Reports Third Quarter Net Investment Income of $0.32 per Share and Declares a Fourth Quarter Distribution of $0.32 per Share

New Mountain Finance Corporation (NASDAQ:NMFC) ("New Mountain," "New Mountain Finance" or the "Company") today announced its financial results for the quarter ended September 30, 2025.

Third Quarter and Recent Highlights¹

Net investment income of $33.9 million, or $0.32 per weighted average share
Net asset value of $12.06 per share compared to $12.21 per share as of June 30, 2025
~95% of the portfolio is rated green on our internal heatmap
Increased senior oriented asset mix to 80%, compared to 75% as of September 30, 2024
Utilized the full amount of the original $50 million stock repurchase plan
Established a new stock repurchase plan authorizing the repurchase of up to $100 million worth of common shares, which reflects a doubling in capacity compared to the original stock repurchase plan
Exploring a secondary portfolio sale of up to $500 million of assets to further NMFC's strategic initiatives around reducing PIK income, diversifying the portfolio and enhancing financial flexibility
Declared a fourth quarter 2025 distribution of $0.32 per share, payable on December 31, 2025, to holders of record as of December 17, 2025

*($ in millions, except per share data)*	Q3 2025			Q3 2024
Net Investment Income per Weighted Average Share	$	0.32		$	0.33
Non-recurring Adjustments²		—			0.01
Net Adjusted Investment Income² per Weighted Average Share	$	0.32		$	0.34
Regular & Supplemental Dividends Paid per Share in Quarter	$	0.32		$	0.34
Annualized Dividend Yield³		13.2	%		11.9	%

	September 30, 2025		June 30, 2025
Investment Portfolio⁴	$	2,957.1	$	3,014.2
NAV per Share	$	12.06	$	12.21
Statutory Debt/Equity⁵	1.26x		1.17x
Statutory Debt/Equity (Net of Available Cash)⁵	1.23x		1.13x

Management Comments on Third Quarter Performance

"In Q3, NMFC once again covered its dividend, despite tight credit spreads in the market generally," said Steven B. Klinsky, NMFC Chairman and New Mountain Capital CEO. "We are major shareholders personally as well as managers, and we remain committed to maintaining credit discipline and serving our fellow share owners."

John R. Kline, NMFC CEO, added: "NMFC maintained consistent credit performance in Q3, with approximately 95% of the portfolio rated green. Looking ahead, we remain confident in NMFC's ability to deliver consistent enhanced yield with a strong margin of safety. We continue to believe in the fundamentals of our portfolio and long-term strategy, as demonstrated by our repurchase of $27.6 million of shares in the quarter."

Portfolio and Investment Activity⁴

As of September 30, 2025, the Company's NAV¹ was $1,256.6 million and its portfolio had a fair value of $2,957.1 million of investments in 127 portfolio companies, with a weighted average YTM at Cost⁶ of approximately 10.4%. For the three months ended September 30, 2025, the Company originated $127.3 million of investments⁷, offset by $177.1 million of repayments⁷.

Portfolio and Asset Quality

NMFC's mandate is to primarily target businesses in the middle market that, consistent with New Mountain's private equity platform, are high quality, defensive growth companies in industries that are well-researched by New Mountain. The Company's focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Portfolio Industry Composition based on Fair Value⁸

Software			Business Services
ERP	9.0	%	Misc Services	4.2	%
Human Capital Management	5.2	%	Real Estate Services	4.1	%
Finance & Accounting	4.6	%	Engineering & Consulting Services	3.9	%
Governance, Risk & Compliance	4.1	%	Insurance & Benefits Services	2.8	%
Ecommerce & Logistics	3.8	%	Digital Transformation	2.4	%
IT Infrastructure & Security	3.7	%	Utility Services	1.6	%
Integrated Payments	1.6	%	Data & Information Services	1.1	%
			MRO Services	0.8	%
Total Software	32.0	%	Total Business Services	20.9	%

Healthcare			Other Industries
Healthcare Services	11.1	%	Consumer Services	7.3	%
Healthcare Software	2.9	%	Education	5.9	%
Pharma Services	1.8	%	Distribution & Logistics	4.6	%
Tech-Enabled Healthcare	0.8	%	Financial Services	4.2	%
Healthcare Products	0.2	%	Packaging	2.8	%
			Other	5.5	%
Total Healthcare	16.8	%	Total Other Industries	30.3	%

The Company monitors the performance and financial trends of its portfolio companies on at least a quarterly basis. The Company attempts to identify any developments within the portfolio company, the industry, or the macroeconomic environment that may alter any material element of the Company's original investment strategy. As described more fully in the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission, the portfolio monitoring procedures are designed to provide a simple, yet comprehensive analysis of the Company's portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating. The Risk Rating is expressed in categories of Green, Yellow, Orange and Red with Green reflecting an investment that is in-line with or above expectations and Red reflecting an investment performing materially below expectations.

The following table shows the Risk Rating of the Company's portfolio companies as of September 30, 2025:

(in millions)	As of September 30, 2025
Risk Rating		Cost		Percent		Fair Value		Percent		Weighted Average Mark
Green⁹		$	2,843.0	92.0	%	$	2,796.6	94.5	%	98.6	%
Yellow⁴			83.9	2.7	%		55.1	1.9	%	65.6	%
Orange			143.6	4.6	%		91.7	3.1	%	71.7	%
Red			21.8	0.7	%		13.7	0.5	%	62.6	%
Total		$	3,092.3	100.0	%	$	2,957.1	100.0	%

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

The following table shows the Company's investment portfolio composition as of September 30, 2025:

*(in millions)*
Investment Portfolio Composition	September 30, 2025		Percent of Total
First Lien	$	1,989.3	67.3	%
Senior Loan Funds (SLP III & SLP IV) & NMNLC		387.3	13.1	%
Second Lien⁴		111.6	3.8	%
Subordinated		111.0	3.8	%
Preferred Equity		229.0	7.7	%
Common Equity and Other¹⁰		128.9	4.3	%
Total	$	2,957.1	100.0	%

Liquidity and Capital Resources

As of September 30, 2025, the Company had cash and cash equivalents of $63.7 million and total statutory debt outstanding of $1,588.9 million⁵. The Company's statutory debt to equity was 1.26x (or 1.23x net of available cash) as of September 30, 2025. Additionally, the Company had $196.2 million of SBA-guaranteed debentures outstanding as of September 30, 2025. As of September 30, 2025, the Company had $1,018.0 million of available capacity on its Holdings Credit Facility, NMFC Credit Facility and Unsecured Management Company Revolver. Subsequent to quarter-end, the Company repaid the 2022 Convertible Notes at maturity.

Third Quarter 2025 Conference Call

New Mountain Finance Corporation will host an earnings conference call and webcast at 10:00 am Eastern Time on Tuesday, November 4, 2025. To participate in the live earning conference call, please use the following dial-in numbers or visit the audio webcast link. To avoid any delays, please join at least fifteen minutes prior to the start of the call.

United States: +1 (877) 443-9109
International: +1 (412) 317-1082
Live Audio Webcast

A replay of the conference call can be accessed one hour after the end of the conference call through February 4, 2026. The full webcast replay will be available through November 4, 2026. To access the earnings webcast replay please visit the New Mountain Investor Relations website.

United States: +1 (877) 344-7529
International: +1 (412) 317-0088
Access Code: 1651694

For additional details related to the quarter ended September 30, 2025, please refer to the New Mountain Finance Corporation Quarterly Report on Form 10-Q filed with the SEC and the supplemental investor presentation which can be found on the Company's website at http://www.newmountainfinance.com.

____________________________________
(1)		Excludes non-controlling interest in New Mountain Net Lease Corporation ("NMNLC").
(2)		Adjusted net investment income for Q3 2024 includes $1.2 million of net accelerated deferred financing costs related to the termination of the DB Credit Facility and a corresponding incentive fee adjustment.
(3)		Dividend yield calculation uses the closing stock price of $9.67 on October 31, 2025 and $11.44 on October 28, 2024 and includes regular dividends for Q3 2025 and regular and supplemental dividends for Q3 2024.
(4)		Includes collateral for securities purchased under collateralized agreements to resell.
(5)		Excludes the Company's United States Small Business Administration ("SBA") guaranteed debentures.
(6)		References to "YTM at Cost" assume the accruing investments, including secured collateralized agreements, in the Company's portfolio as of a certain date, the ‘‘Portfolio 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 Sterling Overnight Interbank Average Rate ("SONIA"), Euro Interbank Offered Rate ("EURIBOR") and Secured Overnight Financing Rate ("SOFR") curves at each quarter's respective end date. The actual yield to maturity may be higher or lower due to the future selection of SONIA, EURIBOR and SOFR contracts by the individual companies in the Company's portfolio or other factors.
(7)		Originations exclude payment-in-kind ("PIK"); originations, repayments, and sales exclude revolvers, unfunded commitments, bridges, return of capital, and realized gains / losses.
(8)		Excludes NMFC Senior Loan Program III LLC ("SLP III"), NMFC Senior Loan Program IV LLC ("SLP IV") and NMNLC.
(9)		Includes investments held in NMNLC.
(10)		Includes investments classified as structured finance obligations.

New Mountain Finance Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)

	September 30, 2025			December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,224,517 and $2,298,083, respectively)	$	2,173,373		$	2,277,352
Non-controlled/affiliated investments (cost of $129,720 and $124,254, respectively)		94,686			112,776
Controlled investments (cost of $708,084 and $679,587, respectively)		675,560			700,896
Total investments at fair value (cost of $3,062,321 and $3,101,924, respectively)		2,943,619			3,091,024
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)		13,500			13,500
Cash and cash equivalents		63,684			80,320
Interest and dividend receivable		44,169			42,379
Derivative asset at fair value		5,834			—
Receivable from affiliates		334			213
Other assets		17,769			19,265
Total assets	$	3,088,909		$	3,246,701
Liabilities
Borrowings
Unsecured Notes	$	990,999		$	978,503
Holdings Credit Facility		308,063			294,363
2022 Convertible Notes		258,782			260,091
SBA-guaranteed debentures		196,205			300,000
NMFC Credit Facility		31,032			27,944
Deferred financing costs (net of accumulated amortization of $48,017 and $63,971, respectively)		(19,698	)		(24,191	)
Net borrowings		1,765,383			1,836,710
Interest payable		18,072			17,109
Payable to broker		13,460			3,230
Payable for unsettled securities purchased		10,412			—
Management fee payable		9,619			10,467
Incentive fee payable		2,801			8,625
Deferred tax liability		1,478			1,410
Derivative liability at fair value		821			7,423
Other liabilities		4,197			2,436
Total liabilities		1,826,243			1,887,410
Commitments and contingencies
Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued		—			—
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 107,851,929 and 107,851,415 shares issued, respectively, and 104,189,336 and 107,851,415 shares outstanding, respectively		1,079			1,079
Paid in capital in excess of par		1,365,849			1,365,852
Treasury stock at cost, 3,662,593 and 0 shares held, respectively		(37,253	)		—
Accumulated undistributed earnings		(73,049	)		(13,592	)
Total net assets of New Mountain Finance Corporation	$	1,256,626		$	1,353,339
Non-controlling interest in New Mountain Net Lease Corporation		6,040			5,952
Total net assets	$	1,262,666		$	1,359,291
Total liabilities and net assets	$	3,088,909		$	3,246,701
Number of shares outstanding		104,189,336			107,851,415
Net asset value per share of New Mountain Finance Corporation	$	12.06		$	12.55

New Mountain Finance Corporation
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	49,811		$	61,788		$	155,508		$	175,608
PIK interest income		2,968			4,340			8,812			13,460
Dividend income		179			185			1,242			2,762
Non-cash dividend income		4,026			5,077			12,432			14,558
Other income		1,436			1,454			3,640			6,345
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		322			349			989			1,093
PIK interest income		1,132			971			3,176			2,680
Non-cash dividend income		304			1,593			2,279			4,211
Other income		63			63			188			188
From controlled investments:
Interest income (excluding PIK interest income)		1,665			1,651			5,172			4,395
PIK interest income		3,505			3,739			10,093			11,595
Dividend income		11,818			11,789			36,199			36,812
Non-cash dividend income		2,925			1,649			7,374			4,715
Other income		375			679			2,578			2,049
Total investment income		80,529			95,327			249,682			280,471
Expenses
Interest and other financing expenses		31,720			37,661			94,232			101,790
Management fee		9,619			11,700			29,611			34,048
Incentive fee		7,345			8,821			23,563			27,760
Professional fees		924			1,019			3,413			3,213
Administrative expenses		916			1,059			3,204			3,135
Other general and administrative expenses		478			531			1,325			1,523
Total expenses		51,002			60,791			155,348			171,469
Less: management and incentive fees waived		(4,544	)		(970	)		(8,952	)		(2,732	)
Net expenses		46,458			59,821			146,396			168,737
Net investment income before income taxes		34,071			35,506			103,286			111,734
Income tax expense		29			118			18			353
Net investment income		34,042			35,388			103,268			111,381
Net realized (losses) gains:
Non-controlled/non-affiliated investments		8			(75	)		12,324			(46,899	)
Controlled investments		1			(456	)		38,899			3,375
Foreign currency		—			(1,455	)		—			(1,455	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(8,977	)		419			(33,783	)		56,474
Non-controlled/affiliated investments		(9,736	)		(7,853	)		(23,555	)		(34,396	)
Controlled investments		(2,851	)		(4,260	)		(53,833	)		(243	)
Securities purchased under collateralized		—			—			—			(3,000	)
New Mountain Net Lease Corporation		—			1,533			—			1,533
Foreign currency		(120	)		1,690			482			1,796
Provision for taxes		(25	)		(1,037	)		(68	)		(1,804	)
Net realized and unrealized losses		(21,700	)		(11,494	)		(59,534	)		(24,619	)
Net increase in net assets resulting from operations		12,342			23,894			43,734			86,762
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation		(153	)		(5	)		(358	)		(994	)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	12,189		$	23,889		$	43,376		$	85,768
Basic earnings per share	$	0.11		$	0.22		$	0.40		$	0.81
Weighted average shares of common stock outstanding - basic		106,016,542			107,851,415			107,199,318			106,140,789
Diluted earnings per share	$	0.11		$	0.22		$	0.40		$	0.78
Weighted average shares of common stock outstanding - diluted		125,036,696			126,779,819			126,201,036			125,000,872
Distributions declared and paid per share	$	0.32		$	0.34		$	0.96		$	1.04

ABOUT NEW MOUNTAIN FINANCE CORPORATION

New Mountain Finance Corporation (NASDAQ:NMFC) is focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital, a global investment firm with approximately $60 billion of assets under management.

ABOUT NEW MOUNTAIN CAPITAL

New Mountain Capital ("NMC") is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://www.newmountaincapital.com.

FORWARD-LOOKING STATEMENTS

Statements included herein may contain "forward-looking statements", which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including changes in base interest rates and significant volatility on our business, portfolio companies, our industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251103154120/en/

New Mountain Finance Corporation

Investor Relations

Laura C. Holson, Authorized Representative

NMFCIR@newmountaincapital.com

(212) 220-3505

New Mountain Finance Corporation Announces Financial Results for the Quarter Ended September 30, 2025