Slides
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41 Earnings Presentation Q4 2025 February 25, 2026
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42 42 This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results,and involve substantial risks and uncertainties, including the current conflict between Russia and Ukraine, conflict in the Middle East, and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry, the global economy, and uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and our financial condition. All forward-looking statements included in this presentation are made only as of the date hereof and are subject to change without notice. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of New Mountain Finance Corporation (“NMFC”), including those listed in the "Risk Factors" section of our filings with the United States Securities and Exchange Commission (“SEC”). Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and NMFC assumes no obligation to update or revise any such forward-looking statements unless required by law. Certain information discussed in this presentation (including information relating to portfolio companies) was derived from third party sources and has not been independently verified and, accordingly, NMFC makes no representation or warranty with respect to this information. The following slides contain summaries of certain financial and statistical information about NMFC. The information contained in this presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this presentation unless required by law. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of NMFC, or information about the market, as indicative of NMFC’s future results. The performance data stated herein may have been due to extraordinary market conditions, which may not be duplicated in the future. Current performance may be lower or higher than the performancedata quoted. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of NMFC. Past performance is not indicative nor a guarantee of future returns, the realization of which is dependent on many factors, many of which are beyond the control of NMFC. There can be no assurances that future dividends will match or exceed historic ones, or that they will be made at all. Net returns give effect to all fees and expenses. Unless otherwise noted, information included herein is presented as of the date indicated on the cover page and may change atany time without notice. NMFC is subject to certain significant risks relating to our business and investment objective. For more detailed information on risks relating to NMFC, see the latest annual report on Form 10-K and subsequent quarterly reports filed on Form 10-Q. Investment portfolio related activity, metrics and disclosures on slides 5, 6, 11, 13, 14, 15, 20, 21, 22, 23, 24, 30, 31, 32, 34, 37, and 38 include the underlying collateral from securities purchased under collateralized agreements to resell. Figures shown herein are unaudited and may not add due to rounding. This presentation contains non-GAAP financial information. NMFC’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of NMFC’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. However, these non-GAAP measures should not be considered in isolation or as a substitute for or superior to any measures of financial performance calculated and presented in accordance with GAAP. Other companies may calculate this or similarly titled non-GAAP measures differently than we do. The term Adjusted Net Investment Income as used throughout this presentation is not defined under GAAP and is not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. In evaluating its business, NMFC considers and uses Adjusted Net Investment Income as a measure of its operating performance. Adjusted Net Investment Income post NMFC’s IPO is defined as net investment income adjusted for non-recurring transactions. These adjustments provide useful information to investors by eliminating the effect of non-recurring items and enhances the comparability of the operating performance for the period. Adjusted Net Investment Income at NMFC’s IPO is defined as net investment income adjusted to reflect income as if the cost basis of investments held at NMFC’s IPO date had stepped-up to fair market value as of the IPO date. Under GAAP, NMFC’s IPO did not step-up the cost basis of the predecessor operating company’s existing investments to fair market value. Since the total value of the predecessor operating company’s investments at the time of the IPO was greater than the investments’ cost basis, a larger amount of amortization of purchase or issue discount, and different amounts in realized gains and unrealized appreciation, may be recognized under GAAP in each period than if a step-up had occurred. For purposes of the incentive fee calculation, NMFC adjusts income as if each investment was purchased at the date of the IPO (or stepped-up to fair market value). To view the reconciliation of Adjusted Net Investment Income, please see Appendix H at the end of this presentation. Important Notices and Safe Harbor Statement
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43 43 Yield to Maturity (“YTM”) at Cost assumes that the accruing investments in our portfolio as of each date are purchased at cost on that date and held until their respective maturities with no prepayments or losses and are exited at par at maturity. This calculation excludes the impact of existing leverage. YTM at Cost uses the SOFR, EURIBOR, and SONIA curves at each quarter’s respective end date. The actual yield to maturity may be higher or lower due to the future selection of SOFR, EURIBOR, and/or SONIA contracts by the individual companies in our portfolio or other factors. Throughout the document, Senior Advisors are included in all references to staff members, team members, investment professionals or operating partners/executives unless stated otherwise. Generally, New Mountain Senior Advisors are similar to "Operating Partners" who provide general or specific industry expertise on particular projects or transactions. All persons listed in the Senior Advisors (Full Access) category are designated “access persons” pursuant to Rule 204A-1 under the Investment Advisers Act of 1940, as amended, and are subject to New Mountain’s Code of Ethics, which therefore allows them to be fully included in New Mountain’s investment reviews. Based on a variety of factors, Senior Advisors for Special Projects are designated as “non-access persons” and are not subject to New Mountain’s Code of Ethics. Important Notices and Safe Harbor Statement (cont.)
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44 44 Today’s Presenters Laura C. Holson COO 16 John R. Kline President & CEO 17Years at Steven B. Klinsky Founder & Chairman 26 Kris Corbett CFO 2
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45 45 1 Includes asset valuations and remaining commitments (if applicable) as of September 30, 2025 and undrawn capital as of September 30, 2025. Pro forma for capital committed as of December 31, 2025 2 Professionals (“Investment Professionals” or “Investment Team”) includes 21 Senior Advisors, 21 Business Development professionals and those whose responsibilities also include non- investment areas as well, including New Mountain’s COO, CFO and Chief Compliance Officer (“CCO”) 3 Realized Total Net Loss/(Gain) Rate is calculated as the cumulative realized GAAP losses/(gains) incurred on the total portfolio of investments since IPO of NMFC through the current period end date divided by cumulative dollars invested since IPO of NMFC through the current period end date, divided by the number of years from the IPO date to the current period end date 4 Includes asset valuations and remaining commitments (if applicable) for New Mountain’s credit funds as of September 30, 2025. Pro forma for capital committed as of December 31, 2025 5 AUM as of September 30, 2025 New Mountain Capital Overview ~$60bn Assets Under Management(1) 0 Flagship Private Equity Bankruptcies or Business Failures ~305 Employees & Senior Advisors(2) ~180 Investment Professionals(2) 2bp Realized Total Net Loss Rate for NMFC since IPO(3) New Mountain Capital (“NMC”) was founded in 1999 to focus on “defensive growth” business building and deep fundamental research Private Equity Credit Net Lease Flagship control private equity strategy and non-control strategy (est. 2019) Established 1999 ~$48bn AUM(1) Established 2008 ~$14bn AUM(4) Established 2016 ~$2bn AUM(5) Sub-investment grade net lease investmentsA sector focused and differentiated approach to sponsor-backed direct lending, leveraging the full resources of the New Mountain platform
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46 46 1 Based on fair value as of 12/31/2025 2 Average loan to value represents the net ratio of loan to value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan to value is calculated as the current net debt through each respective loan tranche divided by estimated enterprise value of the portfolio company as of th e most recently available information; excludes SLP III, SLP IV, and Net Lease 3 Realized Total Net Loss/(Gain) Rate is calculated as the cumulative realized GAAP losses/(gains) incurred on the total portfolio of investments since IPO of NMFC through the current period end date divided by cumulative dollars invested since IPO of NMFC through the current period end date, divided by the number of years from the IPO date to the current period end date 4 Based on annualized dividend of $0.25 per share beginning Q2 2026 and closing stock price of $8.15 per share on 2/20/2026 5 Annualized cash-on-cash return to a shareholder since IPO NMFC by the Numbers New Mountain Finance Superior Credit Quality Attractive Return Profile Baa3 / Stable Moody’s Credit Rating 17 Year Operating History $2.8bn Portfolio Size(1) 2bp Realized Total Net Loss Rate since IPO(3) 46% Avg. Loan to Value(2) ~95% Green Portfolio Risk Rating ~$1.5bn Total dividends paid to shareholders 12% Annualized Div. Yield as of Q2 2026(4) 10% Annual Return Since IPO(5)
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47 47 Chairman’s Overview ▪ Q4 2025 adjusted net investment income (“NII”) of $0.32 covered our dividend of $0.32 per share(1) – NII was supported by recurring income, full utilization of the dividend protection program, and a $2.4 million incremental, voluntary incentive fee waiver by the manager ▪ Announcing Q1 2026 dividend of $0.32 per share payable on March 31, 2026 to holders of record as of March 17, 2026 – NMFC will waive 25% of its incentive fee pursuant to the dividend protection program, plus an additional voluntary waiver by the manager(2) ▪ December 31, 2025 net asset value (“NAV”) of $11.52 per share compared to $12.06 per share as of September 30, 2025 – Primarily due to a lower valuation on the common equity piece of Edmentum – More generally, ~95% of the NMFC portfolio remains rated Green on our heatmap,and no names are rated Red(3) ▪ Looking ahead, we are taking actions to address our stock trading performance – Upon expiration of our dividend protection program at the end of 2026, we have voluntarily pledged to reset NMFC’s incentive fee down to 15%, over the same 8% hurdle, as compared to its contractual 20% level – In February, NMFC signed an agreement to sell $477 million of assets at 94% of fair value, which accelerates progress on our strategic initiatives(4) – Starting in Q2 2026, NMFC expects to pay a $0.25 per share quarterly dividend, equating to a ~9% yield on pro forma book value and a ~12% yield on current trading levels(5) ▪ We see potential opportunities to improve earnings and book value, including through accretive stock buybacks, growth in certain equity positions, and loan purchases at a discount in the more uncertain environment in the debt markets ▪ New Mountain employees continue to be the largest shareholders of NMFC, with ownership of ~14% 1 Please refer to page 37 for NII reconciliation 2 For 2026, the Adviser pledges to reduce its incentive fee to 15% to support the quarterly dividend 3 Please refer to page 32 for details on our Risk Ratings Heatmap 4 Secondary sale price of 94% of NMFC’s 12/31/2025 fair value 5 Book value yield is based on an annualized yield of $0.25 per share beginning Q2 2026 and pro forma book value of $11.17, whi ch includes a $0.35 impact from the secondary asset sale. Dividend yield is based on annualized dividend of $0.25 per share beginning Q2 2026 and closing stock price of $8.15 per share on 2/20/2026
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48 48 Secondary Sale Announcement Secondary Sale Reduced PIK Income Increased Portfolio Diversification Enhanced Financial Flexibility One-Time NAV Headwind Increased Portfolio Diversification Reduction of holdings in some of NMFC’s most concentrated positions drives increased diversification Enhanced Financial Flexibility Proceeds from the sale provide flexibility to evaluate debt repayment, share repurchases, and accretive new investments Reduced PIK Income Monetization of accrued PIK income and increased % of cash investment income One-Time NAV Headwind Secondary sale at 94% of NMFC’s mark results in a one- time NAV headwind of ~$0.35/share (1) 1 Secondary sale price of 94% of NMFC’s 12/31/2025 fair value On February 21st, NMFC signed a definitive agreement to sell $477 million of assets across 15 portfolio companies to a third party, which accelerates progress on our strategic initiatives
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49 49 Portfolio sale decreases exposure to PIK, subordinated, and more concentrated assets Secondary Sale Portfolio(1) 1 May not foot to 100% due to rounding; represents the secondary sale portfolio mix by purchase price 2 Includes subordinated debt and preferred equity investments 3 Represents % of secondary portfolio purchase price attributed to assets that are paying PIK interest as of 12/31/2025 16% 13% 10% 9% 8% 7% 6% 6% 5% 5% 4% 4% 3% 2% 1% Benevis Dealer Tire Alliance Animal Health iCIMS Mercer Advisors Diligent Infogain insightsoftware Acumatica Foreside Associa DOCS Bullhorn Anaplan symplr Software ~33% Portfolio Companies 15 Subordinated(2) ~23% PIK Assets(3) ~37% 2021 Vintage or Earlier ~61%
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410 410 ‘ Assets Liabilities Progress on Strategic Priorities Income ▪ Maintain or increase senior assets ▪ Diversify top positions – Target 1.5% - 2.0% maximum position(1) ▪ Rotate non-yielding equity positions into cash yielding assets ▪ Reduce PIK income ▪ Optimize cost of debt for NMFC and SLPs ▪ Increase floating rate % – Target >75% floating rate ▪ Continue unsecured issuance 1 Excludes SLPs and Net Lease 2 Includes First Lien, SLPs and Net Lease; represented pro forma for the secondary sale Strategic Focus and Target Recent Progress ~81% senior assets post- secondary sale, up from 75% prior year(2) Top 5 positions decrease from ~17% to ~14% of fair value pro forma for the secondary sale Secondary sale facilitates monetization of accrued PIK income and reduction in go- forward PIK income by 20-25% over time Repaid 7.50% Convertible Notes at maturity in Q4 utilizing lower cost revolver Sale proceeds provide the flexibility to evaluate debt repayment
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411 411 Defensive Growth Sector Selection 1 Includes Executive Advisors and CEOs for current portfolio companies as of February 1, 2026 2 Includes members of senior management, senior advisors and other New Mountain employees; excludes independent directors; ownership % based on total shares outstanding on 12/31/2025 3 For 2026, the Adviser pledges to reduce its incentive fee to 15% to support the quarterly dividend 4 Based on fair value as of 12/31/2025, represented pro forma for the secondary sale; excludes investments in SLP III, SLP IV, Net Lease, and a Structured Finance Obligation. As of December 31, 2025, the Company updated its industry classifications to better reflect the business mix of underlying portfolio companies. Please refer to Appendix E for reported industry mix as of 12/31/2025 5 Represents Financial Services & Technology Why NMFC? ACYCLICAL SECTORS(4) Where NMC has deep expertise Shareholder Alignment • New Mountain employees and Senior Advisors are NMFC’s largest shareholder group (14% s/o)(2) • Dividend protection program is in place through 2026(3) A Better Research & Underwriting Model • In-house industry resources and deep bench of industry executives • Superior analytical platform compared to standalone credit platforms • ~305 New Mountain Capital employees and Senior Advisors and ~120 industry executives(1) “Defensive Growth” Strategy • Focused on investing in strong businesses in acyclical sectors • Achieving strong risk-adjusted returns despite economic volatility 6% 5% 3% 3% 2% 2% 2% 1% 1% 7% 5% 4% 2% 9% 7% 3% 4% 2% 1% 8% 6% 5% 4% 7% Utility & Data Center Services Real Estate Services Insurance & Benefits Services Misc Services Compliance Services Digital Transformation Data & Information Services Field Services Engineering & Consulting Services ERP Finance & Accounting IT Infrastructure & Security Human Capital Management1% Commerce & Supply Chain <1% Governance, Risk & ComplianceHealthcare Services Healthcare IT & Tech-Enabled Services Pharma Services <1% Healthcare Products Financial Services Integrated Payments Financial Technology Consumer Services Education Distribution & Logistics Packaging Other 411
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412 412 NMFC Portfolio(2) 34% 49% 54% 60% 52% 66% 51% 46% 40% 48% US LBO Market 2007 US LBO Market Q3 2025 Full Portfolio Q4 2025 Software Portfolio Q4 2025 Software Portfolio Pro Forma New Mountain Approach to Software Substantial sponsor equity cushions result in significant margins of safety Debt Equity 14.9x (1) 9.7x 13.4x 1 Source: American Investment Council. Data as of 9/30/2025 2 Represents weighted average enterprise value as a multiple of EBITDA. Weighted average is based on fair value of debt investments for each respective quarter, excluding revolvers, non- accrual positions, and recurring revenue loans. Software portfolio represents first lien EBITDA-based loans in NMFC’s Enterprise Software Power Alley. Reflects industry classifications as of 12/31/2025 10.6x 17.8x (1) AI Taskforce since the Early Days of ChatGPT Comprised of technology investment specialists and AI thought leaders, which has informed our AI framework Proprietary AI Framework Standardized framework to qualitatively and quantitatively evaluate the existing portfolio and new investment opportunities for AI-disruption risk Significant Software Expertise 20+ years of industry experience by New Mountain Private Equity in Enterprise Software Power Alley, including current ownership of software companies and internal users of AI tools 25% illustrative decline in software valuations (TEV)
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413 413 Q3 2025 Risk Ratings (Fair Value as of 9/30/2025) Q4 2025 Risk Ratings (Fair Value as of 12/31/2025) 94.5% 0.5% 3.1% 1.9% 94.8% 3.2% 2.0% 1 Risk Rating migration reflected as 9/30/2025 Risk Rating using 9/30/2025 FMV; 12/31/2025 Risk Rating using 12/31/2025 FMV. Excludes Green to Green migration 2 Does not include unfunded commitments, common equity investments, SLPs, Net Lease, or non-yielding preferred investments 3 NMFC has no investments rated Red as of 12/31/2025 Summary of Risk Rating Changes(1) Risk Rating Weighted Average Mark(2) Green 99% Yellow 65% Orange 65% Red N/A(3) No positions worsened in Rating Positions representing $17m improved in Rating
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414 414 Q4 2025 NAV Update Q4 2025 NAV declined $0.54 per share (or 4.5%) compared to the prior quarter Credit-Specific Movement Net $0.58 NAV Per Share Decrease Company $ / Share Edmentum – $0.35 Affordable Care – $0.11 Other – $0.12 9/30/2025 NAV per Share 12/31/2025 NAV per Share ($0.60) $0.05 Broad Market Movement $12.06 $11.52 $0.02 ($0.01) Effect of Share Repurchases
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415 415 Credit Performance Track Record $2,756 / $2,942 / 114 $40 / $95 / 7 of which 1.4% / 3.2% Investments Fair Value / Cost / Count As of 12/31/2025 Cumulative Since IPO (14+ years)(1) 1 NMFC priced its initial public offering on 5/19/2011; IPO – 12/31/2011 investments cost and count reflects nine months ended 12/31/2011 2 Reflects cumulative net realized gains (losses) since NMFC’s IPO in May 2011 3 Realized Total Net Loss/(Gain) Rate is calculated as the cumulative realized GAAP losses/(gains) incurred on the total portfolio of investments since IPO of NMFC through the current period end date divided by cumulative dollars invested since IPO of NMFC through the current period end date, divided by the number of years from the IPO date to the current period end date resulted in $10,386 / 369 $314 realized losses $290 realized gains ($ in millions) ▪ Non-accruals represent just 1.4% of total portfolio fair value ▪ ~$10.4 billion of cumulative investments since IPO have generated net realized losses of just $24 million Investments Cost / Count Non-Accrual Fair Value / Cost / Count Net Realized Gains (Losses) $(24)(2) Note: Represents a 2bp realized total net loss rate since IPO(3)
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416 416 $1,499 ($235) Cumulative Performance Since IPO(1) Since IPO in 2011, NMFC has earned $1.5 billionwhile creating ~$1.3 billion of total value for shareholders ($ in millions) $0 ($200) $600 $400 $200 $800 $1,000 $1,400 2012 202120172013 2014 20162015 2018 2019 2020 2022 $1,264 Total Value Generated for Shareholders NMFC has generated $1,499 million of Adj. NII, $24 million of net realized losses and $211 million of net unrealized losses 1 For additional details and reconciliation to GAAP financials, please see Appendix H and I Cumulative Adj. NII(1) Cumulative GAAP Net Realized and Unrealized Gains / (Losses) 2024 IPO Through December 31: 2011 2023 2025 $1,200
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417 417 35% 39% 21% 13% 16% 16% 65% 61% 79% 87% 84% 84% 0% 20% 40% 60% 80% 100% 2020 2021 2022 2023 2024 2025 Direct Lending vs. Broadly Syndicated Market Share(1) 200 300 400 500 600 700 2018 2019 2020 2021 2022 2023 2024 2025 Direct Lending vs. Broadly Syndicated Spreads(1) BSL Spread Direct Lending Spread Credit Market Conditions LBO deal volume remains subdued… …while Private Equity faces pressure for exits Number of LBO Transactions 135 bps Premium 1 Source: Pitchbook. Data as of 12/31/2025; direct lending spread data reflects senior secured first-lien loans and unitranche facilities. BSL data reflects loans issued to borrowers rated B-minus 2 Source: Preqin. Data as of 2/4/2026 3 Source: Pitchbook. Data as of 12/31/2025 …and provides strong value proposition to sponsors during periods of volatility Direct Lending BSL Direct Lending continues to provide attractive returns… Deal Value ($bn) 0 2,000 4,000 6,000 8,000 $0 $200 $400 $600 $800 $1,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 North America LBO Deal Volume and Count(2) Aggregate Deal Value ($bn) Number of Deals 5.1 6.0 0.0 2.0 4.0 6.0 8.0 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Median Exit Hold Times (Annual)(3) % of LBO Transactions
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418 418 1 Based on outstanding par balance (excludes assets on non-accrual, unfunded commitments, and non-interest-bearing equity investments) 2 Includes €16.5m converted at 1.17 EUR/USD exchange rate as of 12/31/2025 and £8.7m converted at 1.35 GBP/USD exchange rate as of 12/31/2025 3 Represents outstanding debt pro forma for the maturity of the $200 million of Series 2021A Unsecured Notes and $14 million of SBIC I debt, and pro forma for the paydown of the $115 Series 2023A Unsecured Notes (callable as of November 2025); assumes draws on our revolving lines are used to fund the $315 million of notes and available cash to pay down the SBIC I debt. Assumes reduction of portfolio due to secondary sale and proceeds are used to paydown outstanding debt 4 Illustrative calculations based on Q4 2025 portfolio and changing the base rates for floating assets and liabilities for both the current liability mix and pro forma liability mix; all other assumptions are held constant Impact of Changing Rates(4) Interest Rate Sensitivity Continuing to migrate our fixed / floating liability mix to better align with our asset mix Change in Interest Rates Estimated % Change in Interest and Dividend Income Net of Interest Expense -100 bps (6.0%) -50 bps (3.0%) +50 bps 3.0% +100 bps 6.0% Estimated % Change in Interest and Dividend Income Net of Interest Expense (5.6%) (2.8%) 2.8% 5.6% Current Liability Mix Pro Forma Liability Mix(3) Asset Mix (Aggregate par value of $2,304 million as of 12/31/2025)(1) 85% 15% Floating Fixed 65% 35% FloatingFixed Liability Mix ($1,687 million drawn as of 12/31/2025)(2) 79% 21% Floating Fixed Pro Forma Liability Mix(3) (See footnote disclosure)
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419 419 1 Repayments over $7.5 million shown, Repayments less than $7.5 million included in “Other Repayments”. Originations exclude PIK; originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains Q4 2025 Portfolio Activity ($ in millions) Company Industry $ Invested Type of Investment Spread Total Originations $29.5 Repayments(1) OEConnection Business Services - Data & Information Services $(47.5) First Lien S + 5.25% Paradigm Software Software - ERP (25.5) First Lien S + 6.00% Calabrio Software - Human Capital Management (13.8) First Lien S + 5.50% Higginbotham Business Services - Insurance & Benefits Services (9.6) First Lien S + 4.50% Samba Safety Business Services - Insurance & Benefits Services (8.9) First Lien S + 4.75% Bomgar Software - IT Infrastructure & Security (8.3) First Lien S + 5.00% Park Place Technologies Business Services - Utility & Data Center Services (8.2) First Lien S + 5.25% Other Repayments (17.9) Total Repayments $(139.7) Total Sales (55.2) Originations Less Repayments & Sales $(165.4)
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420 420 First Lien Debt 93% 64% 12% 5% 5% 4% 6% 4% 1st Lien SLPs(5) Net Lease 2nd Lien Subordinated Preferred Total Portfolio: $2,284.0M A 10% change in the fair value of our equity positions impacts book value by $0.09 / share Portfolio Mix by Type (Fair Value as of 12/31/2025)(2) Company FMV Benevis $30.4 Equity Co-invests 21.8 Other 18.5 Permian 12.0 UniTek 8.7 Edmentum 5.0 Total Equity $96.4 Common Equity & Other Positions(4) Common Equity & Other Positions(4) Pro forma for the secondary sale, ~81% of the portfolio is senior in nature(3) 1 Please reference Appendix E for reported portfolio mix by type as of 12/31/2025 2 May not foot to 100% due to rounding 3 Pro forma analysis assumes 12/31/2025 marks for securities included in secondary sale portfolio 4 Excludes SLP III, SLP IV, and Net Lease; includes UniTek’s non-yielding preferred equity securities 5 Includes SLP III and SLP IV We intend to deploy the majority of dry powder into first lien assets
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421 421 3.6% 3.2% 2.8% 2.4% 2.0% 1.9% 1.9% 1.8% 1.7% 1.6% 7.0% 5.0% 4.9% Benevis UniTek Permian SmartSheet Associa Model N Deca Dental Edmentum Teaching Strategies MRI SLP III Net Lease SLP IV Diverse Portfolio (By Fair Value as of 12/31/2025)(1) Pro forma for the secondary sale, top 10 portfolio companies represent $521.5 million, or 22.8%, of consolidated investments(2)(3) Portfolio Names by Fair Value 100 Other Portfolio Companies 60.2% Top 10 PortfolioCompanies 22.8% Funds 17.0% Please refer to Appendix E for reported portfolio concentration as of 12/31/2025 1 May not foot to 100% due to rounding 2 Pro forma analysis assumes 12/31/2025 marks for securities included in secondary sale portfolio 3 Excluding SLP III, SLP IV, and Net Lease
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422 422 1 Includes interest and dividends receivable, receivable from affiliate, receivable from broker, receivable from unsettled securities sold, deferred tax asset, derivative asset at fair value, and other assets 2 Includes incentive fee payable, management fee payable, payable for unsettled securities purchased, interest payable, payable to affiliates, payable to broker, derivative liability at fair value, deferred tax liability, non-controlling interest in NMNLC and other liabilities; other liabilities is net of deferred financing costs 3 Statutory debt / equity calculation excludes SBA-guaranteed debentures, which are fully funded, non-recourse, asset-backed securities that are excluded by SEC exemptive order from the definition of “senior securities” under the 1940 Act asset coverage test 4 Pro forma statutory debt / equity calculation is net of available cash Balance Sheet Highlights Quarter Ended ($ in millions, except per share data) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Assets Portfolio $3,104.5 $3,047.7 $3,014.2 $2,957.1 $2,755.5 Cash & Equivalents 80.3 85.5 57.4 63.7 80.7 Other Assets(1) 61.9 63.5 88.1 68.1 66.7 Total Assets $3,246.7 $3,196.7 $3,159.7 $3,088.9 $2,902.9 Liabilities Statutory Debt $1,560.9 $1,543.7 $1,526.2 $1,588.9 $1,492.7 SBA-Guaranteed Debentures 300.0 262.5 262.5 196.2 196.2 Other Liabilities(2) 32.5 48.3 65.1 47.2 31.8 Total Liabilities $1,893.4 $1,854.5 $1,853.8 $1,832.3 $1,720.7 NAV $1,353.3 $1,342.2 $1,305.9 $1,256.6 $1,182.2 Shares Outstanding - Ending Balance (mm) 107.9 107.9 106.9 104.2 102.6 NAV / Share $12.55 $12.45 $12.21 $12.06 $11.52 Statutory Debt / Equity(3) 1.15x 1.15x 1.17x 1.26x 1.26x Pro Forma Statutory Debt / Equity(4) 1.11x 1.09x 1.13x 1.23x 1.21x
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423 423 1 Reflects management and incentive fees net of waivers; fees waived cannot be recouped Income Statement Highlights (Quarterly) Quarter Ended ($ in millions, except per share data) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Investment Income Interest income $67.3 $61.5 $62.9 $59.4 $56.3 Dividend income 21.1 20.8 19.2 19.1 18.7 Other income 2.7 3.2 1.3 1.9 2.3 Total investment income $91.1 $85.5 $83.4 $80.4 $77.3 Expenses Management fee(1) $10.5 $9.9 $9.8 $9.6 $9.2 Incentive fee(1) 8.6 6.7 5.4 2.8 3.0 Interest and other financing expenses 34.8 31.4 31.1 31.7 29.5 Net administrative, professional, other G&A expenses and income taxes 2.7 3.0 2.6 2.4 2.6 Total net expenses $56.6 $51.0 $48.9 $46.5 $44.3 Adjusted net investment income $34.5 $34.5 $34.5 $33.9 $33.0 Gain / Loss Net realized gains (losses) on investments $3.7 $37.8 $13.4 $0.0 ($8.0) Net change in unrealized appreciation (depreciation) of investments (10.2) (48.9) (40.1) (21.6) (51.6) Benefit (provision) for income tax (0.3) – – – (0.4) Net increase (decrease) in net assets resulting from operations $27.7 $23.4 $7.8 $12.3 ($27.0) Weighted average shares outstanding (mm) 107.9 107.9 107.8 106.0 103.0 Adjusted NII per weighted average share $0.32 $0.32 $0.32 $0.32 $0.32
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424 424 1 Includes recurring income associated with SLP III, SLP IV, and Net Lease Investment Income Detail Quarter Ended ($ in millions) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Investment Income Build Cash Interest and Dividend Income $57.8 $54.3 $52.2 $50.7 $47.3 SLP and Net Lease Income(1) 11.7 12.1 11.7 11.7 11.7 Recurring Cash Investment Income $69.5 $66.4 $63.9 $62.4 $59.0 Recurring Non-cash Investment Income $18.4 $16.1 $15.6 $15.9 $16.1 Total Recurring Investment Income $87.9 $82.5 $79.5 $78.3 $75.1 Non-recurring Cash Investment Income $3.1 $3.0 $3.9 $2.1 $0.7 Non-recurring Non-cash Investment Income $0.1 – – – $1.5 Total Non-recurring Investment Income $3.2 $3.0 $3.9 $2.1 $2.2 Total Adjusted Investment Income $91.1 $85.5 $83.4 $80.4 $77.3 Total Cash Investment Income $72.7 $69.4 $67.8 $64.5 $59.7 Key Statistics % of Total Investment Income that is Recurring 96% 96% 95% 97% 97% % of Total Investment Income that is PIK Interest Income 10% 8% 9% 9% 10% % of Total Investment Income that is PIK Dividend Income 9% 9% 8% 9% 9%
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425 425 Investment Income Mix Our investment income continues to be predominantly paid in cash 77% 15% 4% 3% Cash Income PIK Interest / Dividend Income via Origination(1) PIK Interest / Dividend Income via Modification(2) Other(3) Investment Income Mix 77% of investment income is cash and only 4% of investment income is generated from PIK via modification ~94% of non-cash interest or dividend income is generated by positions with a Green risk rating Note: May not foot to 100% due to rounding 1 Includes PIK income via a PIK coupon or PIK optionality at origination 2 Includes PIK income from positions that experienced an amendment or restructuring which resulted in payment in kind of interest and/or dividends 3 Other includes non-cash consulting fees, amortization of purchase discounts, and a $1.5 million non-recurring PIK fee 4 Calculated as FMV for each position as of 12/31/2025 weighted based on the amount of non-cash interest and dividend income generated during the quarter Positions generating non-cash interest and dividend income are marked at an average fair value of ~98% of par(4)
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426 426 $0.86 $1.34 $1.36 $1.36 $1.36 $1.36 $1.36 $1.36 $1.36 $1.24 $1.20 $1.22 $1.28 $1.28 $0.15 $0.05 $0.37 $0.12 $0.12 $0.10 $1.71 $1.48 $1.48 $1.53 $1.33 $1.28 100% 99% 104% 103% 102% 98% 99% 100% 99% 98% 99% 105% 123% 108% 100% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Regular Dividend Supplemental Dividend Special Dividend Dividend Coverage 1 NMFC priced its initial public offering on 5/19/2011 2 Represents supplemental dividend earned within the period; typically payable the following quarter 3 Calculated as Adjusted Net Investment Income / regular dividend ▪ Declared a Q1 dividend of $0.32 per share (payable in March 2026) ▪ Investment Adviser has pledged to reduce its incentive fee to 15% through Q4 2026 to support the quarterly dividend ▪ Upon expiration of our dividend protection program at the end of 2026, we plan to permanently reduce NMFC’s incentive fee to 15% over the same 8% hurdle Dividend Summary and Coverage (1) (3)(2)
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427 427 (As of 1/30/2026(1), $ in millions) Outstanding / Facility Size Interest Rate(2) Maturity Percentage of Outstanding NMFC Credit Facility $171(3) / $527 Base Rate + 1.90%(4) September 2029 10.1% Corporate Revolving Credit Facilities $171 / $527 Base Rate + 1.90%(4) 10.1% Holdings Credit Facility (Wells Fargo Facility)(5) $540 / $730 Daily Simple SOFR + 1.95% March 2030(5) 31.8% Asset-Backed Credit Facilities $540 / $730 SOFR + 1.95% 31.8% 6.200% Unsecured Notes $300 / $300 SOFR + 2.8820%(6) October 2027 17.7% 6.875% Unsecured Notes $300 / $300 SOFR + 2.8183%(6) February 2029 17.7% Unsecured Hedged Debt $600 / $600 SOFR + 2.8502%(6) 35.4% Series 2022A Unsecured Notes $75 / $75 5.90% June 2027 4.4% SBIC I(7) $46 / $46 3.44% weighted average rate(6) March 2028(8) 2.7% Series 2023A Unsecured Notes (Baby Bond) $115 / $115 8.25% November 2028(9) 6.8% SBIC II(7) $150 / $150 2.14% weighted average rate(6) September 2030(8) 8.8% Unsecured Non-Hedged Debt $386 / $386 4.84%(6) 22.8% Unsecured Management Company Revolver – / $100 Applicable Federal Rate December 2030 0.0% Other Credit Facilities – / $100 0.0% Total $1,697 / $2,343 5.75%(6) Leverage Profile 1 Accounting for the repayment of the Series 2021A Unsecured Notes at maturity 2 Floating rates with a SOFR benchmark have a 0.00% floor, and may be calculated on daily, 1-month, or 3-month SOFR, depending on borrower elections and credit agreement specifications 3 Includes €16.5m and £8.7m converted to USD at exchange rates as of 1/30/2026 4 NMFC Credit Facility has a CSA, per the credit agreement 5 The Holdings Credit Facility borrowing base is not tied to trading prices and valuations of securities. Covenants are tied to underlying portfolio company operating performance. Per the Thirteenth Amendment executed on March 28, 2025, the capacity will contractually downsize to $350 million on October 26, 2026, with the remaining $350 million maturing on March 28, 2030 6 Interest rates shown represent the weighted average cost of financing for the funded amounts as of 1/30/2026, pro forma for t he Series 2021A Unsecured Notes repayment, assuming no other changes; for SBIC I and SBIC II, guaranteed debentures reflect pooled interest rates and SBA’s annual charges. Rates shown for unsecur ed hedged debt are floating swap rates 7 SBA-guaranteed debentures are fully funded, non-recourse, asset-backed securities, excluded by SEC exemptive order from the definition of “senior securities” under the 1940 Act asset coverage test 8 Collectively, the SBA Debentures have staggered maturities; SBIC I maturities are 2026 ($18 million), 2027 ($13 million), and 2028 ($15 million); SBIC II maturities are 2028 ($15 million), 2029 ($19 million), and 2030 ($116 million) 9 Callable at par
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428 428 (As of 1/30/2026(2), $ in millions) Leverage Maturity Schedule(1) $190 $350 $171 $300 $75 $115 $300 $18 $13 $30 $19 $116 2026 2027 2028 2029 2030 Holdings Credit Facility NMFC Credit Facility 6.200% Unsecured Notes Series 2022A Unsecured Notes Series 2023A Unsecured Notes (Baby Bond) 6.875% Unsecured Notes SBA Debentures $208 $388 $145 $490 $466 % of Total Outstanding 12.2% 22.9% 8.6% 28.9% 27.5% (3) 1 Represents maturity schedule (outstanding debt) as of January 30, 2026 2 Accounting for the repayment of the Series 2021A Unsecured Notes at maturity 3 Per the Thirteenth Amendment executed on March 28, 2025, the $190 million 2026 maturity shown above represents the drawn amount as of January 30, 2026 in excess of the contractual facility downsize to $350 million on October 26, 2026
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429 Appendix
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430 430 1 Please refer to page 37 for NII reconciliation 2 Pro forma statutory debt / equity calculation is net of available cash 3 Includes members of senior management, senior advisors and other New Mountain employees; excludes independent directors; ownership % based on total shares outstanding at the end of the respective period 4 Based on NMFC’s closing price of $11.26, $11.03, $10.55, $9.64, and $9.21 per share on 12/31/2024, 3/31/2025, 6/30/2025, 9/30/2025, and 12/31/2025, respectively 5 Current Yield at Cost is calculated as annual stated interest rate plus annual amortization of original issue discount and market discount / premium earned on accruing debt and other income producing securities divided by total accruing debt and other income producing securities at amortized cost; excludes assets on non-accrual and common equity 6 Please reference Important Notices and Safe Harbor Statement Disclosures for detail on YTM at Cost; excludes assets on non-accrual and common equity 7 Originations exclude PIK; originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains Appendix A: Key Highlights Financial Highlights Quarter Ended 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Adjusted NII Per Share(1) $0.32 $0.32 $0.32 $0.32 $0.32 NAV Per Share $12.55 $12.45 $12.21 $12.06 $11.52 Dividends Per Share $0.32 $0.32 $0.32 $0.32 $0.32 Pro Forma Statutory Debt / Equity(2) 1.11x 1.09x 1.13x 1.23x 1.21x Share Count - End of Period (mm) 107.9 107.9 106.9 104.2 102.6 Shares Owned by NMC Employees & Senior Advisors (mm / %) (3) 14.6 / 14% 14.4 / 13% 14.5 / 14% 14.7 / 14% 14.7 / 14% Value of Shares Owned by NMC Employees & Senior Advisors (mm) (3)(4) $164 $159 $153 $142 $135 Portfolio Highlights Quarter Ended 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Fair Value of Investments ($mm) $3,104.5 $3,047.7 $3,014.2 $2,957.1 $2,755.5 Number of Portfolio Companies 121 119 124 127 114 Current Yield at Cost(5) 11.4% 11.3% 11.2% 11.0% 10.8% YTM at Cost(6) 11.0% 10.7% 10.6% 10.4% 10.5% Portfolio Activity ($mm)(7) Gross Originations $33.1 $120.8 $122.2 $127.3 $29.5 (-) Repayments (158.9) (160.4) (141.4) (177.1) (139.7) Net Originations ($125.8) ($39.5) ($19.1) ($49.8) ($110.2) (-) Sales (58.9) (26.3) (13.7) - (55.2) Net Originations Less Sales ($184.7) ($65.8) ($32.9) ($49.8) ($165.4)
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431 431 1 Reflects management and incentive fees net of waivers; fees waived cannot be recouped 2 Includes non-recurring interest and other financing expenses and incentive fee adjustments on 9/30/2024 Appendix B: Income Statement Highlights (Annual) Year Ended ($ in millions, except per share data) 12/31/2023 12/31/2024 12/31/2025 Investment Income Interest income $290.8 $276.2 $240.1 Dividend income 72.5 83.8 77.8 Other income 10.5 11.2 8.7 Total investment income $373.8 $371.2 $326.6 Expenses Management fee(1) $41.5 $41.8 $38.5 Incentive fee(1)(2) 38.3 36.7 17.9 Interest and other financing expenses (2) 124.8 135.1 123.7 Net administrative, professional, other G&A expenses and income taxes 10.4 10.9 10.6 Total net expenses $214.9 $224.5 $190.7 Adjusted net investment income $158.9 $146.7 $135.9 Gain / Loss Net realized gains (losses) on investments ($32.8) ($41.3) $43.2 Net change in unrealized (depreciation) appreciation of investments 10.6 11.3 (162.2) Provision for income tax (1.3) (2.1) (0.4) Net increase in net assets resulting from operations $135.3 $114.6 $16.5 Weighted average shares outstanding (mm) 101.1 106.6 106.2 Adjusted NII per weighted average share $1.57 $1.38 $1.28
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432 432 Appendix C: Portfolio – Risk Ratings $74 / 7 $12 / 2 $43 / 3 $710 / 22 $217 / 6 $159 / 7 $1,525 / 65 $15 / 2 Tier 3Tier 4 Tier 1Tier 2 A B C Total ($ / % / Company Count): $2,756 / 100% / 114 Red = $0 / 0% / 0; Orange = $89 / 3.2% / 9 Yellow = $55 / 2.0% / 5; Green = $2,611 / 94.8% / 100 (FMV as of 12/31/2025) ($ in millions / company count) Operating Performance(1) (4 = Best; 1 = Worst) Business Characteristics(2) (A = Best; C = Worst) Software Business Services Business Services Education Consumer Services Specialty Chemicals Software Benevis Healthcare Permian Distribution & Logistics Consumer Services Packaging Financial Services & Technology Education Business Services Software Distribution & Logistics Healthcare Software Packaging Healthcare Education Sierra Hamilton 1 “Operating Performance” definition: Tier 1 – Severe business underperformance and/or severe market headwinds, Tier 2 – Significant business underperformance and/or significant market headwinds, Tier 3 – Moderate business underperformance and/or moderate market headwinds, Tier 4 – Business performance is in-line or above expectations and/or industry is stable or growing 2 “Business Characteristics,” based on a combination of 3 sub-metrics: Business quality, Balance sheet quality, Sponsor support 3 Includes SLP III and SLP IV $79 / 4 $40 / 1 $30 / 1 $10 / 1 $87 / 1 $62 / 2 $37 / 2 $31 / 1 $231 / 7 $154 / 1 $76 / 4 $64 / 1 $55 / 2 $51 / 2 $44 / 3 $21 / 1 $13 / 1 $54 / 5 $18 / 1 $2 / 1 $8 / 1 $4 / 1 Business Services SLPs(3) Software Financial Services & Technology Healthcare Net Lease Consumer Services UniTek Education Food & Beverage Business Products Distribution & Logistics Investment Fund $350 / 23 $272 / 2 $231 / 12 $151 / 11 $117 / 7 $115 / 1 $111 / 2 $73 / 1 $47 / 2 $21 / 1 $16 / 1 $16 / 1 $3 / 1 $23 / 1 $20 / 2 Consumer Products Healthcare $14 / 1 $1 / 1
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433 433 Appendix D: Risk Rating Migration from Prior Quarter A B C Business Characteristics(2) (A = Best; C = Worst) Tier 3Tier 4 Tier 1Tier 2 Operating Performance(1) (4 = Best; 1 = Worst) (FMV as of 12/31/2025) ($ in millions / company count) 1 “Operating Performance” definition: Tier 1 – Severe business underperformance and/or severe market headwinds, Tier 2 – Significant business underperformance and/or significant market headwinds, Tier 3 – Moderate business underperformance and/or moderate market headwinds, Tier 4 – Business performance is in-line or above expectations and/or industry is stable or growing 2 “Business Characteristics,” based on a combination of 3 sub-metrics: Business quality, Balance sheet quality, Sponsor support ** Excludes Green to Green Migration ** Consumer Products $14 / 1 Healthcare $2 / 1
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434 434 Appendix E: Portfolio Mix as of 12/31/2025(1) 1 Represents portfolio mix based on fair market value as of 12/31/2025 on a reported basis (not pro forma for the secondary sale); may not foot to 100% due to rounding 2 Includes SLP III and SLP IV 3 Excludes SLP III, SLP IV, and Net Lease; includes UniTek’s non-yielding preferred equity securities 5.6% 1.9% 1.9% 5.8% 4.2% 4.1% Benevis 3.2% Dealer Tire 3.0% Alliance Animal Health 2.7% UniTek 2.3% Permian 2.3% Associa 2.1% Mercer Advisors 2.0% SmartSheet iCIMS insight- software SLP III Net Lease SLP IV Portfolio Concentration 101 Other Portfolio Companies 59.0% First Lien Debt 93% 64% 12% 5% 5% 4% 6% 4% 1st LienSLPs(2) Net Lease 2nd Lien Subordinated Preferred Portfolio Mix by Type Common Equity & Other Positions(3) Sector Exposure 5% 4% 3% 3% 2% 2% 7% 5% 4% 4% 11% 6% 4% 8% 7% 5% 3% 5% Digital Transformation Compliance Services Insurance & Benefits Services Misc Services 1% Data & Information Services Utility & Data Center Services 1% Field Services 1% Engineering & Consulting Services ERP Finance & Accounting Human Capital Management IT Infrastructure & Security2% Governance, Risk & Compliance 1% Commerce & Supply ChainHealthcare Services Healthcare IT & Tech-Enabled Services 2% Pharma Services <1% Healthcare Products Real Estate Services 2%Integrated Payments 1%Financial Technology Financial Services Distribution & Logistics Education Packaging Other Consumer Services Business Services Software Healthcare Financial Services & Technology Other Power Alleys
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435 435 1 Assumes that investments are purchased at cost and held until their respective maturities with no prepayments or losses and are exited at par at maturity. The actual yield to maturity may be higher or lower due to the future selection of base rate contracts by the individual companies in our portfolio or other factors. See “Important Notices and Safe Harbor Statement” 2 References to “YTM at Purchase” have the same assumptions as above except that investments are purchased at purchase price on settlement date 3 9/30/2025 investments presented pro forma for 12/31/2025 SOFR, SONIA, and EURIBOR curves, as applicable to the terms of each borrower 4 Will not sum across due to amortization, PIK, realized gain / loss, and revolvers YTM at Cost(1) / Purchase(2) 10.4% 10.4% 11.8% 9.1% 10.5% 9/30/2025 9/30/2025 Q4 Originations Q4 Sales & Repayments 12/31/2025 $3,092.3 $3,092.3 $29.5 $194.9 $2,942.1Cost ($m)(4) PF for 12/31/2025 Base Rate Changes(3) Appendix F: Q4 2025 Investment Activity Roll
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436 436 Appendix G: Portfolio Company EBITDA and Credit Statistics 1 Weighted averages based on fair value of debt investments for each respective quarter, excluding revolvers, non-accrual positions, and recurring revenue loans. EBITDA figures are derived from the most recently available portfolio company financial statements (which are generally one quarter in arrears), have not been independently verified by NMFC, and may reflect a normalized or adjusted amount. Accordingly, NMFC makes no representation or warranty in respect to this information. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation, and amortization over the last twelve months (“LTM”) 2 Net leverage multiple defined as total debt through NMFC’s investment less total cash for the period, divided by LTM EBITDA for the period. Financial metrics as of the most recently reported fiscal quarter for the underlying investments as of 12/31/2025, and each quarter prior for the prior periods 3 Interest coverage ratio defined as LTM EBITDA for the period divided by annualized interest expense for the period. Financial metrics as of the most recently reported fiscal quarter for the underlying investments as of 12/31/2025, and each quarter prior for the prior periods Portfolio Weighted Average EBITDA(1) Portfolio Credit Statistics(2)(3) $184 $170 $176 $180 $181 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 6.2x 6.3x 6.4x 6.5x 6.5x 1.8x 1.8x 1.8x 1.8x 1.8x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Portfolio Weighted Average Net Leverage Multiple Portfolio Weighted Average Interest Coverage Ratio (Dollars in millions)
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437 437 1 See "Important Notices and Safe Harbor Statement" for discussion on adjustments due to NMFC's IPO 2 Related to YP, LLC distributions and other changes in tax estimates Appendix H: Income Reconciliation (in millions, except per share data) Year Ended (unaudited) IPO - 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 GAAP net investment income ("NII") $490.5 $106.0 $117.2 $117.3 $118.8 $119.6 $159.9 $146.0 $136.4 Non-controlling interest in NMNLC related to NII – – – (0.8) (1.3) (1.1) (1.0) (0.4) (0.5) Non-cash adjustment(1) (6.8) – – – – – – – – Non-cash capital gains incentive fee 1.1 – – – – – – – – Non-recurring interest adjustment (NHME, Permian & PPVA) (3.4) (2.3) 0.8 (1.5) (3.7) 10.1 – – – Non-recurring other income adjustment (NHME) – – – (1.0) (0.5) 1.5 – – – Non-recurring dividend adjustment (Permian) (1.2) (1.1) (1.2) 3.4 – – – – – Non-recurring incentive fee adjustment (NHME, Permian, PPVA & Interest Expense) 0.9 0.7 0.1 (0.2) 0.8 (2.4) – (0.3) – Non-recurring interest expense adjustment – – – – 0.8 0.1 – 1.5 – Non-recurring other general and administrative expenses – (0.1) (0.1) – – 0.3 – – – Adjusted NII $481.1 $103.2 $116.8 $117.2 $114.9 $128.1 $158.9 $146.7 $135.9 Non-recurring tax adjustment(2) (3.7) Pro forma adjusted NII $477.4
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438 438 1 NMFC priced its initial public offering on 5/19/2011; IPO – 12/31/2011 Adj. NII reflects nine months ended 12/31/2011 for comparability to the dividend 2 Reflects regular and supplemental dividends generated within the period; supplemental dividends typically paid in the following quarter. 2023 regular and supplement dividend includes $0.10 special distribution driven from the realized gain on investment in Haven Midstream Holdings LLC 3 Please refer to Appendix H for a reconciliation of GAAP Net Investment Income to Adjusted New Investment Income 4 Dividend coverage represents cumulative adj. NII divided by cumulative regular & supplemental dividend (1) Appendix I: Performance Since IPO Detail IPO - ($ in millions) 12/31/2017 2018 2019 2020 2020 2022 2023 2024 2025 Regular & Supplemental Dividend(2) $475.1 $103.4 $117.4 $120.1 $116.5 $122.4 $154.8 $147.2 $135.7 Cumulative Regular & Supplemental Dividend 475.1 578.5 695.9 816.0 932.5 1,054.9 1,209.6 1,356.8 1,492.5 Adj. NII(3) 477.4 103.2 116.8 117.2 114.9 128.1 158.9 146.7 135.9 Cumulative Adj. NII 477.4 580.7 697.5 814.7 929.6 1,057.7 1,216.6 1,363.3 1,499.2 Dividend Coverage (Cumulative Adj. NII / Dividend)(4) 100% 100% 100% 100% 100% 100% 101% 100% 100% GAAP Realized Gains $78.6 $12.5 $1.0 $19.1 $26.6 $54.7 $34.4 $8.8 $54.9 GAAP Realized Credit & Other Losses (109.5) (22.1) (0.1) (21.9) (30.4) (1.1) (67.2) (50.1) (11.7) Total GAAP Realized Gains / (Losses) (30.9) (9.7) 0.9 (2.8) (3.8) 53.5 (32.8) (41.3) 43.2 Cumulative GAAP Realized Gains / (Losses) (30.9) (40.6) (39.7) (42.5) (46.3) 7.2 (25.6) (66.9) (23.7) GAAP ∆ in Unrealized Appreciation 302.5 17.3 51.6 69.0 145.2 31.6 113.9 96.1 39.1 GAAP ∆ in Unrealized Depreciation (292.2) (41.2) (57.2) (122.7) (52.9) (121.8) (103.3) (84.9) (201.3) Total GAAP ∆ in Unrealized Appreciation / (Depreciation) 10.3 (23.9) (5.6) (53.7) 92.3 (90.1) 10.6 11.3 (162.2) Cumulative GAAP ∆ in Unrealized Appreciation / (Depreciation) 10.3 (13.6) (19.2) (72.9) 19.4 (70.7) (60.1) (48.8) (211.0) Cumulative Net Realized and Unrealized (Losses) / Gains ($20.6) ($54.2) ($58.8) ($115.4) ($26.9) ($63.5) ($85.7) ($115.7) ($234.7)
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439 439 Appendix J: Capital Structure Snapshot(1) 58% Unsecured Debt(3) 251% Asset Coverage for Unsecured Notes(7) 3.4x Coverage of unfunded investments through available capacity(6) 2.1x Fixed Charge Coverage(5) 1.21x Statutory Leverage as of 12/31(2) 178% Asset Coverage Ratio(4) Focus on maintaining healthy unsecured debt mix, while increasing liquidity and asset coverage 1 All data except statutory leverage and fixed charge coverage is as of 1/30/2026 (accounting for the repayment of the Series 2 021A Unsecured Notes at maturity) 2 Represents debt (net of cash) to equity ratio. This calculation excludes SBA-guaranteed debentures, which are fully funded, non-recourse, asset-backed securities that are excluded by SEC exemptive order from the definition of “senior securities” under the 1940 Act asset coverage test 3 Ratio of unsecured debt outstanding to total debt outstanding 4 Asset Coverage Ratio as defined in 1940 Act 5 Represents net income excluding financing expense and taxes, divided by financing expense 6 Available capacity represents total size of all NMFC financing facilities less funded amount, plus cash 7 Fair value of all assets, excluding liabilities (except unsecured debt, excluding SBA-guaranteed debentures), divided by unsecured debt (excluding SBA-guaranteed debentures)
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440 440 Appendix K: Capital Structure Philosophy Committed to consistently accessing Unsecured Debt Markets Unsecured Issuances ▪ NMFC has issued multiple series of unsecured debt: $200 million in 2021, $275 million in 2022, $175 million in 2023 and $600 million in 2024 – Includes two Public Investment Grade bonds issued in 2024, with maturities in October 2027 and February 2029 (both hedged to floating) ▪ We remain focused on continuing to access the unsecured market Ratings ▪ Investment Grade rating by Moody’s (Baa3/stable), Fitch (BBB-/stable) and KBRA (BBB-/stable) – Consistent and frequent dialogue with rating agencies Leverage & Liquidity ▪ Target statutory leverage ratio of 1.00-1.25x debt to equity; current leverage of 1.21x(1) net of cash as of 12/31/2025 ▪ Asset Coverage ratio of 178%(2) vs 150% BDC requirement ▪ Liquidity of $711 million(3) against unfunded commitment of $209 million Investor Dialogue ▪ Ongoing debt investor dialogue ▪ Engagement with credit research analysts to enhance liquidity and understanding of our business 1 Represents debt (net of cash) to equity ratio. This calculation excludes SBA-guaranteed debentures, which are fully funded, non-recourse, asset-backed securities that are excluded by SEC exemptive order from the definition of “senior securities” under the 1940 Act asset coverage test 2 Asset Coverage Ratio as defined in 1940 Act as of 1/30/2026 (pro forma for the repayment of the Series 2021A Unsecured Notes at maturity) 3 Liquidity represents total size of all NMFC financing facilities less funded amount, plus cash as of 1/30/2026 (pro forma for the repayment of the Series 2021A Unsecured Notes at maturity)
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441 441 Appendix L: Credit Performance Note: Companies color-coded according to Risk Rating 1 The investments shown above represent 75% of cost and 80% of fair value of the interest-bearing portfolio; includes current positions with a cost greater than $7.5m as of 12/31/2025 and excludes unfunded commitments, revolvers, a project finance investment, a borrower for which only parent company financials are required to be provided, non-accruals, and 8 investments made based on recurring revenue and a >60% equity cushion 2 Defined as total debt (assuming par for debt senior to our security, purchase price for our security, and no value for debt subordinated to our security) less total cash for the period, divided by the LTM EBITDA; current multiple as of the third calendar quarter of 2025, if available, or otherwise, the most recently reported fiscal quarter NMFC Leverage Ratio(2) Variance Company / Asset Type (Vintage)(1) Purchase Current + / (-) Company A / 1L (2021) 7.0x 3.5x 3.5x Company B / 1L (2020) 5.9x 3.0x 2.9x Company C / 1L (2024) 5.9x 3.6x 2.3x Company D / Preferred (2022) 10.3x 8.3x 2.0x Company E / 1L (2021) 7.2x 5.3x 2.0x Company F / 1L (2021) 7.3x 5.6x 1.8x Company G / 1L (2021) 8.0x 6.4x 1.6x Company H / 1L (2022) 7.2x 5.9x 1.3x Company I / 2L (2021) 6.5x 5.3x 1.2x Company J / 1L (2020) 8.8x 7.7x 1.1x Company K / 1L (2024) 8.1x 7.0x 1.1x Company L / 1L (2024) 6.1x 5.1x 0.9x Company M / 1L (2024) 4.3x 3.5x 0.9x Company N / Subordinated (2024) 7.7x 6.9x 0.8x Company O / 2L (2020) 7.3x 6.5x 0.8x Company P / 1L (2025) 4.0x 3.2x 0.8x Company Q / Preferred (2021) 7.3x 6.6x 0.7x Company R / 1L (2024) 6.5x 5.9x 0.7x Company S / 1L (2019) 6.5x 5.9x 0.6x Company N / 1L (2024) 5.8x 5.2x 0.6x Company T / 1L (2025) 6.8x 6.3x 0.5x Company U / 1L (2024) 4.7x 4.2x 0.4x Company V / 2L (2025) 6.7x 6.3x 0.4x Company W / 1L (2025) 6.4x 6.0x 0.4x Company X / 1L (2025) 6.7x 6.3x 0.4x Company Y / 1L (2025) 5.9x 5.5x 0.4x Company Z / 1L (2019) 7.5x 7.2x 0.3x Company O / 1L (2020) 5.0x 4.7x 0.3x Company AA / 1L (2025) 5.9x 5.6x 0.3x Company AB / 1L (2021) 8.3x 8.2x 0.1x NMFC Leverage Ratio(2) Variance Company / Asset Type (Vintage)(1) Purchase Current + / (-) Company AC / 1L (2022) 5.7x 5.6x 0.1x Company AD / 1L (2023) 4.2x 4.1x 0.1x Company AE / 1L (2023) 4.7x 4.6x 0.1x Company AF / 1L (2024) 5.8x 5.7x 0.1x Company AG / 1L (2025) 5.5x 5.5x (0.0x) Company AH / 1L (2025) 4.7x 4.7x (0.0x) Company AI / 1L (2025) 6.1x 6.1x (0.0x) Company AJ / 2L (2025) 7.4x 7.4x (0.0x) Company AK / 1L (2025) 6.1x 6.1x (0.0x) Company AL / Preferred (2021) 9.8x 10.0x (0.2x) Company AM / 1L (2023) 4.6x 4.7x (0.2x) Company AN / 1L (2024) 6.9x 7.2x (0.2x) Company AO / 1L (2024) 7.0x 7.3x (0.3x) Company AP / 1L (2025) 4.9x 5.3x (0.4x) Company AQ / 1L (2024) 4.6x 5.0x (0.4x) Company AL / 1L (2024) 7.2x 7.6x (0.4x) Company AR / 1L (2021) 4.5x 5.0x (0.5x) Company AR / Subordinated (2022) 5.5x 6.1x (0.6x) Company AS / 1L (2021) 6.1x 6.8x (0.7x) Company AT / 1L (2021) 3.6x 4.3x (0.7x) Company AU / 1L (2024) 6.3x 7.1x (0.8x) Company AV / 1L (2024) 5.5x 6.3x (0.8x) Company AW / 2L (2024) 6.6x 7.5x (0.9x) Company AX / 1L (2024) 0.8x 1.7x (0.9x) Company AY / 1L (2022) 7.4x 8.4x (0.9x) Company AZ / Other (2024) 7.9x 9.0x (1.1x) Company BA / 1L (2021) 6.4x 7.7x (1.2x) Company BB / 1L (2024) 4.1x 5.4x (1.3x) Benevis TL (2020) 4.6x 6.0x (1.4x) Company BC / 1L (2021) 6.0x 7.7x (1.7x) NMFC Leverage Ratio(2) Variance Company / Asset Type (Vintage)(1) Purchase Current + / (-) Benevis Jr. PIK (2020) 5.3x 7.1x (1.8x) Company BD / Subordinated (2021) 6.1x 7.9x (1.9x) Company BD / 1L (2021) 4.5x 6.8x (2.3x) Company BE / 1L (2022) 7.2x 9.5x (2.3x) Company BF / 1L (2021) 6.3x 8.7x (2.4x) Company BG / 1L (2021) 6.0x 8.4x (2.4x) Company BH / Other (2018) 7.7x 10.2x (2.5x) Permian TL (2020) 4.0x 6.6x (2.7x) Company BI / 1L (2019) 5.2x 8.5x (3.3x) Company BJ / 1L (2023) 6.1x 9.5x (3.4x) Company BK / 1L (2024) 3.5x 7.6x (4.1x) UniTek Super Sr. Pref. (2018) 2.5x 7.0x (4.5x) Company AZ / Subordinated (2023) 3.6x 8.7x (5.0x) Company BL / 1L (2019) 4.7x 14.7x (10.0x)
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442 442 Appendix M: Broad Industry Analyst Coverage Lucid Capital Markets Ethan Kaye Oppenheimer & Co. Mitchel Penn Wells Fargo Securities Finian O’Shea Raymond James Robert Dodd J.P. Morgan – Fixed Income Kabir Caprihan Keefe, Bruyette & Woods Paul Johnson Bank of America Securities Derek Hewett B Riley Sean Paul-Adams
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