NMFCZ

• Adjusted net investment income of $0.32 per share covered the $0.32 per share dividend. Net asset value per share declined $0.15 to $12.06, but 95% of investments were green on the heat map. - NMFC's portfolio loan to value is 45%, with first lien assets increasing. The $50 million 10b5-1 stock repurchase program was fully utilized, and the Board approved a new $100 million share buyback program. - Exploring a portfolio sale of up to $500 million of assets to accelerate strategic initiatives. - Differentiated direct lending approach focuses on defensive sectors, in-house research, and strong shareholder alignment. - Strategic priorities include improving asset base quality/diversity, optimizing liabilities, and enhancing income quality. - In Q3, senior oriented assets were 80% of the portfolio, convertible notes were repaid, and focus on reducing non-yielding assets. - Portfolio risk ratings: 95% green, 3.6% orange/red. Beauty Industry Group moved to nonaccrual, with efforts to recover principal. - Direct lending remains attractive, spreads stable, underwriting bar high. Q3 origination was $127 million, repayments $177 million, senior assets 80%, second lien 4%, equity 5%. Average yield 10.4%, weighted average EBITDA $180 million, loan-to-value 45%, diversified portfolio with 127 portfolio companies.

• Declared a $0.32 dividend payable on December 31. - Board approved a new $100 million share buyback program. - Exploring a portfolio sale to potentially pay down debt, repurchase stock, or buy new loans. - Expect 2026 to be a productive period for LBO activity, with direct lending remaining an attractive asset class.

Adjusted net investment income for the quarter was $0.32 per share, which covered the $0.32 per share dividend paid. Net asset value per share declined $0.15 to $12.06. NMFC's portfolio loan to value stands at 45%, with first lien assets growing. Approximately 95% of investments are green on the heat map. Adjusted net investment income was $0.32 per share, dividend was $0.32 per share, net asset value per share was $12.06 after a $0.15 decline from the prior quarter.

• Some portfolio names migrated down rating scale, representing less than 2% of the portfolio. - Beauty Industry Group impacted by weaker consumer demand, go-to-market challenges, and tariffs. - Edmentum's mark pressured by expensive PIK securities. - Market conditions and deal environment could affect performance.

Q: Question on potential portfolio sale, affiliate or control book, prioritization of proceeds.

A: John Kline says the sale is focused on diversifying the portfolio, targeting big positions, and addressing PIK names and cash-yielding larger exposures to reduce PIK income.

Q: Follow-up on buyback, aggression, leverage.

A: John Kline states they aim to stay within leverage range, expect repayments in Q4 and 2026, and potential uses of proceeds from the sale include paying down debt, repurchasing stock, or buying new loans.

Q: Deployment capacity, strategy, secondary sale proceeds use.

A: Laura Holson and John Kline discuss considering repayments, share repurchases, and new loans as potential uses of proceeds from the secondary sale, with new loans being a diversifier.

Q: Portfolio sale, prioritization, use of proceeds.

A: John Kline says the sale is in early stages, focusing on partial sale of quality, well-performing positions to diversify the portfolio and reduce PIK income.

Q: Credit, Beauty Supply, other portfolio positions.

A: Laura Holson notes Beauty Industry Group is the only material name with tariff exposure, and John Kline mentions their mindset to recover full principal on Beauty Industry Group by using the New Mountain platform.

Q: Portfolio sale, potential buyback structure.

A: John Kline states they will consider a broad range of alternatives for using proceeds from the sale but is premature to specify details.

Q: Edmentum investment, markdown.

A: Laura Holson and John Kline explain Edmentum's performance is stable but capital structure challenges pressure the mark, with efforts to address the capital structure and grow the business through M&A.

Q: ATM distribution agreement, maintenance fees.

A: Kris Corbett says ongoing maintenance fees for the ATM program are minimal, and they keep the program open for when the share price gets above book value.