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41 Earnings Presentation Q3 2026 November 3, 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 throughout the presentation include the underlying collateral, and claim for 6/30/26 and 9/30/26, 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 refer to page 34. 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 Steven B. Klinsky Founder & Chairman Laura C. Holson COO & Interim CFO John R. Kline President & CEO Years at ….. 27 18 17
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45 45 New Mountain Capital Overview 1. Includes asset valuations and remaining commitments (if applicable) as of June 30, 2026 2. As of October 1, 2026. Investment Professionals (“Investment Professionals” or “Investment Team”) includes 23 Senior Advisors, 23 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 June 30, 2026 5. AUM as of June 30, 2026 ~$60bn Assets Under Management(1) 0 Flagship Private Equity Bankruptcies or Business Failures ~320 Employees & Senior Advisors(2) ~190 Investment Professionals(2) 6bps 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 Net Lease Flagship control private equity strategy and non-control strategy (est. 2019) Established 1999 $46bn+ AUM(1) Established 2016 ~$2bn AUM(5) Sub-investment grade net lease investments Credit Established 2008 ~$15bn AUM(4) A 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 Chairman’s Overview ▪ Q3 2026 adjusted net investment income (“NII”) of $0.26 covered our dividend of $0.25 per share(1) – NII was supported by recurring income and a voluntary incentive fee waiver of $1.4 million – Effective incentive fee rate for Q3 was 15%, consistent with the permanent level we have committed to beginning in 2027(2) ▪ Announcing Q4 2026 dividend of $0.25 per share payable on December 31, 2026 to holders of record as of December 17, 2026 – Represents an annualized dividend yield of 14%(3) ▪ September 30, 2026 net asset value (“NAV”) of $10.67 per share declined 2.0% compared to $10.89 as of June 30, 2026 – Reflects mark-to-market movement on a handful of idiosyncratic credits – ~86% of the portfolio is rated Green on our heatmap, and ~80% is senior in nature(4)(5) – Improving underlying performance across many of our largest positions ▪ Combination of higher base rates, more discerning spreads, and safer capital structures provides attractive risk-adjusted returns for direct lending ▪ New Mountain employees continue to be the largest shareholders of NMFC, increasing from ~14% of total shares outstanding at September 30, 2025 to ~18% now 1. Please refer to page 34 for NII reconciliation 2. Upon expiration of the dividend protection program at the end of 2026, we plan to permanently reduce NMFC's incentive fee to 15% over the same 8% hurdle 3. Based on annualized quarterly dividend of $0.25 per share and closing stock price of $7.03 per share on 10/30/2026 4. Please refer to page 26 for details on our Risk Ratings Heatmap 5. Senior oriented assets include First Lien, SLPs, and Net Lease
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47 47 Acyclical Sectors(4) • Focused on investing in strong businesses in acyclical sectors • Achieving strong risk-adjusted returns despite economic volatility “Defensive Growth” Strategy Defensive Growth Sector Selection 1. Includes Executive Advisors and CEOs for current portfolio companies as of October 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 9/30/2026 3. For 2026, the Adviser pledges to reduce its incentive fee to 15% to support the quarterly dividend. Upon expiration of our di vidend protection program at the end of 2026, we plan to permanently reduce NMFC’s incentive fee to 15% over the same 8% hurdle 4. Based on fair value as of 9/30/2026; excludes investments in SLP III, SLP IV, Net Lease, and a Structured Finance Obligation; may not foot to 100% due to rounding 5. Represents Financial Services & Technology 47 7% 5% 4% 2% 2% 1% 1% 1% 1% 7% 5% 5% 2% 9% 6% 2% 2% 3% 2% 1% 7% 6% 5% 4% 4% Utility & Data Center Services Real Estate Services Insurance & Benefits Services Misc Services Digital Transformation Data & Information Services Compliance Services Field Services Engineering & Consulting Services ERP IT Infrastructure & Security Finance & Accounting Human Capital Management1% Commerce & Supply Chain <1% Governance, Risk & ComplianceHealthcare Services Healthcare IT & Tech-Enabled Services Healthcare Products Pharma Services Financial Services Integrated Payments Financial Technology Consumer Services Education Distribution & Logistics Packaging Other Why NMFC? • In-house industry resources and deep bench of industry executives • Superior analytical platform compared to standalone credit platforms • ~320 New Mountain Capital employees and Senior Advisors and ~120 industry executives(1) A Better Research & Underwriting Model • New Mountain employees and Senior Advisors are NMFC’s largest shareholder group (18% s/o)(2) • Dividend protection program is in place through 2026(3) Shareholder Alignment
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48 48 49% Avg. Loan to Value(2) Baa3 Moody’s Credit Rating NMFC by the Numbers 1. Based on fair value as of 9/30/2026 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, Net Lease, revolvers, non-accrual positions, and recurring revenue loans 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 quarterly dividend of $0.25 per share and closing stock price of $7.03 per share on 10/30/2026 5. IRR calculated using IPO price, dividends paid during the period and ending period NAV. Period beginning May 19, 2011 and ending September 30, 2026 New Mountain Finance Superior Credit Quality Attractive Return Profile 18 Year Operating History $2.3bn Portfolio Size(1) 6bps Realized Total Net Loss Rate since IPO(3) ~86% Green Portfolio Risk Rating ~$1.6bn Total dividends paid to shareholders 14% Annualized Div. Yield(4) ~10% Annual Return Since IPO(5) October 2008
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49 49 76% >75% Current Target Strategic Priorities 1. PIK income as a percentage of total investment income. Please refer to page 19 for additional details 2. Based on fair market value as of 9/30/2026; senior oriented assets include First Lien, SLPs, and Net Lease 3. Based on fair market value as of 9/30/2026, excludes SLP III, SLP IV, and Net Lease. Please refer to page 17 for additional d etails 4. Pro forma as of 10/2/2026; please refer to page 22 for additional details. Floating liabilities were 77% as of 9/30/2026; please refer to page 23 for additional details ▪ Maintain or increase senior assets − 80% senior as of September 30, 2026(2) ▪ Diversify top positions Assets ▪ Better align liability mix with asset mix − Liabilities are 76% floating rate, vs. 74% as of June 30, 2026 ▪ Optimize cost of debt for NMFC and SLPs Liabilities ▪ Rotate non-yielding equity positions into cash yielding assets − Non-yielding equity positions total ~$130 million of fair value ▪ Reduce PIK income Income 20% <12% 25% <20% PIK Income(1) Top 10 Positions(3) Floating Liabilities(4) Current Current Current Target Target Target
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410 410 Q2 2026 Risk Ratings (Fair Value as of 6/30/2026) Q3 2026 Risk Ratings (Fair Value as of 9/30/2026) 1. Risk Rating migration reflected as 6/30/2026 Risk Rating using 6/30/2026 FMV; 9/30/2026 Risk Rating using 9/30/2026 FMV. Excludes Green to Green migration 2. Does not include unfunded commitments, common equity investments, SLPs, Net Lease, or non-yielding preferred investments Summary of Risk Rating Changes(1) Risk Rating Weighted Average Mark(2) Green 95% Yellow 70% Orange 70% Red 11% Risk ratings related to positions representing ~$2.2 billion of fair value were unchanged during the quarter; ~$36 million of negative migrations were partially offset by ~$1 million of positive migration(1) 10.2% 87.6% 0.1% 2.1% 11.7% 86.1% 2.1% 0.1%
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411 411 Q3 2026 NMFC NAV Update Q3 2026 NAV declined $0.22 per share (or 2.0%) compared to prior quarter $10.89 $10.67 6/30/2026 NAV per Share ($0.12) Market Movement ($0.10) Credit-Specific Movement 9/30/2026 NAV per Share Company $ / Share symplr + $0.02 Other – $0.01 insightsoftware – $0.02 Deca Dental – $0.02 Resource Label Group – $0.07
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412 412 Credit Performance Track Record $2,266 / $2,484 / 110 $40 / $73 / 6 of which 1.8% / 2.9% Investments Fair Value / Cost / Count As of 9/30/2026 Cumulative Since IPO (15+ 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 $10,587 / 358 $393 realized losses $292 realized gains ($ in millions) ▪ Non-accruals represent 1.8% of total portfolio fair value ▪ ~$10.6 billion of cumulative investments since IPO have generated net realized losses of just ~$101 million Investments Cost / Count Non-Accrual Fair Value / Cost / Count Net Realized Gains (Losses) ($101)(2) Note: Represents a 6bps realized total net loss rate since IPO(3)
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413 413 Credit Market Conditions 1. Source: Bloomberg; Oct-26 forward curve as of 10/23/2026, Dec-25 forward curve as of 12/31/2025 2. Source: Pitchbook; data as of 9/30/2026; represents aggregate deal value for direct lending LBOs 3. Source: Pitchbook; data as of 9/30/2026; represents new-issue TLB spread by borrower rating Despite the uncertain investing environment, direct lending offers attractive risk-adjusted returns -28% Pricing Dispersion Has Increased(3) 100 200 300 400 500 3Q25 4Q25 1Q26 2Q26 3Q26 BB- Spread B- Spread 111 bps 187 bps Direct Lending Deal Volume Remains Subdued(2) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Q3'25 YTD Q3'26 YTD - $10 $20 $30 $40 $50 $60 $70 $80 Aggregate Deal Value ($bn) Base Rates are Higher for Longer(1) 3.3% 4.6% 3.0% 3.5% 4.0% 4.5% 5.0% 2026 2027 3-Month Term SOFR Forward Curve (Dec-25) Forward Curve (Oct-26) +134 bps -28%
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414 414 Company Industry $ Invested Type of Investment W.A. Purchase Price Spread Originations(1) ICAT Logistics Distribution & Logistics $5.0 First Lien 99.3 S + 6.25% Integris Digital Transformation - Business Services 2.6 First Lien 100.0 S + 5.00% DDTL Draws & Other 2.7 Total Originations $10.3 Repayments(1) Lyons Magnus Food & Beverage ($21.2) First Lien N/A S + 5.75% Alegeus Healthcare IT & Tech-Enabled Services - Healthcare (8.2) First Lien N/A S + 6.50% Convergint Field Services - Business Services (3.0) Second Lien N/A S + 5.50% Other Repayments (3.3) Total Repayments ($35.8) Total Sales (8.1) Originations Less Repayments & Sales ($33.7) Q3 2026 Portfolio Activity 1. Originations and Repayments over $2.5 million shown, Originations and Repayments less than $2.5 million included in “DDTL Draws & Other” and “Other Repayments”, respectively. Originations exclude PIK; originations, repayments, and sales excludes revolvers, unfunded commitments, bridges, return of capital, and realized gains ($ in millions)
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415 415 Q3 2026 Investment Activity Roll 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. 6/30/2026 investments presented pro forma for 9/30/2026 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) 11.1% 11.8% 11.2% 10.5% 12.0% 6/30/2026 6/30/2026 Q3 Originations Q3 Sales & Repayments 9/30/2026 $2,494.4 $2,494.4 $10.3 $43.9 $2,484.0Cost ($M)(4) PF for 9/30/2026 Base Rate Changes(3)
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416 416 63% 11% 5% 3% 5% 6% 6% 1st Lien SLPs(2) Net Lease 2nd Lien Subordinated Preferred Total Portfolio: $2,265.7M A 10% change in the fair value of our equity positions impacts book value by $0.15 / share Portfolio Mix by Type (Fair Value as of 9/30/2026)(1) 1. 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; “Other” includes equity positions less than $10.0 million of fair market value 4. Formerly known as Permian Company FMV ($M) Benevis $35.9 Equity Co-invests 30.6 Other 21.8 UniTek 18.4 Affordable Care 11.8 Applied Cleveland 11.7 Novus(4) 11.0 Total Equity $141.3 Common Equity & Other Positions(3) Common Equity & Other Positions(3) ~80% of the portfolio is senior in nature, consistent with the prior quarter and prior year period
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417 417 4.1% 4.0% 3.0% 2.4% 2.1% 2.0% 2.0% 1.7% 1.7% 1.7% 6.9% 5.3% 4.5% UniTek Benevis Novus(3) SmartSheet Model N Associa Edmentum Teaching Strategies Deca Dental Davies SLP III Net Lease SLP IV Diverse Portfolio (By Fair Value as of 9/30/2026)(1) Top 10 portfolio companies represent $561.6 million, or 24.8%, of consolidated investments(2) Portfolio Names by Fair Value 97 Other Portfolio Companies 58.5% Top 10PortfolioCompanies 24.8% Funds 16.7% 1. May not foot to 100% due to rounding 2. Excluding SLP III, SLP IV, and Net Lease 3. Formerly known as Permian
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418 418 Income Statement Highlights 1. Reflects incentive fee net of waivers; fees waived cannot be recouped 2. Includes non-recurring interest and other financing expense adjustments for the quarters ended on 3/31/2026, 6/30/2026, and 9/30/2026 Quarter Ended ($ in millions, except per share data) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Investment Income Interest income $59.4 $56.3 $48.0 $43.3 $43.9 Dividend income 19.1 18.7 18.9 15.8 14.6 Other income 1.9 2.3 1.8 2.3 1.8 Total investment income $80.4 $77.3 $68.7 $61.4 $60.3 Expenses Management fee $9.6 $9.2 $8.2 $7.4 $7.3 Incentive fee(1) 2.8 3.0 – 4.4 4.3 Interest and other financing expenses(2) 31.7 29.5 25.9 22.2 22.2 Net administrative, professional, other G&A expenses and income taxes 2.4 2.6 2.4 2.7 2.4 Total net expenses $46.5 $44.3 $36.5 $36.7 $36.2 Adjusted net investment income $33.9 $33.0 $32.2 $24.7 $24.1 Gain / Loss Net realized gains (losses) on investments $0.0 ($8.0) ($32.0) ($45.0) ($0.5) Net change in unrealized appreciation (depreciation) of investments (21.6) (51.6) (49.4) 37.7 (19.4) Benefit (provision) for income tax – (0.4) 0.1 – (0.2) Net adjusted increase (decrease) in net assets resulting from operations $12.3 ($27.0) ($49.3) $17.4 $4.0 Weighted average shares outstanding (M) 106.0 103.0 100.5 94.6 94.5 Adjusted NII per weighted average share $0.32 $0.32 $0.32 $0.26 $0.26
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419 419 Investment Income Mix Our investment income continues to be predominantly paid in cash 75% 15% 5% 5% Cash Income PIK Interest / Dividend Income via Origination(1) PIK Interest / Dividend Income via Modification(2) Other(3) Investment Income Mix 75% of investment income is cash and only 5% of investment income is generated from PIK via modification ~81% 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 and amortization of purchase discounts 4. Calculated as FMV for each position as of 9/30/2026 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 ~94% of par(4)
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420 420 Balance Sheet Highlights 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 Quarter Ended ($ in millions, except per share data) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Assets Portfolio $2,957.1 $2,755.5 $2,319.1 $2,295.5 $2,265.7 Cash & Equivalents 63.7 80.7 51.1 64.8 41.9 Other Assets(1) 68.1 66.7 57.0 55.2 45.1 Total Assets $3,088.9 $2,902.9 $2,427.2 $2,415.5 $2,352.7 Liabilities Statutory Debt $1,588.9 $1,492.7 $1,172.7 $1,192.5 $1,199.7 SBA-Guaranteed Debentures 196.2 196.2 169.3 169.3 120.0 Other Liabilities(2) 47.2 31.8 41.7 25.5 25.0 Total Liabilities $1,832.3 $1,720.7 $1,383.7 $1,387.3 $1,344.7 NAV $1,256.6 $1,182.2 $1,043.5 $1,028.2 $1,008.0 Shares Outstanding - Ending Balance (M) 104.2 102.6 95.6 94.5 94.5 NAV / Share $12.06 $11.52 $10.92 $10.89 $10.67 Statutory Debt / Equity(3) 1.26x 1.26x 1.12x 1.16x 1.19x Pro Forma Statutory Debt / Equity(4) 1.23x 1.21x 1.08x 1.11x 1.15x
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421 421 Leverage Profile 1. Reflects the 10/1/2026 funding of $150 million of senior unsecured notes (October 2028 and October 2031 maturities), with proceeds used to repay the Holdings Credit Facility. As of 9/30/2026, there was a total of $910 million of unsecured debt outstanding. Except as otherwise noted above, as of 10/2/2026 there were no differences to the leverage profile as of 9/30/20 26 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. May not foot to 100% due to rounding 4. Includes €16.5 million and £8.7 million translated to USD at exchange rates as of October 2, 2026 5. NMFC Credit Facility has a CSA, per the credit agreement. $50 million (committed) matures on September 28, 2029 and $487 million (committed) matures on July 30, 2031 6. 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 7. Interest rates shown represent the weighted average cost of financing for the funded amounts as of 10/2/2026; for SBIC II, gu aranteed debentures reflect pooled interest rates and SBA’s annual charges. Rates shown for unsecured swapped debt are floating swap rates 8. Callable at par 9. 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. SBIC II maturities are 2029 ($4 million) and 2030 ($116 million) (As of 10/2/2026(1), $ in millions) Outstanding / Facility Size Interest Rate(2) Maturity Percentage of Outstanding(3) NMFC Credit Facility $30(4) / $537(5) SOFR + 2.00%(5) July 2031(5) 2.3% Corporate Revolving Credit Facilities $30 / $537 SOFR + 2.00% 2.3% Holdings Credit Facility (Wells Fargo Facility)(6) $201 / $350 Daily Simple SOFR + 1.85% March 2031 15.6% Asset-Backed Credit Facilities $201 / $350 SOFR + 1.85% 15.6% October 2027 Notes $300 / $300 SOFR + 2.88%(7) October 2027 23.2% October 2028 Notes $40 / $40 SOFR + 2.50%(7) October 2028 3.1% February 2029 Notes $300 / $300 SOFR + 2.82%(7) February 2029 23.2% October 2031A Notes $35 / $35 SOFR + 2.89%(7) October 2031 2.7% October 2031B Notes $75 / $75 SOFR + 3.66% October 2031 5.8% Unsecured Swapped/Floating Debt $750 / $750 SOFR + 2.91%(7) 58.0% June 2027 Notes $75 / $75 5.90% June 2027 5.8% November 2028 Notes $115 / $115 8.25% November 2028(8) 8.9% SBIC II(9) $120 / $120 1.90% weighted average rate(7) September 2030(9) 9.3% Unsecured Non-Swapped Debt $310 / $310 5.22%(7) 24.0% Unsecured Management Company Revolver – / $100 Applicable Federal Rate December 2030 0.0% Other Credit Facilities – / $100 0.0% Total $1,291 / $2,047 6.21%(7)
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422 422 Leverage Maturity Schedule 1. Reflects the 10/1/2026 funding of $150 million of senior unsecured notes (October 2028 and October 2031 maturities), with proceeds used to repay the Holdings Credit Facility. As of 9/30/2026, there was a total of $910 million of unsecured debt outstanding. Except as otherwise noted above, as of 10/2/2026 there were no differences to the leverage profile as of 9/30/2026 2. May not foot to 100% due to rounding As of 10/2/2026(1), $ in millions $201 $30 $300 $110 $4 $116 2026 2027 2028 2029 2030 2031 % of Total Outstanding(2) $375 $155 Floating vs Fixed Debt Mix Debt Type Outstanding Debt Max Facility Size Fixed 24% 15% Floating 76% 85% 29.0% 12.0% 23.5% 9.0% 26.4%0.0% SBA DebenturesUnsecured Notes NMFC Credit Facility Holdings Credit Facility
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423 423 Positively Exposed to Elevated Base Rates 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 1.13 EUR/USD exchange rate as of 9/30/2026 and £8.7m converted at 1.33 GBP/USD exchange rate as of 9/30/2026 3. Illustrative calculations based on Q3 2026 portfolio and changing the base rates for floating assets and liabilities; all other assumptions are held constant Asset Mix (Aggregate par value of $1,857 million as of 9/30/2026)(1) Impact of Changing Rates(3) 88% 12% Floating Fixed 77% 23% FloatingFixed Liability Mix ($1,332 million drawn as of 9/30/2026)(2) Elevated base rates provide a sustained uplift to core earnings power Change in Interest Rates Estimated % Change in Interest and Dividend Income Net of Interest Expense -100 bps (5.8%) -50 bps (2.9%) +50 bps 2.9% +100 bps 5.8% As of 9/30/2026, 3-month SOFR was 4.08%
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424 Appendix
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425 425 Key Highlights 1. Please refer to page 34 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 $9.64, $9.21, $7.76, $7.17, and $6.92 per share on 9/30/2025, 12/31/2025, 3/31/2026, 6/30/20 26, and 9/30/2026, 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 Financial Highlights Quarter Ended 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Adjusted NII Per Share(1) $0.32 $0.32 $0.32 $0.26 $0.26 NAV Per Share $12.06 $11.52 $10.92 $10.89 $10.67 Dividends Per Share $0.32 $0.32 $0.32 $0.25 $0.25 Pro Forma Statutory Debt / Equity(2) 1.23x 1.21x 1.08x 1.11x 1.15x Share Count - End of Period (M) 104.2 102.6 95.6 94.5 94.5 Shares Owned by NMC Employees & Senior Advisors (M / %)(3) 14.7 / 14% 14.7 / 14% 16.4 / 17% 16.6 / 18% 16.9 / 18% Value of Shares Owned by NMC Employees & Senior Advisors (M)(3)(4) $142 $135 $127 $119 $117 Portfolio Highlights Quarter Ended 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Fair Value of Investments ($M) $2,957.1 $2,755.5 $2,319.1 $2,295.5 $2,265.7 Number of Portfolio Companies 127 114 115 113 110 Current Yield at Cost(5) 11.0% 10.8% 11.5% 11.4% 11.7% YTM at Cost(6) 10.4% 10.5% 11.1% 11.1% 12.0% Portfolio Activity ($M)(7) Gross Originations $127.3 $29.5 $117.1 $73.3 $10.3 (-) Repayments (177.1) (139.7) (47.1) (61.0) (35.8) Net Originations ($49.8) ($110.2) $70.0 $12.3 ($25.5) (-) Sales - (55.2) (444.9) (43.4) (8.1) Net Originations Less Sales ($49.8) ($165.4) ($374.9) ($31.2) ($33.7)
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426 426 Portfolio – Risk Ratings $2 / 1 $12 / 1 $35 / 5 $117 / 8 $149 / 9 $355 / 16 $56 / 3 $357 / 15 $1,182 / 52 Tier 3Tier 4 Tier 1Tier 2 A B C Total ($ / % / Company Count): $2,266 / 100% / 110 Red = $2 / 0.1% / 1; Orange = $47 / 2.1% / 6 Yellow = $266 / 11.7% / 17; Green = $1,951 / 86.1% / 86 (FMV as of 9/30/2026) ($ in millions / company count) Operating Performance(1) (4 = Best; 1 = Worst) Business Characteristics(2) (A = Best; C = Worst) 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 4. Formerly known as Permian Consumer Products Healthcare $2 / 1 $12 / 1 Software Healthcare Packaging Business Services $71 / 4 $54 / 2 $15 / 1 $8 / 2 Education Healthcare Software Sierra Hamilton $16 / 1 $13 / 2 $4 / 1 $2 / 1 Benevis Software Healthcare Education Packaging Distribution & Logistics Business Services Financial Services & Technology $92 / 1 $73 / 3 $47 / 3 $45 / 1 $32 / 1 $32 / 1 $21 / 3 $15 / 2 Software Novus(4) Business Services Healthcare Consumer Services Distribution & Logistics Financial Services & Technology Education $120 / 6 $67 / 1 $50 / 3 $36 / 2 $30 / 1 $24 / 1 $19 / 1 $10 / 1 Consumer Services Healthcare Distribution & Logistics Business Services Packaging $48 / 2 $30 / 3 $24 / 1 $8 / 1 $7 / 1 Business Services SLPs (3) Net Lease Financial Services & Technology Software UniTek Healthcare Consumer Services Education Packaging Distribution & Logistics Investment Fund $259 / 20 $257 / 2 $121 / 1 $102 / 9 $95 / 8 $93 / 1 $89 / 3 $63 / 2 $48 / 2 $30 / 1 $21 / 2 $3 / 1 Business Services Software $42 / 2 $15 / 1
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427 427 Risk Rating Migration from Prior Quarter A B C Business Characteristics(2) (A = Best; C = Worst) Tier 3Tier 4 Tier 1Tier 2 Operating Performance(1) (4 = Best; 1 = Worst) (FMV as of 9/30/2026) ($ 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 ** Software - $23 / 1 Packaging - $7 / 1 Healthcare - $6 / 1 Healthcare $1 / 1
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428 428 NMFC Leverage Ratio(2) Variance Company / Asset Type (Vintage)(1) Purchase Current + / (-) Company BC / 1L (2023) 6.1x 10.2x (4.2x) Company BD / 1L (2024) 3.5x 7.7x (4.2x) Company AW / Subordinated (2023) 3.6x 9.0x (5.4x) UniTek Super Sr. Pref. (2018) 2.5x 7.9x (5.4x) NMFC Leverage Ratio(2) Variance Company / Asset Type (Vintage)(1) Purchase Current + / (-) Company A / 1L (2020) 5.9x 2.4x 3.5x Company B / 1L (2024) 5.9x 3.1x 2.8x Company C / 1L (2021) 7.0x 4.1x 2.8x Company D / 1L (2021) 7.3x 4.7x 2.6x Company E / 1L (2021) 7.2x 5.0x 2.2x Company F / 1L (2024) 8.1x 6.0x 2.1x Company G / 1L (2020) 8.8x 6.7x 2.1x Company H / 1L (2024) 6.1x 4.2x 1.9x Company I / 1L (2024) 4.3x 2.6x 1.8x Company J / 1L (2021) 8.0x 6.3x 1.7x Company K / Preferred (2022) 10.3x 8.9x 1.4x Company L / 1L (2021) 7.4x 6.0x 1.4x Company M / 1L (2023) 4.6x 3.3x 1.3x Company N / 1L (2025) 4.7x 3.5x 1.2x Company O / 1L (2025) 5.5x 4.4x 1.1x Company P / 1L (2024) 7.0x 6.0x 1.1x Company Q / 2L (2020) 7.3x 6.6x 0.7x Company R / 1L (2025) 6.1x 5.5x 0.5x Company S / 1L (2024) 6.9x 6.6x 0.4x Company T / Preferred (2021) 7.3x 7.0x 0.3x Company U / 1L (2025) 6.8x 6.5x 0.3x Company Q / 1L (2020) 5.0x 4.8x 0.3x Company V / 1L (2024) 6.5x 6.3x 0.2x Company W / Subordinated (2024) 7.7x 7.5x 0.2x Company X / 1L (2026) 5.8x 5.6x 0.1x Company W / 1L (2024) 5.8x 5.7x 0.1x Company Y / 1L (2025) 5.5x 5.4x 0.0x Company Z / 1L (2024) 5.8x 5.8x 0.0x Company AA / 1L (2026) 6.6x 6.6x (0.0x) Company AB / 1L (2026) 5.5x 5.5x (0.0x) Credit Performance Note: Companies color-coded according to Risk Rating 1. The investments shown above represent 73% of cost and 75% of fair value of the interest-bearing portfolio; includes current positions with a cost greater than $7.5m as of 9/30/2026 and excludes unfunded commitments, revolvers, non-accruals, and investments made based on recurring revenue 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 most recently reported fiscal quarter for the underlying investments as of 9/30/2026 NMFC Leverage Ratio(2) Variance Company / Asset Type (Vintage)(1) Purchase Current + / (-) Company AC / 1L (2026) 5.5x 5.5x (0.0x) Company AD / 2L (2021) 6.5x 6.5x (0.0x) Company AE / 1L (2026) 2.2x 2.3x (0.1x) Company AF / 1L (2026) 2.9x 3.1x (0.2x) Company AG / 1L (2026) 7.0x 7.2x (0.2x) Company AH / 1L (2024) 4.6x 4.9x (0.3x) Company AI / 1L (2022) 4.5x 4.9x (0.4x) Company AJ / 1L (2021) 6.4x 6.8x (0.4x) Company AK / 1L (2025) 6.4x 6.8x (0.4x) Company AL / 2L (2024) 6.6x 7.0x (0.4x) Company AM / 1L (2024) 5.5x 6.0x (0.5x) Company AN / 1L (2023) 4.2x 4.9x (0.7x) Company AO / 1L (2024) 0.8x 1.6x (0.8x) Company AP / 1L (2021) 6.1x 7.1x (1.0x) Company AQ / 1L (2019) 7.5x 8.7x (1.2x) Company AR / 1L (2021) 3.6x 4.9x (1.3x) Company AS / 1L (2022) 7.4x 8.8x (1.3x) Benevis TL (2020) 4.6x 6.0x (1.3x) Company AT / 2L (2025) 7.4x 8.8x (1.4x) Company AU / 1L (2024) 4.1x 5.5x (1.4x) Company AV / 1L (2025) 5.9x 7.3x (1.4x) Company AW / Preferred (2024) 7.9x 9.3x (1.4x) Company AX / 1L (2024) 6.3x 7.8x (1.5x) Company AY / Subordinated (2021) 6.1x 7.6x (1.5x) Benevis Jr. PIK (2020) 5.3x 7.1x (1.8x) Company AZ / 1L (2021) 6.3x 8.3x (2.0x) Company AY / 1L (2021) 4.5x 6.7x (2.1x) Company BA / 1L (2019) 5.2x 8.2x (3.0x) Company BB / 1L (2022) 7.2x 10.3x (3.1x) Novus TL (2020) 4.0x 7.2x (3.2x)
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429 429 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 9/30/2026, 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 9/30/2026, and each quarter prior for the prior periods Portfolio Weighted Average EBITDA(1) Portfolio Credit Statistics(2)(3) $180 $181 $189 $209 $214 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 6.5x 6.5x 6.2x 6.3x 6.2x 1.8x 1.8x 2.0x 2.1x 2.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Portfolio Weighted Average Net Leverage Multiple Portfolio Weighted Average Interest Coverage Ratio ($ in millions)
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430 430 $1,580 ($343) $(400) $(200) $- $200 $400 $600 $800 $1,000 $1,200 $1,400 Cumulative Performance Since IPO(1) 1. For additional details and reconciliation to GAAP financials, please refer to pages 32 and 34 Since IPO in 2011, NMFC has earned $1.5+ billionwhile creating $1.2+ billion of total value for shareholders ($ in millions) 2012 202120172013 2014 20162015 2018 2019 2020 2022 $1,237 Total Value Generated for Shareholders Cumulative Adj. NII(1) Cumulative GAAP Net Realized and Unrealized Gains / (Losses) 2024 IPO Through December 31: 2011 2023 2025 2026 YTD NMFC has generated $1,580 million of Adj. NII, $101 million of net realized losses and $242 million of net unrealized losses
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431 431 $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 $1.28 $0.82 $0.15 $0.05 $0.37 $0.12 $0.12 $0.10 $1.71 $1.48 $1.48 $1.53 $1.33 100% 99% 104% 103% 102% 98% 99% 100% 99% 98% 99% 105% 123% 108% 100% 102% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Regular Dividend Supplemental Dividend Special Dividend Dividend Coverage Dividend Summary and 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 Q4 dividend of $0.25 per share (payable in December 2026) ▪ Investment Adviser has pledged to reduce its incentive fee to 15% through Q4 2026 to support the quarterly dividend ▪ Upon expiration of our dividend protection program at the end of 2026, we plan to permanently reduce NMFC’s incentive fee to 15% over the same 8% hurdle (1) (3)(2)
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432 432 ($ in millions) IPO - 12/31/2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Regular & Supplemental Dividend(2) $475.1 $103.4 $117.4 $120.1 $116.5 $122.4 $154.8 $147.2 $135.7 $78.4 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 1,570.9 Adj. NII(3) 477.4 103.2 116.8 117.2 114.9 128.1 158.9 146.7 135.9 81.0 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 1,580.2 Dividend Coverage (Cumulative Adj. NII / Dividend)(4) 100% 100% 100% 100% 100% 100% 101% 100% 100% 101% GAAP Realized Gains $78.6 $12.5 $1.0 $19.1 $26.6 $54.7 $34.4 $8.8 $54.9 $1.7 GAAP Realized Credit & Other Losses (109.5) (22.1) (0.1) (21.9) (30.4) (1.1) (67.2) (50.1) (11.7) (79.3) Total GAAP Realized Gains / (Losses) (30.9) (9.7) 0.9 (2.8) (3.8) 53.5 (32.8) (41.3) 43.2 (77.5) Cumulative GAAP Realized Gains / (Losses) (30.9) (40.6) (39.7) (42.5) (46.3) 7.2 (25.6) (66.9) (23.7) (101.2) GAAP ∆ in Unrealized Appreciation 302.5 17.3 51.6 69.0 145.2 31.6 113.9 96.1 39.1 72.9 GAAP ∆ in Unrealized Depreciation (292.2) (41.2) (57.2) (122.7) (52.9) (121.8) (103.3) (84.9) (201.3) (104.1) Total GAAP ∆ in Unrealized Appreciation / (Depreciation) 10.3 (23.9) (5.6) (53.7) 92.3 (90.1) 10.6 11.3 (162.2) (31.3) Cumulative GAAP ∆ in Unrealized Appreciation / (Depreciation) 10.3 (13.6) (19.2) (72.9) 19.4 (70.7) (60.1) (48.8) (211.0) (242.3) 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) ($343.5) 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 supplemental dividend includes $0.10 special distribution driven from the realized gain on investment in Haven Midstream Holdings LLC 3. Please refer to page 34 for a reconciliation of GAAP Net Investment Income to Adjusted Net Investment Income 4. Dividend coverage represents cumulative adj. NII divided by cumulative regular & supplemental dividend (1) Performance Since IPO Detail
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433 433 Investment Income Detail 1. Includes recurring income associated with SLP III, SLP IV, and Net Lease Quarter Ended ($ in millions) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Investment Income Build Cash Interest and Dividend Income $50.7 $47.3 $43.6 $36.8 $35.5 SLP and Net Lease Income(1) 11.7 11.7 11.8 10.6 8.6 Recurring Cash Investment Income $62.4 $59.0 $55.4 $47.4 $44.1 Recurring Non-cash Investment Income $15.9 $16.1 $11.9 $12.8 $14.8 Total Recurring Investment Income $78.3 $75.1 $67.3 $60.2 $58.9 Non-recurring Cash Investment Income $2.1 $0.7 $1.4 $1.0 $1.3 Non-recurring Non-cash Investment Income – $1.5 – $0.2 $0.1 Total Non-recurring Investment Income $2.1 $2.2 $1.4 $1.2 $1.4 Total Adjusted Investment Income $80.4 $77.3 $68.7 $61.4 $60.3 Total Cash Investment Income $64.5 $59.7 $56.8 $48.4 $45.4 Key Statistics % of Total Investment Income that is Recurring 97% 97% 98% 98% 98% % of Total Investment Income that is PIK Interest Income 9% 10% 7% 9% 11% % of Total Investment Income that is PIK Dividend Income 9% 9% 8% 8% 9%
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434 434 Income Reconciliation 1. See "Important Notices and Safe Harbor Statement" for discussion on adjustments due to NMFC's IPO 2. Formerly known as Permian 3. Related to YP, LLC distributions and other changes in tax estimates 4. Excludes net investment income related to non-controlling interest in NMNLC (in millions, except per share data) Year Ended YTD (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 9/30/26 GAAP net investment income ("NII") $490.5 $106.0 $117.2 $117.3 $118.8 $119.6 $159.9 $146.0 $136.4 $78.9 Non-controlling interest in NMNLC related to NII – – – (0.8) (1.3) (1.1) (1.0) (0.4) (0.5) (0.3) Non-cash adjustment(1) (6.8) – – – – – – – – – Non-cash capital gains incentive fee 1.1 – – – – – – – – – Non-recurring interest adjustment (NHME, Novus(2) & 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 (Novus) (1.2) (1.1) (1.2) 3.4 – – – – – – Non-recurring incentive fee adjustment (NHME, Novus, PPVA & Interest Expense) 0.9 0.7 0.1 (0.2) 0.8 (2.4) – (0.3) – (0.2) Non-recurring interest expense adjustment – – – – 0.8 0.1 – 1.5 – 2.6 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 $81.0 Non-recurring tax adjustment(3) (3.7) Pro forma adjusted NII $477.4 Quarter Ended (in millions, except per share data; unaudited) 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 $M Per Share $M Per Share $M Per Share $M Per Share $M Per Share GAAP net investment income ("NII")(4) $33.9 $0.32 $33.0 $0.32 $30.5 $0.30 $24.5 $0.26 $23.6 $0.25 Non-recurring interest expense – – – – 1.7 0.02 0.2 0.00 0.5 0.01 Adjusted NII $33.9 $0.32 $33.0 $0.32 $32.2 $0.32 $24.7 $0.26 $24.1 $0.26
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435 435 Capital Structure Philosophy 82% Unsecured Debt(2) 228% Asset Coverage for Unsecured Notes(6) 5.5x Coverage of unfunded investments(5) 2.0x Fixed Charge Coverage(4) 1.15x Statutory Leverage(1) 184% Asset Coverage Ratio(3) All data is as of 9/30/2026, unless otherwise noted 1. Represents debt (net of cash) to equity ratio as of 9/30/2026. 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. Ratio of unsecured debt outstanding to total debt outstanding as of 10/2/2026, which reflects the 10/1/2026 funding of $150 m illion of senior unsecured notes (October 2028 and October 2031 maturities), with proceeds used to repay the Holdings Credit Facility. Ratio of unsecured debt outstanding to total debt outstanding as of 9/30/2026 was 68% 3. Asset Coverage Ratio as defined in 1940 Act as of 9/30/2026 4. Represents net investment income excluding financing expense and taxes, divided by financing expense as of 9/30/2026 5. Coverage of unfunded investments through available capacity as of 10/2/2026, which represents total size of all NMFC financing facilities less funded amount, plus cash. Coverage of unfunded investments through available capacity as of 9/30/2026 was 5.9x 6. Fair value of all assets, excluding liabilities (except unsecured debt, excluding SBA-guaranteed debentures), divided by unsecured debt (excluding SBA-guaranteed debentures) as of 9/30/2026 7. Liquidity as of 10/2/2026 represents total size of all NMFC financing facilities less funded amount, plus cash; liquidity as of 9/30/2026 was $857 million. The difference in liquidity can be attributed primarily to the change in Holdings Credit Facility size Unsecured Issuances ▪ NMFC has issued multiple series of unsecured debt: $200 million in 2021, $275 million in 2022, $175 million in 2023, $600 million in 2024, and $150 million in 2026 ▪ We remain committed to accessing the unsecured market Ratings ▪ Investment Grade rating by Moody’s (Baa3) and Fitch (BBB-); active dialogue with both rating agencies Leverage & Liquidity ▪ Target statutory leverage ratio of 1.00-1.25x debt to equity; current leverage of 1.15x(1) net of cash as of 9/30/2026 ▪ 184%(3) Asset Coverage Ratio vs 150% BDC requirement ▪ $802 million(7) liquidity vs $145 million unfunded commitments Market Dialogue ▪ Continuous engagement with debt investors and credit research analysts to broaden coverage and enhance liquidity Focused on maintaining a healthy unsecured debt mix, strong liquidity, and robust Asset Coverage Ratio
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436 436 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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437