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First Lien 12025-09-300002037804CCBlue Bidco, Inc. First Lien 22025-09-300002037804newcred:CCBlueBidcoIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Anaplan, Inc., First Lien2025-09-300002037804Wealth Enhancement Group, LLC, First Lien 12025-09-300002037804Wealth Enhancement Group, LLC, Subordinated2025-09-300002037804Wealth Enhancement Group, LLC, First Lien 22025-09-300002037804Wealth Enhancement Group, LLC, First Lien 32025-09-300002037804newcred:WealthEnhancementGroupLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804IG Investments Holdings, LLC, First Lien2025-09-300002037804iCIMS, Inc., First Lien 12025-09-300002037804iCIMS, Inc., First Lien 22025-09-300002037804iCIMS, Inc., First Lien - Drawn2025-09-300002037804newcred:ICIMSIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 12025-09-300002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 22025-09-300002037804newcred:AuctaneIncFkaStampscomIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Pioneer Buyer I, LLC, First Lien 12025-09-300002037804Pioneer Buyer I, LLC, First Lien 22025-09-300002037804newcred:PioneerBuyerILLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804DECA Dental Holdings LLC, First Lien 12025-09-300002037804DECA Dental Holdings LLC, First Lien 22025-09-300002037804DECA Dental Holdings LLC, First Lien 32025-09-300002037804newcred:DECADentalHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Fortis Solutions Group, LLC, First Lien 12025-09-300002037804Fortis Solutions Group, LLC, First Lien 22025-09-300002037804Fortis Solutions Group, LLC, First Lien - Drawn2025-09-300002037804Fortis Solutions Group, LLC, First Lien 32025-09-300002037804Fortis Solutions Group, LLC, First Lien 42025-09-300002037804newcred:FortisSolutionsGroupLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Foreside Financial Group, LLC, First Lien2025-09-300002037804Foreside Financial Group, LLC, First Lien - Drawn2025-09-300002037804newcred:ForesideFinancialGroupLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Notorious Topco, LLC, First Lien 12025-09-300002037804Notorious Topco, LLC, First Lien 22025-09-300002037804Notorious Topco, LLC, First Lien 32025-09-300002037804newcred:NotoriousTopcoLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Infogain Corporation, Subordinated2025-09-300002037804Infogain Corporation, First Lien 12025-09-300002037804Infogain Corporation, First Lien 22025-09-300002037804newcred:InfogainCorporationMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804CFS Management, LLC, First Lien 12025-09-300002037804CFS Management, LLC, First Lien 22025-09-300002037804CFS Management, LLC, First Lien 32025-09-300002037804CFS Management, LLC, First Lien 42025-09-300002037804newcred:CFSManagementLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Acumatica Holdings, Inc., First Lien2025-09-300002037804KWOR Acquisition, Inc., First Lien 12025-09-300002037804KWOR Acquisition, Inc., Subordinated2025-09-300002037804KWOR Acquisition, Inc., First Lien 22025-09-300002037804KWOR Acquisition, Inc., First Lien 32025-09-300002037804newcred:KWORAcquisitionIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Diamondback Acquisition, Inc., First Lien2025-09-300002037804Diamondback Acquisition, Inc., First Lien - Drawn2025-09-300002037804newcred:DiamondbackAcquisitionInc.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804Einstein Parent, Inc. First Lien2025-09-300002037804Galway Borrower LLC, First Lien2025-09-300002037804Galway Borrower LLC, First Lien - Drawn2025-09-300002037804newcred:GalwayBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Businessolver.com, Inc., First Lien2025-09-300002037804Businessolver.com, Inc., First Lien - Drawn2025-09-300002037804newcred:BusinessolvercomIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804FS WhiteWater Borrower, LLC, First Lien 12025-09-300002037804FS WhiteWater Borrower, LLC, First Lien 22025-09-300002037804FS WhiteWater Borrower, LLC, First Lien 32025-09-300002037804newcred:FSWhiteWaterBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804DOCS, MSO, LLC, First Lien 12025-09-300002037804DOCS, MSO, LLC, First Lien 22025-09-300002037804newcred:DOCSMSOLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Foundational Education Group, Inc., Second Lien2025-09-300002037804Foundational Education Group, Inc., First Lien2025-09-300002037804newcred:FoundationalEducationGroupInc.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804TigerConnect, Inc., First Lien 12025-09-300002037804TigerConnect, Inc., First Lien - Drawn2025-09-300002037804TigerConnect, Inc., First Lien 22025-09-300002037804newcred:TigerConnectIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804PDQ.com Corporation, First Lien - Drawn2025-09-300002037804PDQ.com Corporation, First Lien2025-09-300002037804newcred:PDQcomCorporationMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Daxko Acquisition Corporation, First Lien 12025-09-300002037804Daxko Acquisition Corporation, First Lien 22025-09-300002037804Daxko Acquisition Corporation, First Lien 32025-09-300002037804newcred:DaxkoAcquisitionCorporationMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804OB Hospitalist Group, Inc., First Lien2025-09-300002037804Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First Lien 12025-09-300002037804Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First Lien 22025-09-300002037804Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.), First Lien 32025-09-300002037804newcred:CronosCrimsonHoldingsInc.FkaNMCCrimsonHoldingsInc.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804Relativity ODA LLC, First Lien2025-09-300002037804HS Purchaser, LLC / Help/Systems Holdings, Inc., Second Lien2025-09-300002037804ACI Group Holdings, Inc., First Lien 12025-09-300002037804ACI Group Holdings, Inc., First Lien 22025-09-300002037804ACI Group Holdings, Inc., First Lien 32025-09-300002037804ACI Group Holdings, Inc., First Lien - Drawn2025-09-300002037804newcred:ACIGroupHoldingsIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804GHX Ultimate Parent Corporation, First Lien2025-09-300002037804Databricks, Inc., First lien 2025-09-300002037804DCA Investment Holding, LLC, First Lien 12025-09-300002037804DCA Investment Holding, LLC, First Lien 22025-09-300002037804DCA Investment Holding, LLC, First Lien 32025-09-300002037804DCA Investment Holding, LLC, First Lien 42025-09-300002037804newcred:DCAInvestmentHoldingLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804MRI Software LLC, First Lien 12025-09-300002037804MRI Software LLC, First Lien 22025-09-300002037804newcred:MRISoftwareLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Allworth Financial Group, L.P., First Lien 12025-09-300002037804Allworth Financial Group, L.P., First Lien 22025-09-300002037804Allworth Financial Group, L.P., First Lien 32025-09-300002037804newcred:AllworthFinancialGroupLPMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Sierra Enterprises, LLC, First Lien 2025-09-300002037804Idera, Inc., Second Lien2025-09-300002037804Baker Tilly Advisory Group, LP, First Lien2025-09-300002037804Beacon Pointe Harmony, LLC, First Lien 12025-09-300002037804Beacon Pointe Harmony, LLC, First Lien 22025-09-300002037804Beacon Pointe Harmony, LLC, First Lien 32025-09-300002037804newcred:BeaconPointeHarmonyLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804GC Waves Holdings, Inc., First Lien2025-09-300002037804HP TLE Buyer, Inc., First Lien2025-09-300002037804AmeriVet Partners Management, Inc., First Lien 12025-09-300002037804AmeriVet Partners Management, Inc., First Lien 22025-09-300002037804AmeriVet Partners Management, Inc., First Lien 32025-09-300002037804newcred:AmeriVetPartnersManagementIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Maverick Bidco Inc., Second Lien2025-09-300002037804Vamos Bidco, Inc., First Lien2025-09-300002037804Vamos Bidco, Inc., First Lien - Drawn2025-09-300002037804newcred:VamosBidcoInc.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804Nexus Buyer LLC, Second Lien2025-09-300002037804Michael Baker International, LLC, First Lien2025-09-300002037804Trinity Air Consultants Holdings Corporation, First Lien 12025-09-300002037804Trinity Air Consultants Holdings Corporation, First Lien 22025-09-300002037804newcred:TrinityAirConsultantsHoldingsCorporationMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804DigiCert, Inc., First Lien2025-09-300002037804CG Group Holdings, LLC, First Lien2025-09-300002037804CG Group Holdings, LLC, First Lien - Drawn2025-09-300002037804newcred:CGGroupHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804DG Investment Intermediate Holdings 2, Inc., Second Lien2025-09-300002037804MedX Holdings, LLC, First Lien2025-09-300002037804Radwell Parent, LLC, First Lien2025-09-300002037804Radwell Parent, LLC, First Lien - Drawn 2025-09-300002037804newcred:RadwellParentLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804LSCS Holdings, Inc., First Lien2025-09-300002037804Associations, Inc., First Lien2025-09-300002037804Associations, Inc., First Lien - 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Drawn2025-09-300002037804newcred:BonterraLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Safety Borrower Holdings LLC, First Lien2025-09-300002037804Safety Borrower Holdings LLC, First Lien - Drawn2025-09-300002037804newcred:SafetyBorrowerHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Healthspan Buyer, LLC, First Lien2025-09-300002037804eResearchTechnology, Inc., First Lien 12025-09-300002037804eResearchTechnology, Inc., First Lien 22025-09-300002037804eResearchTechnology, Inc., First Lien - Drawn2025-09-300002037804newcred:EResearchTechnologyInc.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804Calabrio, Inc., First Lien2025-09-300002037804Calabrio, Inc., First Lien - Drawn2025-09-300002037804newcred:CalabrioIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Fullsteam Operations LLC, First Lien2025-09-300002037804RailPros Parent, LLC, First Lien2025-09-300002037804Ultimus Group Midco LLC, First Lien2025-09-300002037804TMK Hawk Parent, Corp., First Lien 12025-09-300002037804TMK Hawk Parent, Corp., First Lien 22025-09-300002037804TMK Hawk Parent, Corp., Subordinated2025-09-300002037804newcred:TMKHawkParentCorpMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Therapy Brands Holdings LLC., Second lien 2025-09-300002037804Therapy Brands Holdings LLC., First lien 2025-09-300002037804newcred:TherapyBrandsHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Bluefin Holding, LLC, First Lien2025-09-300002037804Vehlo Purchaser, LLC, First Lien - Drawn2025-09-300002037804Cloudera, Inc., Second Lien2025-09-300002037804ComPsych Investments Corp., First Lien2025-09-300002037804Kele Holdco, Inc., First Lien 12025-09-300002037804Kele Holdco, Inc., First Lien - Drawn2025-09-300002037804Kele Holdco, Inc., First Lien 22025-09-300002037804newcred:KeleHoldcoInc.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804Centegix Intermediate II, LLC, First Lien2025-09-300002037804YLG Holdings, Inc., First Lien2025-09-300002037804YLG Holdings, Inc., First Lien - Drawn 12025-09-300002037804YLG Holdings, Inc., First Lien - Drawn 22025-09-300002037804newcred:YLGHoldingsIncMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien2025-09-300002037804Planview Parent, Inc., Second Lien2025-09-300002037804MH Sub I, LLC (Micro Holding Corp.), Second Lien2025-09-300002037804Next Holdco, LLC, First Lien2025-09-300002037804DT1 Midco Corp., First Lien2025-09-300002037804DT1 Midco Corp., First Lien - Drawn2025-09-300002037804newcred:DT1MidcoCorp.Membernewcred:FundedDebtSecuritiesMember2025-09-300002037804RLG Holdings, LLC, First Lien2025-09-300002037804Community Management Holdings MidCo 2, LLC, First Lien - Drawn2025-09-300002037804MAI Capital Management Intermediate LLC, First Lien - Drawn2025-09-300002037804PDI TA Holdings, Inc., First Lien2025-09-300002037804Reorganized Careismatic Brands, LLC, Trust Claim2025-09-300002037804country:USnewcred:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804Accelya Lux Finco S.a r.l., First Lien2025-09-300002037804Cleanova US Holdings, LLC, First Lien2025-09-300002037804country:GBnewcred:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804Tennessee Bidco Limited, First Lien 12025-09-300002037804Tennessee Bidco Limited, First Lien 22025-09-300002037804Tennessee Bidco Limited, First Lien 32025-09-300002037804newcred:TennesseeBidcoLimitedMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804country:JEnewcred:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804Atlas AU Bidco Pty Ltd, First Lien2025-09-300002037804country:AUnewcred:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2025-09-300002037804Dealer Tire Holdings, LLC, Preferred shares2025-09-300002037804ACI Parent Inc., Preferred shares2025-09-300002037804Diligent Preferred Issuer, Inc., Preferred shares2025-09-300002037804KWOR Intermediate I, Inc. Preferred shares2025-09-300002037804KWOR Intermediate I, Inc. Class A-1 common Stock2025-09-300002037804newcred:KWORIntermediateIInc.Memberus-gaap:EquitySecuritiesMember2025-09-300002037804Knockout Intermediate Holdings I Inc, Preferred shares2025-09-300002037804Firebird Co-Invest L.P. LP Interest2025-09-300002037804Ambrosia Topco, LLC, Class A-1 common Stock 12025-09-300002037804Ambrosia Topco, LLC, Class A-1 common Stock 22025-09-300002037804newcred:AmbrosiaTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-09-300002037804Pioneer Topco I, L.P., Class A-2 common Stock2025-09-300002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300002037804Reorganized Careismatic Brands, LLC, Warrants2025-09-300002037804country:USus-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedSecuritiesMember2025-09-300002037804OEConnection LLC., First Lien - Undrawn2025-09-300002037804AAH Topco, LLC, First Lien - Undrawn2025-09-300002037804Allworth Financial Group, L.P. First Lien - Undrawn2025-09-300002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien - Undrawn2025-09-300002037804Beacon Pointe Harmony, LLC, First Lien - Undrawn2025-09-300002037804Businessolver.com, Inc., First Lien - Undrawn2025-09-300002037804Calabrio, Inc., First Lien - Undrawn2025-09-300002037804Daxko Acquisition Corporation, First Lien - Undrawn 12025-09-300002037804Daxko Acquisition Corporation, First Lien - Undrawn 22025-09-300002037804newcred:DaxkoAcquisitionCorporationMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804CG Group Holdings, LLC, First Lien - Undrawn2025-09-300002037804KENG Acquisition, Inc., First Lien - Undrawn 12025-09-300002037804Foreside Financial Group, LLC, First Lien - Undrawn 2025-09-300002037804Fortis Solutions Group, LLC, First Lien - Undrawn2025-09-300002037804Infogain Corporation, First Lien - Undrawn2025-09-300002037804IG Investments Holdings, LLC, First Lien - Undrawn2025-09-300002037804Ministry Brands Holdings, LLC, First Lien - Undrawn2025-09-300002037804OB Hospitalist Group, Inc., First Lien - Undrawn2025-09-300002037804Pioneer Buyer I, LLC, First Lien - Undrawn2025-09-300002037804Kele Holdco, Inc., First Lien - Undrawn2025-09-300002037804PDQ.com Corporation, First Lien - Undrawn2025-09-300002037804Radwell Parent, LLC, First Lien - Undrawn 2025-09-300002037804Relativity ODA LLC, First Lien - Undrawn2025-09-300002037804Safety Borrower Holdings LLC, First Lien - Undrawn2025-09-300002037804Healthspan Buyer, LLC, First Lien - Undrawn 12025-09-300002037804Healthspan Buyer, LLC, First Lien - Undrawn 22025-09-300002037804Healthspan Buyer, LLC, First Lien - Undrawn 32025-09-300002037804newcred:HealthspanBuyerLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804YLG Holdings, Inc., First Lien - Undrawn 12025-09-300002037804 YLG Holdings, Inc., First Lien - Undrawn 22025-09-300002037804newcred:YLGHoldingsIncMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804TMK Hawk Parent, Corp., First Lien - Undrawn2025-09-300002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 2025-09-300002037804Wealth Enhancement Group, LLC, First Lien - Undrawn2025-09-300002037804FS WhiteWater Borrower, LLC, First Lien - Undrawn 12025-09-300002037804FS WhiteWater Borrower, LLC, First Lien - Undrawn 22025-09-300002037804newcred:FSWhiteWaterBorrowerLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Healthspan Buyer, LLC, First Lien - Undrawn2025-09-300002037804Viper Bidco, Inc., First Lien - Undrawn2025-09-300002037804Galway Borrower LLC, First Lien - Undrawn2025-09-300002037804MAI Capital Management Intermediate LLC, First Lien - Undrawn 12025-09-300002037804MAI Capital Management Intermediate LLC, First Lien - Undrawn 22025-09-300002037804newcred:MAICapitalManagementIntermediateLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Acumatica Holdings, Inc., First Lien - Undrawn2025-09-300002037804Associations, Inc., First Lien - Undrawn 12025-09-300002037804Associations, Inc., First Lien - Undrawn 22025-09-300002037804newcred:AssociationsInc.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804GS Acquisitionco, Inc., First Lien - Undrawn2025-09-300002037804DOCS, MSO, LLC, First Lien - Undrawn2025-09-300002037804Bluefin Holding, LLC, First Lien - Undrawn2025-09-300002037804KENG Acquisition, Inc., First Lien - Undrawn 22025-09-300002037804ComPsych Investments Corp., First Lien - Undrawn 2025-09-300002037804KWOR Acquisition, Inc. First Lien - Undrawn 12025-09-300002037804KWOR Acquisition, Inc., First Lien - Undrawn 22025-09-300002037804newcred:KWORAcquisitionIncMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Centegix Intermediate II, LLC, First Lien - Undrawn 12025-09-300002037804Centegix Intermediate II, LLC, First Lien - Undrawn 22025-09-300002037804newcred:CentegixIntermediateIILLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Community Management Holdings MidCo 2, LL, First Lien - Undrawn 12025-09-300002037804Community Management Holdings MidCo 2, LLC, First Lien - Undrawn 22025-09-300002037804newcred:CommunityManagementHoldingsMidCo2LLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Fullsteam Operations LLC, First Lien - Undrawn 12025-09-300002037804Fullsteam Operations LLC, First Lien - Undrawn 22025-09-300002037804newcred:FullsteamOperationsLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Ultimus Group Midco LLC, First Lien - Undrawn 12025-09-300002037804Ultimus Group Midco LLC, First Lien - Undrawn 22025-09-300002037804newcred:UltimusGroupMidcoLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Bonterra LLC, First Lien - Undrawn 12025-09-300002037804Bonterra LLC, First Lien - Undrawn 22025-09-300002037804newcred:BonterraLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Huskies Parent, Inc., First Lien - Undrawn2025-09-300002037804Denali Intermediate Holdings, Inc., First Lien - Undrawn2025-09-300002037804DigiCert, Inc., First Lien - Undrawn2025-09-300002037804Diamondback Acquisition, Inc., First Lien - Undrawn 12025-09-300002037804Diamondback Acquisition, Inc., First Lien - Undrawn 22025-09-300002037804newcred:DiamondbackAcquisitionInc.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804MedX Holdings, LLC, First Lien - Undrawn 12025-09-300002037804MedX Holdings, LLC, First Lien - Undrawn 22025-09-300002037804newcred:MedXHoldingsLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Sierra Enterprises, LLC, First Lien - Undrawn 2025-09-300002037804HP TLE Buyer, Inc., First Lien - Undrawn 2025-09-300002037804Vehlo Purchaser, LLC, First Lien - Undrawn2025-09-300002037804GHX Ultimate Parent Corporation, First Lien - Undrawn2025-09-300002037804Firebird Acquisition Corp, Inc. First Lien - Undrawn 12025-09-300002037804Firebird Acquisition Corp, Inc. First Lien - Undrawn 22025-09-300002037804newcred:FirebirdAcquisitionCorpInc.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804RailPros Parent, LLC, First Lien - Undrawn 12025-09-300002037804RailPros Parent, LLC, First Lien - Undrawn 22025-09-300002037804newcred:RailProsParentLLCMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804AmeriVet Partners Management, Inc.s, First Lien - Undrawn2025-09-300002037804Databricks, Inc., First Lien - Undrawn2025-09-300002037804eResearchTechnology, Inc., First Lien - Undrawn 12025-09-300002037804eResearchTechnology, Inc., First Lien - Undrawn 22025-09-300002037804newcred:EResearchTechnologyInc.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Low Voltage Holdings Inc., First Lien - Undrawn 12025-09-300002037804Low Voltage Holdings Inc., First Lien - Undrawn 22025-09-300002037804newcred:LowVoltageHoldingsInc.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Vamos Bidco, Inc., First Lien - Undrawn 12025-09-300002037804Vamos Bidco, Inc., First Lien - Undrawn 22025-09-300002037804newcred:VamosBidcoInc.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804DT1 Midco Corp., First Lien - Undrawn 12025-09-300002037804DT1 Midco Corp., First Lien - Undrawn 22025-09-300002037804newcred:DT1MidcoCorp.Membernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Baker Tilly Advisory Group, LP, First Lien - Undrawn 12025-09-300002037804Baker Tilly Advisory Group, LP, First Lien - Undrawn 22025-09-300002037804newcred:BakerTillyAdvisoryGroupLPMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804Einstein Parent, Inc.., First Lien - Undrawn2025-09-300002037804Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien - Undrawn,2025-09-300002037804iCIMS, Inc., First Lien - Undrawn 2025-09-300002037804ACI Group Holdings, Inc., First Lien - Undrawn2025-09-300002037804country:USnewcred:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804Atlas AU Bidco Pty Ltd, First Lien- Undrawn2025-09-300002037804country:AUnewcred:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:UnfundedDebtSecuritiesMember2025-09-300002037804NEWCRED Senior Loan Program I LLC, Membership Interest2025-09-300002037804ACI Parent Inc., First lien - Delayed Draw2025-09-300002037804Pioneer Buyer I, LLC, First Lien 2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310002037804newcred:NEWCREDSeniorLoanProgramILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310002037804newcred:NEWCREDSeniorLoanProgramILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300002037804us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310002037804newcred:DebtSecuritiesFirstLienMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:DebtSecuritiesSecondLienMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:SubordinatedDebtMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:OtherAggregatedInvestmentsMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:SoftwareSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:BusinessServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:HealthcareSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:FinancialServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:ConsumerServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:TransportationSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:EducationSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:ContainerAndPackagingSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:InvestmentFundSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:ConsumerProductsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:FoodAndBeverageSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804us-gaap:ChemicalsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:BusinessProductsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:DebtSecuritiesFloatingInterestRateMembernewcred:InterestRateTypeRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804newcred:DebtSecuritiesFixedInterestRateMembernewcred:InterestRateTypeRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-09-300002037804AAH Topco, LLC, First Lien 12024-12-310002037804AAH Topco, LLC, First Lien 22024-12-310002037804AAH Topco, LLC, Subordinated2024-12-310002037804newcred:AAHTopcoLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804GS Acquisitionco, Inc., First Lien2024-12-310002037804Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien2024-12-310002037804OA Buyer, Inc., First Lien 12024-12-310002037804OA Buyer, Inc., First Lien 22024-12-310002037804newcred:OABuyerIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Al Altius US Bidco, Inc., First Lien2024-12-310002037804CCBlue Bidco, Inc., First Lien 12024-12-310002037804CCBlue Bidco, Inc., First Lien 22024-12-310002037804newcred:CCBlueBidcoIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Diamondback Acquisition, Inc., First Lien2024-12-310002037804Notorious Topco, LLC, First Lien 12024-12-310002037804Notorious Topco, LLC, First Lien 22024-12-310002037804newcred:NotoriousTopcoLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Anaplan, Inc., First Lien2024-12-310002037804Wealth Enhancement Group, LLC, First Lien 12024-12-310002037804Wealth Enhancement Group, LLC, Subordinated2024-12-310002037804Wealth Enhancement Group, LLC, First Lien 22024-12-310002037804Wealth Enhancement Group, LLC, First Lien 32024-12-310002037804newcred:WealthEnhancementGroupLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804IG Investments Holdings, LLC, First Lien2024-12-310002037804KWOR Acquisition, Inc., First Lien 12024-12-310002037804KWOR Acquisition, Inc., First Lien 22024-12-310002037804newcred:KWORAcquisitionIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Ocala Bidco, Inc., First Lien 12024-12-310002037804Ocala Bidco, Inc., First Lien 22024-12-310002037804newcred:OcalaBidcoInc.Membernewcred:FundedDebtSecuritiesMember2024-12-310002037804iCIMS, Inc., First Lien 12024-12-310002037804iCIMS, Inc., First Lien 22024-12-310002037804iCIMS, Inc., First Lien - Drawn2024-12-310002037804newcred:ICIMSIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804DECA Dental Holdings LLC, First Lien 12024-12-310002037804DECA Dental Holdings LLC, First Lien 22024-12-310002037804DECA Dental Holdings LLC, First Lien 32024-12-310002037804newcred:DECADentalHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 12024-12-310002037804Auctane Inc. (fka Stamps.com Inc.), First Lien 22024-12-310002037804newcred:AuctaneIncFkaStampscomIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Pioneer Buyer I, LLC, First Lien 12024-12-310002037804Pioneer Buyer I, LLC, First Lien 22024-12-310002037804newcred:PioneerBuyerILLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Foreside Financial Group, LLC, First Lien2024-12-310002037804Fortis Solutions Group, LLC, First Lien 12024-12-310002037804Fortis Solutions Group, LLC, First Lien - Drawn 12024-12-310002037804Fortis Solutions Group, LLC, First Lien - Drawn 22024-12-310002037804Fortis Solutions Group, LLC, First Lien 22024-12-310002037804newcred:FortisSolutionsGroupLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804CFS Management, LLC, First Lien 12024-12-310002037804CFS Management, LLC, First Lien 22024-12-310002037804CFS Management, LLC, First Lien 32024-12-310002037804CFS Management, LLC, First Lien 42024-12-310002037804newcred:CFSManagementLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Infogain Corporation, Subordinated2024-12-310002037804Infogain Corporation, First Lien 12024-12-310002037804Infogain Corporation, First Lien 22024-12-310002037804newcred:InfogainCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804FS WhiteWater Borrower, LLC, First Lien 12024-12-310002037804FS WhiteWater Borrower, LLC, First Lien 22024-12-310002037804FS WhiteWater Borrower, LLC, First Lien 32024-12-310002037804newcred:FSWhiteWaterBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Kaseya Inc., First Lien 12024-12-310002037804Kaseya Inc., First Lien - Drawn 12024-12-310002037804Kaseya Inc., First Lien - Drawn 22024-12-310002037804Kaseya Inc., First Lien 22024-12-310002037804newcred:KnockoutIntermediateHoldingsIInc.Membernewcred:FundedDebtSecuritiesMember2024-12-310002037804Galway Borrower LLC, First Lien2024-12-310002037804Galway Borrower LLC, First Lien - Drawn2024-12-310002037804newcred:GalwayBorrowerLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Businessolver.com, Inc., First Lien2024-12-310002037804Businessolver.com, Inc., First Lien - Drawn2024-12-310002037804newcred:BusinessolvercomIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Avalara, Inc., First Lien2024-12-310002037804DOCS, MSO, LLC, First Lien2024-12-310002037804TigerConnect, Inc., First Lien2024-12-310002037804TigerConnect, Inc., First Lien - Drawn2024-12-310002037804newcred:TigerConnectIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Foundational Education Group, Inc., Second Lien2024-12-310002037804Daxko Acquisition Corporation, First Lien 12024-12-310002037804Daxko Acquisition Corporation, First Lien 22024-12-310002037804Daxko Acquisition Corporation, First Lien 32024-12-310002037804newcred:DaxkoAcquisitionCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804OB Hospitalist Group, Inc., First Lien2024-12-310002037804Idera, Inc., Second Lien2024-12-310002037804Project Essential Bidco, Inc., First Lien2024-12-310002037804Relativity ODA LLC, First Lien2024-12-310002037804ACI Group Holdings, Inc., First Lien 12024-12-310002037804ACI Group Holdings, Inc., First Lien 22024-12-310002037804ACI Group Holdings, Inc., First Lien 32024-12-310002037804ACI Group Holdings, Inc., First Lien - Drawn2024-12-310002037804newcred:ACIGroupHoldingsIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804PDQ.com Corporation, First Lien - Drawn2024-12-310002037804PDQ.com Corporation, First Lien2024-12-310002037804newcred:PDQcomCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804NMC Crimson Holdings, Inc., First Lien 12024-12-310002037804NMC Crimson Holdings, Inc., First Lien 22024-12-310002037804newcred:NMCCrimsonHoldingsIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804DCA Investment Holding, LLC, First Lien 12024-12-310002037804DCA Investment Holding, LLC, First Lien 22024-12-310002037804DCA Investment Holding, LLC, First Lien 32024-12-310002037804DCA Investment Holding, LLC, First Lien 42024-12-310002037804newcred:DCAInvestmentHoldingLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Databricks, Inc., First lien 2024-12-310002037804Syndigo LLC, Second Lien2024-12-310002037804HS Purchaser, LLC / Help/Systems Holdings, Inc., Second Lien2024-12-310002037804DG Investment Intermediate Holdings 2, Inc., Second Lien2024-12-310002037804MRI Software LLC, First Lien 12024-12-310002037804MRI Software LLC, First Lien 22024-12-310002037804newcred:MRISoftwareLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Allworth Financial Group, L.P., First Lien 12024-12-310002037804Allworth Financial Group, L.P., First Lien 22024-12-310002037804Allworth Financial Group, L.P., First Lien 32024-12-310002037804newcred:AllworthFinancialGroupLPMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Specialtycare, Inc., First Lien 12024-12-310002037804Specialtycare, Inc., First Lien - Drawn2024-12-310002037804Specialtycare, Inc., First Lien 22024-12-310002037804newcred:SpecialtycareIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804AmeriVet Partners Management, Inc., First Lien 12024-12-310002037804AmeriVet Partners Management, Inc., First Lien 22024-12-310002037804AmeriVet Partners Management, Inc., First Lien 32024-12-310002037804newcred:AmeriVetPartnersManagementIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Beacon Pointe Harmony, LLC, First Lien 12024-12-310002037804Beacon Pointe Harmony, LLC, First Lien 22024-12-310002037804Beacon Pointe Harmony, LLC, First Lien 32024-12-310002037804newcred:BeaconPointeHarmonyLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804GC Waves Holdings, Inc., First Lien2024-12-310002037804Maverick Bidco Inc., Second Lien2024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien 12024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien 22024-12-310002037804newcred:TrinityAirConsultantsHoldingsCorporationMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804CG Group Holdings, LLC, First Lien2024-12-310002037804CG Group Holdings, LLC, First Lien - Drawn2024-12-310002037804newcred:CGGroupHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Radwell Parent, LLC, First Lien2024-12-310002037804Radwell Parent, LLC, First Lien - Drawn 2024-12-310002037804newcred:RadwellParentLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804KPSKY Acquisition Inc., First Lien 12024-12-310002037804KPSKY Acquisition Inc., First Lien 22024-12-310002037804newcred:KPSKYAcquisitionIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Huskies Parent, Inc., First Lien2024-12-310002037804Huskies Parent, Inc., First Lien - Drawn2024-12-310002037804newcred:HuskiesParentIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Smile Doctors LLC, First Lien2024-12-310002037804Smile Doctors LLC, First Lien - Drawn2024-12-310002037804newcred:SmileDoctorsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Ministry Brands Holdings, LLC, First Lien 12024-12-310002037804Ministry Brands Holdings, LLC, First Lien 22024-12-310002037804newcred:MinistryBrandsHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Safety Borrower Holdings LLC, First Lien2024-12-310002037804Safety Borrower Holdings LLC, First Lien - Drawn2024-12-310002037804newcred:SafetyBorrowerHoldingsLLCMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Calabrio, Inc., First Lien2024-12-310002037804Calabrio, Inc., First Lien - Drawn2024-12-310002037804newcred:CalabrioIncMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804TMK Hawk Parent, Corp., First Lien2024-12-310002037804TMK Hawk Parent, Corp., Subordinated2024-12-310002037804newcred:TMKHawkParentCorpMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien2024-12-310002037804Therapy Brands Holdings LLC., Second Lien2024-12-310002037804Bayou Intermediate II, LLC., First Lien2024-12-310002037804Cloudera, Inc., Second Lien2024-12-310002037804Planview Parent, Inc., Second Lien2024-12-310002037804MH Sub I, LLC (Micro Holding Corp.), Second Lien2024-12-310002037804AG Parent Holdings, LLC, First Lien2024-12-310002037804Kele Holdco, Inc., First Lien2024-12-310002037804Reorganized Careismatic Brands, LLC, Trust Claim2024-12-310002037804country:USnewcred:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002037804Aston FinCo S.a r.l. / Aston US Finco, LLC, Second Lien2024-12-310002037804country:GBnewcred:FundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedDebtSecuritiesMember2024-12-310002037804Dealer Tire Holdings, LLC, Preferred shares2024-12-310002037804ACI Parent Inc., Preferred shares2024-12-310002037804Knockout Intermediate Holdings I Inc, Preferred shares2024-12-310002037804Project Essential Super Parent, Inc., Preferred shares2024-12-310002037804Diligent Preferred Issuer, Inc., Preferred shares2024-12-310002037804Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.), Preferred shares2024-12-310002037804Ambrosia Holdco Corp, Ordinary shares 12024-12-310002037804Ambrosia Holdco Corp, Ordinary shares 22024-12-310002037804newcred:AmbrosiaHoldcoCorpMemberus-gaap:EquitySecuritiesMember2024-12-310002037804Pioneer Topco I, L.P., Ordinary shares2024-12-310002037804country:USus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310002037804Reorganized Careismatic Brands, LLC, Warrants2024-12-310002037804country:USus-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:FundedSecuritiesMember2024-12-310002037804AAH Topco, LLC, First Lien - Undrawn2024-12-310002037804Allworth Financial Group, L.P. First Lien - Undrawn2024-12-310002037804AmeriVet Partners Management, Inc.s, First Lien - Undrawn2024-12-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien - Undrawn2024-12-310002037804Avalara, Inc., First Lien - Undrawn2024-12-310002037804Beacon Pointe Harmony, LLC, First Lien - Undrawn2024-12-310002037804Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien - Undrawn2024-12-310002037804Businessolver.com, Inc., First Lien - Undrawn2024-12-310002037804Calabrio, Inc., First Lien - Undrawn2024-12-310002037804Databricks, Inc.. First lien - Undrawn2024-12-310002037804Daxko Acquisition Corporation, First Lien - Undrawn2024-12-310002037804Foreside Financial Group, LLC, First Lien - Undrawn 2024-12-310002037804Fortis Solutions Group, LLC, First Lien - Undrawn 12024-12-310002037804Fortis Solutions Group, LLC, First Lien - Undrawn 22024-12-310002037804newcred:FortisSolutionsGroupLLCMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Infogain Corporation, First Lien - Undrawn2024-12-310002037804IG Investments Holdings, LLC, First Lien - Undrawn2024-12-310002037804GS Acquisitionco, Inc., First Lien - Undrawn2024-12-310002037804Kaseya Inc., First Lien - Undrawn 12024-12-310002037804Kaseya Inc., First Lien - Undrawn 22024-12-310002037804newcred:KaseyaIncMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804OB Hospitalist Group, Inc., First Lien - Undrawn2024-12-310002037804OEConnection LLC., First Lien - Undrawn2024-12-310002037804OA Buyer, Inc., First Lien - Undrawn2024-12-310002037804Pioneer Buyer I, LLC, First Lien - Undrawn2024-12-310002037804PDQ.com Corporation, First Lien - Undrawn2024-12-310002037804Radwell Parent, LLC, First Lien - Undrawn 12024-12-310002037804Radwell Parent, LLC, First Lien - Undrawn 22024-12-310002037804newcred:RadwellParentLLCMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Safety Borrower Holdings LLC, First Lien - Undrawn2024-12-310002037804TigerConnect, Inc., First Lien - Undrawn 12024-12-310002037804TigerConnect, Inc., First Lien - Undrawn 22024-12-310002037804newcred:TigerConnectIncMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804TMK Hawk Parent, Corp., First Lien - Undrawn2024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 12024-12-310002037804Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 22024-12-310002037804newcred:TrinityAirConsultantsHoldingsCorporationMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Wealth Enhancement Group, LLC, First Lien - Undrawn2024-12-310002037804FS WhiteWater Borrower, LLC, First Lien - Undrawn2024-12-310002037804CG Group Holdings, LLC, First Lien - Undrawn2024-12-310002037804Huskies Parent, Inc., First Lien - Undrawn2024-12-310002037804Ministry Brands Holdings, LLC, First Lien - Undrawn2024-12-310002037804Specialtycare, Inc., First Lien - Undrawn2024-12-310002037804Relativity ODA LLC, First Lien - Undrawn2024-12-310002037804Smile Doctors LLC, First Lien - Undrawn2024-12-310002037804DOCS, MSO, LLC, First Lien - Undrawn2024-12-310002037804iCIMS, Inc., First Lien - Undrawn 2024-12-310002037804Galway Borrower LLC, First Lien - Undrawn2024-12-310002037804ACI Group Holdings, Inc., First Lien - Undrawn2024-12-310002037804Project Essential Bidco, Inc., First Lien- Undrawn2024-12-310002037804Notorious Topco, LLC, First Lien - Undrawn2024-12-310002037804country:USnewcred:UnfundedDebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002037804us-gaap:InvestmentUnaffiliatedIssuerMembernewcred:UnfundedDebtSecuritiesMember2024-12-310002037804Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), Wholly-owned subsidiaries2024-12-310002037804 Project Essential Topco, Inc., Wholly-owned subsidiaries2024-12-310002037804ACI Parent Inc., First lien - Delayed Draw2024-12-310002037804newcred:DebtSecuritiesFirstLienMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:DebtSecuritiesSecondLienMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:SubordinatedDebtMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:OtherAggregatedInvestmentsMembernewcred:InvestmentTypeConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-3100020378042025-01-012025-03-310002037804newcred:SoftwareSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:HealthcareSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:BusinessServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:ConsumerServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:FinancialServicesSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:TransportationSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:ConsumerProductsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:ContainerAndPackagingSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:EducationSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804us-gaap:ChemicalsSectorMembernewcred:IndustryConcentrationRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:DebtSecuritiesFloatingInterestRateMembernewcred:InterestRateTypeRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:DebtSecuritiesFixedInterestRateMembernewcred:InterestRateTypeRiskMembernewcred:InvestmentsAtFairValueMember2025-01-012025-03-310002037804newcred:GuardianIIIMergerMemberMember2024-12-172024-12-170002037804newcred:NewMountainCapitalMember2025-09-300002037804srt:MinimumMember2025-01-012025-09-300002037804srt:MaximumMember2025-01-012025-09-300002037804newcred:DebtSecuritiesFirstLienMember2025-09-300002037804newcred:DebtSecuritiesSecondLienMember2025-09-300002037804us-gaap:SubordinatedDebtMember2025-09-300002037804us-gaap:OtherAggregatedInvestmentsMember2025-09-300002037804newcred:SoftwareSectorMember2025-09-300002037804newcred:BusinessServicesSectorMember2025-09-300002037804us-gaap:HealthcareSectorMember2025-09-300002037804us-gaap:FinancialServicesSectorMember2025-09-300002037804newcred:ConsumerServicesSectorMember2025-09-300002037804us-gaap:TransportationSectorMember2025-09-300002037804newcred:EducationSectorMember2025-09-300002037804us-gaap:ContainerAndPackagingSectorMember2025-09-300002037804newcred:InvestmentFundSectorMember2025-09-300002037804newcred:ConsumerProductsSectorMember2025-09-300002037804us-gaap:FoodAndBeverageSectorMember2025-09-300002037804us-gaap:ChemicalsSectorMember2025-09-300002037804newcred:BusinessProductsSectorMember2025-09-300002037804newcred:DebtSecuritiesFirstLienMember2024-12-310002037804newcred:DebtSecuritiesSecondLienMember2024-12-310002037804us-gaap:SubordinatedDebtMember2024-12-310002037804us-gaap:OtherAggregatedInvestmentsMember2024-12-310002037804newcred:SoftwareSectorMember2024-12-310002037804us-gaap:HealthcareSectorMember2024-12-310002037804newcred:BusinessServicesSectorMember2024-12-310002037804newcred:ConsumerServicesSectorMember2024-12-310002037804us-gaap:FinancialServicesSectorMember2024-12-310002037804us-gaap:TransportationSectorMember2024-12-310002037804newcred:ConsumerProductsSectorMember2024-12-310002037804us-gaap:ContainerAndPackagingSectorMember2024-12-310002037804newcred:EducationSectorMember2024-12-310002037804us-gaap:ChemicalsSectorMember2024-12-310002037804Notorious Topco, LLC, First lien term loans, Non-accrual status2025-09-300002037804Notorious Topco, LLC, First lien term loans, Non-accrual status2025-07-012025-09-300002037804Notorious Topco, LLC, First lien term loans, Non-accrual 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Acquisition Holdings, Inc., Packaging 12025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberCohnreznick Advisory LLC, Financial Services 12025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberDG Investment Intermediate Holdings 2, Inc., Business Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberDisco Parent, Inc., Software2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberDiscovery Purchaser Corporation, Specialty Chemicals & Materials2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberDispatch Acquisition Holdings, LLC, Industrial Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberEAB Global, Inc., Education2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberEagle Parent Corp., Business Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberFinastra USA, Inc., Software2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberFirst Advantage Holdings, LLC, Business Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberFoundational Education Group, Inc., Education2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberHeartland Dental, LLC, Healthcare2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberHoughton Mifflin Harcourt Company, Education2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberHP PHRG Borrower, LLC, Consumer Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberInizio Group Limited, Healthcare2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberJSG II, Inc., Manufacturing 12025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberJSG II, Inc., Manufacturing 22025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberKaseya Inc., Software2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberKnowBe4, Inc., Software2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberLSCS Holdings, Inc., Healthcare2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberMavis Tire Express Services Topco, Corp., Retail2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberNexus Buyer LLC, Financial Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberNielsen Consumer, Inc., Business Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberOceankey (U.S.) II Corp., Media2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberOsaic Holdings, Inc., Financial Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberOsttra Group Ltd., Financial Services2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberPearls (Netherlands) Bidco B.V., Specialty Chemicals & Materials2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberPlanview Parent, Inc., Software2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberPushpay USA Inc., Software2025-09-300002037804newcred:NEWCREDSeniorLoanProgramILLCMemberRealPage, Inc., 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________


ý			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2025


o			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

_________________________________________________________________________________

Commission File Number

Exact name of registrant as specified in its charter, address of principal executive offices, telephone number and states or other jurisdictions of incorporation or organization

I.R.S. Employer
Identification Number

000-56072

New Mountain Private Credit Fund

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Organization: Maryland

99-6860731

_________________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

N/A

_________________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.


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

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

_________________________________________________________________________________

The number of the registrant's common shares of beneficial interest outstanding as of November 12, 2025 was 42,632,547. As of September 30, 2025, there was no established public market for the registrant's common shares of beneficial interest.

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations of Successor for the three and nine months ended September 30 , 2025 (unaudited) and the Predecessor for three and nine months ended September 30 , 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets of Successor for the three and nine months ended September 30, 2025 (unaudited) and Predecessor's Members' Capital for the three and nine months ended September 30, 2024 (unaudited)	5
	Consolidated Statements of Cash Flows of Successor for the nine months ended (unaudited) September 30, 2025 and Predecessor for the nine months ended September 30, 2024 (unaudited)	6
	Consolidated Schedule of Investments as of September 30, 2025 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2024	25
	Notes to the Consolidated Financial Statements of New Mountain Private Credit Fund (unaudited)	38
	Report of Independent Registered Public Accounting Firm	67

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	68
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	82
Item 4.	Controls and Procedures	83

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 3.	Defaults Upon Senior Securities	85
Item 4.	Mine Safety Disclosures	85
Item 5.	Other Information	85
Item 6.	Exhibits	86
	Signatures	87

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Private Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	September 30, 2025		December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments at fair value (cost of $1,613,857 and $1,524,545, respectively)	$	1,560,430	$	1,495,564
Controlled investments at fair value (cost of $32,000 and $—, respectively)	32,000		—
Total investments at fair value (cost of $1,645,857 and $1,524,545, respectively)	1,592,430		1,495,564
Cash and cash equivalents	78,139		66,683
Interest and dividend receivable	13,086		8,772

Deferred tax asset	6		7
Receivable from affiliate	—		7




Other assets	683		441
Total assets	$	1,684,344	$	1,571,474
Liabilities
Borrowings
GS Credit Facility	$	443,000	$	374,707

NEWCRED Credit Facility	169,000		—
Unsecured Notes	—		200,000


Deferred financing costs (net of accumulated amortization of $4,888 and $12,133, respectively)	(9,461)		(7,148)
Net borrowings	602,539		567,559
Payable for unsettled securities purchased	12,015		19,036
Subscriptions received in advance	6,065		—
Distribution payable	8,112		—
Interest payable	9,170		4,560
Incentive Fee Payable	3,229		496


Management fee payable	3,324		492
Payable to affiliate	477		—
Payable for share repurchases	9,407		—

Other liabilities	1,846		1,151
Total liabilities	656,184		593,294
Commitments and contingencies (See Note 8)
Net Assets
Common shares, $0.001 par value (42,287,209 and 39,025,005) shares issued and outstanding, respectively	42		39
Additional Paid in Capital	1,076,442		995,040
Accumulated Retained earnings (loss)	(48,324)		(16,899)
Total net assets	$	1,028,160	$	978,180
Total liabilities and net assets	$	1,684,344	$	1,571,474

Net Assets per share	$	24.31	$	25.07

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Statements of Operations

(in thousands, except shares or units and per share or per unit data)

(unaudited)


	Successor				Predecessor
	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Investment income
From non-controlled/non-affiliated investments :
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	35,457	$	108,469	$	41,962	$	143,120
PIK interest income	2,555		7,242		3,498		11,326
Dividend income	2,027		6,539		2,231		7,259

Fee income	1,254		3,239		216		837
From controlled investments
Dividend Income	410		410		—		—



Total investment income	41,703		125,899		47,907		162,542
Expenses
Interest and other financing expenses	10,956		29,933		14,837		49,033
Management fee	3,338		9,500		2,547		8,385
Incentive fee	3,229		9,729		4,106		14,943
Administrative expenses	678		2,236		641		1,970
Professional fees	547		1,704		2,074		2,753

Organizational and offering expenses	332		713		—		—
Other general and administrative expenses	63		210		432		551
Total expenses	19,143		54,025		24,637		77,635
Less: management fees waived (See Note 5)	(13)		(53)		—		(168)

Add: Recoupment of expense support	210		420		—		—
Less: expense support	(283)		(616)		—		—
Net expenses	19,057		53,776		24,637		77,467
Net investment income before income taxes	22,646		72,123		23,270		85,075
Income tax expense	73		157		(4)		383
Net investment income	22,573		71,966		23,274		84,692
Net realized gains (losses) on investments	25		(8,945)		139		(15,677)
Net change in unrealized appreciation (depreciation) of investments	(8,689)		(24,428)		(9,795)		11,324
Benefit (provision) for taxes	—		—		1		(145)
Net realized and unrealized gains (losses)	(8,664)		(33,373)		(9,655)		(4,498)
Net increase in net assets (Successor) and members' capital (Predecessor from operations	$	13,909	$	38,593	$	13,619	$	80,194
Earnings per share (Successor) and per unit (Predecessor) - basic and diluted	$	0.33	$	0.94	$	0.12	$	0.70
Weighted average common shares (Successor) and common units (Predecessor) outstanding - basic & diluted (See Note 10)	42,344,679		40,923,460		114,906,527		114,906,527

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and units)

(unaudited)


	Successor				Predecessor
	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Increase (decrease) in net assets (Successor) and members' capital (Predecessor) resulting from operations:
Net investment income	$	22,573	$	71,966	$	23,274	$	84,692
Net realized gains (losses) on investments	25		(8,945)		139		(15,677)
Net change in unrealized appreciation (depreciation) of investments	(8,689)		(24,428)		(9,795)		11,324
Benefit (provision) for taxes	—		—		1		(145)
Net increase in net assets (Successor) and members' capital (Predecessor) resulting from operations	13,909		38,593		13,619		80,194
Capital transactions
Subscriptions	24,622		75,069		—		—
Return of capital distributions	—		—		(50,557)		(245,440)
Reinvestment of distributions	6,757		17,611		—		—
Repurchased shares, net of early repurchase deduction	(9,704)		(11,275)		—		—
Placement fees	(14)		(54)		—		—
Distributions declared to shareholders or Predecessor's unitholders from net investment income	(24,141)		(69,964)		(24,935)		(85,605)

Total net increase (decrease) in net assets (Successor) and members' capital (Predecessor) resulting from capital transactions	(2,480)		11,387		(75,492)		(331,045)
Net increase (decrease) in net assets (Successor) and members' capital (Predecessor)	11,429		49,980		(61,873)		(250,851)
Net assets (Successor) and members' capital (Predecessor) at the beginning of the period	1,016,731		978,180		919,773		1,108,751
Net assets (Successor) and members' capital (Predecessor) at the end of the period	$	1,028,160	$	1,028,160	$	857,900	$	857,900

Capital Activity
Shares Issued	1,278,599		3,733,983		—		—

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Successor		Predecessor
	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Cash flows from operating activities
Net increase in net assets (Successor) and members' capital (Predecessor) resulting from operations	$	38,593	$	80,194
Adjustments to reconcile net increase in net assets (Successor) and members' capital (Predecessor) resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments	8,945		15,677
Net change in unrealized (appreciation) depreciation of investments	24,428		(11,324)
Amortization of purchase discount	(3,142)		(3,157)
Amortization of deferred financing costs	1,655		3,270

Non-cash investment income	(11,573)		(17,525)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(429,283)		(17,089)
Proceeds from sales and paydowns of investments	320,263		485,179
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	79		—

Cash paid on drawn revolvers	(15,887)		(28,725)
Cash repayments on drawn revolvers	9,304		29,650
Receivable from unsettled securities sold	—		(10,100)
Interest and dividend receivable	(4,314)		(2,174)
Receivable from affiliate	7		—
Deferred tax asset	—		145

Other assets	(242)		216
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	(7,021)		—

Incentive fee payable	2,733		(1,906)
Management fee payable	2,832		(244)
Interest payable	4,610		3,661
Payable to affiliates	132		(138)

Other liabilities	497		1,676
Net cash flows provided by (used in) operating activities	(57,384)		527,286
Cash flows from financing activities
Distributions paid	(44,241)		(96,177)
Subscriptions received in advance	6,065		—
Repurchased Shares, net of early repurchase deduction	(1,523)		—
Return of capital distributions	—		(245,440)
Net proceeds from issuance of shares and Predecessor's common units	75,069		—


Repayment of Unsecured Notes	(200,000)		(75,000)


Proceeds from NEWCRED Credit Facility	169,000		—
Proceeds from GS Credit Facility	374,000		224,533
Repayment of GS Credit Facility	(305,707)		(364,054)
Placement fees paid	(52)		—

Deferred financing costs paid	(3,771)		(15)
Net cash flows (used in) provided by financing activities	68,840		(556,153)
Net increase (decrease) in cash and cash equivalents	11,456		(28,867)
Cash and cash equivalents at the beginning of the period	66,683		69,873
Cash and cash equivalents at the end of the period	$	78,139	$	41,006


Supplemental disclosure of cash flow information
Cash interest paid	$	21,156	$	41,536
Income taxes (refunded)/paid	149		9
Non-cash operating activities:
Non-cash activity on investments	$	36,840	$	6,302
Non-cash financing activities:
Distributions declared and payable	$	8,112	$	24,935
Reinvestment of distributions	17,611		—
Share repurchases accrued but not yet paid	9,407		—
Accrual for early repurchase penalty	297		—
Accrual for deferred credit facility costs	197		15

Accrual for placement fees	1		—

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments

September 30, 2025

(in thousands, except shares)

(unaudited)


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

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.51%	12/2021	12/2027	$	19,817	$	19,741	$	19,817
	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.51%	12/2021	12/2027	19,623		19,537		19,623
	Subordinated(4)	Fixed(Q)*	+	11.50%/PIK	11.50%	12/2021	12/2031	14,711		14,615		14,501
								54,151		53,893		53,941		5.24	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.50%	05/2022	05/2029	48,383		48,099		47,900		4.66	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(S)	+	4.75%	8.99%	12/2021	12/2028	47,800		47,540		47,800		4.65	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.25%	02/2020	05/2028	43,639		43,564		43,639
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	9.25%	02/2020	05/2028	787		794		787
								44,426		44,358		44,426		4.32	%
CCBlue Bidco, Inc.
Healthcare	First Lien(2)(4)	SOFR(Q)*	+	2.50% +4.00%/PIK	10.61%	12/2021	12/2028	48,546		48,340		40,171
	First Lien(4)	SOFR(Q)*	+	2.50% +4.00%/PIK	10.61%	12/2021	12/2028	2,523		2,519		2,088
								51,069		50,859		42,259		4.11	%
Anaplan, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.70%	06/2022	06/2029	40,881		40,635		40,881		3.97	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.29%	08/2021	10/2028	29,317		29,271		29,317
	Subordinated(4)	Fixed(Q)*	+	13.00%/PIK	13.00%	05/2023	05/2033	4,515		4,483		4,515
	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.29%	01/2022	10/2028	3,004		2,990		3,004
	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.29%	01/2022	10/2028	2,015		2,005		2,015
								38,851		38,749		38,851		3.78	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.31%	09/2021	09/2028	38,353		38,161		38,353		3.73	%

iCIMS, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	10.07%	08/2022	08/2028	28,496		28,379		27,784
	First Lien(4)	SOFR(Q)	+	6.25%	10.57%	10/2022	08/2028	4,508		4,486		4,452
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.75%	10.07%	08/2022	08/2028	706		711		690
								33,710		33,576		32,926		3.20	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First Lien(2)(3)(4)	SOFR(S)	+	5.75%	10.14%	10/2021	10/2028	19,328		19,230		18,990
	First Lien(2)(3)(4)	SOFR(S)	+	5.75%	10.14%	12/2021	10/2028	14,005		13,933		13,760
								33,333		33,163		32,750		3.18	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)


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

Pioneer Topco I, L.P. (11)
Pioneer Buyer I, LLC
Software	First Lien(4)	SOFR(Q)	+	6.00%	10.00%	11/2021	11/2028	$	28,383	$	28,274	$	28,383
	First Lien(4)	SOFR(Q)	+	6.00%	10.00%	03/2022	11/2028	3,890		3,874		3,890
								32,273		32,148		32,273		3.14	%
DECA Dental Holdings LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.85%	08/2021	08/2028	27,868		27,731		27,132
	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.85%	08/2021	08/2028	2,933		2,929		2,856
	First Lien(2)(3)(4)	SOFR(Q)	+	5.75%	9.85%	08/2021	08/2027	2,292		2,284		2,231
								33,093		32,944		32,219		3.13	%
Fortis Solutions Group, LLC
Packaging	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.60%	10/2021	10/2028	29,655		29,515		29,655
	First Lien(4)	SOFR(Q)	+	5.50%	9.60%	06/2022	10/2028	997		997		997
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.60%	10/2021	10/2027	732		743		732
	First Lien(4)	SOFR(Q)	+	5.50%	9.60%	10/2021	10/2028	347		347		347
	First Lien(4)	SOFR(Q)	+	5.50%	9.60%	10/2021	10/2028	81		74		81
								31,812		31,676		31,812		3.09	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.25%	9.60%	05/2022	09/2027	31,597		31,469		31,597
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.25%	9.46%	05/2022	09/2027	215		224		215
								31,812		31,693		31,812		3.09	%
Notorious Topco, LLC
Consumer Products	First Lien(2)(4)	SOFR(Q)(13)*	+	4.75% +2.50%/PIK	11.73%	11/2021	11/2027	41,608		41,480		26,051
	First Lien(2)(4)	SOFR(Q)(13)*	+	4.75% +2.50%/PIK	11.73%	11/2021	11/2027	3,626		3,615		2,269
	First Lien(4)	SOFR(Q)(13)	+	6.75%	11.05%	11/2021	05/2027	3,614		3,605		2,263
								48,848		48,700		30,583		2.97	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	Subordinated(4)	SOFR(Q)	+	7.50%	11.60%	07/2022	07/2029	19,764		19,606		19,764
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	10.01%	07/2021	07/2028	8,897		8,865		8,897
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	10.01%	07/2022	07/2028	1,536		1,528		1,536
								30,197		29,999		30,197		2.94	%
CFS Management, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	6.25% +2.25%/PIK	12.76%	08/2019	09/2026	25,539		25,511		22,347
	First Lien(2)(3)(4)	SOFR(Q)*	+	6.25% +2.25%/PIK	12.76%	09/2021	09/2026	6,042		6,040		5,287
	First Lien(4)	SOFR(Q)*	+	6.25% +2.25%/PIK	12.76%	08/2019	09/2026	2,281		2,280		1,996
	First Lien(2)(3)(4)	SOFR(Q)*	+	6.25% +2.25%/PIK	12.76%	02/2022	09/2026	392		391		343
								34,254		34,222		29,973		2.91	%
Acumatica Holdings, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.75%	9.06%	07/2025	07/2032	28,975		28,975		28,975		2.82	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)


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

KWOR Intermediate I, LLC (12)
KWOR Acquisition, Inc.
Business Services	First Lien(4)	SOFR(Q)*	+	1.00% +5.25%/PIK	10.45%	02/2025	02/2030	$	21,350	$	21,350	$	21,350
	Subordinated(4)	SOFR(Q)*	+	8.00%/PIK	12.20%	02/2025	02/2030	7,370		7,370		7,370
	First Lien(4)	SOFR(Q)	+	5.25%	9.45%	02/2025	02/2030	173		173		173
	First Lien(4)	SOFR(Q)	+	5.25%	9.45%	02/2025	02/2030	115		115		115
								29,008		29,008		29,008		2.82	%
Diamondback Acquisition, Inc.
Software	First Lien	SOFR(M)	+	4.50%	8.66%	09/2025	09/2032	28,146		28,075		28,075
	First Lien(5) - Drawn	SOFR(M)	+	4.50%	8.66%	09/2025	09/2032	729		719		727
								28,875		28,794		28,802		2.80	%
Einstein Parent, Inc.
Software	First Lien(4)	SOFR(Q)	+	6.50%	10.83%	01/2025	01/2031	27,167		26,919		26,895		2.61	%
Galway Borrower LLC
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.50%	09/2021	09/2028	26,260		26,122		26,260
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.49%	09/2021	09/2028	400		407		400
								26,660		26,529		26,660		2.59	%
Businessolver.com, Inc.
Software	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.60%	12/2021	12/2027	23,734		23,684		23,734
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.60%	12/2021	12/2027	2,919		2,918		2,919
								26,653		26,602		26,653		2.59	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.15%	12/2021	12/2029	14,430		14,359		14,430
	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.15%	12/2021	12/2029	4,844		4,821		4,844
	First Lien(2)(3)(4)	SOFR(Q)	+	5.00%	9.15%	12/2021	12/2029	4,813		4,789		4,813
								24,087		23,969		24,087		2.34	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	10.10%	06/2022	06/2028	20,557		20,557		20,557
	First Lien(2)(3)(4)	SOFR(M)	+	5.75%	10.01%	02/2025	06/2028	2,764		2,747		2,764
								23,321		23,304		23,321		2.27	%
Foundational Education Group, Inc.
Education	Second Lien(4)	SOFR(M)	+	6.50%	10.78%	08/2021	08/2029	19,706		19,660		19,706
	First Lien	SOFR(Q)	+	3.75%	8.29%	05/2025	08/2028	3,292		3,023		2,938
								22,998		22,683		22,644		2.20	%
TigerConnect, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	3.38% +3.38%/PIK	11.20%	02/2022	08/2029	18,409		18,332		18,409
	First Lien(2)(4)(5) - Drawn	SOFR(Q)*	+	3.38% +3.38%/PIK	11.20%	02/2022	08/2029	2,018		2,018		2,018
	First Lien(2)(3)(4)	SOFR(Q)*	+	3.38% +3.38%/PIK	11.12%	08/2025	08/2029	1,926		1,912		1,926
								22,353		22,262		22,353		2.17	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)


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

PDQ.com Corporation
Software	First Lien(2)(3)(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.72%	12/2021	08/2027	$	14,106	$	14,067	$	14,106
	First Lien(2)(3)(4)	SOFR(Q)	+	4.50%	8.50%	12/2021	08/2027	5,500		5,489		5,500
								19,606		19,556		19,606		1.91	%
Daxko Acquisition Corporation
Software	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.91%	10/2021	10/2028	17,255		17,168		17,255
	First Lien(4)	SOFR(M)	+	4.75%	8.91%	10/2021	10/2028	1,454		1,449		1,454
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.91%	10/2021	10/2028	87		87		87
								18,796		18,704		18,796		1.83	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.51%	09/2021	09/2027	18,733		18,660		18,733		1.82	%
Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.)
Healthcare	First Lien(2)(3)(4)	SOFR(Q)	+	6.09%	10.54%	03/2021	03/2028	11,101		11,031		11,101
	First Lien(4)	SOFR(Q)	+	6.24%	10.71%	04/2025	03/2028	4,706		4,688		4,706
	First Lien(2)(3)(4)	SOFR(Q)	+	6.09%	10.37%	03/2021	03/2028	2,302		2,298		2,302
								18,109		18,017		18,109		1.76	%
Relativity ODA LLC
Software	First Lien(4)	SOFR(M)	+	4.50%	8.66%	05/2021	05/2029	16,848		16,772		16,848		1.64	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second Lien(4)	SOFR(Q)	+	6.75%	11.16%	05/2021	11/2027	18,882		18,882		16,267		1.58	%
ACI Parent Inc. (8)
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)(4)	SOFR(M)*	+	2.75% +3.25%/PIK	10.26%	08/2021	08/2028	10,918		10,868		9,827
	First Lien(2)(3)(4)	SOFR(M)*	+	2.75% +3.25%/PIK	10.43%	08/2021	08/2028	2,096		2,078		1,886
	First Lien(4)	SOFR(M)*	+	2.75% +3.25%/PIK	10.26%	08/2021	08/2028	1,935		1,930		1,743
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)	+	5.50%	9.76%	08/2021	08/2027	595		592		536
								15,544		15,468		13,992		1.36	%
GHX Ultimate Parent Corporation
Healthcare	First Lien(4)	SOFR(Q)	+	4.75%	8.75%	02/2025	12/2031	13,873		13,743		13,734		1.34	%
Databricks, Inc.
Software	First Lien(4)	SOFR(M)	+	4.50%	8.72%	12/2024	01/2031	12,592		12,534		12,530		1.22	%
DCA Investment Holding, LLC
Healthcare	First Lien(2)(3)(4)	SOFR(Q)*	+	6.41%/PIK	10.41%	03/2021	04/2028	9,483		9,453		8,358
	First Lien(2)(3)(4)	SOFR(Q)*	+	6.41%/PIK	10.41%	02/2022	04/2028	2,097		2,093		1,849
	First Lien(4)	SOFR(Q)*	+	6.41%/PIK	10.41%	03/2021	04/2028	1,590		1,585		1,401
	First Lien(2)(3)(4)	SOFR(Q)*	+	6.50%/PIK	10.50%	12/2022	04/2028	499		495		441
								13,669		13,626		12,049		1.17	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)


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

MRI Software LLC
Software	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.75%	01/2020	02/2027	$	7,964	$	7,954	$	7,964
	First Lien(2)(3)(4)	SOFR(Q)	+	4.75%	8.75%	03/2021	02/2027	3,530		3,528		3,530
								11,494		11,482		11,494		1.12	%

Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.91%	01/2022	12/2027	4,985		4,966		4,985
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.91%	01/2022	12/2027	4,953		4,932		4,953
	First Lien(4)	SOFR(M)	+	4.75%	8.91%	01/2022	12/2027	1,499		1,492		1,499
								11,437		11,390		11,437		1.11	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(4)	SOFR(Q)	+	6.00%	10.00%	05/2025	05/2030	11,069		10,991		10,986		1.07	%
Idera, Inc.
Software	Second Lien(4)	SOFR(Q)	+	6.75%	11.20%	03/2021	03/2029	12,505		12,480		10,790		1.05	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(4)	SOFR(M)	+	4.50%	8.66%	05/2025	06/2031	10,437		10,373		10,384		1.01	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.91%	12/2021	12/2028	6,867		6,829		6,867
	First Lien(4)	SOFR(M)	+	4.75%	8.91%	12/2021	12/2028	2,693		2,682		2,693
	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	8.91%	12/2021	12/2028	769		764		769
								10,329		10,275		10,329		1.00	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3)(4)	SOFR(M)	+	4.75%	9.01%	08/2021	10/2030	10,263		10,214		10,263		1.00	%
HP TLE Buyer, Inc.
Education	First Lien(4)	SOFR(Q)	+	4.75%	8.75%	07/2025	07/2032	10,310		10,260		10,258		1.00	%
AmeriVet Partners Management, Inc.
Consumer Services	First Lien(2)(3)(4)	SOFR(S)	+	5.50%	9.62%	02/2022	02/2028	7,863		7,845		7,773
	First Lien(4)	SOFR(S)	+	5.50%	9.62%	02/2022	02/2028	2,188		2,186		2,163
	First Lien(2)(3)(4)	SOFR(S)	+	5.50%	9.62%	02/2022	02/2028	287		287		284
								10,338		10,318		10,220		0.99	%
Maverick Bidco Inc.
Software	Second Lien(4)	SOFR(Q)	+	6.75%	11.21%	04/2021	05/2029	10,200		10,184		10,200		0.99	%
Vamos Bidco, Inc.
Software	First Lien(4)	SOFR(Q)	+	4.75%	8.75%	01/2025	01/2032	9,827		9,781		9,778
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.75%	8.94%	01/2025	01/2032	410		409		408
								10,237		11,007		10,186		0.99	%
Nexus Buyer LLC
Financial Services	Second Lien	SOFR(M)	+	5.75%	9.91%	08/2025	02/2032	10,000		9,901		10,001		0.97	%
Michael Baker International, LLC
Business Services	First Lien	SOFR(Q)	+	4.00%	8.31%	01/2025	12/2028	9,925		9,925		9,968		0.97	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3)(4)	SOFR(S)	+	4.25%	8.43%	06/2021	06/2028	7,430		7,395		7,430
	First Lien(2)(3)(4)	SOFR(S)	+	4.25%	8.43%	06/2021	06/2028	2,491		2,481		2,491
								9,921		9,876		9,921		0.96	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)


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

DigiCert, Inc.
Software	First Lien(4)	SOFR(M)	+	5.75%	9.91%	07/2025	07/2030	$	9,778	$	9,706	$	9,704	0.94	%

CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)(4)	SOFR(Q)*	+	6.75% +2.00%/PIK	12.75%	07/2021	07/2027	8,559		8,527		8,559
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)*	+	6.75% +2.00%/PIK	12.91%	07/2021	07/2026	1,084		1,083		1,084
								9,643		9,610		9,643		0.94	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second Lien(4)	SOFR(M)	+	5.50%	9.66%	07/2025	07/2033	9,512		9,465		9,464		0.92	%
MedX Holdings, LLC
Healthcare	First Lien(4)	SOFR(M)	+	4.75%	8.91%	07/2025	07/2032	9,467		9,421		9,420		0.92	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.50%	03/2022	04/2029	9,077		9,037		9,077
	First Lien(4)(5) - Drawn	SOFR(Q)	+	5.50%	9.80%	03/2022	04/2029	120		121		120
								9,197		9,158		9,197		0.89	%
LSCS Holdings, Inc.
Healthcare	First Lien	SOFR(Q)	+	4.50%	8.50%	02/2025	03/2032	9,315		9,271		9,191		0.89	%
Associations, Inc.
Business Services	First Lien(4)	SOFR(Q)	+	6.50%	11.00%	09/2025	07/2028	8,245		8,225		8,245
	First Lien(4)(5) - Drawn	SOFR(Q)	+	6.50%	11.00%	09/2025	07/2028	918		917		918
								9,163		9,142		9,163		0.89	%
Denali Intermediate Holdings, Inc.
Business Services	First Lien(2)(3)(4)	SOFR(M)	+	5.50%	9.67%	08/2025	08/2032	9,091		9,046		9,045		0.88	%
Houghton Mifflin Harcourt Company
Education	First Lien(2)(3)	SOFR(M)	+	5.25%	9.51%	01/2025	04/2029	9,923		9,830		8,918		0.87	%
Firebird Co-Invest L.P. (7)
Firebird Acquisition Corp, Inc.
Business Services	First Lien(4)	SOFR(Q)*	+	2.25% +2.75%/PIK	9.28%	01/2025	02/2032	7,967		7,949		7,947
	First Lien(4)(5) - Drawn	SOFR(Q)	+	4.50%	8.71%	01/2025	02/2032	716		715		715
								8,683		8,664		8,662		0.84	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3)(4)	SOFR(Q)	+	5.50%	9.91%	10/2021	10/2028	8,350		8,308		7,744
	First Lien(4)	SOFR(Q)	+	5.50%	9.93%	10/2021	10/2028	957		952		887
								9,307		9,260		8,631		0.84	%
Low Voltage Holdings Inc.
Business Services	First Lien(4)	SOFR(Q)	+	4.75%	8.75%	04/2025	04/2032	8,624		8,594		8,593		0.84	%
Huskies Parent, Inc.
Software	First Lien(2)(3)(4)	SOFR(M)	+	5.25%	9.51%	12/2021	11/2028	8,227		8,194		8,058
	First Lien(2)(3)(4)(5) - Drawn	SOFR(M)	+	5.25%	9.51%	12/2021	11/2027	511		510		500
								8,738		8,704		8,558		0.83	%

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

Table of Contents

New Mountain Private Credit Fund

Consolidated Schedule of Investments (Continued)

September 30, 2025

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)

Type of Investment

Reference (6)

Spread (6)

Interest Rate (6)

Acquisition Date

Maturity/Expiration Date

Principal
Amount,
Par Value
or Shares

Cost

Fair
Value

Percent of
Net Assets

Smile Doctors LLC

Healthcare

First Lien(2)(3)(4)

SOFR(S)

5.90%

10.13%

02/2022

12/2028

7,744

7,721

New Mountain Private Credit Fund 10-Q