurance Management Inc.	Financial Services & Technology	SOFR(Q)(3)	3.00	%	6.65	%	12/10/2032	964		961		966
Kaseya Inc.	Software	SOFR(M)(3)	3.00	%	6.72	%	3/20/2032	4,598		4,600		4,608
Kestra Advisor Services Holdings A, Inc.	Financial Services & Technology	SOFR(M)(3)	3.00	%	6.65	%	3/22/2031	1,995		1,995		2,001
KnowBe4, Inc.	Software	SOFR(Q)(3)	3.75	%	7.59	%	7/23/2032	4,586		4,585		4,594
LSCS Holdings, Inc.	Healthcare	SOFR(Q)(3)	4.50	%	8.17	%	3/4/2032	4,418		4,358		4,338
LTR Intermediate Holdings, Inc.	Specialty Chemicals & Materials	SOFR(M)(3)	3.75	%	7.40	%	12/18/2032	2,840		2,826		2,851
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)(3)	3.00	%	6.72	%	5/4/2028	4,733		4,689		4,755
MED ParentCo, LP	Healthcare	SOFR(M)(3)	3.00	%	6.65	%	4/15/2031	2,000		2,008		2,008
Nexus Buyer LLC	Financial Services & Technology	SOFR(M)(3)	4.00	%	7.72	%	7/31/2031	5,003		4,978		4,972
Nielsen Consumer, Inc.	Business Services	SOFR(M)(3)	2.25	%	5.97	%	10/31/2030	1,990		1,985		1,996
Oceankey (U.S.) II Corp.	Media	SOFR(M)(3)	3.50	%	7.32	%	12/15/2028	5,802		5,817		5,732
Orbit Private Holdings I Ltd	Financial Services & Technology	SOFR(S)(3)	3.75	%	7.40	%	12/10/2031	3,259		3,247		3,277
Orion Advisor Solutions, Inc.	Financial Services & Technology	SOFR(Q)(3)	3.25	%	6.90	%	9/24/2030	538		539		542

Table of Contents


Portfolio Company and Type of Investment	Industry (4)	Reference	Spread		Interest Rate (1)		Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Orion Midco Ltd	Financial Services & Technology	SOFR(Q)(3)	3.50	%	7.43	%	10/8/2032	$	2,150	$	2,158	$	2,162
Osaic Holdings, Inc.	Financial Services & Technology	SOFR(S)(3)	3.00	%	6.60	%	7/30/2032	4,261		4,251		4,284
Osmose Utilities Services, Inc.	Specialty Chemicals & Materials	SOFR(M)(3)	3.25	%	7.08	%	6/23/2028	4,988		4,804		4,913
OVG Business Services, LLC	Business Services	SOFR(M)(3)	3.00	%	6.72	%	6/25/2031	993		988		996
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)(3)	3.25	%	7.09	%	2/26/2029	2,967		2,836		2,690
Pioneer AcquisitionCo, LLC	Business Services	SOFR(Q)(3)	3.25	%	6.94	%	10/27/2032	2,843		2,836		2,859
Planview Parent, Inc.	Software	SOFR(Q)(3)	3.50	%	7.17	%	12/17/2027	3,975		3,903		3,825
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)(3)	3.25	%	6.92	%	10/26/2030	4,987		4,998		4,985
Pushpay USA Inc.	Software	SOFR(S)(3)	3.75	%	7.62	%	8/15/2031	4,987		4,990		4,991
RealPage, Inc.	Software	SOFR(Q)(3)	3.75	%	7.42	%	4/24/2028	2,872		2,872		2,885
Rithum Holdings, Inc.	Software	SOFR(Q)(3)	4.75	%	8.42	%	7/21/2032	3,990		3,933		3,996
RxB Holdings, Inc.	Healthcare	SOFR(M)(3)	5.00	%	8.65	%	12/23/2030	1,850		1,813		1,829
Secretariat Advisors LLC	Business Services	SOFR(Q)(3)	4.00	%	7.67	%	2/28/2032	2,665		2,673		2,675
Secure Acquisition, Inc.	Packaging	SOFR(Q)(3)	3.75	%	7.42	%	12/16/2028	1,119		1,121		1,129
SonarSource Financing, LLC	Software	SOFR(M)(3)	4.50	%	8.15	%	12/19/2030	5,914		5,826		5,856
Sovos Compliance, LLC (fka Taxware, LLC)	Software	SOFR(M)(3)	3.25	%	6.97	%	8/13/2029	2,630		2,630		2,641
Spring Education Group, Inc.	Education	SOFR(Q)(3)	3.25	%	6.92	%	10/4/2030	1,492		1,492		1,503
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)(3)	5.25	%	9.40	%	7/10/2026	3,491		3,471		3,440
Storable, Inc.	Software	SOFR(M)(3)	3.25	%	6.97	%	4/16/2031	2,805		2,808		2,822
Team.blue Finco SARL	Software	SOFR(Q)(3)	3.25	%	6.92	%	7/12/2032	4,734		4,720		4,765
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)(3)	4.25	%	7.92	%	8/31/2028	4,842		4,845		4,834
TRC Companies LLC	Business Services	SOFR(M)(3)	3.00	%	6.72	%	12/8/2028	1,489		1,481		1,495
Tricorbraun Holdings, Inc.	Packaging	SOFR(M)(3)	3.25	%	6.97	%	3/3/2031	3,990		3,976		3,874
US Fertility Enterprises, LLC	Healthcare	SOFR(M)(3)	3.50	%	7.15	%	12/10/2032	2,467		2,454		2,479
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)(3)	4.00	%	7.72	%	10/29/2031	4,224		4,213		4,189
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)(3)	3.75	%	7.42	%	7/13/2029	4,987		4,993		4,987
VT Topco, Inc.	Business Services	SOFR(M)(3)	3.00	%	6.87	%	8/9/2030	4,096		4,060		4,046
Xplor T1, LLC	Software	SOFR(Q)(3)	3.50	%	7.29	%	12/1/2032	6,982		6,948		7,000
Zelis Cost Management Buyer, Inc.	Healthcare	SOFR(M)(3)	3.25	%	6.97	%	11/26/2031	6,982		6,968		6,939
Zest Acquisition Corp.	Healthcare	SOFR(Q)(3)	5.25	%	9.11	%	2/8/2028	2,529		2,531		2,529
Total Funded Investments								$	269,968	$	267,844	$	267,318
Unfunded Investments - First lien
Citrin Cooperman Advisors LLC	Business Services	SOFR(Q)(3)	—		—		4/1/2032	$	455	$	(5)	$	2
Cohnreznick Advisory LLC	Financial Services & Technology	SOFR(Q)(3)	—		—		3/31/2027	580		1		4
Secretariat Advisors LLC	Business Services	SOFR(Q)(3)	—		—		2/28/2032	323		1		1
US Fertility Enterprises, LLC	Healthcare	SOFR(M)(3)	—		—		12/10/2032	374		—		2
Total Unfunded Investments								$	1,732	$	(3)	$	9
Total Investments								$	271,700	$	267,841	$	267,327

(3)Investment is held by NEWCRED Senior Loan Program Holdings I, L.L.C. ("SLP I Holdings")

Table of Contents

Below is certain summarized financial information for SLP I as of March 31, 2026


Selected Balance Sheet Information:	March 31, 2026		December 31, 2025
Assets
Investments at fair value (cost of $328,334 and $267,841)	$	319,176	$	267,327
Cash and cash equivalents	13,785		16,119
Receivable from unsettled securities sold	834		—
Interest and dividend receivable	262		692
Other assets	37		55
Total assets	$	334,094	$	284,193

Liabilities
Borrowings	231,950		161,950
Deferred financing costs (net of accumulated amortization of $260 and $173)	(1,514)		(1,597)
Payable for unsettled securities purchased	19,591		50,907
Contribution received in advance	3,000		8,000
Interest payable	2,741		3,359
Distribution payable	2,162		1,719
Other liabilities	311		369
Total liabilities	258,241		224,707

Members' capital	75,853		59,486
Total liabilities and members' capital	$	334,094	$	284,193


Selected Statement of Operations Information:	Three Months Ended March 31, 2026
Interest income	$	5,215
Other income	113
Total investment income	5,328

Interest and other financing expenses	2,804
Other expenses	168
Total expenses	2,972

Net investment income	2,356

Net realized gains (losses) on investments	(184)
Net change in unrealized appreciation (depreciation) of investments	(8,644)
Net increase (decrease) in members' capital	$	(6,471)

For the three months ended March 31, 2026, the Company earned approximately $1,730 of dividend income related to SLP I, which is included in dividend income. As of March 31, 2026 and December 31, 2025, approximately $1,730 and $1,331 of dividend income related to SLP I was included in interest and dividend receivable.

The Company has determined that SLP I 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

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

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 1-02(w)(2), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis performed under Rule 10-01(b)(1). As of March 31, 2026, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary" as defined by Rule 1-02(w)(2).

Note 4. Fair Value

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

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 quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

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


	Total		Level I		Level II		Level III
First lien	$	1,724,307	$	—	$	60,699	$	1,663,608
Second lien	52,064		—		6,325		45,739
Subordinated	52,918		—		—		52,918
Equity and other	154,986		—		—		154,986
Total investments	$	1,984,275	$	—	$	67,024	$	1,917,251

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


	Total		Level I		Level II		Level III
First lien	$	1,801,162	$	—	$	99,739	$	1,701,423
Second lien	72,851		—		9,930		62,921
Subordinated	51,853		—		—		51,853
Equity and other	138,328		—		—		138,328
Total investments	$	2,064,194	$	—	$	109,669	$	1,954,525

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


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2025	$	1,954,525	$	1,701,423	$	62,921	$	51,853	$	138,328
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(992)		(774)		(218)		—		—
Net change in unrealized appreciation (depreciation) of investments	(22,005)		(13,563)		(2,928)		55		(5,569)
Purchases, including capitalized PIK and revolver fundings	68,318		43,847		1,234		1,010		22,227
Proceeds from sales and paydowns of investments	(124,943)		(112,245)		(12,698)		—		—
Transfers into Level III (1)	54,850		44,920		9,930		—		—
Transfers out of Level III (1)	(12,502)		—		(12,502)		—		—
Fair Value, March 31, 2026	$	1,917,251	$	1,663,608	$	45,739	$	52,918	$	154,986
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:	$	(22,024)	$	(13,582)	$	(2,928)	$	55	$	(5,569)

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

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


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2024	$	1,446,945	$	1,248,992	$	72,312	$	37,360	$	88,281
Total gains or losses included in earnings:
Net realized losses on investments	(8,417)		(8,490)		—		—		73
Net change in unrealized appreciation of investments	1,484		3,258		(1,132)		84		(726)
Purchases, including capitalized PIK and revolver fundings	144,188		124,862		—		7,329		11,997
Proceeds from sales and paydowns of investments (1)	(101,671)		(95,243)		—		—		(6,428)
Transfers into Level III (2)	14,363		—		14,363		—		—

Fair Value, March 31, 2025	$	1,496,892	$	1,273,379	$	85,543	$	44,773	$	93,197
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:	$	1,455	$	3,261	$	(1,133)	$	84	$	(757)

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(1)Includes non-cash reorganizations and restructurings.

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

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

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

The Company generally uses the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an Income Based Approach (as described below). Additional consideration is given using a Market Based Approach (as described below), 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 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 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 multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the Market Based Approach as of March 31, 2026 and December 31, 2025, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the

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valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the Income Based Approach as of March 31, 2026 and December 31, 2025, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

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

Range

Type

Fair Value as of March 31, 2026

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,645,966

Market & income approach

EBITDA multiple

7.0x

25.0x

16.2x

Revenue multiple

5.5x

13.0x

7.0x

Discount rate

6.3

24.1

9.6

17,642

Other

N/A(2)

N/A

Second lien

38,440

Market & income approach

EBITDA multiple

14.0x

18.0x

16.0x

Discount rate

10.3

18.3

14.8

7,299

Other

N/A

Subordinated

52,918

Market & income approach

EBITDA multiple

8.3x

18.0x

15.5x

Discount rate

12.1

14.7

12.6

Equity and other

86,986

Market & income approach

EBITDA multiple

6.0x

20.0x

12.7x

Revenue multiple

5.5x

8.5x

7.0x

Discount rate

8.2%

15.7%

9.7%

68,000

Income approach

Discount rate

9.3

11.3

10.3

1,917,251

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

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

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


					Range
Type	Fair Value as of December 31, 2025		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	1,453,143	Market & income approach	EBITDA multiple	7.0x		31.3x		16.7x
				Revenue multiple	4.5x		19.5x		10.0x
				Discount rate	6.3	%	21.6	%	9.2	%

	248,280		Other	N/A (2)	N/A		N/A		N/A
Second lien	56,275		Market & income approach	EBITDA multiple	14.0x		18.0x		16.0x
				Discount rate	9.4	%	15.8	%	12.8	%

	6,646		Other	N/A (2)	N/A		N/A		N/A
Subordinated	51,853		Market & income approach	EBITDA multiple	8.8x		20.0x		15.6x

				Discount rate	11.7	%	12.8	%	12.3	%

Equity and other	90,328		Market & income approach	EBITDA multiple	6.0x		21.0x		12.8x
				Revenue multiple	7.5x		10.5x		9.0x
				Discount rate	9.3	%	13.2	%	10.0	%
	48,000		Income Approach	Discount Rate	9.0	%	11.0	%	10.0	%
	$	1,954,525

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

The fair value measurements of the GS Credit Facility (as defined below), the NEWCRED Credit Facility (as defined below) and Unsecured Notes (as defined below) are considered Level III investments. See Note 6. Borrowings for details.

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


	As of
	March 31, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
GS Credit Facility	$	533,251	$	531,919	$	576,000	$	574,490
NEWCRED Credit Facility (1)	299,925		301,490		499,389		502,270
Unsecured Notes	225,000		226,535		—		—

Total Borrowings	$	1,058,176	$	1,059,944	$	1,075,389	$	1,076,760

(1) As of March 31, 2026, the principal amount of the NEWCRED Credit Facility was $299,925, which included €24,486 denominated in EUR, AUD 44,669 denominated in AUD, and £609 denominated in GBP that has been translated to U.S. dollars. As of March 31, 2026, the fair value of the NEWCRED Credit Facility was $301,490, which included €24,530 denominated in EUR, AUD 44,839 denominated in AUD, and £610 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the principal amount of the NEWCRED Credit Facility was $499,389, which included €24,486 denominated in EUR, AUD 44,669 denominated in AUD, and £609 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the fair value of the NEWCRED Credit Facility was $502,270, which included €24,533 denominated in EUR, AUD 44,849 denominated in AUD, and £610 denominated in GBP that has been translated to U.S. dollars.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of March 31, 2026 and December 31, 2025. The Company's derivative instruments are considered Level II investments.


	As of
	March 31, 2026						December 31, 2025
	Notional Amount		Asset		Liability		Notional Amount		Asset		Liability
Derivatives in fair value hedging relationships:
Interest rate swaps	$	225,000	$	—	$	(2,166)	$	—	$	—	$	—
Total derivatives designated as hedging instruments	225,000		—		(2,166)		—		—		—
Total derivatives	225,000		—		(2,166)		—		—		—
Total net derivatives	$	225,000	$	—	$	(2,166)	$	—	$	—	$	—

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

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Note 5. Agreements and Related Parties

Advisory and Management Agreements

The Company has entered into an investment advisory and management agreement (the "Investment Advisory Agreement") with the Investment Adviser. Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company. Following approval from the Company's initial shareholder, the Investment Advisory Agreement became effective on November 7, 2024, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's trustees who are not parties to the Investment Advisory Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Although the initial term of the Investment Advisory Agreement would not have expired until November 7, 2026, the Board most recently re-approved the Investment Advisory Agreement on February 11, 2026, at an in-person meeting, for a period of 12 months commencing on March 1, 2026.

Management Fee

NEWCRED Management Fee

Pursuant to the Investment Advisory Agreement, the base management fee is payable quarterly in arrears at an annual rate of 1.25% of the value of the Company’s net assets (as defined below) as of the beginning of the first business day of the applicable month. For purposes of this Agreement, net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with United States generally accepted accounting principles (“GAAP”). For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets.

Incentive Fee

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

NEWCRED Incentive Fee on Pre-Incentive Fee Net Investment Income

Pursuant to the Investment Advisory Agreement, the portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income returns. “Pre-Incentive Fee Net Investment Income Returns” means interest income, dividend income and any other income (including any other than fees such as commitment, origination, structuring, 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 accrued for the quarter (including the management fee, expenses payable under the Administration Agreement (as defined below), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income Returns 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. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

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

•no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of its Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 12.5% of its Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

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•12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter is allocated to the Investment Adviser.

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

NEWCRED Incentive Fee on Capital Gains

Pursuant to the Investment Advisory Agreement, the second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee for all prior periods. The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Investment Adviser if the Company were to sell the relevant investment and realize a capital gain. In no event will the Capital Gains Incentive Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.

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

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


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Management fee	$	3,141	$	3,017
Less: management fee waiver	—		(21)
Net management fee	$	3,141	$	2,996
Incentive fee, excluding accrued incentive fees on capital gains	$	3,479	$	3,018

For the three months ended March 31, 2026 and March 31, 2025, no incentive fee on capital gains was accrued or owed under the Investment Advisory Agreement by the Company.

NEWCRED Expense Support and Conditional Reimbursement Agreement

On November 7, 2024, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Investment Adviser. The Investment Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Investment Adviser has committed to pay must be paid by the Investment Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all Expense Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-

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term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month. As of March 31, 2026, the Adviser has made Expense Payments in the amount of $2,680 for which the Company has made $840 in Reimbursement Payments since inception.

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

Note 6. Borrowings

Unsecured Notes

GIII and the Company has issued multiple series of unsecured notes bearing interest at fixed rates with various maturities, including the July 2025A Notes, July 2025B Notes, and July 2025C Notes, each defined below (the “GIII Unsecured Notes”), and the March 2029 Notes and March 2031 Notes, each defined below (the “NEWCRED Unsecured Notes” and together with the GIII Unsecured Notes, the “Unsecured Notes”).

GIII Unsecured Notes

On August 4, 2021, GIII entered into a Master Note Purchase Agreement (the "GIII Note Purchase Agreement") with certain institutional investors (the "GIII Purchasers"). Pursuant to the GIII Note Purchase Agreement, on August 4, 2021, GIII issued to the Purchasers, in a private placement, $125,000 in aggregate principal amount of 3.57% Series 2021A Senior Notes, Tranche A, due July 15, 2025 (the "July 2025A Notes"), and on December 21, 2021, at a second closing, GIII issued $50,000 in aggregate principal amount of 3.62% Series 2021A Senior Notes, Tranche B, due July 15, 2025 (the "July 2025B Notes") On March 10, 2022, GIII entered into a first supplement (the "GIII Supplement") to its Note Purchase Agreement with certain Purchasers. Pursuant to the Supplement, on March 10, 2022, GIII issued to the Purchasers $100,000 in aggregate principal amount of 3.95% Series 2022A Senior Notes due July 15, 2025 (the “July 2025C Notes”).

In connection with the Merger, the Company and GIII entered into an Assumption Agreement, effective as of the closing date of the Merger (the "Assumption Agreement"), pursuant to which the Company, as the surviving company of the Merger, unconditionally and expressly assumed, confirmed, and agreed to perform and observe each covenant and condition applicable to GIII under the GIII Note Purchase Agreement and the GIII Unsecured Notes. Pursuant to the Assumption Agreement, all references to GIII under the GIII Note Purchase Agreement, the GIII Unsecured Notes, or any other document or instrument delivered in connection therewith, shall be deemed to be references to the Company, except for references to GIII relating to its status prior to the consummation of the Merger.

The July 2025A Notes and the July 2025B Notes bore interest at an annual rate of 3.57% and 3.62%, respectively, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2022. The July 2025C Notes

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bore interest at an annual rate of 3.95%, payable semi-annual on January 15 and July 15 of each year, which commenced on July 15, 2022. These interest rates were subject to an increase in the event that: (i) subject to certain exceptions, the GIII Unsecured Notes or the Company ceased to have an investment grade rating or (ii) the Asset Coverage Ratio (as defined in the GIII Note Purchase Agreement) was less than 1.83 to 1.00.

The Company was obligated to offer to prepay the GIII Unsecured Notes (i) each time the Company received an aggregate amount of net proceeds from the repayment, or sale, of loans or investments that constitute Company Level Assets (as defined in the GIII Note Purchase Agreement) and (ii) each time the Company received an aggregate amount of net proceeds, or if the Company was permitted to receive an aggregate amount of net proceeds, from the distribution of Wells Residual Equity (as defined in the GIII Note Purchase Agreement), in each case that was at least equal to the lesser of (A) $25,000 and (B) 10% of the aggregate principal of GIII Unsecured Notes issued under the GIII Note Purchase Agreement and the Supplement.

The GIII Note Purchase Agreement also contained customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, 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 Subchapter M of the Code, minimum stockholders’ equity, 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 subsidiaries, certain judgments and orders, and certain events of bankruptcy. The GIII Note Purchase Agreement included certain additional covenants and terms, including, without limitation, a requirement that the Company will not permit the Asset Coverage Ratio to be less than the greater of (x) 1.50 to 1.00 and (y) the minimum asset coverage required to be held by the Company to comply with the 1940 Act.

The GIII Unsecured 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 GIII Unsecured Notes; equal in right of payment to the Company's existing and future unsecured indebtedness that was not so subordinated; and 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.

On May 6, 2024, GIII offered to prepay approximately $50,651 aggregate principal amount, including any accrued but unpaid interest, of the GIII Unsecured Notes pursuant to Section 8.9(a) and (b) of the GIII Note Purchase Agreement. The GIII Unsecured Notes, including any accrued but unpaid interest on the principal redeemed, were redeemed in this amount on June 5, 2024.

On July 16, 2024, GIII offered to prepay approximately $25,152 aggregate principal amount, including any accrued but unpaid interest, of the GIII Unsecured Notes pursuant to Section 8.9(a) and (b) of the GIII Note Purchase Agreement. The GIII Unsecured Notes, including any accrued but unpaid interest on the principal redeemed, were redeemed in this amount on August 16, 2024.

On June 25, 2025, the Company redeemed, in full, $200,000 aggregate principal amount of the outstanding GIII Unsecured Notes, including any accrued interest through the repayment date.

NEWCRED Unsecured Notes

On February 25, 2026, NEWCRED entered into a Master Note Purchase Agreement (the "NEWCRED Note Purchase Agreement") with certain institutional investors (the "Purchasers"). Pursuant to the NEWCRED Note Purchase Agreement, on February 25, 2026, NEWCRED issued to the Purchasers, in a private placement, $85,000 in aggregate principal amount of 6.47% Series 2026A Senior Notes, Tranche A, due March 15, 2029 (the "March 2029 Notes"), and $140,000 in aggregate principal amount of 6.89% Series 2026A Senior Notes, Tranche B, due March 17, 2031 (the "March 2031 Notes").

The March 2029 Notes and the March 2031 Notes bear interest at annual rates of 6.47% and 6.89%, respectively, payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2026. These interest rates are subject to an increase in the event that: (i) subject to certain exceptions, the Company ceases to have an investment grade rating or (ii) the Secured Debt Ratio (as defined in the NEWCRED Note Purchase Agreement) exceeds 50%.

The NEWCRED Unsecured Notes are unsecured obligations and rank senior in right of payment to any of the Company’s existing and future indebtedness that is expressly subordinated to the NEWCRED 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

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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 NEWCRED Note Purchase Agreement contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and as a RIC under Subchapter M of the Code, minimum stockholders’ equity, and restrictions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, material misrepresentation, breach of covenant, cross-default under other indebtedness of the Company or certain subsidiaries, certain judgments and orders, and certain events of bankruptcy. The NEWCRED Note Purchase Agreement includes additional covenants and terms, including, without limitation, a requirement that the Company not permit the asset coverage ratio to be less than the greater of (x) 1.50 to 1.00 and (y) the minimum asset coverage required for the Company to comply with the 1940 Act.

All fees associated with the origination of the NEWCRED Unsecured Notes are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the NEWCRED Unsecured Notes.

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2026 and March 31, 2025:



	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Interest expense (1)	$	1,509		$	1,859

Amortization of financing costs	$	63		$	149
Weighted average interest rate	6.7		%	3.7		%
Effective interest rate	7.0		%	4.0		%
Average debt outstanding	$	225,000		$	200,000

(1) For the three months ended March 31, 2026, Interest Expense includes net income (expense) recognized on the fair value hedges.

As of March 31, 2026 and December 31, 2025, the outstanding balance on the NEWCRED Unsecured Notes was $222,834 and $0, respectively, and the Company was in compliance with the applicable covenants of the NEWCRED Note Purchase Agreement on such dates.

Interest Rate Swaps—In connection with the issuance of the March 2029 Notes, the Company entered into an interest rate swap on February 25, 2026 with Deutsche Bank AG, New York Branch, in which the Company receives a fixed interest rate of 6.47% and pays a floating interest rate of one-month SOFR plus 3.10% on the notional amount of $85,000. In connection with the issuance of the March 2031 Notes, the Company entered into an interest rate swap on February 25, 2026 with U.S. Bank National Association, in which the Company receives a fixed interest rate of 6.89% and pays a floating rate of one-month SOFR plus 3.38% on the notional amount of $140,000. 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.

The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. The Company has elected the shortcut method under ASC 815 and therefore assumes no ineffectiveness as long as the shortcut method criteria continue to be met. The Company periodically assesses continued qualification under the shortcut method to confirm that all required criteria remain satisfied. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.

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

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

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	Three Months Ended
	March 31, 2026
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest income (expense) recognized on derivative	$	(5)
(Losses) gains recognized on derivative	(2,166)
Gains (losses) recognized on hedged item	2,166
Net income (expense) recognized on fair value hedge	$	(5)

The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of March 31, 2026 and December 31, 2025.


	As of
	March 31, 2026
Description	Carrying Value		Cumulative Amount of Basis Adjustment
March 2029 Notes	$	85,737	$	737
March 2031 Notes	$	141,429	$	1,429

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 March 31, 2026 was $2,166 and a net liability position on December 31, 2025 was $0, respectively, for which Deutsche Bank AG, New York Branch had posted collateral of $670 and $0, respectively, and U.S. Bank National Association had posted collateral of $1,250 and $0, respectively. The Company does not have any derivatives that are not designated as hedging instruments.

Unsecured Management Company Revolver

The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), dated February 5, 2026, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (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 agreement on February 5, 2026, the maturity date of the Unsecured Management Company Revolver is December 31, 2030.

As of the agreement on February 5, 2026, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. As of March 31, 2026, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding. For the three months ended March 31, 2026 and March 31, 2025, amortization of financing costs were $0 and $0, respectively.

GS Credit Facility

On November 28, 2023, NEWCRED SPV entered into a Credit Agreement (the “Credit Agreement”) among NEWCRED SPV as a borrower, the Company as collateral manager, various lenders, GS ASL, LLC, as administrative agent, Goldman Sachs Bank USA, as syndication agent, and Western Alliance Trust Company, N.A. (“WATC”), as collateral agent, collateral custodian, and collateral administrator, which is structured as a secured credit term loan and a secured revolving credit facility (the “GS Credit Facility”). The GS Credit Facility is collateralized by all of the investments of NEWCRED SPV on an investment by investment basis and the proceeds from the GS Credit Facility were partially used for repayment of the Wells Credit Facility and may be used in the future for the funding of the Company's portfolio investments. The GS Credit Facility will mature on the earlier of either (a) December 17, 2029, (b) 45 days prior to the maturity date of the shareholder, or (c) an early prepayment date. The GS Credit Facility has a maximum facility amount of $650,000.

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As of the amendment on December 17, 2025, the GS Credit Facility bears interest at a rate of SOFR plus 1.75% per annum. From the period December 17, 2024 through December 16, 2025, the GS Credit Facility bore interest at a rate of SOFR plus 2.20% per annum. Prior to December 17, 2024, the GS Credit Facility bore interest at a rate of SOFR plus 2.95% per annum. The GS Credit Facility also charges a 0.50% non-usage fee on the unused facility amount.

Under the Credit Agreement, NEWCRED SPV is permitted to borrow at various advance rates depending on the type of portfolio investment. All fees associated with the origination, amending or upsizing of the GS Credit Facility are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the GS Credit Facility.

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



	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Interest expense	$	7,928		$	6,706
Non-usage fee	$	101		$	310
Amortization of financing costs	$	338		$	337
Weighted average interest rate	5.6		%	6.7		%
Effective interest rate	5.9		%	7.3		%
Average debt outstanding	$	568,701		$	402,629

As of March 31, 2026 and December 31, 2025, the outstanding balance on the GS Credit Facility was $533,251 and $576,000, respectively, and NEWCRED SPV was in compliance with the applicable covenants of the Credit Agreement on such dates.

NEWCRED Credit Facility

The Senior Secured Revolving Credit Agreement (together with the related guarantee and security agreement, the "RCA"), dated May 12, 2025, among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, and the Lenders, as outlined in the RCA (the "NEWCRED Credit Facility"), is structured as a senior secured revolving credit facility. The NEWCRED Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NEWCRED Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. The maturity date of the NEWCRED Credit Facility is May 10, 2030.

As of the amendment and restatement on February 2, 2026, the maximum amount of revolving borrowings available under the NEWCRED Credit Facility was $585,000. 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 NEWCRED 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 NEWCRED Credit Facility. The NEWCRED 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.

The NEWCRED Credit Facility generally bears interest of 1.90% to 2.00%, depending on the borrowing base, plus benchmark rates. The NEWCRED Credit Facility also charges a 0.375% commitment fee based on the unused facility amount.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on

the NEWCRED Credit Facility for the three months ended March 31, 2026:



	Three Months Ended March 31, 2026
Interest expense	$	6,051
Non-usage fee	$	123
Amortization of financing costs	$	206
Weighted average interest rate	5.7		%
Effective interest rate	6.0		%
Average debt outstanding	$	427,181

As of March 31, 2026, the outstanding balance on the NEWCRED Credit Facility was $299,925,which included €24,486 denominated in EUR, AUD44,669 denominated in AUD, and £609 denominated in GBP that has been translated to

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U.S. dollars. As of December 31, 2025, the outstanding balance on the NEWCRED Credit Facility was $499,389,which included €24,486 denominated in EUR, AUD44,669 denominated in AUD, and £609 denominated in GBP that has been translated to U.S. dollars.

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. Certain of the Company's lenders may have fixed dollar claims on certain assets that are superior to the claims of the Company's common shareholders, 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 assets. 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 shareholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 7. Regulation

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

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

Note 8. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2026, the Company had unfunded commitments on revolving credit facilities of $122,124, no outstanding bridge financing commitments, and other future funding commitments of $209,447, which included €4,452 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 $125,118, no outstanding bridge financing commitments and other future funding commitments of $250,064, which included €4,452 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 GS Credit Facility and NEWCRED Credit Facility as of March 31, 2026 and December 31, 2025. See Note 6. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of March 31, 2026 and December 31, 2025, the Company had commitment letters to purchase investments in the aggregate par amount of $14,915 and $33,345, respectively, which could require funding in the future.

As of March 31, 2026, the Company had unfunded commitments related to an equity investment in SLP I of $12,000, which may be funded from time to time to satisfy a capital call issued by SLP I.

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Note 9. Net Assets

The following table summarizes transactions in Shares for three months ended March 31, 2026.


	Three Months Ended March 31, 2026			Three Months ended March 31, 2025
Common Shares of Beneficial Interest	Shares	Amount		Shares	Amount
Subscriptions	223,751	$	5,357	47,177	$	1,182
Distributions reinvested	301,527	7,228		170,426	4,270
Share repurchases	(1,600,939)	(37,414)		(49,319)	(1,231)
Early repurchase deduction	—	—		—	24
Net increase (decrease)	(1,075,661)	$	(24,829)	168,284	$	4,245

The following table reflects the distributions declared on the Shares for the three months ended March 31, 2026.

Date Declared

Record Date

Payment Date

Per Share Amount

January 21, 2026

January 30, 2026

February 27, 2026

0.19

February 25, 2026

February 27, 2026

March 31, 2026

0.19

March 25, 2026

March 31, 2026

April 30, 2026

0.19

0.57

The following table reflects the distributions declared on the Shares for the three months ended March 31, 2025.

Date Declared

Record Date

Payment Date

Per Share Amount

January 30, 2025

January 31, 2025

February 28, 2025

0.19

February 26, 2025

February 28, 2025

March 31, 2025

0.19

March 26, 2025

March 31, 2025

April 30, 2025

0.19

0.57

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Program

Beginning with the fiscal quarter ended March 31, 2025, the Company commenced a share repurchase program in which the Company may repurchase, in each quarter and at the Board’s discretion, up to 5% of the NAV of the Company’s common shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year or Initial Shares (defined below) that have not been outstanding for at least three years. Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”) and Initial Shares (defined below) that have not been outstanding for at least three years will be repurchased at 95% of such NAV (an “Early Repurchase Penalty”). The one-year holding period for the Early Repurchase Deduction is measured as of the subscription closing date immediately following the

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prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares. Shareholders that received Initial Shares (shares held as of the closing date of the Merger) will be subject to an Early Repurchase Penalty. For repurchases within the first year of the Initial Shares being outstanding, 2% will be retained by the fund and 3% will be owed to the Investment Adviser. For repurchases within years two and three of the Initial Shares being outstanding, 5% will be owed to the Investment Adviser.

During the three months ended March 31, 2026 and March 31, 2025, approximately 1,600,939 and 49,319 Shares were repurchased, respectively.

The following table further summarizes the share repurchases completed during the three months ended March 31, 2026:


Repurchase deadline request	Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased
March 4, 2026	1,600,939	3.8	%	$	23.37	March 31, 2026	$	37,414

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

The following table further summarizes the share repurchases completed during the three months ended March 31, 2025:


Repurchase deadline request	Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1)		Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased
March 6, 2025	49,319	0.1	%	$	24.97	March 31, 2025	$	1,207

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts shown net of Early Repurchase Deduction.

Note 10. Earnings Per Share

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



	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Earnings per share - basic and diluted
Numerator for basic & diluted earnings per share:	(4,960)		18,429
Denominator for basic & diluted weighted average share:	42,498,366		39,133,013
Basic & diluted earnings per share:	$	(0.12)	$	0.47

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Note 11. Financial Highlights

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



	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Per share data(1):
Net assets value at the beginning of the period	$	24.06		$	25.07
Net investment income	0.57			0.64
Net realized and unrealized gains (losses)	(0.69)			(0.17)
Total net increase	(0.12)			0.47

Placement fees (3)	—			—
Distributions declared to shareholders from net investment income	(0.57)			(0.57)

Early repurchase deduction (3)	—			—

Net assets value at the end of period	$	23.37		$	24.97
Total return based on net assets (2)	(0.52)		%	1.89		%
Shares outstanding at end of period	41,111,782			39,193,289
Average weighted shares outstanding for the period	42,498,366			39,133,013
Average net assets for the period	$	1,018,402		$	980,592
Ratio to average net assets :
Net investment income(4)	9.58		%	10.44		%
Total expenses, before waivers/reimbursements (4)	9.76		%	6.99		%
Total expenses, net of waivers/reimbursements (4)	9.85		%	6.98		%

Average debt outstanding—Unsecured Notes	$	225,000		$	200,000

Average debt outstanding—GS Credit Facility	568,701			402,629
Average debt outstanding—NEWCRED Credit Facility	427,181			N/A
Asset coverage ratio	190.99		%	252.73		%
Portfolio turnover	3.74		%	3.96		%

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

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

(3)The per share amount rounds to less than $0.01 per share.

(4)Amounts are annualized except for organizational and offering expenses. For three months ended March 31, 2026 and March 31, 2025, total expenses, net of waivers/reimbursements includes the effect of the expense support/recoupment.

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Note 12. Recent Accounting Standards Updates

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

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

Note 13. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The Chief Operating Decision Maker ("CODM") is the Company’s chief executive officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in 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 14. Subsequent Events

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

April Subscriptions and Dividend Declarations

The Company received approximately $3,752 of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Shares for subscriptions effective April 1, 2026.

On April 22, 2026, the Board declared a distribution of $0.19 per share which is payable on May 29, 2026 to shareholders of record as of April 30, 2026.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trustees of New Mountain Private Credit Fund

Results of Review of Interim Financial Information

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

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2025, and the related consolidated statements of operations, changes in net assets and cash flows for the year ended from December 31, 2025 (not presented herein); and in our report dated February 27, 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 reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

May 12, 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 Private Credit Fund, including its wholly-owned direct subsidiaries (collectively, "we", "us", "our", "NEWCRED" 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 on the industries in which we invest;

•the general economy, including fluctuating interest and inflation rates;

•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 and 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 this Quarterly Report on Form 10-Q.

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

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

Overview

We are a Maryland statutory trust formed on August 19, 2024. We are a closed end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

On December 17, 2024, we completed our previously announced acquisition of New Mountain Guardian III BDC, L.L.C., a Delaware limited liability company (“GIII”). Pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) by and among us, GIII, and, solely for the limited purposes set forth therein, the Investment Adviser, dated as of October 11, 2024, GIII merged with and into the Company, with the Company continuing as the surviving company (the "Merger").

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

New Mountain Private Credit Fund SPV I, L.L.C. ("NEWCRED SPV"), formerly known as New Mountain Guardian III SPV L.L.C ("GIII SPV"), our wholly-owned direct subsidiary, whose assets are used to secure NEWCRED SPV's credit facility. New Mountain Private Credit Fund OEC, Inc. ("NEWCRED OEC"), formerly known as New Mountain Guardian III OEC, Inc ("GIII OEC"), our wholly-owned direct subsidiary, which was treated as a corporation for U.S. federal income tax purposes and was intended to facilitate the our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity like investments in one of our portfolio companies organized as a limited liability company; we consolidated this corporation for accounting purposes, but the corporation was not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of its ownership of the portfolio company. NEWCRED OEC was dissolved on November 6, 2025.

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

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

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

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

As of March 31, 2026, our net assets were approximately $961.0 million and our portfolio had a fair value of approximately $1,984.3 million in 124 portfolio companies.

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Recent Developments

April Subscriptions and Dividend Declarations

The Company received approximately $3.8 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Shares for subscriptions effective April 1, 2026.

On April 22, 2026, the Board declared a distribution of $0.19 per share which is payable on May 29, 2026 to shareholders of record as of April 30, 2026.

Critical Accounting Estimates

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

Basis of Accounting

We consolidate our wholly-owned direct subsidiary NEWCRED SPV. 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 assets.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of trustees 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.

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 reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value; and

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:

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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 trustees; 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.

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.

•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 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.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of March 31, 2026.

We generally use the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing

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an income approach. Additional consideration is given using a Market Based Approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

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

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

After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: 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 and average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

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

NEWCRED Senior Loan Program LLC

SLP I 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 I to call on capital commitments requires approval by the board of managers of SLP I. As of March 31, 2026 and December 31, 2025, the Company and SkyKnight IV have committed $80.0 million and $20.0 million, respectively, of equity to SLP I. As of March 31, 2026, the Company and

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SkyKnight IV contributed $68.0 million and $17.0 million, respectively, of equity to SLP I. As of December 31, 2025, the Company and SkyKnight IV contributed $48.0 million and $12.0 million, respectively, of equity to SLP I.

On July 7, 2025, SLP I entered into its revolving credit facility with Bank of America, N.A. The maturity date of SLP I's revolving credit facility is July 7, 2030. On and after July 7, 2025 through the availability period (as defined in the credit agreement), the credit facility bears interest at a rate of Secured Overnight Financing rate ("SOFR") plus 1.47%, and after the availability period it will bear SOFR plus 1.62%. As of March 31, 2026, SLP I's revolving credit facility has a maximum borrowing capacity of $300.0 million. As of March 31, 2026, SLP I had total investments with an aggregate fair value of approximately $319.2 million, and debt outstanding under its credit facility of approximately $232.0 million. As of March 31, 2026, none of SLP I's investments were on non-accrual status. Additionally, as of March 31, 2026, SLP I had unfunded commitments in the form of delayed draws of approximately $1.8 million.

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


Investment Type	March 31, 2026			December 31, 2025
First lien investments (1)	$	333,231		$	271,700
Weighted average interest rate on first lien investments (2)	7.23		%	7.36		%
Number of portfolio companies in SLP I	86			75
Largest portfolio company investment (1)	$	6,965		$	6,983
Total of five largest portfolio company investments (1)	$	31,664		$	31,729

(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—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP I's consolidated portfolio as of March 31, 2026 and additional information on certain summarized financial information for SLP I as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026.

Revenue Recognition

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

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal balance on the capitalization date and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2026 and March 31, 2025, the Company recognized PIK interest from investments of $3.1 million and $2.3 million, respectively, and PIK dividends from investments of $1.5 and $2.3 million, respectively.

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

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

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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:

◦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 Ratings of our portfolio companies as of March 31, 2026:


(in millions)	As of March 31, 2026
Risk Rating	Cost		Percent		Fair Value		Percent
Green	$	1,828.5	89.0	%	$	1,810.0	91.2	%
Yellow	123.2		6.0	%	101.6		5.1	%
Orange	103.8		5.0	%	72.7		3.7	%

Red	—		—	%	—		—	%
	$	2,055.5	100.0	%	$	1,984.3	100.0	%

As of March 31, 2026, all investments in our portfolio had a Green Risk Rating, with the exception of 6 portfolio companies that had a Yellow Risk Rating and 4 portfolio companies that had an Orange Risk Rating.

During the first quarter of 2025, the Company placed its investment in preferred shares in ACI Parent, Inc. ("Affordable Care") on non-accrual status. During the first quarter of 2026, the Company placed its first lien term positions in Affordable Care on non-accrual status. As of March 31, 2026, the Company's preferred shares in Affordable Care had total unearned income of $1.0 million for the three months ended March 31, 2026.

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Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of trustees, was approximately $1,984.3 million in 124 portfolio companies at March 31, 2026 and approximately $2,064 million in 125 portfolio companies at December 31, 2025.

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



(in millions)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Investments in 27 and 23, respectively, new and existing portfolio companies	$	77.0	$	128.6
Debt repayments in existing portfolio companies	(69.6)		(60.2)
Sales of securities in 8 and 1 portfolio companies, respectively	(64.2)		(1.7)
Change in unrealized appreciation on 24 and 22 portfolio companies, respectively	5.0		11.0
Change in unrealized depreciation on 102 and 62 portfolio companies, respectively	(30.8)		(9.3)

Recent Accounting Standards Updates

See Item 1.—Financial Statements—Note 12. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

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

Revenue



(in millions)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Total interest income	$	44.8	$	38.4
Dividend income	3.2		2.3
Fee income	0.8		1.3
Total investment income	$	48.8	$	42.0

Our total investment income increased by approximately $6.8 million, or 16%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. For the three months ended March 31, 2026, total investment income of approximately $48.8 million consisted of approximately $40.6 million in cash interest from investments, approximately $3.1 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $1.1 million, approximately $3.2 million in dividends from investments and approximately $0.8 million in fee income.

The increase in interest income of approximately $6.4 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to the higher invested balances as a result of originations by the Company since March 31, 2025. Dividend income increased by $0.9 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to the launch of NEWCRED SLP in the third quarter of 2025. Fee income during the three months ended March 31, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront fees received from 4 portfolio companies and commitment fees.

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Operating Expenses



(in millions)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Management fee	$	3.1	$	3.0
Less: management fee waiver	—		—
Net management fee	$	3.1	$	3.0
Interest and other financing expenses	16.4		9.4
Incentive fee	3.5		3.0
Administrative expenses	0.9		0.7
Professional fees	0.6		0.6
Organizational and offering expenses	0.1		0.2
Other general and administrative expenses	—		0.1
Net expenses before expense support and income taxes	24.6		17.0
Plus: recoupment of expense support	0.2		—
Less: expense support	—		(0.2)
Net expenses before income taxes	24.8		16.8
Income tax expense (benefit)	—		0.1
Net expenses after income taxes	$	24.8	$	16.9

Our total net operating expenses increased by approximately $7.6 million for the three months ended March 31, 2026 as compared to the same period in the prior year. Our incentive fee increased by approximately $0.5 million for the three months ended March 31, 2026 as compared to the same period in the prior year. Our net management fee remained relatively flat when comparing for the three months ended March 31, 2026 to the same period in the prior year.

Interest and other financing expenses increased by approximately $7.0 million during the three months ended March 31, 2026 as compared to the same period in the prior year, primarily due to the higher average debt outstanding during the period due to origination activity, offset by lower spreads and SOFR rates on the GS Credit Facility.

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

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



(in millions)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net realized gains (losses) on investments	$	(2.3)	$	(8.4)
Net change in appreciation (depreciation) of investments	(25.9)		1.7
Net change in unrealized (depreciation) appreciation of foreign currency	(0.8)		—
Benefit (provision) for taxes	—		—
Net realized and unrealized (losses) gains	$	(29.0)	$	(6.7)

Our net realized losses and unrealized depreciation resulted in a net loss of approximately $29 million for the three months ended March 31, 2026 as compared to net realized losses and unrealized appreciation resulting in a net loss of approximately $6.7 million for the same period in the prior year. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended March 31, 2026 was primarily driven by unrealized depreciation in ACI Parent Inc., Help/Systems Holdings, Inc., and GS Acquisitionco, Inc. during the period. The net loss for the three months ended March 31, 2025 was primarily driven by realized losses in KWOR Acquisition, Inc. and unrealized depreciation in Notorious Topco, LLC, CC Blue Bidco, Inc., and Idera, Inc. during the period.

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

Liquidity and Capital Resources

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

We expect to generate cash from (1) cash flows from investments and operations and (2) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms, however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Upon organization, the Investment Adviser, as our initial shareholder, authorized us to adopt the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, as amended by the Small Business Credit Availability Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions for our Shares, our shareholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of March 31, 2026, our asset coverage ratio was 191.0%.

The following table summarizes transactions in Shares for the three months ended March 31, 2026 and March 31, 2025:


	Three months ended March 31, 2026			Three Months ended March 31, 2025
Common Shares of Beneficial Interest	Shares	Amount (in thousands)		Shares	Amount (in thousands)
Subscriptions	223,751	$	5,357	47,177	$	1,182
Distributions reinvested	301,527	7,228		170,426	4,270
Share repurchases	(1,600,939)	(37,414)		(49,319)	(1,231)
Early repurchase deduction	—	—		—	24
Net increase (decrease)	(1,075,661)	$	(24,829)	168,284	$	4,245

As of March 31, 2026 our borrowings consisted of the GS Credit Facility, the NEWCRED Credit Facility, the March 2029 Notes, and the March 2031 Notes. As of December 31, 2025, our borrowings consisted of the GS Credit Facility and the NEWCRED Credit Facility. See Item 1—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for additional information.

As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $54.9 million and $41.7 million, respectively. Our cash provided by (used in) operating activities for the three months ended March 31, 2026 and March 31, 2025 was approximately $62.1 million and $(53.1) million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and borrowings from banks or other lenders.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of March 31, 2026 we had outstanding commitments to third parties to fund investments totaling $331.6 million, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments. As December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $375.2 million (which included $ 5.1 million denominated in EUR that has been translated to U.S. dollars) under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of March 31, 2026 and December 31, 2025, we had commitment letters to purchase investments in the aggregate par amount of $14.9 million and $33.3 million, respectively, which could require funding in the future. As of March 31, 2026 and December 31, 2025, we had not entered into any bridge financing commitments which could require funding in the future.

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As of March 31, 2026, the Company had unfunded commitments related to an equity investment in SLP I of $12,000, which may be funded from time to time to satisfy a capital call issued by SLP I.

Contractual Obligations

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


	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
GS Credit Facility (1)	$	533.3	$	—	$	—	$	533.3	$	—
NEWCRED Credit Facility (2)	299.9		—		—		299.9		—
Unsecured Notes (3)	225.0		—		85.0		140.0		—
Total Contractual Obligations	$	1,058.2	$	—	$	85.0	$	973.2	$	—

(1)Under the terms of the GS Credit Facility, all outstanding borrowings under that facility ($533.3 million as of March 31, 2026) must be repaid on or before (a) December 17, 2030, or (b) 45 days prior to the expiration of our Term. As of March 31, 2026, there was approximately $116.7 million capacity remaining under the GS Credit Facility. See Item 8.—Financial Statements and Supplementary Data—Note 6. Borrowings in this Quarterly Report on Form 10-Q, for material details on the GS Credit Facility.

(2)Under the terms of the NEWCRED Credit Facility, all outstanding borrowings under that facility ($299.9 million as of March 31, 2026) must be repaid on or before May 10, 2030. As of March 31, 2026, there was approximately $285.1 million in capacity, subject to borrowing base limitations, remaining under the NEWCRED Credit Facility. See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for material details on the NEWCRED Credit Facility.

(3)Under the terms of the Unsecured Notes, the March 2029 Notes ($85.0 million as of March 31, 2026) must be repaid on or before March 15, 2029, and the March 2031 Notes ($140.0 million as of March 31, 2026) must be repaid on or before March 17, 2031. See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q for material details on the Unsecured Notes.

We have entered into an investment advisory and management agreement (the "Investment Advisory Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Advisory 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 an administration agreement (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to shareholders and reports filed with the SEC. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

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

Distributions and Dividends

Distributions declared to shareholders for the three months ended March 31, 2026 and March 31, 2025 were approximately $24 million and $22 million, respectively.

Tax characteristics of all distributions paid are reported to shareholders on Form 1099 or Form 1042 after the end of the calendar year. For the year ended December 31, 2025, total distributions declared for NEWCRED were $94.3 million, of which the distributions were both comprised of approximately 98.65% of ordinary income, 1.35% of long-term capital gains and 0.00% of a return of capital. Future monthly distributions, if any, will be determined by our board of trustees.

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

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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 Advisory 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 Advisory Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Advisory Agreement.

•We have entered into the Expense Support and Conditional Reimbursement Agreement with the Investment Adviser. The Investment Adviser may elect to pay certain of our expenses on our behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense. Any Expense Payment that the Investment Adviser has committed to pay must be paid by the Investment Adviser to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from us to the Investment Adviser or its affiliates. The Investment Adviser has elected to bear all of our organization and offering costs until the initial closing of our offering.

•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 day-to-day operations pursuant to the Administration Agreement. The Administrator has hired a third party sub-administrator to assist with the provision of administrative services. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2026, approximately $0.4 million of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of March 31, 2026, approximately $0.4 million of indirect administrative expenses were included in payable to affiliates on the Consolidated Statements of Assets and Liabilities.

•Pursuant to the Investment Advisory Agreement, the Investment Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "New Mountain Private Credit Fund" and "New Mountain".

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and trustees. These officers and trustees also remain subject to the duties imposed by the 1940 Act and the Maryland 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 mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the board of trustees and other conditions. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted a new order for exemptive relief (the “Exemptive Order”) by the SEC, 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 trustees 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

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unless the disposition is done on a pro rata basis. Pursuant to the Exemptive Order, the board of trustees 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 trustees 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 trustees.

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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 in January, March, and April 2026 after previously decreasing interest rates by 0.25% in each of September, October and December of 2025. The Federal Reserve has indicated it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. In a high interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SONIA, EURIBOR, BBSY, or SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest and dividend income and potentially adversely affecting our operating results. During the three months ended March 31, 2026, certain of the loans held in our portfolio had floating Prime, SOFR, SONIA, EURIBOR, or BBSY interest rates. As of March 31, 2026, 95.89% of our investments at fair value (excluding unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a SOFR floor and approximately 4.11% of our investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating SOFR, SONIA, EURIBOR or BBSY rates.

The following table estimates the potential changes in interest income, net of interest expense, should interest rates increase by 200, 150, 100 or 50 basis points, or decrease by 50, 100, 150, or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2026. Interest expense is calculated based on the terms of the NEWCRED Credit Facility, the GS Credit Facility, and the Unsecured Notes. For our borrowings, we use the outstanding balance as of March 31, 2026. This analysis does not take into account the impact of the incentive fee or other expenses. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2026. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2026, and are only adjusted for assumed changes in the underlying base interest rates.

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


Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense
-200 Basis Points	(16.04)	%
-150 Basis Points	(12.03)	%
-100 Basis Points	(8.02)	%
-50 Basis Points	(4.01)	%
+50 Basis Points	4.01	%
+100 Basis Points	8.02	%
+150 Basis Points	12.03	%
+200 Basis Points	16.04	%

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including 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 Control Over Financial Reporting

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

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PART II. OTHER INFORMATION

The terms "we", "us", "our" and the "Company" refers to New Mountain Private Credit Fund 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 legal proceedings as of March 31, 2026. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, shareholders 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 "Fund-Level Borrowings". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2026 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 other than those noted below.

Hedging using derivatives may impact investment performance.

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

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

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

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

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

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

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

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

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

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

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

Sales of Unregistered Equity Securities and Use of Proceeds

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

Issuer Purchases of Equity Securities

Beginning with the fiscal quarter ended March 31, 2025, the Company commenced a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Shares outstanding (either by number of Shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Shares.

Under the share repurchase plan, to the extent the Company offers to repurchase Shares in any particular quarter, it is expected to repurchase Shares pursuant to tender offers using a purchase price equal to the NAV per Share as of the last calendar day of the applicable quarter, except that Shares that have not been outstanding for at least one year or Initial Shares (defined below) that have not been outstanding for at least three years. Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”) and Initial Shares that have not been outstanding for at least three years will be repurchased at 95% of such NAV (an “Early Repurchase Penalty”). The one-year holding period for the Early Repurchase Deduction is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares. Shareholders that received Initial Shares (Shares held as of the closing date of the Merger) will be subject to an Early Repurchase Penalty. For repurchases within the first year of the Initial Shares being outstanding, 2% will be retained by the fund and 3% will be owed to the Investment Adviser. For repurchases within years two and three of the Initial Shares being outstanding, 5% will be owed to the Investment Adviser.

During the three months ended March 31, 2026, the Company repurchased the following Shares pursuant to the share repurchase program (dollars in thousands, except share and per share data):

Offer Date

Tender Offer Expiration

Price Paid Per Share

Amount
Repurchased (1)

Number of Shares
Repurchased

February 2, 2026

March 4, 2026

$23.37

$37,414

1,600,939

(1) Amounts shown net of Early Repurchase Deduction.

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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 trustee or officer has adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of our

securities by our officers and trustees that are reasonably designed to promote compliance with insider trading laws,

rules and regulations.

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Item 6. 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
2.1						Agreement and Plan of Merger, dated as of October 11, 2024, by and among New Mountain Private Credit Fund, New Mountain Guardian III BDC, L.L.C. and New Mountain Finance Advisers, L.L.C. (for the limited purposes set forth therein) (4)
3.1						Fourth Amended and Restated Limited Liability Company Agreement of New Mountain Guardian III BDC, L.L.C., dated as of June 28, 2023(3)
3.2						Fifth Amended and Restated Limited Liability Company Agreement of New Mountain Guardian III BDC, L.L.C., dated as of November 5, 2024(5)
3.3						Amended and Restated Declaration of Trust of New Mountain Private Credit Fund, dated as of November 22, 2024 (6)
3.4						Certificate of Formation of New Mountain Private Credit Fund(2)
4.1						Form of Subscription Agreement for New Mountain Guardian III BDC, L.L.C.(1)
4.2						Form of Subscription Agreement for New Mountain Private Credit Fund (7)
10.1						Third Amended and Restated Credit Agreement by and among New Mountain Private Credit Fund SPV I, L.L.C., as borrower, various lenders, Goldman Sachs Bank USA, Syndication Agent and Calculation Agent, GS ASL LLC, as Administrative Agent, Western Alliance Trust Company, N.A. as Collateral Agent, Collateral Custodian and Collateral Administrator*
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1						Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2						Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS						Inline XBRL Instance Document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’'s registration statement on Form 10 (File No. 000-56072) filed on July 15, 2019.

(2)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Quarterly Report on Form 10-Q filed on November 13, 2019.

(3)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Current Report on Form 8-K filed on June 29, 2023.

(4)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Current Report on Form 8-K filed on October 16, 2024

(5)Previously filed in connection with New Mountain Guardian III BDC, L.L.C.’s Current Report on Form 8-K filed on November 6, 2024.

(6)Incorporated by reference to Amendment No. 2 to New Mountain Private Credit Fund’s Registration Statement on Form 10 filed on November 22, 2024.

(7)Incorporated by reference to New Mountain Private Credit Fund’s Registration Statement on Form 10 (File No. 000-56694) filed on September 27, 2024.

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* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 12, 2026.


			NEW MOUNTAIN PRIVATE CREDIT FUND

			By:						/s/ JOHN R. KLINE
									John R. Kline President and Chief Executive Officer (Principal Executive Officer)

			By:						/s/ KRIS CORBETT
									Kris Corbett Chief Financial Officer (Principal Financial and Accounting Officer), and Treasurer

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Form: 10-Q

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